FOREWORD

After a scorching 2014 where the Sensex gained around 30%, the year 2015
turned out to be a bit of a disappointment. By the time the year came to a close,
Sensex was down 5% with the smaller capitalisation stocks suffering even more.
As a matter of fact, if you take January 2016 also into account, most of the good
work of 2014 has gone down the drain.
While the correction looks global in nature, the Indian economy isnt in the best of
shapes either.
The markets set high expectations from the Modi-led BJP government.
Expectations of big bang reforms...'minimum government and maximum
governance'...a friendlier business environment...accelerated GDP growth.
But what really happened?
The economic growth rate is nowhere close to the anticipated 8%+ growth rates
(as per the old data series).
Capital expenditure is sluggish at 1.7% of GDP, meaning government
investments have yet to pick up pace.
Passage of many key reform bills are in a state of limbo.
And the markets are reacting accordingly.
Of course, there have been lots of big plans...lots of slogans...Make in India,
Clean India, Digital India, Skill India, Start-up India, among others.
The globetrotting PM has visited 28 countries, aggressively selling the India
growth story to the world. And we give full marks to him for that: He has certainly
tried to lure foreign investment into the country.
Project Coordinator
But whether you are marketing soaps or a country, you need to have a solid
Karan Janani
product in place.
So, while Modi has done a great job of selling the India growth story to a global
Research Team
audience, the reality on the ground back home leaves a lot to be desired.
Ankit Shah
The government may take all the credit and say that the Indian economy is in a
Bhavita Nagrani
much better shape now than before it came to power. But there is an important
Devanshu Sampat
piece of information missing there.
Parth Parekh
Madhu Gupta
And here is the key takeaway: It is not because of Modi, but because of the crash
Radhika Nabar
of commodity prices, particularly crude oil. As a big importer of crude oil and gold,
Rahul Shah
lower commodity prices have been a big boon to India.
Richa Agarwal
The credit for lower interest rates and the improving current account and fiscal
Sarit Panackal
deficit is due to the oil price crash.
Monish Vora
Taha Merchant
Of course, we are not writing off the Modi government just yet. We are still hopeful
Tanushree Banerjee
that the big plans and reforms do materialise and revive the India growth story.
Sarvajeet
But as investors, we need make sure our expectations are in line with reality. Stay
focused on facts and on-the-ground economic realities. Don't fall for media
propaganda.
In our continuous effort to help you in your search for good quality stocks, we
Copyright
have come out with this latest edition of our annual Equitymaster Stock Market
Equitymaster Agora Research Pvt. Ltd.
Yearbook. This edition, like our previous editions, is quite rich in terms of content
and quality of presentation that makes referring easier. Other than providing
Content Provided by
detailed fact sheets on 300 Indian companies, we have given added weight to
Equitymaster Agora Research Pvt. Ltd.
global comparisons.
103, Regent Chambers,
We are certain that you will benefit from the Stock Market Yearbook 2015, as you
Above Status Restaurant,
have in earlier years. With enhanced coverage we hope that you benefit a lot
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SEBI (Research Analysts) Regulations
2014, Registration No. INH000000537
Team Equitymaster.

The
Equitymaster
Stock
Market
Yearbook
2016

CONTENTS
FOREWORD

BERGER PAINTS INDIA

234

BSE INDEX

BHARAT FORGE

BSE REPLICA

BHEL

104

FINOLEX CABLES

109

ECONOMY IN PICTURES

BPCL

147

GAIL (INDIA)

150

60

EXIDE INDUSTRIES

63

FAG BEARINGS INDIA

64

FII INVESTMENTS

11

BHARTI AIRTEL

283

GSK CONS. HEALTHCARE

169

MUTUAL FUND ARTICLES

13

BIOCON

238

GLAXOSMITHKLINE PHARMA

243

MUTUAL FUND SCREENER

21

BIRLA CORP.

127

GLENMARK PHARMA

244

GLOSSARY

36

BLUE DART EXPRESS

210

GODREJ CONSUMER

170

EQTM 200 RANKINGS

41

BLUE STAR

105

GODREJ INDUSTRIES

136

INDIA'S TOP 10

45

BOSCH

61

GOODRICKE GROUP

171

SUMMARY OF THE EQTM 200

47

BRITANNIA INDUSTRIES

166

GRASIM INDUSTRIES

142

CADILA HEALTHCARE

239

GREAT EASTERN SHIPPING

215

CAIRN INDIA

148

GRUH FINANCE

186

COMPANY STUDIES
ABB INDIA

101

CARBORUNDUM UNIVERSAL

106

HAWKINS COOKERS

137

ACC

125

CASTROL INDIA

149

HCL TECHNOLOGIES

267

ADOR WELDING

102

CEAT

62

AGRO TECH FOODS

165

CESC

254

HEG

ALLCARGO GLOBAL LOG.

205

CIPLA

240

HERO MOTOCORP

ALSTOM T&D INDIA LIMTED

103

CITY UNION BANK

AMARA RAJA BATTERIES

55

90

HDFC BANK

HEXAWARE TECHNOLOGIES

CLARIANT CHEMICALS (INDIA)

158

HINDALCO INDUSTRIES

92
143
78
268
51

AMBIKA COTTON

206

COAL INDIA

211

HCC

110

AMBUJA CEMENTS

126

COLGATE-PALMOLIVE (INDIA)

167

HPCL

151

85

CONTAINER CORP. OF INDIA

212

HINDUSTAN UNILEVER

172

COROMANDEL INT.

159

HINDUSTAN ZINC

216

HDFC

187

ANDHRA BANK
APOLLO HOSPITALS
APOLLO TYRES
ARVIND

207
56

CORP. BANK

91

288

CRISIL INDIA

213

ICICI BANK

93

ASAHI INDIA GLASS

57

CUMMINS INDIA

107

ICRA

217

ASHOK LEYLAND

74

CYIENT

266

IDEA CELLULAR

284

233

DABUR INDIA

168

IDFC

188

AUTOMOBILE CORP. OF GOA

58

DISH TV INDIA

198

IIFL HOLDINGS

189

AUTOMOTIVE AXLES

59

DIVI'S LABORATORIES

241

IL & FS INVST. MANAGERS

190

AXIS BANK

86

DR. REDDY'S LABORATORIES

242

INDIAN HOTELS CO.

182

BAJAJ AUTO

75

E.I.D. - PARRY (INDIA)

141

INDIAN OIL CORP.

152

185

INDRAPRASTHA GAS

153

INFOSYS

269

ASIAN PAINTS (INDIA)

BAJAJ ELECTRICALS

134

EDELWEISS FINANCIAL SER.

BAJAJ HINDUSTHAN SUGAR

208

EICHER MOTORS

BALRAMPUR CHINI MILLS

209

EIH

181

INGERSOLL-RAND (INDIA)

218

76

BANK OF BARODA

87

ENTERTAINMENT NETWORK

199

INOX LEISURE

200

BANK OF INDIA

88

ESAB INDIA

108

IPCA LABORATORIES

245

BANK OF MAHARASHTRA

89

ESCORTS

ITC

173

JK CEMENT

128

BATA INDIA

135

77

EVEREADY INDUSTRIES INDIA

3

214

CONTENTS
JK PAPER

219

PUNJAB NATIONAL BANK

JSW STEEL

278

RALLIS INDIA

JYOTI STRUCTURES

111

KAJARIA CERAMICS

UPL

162

160

VEDANTA

229

RAYMOND

290

VINATI ORGANICS LTD

230

220

RELIANCE COMMUNICATIONS

285

VOLTAMP TRANSFORMERS

121

KALPATARU POWER TRANS.

112

RELIANCE INDUSTRIES

156

VOLTAS

122

KANSAI NEROLAC PAINTS

235

RURAL ELECTRIFICATION COR

194

VST INDUSTRIES

178

KAVERI SEED COMPANY

221

SANOFI INDIA

249

WHIRLPOOL OF INDIA

139

KEC INTERNATIONAL

113

SHOPPERS STOP

261

WIPRO

274

KIRLOSKAR INDUSTRIES

114

SHREE CEMENT

130

YES BANK

KSB PUMPS

115

SHRIRAM TRANSPORT FIN.

195

ZEE ENTERTAINMENT ENT.

202

LARSEN & TOUBRO

116

SIEMENS

119

ZEE MEDIA CORP.

203

LIC HOUSING FINANCE

191

SINTEX INDUSTRIES

224

ZENSAR TECHNOLOGIES

275

LUPIN

246

SKF INDIA

69

M & M FINANCIAL SERVICES

192

SONA KOYO STEERING SYS.

70

MAHINDRA & MAHINDRA

79

SRF

129

STATE BANK OF INDIA

MARICO

174

STEEL AUTHORITY OF INDIA

80

96

98

ZF STEERING GEAR (INDIA)

144

MANGALAM CEMENT
MARUTI SUZUKI

95

71

SECTORS STUDIES
ALUMINUM

49

279

AUTO ANCILLARIES

53

SUN PHARMACEUTICAL IND.

250

AUTOMOBILE VEHICLES

72

MERCK

247

SYMPHONY

225

BANKS

83

MINDTREE

270

TAJ GVK HOTELS & RESORTS

183

CAPITAL GOODS

99

MOTILAL OSWAL FIN. SER.

193

TATA CHEMICALS

161

CEMENT

123

MPHASIS

271

TATA COFFEE

176

ENERGY SOURCES

145

MPS

201

TATA ELXSI

272

FMCG

163

MRF

66

TATA GLOBAL BEVERAGES

177

HOTELS

179

MUNJAL SHOWA

67

TATA MOTORS

INVESTMENT & FINANCE

184

NALCO

52

TATA POWER CO.

257

MEDIA

196

81

NESTLE INDIA

175

TATA STEEL

280

PAINTS

231

NOVARTIS INDIA

248

TCS

273

PHARMA

236

NRB BEARINGS

68

THE RAMCO CEMENTS

131

POWER

252

NTPC

255

THERMAX

120

RETAIL

259

OIL & NATURAL GAS CORP.

154

THOMAS COOK (INDIA)

226

SOFTWARE

264

ORIENT PAPER & INDUSTRIES

222

TITAN COMPANY

262

STEEL

276

TORRENT PHARMACEUTICALS

251

TELECOM

281

TEXTILES

286

BONUS COMPANIES

291

ORIENTAL BANK OF COM.

94

PAGE INDUSTRIES

289

TORRENT POWER

258

PETRONET LNG

155

TRANSPORT CORP. OF INDIA

227

PIDILITE INDUSTRIES

138

TRENT

263

POWER GRID CORP. OF INDIA

256

TRIVENI ENGINEERING & IND.

228

PRATIBHA INDUSTRIES

117

TUBE INVESTMENTS OF INDIA

82

PRISM CEMENT

223

ULTRATECH CEMENT

132

PUNJ LLOYD

118

UNION BANK OF INDIA

97

Summary of the Equitymaster

FY 15 witnessed volatile markets as economies around the world, found themselves at various
points in the economic cycle, with monetary easing being the predominant theme across many
geographies. However, India emerged as a bright spark even as advanced and emerging
economies grappled with uncertainty and slower growth. The decisive political mandate
accorded in the general elections set the stage for surging hopes for a rapid economic
turnaround of the Indian economy.
On the macro front, the biggest comfort came from the sharp drop in crude prices. For a large
net importer like India, the decline in crude prices has helped in controlling the trade deficit and
easing inflation. The Indian economic growth improved to 7.3% in FY 2014-15 as compared to
6.9% in FY 14 based on the new series. While the agriculture sector grew at 0.2%, it is
manufacturing that grew by 7.1% in FY 15, compared to 5.3% in FY14. Headline inflation fell
sharply to 5%.On the external front, Indias vulnerability has reduced with the current account
deficit contained at below 2% of GDP and a relatively stable currency.
The year on year growth in net sales of Equitymaster 175 (excluding banks and financial
institutions) companies remained flat at 0.7% in FY 15. Companies such Reliance Industries,
HPCL, Indian Oil Corporation, ONGC registered a negative growth in sales due to lower crude
oils. On the other hand, companies such as Adani Port and SEZ Ltd, Ashok Leyland, Bata India,
Eicher Motors, Blue Dart, Sun Pharma registered growth of more than a 25%.
The performance on the operating front for the universe also remained flat compared to FY 14.
The companies reported 0.5% YoY growth in gross profit as against 17% in FY14. Interest and
depreciation rose by marginally by 2.6% YoY and 5.5% YoY respectively. The employee base
of these companies remained almost stagnant at 2.30 million employees. Meanwhile, sales per
employee and profit per employee decreased by 3% and 14.6% respectively in FY 15 as
against 13.4% growth in sales per employee and 12.8% growth in profit per employee in FY14.
As far as net profit is concerned, the same has declined by 11% YoY as against an increase of
14% in FY14. Companies such as BHEL, Airtel, Cairn India, GAIL, Hindalco Industries, Indian
Oil Corporation, Mahindra and Mahindra, ONGC, Tata Steel, Vedanta registered a de-growth of
more than 25% in FY15. This is primarily due to decline in commodity prices, increase in
depreciation and finance cost. However, companies such as Britannia Industries, Godrej
Industries, PI Industries, Voltas, AIA Engineering, and Tata Chemicals registered a growth of
more than 25% in net profit compared to FY14.
While the headline indicators point towards steady improvement, the recovery on the ground
has been rather slow. Investment climate remained subdued in FY 15, as the reform process
would take some more time to gain ground. Industrial demand was weak and capacity utilisation
remained low across the sectors. Tight liquidity position prevailed throughout the year with
elevated interest rates. However, benign inflation level, the reform initiatives of the new
government at the centre, along with its commitment to sound fiscal management and
consolidation augur well for the growth prospects of Indian companies amid of challenging
macroeconomic situation.

SENSEX
30000

25000

20000

15000

10000

5000

0
Jan-98

Jan-01

Jan-04

Jan-07

Jan-10

Jan-13

Events

Jan-16

BSE-Sensex

11/12th May 1998, Boom! India goes nuclear, US imposes economic sanctions

3,945

30th September 1998, UTI-64 scam breaks out

3,102

March 11, 1999, Infy - the first Indian ADR listed on Nasdaq

3,674

July 12, 1999, Pak led insurgency in Kargil ends after 50 days

4,586

March - April 2000, US markets fall sharply, tech bubble burst

4,745

July 2, 2001, Badla goes, Options in, rolling settlement commences, UTI bans US-64 redemptions

3,426

September - December, 2001, Terrorist attacks on WTC, Indian parliament. RBI cuts CRR by 2%

2,600

March 2003, US attacks Iraq, SARS engulfs South East Asia

3,193

May 17, 2004, Black Monday - NDA looses general elections

4,505

10

May 22, 2006, Bloodbath on Dalal street as markets hit lower circuit, trading suspended for an hour

10,482

11

August 16, 2007, Turmoil in the US mortgage markets leads to meltdown in global equity markets

14,358

12

8 Jan 2008, Sensex breaches the 21,000 mark for the first time ever

20,873

13

15 September 2008, Lehman bankruptcy

13,531

14

18 May 2009, UPA comes into power, stock markets script history, Sensex gains 17% in a day

14,284

15

6 July 2009, Union Budget 2010 fails to meet market expectations, Sensex down 5.8%

14,043

16

10 May 2010, Markets surge as EU and IMF agree to provide a rescue package to prevent Greek Crisis

17,330

17

April 2011, Rising crude prices and political tensions in Middle East grip marktes

19,136

18

September 2011, Debt crisis in US and Greece dampen market sentiments

16,710

19

June 2012, Clarity on GAAR and rate cut hopes boosts markets

17,236

20

September 2012, Government announced FDI in multi brand retail and aviation

18,753

21

August 2013, Markets breach the pschological barrier of 18,000. Rupee at an all time low.

17,996

22

Sep 2014, Markets scale the 27,000 mark, sentiments turn positive with new government coming to power

27,019

23

Sensex plunges 1,625 points as China equities fall over 8% on weak economic data

25,741

A REPLICA OF BSE-30 INDEX

1US$ = 66.15
Company

Industry

No of
Shares
(m)

Price as on
31st December 2015
(Rs)

Market
Cap
(Rs m)

Market
Cap
(US$ m)

Free Float
Adj Factor
(X)

Weight in
Index
(%)

Earnings
TTM
(Rs)

EPS
TTM
(X)

P/E
TTm

2,071.0

260.6

539,703

8,159

0.5

1.1%

45,388

21.9

11.9

959.2

883.9

847,789

12,816

0.5

1.7%

15,658

16.3

54.1

2,377.9

449.5

1,068,866

289.4

2533.5

733,195

16,158

0.7

3.0%

79,744

33.5

13.4

11,084

0.5

1.5%

34,307

118.5

21.4

ADANI PORTS & SEZ

MISC

ASIAN PAINTS

PAINTS

AXIS BANK

BANKING

BAJAJ AUTO

AUTO

BHARTI AIRTEL

TELECOM

3,997.4

339.9

1,358,716

20,540

0.3

1.6%

43,294

10.8

31.4

BHEL

ENGINEERING

2,447.6

169.3

414,256

6,262

0.4

0.7%

6,895

2.8

60.1

CIPLA

PHARMA

803.1

649.5

521,613

7,885

0.6

1.2%

16,694

20.8

31.2

COAL INDIA

MINING

6,316.4

328.7

2,076,201

31,386

0.2

1.7%

138,227

21.9

15.0

DR. REDDYS LAB

PHARMA

170.6

3103.2

529,397

8,003

0.7

1.5%

23,815

139.6

22.2

GAIL

ENERGY

1,268.5

375.4

476,195

7,199

0.4

0.8%

19,166

15.1

24.8

HDFC

FIN. INSTITUTIONS

1,577.7

1262.7

1,992,083

30,115

8.0%

86,710

55.0

23.0

HDFC BANK

BANKING

2,518.2

1082.8

2,726,581

41,218

0.8

8.7%

111,666

44.3

24.4

HERO MOTOCORP

AUTO

199.7

2695.3

538,241

8,137

0.7

1.5%

27,370

137.1

19.7

HIND. UNILEVER

FMCG

2,163.9

862.4

1,866,039

28,209

0.3

2.2%

37,181

17.2

50.2

ICICI BANK

BANKING

5,807.7

261.5

1,518,423

22,954

6.1%

118,173

20.3

12.8

INFOSYS LTD

SOFTWARE

2,296.9

1104.6

2,537,041

38,353

0.9

9.1%

127,750

55.6

19.9

ITC LTD

FMCG

8,026.5

327.6

2,629,481

39,750

10.5%

96,929

12.1

27.1

L&T

ENGINEERING

930.7

1275.7

1,187,247

17,948

4.7%

50,070

53.8

23.7

LUPIN LTD

PHARMA

450.2

1837.8

827,378

12,508

0.5

1.7%

20,823

46.3

39.7

M&M

AUTO

621.1

1271.6

789,760

11,939

0.7

2.2%

29,328

47.2

26.9

MARUTI SUZUKI

AUTO

302.1

4615.4

1,394,297

21,078

0.4

2.2%

45,049

149.1

31.0

NTPC

POWER

8,245.5

145.9

1,203,018

18,186

0.3

1.4%

110,467

13.4

10.9

ONGC

ENERGY

8,555.5

241.9

2,069,575

31,286

0.3

2.5%

148,082

17.3

14.0

RELIANCE IND.

ENERGY

3,238.4

1012.6

3,279,204

49,572

0.5

6.5%

240,180

74.2

13.7

SBI

BANKING

7,762.8

224.4

1,741,972

26,334

0.4

2.8%

142,236

18.3

12.2

SUN PHARMA

PHARMA

2,406.5

820.0

1,973,210

29,829

0.5

3.9%

45,880

19.1

43.0

TATA MOTORS

AUTO

2,887.2

391.3

1,129,617

17,077

0.7

3.2%

93,040

32.2

12.1

TATA STEEL

STEEL

TCS

SOFTWARE

WIPRO

SOFTWARE

TOTAL

971.2

259.6

252,075

3,811

0.7

0.7%

19,910

20.5

12.7

1,958.7

2439.2

4,777,661

72,225

0.3

5.7%

208,091

106.2

23.0

2,469.9

559.8

1,382,650

20,902

0.3

1.7%

88,879

36.0

15.6

44,381,486

670,922

100%

2,271,002

84,091.5

* Earnings for last 4 quarters on rolling basis, excluding extraordinary / exceptional items.

Avg P/E

** Indicates total market cap. (and not free float). The weightage is calculated on a free float basis

BSE Index
7

24.7
26117.54

THE ECONOMY IN PICTURES

The much awaited recovery in the economy has remained
elusive with no significant pick-up in the investment climate in
the country. Resultantly the Index of Industrial Production
(IIP) slid by 3.2% in November 2015. And the contraction has
been due to steep fall of 24.4% in the production of capital
goods for the month.

Capital Goods Component of IIP, % YoY growth

50
35

In the power sector, the government has unveiled a program

UDAY to resolve the debt crisis of state utilities and revive the
flagging fortunes of the power sector. Even in the Union
Budget 2016-17, the government has taken measures to
boost infrastructure development in the country. These
measures will go a long way in reviving the investment
climate in the long run.

20
5
-10

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

In an interesting development Harvard University has

predicted that India's economy will grow the fastest over the
next decade. The Centre for International Development at
Harvard has projected an annual growth rate of 7% from
2015 to 2024 for the Indian economy. Its important to note,
this is well above the growth rates of all major economies. To
put things in perspective, China, US, Germany, and the UK,
are expected to grow at 4.3%, 2.8%, 0.35%, and 3.2%
respectively.

Snapshot of key economic indicators (2015 est. in %)

10

If Indias long-term prospects are really so good, does the

economy really need a push in terms of a fiscal stimulus? Its
important to realise that such rosy projections will become a
reality only with more reforms and not with short-term fiscal
measures. Reforms are absolutely vital if India is to reach its
true potential. The simple point is that the government
doesn't really need to worry about a lot more. The economy
will do just fine in the long-term in our view.

GDP Growth

Fiscal Deficit

Inflation

8
5
3
0

The chart shows just how important it is to maintain restraint

and not consider a stimulus. Inflation is still higher compared
to other nations. The fiscal deficit is still a problem despite
falling crude prices. With the world trapped in a deflationary
cycle, we believe the government would do well to focus on
much needed reforms to set the stage for stable & high longterm economic growth.

India

Euro

China

US

Source: Livemint, IMF, The Economist

Data Source: Livemint, IMF, The Economist

10

In its mid-year review of the Indian economy yesterday, the

finance ministry has lowered its projection of the country's
growth in the current fiscal year by an entire percentage
point. It is now expected that the economy will grow by 7% to
7.5% from the 8.1% to 8.5% expected earlier.

IMF's estimates for 2015 GDP growth of BRICS

nations (%)
6.8

And with that, the realisation that the economy is not going
to recover as soon as everyone was expecting is slowly
but surely permeating within the system. In our interaction
with the managements of numerous companies, one
central theme that seems to be becoming clear is that low
capacity utilisation across industry and the resultant lack of
private sector investment is one big sore point pulling the
economy down. Rapidly slowing exports are emerging as
another pain point.

7.3

6
2

1.4

-2
-6

(3.8)
Russia

(3.0)
Brazil

South Africa

China

Nevertheless, as the chart makes amply clear, for all the

challenges we face as an economy, India is still a bright
spot of growth in the globe. Even amongst emerging
economies like the BRICS nations, India comes out on top
as far as our pace of growth is concerned.

India

The earnings of the Indian corporates for the past couple

of quarters have been tepid. While the investment cycle is
yet to turn, various economic and political factors have
kept the earnings growth subdued. Rate cuts by banks
have been gradual. Erratic monsoons have hit rural
consumption. And key reforms have faced political
logjams, which has hampered big investment projects.

Corporate Profit to GDP (%)

10
7.8

While it may take a while for the ratio to go back to FY08

levels, the government's effort to kick start the investment
cycle and put reforms in place, could be the much needed
boost to earnings. Once the earnings cycle picks up,
opportunities for investors will also come along by way of
higher EPS growth and attractive valuations.

FY 15

The story of economic recovery is not getting any support

from the export data. Exports have shown a consistent
decline every month in 2015. In the month of November
2015, at 24.4% YoY, the decline was the steepest in past
few years. Currency devaluations in export destinations
and lackluster global demand continue to drag economic
recovery. Considering that exports now account for around a
fourth of GDP, this is indeed a matter of concern. The only
relief in this regard is a similar trend in imports that has kept
fiscal deficit in check. But one must note that lower import bill
has a lot to do with decline in oil prices. If oil prices go up,
policy makers will face a tough time. Also, 50% of India's
export goods focus only on Asian economies. This suggests
how vulnerable the export based economy is and highlights
the need for further diversification.

-7
-14

Nov-15

Oct-15

As per calculations of Bloomberg and Mint, India's money

multiplier ratio is 5.8. This means every one rupee of
central bank money in India is able to generate around 6
rupees of money supply in the economy. A country's
money multiplier depends on two factors-how much
individuals (and businesses) hold in cash and how much
banks hold as reserves. The more individuals hold cash in
hand, the less the banking system will be able to create
money. Hence a lower value for the multiplier. In other
words, cash in hand acts as a leakage for the banking
system.

Cash,
10.7

Insurance,
19.3

Sep-15

-28

Aug-15

-21

Share of financial assets of Indian

households, % FY15
Shares, 4.6

Exports continue to contract (% change,

YoY)

Jul-15

FY 14

FY 13

FY 12

FY 11

FY 10

FY 09

FY 08

FY 07

FY 06

FY 05

FY 04

FY 03

FY 02

FY 01

Jun-15

2.2

May-15

Consequently, even the corporate earnings to GDP ratio

has hardly seen any improvement. In fact the ratio has
continued to decline. In FY15, the ratio stood at 4.0%,
the lowest since FY04.

4.8 4.6
4.3 4.0

Apr-15

6.5 6.2

Mar-15

4.7

5.5

5.4

Feb-15

6.2
6

Jan-15

7.3

Deposits,
49.1

PPF, 16.3

India's money multiplier ratio has improved over the years.

In 2002 when Indian's held almost 18% of their financial
assets in cash, the ratio was at 4.6. As per latest data from
RBI, in FY15, Indians held 10.7% of their financial
assets in cash and the money multiplier ratio was at
5.8.

Global commodity prices have remained under pressure

since some time now. Factors such as excess supply and
subdued demand from China's slowdown have led to a
meltdown in demand and prices. Crude oil has been no
exception. The plunge in oil price is bad news for the
exporting companies while the importing ones witness
some relief. Given India's higher dependence on the oil
imports, the falling prices have positive consequences. But
will this trend sustain? We really doubt. Being heavily
dependent on oil imports, India's fiscal position and
currency rates could worsen, whenever the oil prices
reverses. In fact, this could be the other big risk that can
thwart India's economic recovery.

Oil prices remain under pressure

Price in dollars per barrel

125
100
75

Dec-15

That the public sector banks asset quality is very poor is a

well-known fact. But which sectors have been causing
trouble for the banking industry? Turns out that mining, iron &
steel, textiles, infrastructure and aviation constitute about a
fourth of the total advances of scheduled banks. But, when it
comes to stressed advances, these sectors have a share of
a little more than half. Infrastructure and iron & steel
combined contribute to about 80% of the total stressed loans.

Which Sectors Are a Menace to Indian Banks?

(Share in stressed assets; %)
32
24
16

While the NPA situation is expected to improve in the short to

medium term, this would largely be a result of refinancing/
restructuring. The Finance Ministry is considering sectoral
interventions to stressed assets from sectors such as steel
and aluminum. What this essentially means is that the
government will address the key problems in each sector to
help improve the asset quality. Amongst the key measures
taken include providing banks senior personnel more
authority and autonomy.

Infrastructure#

Aviation

Telecom*

Power gen.*

Textiles

8
Iron & steel

Dec-14

Dec-13

Dec-12

Dec-11

Dec-10

25

Dec-09

50

Source: Hindu Business Line; # - includes *

In Modi's regime that was initially loaded with acche din

expectations, one of the major premises of turnaround was
revival in the investment cycle. We have often suggested
that a revival is not an overnight miracle but a slow paced
journey that will need reforms and patience. Not many
believed us. Well...The numbers are here...And they have
a disappointing story to tell.

% change in PSU's* capex

Contrary to expectations, the capex cycle is not turning

around for cash rich PSUs. As per an article in Business
Standard, the capex data for 36 PSUs for last 3 years
suggests a decline across sectors in 2014-15. As
compared to 27.8% YoY growth in capex in 2013-14, the
fiscal 2014-15 witnessed a decline of 23.5% YoY. The
sampled companies account for around 88% of total capex
in 2014-15. These companies represent sectors such as
power generation and distribution, refineries, crude oil and
natural gas and'others'. As the chart suggests, the decline
is broad based. It further suggests that initial optimism was
not grounded in reality. It's not just the PSU capex; the
dividends have declined as well. And if cash rich PSUs are
reflecting this trend, then in the private sector, and in a bad
debt ridden banking system, things are unlikely to be much
different we believe. Given the surplus capacity and low
demand, the wait for an investment revival is likely to take
longer. In the meantime, we believe investors should stop
speculating on such broader themes and focus on bottom
up approach of stock selection.

150
2013-14

75

2014-15

-75

Power
gen./dist.

Refineries Crude oil &

natural gas

Others

Total Capex

10

FII INVESTMENTS
The level of foreign institutional investment (FII) in the Indian stock market has become a very important indicator of
investor confidence. Strong FII participation is good from the domestic investors point of view. It leads to enhanced
liquidity and greater depth. However, they also tend to pull out in tandem, which induces a lot of volatility into the
markets.
After being net sellers in the June-August 2013 period, which saw India grappling with major challenges on the
current account and fiscal deficit front, there was a sharp revival in FII interest in the run up to the 2014 general
elections. FIIs continued to remain net buyers in the months following the elections as the new business-friendly,
single majority government was expected to end the policy paralysis and revive the Indian economy.
Another indication of FIIs considering India as an investment destination, apart from the FII investments, is the
number of FII registrations with the stock market regulator, SEBI. As can be seen in the chart, these increased from
about 882 in March 2006 to 2,200 by March 2015. After a few years of stagnancy this number too showed a sharp
uptick in 2015.
Trend in number of FIIs registered with SEBI
(Rs bn)

Net FII inflow

300.0

(Sensex)

BSE Sensex

35,000
30,000
25,000
20,000
15,000
10,000
5,000
-

175.0
50.0
(75.0)

Dec-15

May-15

Oct-14

Mar-14

Aug-13

Jan-13

Jun-12

Nov-11

Apr-11

Sep-10

Feb-10

Jul-09

Dec-08

May-08

Oct-07

Mar-07

Aug-06

Jan-06

Jun-05

Nov-04

(200.0)

Source: SEBI, IBEF

But compared to the steady inflows in 2014, the FIIs were rather keen to exit Indian markets in 2015. The reasons are
not hard to find.
Given that crude prices corrected by around 50%, inflation halved, the current account deficit was benign and the RBI
cut repo rate by 1.25%, one would have expected the FIIs to be very bullish on India in 2015 as well. But there was
more than the governments policy paralysis to blame for the FIIs reluctance to stay put here.
Impact of FII inflow on the Sensex

Number of FIIs registered with SEBI

2,000
1,500
1,000
500
-

Mar-05

Mar-07

Mar-09

Mar-11

Mar-13

Mar-15

Source: BSE, SEBI, NSDL

Back in 2012-2013, the western economies were struggling and their QE policies were quite supportive of
investments in emerging markets. So emerging economies, regardless of fundamentals, saw large capital inflows.
2014 offered enough hope to FIIs with the change in government in India. But the sentiments towards emerging
markets began to change with improving economic prospects in US and Europe. The emerging markets were caught
on the wrong side of the plunge in commodity prices. And since August 2015, the economic tremors in China were
felt in stock market across the world. The FIIs therefore chose to exit in droves and move back to the safe haven of
US Treasuries.
11

The good performance of the Indian economy in the past decade and India Inc. in particular had played its part in the
country getting more mind-share among foreign investors. Apart from this, the after effects of the global financial
meltdown in the developed markets had prompted foreign investors to invest in non-dollar assets. This was is partially
responsible for FII money flowing into emerging markets. While the slowdown in the economy had affected FII interest
to quite an extent, the change in government in the Centre had brought back FII interest on expectations of policy
reforms and economic revival.
Nonetheless, low corporate earnings growth, continued policy paralysis, concerns of global slowdown and the rise in
Fed rates has made FIIs a bit jittery. Indian investors must therefore remain alert, as this reversal of FIIs would lead to
flight of hot money and possibility a sharp correction in the valuation of Indian stocks.
To conclude, there is no denying the role that FIIs have played in helping Indian indices reach unprecedented levels.
However, in the event of a free fall from there, the correction in valuations of fundamentally solid companies would be
just temporary. It may in fact offer some lucrative value buying opportunities. Therefore, it is the company specific
factors that investors should look at rather than worrying about FII investments. For as the old adage in investing
goes, Be concerned about the value and the price will follow. Happy investing!

12

SHOULD YOU CALL A STRIKE AT THE NFO FACTORY?

If insurance companies sell you dreams with a pledge of supporting your family after your demise;
mutual funds sell you stories. Whatever you do, no matter how hard you try to convince them to
be fair and ethical, some manufacturers of financial products remain as crooked as dogs hind leg.
Although, SEBI has warned mutual fund houses time and again to merge similar schemes, the
thirst to garner to garner more AUM via NFOs doesnt seem to be satiated. Mutual Fund houses
are continuing to launch NFOs in some form or other, attempting to woo investors. As they say
old habits die hard.
If there was an award given for launching the maximum number of NFOs in the least period of
time, there will be a close contest among 3-4 mutual fund houses. Tata Mutual Fund, ICICI Mutual
Fund, Reliance Mutual Fund, and Sundaram Mutual Fund have launched 4-5 equity oriented
funds each from April 01, 2015 till date.
If you rank all Tata Flagship companies in a descending order, Tata Mutual Fund may find a place
at the bottom on ethical practices. In all, Tata mutual fund has 15 equity oriented schemes at
present, of which 8 are diversified in nature, 3 are Equity Linked Savings Schemes (ELSS), and 4
are thematic funds; where many of them arent really unique. They are the old wine in a new
bottle. Yet the fund perceives theres still more scope to offer more products.
Recently, Tata Mutual Fund introduced a story, called Own A Piece of India to investors. The
fund house has excellently in presented the story and nothing can be taken away from its
advertisement and marketing teams. But the question is: Would it be wise for investors to Own A
Piece of India?
Well, this new campaign by Tata Mutual Fund, designed to offer investors a one-stop solution to
participate in India's economic growth, offers 5 funds under one umbrella, namely:

Tata Banking and Financial Services Fund;

Tata India Consumer Fund;

Tata Digital India Fund;

Tata India Pharma & Healthcare Fund; and

Tata Resources & Energy Fund

So going by the aforesaid fund names, the fund house intends to capitalise on the opportunities
available under each sector.
But in PersonalFNs view, the fund house could have capitalised on promising theme simply
through its opportunities fund (which holds the mandate to invest across sectors and market
capitalisation) rather than introducing a fancy story. A separate offering seems needless to take
exposure. The fund house has just capitalised on the exuberance in the market ahead of hopes of
acche din.
Source: www.personalfn.com
13

SHOULD YOU CALL A STRIKE AT THE NFO FACTORY?

Read this justification from Tata Mutual Fund
In a diversified equity fund, the sector allocation is decided by the fund manager but with
benchmark awareness. Based on investment strategy and mandate, the fund managers decide to
take overweight or underweight exposure to a particular sector. Through this offering, we are
enabling investor and advisors to customize their sector allocation by allocating different amount
in different funds.
But this explanation is contrived
If mutual fund investors had the expertise to customise their sector allocation, why would they
invest in the aforesaid funds through Own A Piece of India? They might as well invest directly in
respective sector stocks, isnt it? Investors invest in mutual funds because they have no time or
expertise or both, to take prudent investment decisions. Hence, they seek help of professional
fund managers. Diversification to offset risk is the key consideration for them.
Also, involving advisors to take this decision (about attractiveness of a sector) serves as an open
invitation for advisors to misguide investors. To earn hefty commissions, they can make you
switch from one sector fund to another, claiming that the other looks more attractive. Investors
cant have any defence against it.
Another downside to the umbrella offerings is it will always keep investors guessing as to where
the market and a specific sector are headed.
Merely having an Ethical Fund under ones product line doesnt make a fund house ethical. The
fund house has to demonstrate its adherence to ethics through its actions.
When you invest, dont get lured by fancy sounding themes irrespective of the propaganda.
PersonalFN believes you should wisely select mutual fund schemes for your portfolio, which can
help you achieve your long term financial goals.

Source: www.personalfn.com

14

WHAT NEEDS TO BE DONE TO STRENGTHEN INVESTORS CONFIDENCE IN

MUTUAL FUNDS?
With e-commerce companies mushrooming nineteen to the dozen in recent times, striving for a
piece of the market share, trying to win their customers confidence, they eventually aim to change
the consumers buying habits. To be able to do that, e-commerce companies are leaving no stone
unturned.
Though genuine products, good after-sales services, and overall customer satisfaction still remain
the essence of any trade, a number of things have changed. For example, the myriad ways
companies reach out to their potential customers, the advertising mediums employed, and most
importantly, the product pitch. E-tailers offer you the same stuff for a price less than that offered
by brick-and-mortar stores. Most of the times, there is a special discount for first time buyers. With
services right from food joints to jewellery designers, they come up with ways to connect to their
customers online and increase their online sales, as it helps reduce overheads. And do you know
whos falling behind the curve? Mutual funds.
If you refuse to change, the changing times will make you outmoded. Mutual funds are still heavily
dependent on a decade-old formula for increasing sales numbers. In the race to garner more
AUM theyve resorted to launch more and more NFO inducing you investors to fall for the Rs 10
investment proposition, and thrust on commission-driven sales has cost mutual funds a pretty
penny. Realising the adverse effects of this on the growth of industry, the Securities and
Exchange Board of India (SEBI) turned out suggestive measures for improving the health of the
industry.
The market regulator asked mutual funds to:

Improve transparency in disclosures and operations;

Increase their accountability;
Launch simple products;
Try out e-commerce platform for increasing sales; and
Ensure that distributors or any other person selling mutual funds has the adequate
educational qualifications

The ASSOCHAM organised event where the SEBI put forward these recommendations is not the
first occasion where the market regulator has expressed its views. There are umpteen number of
occasions and even guidelines, through which the regulator has proactively taken steps to protect
the interest of investors. But unless theres accountability with the best disclosure norms, it is
unlikely that their reach and popularity will grow.
Making hay when the sun shines capitalising on exuberant market sentiments has been and old
trick. But is that the way to chart the long term growth path? Mutual funds as a product are often
sold without making investors aware about risks involved and the suitability, and thus many nave
15

WHAT NEEDS TO BE DONE TO STRENGTHEN INVESTORS CONFIDENCE IN

MUTUAL FUNDS?
investors end-up with unpleasant experiences and thereafter detest investing in mutual funds,
although the product may indeed be good.
So, heres what mutual fund houses should do to strengthen investor confidence.
Impart investor education:
There is no substitute to investor education. Mutual funds may or may not try the e-commerce
route. They may or may not promote their products aggressively; but unless the customers
interest starts concerning them more than their own, it would be difficult to see a change in the
current situation. Sadly, many fund houses havent learnt from their mistakes and continue to
launch New Fund Offers (NFOs) even now.
Yet, you hardly find a fund house performing well across all their products. Its not always the
market that contributes to success or the failure of a scheme; more often its the approach of
mutual fund house.
Mutual funds will therefore have to think about investors do they really need so many mutual
fund schemes? SEBI has asked mutual funds to first merge schemes before launching new ones;
but scheme mergers are not going to solve all problems. It remains to be seen how long it would
take for mutual funds houses to admit their mistakes and take an appropriate which serves the
investors well.
Help to select the right scheme through a need-based approach:
It is also vital for mutual fund distributors / agents/ relationship managers / financial advisors to a
proper need-based study before recommending products, and offer only those which have a
consistent performance track record and which are from fund houses which follow strong
investment processes and systems. Its high time they adopt high fiduciary standards at all times
and handle their clients money with as much care as they would while managing their own.
PersonalFN has always puts its clients interest before its own adhering to highest level of ethics
and honesty. Theres a constant and conscious endeavour to provide objective and credible
advice backed by solid research. The mutual fund research at PersonalFN is exhaustive and
provides a great insight to pick winning mutual fund schemes for the investment portfolio.

Source: www.personalfn.com
16

TIME TO SHUN DEBT MUTUAL FUNDS THAT RISK YOUR MONEY

Going by their investment strategies, it seems a few fund houses are overconfident about their risk
taking abilities. It appears that they aren't learning from their past mistakes and continuing to do risk
investors hard earned money.
As reported by the Financial Express, at least 29 and 60 schemes held debt securities of Hindalco
and Vedanta respectively, with maturity from 2016 onward, despite Crisil having lowered longterm credit ratings of these companies to AA- and AA in April this year.
The wounds of Amtek Auto are still fresh, yet mutual funds dont appear to be serious about
avoiding companies with poor financials or credit rating. JPMorgan India Short Term Income Fund
and JPMorgan India Treasury Fund bore the brunt of its corporate debt holding in Amtek Auto
Ltd., which is sailing through turbulent times reporting losses and holding huge debt on its balance
sheet. When the company issued this debt paper, it was carrying an 'AA-' by rating agency CARE.
But for failure to share crucial information for facilitating a rating opinion, CARE suspended the
coverage of this company and Brickwork Ratings too downgraded its rating to 'C', from 'A+' earlier.
Such a scenario went on to impact the performance of the aforesaid two schemes as JPMorgan
Mutual Fund was forced to Mark-to-Market the value of the fund in line with the new credit rating
and investors were left in heave. Amid such times, SEBI also warned the mutual fund industry
against randomly investing in corporate bonds and securities which could backfire later and leave
small investors in a heave. The capital market regulator even escalated its vigil by intensifying
checks on the quality of corporate debt portfolio of fund houses on concern of rise in chance of
default in stressed companies.
Nevertheless, some mutual fund houses have shamelessly indulged in risky debt papers,
exposing investors to high risk. Upgrades and downgrades are part of life for mutual funds which
invest in corporate bonds. They are like upward and downward movement of share prices for
equity funds. said the Head of Credit and Structured Investments at a reputed fund house.
Another representative of a reputed fund house quoted saying, Just like in an equity fund, the
overall performance of the portfolio is looked at, similarly in a debt fund one should look at the
overall fund performance.
These arguments are indefensible and lame to an extent. In light of the shady track records of a
few business houses, huge investments in debt securities for longer tenure may boomerang on
fund houses.
PersonalFN believes that comparing strategies for equity with those for debt is the same as
comparing apples with oranges. The motive to invest in equity is maximisation of wealth. Is it the
same with debt? A sane person will disagree. If net asset value of a debt fund starts fluctuating
like that of an equity fund, faint-hearted investors would have sleepless nights.
Source: www.personalfn.com

17

TIME TO SHUN DEBT MUTUAL FUNDS THAT RISK YOUR MONEY

The present scenario:
Currently, the credit environment in India is abysmal. Indian banks are still struggling with the
problem of Non-Performing Assets (NPAs). Reports by independent rating agencies suggest that
Indian banks are going to have no respite from bad loans in Financial Year (FY) 2015-16. At the
beginning of the year, Crisil estimated that NPAs of the Indian banking sector may rise by about
Rs 60,000 crore to 4 lakh crore in FY 2015-16.
Similarly, companies with healthy balance sheets still aren't deploying large cash balances on
their books to capacity additions. In many industries, utilisation is much lower than 100%. Bank
credit growth has been struggling to stay in double digits. By taking various initiatives from time to
time, RBI has ensured that productive sectors of the economy are not starved for credit. Under
such conditions, a few companies have been taking up fresh loans incessantly from all possible
sources. Due to the paltry improvement in business which has led to impact on earnings,
companies are now finding it difficult to service loans already on books.
The way ahead
Given the aforesaid scenario, it is still amusing how some mutual funds still believe there are no
governance issues with such companies. Nonetheless, there are fund houses following strong
investment processes and systems, which do not compromise on the quality of debt securities
while constructing the portfolio. High yield on junk debt don't lure them, and ideally you should
invest in such debt mutual funds. Hence it is vital to check the portfolio characteristics of a fund
before you invest. Also assess, if the average maturity profile of the underlying fund portfolio
aligns with your time horizon with the average. Avoid compromising on your long term wellbeing of
your investment portfolio.

Source: www.personalfn.com

18

HAVE YOU DISCLOSED ALL INFORMATION WHILE TRANSACTING IN MUTUAL

FUNDS?
When you go to a shopping mall, the transaction is quite simple. You look for the things you want
to buy, check the price tag and offers, and pay the cashier for your purchases. Thats it. It's
hassle-free and the store manager doesn't inquire about your personal details, buying habits,
colour preferences, etc.
But when you go to a bank or any other financial institution, including mutual fund house or an
insurance house, you will be asked to divulge bits of personal information. This process is called
Know Your Client (KYC). So every institution, from a bank to an insurance company or a stock
brokerage house, would like you to be KYC-compliant.
SEBI has standardised the KYC forms and centralised the KYC registration vide KYC Registration
Agencies (KRAs). It's now mandatory for intermediaries and product manufacturers to obtain
additional information necessary under uniform KYC guidelines, which were not mandatory
earlier.
Based on information provided to KRAs, KYC statuses are broadly classified into 7 categories:
1.
2.
3.
4.

KYC-Registered
KYC-on Hold
KYC- Under Process
KYC- Rejected

5. KYC- Not Available

6. MF-KYC Registered
7. KYC-Deactivated
If your KYC status is anything other than 'KYC-registered', you will be disallowed to buy mutual
fund units whether fresh, additional, or through switches.
Supplementary KYC
Besides, under Foreign Account Tax Compliance Act (FATCA) as an investor you will now have to
provide information on the following (the deadline to comply on the same is December 31, 2015):

Beneficiary Ownership
The Gross Annual Income earned by an individual
The Net worth of an individual

The additional information sought under FATCA will help track the ownership details and sources
of funds. This move is aligned to Governments goal to stymie black money and illegal
transactions in the country. Thus taking into account SEBIs guidelines, the Association of Mutual
Funds in India (AMFI) has mandated all mutual fund houses to seek information under the
following:

Information/declaration relating to FATCA; and

19

Information/declaration under the Common Reporting Standard (CRS), developed by G20

and OCED nations for greater tax co-operation between countries

Hence as part of the aforesaid, the following information is mandated:

Country of Birth or Incorporation in case of non-individuals;

Place of Birth or Incorporation in case of non-individuals;
Address (Residential or Registered Office, in case of non-individuals);
Occupation;
Applicants income slab;
Net Worth details;
Information about PEP (Politically Exposed Person & its relatives);

Information on specific Corporate services, in case of non-individuals;

Information about Ultimate Beneficiary Owner(s) / Controlling Person(s) in case of select
category non-individuals

Moreover, if your tax residency is other than India, the following additional information for all
countries in which you are resident for tax purpose would be needed:

Country of Tax Residency;

Tax Identification Number (If not available, its functional equivalent to be provided); and
A type of identification

How to submit the details?

The Registrar & Transfer Agents (RTAs), CAMS, is facilitating the online submission of
FATCA/CRS and Supplementary KYC information, which will then be updated with all
participating mutual fund houses. So, as an investor you can submit the required information
online on CAMS website. Forms are also available with mutual fund houses or the
CAMS/registrar, and transfer agent branch counters, or can be downloaded from their websites.
Given a possibility that many investors may be uncomfortable revealing details such as gross
annual income, net worth etc., the related authorities along with the regulators will have to assure
that there would be no misuse of data. By that same token, as an investor, you too are expected
to hold the moral responsibility and disclose all the necessary details while investing or transacting
in mutual funds to avoid any discrepancies and facilitate smooth transactions.

Source: www.personalfn.com

20

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Large Cap Funds
Axis Focused 25 Fund
Baroda Pioneer Growth Fund
Birla SL Frontline Equity Fund
Birla SL LT Advantage Fund
Birla SL Top 100 Fund
BNP Paribas Equity Fund
Canara Rob Eq Diver Fund
Canara Rob Large Cap+ Fund
DHFL Pramerica Large Cap Equity
DSPBR Focus 25 Fund
DSPBR Top 100 Equity Fund
DWS Alpha Equity Fund
Edelweiss EDGE Top 100 Fund
Edelweiss Prudent Advantage Fund
Franklin India Bluechip Fund
Franklin India Prima Plus Fund
HDFC Growth Fund
HDFC Large Cap Fund
HDFC Top 200 Fund
HSBC Equity Fund
ICICI Pru Focused BlueChip Eq Fund
ICICI Pru Multicap Fund
ICICI Pru Select Large Cap Fund
ICICI Pru Top 100 Fund
IDBI India Top 100 Equity Fund
IDFC Equity Fund
IDFC Imperial Equity Fund
Indiabulls Blue Chip Fund
JM Equity Fund
Kotak 50
L&T India Large Cap Fund
LIC Nomura MF Equity Fund
Principal Large Cap Fund
Reliance Quant Plus Fund
Reliance Top 200 Fund
Reliance Vision Fund
Religare Invesco Business Leaders
Religare Invesco Growth Fund
Sahara Growth Fund
Sahara Super 20 Fund
SBI BlueChip Fund

Inception
Date

Benchmark
Index

5-Jul-2012
16-Sep-2003
30-Aug-2002
11-Oct-2006
24-Oct-2005
23-Sep-2004
18-Sep-2003
23-Aug-2010
13-Dec-2010
15-Jun-2010
11-Mar-2003
31-Jan-2003
21-May-2009
26-Jun-2009
3-Dec-1993
29-Sep-1994
11-Sep-2000
18-Mar-1994
3-Sep-1996
27-Dec-2002
26-May-2008
1-Oct-1994
2-Jun-2009
15-Jul-1998
22-May-2012
9-Jun-2006
16-Mar-2006
14-Feb-2012
1-Apr-1995
29-Dec-1998
23-Oct-2007
31-Mar-1998
17-Nov-2005
21-Apr-2008
8-Aug-2007
8-Oct-1995
28-Aug-2009
13-Aug-2007
12-Sep-2002
13-Aug-2009
17-Feb-2006

NIFTY 50
NIFTY 100
S&P BSE 200
S&P BSE 200
NIFTY 50
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
NIFTY 50
NIFTY 200
S&P BSE SENSEX
NIFTY 500
S&P BSE SENSEX
NIFTY 50
S&P BSE 200
S&P BSE 200
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
NIFTY 100
NIFTY 50
NIFTY 50
NIFTY 50
S&P BSE SENSEX
NIFTY 50
S&P BSE 100
S&P BSE SENSEX
S&P BSE 100
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
S&P BSE 100
NIFTY 50
NIFTY 50
S&P BSE 100

3
Months
1.21
-1.25
0.13
0.42
-0.01
0.83
-0.26
-0.64
-0.64
-1.95
0.62
-0.39
-1.75
-1.19
-0.55
-0.42
3.22
0.36
0.18
-0.43
0.99
-0.76
0.46
5.59
-1.63
-0.41
0.24
-1.28
-0.79
-0.29
-1.36
-0.76
0.77
-1.31
1.96
0.73
0.39
-1.09
0.66
-2.40
2.47

Performance
1
3
5 INCEP
Year Years Years
TION

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration

3.91
-1.56
1.10
1.55
-0.05
5.58
0.08
-0.47
-0.88
1.98
-2.33
2.04
0.77
2.36
2.02
4.38
-0.37
-4.84
-6.09
-2.99
-0.21
3.08
-5.22
-0.64
3.20
-5.67
-4.77
3.24
-1.26
3.77
-0.23
-7.73
0.57
-6.08
1.11
-2.23
4.57
3.83
-6.99
-3.85
7.99

15.53
16.37
16.01
16.65
16.58
15.64
16.59
15.34
15.12
16.88
17.25
15.52
15.43
14.72
14.91
14.78
17.00
14.66
18.72
16.18
14.76
15.41
15.52
14.94
15.96
15.09
14.87
15.30
17.21
16.19
15.95
15.78
15.84
15.23
17.07
19.93
14.92
14.49
17.70
15.60
14.99

15.12
14.33
16.93
19.64
17.56
19.14
13.40
12.41
10.01
15.14
11.14
16.84
15.51
15.02
13.37
19.98
11.96
8.24
12.71
10.52
15.78
18.01
13.05
15.24
15.88
9.93
9.00
11.37
13.46
15.52
15.72
11.43
14.12
9.38
17.65
16.07
16.79
18.52
8.38
8.21
19.76

-5.61
10.88
11.31
11.67
12.64
10.01
9.73
3.99
8.60
7.46
7.60
10.24
6.72
8.59
13.59
7.15
4.01
7.49
5.16
10.46
10.24
7.59
10.12
-5.35
4.44
-5.47
9.17
8.58
5.33
8.14
4.70
11.04
7.74
9.11
10.48
5.29
5.53
12.46

17.42
17.77
23.02
11.03
15.17
18.34
19.82
10.34
4.37
9.89
23.69
21.43
14.65
10.40
22.71
19.42
18.34
11.74
20.97
22.63
14.79
15.13
12.53
19.76
18.85
8.94
10.11
10.35
8.30
20.23
8.80
9.03
16.15
8.36
10.74
20.30
12.03
10.30
19.73
7.29
11.08
21

0.15
338.75
0.13
254.87
0.17 10,289.79
0.21
286.92
0.18 1,802.76
0.21 1,127.23
0.12
765.25
0.10
101.45
0.05
55.76
0.15 1,076.46
0.08 3,471.15
0.16
118.82
0.15
103.73
0.14
2.77
0.13 6,694.52
0.24 6,145.04
0.08 1,149.82
0.04 1,171.65
0.10 12,802.20
0.06
676.29
0.16 9,896.47
0.20 1,053.69
0.11
577.95
0.14 1,351.86
0.15
279.85
0.04
253.29
0.03
115.67
0.08
449.85
0.11
448.71
0.15 1,229.50
0.15
383.91
0.08
332.49
0.13
296.40
0.05 1,095.65
0.18 2,055.54
0.14 3,299.29
0.17
285.00
0.21
142.28
0.04
5.82
0.03
0.56
0.23 3,301.73

98.31
95.34
91.77
98.39
96.33
95.29
97.99
88.14
95.43
97.25
94.71
98.07
87.20
70.55
91.44
91.10
92.90
90.46
95.67
97.21
91.86
87.65
90.04
95.78
92.31
97.64
95.42
96.22
89.82
95.25
85.92
95.16
92.59
93.84
96.69
99.95
97.01
96.94
92.85
92.90
82.08

0.00
0.00
0.05
0.00
0.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.78
0.00
0.00
0.00
3.63
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1.69
4.66
8.19
1.61
3.59
4.71
2.01
11.86
4.57
2.75
5.29
1.93
12.80
29.45
8.56
8.90
7.10
9.54
4.33
2.79
5.36
12.35
9.96
4.22
4.06
2.36
4.58
3.78
10.18
4.75
14.08
4.84
7.41
6.16
3.31
0.05
2.99
3.06
7.15
7.10
17.92

2.45
2.96
1.75
2.25
1.75
2.70
1.95
2.45
2.90
1.95
1.95
2.70
2.68
2.69
2.19
2.22
1.75
1.75
1.75
0.00
1.75
1.75
2.00
1.75
0.00
2.92
3.05
2.47
2.93
2.19
2.45
2.70
2.45
1.75
1.75
1.75
2.54
2.62
2.70
2.70
1.95

Fund
Manager
Sudhanshu Asthana
Dipak Acharya
Mahesh Patil
Mahesh Patil
Mahesh Patil
Shreyash Devalkar
Ravi Gopalakrishnan
Ravi Gopalakrishnan
Brahmaprakash Singh
Harish Zaveri
Harish Zaveri
Akash Singhania
Kartik Soral
Bharat Lahoti
Anand Radhakrishnan
Anand Radhakrishnan
Srinivas Rao Ravuri
Vinay R. Kulkarni
Prashant Jain
Neelotpal Sahai
Manish Gunwani
Yogesh Bhatt
Mrinal Singh
Sankaran Naren
V Balasubramanian
Meenakshi Dawar
Ankur Arora
Sumit Bhatnagar
Sanjay Kumar Chhabaria
Harish krishnan
Venugopal M.
Ramnath Venkateswaran
Anupam Tiwari
Omprakash Kuckian
Ashwani Kumar
Ashwani Kumar
Vetri Subramaniam
Vetri Subramaniam
Anshum Nandecha
Anshum Nandecha
Sohini Andani

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
SBI Magnum Equity Fund
Sundaram Growth Fund
Sundaram Select Focus
Taurus Bonanza Fund
UTI Bluechip Flexicap Fund
UTI Mastershare
UTI Top 100 Fund
S&P BSE 100
Mid Cap & Small Cap Funds
Axis Midcap Fund
Birla SL Midcap Fund
Birla SL Small & Midcap Fund
BNP Paribas Mid Cap Fund
Canara Rob Emerg Eq Fund
DSPBR Micro-Cap Fund
DSPBR Small & Mid Cap Fund
Edelweiss Emerging Leaders Fund
Franklin India Prima Fund
Franklin India Smaller Cos Fund
HDFC Mid-Cap Opportunities Fund
HDFC Small and Mid Cap Fund
HSBC Midcap Equity Fund
ICICI Pru Midcap Fund
IDFC Premier Equity Fund
IDFC Sterling Equity Fund
JPMorgan India Mid & Small Cap
Kotak Emerging Equity Scheme
Kotak Midcap Scheme
L&T Midcap Fund
Mirae Asset Emerging BlueChip
Principal Emerging Bluechip Fund
Reliance Growth Fund
Reliance Mid & Small Cap Fund
Reliance Small Cap Fund
Religare Invesco Mid Cap Fund
Religare Invesco Mid N Small Cap
Sahara Midcap Fund
SBI Emerging Businesses Fund
SBI Magnum Global Fund 94
SBI Magnum MidCap Fund
SBI Small & Midcap Fund

Inception
Date

Benchmark
Index

31-Jan-1991
24-Apr-1997
31-Jul-2002
4-Aug-1995
27-Feb-2006
15-Oct-1986
26-May-2009

NIFTY 50
NIFTY 50
NIFTY 50
S&P BSE 100
S&P BSE 200
S&P BSE 100
S&P BSE 100

24-Feb-2011
S&P BSE Mid-Cap
3-Oct-2002 NIFTY MIDCAP 100
31-May-2007 NIFTY MIDCAP 100
2-May-2006 NIFTY MIDCAP 100
15-Mar-2005 NIFTY MIDCAP 100
20-Jun-2007 S&P BSE Small-Cap
16-Nov-2006 NIFTY MIDCAP 100
25-Aug-2011 NIFTY MIDCAP 100
1-Dec-1993 NIFTY MIDCAP 100
13-Jan-2006 NIFTY MIDCAP 100
5-Jul-2007 NIFTY MIDCAP 100
10-Apr-2008
Nifty Smallcap
24-May-2005
S&P BSE Mid-Cap
29-Oct-2004 NIFTY MIDCAP 100
28-Sep-2005
S&P BSE 500
7-Mar-2008 NIFTY MIDCAP 100
27-Dec-2007 NIFTY MIDCAP 100
S&P BSE
3-Apr-2007
MidSmallCap
25-Feb-2005 NIFTY MIDCAP 100
9-Aug-2004 NIFTY MIDCAP 100
12-Jul-2010 NIFTY MIDCAP 100
17-Nov-2008 NIFTY MIDCAP 100
8-Dec-1995
S&P BSE 100
S&P BSE
26-Dec-2006
MidSmallCap
16-Sep-2010 S&P BSE Small-Cap
19-Apr-2007 NIFTY MIDCAP 100
17-Mar-2008 NIFTY MIDCAP 100
17-Jan-2005 NIFTY MIDCAP 100
12-Oct-2004
S&P BSE 500
5-May-1995
S&P BSE Mid-Cap
15-Apr-2005
S&P BSE Mid-Cap
11-Sep-2009 S&P BSE Small-Cap

Performance
3
1
3
5 INCEP
Months Year Years Years
TION
0.85
2.43 15.53
9.97
14.86
-3.38 -15.49
3.99
1.13
15.53
-0.67
-2.49 10.73
4.74
20.43
1.00
3.15 11.99
5.97
10.62
-1.37
-3.22 12.83
7.35
9.13
-1.11
-0.49 14.73
8.37
12.76
-1.57
0.47 14.80
9.23
12.55
0.25 -3.25 10.66
5.51

Risk Ratio
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe
Dev.
in Cr.) Maturity Duration
15.01
0.15 1,262.84
86.51
0.00
17.17
-0.04
223.68
89.33
0.00
16.37
0.07
361.88
89.68
0.00
16.80
0.09
22.76
99.22
0.00
15.73
0.11 1,516.34
96.95
0.00
15.40
0.14 2,913.22
97.40
0.00
15.04
0.14
876.89
97.46
0.00
15.97
0.07

Expense

Fund

YTM

Ratio

13.49
10.67
10.32
0.78
3.05
2.60
2.54

1.95
2.57
2.75
2.70
2.38
2.44
2.64

R. Srinivasan
Shiv Chanani
Shiv Chanani
Sadanand Shetty
Ajay Tyagi
Swati Kulkarni
Swati Kulkarni

Manager

-2.68
2.53
6.53
2.98
4.31
5.82
5.23
6.25
3.17
4.53
2.10
5.89
4.00
2.49
2.46
3.81
0.66

0.85
10.37
13.43
15.28
13.06
20.37
7.26
14.62
6.81
9.56
5.81
6.42
10.40
5.09
8.29
-0.25
9.38

22.82
23.12
25.52
27.86
31.74
36.09
22.96
24.36
26.90
33.06
27.02
20.12
25.47
28.30
22.04
18.08
28.91

-13.31
14.86
20.30
21.47
20.84
14.42
-18.12
21.49
18.50
10.96
10.56
14.85
15.98
13.13
18.43

20.76
26.36
11.64
10.28
18.54
18.97
15.57
20.19
21.00
14.98
17.02
13.84
14.04
19.20
21.38
17.69
8.67

19.97
18.46
18.17
18.13
21.75
20.19
22.01
17.10
17.14
18.04
17.04
15.51
23.20
20.30
15.98
17.35
20.13

0.23 1,245.40
0.25 1,561.70
0.27
188.42
0.32
468.59
0.31
858.76
0.36 2,271.60
0.22 1,905.41
0.26
41.56
0.32 3,907.09
0.38 2,651.14
0.31 10,762.54
0.23
966.03
0.22
391.58
0.28 1,307.83
0.25 6,401.52
0.18 1,476.46
0.31
664.41

97.23
95.97
96.65
94.86
98.43
96.86
97.94
93.58
90.09
88.16
94.64
96.54
99.39
91.09
89.27
93.27
96.43

0.00 2.77
0.00 4.03
0.00 3.35
0.00 5.14
0.00 1.57
0.00 3.14
0.02 2.04
0.00 6.42
0.00 9.91
0.00 11.84
0.00 5.36
0.00 3.46
0.00 0.61
0.00 8.91
0.00 10.73
0.00 6.73
0.02 3.55

1.95
1.75
2.25
2.70
1.95
1.95
1.95
2.67
2.29
2.35
1.75
1.75
0.00
1.75
2.26
2.47
2.20

Pankaj Murarka
Jayesh Gandhi
Jayesh Gandhi
Shreyash Devalkar
Ravi Gopalakrishnan
Vinit Sambre
Vinit Sambre
Kartik Soral
R. Janakiraman
R. Janakiraman
Chirag Setalvad
Chirag Setalvad
Dhiraj Sachdev
Mrinal Singh
Punam Sharma
Aniruddha Naha
Harshad Patwardhan

2.50

8.42

24.46

15.91

11.85

20.26

0.24

797.85

95.43

0.01

4.56

2.32

Pankaj Tibrewal

2.42
2.34
4.20
1.93
1.00

7.36
10.77
14.08
6.00
6.35

21.11
28.55
31.76
26.44
17.12

14.29
15.68
23.07
15.38
9.95

16.73
21.31
23.49
30.95
23.98

19.89
18.37
17.52
18.96
18.92

0.21
0.32
0.37
0.28
0.16

354.48
381.56
1,084.28
516.97
5,462.01

98.15
94.87
96.04
97.74
95.79

0.00
0.23
0.00
0.00
0.45

1.85
4.90
3.96
2.26
3.76

2.51
2.42
2.50
2.20
1.75

Pankaj Tibrewal
Soumendra Nath Lahiri
Neelesh Surana
Dhimant Shah
Sunil Singhania

6.03

8.28

26.46

15.38

14.80

19.70

0.26

2,272.71

98.57

0.00

1.43

1.75

Sunil Singhania

11.41
3.43
3.00
5.15
3.40
0.54
4.82
11.38

15.11
6.38
6.73
4.10
4.33
7.92
14.92
20.56

36.53
26.00
26.87
20.52
14.95
25.39
30.92
39.92

22.02
18.51
18.85
11.30
16.24
18.12
19.76
22.28

21.25
15.48
17.87
16.98
21.96
15.35
18.42
21.76

23.02
18.93
18.34
20.83
16.58
15.33
16.96
19.10

0.34
0.27
0.29
0.19
0.16
0.33
0.38
0.42

1,926.88
125.94
480.85
8.72
1,612.80
2,378.40
1,354.24
732.08

96.65
96.39
96.85
92.82
93.21
91.27
90.25
92.65

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

3.35
3.61
3.15
7.18
6.79
8.73
9.75
7.35

1.75
2.64
2.46
2.70
1.95
1.95
1.95
1.95

Sunil Singhania
Vinay Paharia
Vinay Paharia
A. N. Sridhar
R. Srinivasan
R. Srinivasan
Sohini Andani
R. Srinivasan

22

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Sundaram S.M.I.L.E Fund
Sundaram Select Midcap
Tata Mid Cap Growth Fund
UTI Mid Cap Fund
S&P BSE Mid-Cap
Multi-cap Funds
Birla SL Advantage Fund
Escorts Growth
Franklin India High Growth Cos Fund
GS CNX 500
HDFC Core & Satellite Fund
HDFC Premier Multi-Cap Fund
IDFC Classic Equity Fund
JPMorgan India Equity Fund
Kotak Select Focus Fund
Peerless Equity FundReliance NRI Equity Fund
Reliance Reg Savings Fund-Equity Pl.
Religare Invesco Dynamic Equity
Sahara Wealth Plus Fund-Fixed Pric.
SBI Magnum Multicap Fund
Sundaram Equity Multiplier
Taurus Star Share Fund
Union KBC Equity Fund
UTI Equity Fund
UTI Wealth Builder Fund-II
S&P BSE 200
Flexi-cap Funds
Axis Equity Fund
Birla SL Equity Fund
BOI AXA Equity Fund
Franklin India Flexi Cap Fund
GS India Equity Fund
HDFC Equity Fund
HSBC Dynamic Fund
ICICI Pru Dynamic Plan
JM Multi Strategy Fund
L&T Equity Fund
LIC Nomura MF Growth Fund
Principal Growth Fund
SBI Magnum Multiplier Fund
S&P BSE 200

Inception
Date

Benchmark
Index

16-Feb-2005
30-Jul-2002
5-Apr-1996
19-Apr-2004

NIFTY MIDCAP 100

S&P BSE Mid-Cap
NIFTY MIDCAP 100
NIFTY MIDCAP 100

25-May-1995
4-Apr-2001
26-Jul-2007
13-Jan-2009
20-Sep-2004
20-Apr-2005
9-Aug-2005
14-Jun-2007
17-Sep-2009
29-Sep-2011
15-Nov-2004
8-Jun-2005
4-Oct-2007
8-Sep-2005
14-Oct-2005
28-Feb-2007
29-Jan-1994
17-Jun-2011
30-Jun-1992
18-Dec-2008

S&P BSE 200

NIFTY 50
NIFTY 500
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 200
NIFTY 200
NIFTY 50
S&P BSE 200
S&P BSE 100
S&P BSE 100
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 100
S&P BSE 100
S&P BSE 100

7-Jan-2010
14-Sep-1998
29-Oct-2008
2-Mar-2005
16-Nov-2012
2-Jan-1995
24-Sep-2007
12-Nov-2002
23-Sep-2008
16-May-2005
31-Mar-1998
25-Oct-2000
20-Aug-1993

NIFTY 50
S&P BSE 200
NIFTY 50
NIFTY 500
NIFTY 500
NIFTY 500
S&P BSE 200
NIFTY 50
S&P BSE 500
S&P BSE 200
S&P BSE SENSEX
S&P BSE 200
S&P BSE 200

Performance
1
3
5 INCEP
Year Years Years
TION
7.79 28.81 15.78
20.05
11.15 26.74 16.48
30.22
10.83 28.59 17.73
11.50
6.60 30.58 19.11
20.38
7.43 16.14
7.38

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration
25.65
0.25 1,334.20
97.10
0.17 2.73
2.63
19.67
0.27 3,371.37
99.68
0.00 0.32
2.29
19.35
0.30
567.49
94.93
0.00 5.07
2.81
19.58
0.33 3,424.64
91.99
0.01 8.01
2.45
19.98
0.15

0.12
7.29
0.87
0.87
6.69
3.35
4.32
-0.72
-0.26
1.93
0.16
2.93
-1.10
5.67
3.47
1.45
-0.12
-1.98
-0.55
-1.61
0.76

5.28
12.79
1.49
-1.18
4.99
-1.21
5.21
2.68
2.96
5.23
0.94
6.12
5.47
1.36
9.81
3.46
-1.33
-7.59
0.91
-3.66
-1.48

21.81
22.75
25.79
11.87
15.83
14.49
11.53
16.09
19.93
12.48
13.47
16.84
16.43
17.23
21.69
14.32
11.89
11.33
16.77
4.52
11.69

11.02
10.62
16.31
6.04
7.18
6.77
6.87
8.94
12.33
-8.97
10.27
9.84
9.97
11.55
8.82
7.79
-11.23
5.64
5.91

18.65
19.12
13.41
15.94
17.50
14.53
11.62
9.76
14.00
12.82
18.32
17.34
9.78
13.28
12.49
9.70
10.46
9.07
12.46
15.03

18.24
17.13
17.07
16.17
21.01
19.95
14.66
16.19
16.57
13.51
15.97
18.86
11.86
15.99
15.88
16.53
17.81
15.63
15.57
10.89
15.96

0.23
0.24
0.30
0.09
0.13
0.12
0.07
0.15
0.22
0.11
0.12
0.16
0.21
0.18
0.24
0.13
0.08
0.08
0.18
-0.07
0.09

587.78
9.36
4,033.07
62.07
362.78
313.14
160.10
471.44
3,826.76
189.94
85.81
2,773.55
78.41
9.96
570.24
142.54
189.47
136.27
4,684.14
396.21

98.73
90.62
84.06
99.41
87.35
91.53
96.42
97.74
90.65
99.65
97.60
96.84
84.37
91.92
94.04
87.82
97.93
97.96
91.46
73.93

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1.27
9.38
15.94
0.59
12.65
8.47
3.58
2.24
9.35
0.35
2.40
3.16
15.63
8.08
5.96
12.18
2.07
2.04
8.54
26.07

2.00
2.50
2.33
1.69
2.25
2.25
3.03
2.20
2.02
2.70
2.25
1.75
2.70
2.70
2.20
2.88
2.45
2.91
2.40
2.79

Satyabrata Mohanty
Archit Singhal
R. Janakiraman
Gauri Sekaria
Vinay R. Kulkarni
Vinay R. Kulkarni
Ankur Arora
Harshad Patwardhan
Harsha Upadhyaya
Amit Nigam
Omprakash Kuckian
Omprakash Kuckian
Vetri Subramaniam
Anshum Nandecha
Richard Dsouza
Shiv Chanani
Sadanand Shetty
Ashish Ranawade
Anoop Bhaskar
Lalit Nambiar

1.60
-0.63
0.15
-1.59
2.16
-0.03
0.38
3.96
0.20
-0.78
-2.76
3.89
2.88
0.76

-1.24
2.93
-2.32
1.96
8.82
-5.09
0.06
-1.41
-2.75
0.29
-2.58
2.76
11.05
-1.48

16.44
19.97
13.71
19.39
21.99
14.86
7.91
16.27
14.81
16.70
13.52
18.46
22.09
11.69

10.00
10.60
7.25
11.70
-8.29
3.67
10.33
5.18
9.61
6.52
10.89
12.34
5.91

11.38
24.93
14.73
18.03
23.37
19.79
3.57
24.66
10.40
18.37
9.70
16.04
14.90

14.97
18.18
15.18
15.84
17.44
19.33
12.66
13.52
20.09
16.18
14.67
18.15
15.87
15.96

0.16 1,948.72
0.20 2,510.43
0.12
88.38
0.23 2,787.66
0.24
95.37
0.13 17,532.37
0.02
56.92
0.18 5,584.66
0.12
123.67
0.16 2,960.15
0.12
121.50
0.18
369.96
0.25 1,503.88
0.09

92.35
90.49
92.43
88.53
99.43
95.70
78.63
90.95
94.99
96.25
95.67
96.70
88.85

0.00 7.65
0.00 9.51
0.00 7.57
0.00 11.47
0.00 0.57
0.00 4.30
0.00 21.37
4.07 4.98
0.00 5.01
0.00 3.75
0.00 4.33
0.00 3.30
0.33 10.81

1.95
1.75
2.93
2.30
2.69
1.75
0.00
1.75
2.90
1.99
2.70
2.45
1.95

Pankaj Murarka
Anil Shah
David Pezarkar
R. Janakiraman
Hiren Dasani
Prashant Jain
Neelotpal Sahai
Sankaran Naren
Sanjay Kumar Chhabaria
Soumendra Nath Lahiri
Sachin Relekar
P.V.K Mohan
Jayesh Shroff

3
Months
6.28
3.24
0.79
0.44
3.18

23

Fund
Manager
S. Krishnakumar
S. Krishnakumar
Atul Bhole
Anoop Bhaskar

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Opportunities Funds
Birla SL India Opportunities Fund
Birla SL Special Situations Fund
DSPBR Opportunities Fund
DWS Investment Opportunities Fund
Franklin India Opportunities Fund
HSBC Dividend Yield Equity Fund
HSBC India Opportunities Fund
Kotak Opportunities Fund
L&T India Spl.Situations Fund
Mirae Asset India Opportunities Fund
Reliance Equity Opportunities Fund
Tata Equity Opportunities Fund
UTI Opportunities Fund
S&P BSE 200
Value Style Funds
Birla SL Dividend Yield Plus
Birla SL Pure Value Fund
BNP Paribas Dividend Yield Fund
DSPBR Equity Fund
Escorts High Yield Eq
HDFC Capital Builder Fund
ICICI Pru Value Discovery Fund
Kotak Classic Equity Scheme
L&T India Value Fund
Principal Dividend Yield Fund
Quantum LT Equity Fund
Religare Invesco Contra Fund
Sahara Star Value Fund
SBI Contra Fund
Tata Dividend Yield Fund
Tata Equity P/E Fund
Tata Pure Equity Fund
Taurus Discovery Fund
Templeton India Growth Fund
UTI Dividend Yield Fund
S&P BSE 200
Tax Saving Funds (ELSS)
Axis LT Equity Fund
Baroda Pioneer ELSS 96
Birla SL Tax Plan
Birla SL Tax Relief '96

Performance
1
3
5 INCEP
Year Years Years
TION

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration

1.12
0.81
2.01
-0.16
-0.77
-0.23
0.70
-0.51
-1.65
0.79
2.18
3.28
-1.30
0.76

13.75
7.87
6.09
0.87
2.30
-3.43
-2.10
3.27
1.49
4.25
0.51
6.57
-5.94
-1.48

29.93
21.17
17.98
15.01
18.33
10.50
17.84
17.30
17.45
20.19
18.83
19.83
12.03
11.69

14.59
10.46
9.74
6.31
10.13
5.12
10.72
10.13
11.91
13.20
14.14
12.10
9.47
5.91

10.45
7.57
18.85
15.48
11.33
5.32
16.65
20.31
13.80
16.37
20.49
12.64
15.52

14.51
19.80
15.87
15.51
17.18
15.87
16.96
15.78
16.17
15.82
17.03
14.84
15.45
15.96

0.42
110.76
0.20
134.29
0.20
837.01
0.13
261.93
0.19
464.88
0.06
40.29
0.18
542.85
0.18
698.64
0.18
985.13
0.23 1,405.67
0.19 11,548.81
0.23 1,091.83
0.09 5,047.19
0.09

95.31
98.62
97.31
98.50
93.43
97.41
98.65
97.21
96.39
97.21
98.97
95.94
97.35

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.00

4.69
1.38
2.69
1.50
6.57
2.59
1.35
2.79
3.58
2.79
1.03
4.06
2.65

2.25
2.25
1.95
2.70
2.88
0.00
0.00
2.37
2.18
2.44
1.75
2.82
2.30

Kunal Sangoi
Anil Shah
Rohit Singhania
Akash Singhania
R. Janakiraman
Gaurav Mehrotra
Neelotpal Sahai
Harsha Upadhyaya
Soumendra Nath Lahiri
Neelesh Surana
Sailesh Raj Bhan
Pradeep Gokhale
Anoop Bhaskar

10-Feb-2003
NIFTY 500
27-Mar-2008
S&P BSE 200
15-Sep-2005
NIFTY 200
29-Apr-1997
NIFTY 500
9-Jan-2007
NIFTY 100
10-Feb-1994
NIFTY 500
16-Aug-2004
S&P BSE 500
27-Jul-2005
NIFTY 100
8-Jan-2010
S&P BSE 200
18-Oct-2004 NIFTY DIV OPPS 50
13-Mar-2006
S&P BSE Sensex
12-Apr-2007
S&P BSE 500
17-Sep-2009
S&P BSE 200
14-Jul-1999
S&P BSE 100
25-Nov-2004
NIFTY 500
30-Jun-2004 S&P BSE SENSEX
15-May-1998 S&P BSE SENSEX
5-Sep-1994 NIFTY MIDCAP 100
10-Sep-1996 S&P BSE SENSEX
1-Jun-2005
S&P BSE 100

-1.64
5.50
-0.01
1.79
7.58
5.72
1.24
-1.98
3.38
1.58
7.88
1.22
8.27
-0.31
1.91
3.77
-0.31
2.31
0.11
-0.07
0.76

-5.50
4.15
6.66
-0.74
18.72
4.61
5.44
-3.36
12.88
-3.39
3.49
4.02
2.81
-0.09
4.60
0.31
1.34
7.80
0.05
-5.13
-1.48

12.62
29.76
19.00
14.97
23.85
20.61
25.66
13.09
27.96
9.86
16.23
21.06
15.94
13.17
16.49
20.06
14.18
20.47
14.04
10.32
11.69

8.45
17.22
13.20
9.01
11.56
11.46
17.17
7.98
16.38
6.60
10.46
12.56
7.77
6.89
10.81
11.31
8.53
12.73
7.26
6.26
5.91

22.37
19.48
12.86
20.91
11.27
14.77
23.83
12.33
16.99
11.75
15.01
13.75
10.16
20.50
17.30
20.68
22.33
5.38
17.00
15.47

16.70
24.46
16.04
19.10
17.88
15.41
18.07
14.40
19.79
17.20
14.24
18.08
25.13
15.72
14.40
19.20
14.15
20.58
16.91
15.72
15.96

0.10 1,124.99
0.27
413.56
0.21
178.06
0.13 2,539.14
0.25
3.30
0.23 1,059.48
0.28 10,931.47
0.11
101.48
0.29
776.39
0.06
110.15
0.17
449.67
0.22
875.99
0.13
1.36
0.12 1,843.74
0.18
306.25
0.18
611.28
0.14
830.34
0.19
33.98
0.14
514.50
0.07 2,837.29
0.09

99.27
93.34
95.34
96.22
76.41
95.93
93.81
93.36
85.24
95.77
88.73
97.44
93.59
88.45
97.14
91.09
89.97
97.98
90.30
97.64

0.00
0.00
0.00
0.01
8.01
0.00
2.92
0.00
0.00
0.00
0.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.11

0.73
6.66
4.66
3.77
15.58
4.07
3.26
6.64
14.76
4.23
11.05
2.56
6.41
11.55
2.86
8.91
10.03
2.02
9.70
2.26

1.75
2.00
2.70
1.95
2.50
1.75
1.75
2.69
2.39
2.45
1.25
2.29
2.70
1.95
2.82
2.81
2.82
2.70
2.70
2.32

Satyabrata Mohanty
Mahesh Patil
Shreyash Devalkar
Harish Zaveri
Archit Singhal
Chirag Setalvad
Mrinal Singh
Harish krishnan
Venugopal M.
Dhimant Shah
Atul Kumar
Vetri Subramaniam
Anshum Nandecha
R. Srinivasan
Rupesh Patel
Atul Bhole
Pradeep Gokhale
Sadanand Shetty
Chetan Sehgal
Swati Kulkarni

31-Dec-2009
26-Apr-1996
14-Feb-1999
2-Apr-1996

-0.02
-0.17
2.90
3.14

6.70
-2.22
8.28
9.16

27.36
15.76
21.53
22.54

18.67
6.91
13.55
12.08

20.47
12.90
21.03
26.53

15.83
16.40
16.09
16.21

0.33
0.15
0.24
0.26

98.03
97.02
97.34
98.11

0.02
0.00
0.00
0.00

1.96
2.98
2.66
1.89

1.95
3.08
2.25
1.75

Jinesh Gopani
Dipak Acharya
Ajay Garg
Ajay Garg

Inception
Date

Benchmark
Index

27-Dec-1999
31-Jan-2008
16-May-2000
10-Feb-2004
21-Feb-2000
21-Mar-2007
5-Mar-2004
10-Sep-2004
22-May-2006
9-Apr-2008
31-Mar-2005
5-Apr-1996
21-Jul-2005

NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 200
S&P BSE 200
S&P BSE 500
NIFTY 500
S&P BSE 200
S&P BSE 200
S&P BSE 100
S&P BSE 200
S&P BSE 100

S&P BSE 200

S&P BSE SENSEX
S&P BSE SENSEX
S&P BSE 200

3
Months

24

6,497.30
43.82
287.43
1,965.96

Fund
Manager

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Birla SL Tax Savings Fund
BNP Paribas LT Equity Fund
BOI AXA Tax Adv Fund
Canara Rob Equity Tax Saver Fund
DSPBR Tax Saver Fund
DWS Tax Saving Fund
Edelweiss ELSS Fund
Escorts Tax
Franklin India Taxshield
HDFC Long Term Adv Fund
HDFC TaxSaver
HSBC Tax Saver Equity Fund
ICICI Pru LT Equity Fund (Tax Saving)
IDFC Tax Advt(ELSS) Fund
JM Tax Gain Fund
JPMorgan India Tax Advantage Fund
Kotak Tax Saver Scheme
L&T Tax Advt Fund
L&T Tax Saver Fund
LIC Nomura MF Tax Plan
Principal Personal Tax saver Fund
Principal Tax Saving Fund
Quantum Tax Saving Fund
Reliance Tax Saver (ELSS) Fund
Religare Invesco Tax Plan
Sahara Tax Gain Fund
SBI Magnum TaxGain'93
Sundaram Tax Saver
Tata India Tax Savings Fund
Taurus Tax Shield Fund
Union KBC Tax Saver Fund
UTI LT Equity Fund (Tax Saving)
S&P BSE 200
Balanced Funds
Baroda Pioneer Balance Fund
Birla SL Balanced '95 Fund
Birla SL Dynamic Asset Allocation F.
Canara Rob Balance Scheme
DSPBR Balanced Fund
Escorts Balanced Fund
Franklin India Balanced Fund
HDFC Balanced Fund

Inception
Date

Benchmark
Index

29-Mar-2004
5-Jan-2006
27-Feb-2009
23-Sep-1993
22-Jan-2007
24-Mar-2006
31-Dec-2008
31-Mar-2000
10-Apr-1999
2-Jan-2001
31-Mar-1996
17-Jan-2007
19-Aug-1999
26-Dec-2008
31-Mar-2008
28-Jan-2009
23-Nov-2005
27-Feb-2006
18-Nov-2005
31-Mar-1998
31-Mar-1996
12-May-1996
31-Dec-2008
23-Sep-2005
2-Jan-2007
1-Apr-1997
30-Jul-1993
22-Nov-1999
1-Apr-1996
12-Apr-1996
30-Dec-2011
3-Jan-2000

S&P BSE 100

NIFTY 200
NIFTY 50
S&P BSE 100
NIFTY 500
S&P BSE 200
NIFTY 500
NIFTY 50
NIFTY 500
S&P BSE SENSEX
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 500
S&P BSE 200
NIFTY 500
S&P BSE 200
NIFTY 50
S&P BSE SENSEX
S&P BSE 100
S&P BSE 200
S&P BSE Sensex
S&P BSE 100
S&P BSE 100
S&P BSE 200
S&P BSE 100
S&P BSE 200
S&P BSE SENSEX
S&P BSE 200
S&P BSE 100
S&P BSE 100

3
Months
2.70
1.65
-1.64
1.53
1.59
0.09
-0.22
10.56
-0.61
2.19
0.53
-0.37
3.12
2.25
0.44
-0.63
-1.87
-0.39
1.54
-3.29
0.86
3.93
7.86
6.70
-0.03
5.20
-0.61
2.60
4.22
1.73
-1.65
1.95
0.76

15-Sep-2003
10-Feb-1995
12-May-2000
30-Mar-1993
31-May-1999
4-Apr-2001
17-Jan-2000
20-Sep-2000

Crisil Bal. Fund Index

Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index

-0.07
1.61
2.69
2.83
1.97
5.52
-0.38
0.99

Performance
1
3
5 INCEP
Year Years Years
TION
8.25 18.15
9.29
14.68
7.72 21.08 15.16
11.57
2.06 17.06
8.73
21.15
0.49 15.39 10.80
14.56
4.40 19.24 11.68
13.91
1.51 17.32
7.55
8.15
6.66 18.64 11.64
19.91
10.00 17.71
3.72
12.22
4.05 20.12 13.71
24.99
-2.40 16.15
9.08
23.24
-6.24 15.50
8.57
27.55
0.19 16.41 10.67
11.42
4.33 20.12 12.64
22.40
6.90 20.47 12.79
21.27
-0.63 16.50
8.00
1.47
3.32 16.15
8.89
17.52
1.48 14.21
8.46
11.49
2.90 16.75
9.66
14.34
7.47 19.81
8.58
10.04
-3.01 16.08
7.83
8.84
0.72 14.32
7.52
21.19
2.70 18.55 11.18
16.74
2.45 16.03 10.16
21.31
-2.92 22.50 15.25
15.84
5.81 21.60 13.68
15.04
-2.58 13.55
8.50
22.90
3.20 18.10 11.11
17.62
3.03 14.99
8.82
18.09
12.70 21.37 13.19
20.31
2.06 11.48
6.75
11.13
-3.53 14.65
-18.27
2.62 15.67
8.51
15.23
-1.48 11.69
5.91
2.59
3.36
3.61
6.07
4.80
3.78
4.85
3.01

12.22
17.67
11.92
17.16
14.83
18.31
18.03
19.28

6.88
11.82
7.44
12.89
9.69
9.77
12.33
13.94

12.46
21.28
8.90
11.22
15.50
17.08
14.67
16.85
25

Risk Ratio
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe
Dev.
in Cr.) Maturity Duration
16.00
0.18
24.45
99.14
0.00
16.05
0.24
412.07
95.12
0.00
15.26
0.17
49.84
91.60
0.00
16.18
0.14
839.06
96.41
0.00
16.61
0.21 1,117.58
96.43
0.01
15.62
0.17
42.99
99.56
0.00
15.02
0.21
60.89
97.50
0.00
15.36
0.17
2.90
80.94
2.61
14.72
0.25 1,852.71
94.89
0.00
15.53
0.17 1,133.77
88.52
0.00
18.54
0.14 4,894.65
92.36
0.00
17.66
0.16
176.56
99.10
0.00
16.19
0.22 2,839.94
92.06
0.00
15.74
0.23
362.77
93.80
0.00
19.50
0.14
28.76
98.58
0.00
16.21
0.15
11.77
97.08
0.03
17.71
0.12
485.57
98.63
0.02
15.60
0.17 1,538.06
96.08
0.00
16.07
0.21
28.50
98.25
0.00
15.23
0.16
51.12
95.29
0.00
15.87
0.13
326.21
94.38
0.00
18.19
0.18
262.96
96.82
0.00
14.42
0.16
36.34
89.04
0.00
22.50
0.20 4,560.77
98.87
0.00
15.55
0.25
257.90
96.27
0.00
18.65
0.11
9.23
90.00
0.00
16.03
0.19 4,713.35
88.12
0.00
16.78
0.14 1,197.40
92.99
0.23
14.84
0.25
236.35
90.94
0.00
16.69
0.08
67.50
98.62
0.00
15.37
0.13
81.35
97.84
0.00
15.27
0.15
620.22
94.54
0.04
15.96
0.09
12.44
12.94
11.28
13.76
13.74
14.03
12.00
12.60

0.12
0.22
0.10
0.20
0.16
0.22
0.25
0.26

660.94
2,159.94
4.91
451.59
931.37
1.72
784.13
4,783.03

71.94
70.62
76.80
72.06
73.59
46.71
65.23
67.65

Expense

Fund

YTM

Ratio

0.86
4.88
8.40
3.59
3.56
0.44
2.50
16.45
5.11
11.48
7.64
0.90
7.94
6.20
1.42
2.90
1.34
3.92
1.75
4.71
5.62
3.18
10.96
1.13
3.73
10.00
11.88
6.78
9.06
1.38
2.16
5.42

2.50
2.70
2.86
1.95
1.95
2.70
2.68
2.50
2.40
1.75
1.75
0.00
1.75
2.91
2.89
2.70
2.45
2.10
2.62
2.50
2.45
2.45
1.25
1.75
2.55
2.70
1.95
2.45
2.81
2.70
3.23
2.78

Ajay Garg
Shreyash Devalkar
Saurabh Kataria
Krishna Sanghavi
Rohit Singhania
Akash Singhania
Kartik Soral
Archit Singhal
Anand Radhakrishnan
Chirag Setalvad
Vinay R. Kulkarni
Aditya Khemani
George Heber Joseph
Aniruddha Naha
Sanjay Kumar Chhabaria
Harshad Patwardhan
Harsha Upadhyaya
Soumendra Nath Lahiri
Rajesh Pherwani
Sachin Relekar
Anupam Tiwari
P.V.K Mohan
Atul Kumar
Ashwani Kumar
Vetri Subramaniam
A. N. Sridhar
Jayesh Shroff
S. Krishnakumar
Rupesh Patel
Sadanand Shetty
Ashish Ranawade
Lalit Nambiar

Manager

22.73 5.33
23.73 5.66
0.08 23.12
23.75 4.19
23.96 2.45
44.27 9.02
31.92 2.85
24.80 7.55

2.52
1.75
2.50
2.20
1.95
2.50
2.74
1.50

Dipak Acharya
Mahesh Patil
Prasad Dhonde
Krishna Sanghavi
Vinit Sambre
Archit Singhal
Anil Prabhudas
Chirag Setalvad

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
HDFC Prudence Fund
ICICI Pru Balanced Fund
JM Balanced Fund
Kotak Balance
L&T India Prudence Fund
LIC Nomura MF Balanced Fund
LIC Nomura MF ULIS
Principal Balanced Fund
Reliance Reg Savings Balanced Plan
SBI Magnum Balanced Fund
Sundaram Balanced Fund
Tata Balanced Fund
UTI Balanced Fund
UTI CC Balanced Plan
Crisil Balanced Fund Index
Benchmark Indices
Crisil Balanced Fund Index
Crisil Debt Hybrid (60:40)
NIFTY 100
NIFTY 200
NIFTY 50
NIFTY 500
NIFTY DIV OPPS 50
NIFTY MIDCAP 100
NIFTY SMALL 100
S&P BSE 100
S&P BSE 200
S&P BSE 500
S&P BSE Mid-Cap
S&P BSE SENSEX
S&P BSE Sensex - TRI
S&P BSE Small-Cap

Inception
Date
1-Feb-1994
3-Nov-1999
1-Apr-1995
29-Nov-1999
7-Feb-2011
31-Mar-1998
19-Jun-1989
14-Jan-2000
12-Jun-2005
6-Jan-1996
23-Jun-2000
5-Jan-1996
12-Feb-1995

Benchmark
Index

Crisil Bal. Fund Index

Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
S&P BSE 200
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Debt Hybrid
15-Dec-1995
(60:40)

3
Months
0.96
1.65
-0.22
0.20
1.25
-0.65
-2.18
2.47
3.44
2.54
-0.82
0.10
0.62

Performance
1
3
5 INCEP
Year Years Years
TION
0.29 15.81 11.20
19.72
2.10 18.22 14.14
14.71
-0.15 14.05
8.77
12.22
1.90 11.65
7.85
13.11
9.93 20.11
-15.05
-6.77 10.32
5.99
8.67
-1.91 10.75
6.44
9.14
3.05 14.24
9.30
10.74
8.73 17.25 11.73
14.33
7.36 19.82 12.55
16.27
-2.89
8.03
4.07
12.52
6.97 19.84 14.59
16.77
2.39 13.26
8.47
1.27

1.00

6.42

13.83

10.98

0.45

0.48

10.13

0.45
1.02
0.28
0.66
-0.03
1.18
3.04
3.17
8.02
0.25
0.76
1.29
3.18
-0.14
0.04
7.40

0.48
3.69
-2.41
-1.90
-4.06
-0.72
-11.32
6.46
7.21
-3.25
-1.48
-0.82
7.43
-5.03
-3.68
6.76

10.13
9.95
11.43
11.56
10.40
12.34
3.21
16.35
15.07
10.66
11.69
11.94
16.14
10.37
12.03
17.06

9.03

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration
16.82
0.16 8,585.75
73.06
23.29 3.65
1.75
11.97
0.25 2,482.59
73.88
17.87 8.25
1.75
15.31
0.13 4,288.52
75.09
20.33 4.59
1.95
10.55
0.11
257.22
68.83
29.18 1.99
2.54
12.22
0.30 1,080.66
65.08
26.54 8.38
2.26
11.74
0.08
31.69
76.61
17.50 5.89
2.70
11.35
0.09
182.44
76.33
12.51 11.16
2.50
12.83
0.15
33.58
66.54
30.20 3.26
2.70
13.81
0.20 1,639.71
67.20
24.42 8.38
1.75
11.45
0.30 2,976.94
69.35
25.01 5.63
1.95
11.32
0.02
95.83
68.58
26.64 4.78
3.01
13.45
0.25 5,139.86
71.52
23.43 5.05
2.81
11.73
0.14 1,299.30
72.48
23.51 4.01
2.57
7.83

0.23

6.75

10.64

0.07

6.75
7.79
6.04
5.94
5.31
6.36
-8.62
6.63
5.51
5.91
5.96
7.38
4.95
6.56
4.12

10.64
6.52
15.75
16.18
15.52
16.32
19.19
19.97
26.90
15.97
15.96
16.13
19.98
15.09
15.13
23.78

0.07
0.10
0.08
0.08
0.06
0.10
-0.03
0.15
0.11
0.07
0.09
0.09
0.15
0.06
0.09
0.14

26

3,362.04

38.62

57.72

3.66

2.01

Fund
Manager
Prashant Jain
Sankaran Naren
Sanjay Kumar Chhabaria
Pankaj Tibrewal
Soumendra Nath Lahiri
Ramnath Venkateswaran
Sachin Relekar
P.V.K Mohan
Sanjay Parekh
R. Srinivasan
Shiv Chanani
Atul Bhole
V. Srivatsa
Amandeep Singh Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Liquid
Axis Liquid Fund
Baroda Pioneer Liquid-Reg
Birla SL Cash Mgr Fund
Birla SL Cash Plus-Ret
BNP Paribas Overnight Fund-Reg
BOI AXA Liquid Fund-Reg
Canara Rob Liquid-Ret
DHFL Pramerica Liquid Fund-Reg
DSPBR Liquidity-Reg
DWS Insta Cash Plus-Reg
Edelweiss Liquid-Ret
Escorts Liquid Plan
Franklin India CMA
Franklin India TMA-Reg
GS Liquid BeES
HDFC Cash Mgmt-Call
HDFC Cash Mgmt-Savings
HDFC Liquid Fund
HSBC Cash-Reg
ICICI Pru Liquid Plan-Ret
ICICI Pru Money Market-Ret
IDBI Liquid Fund
IDFC Cash-A
Indiabulls Liquid Fund
JM High Liquidity Fund
JPMorgan India Liquid-Ret
Kotak Liquid Scheme-Reg
L&T Cash-Ret
L&T Liquid-Reg
LIC Nomura MF Liquid
Mirae Asset Cash Management-Reg
Peerless Liquid Fund-Reg
Principal Cash Management Fund
Principal Retail Money Mgr
Quantum Liquid Fund
Reliance Liquid-Cash
Reliance Liquidity
Reliance Liquid-Treasury-Ret
Religare Invesco Liquid-Reg
Religare Invesco Overnight Fund
Sahara Liquid-Fixed Pricing

Inception
Date

Benchmark
Index

11-Oct-2009
20-Feb-2002
15-May-1998
16-Jun-1997
2-Sep-2004
17-Jul-2008
16-Jan-2002
29-Aug-2010
16-Mar-1998
28-Jan-2003
10-Sep-2008
3-Oct-2005
23-Apr-2001
30-Apr-1998
10-Jul-2003
7-Feb-2002
3-Jan-2000
17-Oct-2000
11-Dec-2002
19-Jun-1998
8-Mar-2002
12-Jul-2010
3-Jul-2001
27-Oct-2011
31-Dec-1997
21-Sep-2007
5-Oct-2000
27-Nov-2006
4-Oct-2000
18-Mar-2002
13-Jan-2009
21-Feb-2010
1-Sep-2004
29-Dec-2007
7-Apr-2006
6-Dec-2001
15-Jun-2005
18-Mar-1998
19-Nov-2006
16-Sep-2007
22-Feb-2002

Crisil Liq Fund

Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

3
Months
1.90
1.62
1.70
1.89
1.86
1.88
1.81
1.90
1.85
1.34
1.55
2.08
1.34
1.79
1.17
1.66
1.86
1.90
1.65
1.76
1.79
1.87
1.67
1.94
1.93
1.73
1.67
1.62
1.90
1.90
1.66
1.92
1.91
2.02
1.72
1.71
1.90
1.66
1.76
1.67
1.59

Performance
1
3
5 INCEP
Year Years Years
TION
8.35
7.13
8.07
8.38
8.15
8.29
7.96
8.38
8.16
5.93
6.64
8.83
6.03
7.82
4.97
7.29
8.27
8.35
7.35
7.74
7.81
8.26
7.52
8.46
8.44
8.02
7.34
7.41
8.34
8.35
7.77
8.35
8.43
8.82
7.89
7.64
8.34
7.36
7.46
7.35
7.09

8.88
8.16
8.63
8.72
8.24
8.86
8.00
8.87
8.66
6.83
7.29
9.35
6.66
8.39
5.64
7.89
8.85
8.91
7.90
8.04
8.05
8.78
8.24
8.91
8.96
8.62
7.91
7.85
8.11
8.83
8.20
9.03
8.89
9.35
8.49
8.20
8.89
7.95
7.67
8.46
7.96

9.06
8.61
8.73
8.72
8.43
8.50
8.13
9.07
8.81
7.56
7.71
9.75
6.80
8.53
5.82
7.87
9.02
9.01
7.93
8.19
8.07
8.99
8.43
-9.08
8.81
8.10
8.15
8.21
8.83
7.90
9.22
9.05
8.99
8.67
8.56
9.06
8.28
7.91
8.23
8.45

8.30
6.90
7.45
7.55
7.02
7.42
6.99
8.95
7.25
6.70
6.83
8.52
5.76
7.43
5.25
47.93
43.00
45.25
6.43
7.27
6.16
8.79
6.70
9.16
8.08
6.96
6.82
7.29
7.07
7.42
6.60
8.67
7.65
6.70
7.79
6.25
7.91
7.15
7.30
6.71
7.16
27

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.25
0.36
0.65
0.29
0.23
0.25
0.23
0.26
0.25
0.31
0.28
0.21
0.24
0.28
0.20
0.24
0.29
0.26
0.26
0.25
0.19
0.28
0.28
0.27
0.25
0.28
0.30
0.24
0.28
0.26
0.27
0.25
0.28
0.30
0.33
0.28
0.25
0.29
0.25
0.67
0.32

1.38
0.46
0.49
1.07
0.76
1.31
0.42
1.31
1.16
-0.62
-0.31
2.37
-1.05
0.80
-2.69
0.38
1.20
1.40
0.35
0.52
0.69
1.11
0.63
1.29
1.43
1.04
0.31
0.31
0.48
1.32
0.64
1.59
1.27
1.67
0.75
0.61
1.41
0.37
0.10
0.36
0.30

0.09
1.35
0.93
0.12
0.20
0.20
0.34
0.15
0.25
2.43
0.97
2.00
0.95
0.86
0.56
0.25
0.25
0.10
1.00
0.61
0.60
0.00
1.20
0.36
0.30
0.18
0.00
0.90
0.12
0.14
1.02
0.20
0.16
0.19
0.35
1.44
0.13
1.05
0.75
0.20
0.40

9,108.70
5,400.11
6,958.99
22,267.25
946.15
1,078.05
1,149.20
784.26
4,980.33
8,284.92
22.28
217.20
160.82
3,162.77
835.03
112.54
7,932.14
25,810.69
1,757.98
23,012.22
7,874.01
5,259.82
10,361.15
2,854.40
3,020.67
793.58
6,729.02
489.35
7,169.82
9,262.04
75.28
409.88
2,322.16
38.38
56.83
4,246.51
5,441.16
20,188.54
4,560.53
1.92
52.23

31.00
17.39
251.85
36.50
29.20
20.00
18.25
34.00
32.85
29.20
21.13
55.00
25.55
1.57
1.00
45.00
39.00
25.55
42.71
36.84
28.00
39.00
24.10
18.69
7.00
36.50
47.45
29.20
32.00
33.67
14.60
20.00
22.00
31.00
56.00
41.00
46.00
29.00
1.00
10.00

29.00
18.25
226.30
29.20
25.55
18.25
14.60
33.00
29.20
25.55
19.20
21.90
1.57
1.00
42.00
36.00
25.55
39.70
34.21
28.00
39.00
22.37
18.07
7.30
36.50
43.80
29.20
29.20
32.85
14.60
19.00
20.00
29.00
52.00
38.00
43.00
27.00
1.00
-

7.29
7.18
8.11
7.45
7.45
7.42
7.26
7.30
7.41
7.49
7.04
0.00
4.29
7.61
0.00
6.63
7.30
7.30
7.36
7.40
7.48
7.42
7.36
7.77
7.74
6.89
7.30
7.23
7.33
7.32
7.19
7.91
7.51
8.23
0.00
7.74
7.47
7.45
7.47
6.70
0.00

Fund
Manager
Devang Shah
Hetal P. Shah
Kaustubh Gupta
Kaustubh Gupta
Puneet Pal
Alok Singh
Girish Hisaria
Ritesh Jain
Laukik Bagwe
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Pallab Roy
Sachin Padwal-Desai
Siddharth Deb
Anil Bamboli
Anil Bamboli
Anupam Joshi
Kapil Punjabi
Rahul Goswami
Rahul Goswami
Gautam Kaul
Anurag Mittal
Malay Shah
Shalini Tibrewala
Namdev Chougule
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Rahul Singh
Yadnesh Chavan
Vikram Pamnani
Pankaj Jain
Pankaj Jain
Murthy Nagarajan
Anju Chhajer
Amit Tripathi
Anju Chhajer
Krishna Venkat
Sujoy Kumar Das
Manish Jaitley

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
SBI Magnum InstaCash-Cash
SBI Premier Liquid-Inst
Sundaram Money Fund-Ret
Tata Liquidity Mgmt
Tata Liquid-RIP
Taurus Liquid-Reg
Union KBC Liquid Fund
UTI Liquid-Cash-Reg
UTI Money Market Fund-Reg
Crisil Liq Fund
Liquid Plus / Ultra Short Term
Axis Treasury Advantage Fund
Baroda Pioneer Treasury Adv-Reg
Birla SL Savings-Ret
BNP Paribas Money Plus Fund-Reg
BOI AXA Treasury Adv Fund-Reg
Canara Rob Treasury Adv-Ret
DHFL Pramerica Treasury Advantage
DHFL Pramerica Ultra ST Bond-Reg
DSPBR Money Manager Fund-Reg
DWS Cash Opportunities Fund
DWS Low Duration Fund-Reg
DWS Treasury-Cash Plan
DWS Treasury-Invest Plan
DWS Ultra ST-Reg
Franklin India Ultra Short Bond-Ret
HDFC Cash Mgmt-TA Plan
HSBC Ultra ST Bond-Reg
ICICI Pru Flexible Income Plan-Reg
ICICI Pru Ultra Short Term Plan-Ret
IDBI Ultra ST
IDFC Money Mgr-IP-A
IDFC Money Mgr-TP-Reg
IDFC Ultra Short Term Fund-Reg
Indiabulls Ultra Short Term Fund
JM Money Mgr-Reg
JM Money Mgr-Super Plus
JM Money Mgr-Super
JPMorgan India Treasury-Ret
Kotak Corporate Bond Fund-Ret
L&T Low Duration Fund-Ret
L&T Ultra ST-Reg

Inception
Date

Benchmark
Index

21-May-1999
24-Nov-2003
7-Mar-2000
7-Mar-2006
31-Aug-1998
4-Sep-2006
16-Jun-2011
27-Jun-2003
24-Apr-1997

Crisil Liq Fund

Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

3
Months
1.89
1.88
1.89
1.75
1.71
1.75
1.86
1.71
1.76
1.82

12-Oct-2009
29-Jun-2009
27-Nov-2001
21-Oct-2005
18-Jul-2008
16-Sep-2003
6-Jun-2011
27-Sep-2010
31-Jul-2006
25-Jun-2007
21-Mar-2006
12-Oct-2009
12-Oct-2009
27-Oct-2003
19-Dec-2007
3-Jan-2000
17-Oct-2006
27-Sep-2002
12-Jun-2009
6-Sep-2010
10-Aug-2004
18-Feb-2003
17-Jan-2006
9-Jan-2012
27-Sep-2006
27-Sep-2006
27-Sep-2006
21-Sep-2007
24-Sep-2007
20-Sep-2007
27-Nov-1997

Crisil Liq Fund

Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Comp. Bond
Crisil Liq Fund
Crisil Liq Fund

1.86
1.63
1.92
1.64
1.89
1.60
1.60
1.64
1.66
2.16
1.64
1.95
1.73
1.44
2.10
1.59
1.59
1.89
1.75
1.58
1.66
1.57
1.76
1.82
1.83
1.74
1.69
1.77
1.57
1.62
1.87

Performance
1
3
5 INCEP
Year Years Years
TION
8.31
8.89
8.94
7.40
8.29
8.84
8.99
7.31
8.32
8.89
8.33
7.01
7.70
8.30
8.60
7.15
7.51
8.15
8.32
7.09
7.64
8.18
8.46
7.09
8.19
8.83
-9.05
7.62
8.17
8.35
6.93
7.75
8.25
8.45
7.71
8.23
8.83
8.63
8.53
8.03
8.89
8.23
8.68
8.06
7.96
7.83
7.94
9.32
7.43
8.33
8.24
6.81
9.12
7.67
7.78
8.81
8.73
7.84
8.62
8.32
8.69
8.84
8.60
8.35
8.20
-1.49
8.92
7.74
8.47

8.89
8.62
9.25
8.38
9.06
8.14
8.48
8.54
8.62
9.26
7.87
8.70
8.68
7.93
9.31
8.10
8.28
9.31
8.83
8.55
8.70
8.48
9.18
8.98
8.99
8.85
8.83
5.11
9.00
7.92
8.60

9.10
8.99
9.23
8.62
8.78
8.37
-8.93
8.65
9.35
7.84
8.37
8.83
8.44
9.32
8.35
8.00
9.35
8.70
8.91
8.85
8.50
9.46
-9.38
9.16
9.26
6.71
8.88
8.23
8.81

8.36
8.14
7.50
7.88
7.78
7.20
8.85
8.87
7.62
8.44
7.24
7.75
8.18
7.21
8.40
7.30
7.29
8.07
7.70
8.81
7.32
6.76
7.61
9.27
8.14
8.33
8.42
5.75
7.98
7.48
8.20
28

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.25
1.34
0.14
1,913.40
29.20
25.55 7.41
0.24
1.34
0.16 29,952.78
32.85
29.20 7.34
0.28
1.23
0.12
3,915.21
25.55
25.55 7.33
0.33
0.56
0.10
28.85
1.00
- 0.00
0.26
0.55
0.93
2,431.62
25.50
25.50 7.34
0.28
0.59
1.19
2,296.84
14.60
- 0.00
0.25
1.31
0.14
1,590.07
29.42
27.50 7.35
0.28
0.53
0.10 11,439.55
27.08
- 7.32
0.27
0.62
0.16
9,828.17
31.83
- 7.57
0.45
0.71
0.48
0.80
0.63
0.57
0.72
0.64
1.37
0.64
0.63
0.76
1.35
0.23
1.02
0.64
0.46
0.71
0.72
0.51
0.98
0.57
1.20
0.58
0.62
0.62
0.46
0.49
0.52
4.30
2.99
0.52
0.60

0.80
0.39
0.77
0.42
0.60
0.28
0.20
0.46
0.51
0.63
0.08
1.33
0.32
0.21
1.07
0.24
0.30
0.98
0.37
0.52
0.28
0.48
0.76
0.66
0.89
0.76
0.71
-0.15
0.15
0.23
0.50

0.55
1.65
0.26
1.26
0.50
1.26
1.20
1.30
1.00
1.18
2.40
0.22
0.49
2.45
0.86
1.25
1.30
0.20
0.38
0.00
0.46
0.95
0.30
1.00
1.00
0.52
0.44
0.00
0.73
0.75
0.00

1,649.82
2,393.90
12,281.42
269.71
299.77
122.49
46.01
192.78
2,058.09
737.34
25.89
824.41
815.09
2,635.41
5,133.04
9,431.05
451.85
16,784.73
6,022.78
665.52
1,654.06
2,071.91
3,358.51
915.15
84.08
1,037.21
231.10
722.60
36.08
30.30
1,800.59

112.00
209.73
313.90
240.90
148.00
186.15
337.00
221.00
127.75
229.95
273.75
21.90
281.05
149.65
215.35
337.00
219.00
270.67
678.90
140.00
832.20
250.00
236.00
108.74
131.58
230.32
95.41
119.00
781.10
58.40
167.90

103.00
186.15
222.65
211.70
135.05
153.30
296.00
197.00
116.80
200.75
244.55
21.90
237.25
135.05
189.80
276.00
200.75
234.01
565.75
122.00
700.80
225.00
213.00
98.81
114.87
208.42
95.41
76.65
675.25
54.75
164.25

7.96
8.10
8.24
7.65
8.42
7.47
8.77
8.13
7.85
9.89
8.44
7.60
7.67
8.25
9.46
8.03
7.84
8.04
8.06
7.60
8.19
7.92
7.91
8.45
7.42
7.52
7.39
7.00
8.18
7.28
7.68

Fund
Manager
Rajeev Radhakrishnan
Rajeev Radhakrishnan
Dwijendra Srivastava
Amit Somani
Amit Somani
Archit Shah
Devesh Thacker
Amandeep Singh Chopra
Amandeep Singh Chopra

Kedar Karnik
Alok Sahoo
Kaustubh Gupta
Puneet Pal
Alok Singh
Girish Hisaria
Ritesh Jain
Ritesh Jain
Laukik Bagwe
Kumaresh Ramakrishnan
Kumaresh Ramakrishnan
Rakesh Suri
Nitish Gupta
Nitish Gupta
Sachin Padwal-Desai
Anupam Joshi
Kapil Punjabi
Rahul Goswami
Aditya Pagaria
Gautam Kaul
Harshal Joshi
Anurag Mittal
Anurag Mittal
Malay Shah
Vikas Agrawal
Vikas Agrawal
Vikas Agrawal
Ravi Ratanpal
Deepak Agrawal
Vikram Chopra
Vikram Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
LIC Nomura MF Income Plus
LIC Nomura MF Savings Plus
Mirae Asset Ultra ST Bond-Reg
Peerless Ultra Short Term Fund-Reg
Principal Bank CD
Reliance Medium Term
Reliance Money Manager-Ret
Religare Invesco Ultra ST-Reg
SBI Treasury Advantage Fund-Reg
SBI Ultra Short Term Debt Fund
Sundaram Ultra Short Term Fund-Ret
Tata Floater
Tata Treasury Mgr-RIP
Taurus Ultra ST Bond-Ret
Union KBC Ultra ST DebtUTI Treasury Advantage-Reg
Crisil Liq Fund
Floating Rate - Short Term
Birla SL FRF-Short Term Plan-Ret
Canara Rob Savings Plus Fund-Reg
DHFL Pramerica ST FRF
DSPBR Income Opportunities Fund-Reg
HDFC FRIF-Short Term Plan-Ret
ICICI Pru Savings Fund
JM Floater Short Term Fund
Kotak Floater-ST
L&T FRF
Principal Debt Opp Conservative Plan
Reliance FRF ST
SBI Magnum InstaCash-Liquid Floater
SBI Savings Fund-Reg
Sundaram Flexible-STP-Ret
Tata Money Market
UTI FRF-STP
Crisil Liq Fund
Floating Rate - Long Term
Birla SL FRF-Long Term Plan-Ret
Franklin India Savings Plus Fund
HDFC FRIF-Long Term Plan
HSBC FRF-LT-Reg
JM Floater Long Term Fund-Reg
Kotak Treasury Advantage Fund

Inception
Date

Benchmark
Index

31-May-2007
Crisil Liq Fund
4-Jun-2003
Crisil Liq Fund
6-Mar-2008
Crisil Liq Fund
22-Feb-2010
Crisil Liq Fund
7-Nov-2007
Crisil Liq Fund
14-Sep-2000
Crisil ST Bond
20-Mar-2007
Crisil Liq Fund
18-Jan-2007
Crisil Liq Fund
12-Oct-2009 Crisil 1 Year CD index
27-Jul-2007
Crisil Liq Fund
24-Apr-2007
Crisil Liq Fund
13-Sep-2005
Crisil Liq Fund
17-Jul-2007
Crisil ST Bond
1-Dec-2008
Crisil Liq Fund
25-Apr-2012
Crisil ST Bond
26-Jul-1999
Crisil Liq Fund

3
Months
1.14
1.64
1.48
1.62
1.76
1.74
1.69
1.70
1.89
1.78
1.47
1.79
1.63
1.95
1.85
1.77
1.82

Performance
1
3
5 INCEP
Year Years Years
TION
5.99
7.20
7.71
7.54
7.74
8.17
8.19
6.71
6.96
7.65
7.60
5.71
7.86
8.67
9.27
8.64
8.54
8.82
9.00
8.18
8.69
8.80
9.06
7.61
8.07
8.60
8.78
8.06
7.86
7.82
8.13
7.56
8.73
9.03
8.99
8.28
8.63
8.92
9.04
7.94
7.15
7.89
7.92
7.34
8.59
9.06
9.21
8.08
8.14
8.53
8.72
8.10
8.47
8.76
8.98
7.98
8.04
8.86
-9.00
8.16
8.74
8.85
8.30
8.23
8.83
8.63

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.66
-0.11
2.25
96.52
872.00
492.75 7.90
0.60
0.31
1.00
1,188.05
745.00
448.95 8.31
0.24
0.23
1.10
47.15
126.88
124.10 7.42
0.48
0.69
0.85
111.34
186.15
178.85 8.01
0.71
0.52
0.75
73.31
96.00
88.00 7.64
1.13
0.32
0.65
4,841.64
423.40
372.30 8.51
0.49
0.63
0.96 13,319.47
235.00
208.00 8.01
0.72
0.12
1.25
2,470.15
236.00
205.00 8.21
0.49
0.87
0.76
590.81
270.10
226.30 8.32
0.53
0.75
0.39
9,598.60
178.85
160.60 7.88
0.52
0.22
1.82
2,043.48
197.10
175.20 7.85
0.55
0.79
0.35
4,005.96
273.60
237.60 7.81
0.86
0.34
1.00
498.46
244.55
222.65 7.86
0.49
0.71
1.15
216.93
14.60
- 0.00
0.43
0.88
0.26
67.24
18.71
17.33 7.34
0.46
0.74
0.32 10,854.80
201.22
186.00 8.07
0.45
0.71

Fund
Manager
Kunal Jain
Rahul Singh
Yadnesh Chavan
Vikram Pamnani
Gurvinder Singh Wasan
Amit Tripathi
Amit Tripathi
Krishna Cheemalapati
Rajeev Radhakrishnan
Rajeev Radhakrishnan
Dwijendra Srivastava
Akhil Mittal
Amit Somani
Archit Shah
Devesh Thacker
Sudhir Agarwal

4-Jun-2003
7-Mar-2005
13-Feb-2012
14-May-2003
20-Jan-2003
31-Mar-2003
25-Jun-2003
14-Jul-2003
10-Aug-2005
15-Sep-2004
6-Sep-2004
1-Oct-2002
16-Jul-2004
31-Dec-2004
28-Dec-2003
3-Sep-2003

Crisil Liq Fund

Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund

1.90
1.72
1.51
2.06
1.84
1.70
1.61
1.93
1.95
1.78
1.66
1.72
1.71
1.42
1.72
1.84
1.82

8.40
8.34
7.10
9.64
8.57
7.83
7.31
8.45
8.44
8.18
8.63
7.78
8.27
7.07
7.53
8.51
8.23

8.85
8.80
8.36
9.51
8.77
8.42
7.91
8.95
8.60
8.52
8.77
8.46
8.81
7.58
8.21
9.03
8.83

8.99
9.18
-9.16
8.87
8.43
8.01
9.13
9.14
8.92
9.04
8.71
9.16
8.00
8.42
8.86
8.63

7.32
8.03
8.67
7.13
7.26
7.04
6.76
7.39
7.67
7.77
7.75
7.21
7.53
7.13
7.17
7.32

0.26
0.82
0.41
1.69
0.57
0.58
0.32
0.27
0.44
0.45
1.60
0.27
0.37
0.99
0.28
0.51
0.45

1.30
0.44
0.61
0.33
0.62
0.45
0.25
1.36
0.69
0.65
0.22
0.86
1.00
0.02
0.58
0.83
0.71

0.12
0.55
0.40
1.70
0.17
1.44
0.32
0.05
0.72
1.10
0.70
0.37
1.06
0.29
0.87
0.88

3,627.73
507.59
4.21
2,329.78
9,574.35
3,858.58
1.63
7,140.47
173.72
456.14
4,197.44
76.76
1,433.16
1,542.30
5,739.11
6,077.69

36.50
208.05
1.00
1,273.85
235.00
280.63
0.99
43.80
160.60
225.00
865.05
65.70
248.20
94.90
26.40
272.33

32.85 7.51
178.85 7.58
1.00 6.72
861.40 10.21
197.00 7.98
224.75 8.90
0.99 6.52
43.80 7.55
149.65 8.80
203.00 8.73
708.10 8.43
62.05 7.10
215.35 8.30
94.90 7.31
26.40 7.32
252.00 8.50

Kaustubh Gupta
Girish Hisaria
Ritesh Jain
Dhawal Dalal
Shobhit Mehrotra
Rahul Goswami
Shalini Tibrewala
Deepak Agrawal
Vikram Chopra
Pankaj Jain
Amit Tripathi
R. Arun
R. Arun
Dwijendra Srivastava
Amit Somani
Sudhir Agarwal

4-Jun-2003
12-Feb-2002
20-Jan-2003
16-Nov-2004
25-Jun-2003
13-Aug-2004

Crisil Liq Fund

Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

1.95
1.75
1.50
1.52
2.16
1.86

8.91
8.29
7.90
7.53
8.97
8.63

9.27
8.76
8.66
7.98
8.65
9.00

9.37
8.94
9.36
8.18
8.40
9.16

7.83
7.40
7.56
7.27
6.73
7.86

0.61
0.76
1.18
0.41
0.30
0.77

0.79
0.46
0.27
0.35
1.04
0.54

0.35
0.86
0.15
1.30
1.00
0.63

1,480.32
320.22
1,904.15
51.78
76.13
4,022.25

295.65
317.55
1,091.35
73.00
26.06
197.10

237.25
244.55
708.10
73.00
26.06
182.50

Prasad Dhonde
Sachin Padwal-Desai
Shobhit Mehrotra
Kapil Punjabi
Shalini Tibrewala
Deepak Agrawal

29

8.03
8.06
7.46
7.32
9.75
8.32

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Sundaram Flexible-FIP
Crisil Liq Fund
Income - Short Term
Axis Banking Debt Fund
Axis Short Term Fund
Baroda Pioneer ST Bond Fund
Birla SL Short Term Fund
Birla SL ST Opportunities Fund
Birla SL Treasury Optimizer Plan
BNP Paribas ST Income Fund
Canara Rob Short Term Fund-Reg
DHFL Pramerica ST Income
DSPBR Short Term Fund-Reg
DWS Short Maturity Fund
Edelweiss ST Income Fund
Escorts Short Term Debt
Franklin India Low Duration Fund
Franklin India ST Income Plan
HDFC High Interest-STP
HDFC Short Term Opportunities Fund
HDFC STP
HSBC Income-Short Term Plan
ICICI Pru Corporate Bond-B
ICICI Pru Short Term Plan-Reg
IDBI ST Bond
IDFC SSIF-ST-Reg
JM Short Term-Reg
JPMorgan India ST Income
Kotak Bond-STP
Kotak Low Duration Fund-Ret
L&T Short Term Opportunities Fund
L&T ST Income Fund
Mirae Asset ST Bond Fund
Peerless Short Term Fund-Reg
Principal Income Fund-STP
Reliance STF
Religare Invesco Bank Debt Fund
Religare Invesco Credit Oppor Fund
Religare Invesco Short Term Fund
SBI Short Term Debt Fund-Ret
Sundaram Select Debt-STAP
Tata ST Bond

Inception
Date
31-Dec-2004

12-Jun-2012
25-Jan-2010
2-Jul-2010
3-Mar-1997
9-May-2003
19-Apr-2002
13-Sep-2004
31-Mar-2009
7-Feb-2011
11-Sep-2002
28-Jan-2003
1-Oct-2008
25-Jan-2006
7-Feb-2000
4-Feb-2002
7-Feb-2002
25-Jun-2010
6-Mar-2002
27-Dec-2002
17-Sep-2004
29-Oct-2001
24-Mar-2011
14-Dec-2000
24-Jun-2002
25-Mar-2010
3-May-2002
7-Mar-2008
27-Dec-2011
4-Dec-2010
5-Aug-2009
20-Aug-2010
13-May-2003
18-Dec-2002
29-Dec-2012
31-Aug-2009
26-Mar-2007
27-Jul-2007
5-Sep-2002
9-Aug-2002

Benchmark
Index

3
Months
Crisil Comp. Bond
0.99
1.82
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
CRISIL AA ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond

1.70
1.48
1.71
1.70
1.52
1.31
1.63
1.53
1.34
1.56
1.55
1.76
2.05
1.47
1.82
1.07
1.72
2.00
1.36
1.45
1.23
1.47
1.66
1.15
1.73
1.33
2.14
1.56
2.02
1.39
1.61
1.56
1.54
1.00
1.88
1.01
1.52
1.07
1.53

Performance
1
3
5 INCEP
Year Years Years
TION
8.66
7.59
7.43
6.72
8.23
8.83
8.63
8.50
8.11
8.61
8.89
8.42
8.52
8.43
7.81
6.51
8.19
8.34
8.56
9.21
7.15
9.06
7.41
8.70
9.50
7.88
8.32
7.99
7.82
8.15
6.33
-9.58
8.04
9.32
8.17
8.85
7.69
8.02
8.08
8.12
6.85
7.91
7.09
8.16
7.34
8.23

8.82
8.48
8.70
9.40
9.95
10.05
8.66
8.45
8.02
8.86
9.01
8.14
9.99
7.58
10.03
8.53
9.16
9.24
8.28
8.86
8.91
8.27
8.62
7.81
2.60
8.49
8.60
8.88
8.92
7.87
8.70
8.59
8.97
7.55
8.01
7.72
8.69
9.14
9.30

-8.93
8.70
9.65
10.08
9.72
8.80
8.81
-8.95
9.15
7.94
10.30
8.09
9.82
8.76
9.36
9.17
8.57
8.94
8.99
-8.87
8.55
5.32
8.68
9.02
-8.98
7.46
9.88
9.01
8.92
-8.42
8.70
8.94
10.19
9.16

8.91
8.20
8.13
9.53
7.23
7.69
7.49
7.96
8.83
7.20
7.86
7.47
8.75
7.89
8.38
7.95
9.11
7.96
7.06
7.80
8.11
8.70
7.61
8.01
5.39
7.71
8.06
9.12
8.95
6.47
9.68
7.79
8.12
7.61
7.73
7.91
8.02
7.24
7.86
30

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
4.99
0.00
0.75
402.95 2,489.30
1,704.55 8.32
0.45
0.71
0.95
1.85
1.61
1.53
1.72
1.30
1.57
1.44
1.12
1.77
1.59
1.69
1.22
0.70
1.89
2.26
1.67
1.93
1.87
2.90
2.39
1.88
1.62
1.86
8.11
2.14
1.31
1.70
1.98
0.44
0.59
1.66
2.25
1.96
0.28
1.92
1.82
1.72
1.62

0.39
0.14
0.21
0.34
0.39
0.53
0.21
0.18
0.13
0.21
0.26
0.10
0.57
0.03
0.36
0.13
0.27
0.24
0.11
0.13
0.17
0.11
0.19
0.06
-0.15
0.13
0.24
0.22
0.19
0.27
0.59
0.18
0.18
-0.01
0.52
0.04
0.19
0.28
0.31

0.35
1.10
1.10
0.30
1.08
0.57
0.64
1.10
1.45
1.30
1.30
0.55
2.25
0.78
1.56
1.00
0.32
1.00
0.00
1.50
0.95
0.00
0.83
0.89
0.00
1.25
0.94
0.71
1.48
1.39
1.05
1.21
1.03
1.75
1.25
1.80
0.71
1.47
1.10

460.07
2,579.96
44.06
9,556.80
3,997.80
5,083.55
184.73
150.34
10.66
1,542.24
2,024.59
24.20
9.83
2,453.19
10,351.25
2,443.52
6,397.17
2,840.77
1,636.36
3,840.06
5,278.26
114.45
4,713.89
42.04
121.40
2,616.15
1,554.25
1,681.13
270.37
4.48
119.94
215.44
8,923.86
121.27
2,627.38
2,257.43
3,974.18
830.95
4,938.95

232.00
1,095.00
495.06
792.05
1,660.75
1,843.25
883.30
817.60
69.00
704.45
1,080.40
447.86
127.75
335.80
919.80
1,992.90
660.65
770.15
1,095.00
1,481.90
1,518.40
584.00
773.80
1,309.77
338.00
1,343.20
200.75
766.50
613.20
83.14
390.55
1,062.15
1,032.95
1,350.50
28.00
1,642.50
927.10
1,781.20
1,014.70

202.00 7.45
803.00 8.13
368.65 8.88
660.65 7.93
1,146.10 8.97
1,277.50 8.13
653.35 8.05
660.65 8.11
62.00 7.30
565.75 8.42
708.10 9.06
371.90 7.72
- 0.00
324.85 10.10
781.10 10.81
1,262.90 8.49
562.10 8.23
613.20 9.86
846.80 8.24
1,036.60 9.12
1,109.60 8.39
500.05 8.19
638.75 8.10
909.14 8.03
219.00 7.05
959.95 8.57
182.50 9.41
675.25 8.10
507.35 10.13
80.30 7.22
350.40 8.14
806.65 8.34
843.15 8.33
901.55 7.75
26.00 8.34
1,153.40 8.30
737.30 8.14
1,047.55 8.34
784.75 8.11

Fund
Manager
Dwijendra Srivastava

Kedar Karnik
Devang Shah
Alok Sahoo
Prasad Dhonde
Kaustubh Gupta
Prasad Dhonde
Puneet Pal
Suman Prasad
Ritesh Jain
Marzban Irani
Nitish Gupta
Bhavesh Jain
Anuj Jain
Santosh Kamath
Santosh Kamath
Shobhit Mehrotra
Anil Bamboli
Anil Bamboli
Sanjay Shah
Rahul Bhuskute
Manish Banthia
Ganti N. Murthy
Suyash Choudhary
Vikas Agrawal
Namdev Chougule
Deepak Agrawal
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Yadnesh Chavan
Killol Pandya
Gurvinder Singh Wasan
Prashant Pimple
Nitish Sikand
Nitish Sikand
Sujoy Kumar Das
Rajeev Radhakrishnan
Dwijendra Srivastava
Akhil Mittal

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Taurus ST Income
UTI ST Income Fund-Reg
Crisil ST Bond
Income - Long Term
Axis Dynamic Bond Fund
Axis Income Fund
Baroda Pioneer Dynamic Bond Fund
Baroda Pioneer Income Fund
Baroda Pioneer PSU Bond Fund
Birla SL Dynamic Bond Fund-Ret
Birla SL Income Plus
Birla SL Medium Term Fund
BNP Paribas Bond Fund-Reg
BNP Paribas Flexi Debt Fund
Canara Rob Dynamic Bond Fund-Reg
Canara Rob Income-Reg
Canara Rob InDiGo Fund-Reg
Canara Rob Yield Adv Fund-Reg
DHFL Pramerica Credit Opp Fund
DHFL Pramerica Dynamic Bond Fund
DSPBR Bond Fund
DSPBR Strategic Bond-Reg
DWS Premier Bond Fund
Edelweiss Bond Fund-Ret
Escorts Income Bond
Escorts Income Plan
Franklin India Corp Bond Opp. Fund
Franklin India Dynamic Accrual Fund
Franklin India IBA-A
Franklin India Income Opp Fund
HDFC High Interest Fund-Dynamic Plan
HDFC Income Fund
HDFC Medium Term Oppo Fund
HSBC Flexi Debt-Reg
HSBC Income-Invest Plan
ICICI Pru Banking & PSU Debt -Reg
ICICI Pru Dynamic Bond Fund-Reg
ICICI Pru Income Opportunities Fund
ICICI Pru Income-Reg
ICICI Pru Long Term Plan-Ret
ICICI Pru Regular Savings
IDBI Dynamic Bond

Inception
Date
23-Aug-2001
27-Jun-2003

2-May-2011
3-Apr-2012
30-Jun-2012
25-Mar-2002
29-Dec-2009
27-Sep-2004
10-Nov-1995
25-Mar-2009
9-Nov-2008
27-Sep-2004
1-Jun-2009
23-Sep-2002
12-Jul-2010
26-Apr-2011
4-Nov-2011
16-Jan-2012
29-Apr-1997
9-May-2007
31-Jan-2003
10-Sep-2008
8-Jan-1997
22-May-1998
8-Dec-2011
5-Mar-1997
14-Jul-1997
21-Dec-2009
20-May-1997
20-Sep-2000
29-Jun-2010
8-Oct-2007
27-Dec-2002
4-Jan-2010
12-Jun-2009
20-Aug-2008
9-Jul-1998
22-Apr-2002
6-Dec-2010
23-Feb-2012

Benchmark
Index

3
Months
Crisil ST Bond
2.04
Crisil ST Bond
1.57
1.66

Crisil Comp. Bond

Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
CRISIL AA ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Gold-India
Crisil MIP Blended
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond

0.05
0.20
0.51
0.44
1.37
-0.15
-1.01
1.55
0.62
-0.09
-0.64
-0.63
-0.31
1.14
1.60
-0.82
-0.29
0.29
1.35
1.59
1.43
1.61
1.97
1.93
1.52
1.96
-0.52
-0.49
1.72
-0.27
-0.12
1.40
0.33
0.99
-0.87
-0.71
1.59
-0.61

Performance
1
3
5 INCEP
Year Years Years
TION
8.91
9.60
9.81
6.90
8.07
9.25
9.60
7.90
8.66
9.13
8.87
6.75
6.76
7.29
5.82
7.31
7.44
4.56
9.52
7.32
6.42
5.83
5.63
2.31
5.28
9.22
6.52
6.05
6.91
7.21
7.82
8.24
9.27
9.29
10.34
8.43
9.30
5.51
5.32
8.61
5.53
5.58
8.64
7.59
8.53
5.08
6.07
9.00
4.58

8.51
8.74
9.08
8.08
7.92
9.63
7.59
10.58
8.18
9.32
9.19
8.20
1.99
6.52
9.28
7.86
7.72
9.15
7.43
7.75
9.06
9.29
9.92
8.98
9.62
9.86
8.88
7.57
9.03
7.76
7.41
9.35
8.87
9.02
7.41
11.35
9.15
5.85

---8.44
8.35
9.73
8.35
10.43
8.42
8.88
9.10
8.45
5.67
---7.80
9.16
7.60
8.14
6.87
10.36
-8.98
10.13
9.76
8.68
7.89
9.24
8.45
8.19
9.20
8.89
9.05
7.87
10.27
9.14
--

8.81
9.08
9.22
6.12
7.66
8.69
9.64
9.23
8.73
8.45
7.69
8.76
5.94
7.25
9.65
8.16
8.47
7.64
6.89
7.55
8.69
9.51
10.52
8.96
9.20
9.34
8.93
8.07
9.04
8.37
7.10
8.67
7.81
10.19
8.97
9.04
9.11
6.68
31

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.27
2.16
0.70
344.00
25.55
- 0.00
1.98
0.25
0.84
5,998.03 1,201.95
945.35 9.09
1.30
0.31
3.98
4.02
4.26
4.37
2.10
3.31
5.66
1.92
2.13
4.01
4.26
3.96
3.52
1.51
2.08
3.86
3.86
3.43
2.98
0.55
5.71
1.49
2.26
3.48
3.66
2.18
4.78
5.46
2.42
4.24
4.66
2.17
4.33
4.96
6.22
3.21
2.11
4.55

0.09
0.10
0.12
0.06
0.06
0.20
0.04
0.44
0.10
0.15
0.14
0.08
-0.43
-0.17
0.23
0.06
0.04
0.15
-0.01
0.14
0.11
0.34
0.28
0.12
0.17
0.29
0.11
0.03
0.17
0.04
0.02
0.24
0.11
0.09
0.03
0.35
0.21
-0.08

1.70
1.50
1.00
2.48
1.00
1.31
1.56
1.30
1.39
1.95
1.75
1.90
2.45
1.50
1.50
2.00
2.00
1.10
1.57
0.77
2.25
2.25
1.82
1.76
1.96
1.69
1.52
1.50
0.27
1.85
0.00
0.37
0.80
0.69
1.50
0.97
1.50
0.00

320.66
248.45
45.28
23.37
5.96
15,898.36
4,063.25
4,669.30
97.90
415.62
153.44
171.86
61.93
42.09
314.42
336.68
315.53
3,209.04
936.98
12.16
1.20
11.07
8,323.26
1,443.33
1,744.93
4,108.68
2,284.61
3,337.33
4,081.90
561.02
104.67
3,351.65
1,046.46
2,859.82
4,216.37
856.21
5,624.06
85.84

5,037.00
4,307.00
3,757.77
3,468.83
1,033.93
5,836.35
7,577.40
1,726.45
3,996.75
4,861.80
7,478.85
7,504.40
1,259.25
1,401.60
1,095.00
6,394.80
3,066.00
3,595.25
744.60
476.95
1,095.00
1,551.25
959.95
1,226.40
1,543.95
1,051.20
6,135.65
6,102.80
547.50
4,836.25
4,387.30
1,565.85
3,653.65
2,336.00
6,705.05
7,051.80
1,065.80
5,679.40

2,701.00
2,482.00
2,058.60
1,887.05
799.35
2,788.60
3,314.20
1,186.25
2,306.80
2,642.60
3,168.20
3,230.25
905.20
1,003.75
781.10
3,025.85
1,843.25
2,102.40
605.90
392.01
792.05
967.25
1,189.90
876.00
2,985.70
2,989.35
448.95
2,697.35
2,485.65
1,168.00
1,784.85
1,598.70
3,066.00
3,252.15
784.75
2,766.70

8.17
8.15
8.28
8.55
7.71
8.16
7.94
9.87
7.90
7.85
8.15
8.03
7.81
8.58
10.02
7.93
7.96
7.85
8.14
7.43
0.00
0.00
10.94
11.49
10.56
10.80
8.03
8.13
8.03
8.03
7.99
8.33
8.10
8.20
7.96
8.15
10.05
7.94

Fund
Manager
Archit Shah
Sudhir Agarwal

R. Sivakumar
Devang Shah
Alok Sahoo
Hetal P. Shah
Alok Sahoo
Maneesh Dangi
Prasad Dhonde
Maneesh Dangi
Puneet Pal
Puneet Pal
Girish Hisaria
Avnish Jain
Avnish Jain
Ravi Gopalakrishnan
Ritesh Jain
Ritesh Jain
Dhawal Dalal
Dhawal Dalal
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Anuj Jain
Santosh Kamath
Sachin Padwal-Desai
Santosh Kamath
Santosh Kamath
Anil Bamboli
Shobhit Mehrotra
Anupam Joshi
Sanjay Shah
Sanjay Shah
Rahul Goswami
Rahul Goswami
Manish Banthia
Manish Banthia
Manish Banthia
Rahul Bhuskute
Ganti N. Murthy

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
IDFC All Seasons Bond Fund-Reg
IDFC Dynamic Bond-A
IDFC SSIF-Invest-Reg
IDFC SSIF-MT-Reg
JM Income
JPMorgan India Active Bond Fund
Kotak Banking and PSU Debt Fund
Kotak Bond Fund - Plan A
Kotak Flexi Debt-Reg
Kotak Income Opportunities Fund
L&T Flexi Bond-Ret
L&T Income Opportunities Fund-Ret
L&T Triple Ace Bond Fund
LIC Nomura MF Bond
Peerless Flexible Income Fund
Principal Debt Opp -Corporate Bond Pl.
Principal Debt Savings Fund
Principal Dynamic Bond Fund
Reliance Dynamic Bond
Reliance Income
Reliance Reg Savings Fund-Debt Plan
Religare Invesco Active Income Fund
Religare Invesco Medium Bond Fund
SBI Corporate Bond Fund-Reg
SBI Dynamic Bond
SBI Magnum Income
Sundaram Bond Saver
Sundaram Income Plus
Tata Dynamic Bond Fund-Plan A
Tata Income Fund
Tata Income Plus Fund - Plan A
Taurus Dynamic Income Fund
Union KBC Dynamic Bond
UTI Bond Fund
UTI Dynamic Bond Fund-Reg
UTI Income Opp Fund
Crisil Comp. Bond
Gilt - Short Term
DSPBR Treasury Bill Fund-Reg
HDFC Gilt-Short Term Plan
ICICI Pru Gilt-Treasury-PF-Reg
ICICI Pru Short Term Gilt Fund-Reg

Inception
Date

Benchmark
Index

20-Sep-2004
Crisil ST Bond
26-Jun-2002
Crisil Comp. Bond
22-Aug-2000
Crisil Comp. Bond
9-Jul-2003
Crisil ST Bond
1-Apr-1995
Crisil Comp. Bond
30-Jun-2008
Crisil Comp. Bond
5-Jan-1999
Crisil Liq Fund
29-Nov-1999
Crisil Comp. Bond
7-Dec-2004
Crisil Comp. Bond
11-May-2010
Crisil ST Bond
30-Aug-2006
Crisil Comp. Bond
8-Oct-2009
Crisil Comp. Bond
31-Mar-1997
Crisil Comp. Bond
15-Sep-1999
Crisil Comp. Bond
22-Aug-2012
Crisil Comp. Bond
15-Sep-2004
Crisil Liq Fund
5-Jan-2004
Crisil ST Bond
13-May-2003
Crisil Comp. Bond
15-Nov-2004
Crisil Comp. Bond
1-Jan-1998
Crisil Comp. Bond
10-Jun-2005
Crisil Comp. Bond
3-Aug-2007
Crisil Comp. Bond
3-Jan-2011
Crisil ST Bond
15-Jul-2004
Crisil Comp. Bond
9-Feb-2004
Crisil Comp. Bond
25-Nov-1998
Crisil Comp. Bond
19-Dec-1997
Crisil Comp. Bond
31-Jul-2002
Crisil Comp. Bond
9-Sep-2003 I-Sec Comp Gilt Index
28-Apr-1997
Crisil Comp. Bond
2-Dec-2002
Crisil Comp. Bond
15-Feb-2011
Crisil Comp. Bond
21-Feb-2012
Crisil Comp. Bond
18-Jul-1998
Crisil Comp. Bond
25-Jun-2010
Crisil Comp. Bond
26-Nov-2012
Crisil ST Bond

3
Months
1.69
-0.58
-0.54
1.27
-1.40
0.69
1.66
-0.97
0.60
2.21
0.04
1.92
-0.70
0.11
0.29
2.16
1.17
-0.07
-0.26
-0.49
1.92
-0.79
2.11
1.66
-0.49
-0.21
-0.39
1.80
0.25
0.34
0.24
0.33
-0.41
-0.14
0.03
1.73
1.24

30-Sep-1999 Crisil Composite T-Bill

25-Jul-2001
I-Sec Si-BEX
11-Feb-2004
I-Sec Si-BEX
20-Aug-1999
I-Sec Si-BEX

1.55
2.00
-0.99
1.31

Performance
1
3
5 INCEP
Year Years Years
TION
8.28
8.90
8.57
7.59
5.74
8.39
9.36
8.24
5.93
8.61
8.95
8.47
7.81
8.11
8.68
7.55
4.18
7.20
7.57
7.09
6.87
7.78
7.47
6.28
8.56
9.30
8.67
7.27
4.60
7.13
8.49
9.12
7.01
8.58
8.67
7.61
9.09
9.18
9.23
8.62
7.45
8.60
8.53
7.28
9.41
8.81
8.92
8.19
4.48
6.93
7.47
7.27
5.57
7.31
8.01
8.54
6.32
5.65
-6.11
9.20
8.64
8.82
7.62
7.52
7.67
6.49
8.18
6.84
8.04
8.63
7.46
5.73
8.51
9.20
6.22
5.12
7.45
7.98
8.96
8.78
9.24
9.15
6.85
5.15
6.88
8.04
6.32
8.28
8.15
8.29
8.29
9.71 10.13
9.92
7.63
5.83
7.41
8.93
4.89
5.99
7.37
8.63
7.55
5.10
7.33
7.87
8.13
9.34
9.57
8.14
6.00
7.10 10.34
9.24
6.81
6.90
9.00
8.80
8.38
6.24
8.66
8.42
6.48
7.54
6.50
-7.91
5.26
6.99
-7.41
6.31
8.51
9.43
8.72
6.91
9.70
9.73
9.45
8.86
9.33
-9.35
8.63
8.82
8.54
7.38
8.75
2.02
8.41

8.57
8.30
3.34
8.69

8.09
8.03
4.58
8.07

6.91
6.30
6.02
8.29
32

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
Dev.
in Cr.) Maturity Duration
0.78
0.50
0.74
66.08
773.80
638.75
4.54
0.08
1.99
6,243.01 5,836.35
3,193.75
4.53
0.10
1.83
2,255.28 5,847.30
3,197.40
2.24
0.08
1.20
3,754.83 1,518.40
1,091.35
4.68
0.01
2.65
16.80 7,719.46
3,548.35
4.33
0.03
1.75
836.18 2,287.00
1,558.55
1.53
0.34
0.50
402.84
383.25
350.40
5.44
0.01
1.75
5,193.05 6,628.40
3,149.95
1.64
0.19
1.50
285.74 1,091.35
620.50
2.11
0.21
1.60
1,280.05
715.40
580.35
4.20
0.10
1.14
114.89 4,796.10
2,744.80
2.14
0.16
1.35
1,113.79
894.25
675.25
4.22
-0.01
1.49
865.85 6,015.20
2,982.05
3.56
0.00
2.45
126.46 3,844.00
2,036.70
2.48
-0.17
1.50
46.89 3,128.05
2,102.40
1.64
0.18
0.30
83.33
44.00
41.00
2.58
0.02
1.25
22.33 1,967.35
1,423.50
4.14
0.06
1.65
86.13 5,602.75
2,832.40
4.95
0.08
1.67
5,506.56 5,314.40
2,766.70
5.36
0.03
1.50
2,727.55 4,821.65
2,441.85
1.57
0.29
1.50
6,334.59
846.80
635.10
3.68
-0.01
1.70
403.53 6,212.30
2,675.45
2.03
0.09
0.65
830.44
198.00
171.00
0.89
0.82
1.43
432.64 1,131.50
868.70
4.83
0.03
1.50
4,396.28 5,704.95
2,821.45
4.60
0.02
1.70
3,066.53 5,018.75
2,744.80
4.58
0.02
2.44
227.81 5,423.90
2,777.65
1.18
0.48
1.68
72.71
127.75
116.80
4.12
0.22
1.96
1,017.94 3,774.10
2,357.90
3.92
0.13
1.76
274.75 3,120.75
2,033.05
3.89
0.11
2.02
112.55 3,113.45
1,949.10
3.82
-0.06
1.10
7.13 3,679.20
4.23
0.00
2.19
97.18 5,066.20
2,748.45
4.67
0.08
1.66
2,736.30 5,876.61
2,865.25
2.88
0.23
1.66
857.06 5,182.20
2,719.25
2.19
0.23
1.85
1,132.72
865.49
719.05
4.14
0.09
0.99
2.80
4.31
3.45

0.29
0.09
-0.24
0.11

0.60
0.38
0.62
0.50

19.92
14.70
43.01
218.67

182.50
843.15
149.65
985.50

167.90
682.55
146.00
777.45

Fund
YTM

Manager

8.10
7.98
7.98
8.15
7.96
8.05
7.77
8.10
7.94
10.40
8.09
10.33
8.15
8.42
7.73
8.98
8.51
8.20
7.93
7.57
10.07
7.89
9.31
9.04
7.78
8.20
8.05
7.93
8.00
8.02
8.20
0.00
7.79
8.30
8.14
10.28

Suyash Choudhary
Suyash Choudhary
Suyash Choudhary
Suyash Choudhary
Vikas Agrawal
Namdev Chougule
Deepak Agrawal
Abhishek Bisen
Deepak Agrawal
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Shriram Ramanathan
Kunal Jain
Killol Pandya
Bekxy Kuriakose
Pankaj Jain
Bekxy Kuriakose
Prashant Pimple
Prashant Pimple
Prashant Pimple
Sujoy Kumar Das
Nitish Sikand
Dinesh Ahuja
Dinesh Ahuja
Dinesh Ahuja
Dwijendra Srivastava
Sandeep Agarwal
Akhil Mittal
Akhil Mittal
Akhil Mittal
Archit Shah
Parijat Agrawal
Amandeep Singh Chopra
Amandeep Singh Chopra
Ritesh Nambiar

7.09
7.31
3.90
7.84

Dhawal Dalal
Anil Bamboli
Rahul Goswami
Rahul Goswami

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
IDFC G Sec-STP-Reg
Religare Invesco Gilt- Short Duration Pl.
SBI Magnum Gilt-STP
Tata Gilt SMF
UTI G-Sec-STP
I-Sec Si-BEX
Gilt - Long Term
Axis Constant Maturity 10 Year Fund
Baroda Pioneer Gilt Fund
Birla SL Cons. Maturity 10 Yr Gilt Fund
Birla SL Gilt Plus-PF
Birla SL G-Sec-LT
Canara Rob Gilt PGS-Reg
DSPBR G Sec Fund-Reg
DWS Gilt Fund
Edelweiss Gilt Fund
Escorts Gilt
Franklin India G-Sec-Comp
Franklin India G-Sec-LTP
HDFC Gilt-Long Term Plan
ICICI Pru Gilt-Invest-PF-Reg
ICICI Pru Long Term Gilt Fund-Reg
IDBI Gilt Fund
IDFC G Sec-Invest-A
IDFC G Sec-PF-Reg
JM G-Sec Fund-Reg
Kotak Gilt-Invest-Reg
L&T Gilt Fund
LIC Nomura MF G-Sec-Reg
Principal Govt Sec Fund
Reliance Gilt Securities Fund
Religare Invesco Gilt Fund - Long
Duration Pl.
SBI Magnum Gilt-LTP-Reg
Sundaram Gilt Fund
Tata Gilt Mid Term Fund
Tata Gilt Securities Fund-A
UTI Gilt Adv-LTP
I-Sec Composite Gilt Index
Monthly Income Plans
Axis Income Saver Fund
Baroda Pioneer MIP

Inception
Date

Benchmark
Index

11-Mar-2002
I-Sec Si-BEX
9-Feb-2008
I-Sec Si-BEX
30-Dec-2000
I-Sec Si-BEX
4-Apr-2003 I-Sec Composite Gilt
15-Dec-2003
I-Sec Si-BEX

27-Jan-2012
25-Mar-2002
11-Oct-1999
11-Oct-1999
16-Nov-1999
6-Jan-2000
30-Sep-1999
3-Nov-2008
8-Jul-2009
4-Apr-2001
21-Jun-1999
24-Dec-2001
25-Jul-2001
25-Nov-2003
19-Aug-1999
27-Dec-2012
11-Mar-2002
31-Mar-2004
6-Oct-1999
5-Jan-1999
29-Mar-2000
11-Dec-1999
24-Aug-2001
22-Aug-2008

3
Months
1.74
1.04
1.63
1.39
1.51
1.91

Performance
1
3
5 INCEP
Year Years Years
TION
8.99 10.73
8.47
5.63
6.76 10.36
8.75
6.36
9.08 10.14
9.59
7.67
8.05
8.76
8.45
6.73
8.09
8.47
8.24
6.33
9.02
8.54
8.45

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
2.12
0.43
0.45
65.74 1,076.75
897.90 7.55
3.07
0.27
0.55
2.51 1,003.75
594.95 7.04
1.82
0.41
0.69
143.66
949.00
748.25 7.49
2.65
0.14
1.06
33.07 1,354.15
1,095.00 7.70
0.86
0.34
0.57
27.15
14.60
- 8.18
1.83
0.14

Crisil 10 Yr Gilt Index

I-Sec Mi-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
Crisil LTGt
I-BEX
I-Sec Compo Gilt
I-Sec Mi-BEX
I-Sec Composite Gilt
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-BEX (I-Sec Sov)
Crisil Gilt Index
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Li-BEX

0.29
0.20
0.46
-0.79
-0.97
-0.91
-0.09
0.62
0.33
0.53
-0.96
-1.02
-0.69
-0.95
-0.97
-1.20
-0.62
-0.42
-1.13
-0.83
-0.54
-1.08
-0.29
-0.54

6.33
6.49
6.94
5.68
5.49
6.34
6.17
7.10
5.69
7.43
5.45
5.43
5.91
5.48
5.53
4.40
6.02
6.73
4.77
5.27
7.48
5.38
6.63
6.24

6.71
8.47
6.40
9.47
8.51
8.83
7.35
8.24
4.12
7.16
8.03
7.94
8.54
8.83
7.69
7.91
9.37
9.91
7.20
7.24
10.94
6.53
8.05
9.18

-9.66
6.61
9.91
8.73
8.68
6.90
7.74
4.92
7.16
7.67
7.68
8.32
7.98
7.98
-10.02
10.39
8.08
8.63
10.19
7.10
7.44
9.01

6.74
6.19
9.48
8.80
9.37
8.88
9.87
6.78
4.64
7.72
9.95
9.00
7.70
8.93
10.12
7.98
8.01
8.07
9.71
9.78
8.49
7.40
7.68
8.81

5.46
4.37
5.09
6.43
6.32
5.17
5.13
5.80
5.13
14.63
6.91
7.09
6.41
6.89
6.64
5.53
4.90
5.02
5.42
6.72
5.07
4.92
5.32
6.40

-0.01
0.09
-0.03
0.13
0.08
0.11
0.03
0.06
-0.16
0.05
0.05
0.04
0.08
0.09
0.05
0.04
0.14
0.17
0.02
0.02
0.22
-0.03
0.06
0.11

0.65
2.06
0.49
1.41
1.20
1.25
1.46
0.76
2.32
2.25
1.78
1.74
0.77
0.65
0.98
0.00
1.50
0.75
1.00
1.40
0.97
2.25
1.50
1.70

9-Feb-2008 Crisil 10 Yr Gilt Index

-1.11

4.25

7.14

6.72

5.47

5.45

0.02

2.16

134.52

30-Dec-2000
I-Sec Li-BEX
3-May-2001
I-Sec Mi-BEX
25-Jun-2010 I-Sec Composite Gilt
7-Sep-1999 I-Sec Composite Gilt
28-Jan-2002
I-Sec Li-BEX

-0.45
-0.62
0.75
-0.32
-0.71
1.04

7.35
4.91
7.32
5.91
6.10
8.37

11.06
12.03
10.42
9.45
9.74
9.11

9.96
9.68
9.41
8.64
9.45
8.98

7.92
6.22
8.91
9.25
8.52

5.80
2.81
4.57
5.77
5.80
4.26

0.20
0.47
0.20
0.12
0.14
0.11

0.98
2.56
1.10
1.97
0.84

1.11
1.06

6.27
5.95

10.71
9.23

8.87
7.76

8.78
5.91

5.11
4.53

0.18
0.11

1.70
2.39

21-Jul-2010
9-Sep-2004

Crisil MIP Blended

Crisil MIP Blended

33

149.14 3,869.00
60.15 3,533.60
35.03 3,445.60
61.15 8,241.70
919.02 7,873.05
91.50 9,011.85
483.26 4,544.25
557.08 2,755.75
0.31 2,479.15
0.09 2,317.75
77.00 6,956.90
423.34 7,522.65
3,539.39 7,351.10
753.08 8,533.70
1,737.68 8,716.20
20.44 10,125.10
1,188.14 6,705.05
175.00 6,807.25
30.97 8,458.51
892.49 6,818.20
95.50 6,898.50
78.32 7,861.00
43.71 6,719.65
1,254.54 6,387.50

Fund
Manager
Suyash Choudhary
Sujoy Kumar Das
Dinesh Ahuja
Akhil Mittal
Amandeep Singh Chopra

2,409.00
2,252.05
2,401.70
3,379.90
3,405.45
3,533.20
2,460.10
1,956.40
1,757.18
3,285.00
3,438.30
3,306.90
3,562.40
3,482.10
3,708.40
3,343.40
3,350.70
3,703.87
3,139.00
3,325.15
4,011.35
3,212.00
3,117.10

7.88
7.93
7.78
7.84
7.94
7.97
7.70
8.08
7.79
0.00
7.94
7.97
7.98
8.17
7.95
7.95
7.98
7.98
7.96
7.97
8.14
7.91
7.98
7.94

Devang Shah
Hetal P. Shah
Prasad Dhonde
Prasad Dhonde
Prasad Dhonde
Girish Hisaria
Dhawal Dalal
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Sachin Padwal-Desai
Sachin Padwal-Desai
Anil Bamboli
Manish Banthia
Rahul Goswami
Ganti N. Murthy
Suyash Choudhary
Suyash Choudhary
Vikas Agrawal
Abhishek Bisen
Vikram Chopra
Kunal Jain
Bekxy Kuriakose
Prashant Pimple

8,117.60

3,514.95

7.96

Sujoy Kumar Das

2,286.11
49.72
181.75
98.87
669.72

7,267.15
5,423.90
3,292.30
4,230.35
8,509.72

3,387.20
2,857.95
2,237.45
2,565.95
3,449.25

8.11
7.97
7.99
7.91
8.18

Dinesh Ahuja
Dwijendra Srivastava
Akhil Mittal
Akhil Mittal
Amandeep Singh Chopra

703.28
27.28

474.50
815.67

401.50
518.30

8.58
7.47

Kedar Karnik
Hetal P. Shah

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Birla SL MIP II-Savings 5
Birla SL MIP II-Wealth 25
Birla SL MIP
Birla SL Monthly Income
BNP Paribas MIP Fund-Reg
BOI AXA Regular Return Fund-Reg
Canara Rob MIP-Reg
DHFL Pramerica Dynamic MIP
DSPBR MIP Fund-Reg
DWS Income Advantage Fund
Franklin India MIP
HDFC MIP-LTP
HDFC MIP-STP
HDFC Multiple Yield Fund 2005
HSBC MIP-Reg
HSBC MIP-Savings
ICICI Pru MIP 25
ICICI Pru MIP
ICICI Pru Regular Income Fund
IDBI MIP
IDFC MIP-Reg
JM MIP Fund
Kotak MIP
L&T Equity Savings Fund
L&T MIP
LIC Nomura MF MIP
Peerless Income Plus Fund-Reg
Principal Debt Savings Fund-MIP
Reliance MIP
Religare Invesco MIP Plus
Religare Invesco MIP
SBI Magnum MIP
SBI Magnum MIP-Floater Plan
Sundaram MIP-Aggr Plan
Sundaram MIP-Cons Plan
Sundaram MIP-Mod Plan
Taurus MIP Advt-Reg
UTI MIS Adv Plan
UTI MIS
Crisil MIP Blended
Benchmark Indices
Crisil Comp. Bond

Inception
Date

Benchmark
Index

22-May-2004
22-May-2004
20-Nov-2000
14-Jul-1999
23-Sep-2004
20-Mar-2009
31-Mar-1996
5-Apr-2011
14-Jun-2004
5-Nov-2007
17-Oct-2000
29-Dec-2003
29-Dec-2003
22-Aug-2005
5-Mar-2004
5-Mar-2004
31-Mar-2004
10-Nov-2000
4-May-2011
14-Mar-2011
26-Feb-2010
18-Sep-2003
3-Dec-2003
18-Oct-2011
3-Jul-2000
19-Aug-1998
2-Aug-2010
23-May-2002
12-Jan-2004
2-Jun-2010
2-Jun-2010
31-Mar-2001
21-Dec-2005
10-Mar-2010
10-Mar-2010
19-Jan-2004
16-Aug-2010
1-Jan-2004
28-Oct-2002

Crisil MIP Blended

Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended

3
Months
0.51
0.08
0.38
0.40
0.27
1.30
0.45
-1.41
0.74
1.16
0.21
0.11
0.91
2.05
-0.25
0.01
0.67
0.48
1.81
-0.44
1.12
1.25
0.24
0.82
-0.04
0.38
1.15
-0.80
0.44
-1.76
-0.42
0.75
2.45
2.05
1.85
0.41
-0.96
0.61
0.49
1.07
1.24

Performance
1
3
5 INCEP
Year Years Years
TION
6.16 10.16
9.76
9.14
5.40 12.80 10.73
9.89
5.25
8.56
8.14
9.41
5.69
9.67
8.71
10.92
5.30
9.58
9.24
7.43
7.12
9.29
8.33
8.10
5.90 10.42
9.34
8.54
2.99
6.17
-6.93
4.79
9.39
9.10
9.89
4.07
6.39
6.33
7.12
5.77 11.11
9.89
10.25
3.84 10.33
9.01
11.09
3.30
8.85
8.08
7.98
4.67 10.37
9.79
9.51
4.37
8.48
7.91
8.01
4.15
9.74
8.81
9.61
6.42 11.34
9.98
10.24
4.75 10.14
9.10
9.50
9.12
8.90
-8.52
4.85
7.59
-7.81
7.10 10.16
9.83
9.69
4.91
8.52
7.85
6.68
5.43
9.78
8.98
7.52
5.10
9.65
-9.32
4.02
7.99
7.38
6.90
4.13
7.97
6.23
8.75
6.70
9.14
8.59
8.40
3.55
5.75
5.99
8.01
6.21 10.69
9.57
10.84
2.15
4.78
6.17
6.40
3.80
7.66
7.24
7.23
8.20
9.94
9.17
8.04
9.93 11.75
9.99
7.89
8.68
9.74
8.32
8.06
9.19
6.17
6.28
5.97
3.69
6.42
5.15
5.94
1.41
5.51
7.10
7.10
7.10 11.38
9.58
10.11
5.73
9.17
8.25
8.47
6.79
9.21
8.23
8.63

8.82

8.54

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
4.47
0.17
1.29
248.59 4,055.15
2,175.40 8.58
6.56
0.24
1.50
1,060.39 4,310.65
2,387.10 8.07
4.21
0.07
2.00
105.52 4,007.70
2,054.95 8.59
4.92
0.13
2.00
254.53 3,544.15
2,069.55 8.49
4.32
0.14
2.45
178.02 3,073.30
1,912.60 7.85
3.31
0.14
2.00
37.16 2,325.05
1,606.00 0.00
5.18
0.16
2.20
302.64 5,628.30
2,441.85 8.19
5.25
-0.07
2.45
22.62 5,099.05
1,989.25 7.73
5.29
0.12
1.95
423.37 2,595.15
1,722.80 8.36
3.30
-0.08
2.43
18.08
423.40
346.75 8.70
5.65
0.20
2.26
431.16 3,445.60
2,029.40 8.61
7.36
0.13
1.50
3,793.89 4,416.50
2,390.75 8.52
5.62
0.08
2.00
298.93 2,080.50
1,379.70 8.31
4.38
0.19
1.77
180.57
72.00
66.00 7.28
4.94
0.07
0.00
88.62 4,058.80
2,255.70 0.00
6.28
0.12
0.00
229.49 3,865.35
2,252.05 0.00
6.05
0.19
1.50
1,270.06 3,449.25
1,992.90 7.71
5.17
0.15
2.00
356.28 2,887.15
1,755.65 7.83
3.97
0.10
1.50
968.79
427.05
375.95 10.42
4.97
0.01
0.00
44.67 2,562.30
1,631.55 8.06
5.50
0.14
2.30
261.13 2,449.15
1,686.30 7.86
4.18
0.06
0.80
129.06
16.35
16.35 7.95
5.82
0.12
2.40
118.53 3,894.55
2,109.70 7.99
5.50
0.11
2.62
64.29
- 0.00
4.86
0.04
2.33
65.83 3,723.00
2,157.15 8.34
2.66
0.06
2.25
67.58 2,441.00
1,310.35 7.54
3.22
0.15
2.45
75.73 1,405.25
1,040.25 8.94
5.08
-0.08
2.25
21.79 7,234.30
3,109.80 7.98
6.03
0.16
1.50
2,615.15 4,522.35
2,292.20 8.70
3.50
-0.22
2.45
19.38 3,135.35
1,558.55 7.53
4.85
0.02
2.45
12.17 6,088.20
2,847.00 7.89
4.84
0.15
2.20
306.18 3,409.10
2,025.75 8.89
2.89
0.39
2.45
52.57
262.80
222.65 8.51
6.62
0.11
2.72
105.87
569.40
423.40 8.41
4.13
-0.07
0.75
68.62 1,124.20
905.20 8.44
2.77
-0.09
2.63
24.72
558.45
401.50 8.68
4.48
-0.09
2.45
15.95 3,482.10
- 0.00
5.34
0.20
2.23
621.05 3,049.90
- 0.00
4.35
0.10
2.27
267.53 2,004.22
- 0.00
4.99
0.09
4.14

34

0.09

Fund
Manager
Satyabrata Mohanty
Satyabrata Mohanty
Satyabrata Mohanty
Vineet Maloo
Puneet Pal
Alok Singh
Avnish Jain
Brahmaprakash Singh
Harish Zaveri
Nitish Gupta
Anand Radhakrishnan
Prashant Jain
Vinay R. Kulkarni
Chirag Setalvad
Aditya Khemani
Aditya Khemani
Rajat Chandak
Rajat Chandak
Rajat Chandak
Ganti N. Murthy
Punam Sharma
Shalini Tibrewala
Devender Singhal
Vikram Chopra
Vikram Chopra
Kunal Jain
Killol Pandya
Pankaj Jain
Sanjay Parekh
Sujoy Kumar Das
Sujoy Kumar Das
Ruchit Mehta
Ruchit Mehta
Dwijendra Srivastava
Dwijendra Srivastava
Dwijendra Srivastava
Archit Shah
Amandeep Singh Chopra
Amandeep Singh Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Crisil Liq Fund
Crisil MIP Blended
Crisil ST Bond
I-BEX (I-Sec Sov. Bond Index)
I-Sec Composite Gilt Index
I-Sec Li-BEX
I-Sec Mi-BEX
I-Sec Si-BEX

Inception
Date

Benchmark
Index

3
Months
1.82
1.07
1.66
0.63
1.04
0.18
1.63
1.91

Performance
1
3
5 INCEP
Year Years Years
TION
8.23
8.83
8.63
6.79
9.21
8.23
8.66
9.13
8.87
7.96
9.20
9.16
8.37
9.11
8.98
7.48
9.27
9.32
9.19
9.33
8.90
9.02
8.54
8.45

35

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.45
0.71
4.99
0.09
1.30
0.31
5.44
0.10
4.26
0.11
6.34
0.09
3.76
0.13
1.83
0.14

Fund
Manager

GLOSSARY
The data is compiled from data available in Annual Reports,
The Stock Exchange and from various newspapers and
magazines. No attempt is made to check the validity of the various
sources but certain adjustments, for ease of cross-comparison,
have been made as explained below.

ADJUSTED DAILY SHARE PRICE CHART

COMPANY NAME

Gives the percentage of share held by Indian promoters, foreign

collaborators, Indian institutions, foreign institutional investors
and the public/free float. Also gives the total number of
shareholders. We have combined GDR and FII investments for
the purpose of classifying shareholding.

The graph shows the daily share price of the company and the
100 day moving average graph from September 2011 (or the day
the company got listed) to September 2014.

SHAREHOLDING DATA

A + indicates that the company is one of the 30 companies in

the BSE-30 Index (Sensex). A $ indicates that the company is
one of the 50 companies that comprise the NSE Index, Nifty. For
e.g. Tata Steel Ltd. + $ indicates that Tata Steel Ltd. is a part of
the BSE-30 Index and the NSE-50 Index.

FX TRANSACTIONS (in millions)

The sector in which the company operates and the business

group that the company belongs to is also given below the
companys name. For e.g., Tata Steel is in the Steel sector and
belongs to the Tata group of companies.

Gives the foreign exchange position in terms of exports (fob),

imports (cif), fx inflow, fx outflow for the latest reported year.

INTERIM RESULTS (in millions)

Gives the interim results for the past four quarters. Results are
displayed as reported by the company.

The registered office address, telephone and fax numbers and

names of the transfer agents are also given.

HEADERS

EQUITY SHARE DATA

The year in which the company was incorporated (Yr. of Inc.), the
BSE code number (B. Code) and the Bloomberg code (BL. Code)
are shown.

HIGH
This is the highest the share price has reached in a particular
accounting or calendar year (adjusted for rights, bonuses, etc.
without any retrospective effect).

F.V. indicates the face value of the share. Based on the share
price of the company on September 25, 2014 and using data for
the latest accounting year, the price to earnings ratio (P/E), price
to cash flow ratio (P/CF), and dividend yield (Yield), have been
calculated. For example, the price of Tata Steel as on September
25, 2014 was ` 460. This share price is divided by the latest
reported earnings per share (March 2014), to give a P/E ratio of
12.4. Similarly, the share price is divided by the latest reported
cash flow per share (March 2014) to give a P/CF ratio of 4.7. The
latest dividend declared is divided by the share price to get a
dividend yield of 2.2%.

LOW
This is the lowest the share price has reached in a particular
accounting or calendar year (adjusted for rights, bonuses, etc.
without any retrospective effect).

SALES PER SHARE (in rupees)

The sales of the company in a period or year is divided by the

number of equity shares outstanding at the end of that year. All
data given on a per share basis allows investors to compare
the performance of companies irrespective of the size of the
companies.

% ONE MONTH AND TWELVE MONTHS CHANGE

Using the share price of the company on September 25, 2014

the percentage change over previous one month and twelve
months have been calculated.

EARNING PER SHARE (in rupees)

This is calculated by dividing the net profit after tax (includes

extraordinary items) of the company (less any dividends on
preference shares that the company may have paid) for a given
year or period by the number of equity shares outstanding at the
end of the year.

MARKET CAPITALISATION (in millions)

Market Capitalisation (Mkt. Cap) is obtained by multiplying the

shares outstanding at the end of latest reporting period, by the
share price as on September 25, 2014. For Tata Steel, market
cap works out to be ` 446,708 million.

CASH FLOW PER SHARE (in rupees)

Cash Flow is obtained by adding the net profit after tax (adjusted
for preference dividend) to non-cash charges such as
depreciation. The cash flow per share is this Cash Flow figure
divided by the number of shares outstanding at the end of the
year.

Vol. - APPROXIMATE DAILY TRADING VOLUME

The approximate daily trading volume expressed in 000

numbers (rounded off to the nearest tens e.g. 10, 20, 30, 40, 50)
is merely an indicative figure. For trading volumes below and
equal to five, they have been rounded off to 5. Trading volumes
may differ dramatically from day to day.

DIVIDENDS PER SHARE (in rupees)

This is the amount of dividend declared by the company (usually

expressed as a percentage of its face value) calculated on a
rupees-per-share basis.

CHAIRMAN

The name of the chairman is obtained from the latest annual

reports. In addition, the name of the company secretary and the
auditors are also given.

DIVIDEND YIELD (in percentage)

The amount of dividend received per share divided by the average

36

GLOSSARY
NO. OF EMPLOYEES (in 000s)

price (average of high and low price) of the share in that year/
period gives the dividend yield - the return an investor receives
by way of dividends from his investment in the share.

The total number of employees has been obtained from

company sources and at times from the annual reports. It is an
approximate figure.

BOOK VALUE PER SHARE (in rupees)

TOTAL WAGES & SALARY (in ` millions)

The net worth or the shareholders equity of the company is

divided by the number of equity shares outstanding to arrive at
the book value per share.

Includes salaries and wages paid to the employees, gratuity,

welfare expenses, companys contribution to provident fund,
etc. It does not include commission paid to the directors and
V.R.S. related expenses (V.R.S. expense, if any, has been treated
as extraordinary item).

SHARE OUTSTANDING (in millions)

This represents the number of equity shares that have been

issued by the company as reported in the annual report.

SALES/EMPLOYEE (in ` 000s)

The sales of the company in a year or period is divided by the

number of employees. It is a key figure showing average sales
per employee.

BONUS/RIGHTS/CONVERSIONS

This signifies change in equity share capital due to:A

B
BB
BC
CR
DC
DM
ESOP
FV

:
:
:
:
:
:
:

GDR
GDS
OI
PA
PI
PP
PSC
R
WC

:
:
:
:
:
:
:
:
:

Shares allotted on amalgamation/merger

Bonus Issue
Buy Back
Bond Conversion
Capital Reduction
Debenture Conversion
Demerger
Employee Stock Option Plan
Face Value Conversion (FV5 indicates change
of face value to ` 5 per share)
Global Depository Receipts
Global Depository Shares
Other Issue
Preferential Allotment
Public Issue
Private Placement
Preference Share Conversion
Rights Issue
Warrant Conversion

WAGES/EMPLOYEE (in ` 000s)

Total wages/salary is divided by the number of employees. It is

a key figure because it shows labour cost per employee.

NET PROFIT/EMPLOYEE (in ` 000s)

This is calculated by dividing the net profit after tax of the company
for a given year, by the number of employees. This figure shows
the average net profit earned per employee.

INCOME DATA
NET SALES (in rupees millions)

Is the net sales of the company for a particular period from its
regular activities. Income from other non-core business is shown
as other income. Net sales is net of excise duty and after
deducting Returns, Discounts, and Allowances.

OTHER INCOME (in rupees millions)

PRICE TO SALES RATIO

Is income earned by the company from activities which are not

its main business. Interest income and income from sale of
assets are typical examples of Other Income. Export incentives
are added to other income.

The average price of the share in a particular year/period, divided

by sales per share gives the price to sales ratio.

P/E RATIO

The average price of the share in a particular year/period, divided

by the earnings per share gives the price to earnings ratio (P/E
or PER)

GROSS PROFIT (in rupees millions)

Is the profit earned after taking into account the operating

expenses such as raw material costs and administrative
expenses but before interest, depreciation, and taxes. Gross
profit excludes other income.

PRICE TO CASH FLOW RATIO

The average price of the share in a particular year/period, divided

by the cash flow per share gives the price to cash flow ratio (P/
CF).

DEPRECIATION (in rupees millions)

PRICE TO BOOK VALUE RATIO

The average price of the share in a particular year/period divided

by the book value per share gives the price to book value ratio.

It is the amount of money put aside by the company to take into

account the wear and tear of its plant, machinery, furniture, etc.
The depreciation figure shown has been arrived at after
deducting any capitalised expenses that may have been
included in depreciation.

DIVIDEND PAYOUT (percentage)

INTEREST (in rupees millions)

The dividends per share divided by the earnings per share gives
the dividend payout percentage - the amount of earnings that a
company pays out as dividends to its shareholders.

Is the interest charges paid by the company for the loans it may
have taken from banks, suppliers, depositors or shareholders.
Bank charges, if any, have been excluded from the interest. Interest income received by the company is not netted out against
interest expenses. Interest income is shown as part of Other
Income.

37

GLOSSARY
PROFIT BEFORE TAX (in rupees millions)

NET FIXED ASSETS (in rupees millions)

The PBT is the profit the company has earned after taking into
account all expenses (such as cost of raw materials, interest,
depreciation).

Is the amount of fixed assets as plant and machinery owned by

the company less the depreciation expenses that have been
charged to the profit and loss account over the years. Capital
work-in-progress is also included in net fixed assets.

EXTRA-ORDINARY ITEMS (in rupees millions)

Is the income or expense that is non-recurring in nature.

SHARE CAPITAL (in rupees millions)

TAX (in rupees millions)

Is the tax paid by the company on its profits. Tax adjustments for
earlier years are also reflected in this figure.

Is the issued equity share capital of the company. It does not

include preference share capital. In India few companies use
preference share capital.

PROFIT AFTER TAX (in rupees millions)

FREE RESERVES (in rupees millions)

Free reserves are those reserves of the company, which are

available for distribution as dividend or bonus. Some of the
important components of Free reserves are share premium,
general reserve, capital redemption reserve, investment
allowance utilisation reserve, profit and loss, dividend
equalisation, export allowance, export profit, and export rebate
reserves.

Is profit before tax less tax paid by the company and adjusted for
extra-ordinary items, minority interest and prior period items.

GROSS PROFIT MARGIN (percentage)

Is the Gross Profit of the company divided by net sales.

EFFECTIVE TAX RATE (percentage)

Is the tax paid by the company divided by the pre-tax profits.

NET WORTH (in rupees millions)

Is that part of the company which belongs to the shareholders.

Net worth includes equity share capital and all reserves
(including revaluation reserve) less miscellaneous expenses
and losses not written off. Net worth does not include preference
share capital. Net worth is also known as shareholders equity
or shareholders funds.

NET PROFIT MARGIN (percentage)

Is the profit after tax divided by net sales.

BALANCE SHEET DATA

CURRENT ASSETS (in rupees millions)

LONG TERM DEBT (in rupees millions)

Current assets are the assets that a company holds for a period
of less than one year to meet its working capital requirements
and they consist of cash and bank balances, investments in
marketable securities, inventories, accounts receivable or sundry
debtors, loans and advances.

Is the amount of money that the company has borrowed and

which it has to repay after a period of more than one year. Many
companies do not disclose this data in their Annual Reports and
hence it is an estimation.

TOTAL ASSETS (in rupees millions)

CURRENT LIABILITIES (in rupees millions)

Is arrived by adding current assets, net fixed assets and other

assets (such as investments, goodwill etc.). Deferred tax asset,
if any, is ignored for the purpose of calculation.

Current liabilities are the liabilities which have to be paid within

a period of one year. It consists of creditors, bills payable,
provisions for payment of dividends, interest and taxes.

INTEREST COVERAGE RATIO

NET WORKING CAP TO SALES (a percentage)

It is the profit before tax plus interest divided by interest. This

ratio shows how many times interest charges are covered by
profits before tax and interest. The larger the coverage, the greater
is the ability of the company to meet fixed interest charges.

Net working capital (i.e. current assets less current liabilities)

divided by sales gives the net working capital to sales figure. It
is a measure of the amount of working capital required by the
company to finance sales.

DEBT TO EQUITY RATIO

CURRENT RATIO

Is the long term debt of the company divided by its net worth or
the stockholders equity. Debt to equity ratio varies considerably
depending on the business of the company and the attitude of
the management towards debt.

Current assets divided by the current liabilities gives the ratio.

INVENTORY DAYS

Calculated by dividing 365 (number of days in a year) by the

inventory turnover ratio (Net Sales/Inventory). It indicates the
number of days in which total inventory of the company is sold.
A lower figure is considered better as it indicates that inventory
is being sold fast.

SALES TO ASSETS RATIO

Is the sales divided by the total assets of the company. This

measures the efficiency with which the assets are being utilised
to generate sales.

DEBTORS DAYS

RETURN ON ASSETS (percentage)

Calculated by dividing 365 (number of days in a year) by the

debtors turnover ratio (Net Sales/Debtors). It indicates the
number of days in which the company is able to collect its debt,
or rather how quickly debtors are converted into cash.

Is the profit after tax plus interest (adjusted for preference dividend) divided by the total assets as at the end of that year/period. It measures how profitably the assets of the company have
been utilised.

38

GLOSSARY
RETURN ON EQUITY (percentage)

Is the profit after tax (adjusted for preference dividend) divided by

the net worth or the shareholders equity as at the end of that
year/period. It measures the return on shareholders equity and
tells shareholders how much money the company is making for
them. No matter what industry the company is in, or what its
assets size is, all shareholders would rightfully want to invest in
a company, which has a high return on equity.

RETURN ON CAPITAL (percentage)

Is the profit before tax plus interest (adjusted for preference

dividend) divided by the total capital employed in the company
(i.e. net worth plus long term debt) as at the end of that year/
period. It indicates the efficiency with which funds (whether
shareholders funds or borrowed funds) are being used.

KEY DATA

Some common abbreviations used:

KLTR
KMS
MDWT
MLTR
MMBTU
MMT
MMTR
MNOS
MPCS
MSQM
MTPA
MU
MW
NOS
TEUs
THNOS
THTPA

kilo litres
kilo metres
million dead weight tonnes
million litres
million metric British thermal units
million metric tonnes
million metres
million numbers
million pieces
million square metres
million tonnes per annum
million units
mega watts
numbers
twenty equivalent foot units
thousand numbers
thousand tonnes per annum

NOTE: Figures have not been annualised for accounting periods,

which are not for 12 months. Furthermore, due to rounding off,
totals or percentages may not tally. Previous year figures have
been re-grouped wherever necessary so as to correspond with
current year figures.
NA = not available/not applicable, NM = not meaningful

39

BANKING GLOSSARY
Price/Book value per share

Current market price/Adjusted book value

per share

For the banking sector this ratio is more relevant than

the P/E ratio. In the case of a bank, capital is the asset,
which is rightly reflected in its networth. When one
adjusts the networth for the net non-performing assets,
the adjusted book value is derived. It is in this context
that price to book value gains prominence.

Net interest income

Interest income - Interest expenses

It is calculated by reducing the interest expenses from

the income earned in the form of interest on total interest
bearing assets.

Net NPA to advances ratio

Net NPAs/Total Advances

This ratio indicates the asset quality of a bank. It

indicates what percentage of the banks advances are
of poor quality (not paying interest or in some cases
the principal too).

Credit/Deposit ratio

Total advances/Total deposits

This ratio indicates the extent to which the borrowings

are utilised for the purpose of lending activities.

Interest Income/share

Interest income/ Number of Shares

Outstanding

Interest earned by the bank in a period or year is divided

by the number of equity shares outstanding at the end
of the year. All data given on a per share basis allows
investors to compare the performance of companies
irrespective of which sector they are in and irrespective
of the size of the companies.

Net profit margin

(PAT / Interest income)*100

Net worth

Equity Share Capital + Reserves

- Miscellaneous Expenditure

Net worth is also known as shareholders equity or

shareholders funds. Net worth includes equity share
capital and all reserves (including revaluation reserve)
less expenses not written off. It is that part of the bank
which belongs to the shareholders.

Yield on advances

Interest on advances/ Total advances

Interest the bank receives on its loans.

Cost of deposits

Interest expended on deposits/ Total

deposits

Interest the bank gives to its depositors.

Capital Adequacy

Capital/ Risk weighed assets, Capital

includes Tier I and Tier II capital.

A higher ratio indicates that the bank is in a position to

carry out larger quantum of business (lending) and
vice versa.

Interest spread

Difference between yield on advances and

cost of deposits

Advances

Loans given out by the bank in the form of

working capital or term loans. Retail loans
are also included in this.

Deposits

Money accepted from the depositors in the

form of current, savings and fixed deposits.

Investments

Money invested in assets other than loans

such as government securities and other
debt instruments.

40

RANKING WITH EQUITYMASTER 200

Company
ABB INDIA LIMITED
ACC LIMITED
ADOR WELDING LTD.
AGRO TECH FOODS
ALLCARGO GLOBAL
ALSTOM T&D INDIA
AMARA RAJA BATTERIES
AMBIKA COTTON
AMBUJA CEMENTS
ANDHRA BANK
APOLLO HOSPITALS
APOLLO TYRES LIMITED
ARVIND LIMITED
ASAHI INDIA GLASS
ASHOK LEYLAND
ASIAN PAINTS (INDIA)
AUTO. CORP OF GOA
AUTOMOTIVE AXLES
AXIS BANK LIMITED
BAJAJ AUTO LTD.
BAJAJ ELECTRICALS
BAJAJ HIND.SUGAR
BALRAMPUR CHINI MILLS
BANK OF BARODA
BANK OF INDIA
BANK OF MAHARASHTRA
BATA INDIA LIMITED
BERGER PAINTS INDIA
BHARAT FORGE LIMITED
BHEL
BPCL
BHARTI AIRTEL LIMITED
BIOCON LIMITED
BIRLA CORPORATION
BLUE DART EXPRESS
BLUE STAR LIMITED
BOSCH LIMITED
BRITANNIA INDUSTRIES
CADILA HEALTHCARE
CAIRN INDIA LTD.
CARBORUNDUM UNI.
CASTROL INDIA LIMITED
CEAT LIMITED
CESC LIMITED
CIPLA LIMITED
CITY UNION BANK LTD.
CLARIANT CHEMICALS
COAL INDIA LIMITED
COLGATE-PALMOLIVE
CONTAINER CORP.

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

76,307
117,388
3,861
7,597
56,288
40,676
42,113
4,955
99,997
163,686
51,785
127,257
78,514
20,986
153,409
141,828
3,950
4,611
357,275
216,143
42,581
45,354
29,870
449,150
436,849
126,791
26,940
43,221
76,247
307,886
2,370,530
921,351
30,898
32,099
22,722
31,819
133,774
78,584
86,513
146,462
20,502
33,923
58,024
110,666
113,454
26,989
10,460
720,146
39,819
61,493

87
63
195
182
102
120
117
191
72
49
106
59
85
154
50
54
194
192
32
43
116
111
140
27
28
60
144
113
88
38
4
11
139
133
151
134
56
84
80
53
156
129
98
67
65
143
171
15
121
96

208,180
238,105
3,005
15,962
30,939
150,493
111,291
3,264
305,609
51,544
194,351
101,906
65,812
25,804
139,306
680,073
2,975
11,272
1,110,470
656,002
29,009
18,432
16,520
423,325
182,349
48,481
76,791
74,053
203,726
578,368
552,903
1,447,059
96,080
34,458
129,566
26,262
826,954
184,153
269,758
557,112
33,449
204,253
27,757
84,116
450,139
45,697
21,981
2,206,936
236,650
313,902

Rank Net Profit

(Rs m)
68
62
198
170
149
80
94
196
51
129
74
95
118
157
82
25
199
179
17
28
152
166
169
39
76
130
109
112
71
30
32
13
100
143
86
156
19
75
56
31
147
70
153
105
37
132
161
6
63
49

2,285
11,618
319
369
2,399
1,206
4,109
512
14,865
6,384
3,399
9,776
3,411
420
1,339
13,952
153
105
74,479
30,256
(140)
(11,925)
(579)
39,117
20,129
5,003
2,313
2,647
7,625
14,524
50,820
51,835
4,974
1,752
1,293
542
13,377
6,886
11,506
44,796
1,326
4,746
3,172
1,985
11,808
3,950
9,433
137,266
5,590
10,546

Rank

Total Assets
(Rs m)

Rank

122
54
177
173
120
143
97
166
45
76
106
59
105
171
139
48
183
184
15
32
189
198
193
26
38
87
121
114
70
46
19
18
88
131
142
164
49
74
55
24
140
92
109
128
53
101
61
6
83
57

68,217
126,816
2,842
4,248
34,460
44,924
23,881
4,499
138,785
1,851,704
64,794
86,151
79,757
22,605
195,246
89,125
2,805
5,209
4,672,430
159,656
28,297
118,065
39,040
7,339,774
6,252,847
1,460,729
16,370
27,158
82,359
708,887
869,569
1,898,316
63,754
49,950
9,881
16,876
104,308
27,934
90,471
668,343
18,250
14,918
38,224
279,381
157,175
278,711
18,424
1,105,415
17,019
89,952

101
75
197
193
126
117
142
191
71
20
102
91
95
144
59
90
199
187
8
64
136
76
121
3
5
24
157
138
93
37
33
19
104
112
175
156
80
137
87
39
152
160
122
55
65
56
151
28
155
88

*As on 31st December 2015

41

RANKING WITH EQUITYMASTER 200

Company
COROMANDEL INT.
CORPORATION BANK
CRISIL INDIA LIMITED
CUMMINS INDIA LIMITED
CYIENT LIMITED
DABUR INDIA LIMITED
DISH TV INDIA LIMITED
DIVI'S LABORATORIES
DR. REDDY'S LAB
E.I.D. - PARRY
EDELWEISS FINANCIAL
EICHER MOTORS
EIH LIMITED
ENEL
ESAB INDIA LIMITED
ESCORTS LIMITED
EVEREADY INDUSTRIES
EXIDE INDUSTRIES
FAG BEARINGS INDIA
FINOLEX CABLES
GAIL (INDIA) LIMITED
GSK CONS HEALTHCARE
GSK PHARMA
GLENMARK PHARMA
GODREJ CON. PROD.
GODREJ INDUSTRIES
GOODRICKE GROUP
GRASIM INDUSTRIES
GREAT EAST. SHIPPING
GRUH FINANCE LIMITED
HAWKINS COOKERS
HCL TECHNOLOGIES
HDFC BANK LIMITED
HEG LIMITED
HERO MOTOCORP
HEXAWARE TECH.
HINDALCO INDUSTRIES
HCC
HPCL
HUL
HINDUSTAN ZINC
HDFC
ICICI BANK LIMITED
ICRA LIMITED
IDEA CELLULAR LIMITED
IDFC LIMITED
IIFL HOLDINGS LIMITED
IL & FS INVST.
INDIAN HOTELS CO.
IOC

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

111,359
195,564
12,534
44,058
27,359
78,272
27,816
31,149
150,233
139,526
38,798
87,383
16,688
4,385
5,519
41,127
12,789
95,350
16,322
24,491
607,040
43,076
33,045
66,298
82,764
92,305
6,017
328,473
34,380
10,211
5,145
367,012
506,665
12,405
275,380
25,817
1,042,811
103,530
2,162,834
319,722
147,884
457,238
549,640
3,219
315,269
96,398
36,537
1,919
41,886
4,495,087

66
46
168
112
142
86
141
137
51
55
122
79
161
193
187
119
167
76
163
147
17
114
130
94
82
77
185
34
127
172
190
31
22
169
39
146
9
71
5
36
52
26
18
197
37
75
125
200
118
1

80,531
56,377
118,247
203,506
48,191
407,422
87,939
205,599
503,643
33,646
43,289
273,416
57,157
27,267
9,026
16,542
12,176
136,213
43,982
43,389
499,781
254,112
249,933
221,284
334,850
113,360
3,478
283,695
53,301
83,577
17,544
1,250,057
2,271,516
8,925
537,346
53,475
331,223
21,215
163,169
1,660,780
658,094
1,763,979
362,800
29,592
594,723
234,935
42,300
6,422
78,849
812,999

Rank Net Profit

(Rs m)
107
123
90
72
131
40
102
69
35
146
136
54
122
154
180
168
177
84
134
135
36
59
60
67
46
92
195
52
128
106
167
16
5
182
34
127
47
163
78
10
27
8
42
151
29
64
138
188
108
20

4,018
5,729
2,684
7,859
3,532
10,658
31
8,515
23,364
1,168
3,287
6,154
631
1,060
236
763
489
6,146
1,529
1,987
30,714
5,836
4,764
4,752
9,071
4,025
222
17,438
7,482
2,038
321
73,171
106,889
364
23,647
3,202
8,542
(1,595)
14,986
43,631
81,780
87,626
122,469
655
31,929
17,070
4,473
730
(3,781)
49,120

Rank

Total Assets
(Rs m)

Rank

99
82
113
69
104
56
185
67
35
146
107
77
161
150
180
155
167
78
135
127
31
80
90
91
64
98
181
42
72
125
176
16
9
174
34
108
66
195
44
25
14
12
8
160
29
43
93
157
196
21

83,617
2,260,193
12,646
43,217
25,786
61,063
31,663
44,052
185,978
128,994
304,809
64,076
37,191
7,895
3,687
35,026
10,957
138,874
14,342
16,338
696,453
40,196
32,157
96,875
9,142
135,026
3,963
540,536
155,352
91,627
1,824
352,447
6,070,965
22,462
106,544
17,655
1,431,389
190,412
517,877
144,308
489,920
3,495,252
8,260,792
5,832
604,668
870,682
193,662
4,575
98,870
2,337,433

92
15
164
119
140
105
130
118
62
74
53
103
124
180
195
125
172
70
163
158
38
120
129
84
176
72
194
44
66
86
200
51
6
145
79
153
25
61
45
68
47
10
2
186
42
32
60
190
82
13

*As on 31st December 2015

42

RANKING WITH EQUITYMASTER 200

Company
INDRAPRASTHA GAS
INFOSYS LTD.
INGERSOLL-RAND
INOX LEISURE LIMITED.
IPCA LABORATORIES
ITC LIMITED
JK CEMENT LTD.
JK PAPER LIMITED
JSW STEEL LIMITED
JYOTI STRUCTURES LTD.
KAJARIA CERAMICS
KALPATARU POWER
KANSAI NEROLAC
KAVERI SEED COMPANY
KEC INTERNATIONAL
KIRLOSKAR INDUSTRIES
KSB PUMPS LIMITED
LARSEN & TOUBRO
LIC HOUSING FINANCE
LUPIN LIMITED
M&M FINANCIAL SERV.
M&M
MANGALAM CEMENT
MARICO LIMITED
MARUTI SUZUKI LIMITED
MERCK LIMITED
MINDTREE LIMITED
MOTILAL OSWAL FIN.
MPHASIS LIMITED
MPS LIMITED
MRF LIMITED
MUNJAL SHOWA LIMITED
NALCO
NESTLE INDIA LIMITED
NOVARTIS INDIA LIMITED
NRB BEARINGS LIMITED
NTPC LIMITED
ONGC
ORIENT PAPER
ORIENTAL BANK
PAGE INDUSTRIES LTD.
PETRONET LNG LIMITED
PIDILITE INDUSTRIES
PGCIL
PRATIBHA INDUSTRIES
PRISM CEMENT LTD.
PUNJ LLOYD LIMITED
PUNJAB NATIONAL BANK
RALLIS INDIA LIMITED
RAYMOND LIMITED

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

36,810
533,190
6,555
9,537
31,418
388,348
33,987
21,601
529,715
31,114
21,869
71,982
71,414
11,612
84,678
13,685
8,037
920,046
106,947
127,700
60,211
719,486
9,219
57,330
508,014
8,675
35,474
7,719
57,948
2,239
133,293
16,430
73,828
98,549
8,734
6,703
806,220
1,608,898
16,689
199,614
15,434
395,010
48,441
176,585
31,655
56,544
70,903
487,098
18,218
53,326

123
19
184
173
136
30
128
153
20
138
152
90
91
170
81
166
179
12
68
58
97
16
174
100
21
176
126
180
99
199
57
162
89
73
175
183
13
7
160
45
165
29
108
47
135
101
92
23
158
104

59,780
2,161,054
24,116
14,727
94,057
2,894,004
34,056
4,536
271,381
3,165
62,980
34,037
97,541
68,442
21,403
4,506
15,769
1,457,318
232,396
660,975
163,348
705,440
6,312
246,092
854,282
12,075
96,624
30,275
85,006
12,618
97,806
7,452
119,713
538,053
19,147
13,719
1,267,327
3,306,697
4,487
86,627
113,139
133,463
308,109
791,016
4,689
42,534
14,745
67,821
44,932
26,719

Rank Net Profit

(Rs m)
121
7
160
174
101
3
144
192
55
197
120
145
97
115
162
193
171
12
65
26
77
24
189
61
18
178
99
150
104
176
96
184
89
33
165
175
15
2
194
103
93
85
50
21
191
137
173
116
133
155

4,377
123,720
662
248
2,542
96,632
1,436
(184)
17,966
(94)
1,756
1,204
2,741
3,010
1,610
617
684
47,648
13,956
24,032
9,129
31,375
179
5,735
38,074
432
5,363
1,436
6,746
614
9,083
756
13,219
11,847
791
537
99,863
183,335
(287)
4,971
1,960
8,825
5,126
50,463
441
26
(11,411)
32,832
1,572
1,128

Rank

Total Assets
(Rs m)

Rank

94
7
159
179
117
11
137
190
40
188
130
145
112
111
133
162
158
22
47
33
62
30
182
81
27
169
84
138
75
163
63
156
50
52
154
165
10
3
191
89
129
65
86
20
168
186
197
28
134
149

30,735
662,890
11,312
11,081
38,124
459,908
60,501
33,282
859,192
55,795
15,592
89,511
23,730
12,172
77,448
14,815
9,137
1,941,841
1,126,303
131,377
386,331
948,440
12,327
31,253
344,786
7,082
26,549
29,448
74,167
2,818
98,340
6,128
161,777
58,195
12,418
7,346
2,195,762
3,376,827
12,233
2,305,136
8,244
111,187
33,158
1,607,643
54,622
48,613
144,512
6,360,112
14,358
46,681

133
40
170
171
123
48
106
127
34
110
159
89
143
168
97
161
177
17
27
73
49
30
166
132
52
183
139
135
98
198
83
184
63
109
165
181
16
11
167
14
179
78
128
22
111
114
67
4
162
116

*As on 31st December 2015

43

RANKING WITH EQUITYMASTER 200

Company
RELIANCE COMM.
RELIANCE IND.
REC
SANOFI INDIA LIMITED
SHOPPERS STOP
SHREE CEMENT LIMITED
SHRIRAM TRANS. FIN
SIEMENS LIMITED
SINTEX INDUSTRIES
SKF INDIA LIMITED
SONA KOYO STEERING
SRF LIMITED
STATE BANK OF INDIA
SAIL
SUN PHARMA
SYMPHONY LIMITED
TAJ GVK HOTELS
TATA CHEMICALS
TATA COFFEE
TATA ELXSI LIMITED
TATA GLOBAL BEV.
TATA MOTORS LIMITED
TATA POWER CO.
TATA STEEL LTD.
TCS LIMITED
THE RAMCO CEMENTS
THERMAX LIMITED
THOMAS COOK
TITAN COMPANY
TORRENT PHARMA
TORRENT POWER
TRAN. CORP. OF INDIA
TRENT LIMITED
TRIVENI ENGINEERING
TUBE INVEST. OF INDIA
ULTRATECH CEMENT
UNION BANK OF INDIA
UPL LIMITED
VEDANTA LIMITED
VINATI ORGANICS LTD
VOLTAMP TRANSF.
VOLTAS LIMITED
VST INDUSTRIES
WHIRLPOOL OF INDIA
WIPRO LIMITED
YES BANK
ZEE ENTERTAINMENT
ZEE MEDIA
ZENSAR TECHNOLOGIES
ZF STEERING GEAR

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

Rank

Net Profit
(Rs m)

Rank

Total Assets
(Rs m)

Rank

217,700
3,754,350
203,840
19,775
42,789
64,536
91,770
106,626
70,066
24,156
15,530
45,398
2,079,743
459,520
274,334
5,793
2,480
172,029
16,914
8,494
79,934
2,627,963
343,669
1,395,037
946,484
36,554
53,955
32,443
119,134
46,535
104,225
24,167
22,843
20,610
96,976
243,490
321,643
120,905
737,095
7,717
5,169
51,831
8,362
32,938
469,510
115,720
48,837
5,443
26,558
3,305

42
2
44
157
115
95
78
69
93
149
164
110
6
25
40
186
198
48
159
177
83
3
33
8
10
124
103
132
62
109
70
148
150
155
74
41
35
61
14
181
189
105
178
131
24
64
107
188
145
196

160,664
2,854,000
340,575
72,545
40,189
335,664
224,997
264,330
38,159
55,169
8,526
54,810
195,601
367,824
1,703,011
74,392
6,107
113,801
1,799
31,490
97,274
1,622,376
254,506
431,562
4,734,716
69,635
120,769
40,337
357,691
148,465
65,883
15,229
42,167
6,771
54,258
734,294
124,579
137,602
735,913
20,742
6,712
74,448
25,214
63,054
1,425,377
274,455
317,285
6,700
24,528
8,950

79
4
44
113
141
45
66
57
142
124
183
125
73
41
9
111
190
91
200
148
98
11
58
38
1
114
88
140
43
81
117
172
139
185
126
23
87
83
22
164
186
110
158
119
14
53
48
187
159
181

7,140
235,660
53,444
2,636
424
4,263
10,285
6,032
5,288
2,028
379
3,028
169,943
21,582
45,394
1,159
(20)
3,968
1,204
1,020
2,478
139,863
1,678
(39,255)
198,522
2,461
2,098
902
8,163
7,509
3,597
814
1,293
(1,521)
4,244
20,983
17,609
11,873
(156,458)
1,158
284
3,843
1,522
2,105
86,609
19,974
9,775
(467)
2,646
356

73
1
17
116
170
95
58
79
85
126
172
110
4
36
23
147
187
100
144
151
118
5
132
199
2
119
124
152
68
71
103
153
141
194
96
37
41
51
200
148
178
102
136
123
13
39
60
192
115
175

912,840
5,044,860
1,831,750
22,276
19,830
79,978
621,536
102,588
113,077
19,112
10,131
59,540
27,001,100
1,013,189
490,279
4,449
7,271
208,056
24,140
4,655
95,118
2,386,580
754,429
1,589,455
736,609
70,748
58,283
31,259
48,474
79,111
196,325
11,376
22,065
29,596
303,620
380,631
3,835,690
143,048
1,902,824
5,992
4,953
48,883
8,260
18,489
583,768
1,361,430
70,058
9,943
17,345
3,362

31
7
21
146
148
94
41
81
77
149
173
107
1
29
46
192
182
57
141
189
85
12
35
23
36
99
108
131
115
96
58
169
147
134
54
50
9
69
18
185
188
113
178
150
43
26
100
174
154
196

*As on 31st December 2015

44

INDIA'S TOP 10
By Market Cap. *
Company

By Net Sales
(Rs m)

Company

(Rs m)

TCS LIMITED

4,734,716

INDIAN OIL CORPORATION LIMITED

4,495,087

ONGC

3,306,697

RELIANCE INDUSTRIES LIMITED

3,754,350

ITC LIMITED

2,894,004

TATA MOTORS LIMITED

2,627,963

RELIANCE INDUSTRIES LIMITED

2,854,000

BHARAT PETROLEUM CORPORATION LTD.

2,370,530

HDFC BANK LIMITED

2,271,516

HINDUSTAN PETROLEUM CORP. LTD.

2,162,834

TECH MAHINDRA LIMITED

2,246,253

STATE BANK OF INDIA

2,079,743

COAL INDIA LIMITED

2,206,936

ONGC

1,608,898

INFOSYS LTD.

2,161,054

TATA STEEL LTD.

1,395,037

HOUSING DEVELOPMENT FIN. CORP. LTD.

1,763,979

HINDALCO INDUSTRIES LIMITED

1,042,811

SUN PHARMACEUTICAL INDUSTRIES

1,703,011

TCS LIMITED

946,484

Net Profit
Company

By Total assets
(Rs m)

Company

(Rs m)

RELIANCE INDUSTRIES LIMITED

235,660

STATE BANK OF INDIA

7,001,100

TCS LIMITED

198,522

ICICI BANK LIMITED

8,260,792

ONGC

183,335

BANK OF BARODA

7,339,774

STATE BANK OF INDIA

169,943

PUNJAB NATIONAL BANK

6,360,112

TATA MOTORS LIMITED

139,863

BANK OF INDIA

6,252,847

COAL INDIA LIMITED

137,266

HDFC BANK LIMITED

6,070,965

INFOSYS LTD.

123,720

CANARA BANK

5,585,576

ICICI BANK LIMITED

122,469

RELIANCE INDUSTRIES LIMITED

5,044,860

HDFC BANK LIMITED

106,889

AXIS BANK LIMITED

4,672,430

UNION BANK OF INDIA

By Net Profit Margin

3,835,690

NTPC LIMITED

99,863
By Gross Profit Margin

Company

(%)

Company

(%)

RELIANCE POWER LTD.

205.1

CLARIANT CHEMICALS (INDIA) LIMITED

90.1

L&T FINANCE HOLDINGS LTD.

100.7

HINDUSTAN ZINC LIMITED

55.3

LIC HOUSING FINANCE LIMITED

99.8

CREDIT ANALYSIS & RESEARCH LTD.

52.8

GRUH FINANCE LIMITED

99.6

IL & FS INVST. MANAGERS LTD.

38.0

POWER FINANCE CORPORATION LTD.

99.4

SUN TV NETWORK LTD.

32.6

KOTAK MAHINDRA BANK LIMITED

98.4

CAIRN INDIA LTD.

30.5

HOUSING DEVELOPMENT FIN. CORP. LTD.

97.9

POWER GRID CORPORATION OF INDIA

28.5

YES BANK

97.0

MPS LIMITED

27.4

RURAL ELECTRIFICATION CORP. LTD.

96.0

DIVI'S LABORATORIES LIMITED

27.3

INDUSIND BANK LIMITED

95.9

RURAL ELECTRIFICATION CORP. LTD.

26.2

By Net worth
Company

By Interest coverage
(Rs m)

Company

(X)

RELIANCE INDUSTRIES LIMITED

2,184,990

MINDTREE LIMITED

6909.0

ONGC

1,804,544

ENTERTAINMENT NETWORK (INDIA)

3616.3

STATE BANK OF INDIA

1,613,875

COAL INDIA LIMITED

2948.9

ICICI BANK LIMITED

847,045

SYMPHONY LIMITED

2721.6

NTPC LIMITED

820,940

AMARA RAJA BATTERIES LIMITED

2572.4

INDIAN OIL CORPORATION LIMITED

688,323

BAJAJ CORP LTD.

2045.5

HDFC BANK LIMITED

631,541

KAVERI SEED COMPANY LTD.

1822.6

BHARTI AIRTEL LIMITED

619,564

BAJAJ AUTO LTD.

CAIRN INDIA LTD.

588,702

SANOFI INDIA LIMITED

45

682.6
638.6

*As on 31st December, 2015

INDIA'S TOP 10
By Highest Effective Tax Rates

By Net Foreign Exchange

(%)

Company
CLARIANT CHEMICALS (INDIA) LIMITED
TATA STEEL LTD.

(Rs m)

Company

6373.3
101.0

TCS LIMITED

465,022

INFOSYS LTD.

241,130

INDIAN HOTELS CO. LIMITED

96.8

WIPRO LIMITED

164,484

TATA COMMUNICATIONS LIMITED.

87.8

HCL TECHNOLOGIES LIMITED

125,382

TRENT LIMITED

83.2

BAJAJ AUTO LTD.

85,874

ADOR WELDING LTD.

81.2

TECH MAHINDRA LIMITED

77,882

TATA POWER CO. LIMITED

72.4

CAIRN INDIA LTD.

51,502

ASHOK LEYLAND LIMITED

67.9

DR. REDDY'S LABORATORIES LIMITED

48,862

DISH TV INDIA LIMITED

57.3

LUPIN LIMITED

46,001

By Foreign Exchange (Inflow)

By Foreign Exchange (Outflow)

(Rs m)

Company
RELIANCE INDUSTRIES LIMITED

(Rs m)

Company
RELIANCE INDUSTRIES LIMITED

2,622,460

TCS LIMITED

2,093,980
718,183

INDIAN OIL CORPORATION LIMITED

1,935,725

INFOSYS LTD.

461,580

BHARAT PETROLEUM CORPORATION LTD.

807,366

WIPRO LIMITED

367,665

HINDUSTAN PETROLEUM CORP. LTD.

471,167

TECH MAHINDRA LIMITED

183,856

CHENNAI PETROLEUM CORPORATION

401,825

INDIAN OIL CORPORATION LIMITED

160,100

PETRONET LNG LIMITED

360,904

VEDANTA LIMITED

144,292

TCS LIMITED

253,161

HCL TECHNOLOGIES LIMITED

142,398

INFOSYS LTD.

220,450

HINDALCO INDUSTRIES LIMITED

133,373

WIPRO LIMITED

203,181

By Return on Assets

By Return on Equity
(%)

Company

(%)

Company

GODREJ CONSUMER PRODUCTS LTD.

99.2

HINDUSTAN UNILEVER LIMITED

CLARIANT CHEMICALS (INDIA) LIMITED

51.2

CASTROL INDIA LIMITED

95.5

COLGATE-PALMOLIVE (INDIA) LIMITED

32.8

COLGATE-PALMOLIVE (INDIA) LIMITED

72.5

CASTROL INDIA LIMITED

31.8

CLARIANT CHEMICALS (INDIA) LIMITED

67.5

CREDIT ANALYSIS & RESEARCH LTD.

30.9

BRITANNIA INDUSTRIES LIMITED

55.4

BAJAJ CORP LTD.

30.4

HAWKINS COOKERS LIMITED

54.5

HINDUSTAN UNILEVER LIMITED

30.2

PAGE INDUSTRIES LTD.

50.6

EMAMI LIMITED

29.0

VST INDUSTRIES LIMITED

43.9

SYMPHONY LIMITED

27.1

AVANTI FEEDS

43.6

By P/E Ratio*
Company

108.4

(By P/BV Ratio)#

(X)

Company

(X)

TATA COMMUNICATIONS LIMITED.

8206.5

UNITED SPIRITS LIMITED

82.6

DISH TV INDIA LIMITED

2800.6

BLUE DART EXPRESS LIMITED

42.2

PRISM CEMENT LTD.

1623.4

HINDUSTAN UNILEVER LIMITED

41.3

TATA POWER CO. LIMITED

151.6

CASTROL INDIA LIMITED

41.1

ALSTOM T&D INDIA LIMTED

124.8

TATA COMMUNICATIONS LIMITED.

32.9

GILLETTE INDIA LIMITED

115.4

COLGATE-PALMOLIVE (INDIA) LIMITED

30.7

AUTOMOTIVE AXLES LIMITED

107.0

HAWKINS COOKERS LIMITED

29.8

ASHOK LEYLAND LIMITED

104.1

PAGE INDUSTRIES LTD.

29.3

BLUE DART EXPRESS LIMITED

100.2

NESTLE INDIA LIMITED

19.0

*As on 31st December, 2015 on Trailing twelve months basis

# FY15 Book value

46

SUMMARY OF THE EQUITYMASTER 200

No. of Month s
12
Year Ending 31/03/13

12
31/03/14

12
31/03/15

FY 15 witnessed volatile markets as economies around the

world, found themselves at various points in the economic
cycle, with monetary easing being the predominant theme
across many geographies. However, India emerged as a
bright spark even as advanced and emerging economies
grappled with uncertainty and slower growth. The decisive
political mandate accorded in the general elections set the
stage for surging hopes for a rapid economic turnaround of
the Indian economy.

STAFFI NG DATA
Employees
Total wages & salary
Avg Wages / employee
Avg Sales / employee
Avg Net profit / employee

Th nos.
` bn
` th
` th
` th

2,202
2,854
1,296
1 5,881
1,098

2,217
3,258
1,469
17,641
1,238

2,301
3,572
1,552
17,112
1,058

bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
%
%
%

34,974
626
35,600
4,712
1,235
684
3,418
(20)
40
(66)
954
2,417
13.5
27.9
6.9

39,112
686
39,799
4,536
1,518
853
3,851
(94)
28
(26)
1,012
2,745
14.2
26.3
7.0

39,380
756
40, 136
5,562
1,602
875
3,841
(72)
19
(247)
1,105
2,434
14.1
28.8
6.2

` bn
` bn
%
x
D a ys
D a ys
` bn
` bn
` bn
` bn
` bn
x
x
x
%
%
%
%
%
` bn
` bn
` bn

15,413
11,954
9.9

16,797
13,869
7.5
1.2
51
53
21,263
16,404
18,214
9,788
45,914
5. 5
2.1
0. 9
6. 0
15. 1
13. 1
11.6
22.7
7,115
11, 238
(4,122)

16,714
14,266
6.2
1.2

INCOME DATA
Net Sales
Other Income
Total Revenues
Gross Profit
Depreciation
Interest
Profit before tax
Minority interest
Prior period expenses
Extra ordinary income (exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`
`
`
`
`
`
`
`
`
`
`
`

On the macro front, the biggest comfort came from the sharp
drop in crude prices. For a large net importer like India, the
decline in crude prices has helped in controlling the trade
deficit and easing inflation. The Indian economic growth
improved to 7.3% in FY 2014-15 as compared to 6.9% in FY
14 based on the new series. While the agriculture sector grew
at 0.2%, it is manufacturing that grew by 7.1% in FY 15,
compared to 5.3% in FY14. Headline inflation fell sharply to
5%.On the external front, Indias vulnerability has reduced
with the current account deficit contained at below 2% of GDP
and a relatively stable currency.
The year on year growth in net sales of Equitymaster 175
(excluding banks and financial institutions) companies
remained flat at 0.7% in FY 15. Companies such Reliance
Industries, HPCL, Indian Oil Corporation, ONGC registered a
negative growth in sales due to lower crude oils. On the other
hand, companies such as Adani Port and SEZ Ltd, Ashok
Leyland, Bata India, Eicher Motors, Blue Dart, Sun Pharma
registered growth of more than a 25%.
The performance on the operating front for the universe also
remained flat compared to FY 14. The companies reported
0.5% YoY growth in gross profit as against 17% in FY14.
Interest and depreciation rose by marginally by 2.6% YoY and
5.5% YoY respectively. The employee base of these
companies remained almost stagnant at 2.30 million
employees. Meanwhile, sales per employee and profit per
employee decreased by 3% and 14.6% respectively in FY 15
as against 13.4% growth in sales per employee and 12.8%
growth in profit per employee in FY14.

BALANCE SHEET DATA

Current Assets
Current Liabilities
Net working cap to sales
Current Ratio
Inventory days
Debtors days
Net fixed assets
Free reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on Equity
Return on capital
Exports to sales
Imports to sales
FX inflow
Fx outflow
Net Fx

1.3
52
50
17,488
14,166
15,590
7,512
38,233
6.0
0.5
0.9
6.3
15.5
13.4
11.2
23.3
5,460
,
10 192
(4,731)

52
54
23,332
17,531
19,125
10,839
48,419
5.4
0.6
0.8
5.0
12.7
11.0
10.3
19.5
6,128
9,535
(3,407)

As far as net profit is concerned, the same has declined by

11% YoY as against an increase of 14% in FY14. Companies
such as BHEL, Airtel, Cairn India, GAIL, Hindalco Industries,
Indian Oil Corporation, Mahindra and Mahindra, ONGC, Tata
Steel, Vedanta registered a de-growth of more than 25% in
FY15. This is primarily due to decline in commodity prices,
increase in depreciation and finance cost. However,
companies such as Britannia Industries, Godrej Industries, PI
Industries, Voltas, AIA Engineering, and Tata Chemicals
registered a growth of more than 25% in net profit compared
to FY14.While the headline indicators point towards steady
improvement, the recovery on the ground has been rather
slow. Investment climate remained subdued in FY 15, as the
reform process would take some more time to gain ground.
Industrial demand was weak and capacity utilisation remained
low across the sectors. Tight liquidity position prevailed
throughout the year with elevated interest rates. However,
benign inflation level, the reform initiatives of the new
government at the centre, along with its commitment to sound
fiscal management and consolidation augur well for the
growth prospects of Indian companies amid of challenging
macroeconomic situation.

Note: Summary represents 175 companies. It excludes companies

from Banking and Investment & Financial sectors.

47

THE EQUITYMASTER
THE QUANTUM
200200

Company Studies

Disclaimer
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Registration No. INH000000537.

48

ALUMINUM
The most commercially mined aluminium ore is bauxite, as it
has the highest content of the base metal. The primary
aluminium production process consists of three stages. First
is the mining of bauxite, followed by refining of bauxite to
alumina and finally smelting of alumina to aluminium. India
has the fifth largest bauxite reserves with deposits of about 3
bn tonnes or 5% of world deposits.
The aluminium production process can be categorized into
upstream and downstream activities. The upstream process
involves mining and refining while the downstream process
involves smelting and casting & fabricating. Downstreamfabricated products consist of rods, sheets, extrusions and
foils.
Power is amongst the largest cost component in
manufacturing of aluminium, as the production involves
electrolysis. Indian manufacturers are the lowest cost
producers of the base metal due to access to captive power,
cheap labour and proximity to abundant supply of raw
material, i.e., bauxite.
The Indian aluminium sector is characterised by large
integrated players like Hindalco and National Aluminium
Company (Nalco). The other producers of primary aluminium
include Bharat Aluminium (Balco), a subsidiary of Vedanta
Resources.
Aluminium offers a rare combination of valuable properties. It
is three times lighter than Iron but is almost as strong as
steel, extremely flexible and corrosion resistant due to thin
surface layer of aluminum oxide. Aluminum has been
continuously finding new applications due to rising price
competence, superior weight to strength ratio, corrosion
resistance, formability, dampness etc.

has struggled to grow in recent years, as it has been affected

by the ongoing economic slowdown.
KEY POINTS
Supply: Supply of aluminum is in excess and any deficit can
be imported at low rates of duty. Currently, the demand is
stable while supply is in excess.
Demand: Demand for aluminium is estimated to grow at 6%8% per annum in view of the low per capita consumption in
India. Also, demand for the metal is expected to pick up as the
scenario improves for user industries, like power, infrastructure
and transportation.
Barriers to entry: Large economies of scale. Consequently,
high capital costs.
Bargaining power of suppliers: Most domestic players
operate integrated plants. Bargaining power is limited in case
of power purchase, as Government is the only supplier.
However, increasing usage of captive power plants (CPP) will
help to rationalize power costs to a certain extent in the longterm.
Bargaining power of customers: Being a commodity,
customers enjoy relatively high bargaining power, as prices are
determined on demand and supply.
Competition: Competition is primarily on quality and price, as
being a commodity, differentiation is difficult. However, the
recent spate of consolidation has reduced the competitive
pressure in the industry. Further, increasing value addition to
aluminium products has helped some companies protect
themselves from the high volatilities witnessed in this industry.
PROSPECTS

FY15

The Indian recovery is on the mend and the economy is

expected to grow at over 7.5% in FY16 and FY17. This would
result in aluminium demand growth on account of stronger
consumption and investment. The governments thrust on
power sector that went through a challenging phase bodes
well for aluminium industry as power sector is a strong
demand driver for aluminium consumption in India.

The commodity markets, and in particular the aluminium

industry, are going through a challenging phase at present
because of the sharp slide in realizations.
During the last quarter of FY15, heightened risk averseness
led to dumping of commodities across the board. The
resultant rise in USD, coupled with surging Chinese exports
following slowing demand growth in China resulted in a sharp
decline in LME, which dropped sharply by almost 10%. This
was also accompanied with significant decline in regional
premium, resulting in a large decline in all inclusive aluminium
realisations putting pressure on margins.

The US demand is expected to remain strong growing at a

CAGR of 4-5% over next few years, as the housing recovery
gains traction, car sales continue to improve and aluminium
demand benefits from new applications, particularly in the
automotive sector. Western Europe is expected to grow
moderately amidst economic uncertainty. The aluminium
demand is expected to grow at around 2.5%

Due to above reasons, Realisations have declined sharply in

recent months due to excess supplies. This scenario may
continue for a while and hence over short term, realisations
may remain under pressure.

In 2015, Chinese aluminium demand is expected to grow at

around 6-7%, a substantial slowdown from the double-digit
increase of the past decade. Demand growth will be strongest
in consumer-related sectors.

Global demand for aluminium has historically tended to

outperform that for other metals. The weak price performance
in some of the recent years has been more due to supply side
developments than any issues with demand. In 2014, global
aluminium consumption rose 5.5% YoY, the fastest pace in
three years, despite the slowdown in Chinese consumption
growth to around 8%.

In short term, Chinese supply is expected to continue to

impact Rest of the World demand-supply dynamics
adversely. However in long term, overall the demand supply
scenario for primary aluminium globally looks encouraging as
demand continues to be robust with expectations of around
6% growth.

China accounted for 44% of global primary aluminium

consumption in 2014, up from 23% in 2005. As the country
continues to develop towards a more consumer-focused
economy, aluminium consumption is expected to become
more consumer-driven. Aluminium consumption in the USA
has recovered well since the financial crisis, rising by over a
third in the five years to 2014. However consumption still
remains 20% below pre-crisis peak levels. European demand
49

On the positive side, the reduction in prices of crude

derivatives in the recent months is expected to help on the
cost front. In the recent quarters, coal availability in India is
showing signs of improvement. With the expected growth in
output of public sector coal mining companies and the likely
operationalization of captive coal blocks, coal availability in
the country may improve further, which will ease the cost-side
pressures.

ALUMINUM
GLOBAL COMPARISON
FY15/CY14
Revenues
EBDITA
EBDITA margin
Profit after tax
Net profit margin
Return on equity
Debt to equity
Return on Capital

Unit
US$ m
US$ m
%
US$ m
%
%
x
%

Hindalco*
15,764
1,519
9.6%
129
0.8
2.2
1.7
0.9

Alcoa
23,906
1,017
4.3%
268
1.1%
2.35
0.7
2.82

Chalco
22,849
-2,645
-12%
-2,747
-0.1
(44.6)
3.3
(18.3)

* Year ended March 2015. For others, figures are for year ended December 2014 Source: Equitymaster Research, Company Annual Reports,
Yahoo Finance

Alcoa
Alcoa was formed in 1888 and is based in Pittsburgh, Pennsylvania. It is the worlds leading producer of primary aluminum,
fabricated aluminum, and alumina and is active in all major aspects of the industry. It serves the aerospace, automotive,
packaging, building and construction, commercial transportation, and industrial markets. It brings designing, engineering,
production, and other capabilities of Alcoas businesses as a single solution to customers. Alcoa is a global company operating in
30 countries. Based upon the country where the point of sale occurred, the U.S and Europe generated 51% and 27%, respectively,
of Alcoas sales in 2014. In addition, Alcoa has investments and operating activities in, among others, Australia, Brazil, China,
Guinea, Iceland, Russia, and Saudi Arabia. Net sales for 2014 increased by 3.8% YoY. The company incurred a profit of US$ 268
million in 2014. Sales of primary aluminum and alumina represent approximately 40% of Alcoas revenues. The price of aluminum
influences the operating results of Alcoa.
In 2014, growth in global aluminum demand reached 7%. The LME price of aluminum remained relatively stable compared to
2013; however, regional premiums increased substantially, significantly benefitting the smelting portion of Alcoas upstream
operations. The refining portion of the upstream operations continued to make progress in shifting customer pricing away from the
LME aluminum price to a mixture of alumina pricing index and spot pricing.
In 2014, the midstream and downstream operations generated revenue of $7,351 and $6,006, respectively, representing an
increase of $245 and $273 ($81 was related to an acquisitionsee below), respectively, compared to the 2013 baselines. The
increase related to the midstream operations was mostly due to rising demand for aluminum sheet from the U.S. automotive end
market as a result of changing emission regulations.
In coming year, Management is anticipating improved market conditions for value-added products in the aerospace, automotive,
building and construction, packaging, and industrial gas turbine global end markets, despite declines in certain regions, while the
commercial transportation global end market is expected to be flat.

Chalco
Aluminium Corporation of China (Chalco) is the sole producer of alumina and the largest producer of primary aluminum in the
People's Republic of China. The company is the worlds second-largest alumina producer and third largest alumina refiner. The
Group is primarily engaged in the production, sales and research of alumina and primary aluminum. The business scope of the
Group includes bauxite mining, alumina refining and primary aluminum smelting. Its principal products include alumina, primary
aluminum, gallium and carbon.
Chalco organizes and manages operations in five business segments: alumina segment, primary aluminum segment, trading
segment, energy segment and corporate and other operating segment and accounted for approximately 4.1%, 21.3%,70.8%, 3.6%
and 0.2%, respectively, of our total revenues from continuing operations in 2014.
Chalcos annual alumina and primary aluminum production capacity was approximately 14.71 MT and 3.84 MT, respectively. In
2014, company produced approximately 12.0 MT of alumina and 3.4 MT of primary aluminum. Companys production of alumina
and primary aluminum represented approximately 23.5% and 12.0%, respectively, of the total output in China in 2014.
The revenue from continuing operations decreased by 16.3% for the year ended December 31, 2014, primarily due to the
decrease in selling price and sales volume of our products that resulted from overall competitive factors. Company reported a loss
at operating level due to higher operating cost, increase in general and administrative expenses and impairment losses. Similarly,
company registered a net loss of USD 2.74 bn due to above and increase in finance cost.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

50

HINDALCO INDUSTRIES LIMITED

ALUMINIUM

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

1958
500440
SHAREHOLDING

BL. Code
HALC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 37.0%
:
0.0%
: 14.1%
: 35.2%
: 13.6%
: 331,588

BIRLA ADITYA
Price
73.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.6

SEC: Anil Malik

% ch 12-m

12
31/03/14

143
83
424.8
10.5
27.7
1.00
0.9
196.7
2,064.58
WC
0.3
10.7
4.1
0.6
9.5
233,091
20.9
73,192
41,955.5
3,501.7
1,040.6

192
129
505.0
4.1
21.5
1.00
0.6
185.6
2,064.98
ESOP
0.3
38.8
7.5
0.9
24.2
331,223
22.0
79,912
47,452.3
3,636.3
388.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

801,928
10,122
812,050
77,584
27,828
20,791
39,088
196
-158
0
8,857
30,269
9.7
22.7
3.8

876,955
10,172
887,127
82,863
35,528
27,016
30,491
-200
668
-3,960
5,249
21,750
9.4
17.2
2.5

1,042,811
11,047
1,053,858
89,446
35,906
41,784
22,803
5,957
1,747
-19,401
2,564
8,542
8.6
11.2
0.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital

`m
391,145
`m
231,517
%
19.9
x
1.7
Days
65
Days
41
`m
717,627
`m
1,915
`m
255,029
`m
353,302
`m
498,569
`m
1,205,900
x
2.9
x
1.4
x
0.7
%
4.2
%
8.6
%
7.0

442,657
315,054
14.6
1.4
69
38
842,227
2,065
294,846
406,048
539,441
1,391,811
2.1
1.3
0.6
3.5
5.4
5.7

472,518
371,426
9.7
1.3
65
32
860,700
2,065
289,378
383,285
553,862
1,431,389
1.5
1.4
0.7
3.5
2.2
5.6

3.4

(` )

AUD: Singhi & Co.

Yield

Mkt cap

1.4

152,286.4

Vol.

1,125.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE038A01020

250
Close

12
31/03/15

137
87
418.9
15.8
30.3
1.40
1.3
184.5
1,914.59
ESOP
0.3
7.1
3.7
0.6
8.9
214,338
20.2
65,256
39,624.9
3,224.4
1,495.6

P/CF

17.8

FX Transaction (FY15)
` m 133,345
` m 184,756
` m 133,373
` m 184,758
` m -51,385

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-51.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Century Bhavan, 3rd Floor, Dr. Annie Besant Road, Worli, Mum - 400 030
E-Mail:
anil.malik@adityabirla.com
Web site: www.hindalco.com
Telephone: (022) 6662 6666 Fax: (022) 2422 7586
Tr agent: In-house

100 DMA

200

150

100

50
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
86,030
93,716
`m
9,233
6,983
%
10.7
7.5
`m
3,594
1,595
%
4.2
1.7

Jun 15
85,753
8,773
10.2
1,072
1.2

Sep 15
89,246
6,028
6.8
1,033
1.2

FY14
5.7
5.5
2.4
1
1.6

FY15
0.21
4.27
0.08
1
1.79

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

29,775
-137,650
102,779
-5,096

FY13
9.2
7.5
3.7
1.4
1.6

79,557
-81,147
14,926
13,336

71,431
-37,931
-24,371
9,129

Hindalco Industries Ltd, the flagship metal company of the Aditya Birla Group, is an
industry leader in aluminum and copper. Hindalco is Indias largest aluminum and
copper producer. In aluminum, the company is fully integrated with production
ranging from captive bauxite to an array of value added products, while in copper the
company is primarily into custom copper smelting. Hindalco is among the worlds
lowest cost aluminum producers. After its acquisition of Novelis, the company is one
of the largest rolled producers of aluminum.

The company reported 18.9% YoY growth in consolidated revenues in FY15. On a

standalone basis, the company posted 24% YoY growth in net sales. Consolidated
net profits decreased by 60.7% YoY in FY15. In the copper segment, copper cathode
production increased by 17.3% YoY to 386 KT while DAP production increased by
30.6% YoY to 299 KT during FY15.
Although Hindalco has completed major capex by investing in Greenfield projects,
volatility in aluminum prices, high debt levels coupled with accelerated depreciation
are expected to mute its profitability growth.

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51

NATIONAL ALUMINIUM COMPANY LIMITED

ALUMINIUM

Chairman: Ansuman Das)

Yr of Inc

B. Code

1981
532234
SHAREHOLDING

BL. Code
NALU.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
5

: 80.9%
:
0.0%
:
9.5%
:
3.3%
:
6.3%
: 72,305

Price
37.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. N. Ravindra

% ch 12-m

12
31/03/14

41
24
26.3
2.5
4.5
1.50
4.6
47.0
2,577.24
1.2
13.0
7.2
0.7
60.2
83,631
7.4
12,453
9,132.5
1,677.2
865.1

51
42
28.6
5.1
6.7
1.25
2.7
49.7
2,577.24
1.6
9.1
6.9
0.9
24.4
119,713
7.3
13,779
10,085.8
1,882.4
1,805.8

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,165
5,111
74,275
9,069
5,054
75
9,050
0
51
0
3,173
5,928
13.1
35.1
8.6

67,809
5,577
73,386
9,342
5,247
0
9,672
0
-37
-494
2,718
6,424
13.8
28.1
9.5

73,828
6,726
80,555
16,848
4,137
0
19,437
0
0
1,484
7,703
13,219
22.8
39.6
17.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

70,302
32,176
55.1
2.2
73
8
76,308
12,886
106,435
119,325
0
163,326
122.5
0.0
0.4
3.7
5.0
7.7
48.8
7.9

74,262
32,428
61.7
2.3
63
13
75,607
12,886
108,336
121,225
0
165,485
NM
0.0
0.4
3.9
5.3
7.5
53.3
7.6

77,122
19,670
77.8
3.9
58
6
71,952
12,886
115,091
127,973
0
161,777
NM
0.0
0.5
8.2
10.3
16.3
42.8
4.1

P/CF
5.6

(` )

AUD: C. K. Prusty & Associates

Yield

Mkt cap

3.3

Vol.

97,419.7

95.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE139A01034

80
70

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

7.4

FX Transaction (FY15)
`m
31,595
`m
3,038
`m
31,607
`m
3,102
`m
28,506

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-30.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
33
26.8
2.3
4.3
1.25
2.6
46.3
2,577.24
1.8
21.0
11.4
1.0
54.3
124,738
7.6
11,539
9,154.8
1,527.4
784.7

2.5

Regd off: Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar - 751 061
E-Mail:
knravindra@nalcoindia.co.in
Web site: www.nalcoindia.com
Telephone: (0674) 2301 988/99 Fax: (0674) 2300 6777
Tr agent: Inhouse

60

Close
100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
19,060
18,013
`m
5,272
5,764
%
27.7
32.0
`m
3,545
3,549
%
18.6
19.7

Jun 15
14,913
2,237
15.0
1,634
11.0

Sep 15
18,151
3,393
18.7
2,261
12.5

FY14
5.3
9.3
9.0
1.5
-

FY15
10.61
18.3
16.75
1.75
-

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

4,415
-8,769
-2,285
-6,640

FY13
5.0
9.1
8.1
1.3
-

9,813
781
-5,155
5,439

5,205
5,657
-5,065
5,797

National Aluminium Company Limited (NALCO) the largest public sector aluminium
company in India was incorporated in 1981, to exploit a part of the large deposits of
bauxite discovered in the East coast. Its operations are based in the state of Odisha.
It started producing aluminium in 1987. It sells both alumina and aluminium in
domestic and international markets. A navratna status company, Nalco has Asia's
largest integrated aluminium complex, encompassing bauxite mining, alumina
refining, aluminium smelting and casting, power generation, rail and port operations,
thus giving it an edge over its global peers in terms of cost of production.
The company reported 8.9% YoY growth in net sales in FY15. Net profits increased
by 105.7% YoY. This was due to fall in power and fuel cost, increase in other income
and increase in exceptional income.
Global prices of aluminium have remained under pressure on account of a number of
factors including the high global inventory of the metal, concerns about the
performance of the Chinese economy. Prices of aluminium are generally expected to
remain low in the near-term due to the subdued global demand for the metal, as well
as the uncertain macro-economic environment prevailing globally.

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52

AUTO ANCILLARIES
The fortunes of the auto ancillary sector are closely linked to
those of auto. Demand swings in any of the segments (cars,
two-wheelers, commercial vehicles) have an impact on auto
ancillary demand. Demand is derived from original equipment
manufacturers (OEM) as well as the replacement market.

growth in the domestic market largely because of the strong

growth in the CV industry.
PROSPECTS
There has been a conscious effort by manufacturers to
improve productivity of the suppliers in the past few years.
Though the number of active vendors has declined
significantly for auto manufacturers, technology transfer and
fresh fund infusions have resulted in improved productivity in
the remaining ones. Relaxation of FDI norms for the smallscale sector could emerge as one of the key growth drivers in
the long run. The Indian automotive components industry has
lined up sizeable investment schedules for the next few
years.

Margins in the replacement market are higher than the OEM

market. The OEM market is very competitive and component
manufacturers have to compromise on margins to bag bulk
orders. Moreover, delivery schedules and quality standards
have to be adhered to very strictly.
Indian auto ancillary sector has traditionally suffered from
poor quality. While this still holds true for the unorganised
sector, the organised sector has been resorting to increased
automation to reduce the defect levels.

The automobile sector is cyclical and dependent on the

growth of the economy and improvement in infrastructure.
Factors like increased public spending, favorable interest
rates and general improvement in per capita income point
towards higher demand for automobiles in the future. Also,
government's initiatives in the infrastructure sector are likely
to give boost to four-wheeler sales especially CVs. Just to put
things in perspective, we expect CV segment to grow by 7%
to 8%, 2-wheeler demand to increase by around 12% to 14%
and passenger car sales growth at 10% to 12% over the
medium to long term. This is a positive for auto ancillary
manufacturers.

Lower labour costs give Indian auto ancillary companies an

absolute cost advantage. To put things in perspective, ACMA
numbers suggest that wage cost accounts for 3% to 15% of
revenues for Indian manufacturers as compared to 20% to
40% for US players. India's strength in exports lies in
forgings, castings and plastics historically. But this is
changing with more component manufactures investing in up
gradation of technology in recent years.
KEY POINTS
Supply: Low for high technology products. Unorganised sector
dominates the domestic component market due to excise
benefits. Generally, excess supply persists.

In the long term, the growth of this sector will depend partly
on pace of indigenization levels across all segments. The
prospects look bright as most companies are increasing the
indigenous components, in an effort to reduce their currency
losses and remain competitive. Also, the fact that auto
manufacturers like Ford, Hyundai and Maruti are exporting
cars, make the prospects look encouraging.

Demand: Linked to automobile demand. Export demand is

linked to the increasing acceptance towards outsourcing.
Barriers to entry: Capital, technology, OEM relationships,
customer service, distribution network to meet replacement
demand.

Margins are likely to come under pressure in the long term

because as competition increases, manufacturers will find it
difficult to increase prices and will try to cut costs. The burden
will eventually fall on auto ancillary players. In the near future
though, companies will need to have manufacturing lines that
can be adapted for new models, have strong technology
backing, an ability to export to developed markets, market
dominance in specific products and a growth plan driven by
volumes and product innovations. Companies will have to
focus on quality and abide by delivery schedules if they want
to survive. As manufacturers sourcing components are keen
to get components from fewer sources in future, this will lead
to consolidation in the sector.

Bargaining power of suppliers: Low with OEMs. Relatively

high in the replacement market
Bargaining power of customers: Companies operating in the
export market face competition at a global level. At the
domestic level, market structure is fragmented for a large
number of ancillary products. Most companies adopt low cost
and differentiation strategies. In some products (like batteries),
only two or three companies control over 80% of the market.
Competition: Will intensify, as global players will enter the
market leading to consolidation. Dereservation of SSI will result
in access to capital and technology
FY15

The growing number of Free and Preferential trade

agreements being signed by India with countries like
Thailand, Singapore and other ASEAN countries will hurt the
cost competitiveness of Indian companies as Indian players
play significantly higher duties than their Asian counterparts.
Therefore, Indian companies might lose out on big orders if
the duty structure is not rationalised.

FY15 was a mixed year for the Indian automotive industry.

After two consecutive years of decline, the MHCV space
emerged as the strong performer of the lot. However, LCVs
continued to decline. Passenger vehicles and two-wheelers
grew in single digits. Tractors performed badly on account of
erratic monsoons.
Overall, the Indian automotive industry posted a growth of
8.7% in FY15. Exports on the other hand did better as they
were up 15% YoY. This was on the back of a revival in the
US market and certain new growth drivers in the emerging
markets including Africa.
As the recovery of the auto industry remained gradual, the
auto ancillary industry also struggled a bit during the fiscal.
For instance, Exide Industries, market leader in storage
batteries, saw sluggish volumes as OEM and industrial
segments slowed. Bharat Forge, though, saw double digit
53

AUTO ANCILLARIES
GLOBAL COMPARISON
FY15/CY15
Revenues
EBDITA
EBDITA margin
Net profit
Net profit margin
Return on equity

Unit
US$ m
US$ m
%
US$ m
%
%

Bharat Forge
1,153
218
18.9%
115
10.0%
21.0%

Michelin
23,042
9,005
39.1%
1,270
5.5%
12.2%

Timken
2,872
925
32.2%
(71)
-2.5%
-5.3%

Delphi
15,165
3,561
23.5%
1,450
9.6%
64.4%

Return on assets
Debt to equity
Enterprise value
EV/EBITDA

%
x
US$ m
x

9.2%
0.7
2,918
13.4

4.9%
0.6
18,250
2.0

-2.5%
0.5
2,690
2.9

12.1%
1.8
19,980
5.6

* Year ended March 2015. For others, figures are for year ended December 2014 Source: Equitymaster Research, Company Annual Reports,
Yahoo Finance

Michelin
Michelin manufactures and sells tyres for all kinds of vehicles ranging from bicycles to the space shuttle, including cars, trucks,
motorcycles, earthmover equipment, buses, subway trains and aircraft. It also publishes maps and guides and operates a number
of digital services in more than 170 countries. The firm's core asset is its ability of constant technological innovation. Michelin employs
more than 1,12,000 people across all continents. It operates 68 production plants in about 17 countries. The company has sales
coming from Europe, North America, Asia, South America and the Middle-East.

Timken
Timken is a global leader in friction management and power transmission with 17,000 employees in 28 countries. It engineers,
manufactures and markets Timken bearings, transmissions, gearboxes, chain, and related products, and offers a spectrum of
power system rebuild and repair services around the world. The leading authority on tapered roller bearings, Timken today applies
its deep knowledge of metallurgy, tribology and power transmission across the broad spectrum of bearings and related systems to
improve the reliability and efficiency of machinery and equipment. The company was founded in 1897 and is headquartered in
Canton, Ohio.

Delphi
Delphi Corporation (formerly Delphi Automotive Systems) has charted its own path after being spun off in 1999 from General Motors.
One of the world's leading auto components manufacturer, Delphi manufactures virtually everything mechanical or electrical that
goes into car making. Its primary businesses include its Dynamics, Propulsion & Thermal division (energy and engine management
systems and chassis, steering, and thermal systems products) and its Electrical, Electronics, Safety & Interior division (automotive
electronics, audio, aftermarket products, safety, signal distribution, and communication systems). On October 6, 2009, Old Delphi
consummated its plan of reorganization as confirmed by US Bankruptcy court and emerged as a lean enterprise with greater
capability to respond and perform to changing market conditions. In 2010, Boston Consulting Group identified Delphi as one of the
few auto suppliers to be best positioned to benefit from sales growth in emerging markets.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

54

AMARA RAJA BATTERIES LIMITED

AUTO ANCILLARIES,FORGINGS

Chairman: Ramachandra N. Galla

Yr of Inc

B. Code

1985
500008
SHAREHOLDING

BL. Code

AMAR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 20.5%
: 31.5%
:
9.5%
: 16.9%
: 21.5%
: 21,358

MISCELLANEOUS
Price

838.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.4

SEC: M. R. Rajaram

% ch 12-m

34.9

FX Transaction (FY15)
`m
2,405
`m
10,869
`m
2,405
`m
10,902
`m
-8,497
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

322
137
173.2
16.8
20.7
2.52
1.1
62.0
170.81
FV1
1.3
13.7
11.1
3.7
15.0
39,184
3.5
1,266
8,534.5
365.2
826.9

398
218
201.2
21.5
25.3
3.23
1.1
79.8
170.81
1.5
14.3
12.2
3.9
15.0
52,541
3.8
1,583
8,963.6
412.9
958.4

917
386
246.6
24.1
31.9
3.61
0.6
99.5
170.81
2.6
27.1
20.4
6.5
15.0
111,291
4.4
1,951
9,506.4
440.4
927.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,589
466
30,055
4,508
661
3
4,310
0
2
-92
1,354
2,867
15.2
31.4
9.7

34,367
455
34,822
5,603
646
7
5,406
0
-6
-39
1,686
3,674
16.3
31.2
10.7

42,113
423
42,536
7,091
1,340
2
6,171
0
-13
-73
1,977
4,109
16.8
32.0
9.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,569
5,762
23.0
2.2
36
47
4,619
171
10,427
10,598
773
17,705
1,597.2
0.1
1.7
16.2
27.1
37.1
3.4
24.6

11,427
4,778
19.3
2.4
36
48
7,679
171
13,456
13,627
760
19,836
751.8
0.1
1.7
18.6
27.0
37.3
4.8
28.9

12,759
5,332
17.6
2.4
36
48
10,306
171
16,825
16,996
741
23,881
2,572.4
0.0
1.8
17.2
24.2
34.3
5.7
25.8

P/CF
26.3

(` )

AUD: E. Phalguna Kumar & Co.

Yield

Mkt cap

0.4

Vol.

143,300.9

58.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE885A01032

1,200
Close

1,000

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

15.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Renigunta-Cuddapah Road, Karakambadi - 517 520

E-Mail:
investorservices@amararaja.co.in
Web site: www.amararaja.co.in
Telephone: (040) 2313 9000 Fax: (040) 2313 9001
Tr agent: Cameo Corp. Sevices, Subramaniam Bldg., 1 Club Hse Rd., Chennai-02

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
4W capacity
SBD capacity
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,665
10,698
`m
1,801
1,805
%
16.9
16.9
`m
1,023
1,023
%
9.6
9.6

Jun 15
11,450
2,062
18.0
1,221
10.7

Sep 15
11,583
1,987
17.2
1,226
10.6

FY14
6,000
4,800
10.4

FY15
8,250
8,400
9.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
000's
000's
%

3,355
-1,205
-350
1,800

FY13
5,640
4,800
4.0

2,788
-3,448
-531
-1,192

3,882
-3,810
-747
-675

NOTES

Amara Raja Batteries Ltd (ARBL) is one of the largest manufacturers of lead acid
batteries for both industrial as well as automotive sectors in India. ARBL is 26%
owned by Johnson Controls, a global leader in power solutions. It is a preferred
supplier to major telecom service providers, UPS, Indian Railways, Power, Oil and
gas sectors in the domestic industrial sectors. On the automotive front, it
manufactures batteries under the brand name Amaron, sold through a pan India sale
service and retail network. It also supplies batteries to original equipment
manufacturers (OEMs). It also exports batteries to Asia Pacific, Africa and Middle
East markets.

During financial year 2014-15 (FY15), ARBLs topline grew to Rs 42 bn, a rise of 22%
YoY. The growth was predominantly on the back of rise in volumes in both business
divisions. The companys operating profits grew by 26% YoY on the back of 0.5% YoY
improvement in the companys operating margins. At the bottomline level, net profits
increased by 12% YoY as higher depreciation charges and tax expenses took toll.
ARBLs performance depends completely upon the fortunes of the telecom and
automobile sectors. As per the company, the battery market in India is experiencing
growing demand from multiple sectors. Apart from the conventional demand from
manufacturing industries, the digital and telecom boom has generated a growing
demand for batteries for power storage equipment. The growth of the battery market
is also driven by increasing demand from sectors like banking, hospitality,
transportation and other industrial applications. Besides, the thrust in the solar sector
has added an impetus to prospects in this business space.

Get more info at www.equitymaster.com

55

APOLLO TYRES LIMITED

TYRES

Chairman: Onkar S. Kanwar (MD)

Yr of Inc

B. Code

1972
500877
SHAREHOLDING

BL. Code
APLO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 43.0%
:
0.4%
:
7.8%
: 34.5%
: 14.1%
: 104,496

RAUNAQ SINGH
Price

150.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.5

SEC: P. N. Wahal

% ch 12-m

7.9

FX Transaction (FY15)
`m
9,222
`m
24,611
`m
9,560
`m
26,517
` m -16,957
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

103
74
253.9
12.2
20.0
0.50
0.6
67.5
504.02
0.3
7.3
4.4
1.3
4.1
44,429
0.0
14,714
NM
NM
NM

166
55
264.1
19.9
28.1
0.75
0.7
90.8
504.02
0.4
5.5
3.9
1.2
3.8
55,694
0.0
15,812
NM
NM
NM

250
151
250.0
19.2
26.8
2.00
1.0
99.1
509.02
WC
0.8
10.4
7.5
2.0
10.4
101,906
0.0
16,070
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

127,946
945
128,891
14,567
3,966
3,128
8,418
8
-20
169
2,448
6,126
11.4
29.1
4.8

133,103
1,995
135,098
17,739
4,109
2,838
12,787
0
0
-468
2,269
10,051
13.3
17.7
7.6

127,257
1,134
128,391
18,711
3,883
1,828
14,133
0
0
-825
3,532
9,776
14.7
25.0
7.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

36,862
28,710
6.4
1.3
58
29
44,892
504
32,192
34,009
16,532
85,266
3.7
0.5
1.5
10.9
18.0
23.2
6.3
21.8

41,718
30,779
8.2
1.4
57
29
45,022
504
41,623
45,746
7,137
90,456
5.5
0.2
1.5
14.2
22.0
28.7
6.1
19.6

37,084
25,847
8.8
1.4
51
28
44,867
509
51,037
50,423
3,339
86,151
8.7
0.1
1.5
13.5
19.4
28.2
7.2
19.3

P/CF
5.6

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.3

Vol.

76,760.2

519.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE438A01022

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-32.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 6th Floor, Cherupushpam Bldg., Shanmugham Road, Kochi - 682 031
E-Mail:
pn.wahal@apollotyres.com
Web site: www.apollotyres.com
Telephone: (0124) 238 3002 Fax: (0124) 238 3351
Tr agent: Apollo Tyres, Apollo House, 7, Institutional Area, Sector -32, Gurgaon-01

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Sales in India
Sales to Rest of World
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
31,048
31,176
`m
4,905
5,179
%
15.8
16.6
`m
2,632
3,110
%
8.5
10.0

Jun 15
28,454
5,025
17.7
2,906
10.2

Sep 15
25,959
4,828
18.6
2,310
8.9

FY14
90.7
9.3
8.3

FY15
89.7
10.3
4.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of total sales
% of total sales
% of total sales

12,754
-5,945
-5,053
1,756

FY13
90.1
9.9
4.3

16,455
-1,193
-12,075
3,187

14,016
-7,397
-6,835
-216

NOTES

Apollo Tyres, with its headquarters in Gurgaon, is in the business of manufacture and
sale of tyres since its inception in 1972. The company has grown manifold over the
years and has also established its footprints across the globe. The manufacturing
base of the company is in India and the Netherlands. It is also setting up a new
manufacturing facility in Hungary, with a planned investment of Euro 475 m. The
company markets its products under its two global brands - Apollo and Vredestein,
and its products are available in over 100 countries through a vast network of
branded, exclusive and multi-product outlets.
The companys consolidated topline fell 4% YoY during FY15. Operating margins
increased to 15.1% during the year from 13.9% seen in FY14. The bottomline fell by
around 3% YoY.

The strong growth, lower external vulnerabilities, higher disposable income will be a
boost to the auto segment in India. Likewise, there is an air of optimism across
Europe. It is for the first time since 2007 that the economies across Europe are
expected to grow again. To support the long term growth plans, the company will be
making significant investments in all its plants across both the regions. The main
drivers for growth will be further expansion and promotion of Apollo brand in all the
countries in Europe as well as new products introduction.However, raw material price
volatility and increased competition in India from global players are the key
challenges the company faces.

Get more info at www.equitymaster.com

56

ASAHI INDIA GLASS LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: B. M. Labroo

Yr of Inc

B. Code

1987
515030
SHAREHOLDING

BL. Code
AISG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 30.8%
: 22.2%
:
0.0%
:
0.2%
: 46.8%
: 53,212

MISCELLANEOUS
Price

145.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.2

SEC: Gopal Ganatra (Head-Legal)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

160
53
86.3
1.7
6.3
0.00
0.0
11.6
243.09
1.2
61.4
16.8
9.2
0.0
25,804
0.0
1,821
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,444
97
19,541
1,673
1,542
1,696
-1,467
12
2
0
-478
-975
8.6
32.6
-5.0

21,401
45
21,445
2,294
1,429
1,630
-720
16
13
0
-223
-468
10.7
31.0
-2.2

20,986
170
21,156
3,056
1,119
1,596
512
19
20
0
131
420
14.6
25.6
2.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,179
16,187
-36.0
0.6
91
57
12,698
160
174
900
6,117
23,346
0.1
6.8
0.8
3.1
-108.3
3.5
2.7
23.0

9,207
16,498
-34.1
0.6
84
57
12,206
243
2,105
2,414
4,098
23,134
0.6
1.7
0.9
5.0
-19.4
14.4
2.6
21.3

8,984
9,748
-3.6
0.9
89
46
11,841
243
2,503
2,813
8,110
22,605
1.3
2.9
0.9
8.9
14.9
19.7
1.8
24.2

22.9

(` )

AUD: Jagdish Sapra & Co.

Yield

Mkt cap

0.0

Vol.

35,248.1

8.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE439A01020

700
Close

600

12
31/03/15

74
46
121.6
-6.1
3.5
0.00
0.0
5.6
159.93
0.5
-9.9
17.0
10.7
0.0
9,628
0.0
1,633
NM
NM
NM

P/CF

83.9

(FY15)
381
5,087
384
5,372
-4,988

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

27.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

62
27
88.0
-1.9
4.0
0.00
0.0
9.9
243.09
R13:29
0.5
-23.2
11.3
4.5
0.0
10,830
0.0
1,756
NM
NM
NM

Regd off: 203-208, Tribhuwan Complex, Ishwar Nagar, New Delhi-110 065
E-Mail:
investorrelations@aisglass.com
Web site: www.aisglass.com
Telephone: (0124) 406 2212 Fax: (0124) 406 2244
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Dec-13

Dec-14

No. of months
Year ending

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive glass segment
Float glass segment
Capex/sales

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,954
5,269
`m
812
950
%
16.4
18.0
`m
173
180
%
3.5
3.4

Jun 15
5,370
932
17.3
206
3.8

Sep 15
5,618
954
17.0
205
3.7

FY14
53.4
46.6
4.3

FY15
59.2
40.8
4.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

1,114
-827
166
453

FY13
54.5
45.5
4.4

101
-915
466
-349

498
-692
237
43

NOTES

Incorporated in 1984, Asahi India Glass (AIG) is amongst the largest integrated glass
companies in India offering end to end solutions across the entire glass value chain.
The company is jointly promoted by the Labroo family, Asahi Glass Co and Maruti
Suzuki. From being a sole supplier to Maruti, the company has come a long way to
emerge as a world-class integrated glass company. The company is believed to have
over 70% market share in the passenger vehicle segment and about 24% market
share in the float glass industry. To focus better on specific market segments and to
serve customers better AIS has restructured its business across 4 Strategic
Business Units (SBUs), automotive glass, architectural glass, consumer glass and
solar glass.
During the financial year FY15, AIG reported a revenue decline of 2% YoY. With
expenses falling at a faster rate than the topline, the operating profits improved an
impressive 35% YoY. The company reported a profit of more than Rs 380 m as
opposed to a loss of close to Rs 500 m during the previous financial year. While AIS
auto glass increased revenues by 12% YoY, architectural glass suffered a decline of
close to 20% YoY.

With signs of lowering interest rates, the construction sector should pick up soon. The
best part in this cycle could be the increasing awareness and shifting preferences of
consumers towards high performance value added glass products and services. This
is a welcome shift as per the company and AIS is well poised, with its product portfolio
& deeper penetration, to make the most of this shift in market preferences. On the
auto glass front, the outlook remains bullish in the near future.

Get more info at www.equitymaster.com

57

AUTOMOBILE CORPORATION OF GOA LTD.

AUTO ANCILLARIES,FORGINGS
Chairman: S. V. Salgaocar

Yr of Inc

B. Code

1982
505036
SHAREHOLDING

BL. Code

ATOG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 53.5%
:
0.0%
:
0.0%
:
0.0%
: 46.5%
: 12,148

MISCELLANEOUS
Price

404.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Archana Bhangle

% ch 12-m

12
31/03/14

517
410
615.3
23.8
25.8
15.00
3.2
271.9
6.42
0.8
19.5
18.0
1.7
63.1
2,975
0.6
403
6,857.6
699.5
264.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,634
86
2,719
203
54
1
234
0
0
0
78
156
7.7
33.1
5.9

3,030
81
3,111
241
54
2
266
0
0
0
91
175
8.0
34.3
5.8

3,950
71
4,021
182
13
3
236
0
0
0
84
153
4.6
35.4
3.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,144
551
22.5
2.1
26
63
629
64
1,577
1,647
0
2,266
213.6
0.0
1.2
7.0
9.5
14.3
0.1
0.0

1,662
619
34.4
2.7
30
48
675
64
1,639
1,709
0
2,397
134.0
0.0
1.3
7.4
10.2
15.7
0.1
1.1

1,957
968
25.0
2.0
28
50
812
64
1,676
1,746
0
2,805
72.5
0.0
1.4
5.6
8.7
13.7
0.1
0.0

15.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

3.7

Vol.

2,594.1

2.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE451C01013

700
Close

600

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

264
158
471.9
27.2
35.6
15.00
7.1
266.2
6.42
0.4
7.8
5.9
0.8
55.1
1,355
0.6
304
5,223.8
524.1
301.4

P/CF

17.0

FX Transaction (FY15)
`m
5
`m
0
`m
2,399
`m
1
`m
2,398

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-28.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

379
195
410.2
24.4
32.7
12.50
4.4
256.5
6.42
0.7
11.8
8.8
1.1
51.3
1,843
0.6
313
4,502.1
535.0
267.4

-4.9

Regd off: Honda, Sattari Road, Goa - 403 530

E-Mail:
sectl@acglgoa.com
Web site: www.acglgoa.com
Telephone: (0832) 6731 214 Fax: (0832) 2371 262
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Pressing segment
Bus segment
Fixed asset turnover

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
618
1,050
`m
-19
50
%
-3.1
4.7
`m
-12
61
%
-1.9
5.8

Jun 15
1,003
53
5.3
35
3.5

Sep 15
1,026
62
6.1
41
4.0

FY14
16
84
4.8

FY15
15
85
5.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
x

233
-69
-106
58

FY13
22
78
4.2

100
-50
-108
-59

12
92
-105
-1

NOTES

Automobile Corporation of Goa (ACGL) manufactures sheet metal components,

assemblies and bus coaches. ACGL is a major supplier of pressings and assemblies
to Tata Motors' (parent company) Pune factory. To meet 'Just In Time' supplies to the
customer, the company also set up a press shop at Jejuri, Pune. The sheet metal
division at its three units has high tonnage presses with an output of more than
17,620 tonnes. ACGL entered into a technical collaboration agreement with Fuji
Heavy Industries (FHI), Japan, makers of Subaru car in 1987 for various models of
chassis mounted bus bodies and set up a full-fledged bus body building division. The
companys operations are classified into two businesses bus body and sheet metal.
ACGL reported a 24% YoY growth in revenues during FY15. The growth was driven
by the strong performance of its bus body segment which witnessed a growth of 26%
in bus orders. The other segment of pressings however did not fare as well as its
turnover grew by 10%. On the operating margins front there was a sharp contraction
in margins leading to operating profit falling by 25%. While profits recovered at the
net level, it still saw a fall of around 13% YoY during the fiscal.

Factors like growth in healthcare, rural penetration of schools, increased need for
rural transport and advent for smart cities could boost demand for midi and MCV
buses. Likewise, expected growth in service sector and staff hiring, softening of fuel
prices and implementation of bus body code are likely to increase demand for fully
built buses in the future. However, rapidly changing technology, raw material costs
and labour productivity are areas of concern for the company.

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58

AUTOMOTIVE AXLES LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: B. N. Kalyani

Yr of Inc

B. Code

1981
505010
SHAREHOLDING

BL. Code
ATOA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

35.5%
35.5%
12.5%
0.1%
16.4%
8,280

KALYANI

Price

691.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.0

SEC: S. Ramkumar (CFO)

% ch 12-m

12
31/03/14

720
202
448.0
12.0
31.5
2.50
0.5
194.7
15.11
1.0
38.3
14.6
2.4
20.8
6,966
0.0
609
NM
NM
NM

862
630
305.2
7.0
18.4
1.00
0.1
200.2
15.11
2.4
106.9
40.5
3.7
14.3
11,272
0.0
370
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,425
16
6,442
537
285
83
186
0
0
0
59
127
8.4
31.6
2.0

6,769
57
6,826
568
295
71
259
0
0
0
77
182
8.4
29.7
2.7

4,611
6
4,617
373
173
41
165
0
0
0
59
105
8.1
36.0
2.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,261
1,097
18.1
2.1
50
65
1,900
151
2,654
2,805
192
4,254
3.2
0.1
1.5
4.9
4.5
9.0
0.0
1.4

3,262
2,078
17.5
1.6
62
93
1,896
151
2,791
2,942
109
5,253
4.7
0.0
1.3
4.8
6.2
10.8
0.0
1.7

3,207
2,033
25.5
1.6
92
139
1,936
151
2,873
3,024
25
5,209
5.0
0.0
0.9
2.8
3.5
6.7
0.0
4.0

37.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.1

Vol.

10,441.0

0.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE449A01011

900

12
31/03/15

421
188
425.2
8.4
27.3
2.00
0.7
185.6
15.11
0.7
36.2
11.2
1.6
23.8
4,603
0.0
528
NM
NM
NM

P/CF

99.1

FX Transaction (FY15)
`m
0
`m
114
`m
0
`m
125
`m
-125

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-3.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Hootagalli Industrial Area, Off Hunsur Road, Mysore - 570 018
E-Mail:
sec@autoaxle.com
Web site: www.autoaxle.com
Telephone: (0821) 719 7500 Fax: (0821) 240 2451
Tr agent: Integrated Enterp., Ramana Resid., 4th Cross, Malleswaram, Bangl-03

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Axles
Break assemblies

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,053
2,558
`m
181
193
%
8.8
7.5
`m
56
50
%
2.7
1.9

Jun 15
2,345
210
8.9
78
3.3

Sep 15
2,742
221
8.1
78
2.9

FY14
71
79
19

FY15
71
70
19

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

539
-239
-301
-2

FY13
71
68
22

-58
-247
303
-3

917
-185
-703
29

NOTES

Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the
Kalyani Group and Meritor Inc., USA (formerly the automotive division of Rockwell
International Corporation). The company has manufacturing facilities located at
Mysore and Jamshedpur. It is currently one of the largest independent manufacturer
of rear drive axle assemblies in the country. AALs domestic OEM clientele includes
Ashok Leyland, Tata Motors, Asia MotorWorks, Vehicle Factory-Jabalpur, BEML, TIL
Ltd, M&M, Volvo India and SML Isuzu Ltd. AAL also exports axle parts to countries
such as the USA, France, Italy, China, Brazil, and Australia.
AALs revenues and profits declined by 32% YoY and 42% YoY respectively during
the year ended March 2015. However, the numbers are not strictly comparable as the
company changed its financial year from September to March ending. Consequently,
March ending numbers are for duration of six months only. Operating margins fell
marginally as compared to previous year ending September 2014. For the latest six
month period ending September 2015, bottomline went up 66% on the back of a 38%
growth in topline.

Vehicle safety norms -mandatory crash tests for passenger cars, mandatory airbags
in cars as well as increasing sophistication means higher value added components
are likely to be demanded from auto-component suppliers. Also, softness in steel and
rubber prices will imply higher margins. As far as challenges are concerned,
shrinkage in product lifecycles and managing a wide portfolio of auto components,
due to need for providing spare parts for current as well as discontinued models, are
the key ones.

Get more info at www.equitymaster.com

59

BHARAT FORGE LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: B. N. Kalyani (MD)

Yr of Inc

B. Code

1961
500493
SHAREHOLDING

BL. Code

BFRG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

46.7%
0.0%
16.9%
13.7%
22.7%
51,211

KALYANI

Price

793.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.6

SEC: Prashant S. Vaishampayan

% ch 12-m

12
31/03/14

425
186
288.5
21.4
36.8
4.50
1.5
115.3
232.79
1.1
14.3
8.3
2.6
21.0
71,048
0.0
7,888
NM
NM
NM

1,349
401
327.5
32.8
48.3
7.50
0.9
148.0
232.79
2.7
26.7
18.1
5.9
22.9
203,726
0.0
9,051
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

51,666
1,121
52,786
7,915
3,195
1,672
4,169
41
0
-205
1,529
2,476
15.3
36.7
4.8

67,158
1,247
68,405
10,302
3,572
1,692
6,285
29
0
772
2,100
4,985
15.3
33.4
7.4

76,247
1,368
77,615
14,408
3,624
1,356
10,795
30
0
387
3,587
7,625
18.9
33.2
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,631
30,669
13.5
1.2
80
56
35,390
466
20,067
22,564
18,274
75,947
3.5
0.8
0.7
5.5
11.0
13.9
30.2
4.3

41,264
30,148
16.6
1.4
56
47
31,110
466
22,713
26,832
15,212
75,345
4.7
0.6
0.9
8.9
18.6
20.9
27.2
2.1

44,442
24,672
25.9
1.8
49
41
34,336
466
27,778
34,442
19,185
82,359
9.0
0.6
0.9
10.9
22.1
23.4
35.4
2.5

16.4

(` )

AUD: S. R. Batliboi & Co

Yield

Mkt cap

0.9

Vol.

184,614.1

399.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE465A01025

1,600
1,400

12
31/03/15

347
196
221.9
10.6
24.4
3.40
1.3
96.9
232.79
1.2
25.5
11.1
2.8
32.0
63,202
0.0
7,016
NM
NM
NM

P/CF

24.2

FX Transaction (FY15)
`m
27,011
`m
1,874
`m
27,496
`m
3,160
`m
24,336

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-15.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Mundhwa, Pune Cantonment, Pune - 411 036

E-Mail:
secretarial@bharatforge.com
Web site: www.bharatforge.com
Telephone: (020) 6704 2476 Fax: (020) 2682 2163
Tr agent: In-house

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic business
Exports
Raw material costs
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,978
12,239
`m
3,623
3,597
%
30.2
29.4
`m
1,963
2,027
%
16.4
16.6

Jun 15
11,285
3,461
30.7
1,953
17.3

Sep 15
11,168
3,215
28.8
1,751
15.7

FY14
40.8
59.2
38.7
7.9

FY15
46.3
53.7
36.9
7.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales
% of net sales

7,347
-2,110
-3,296
1,729

FY13
51.0
49.0
43.1
8.2

7,164
-1,875
-6,400
-1,677

10,293
-4,616
-3,599
1,233

NOTES

Bharat Forge is the largest forging company in the world with 10,000 strong global
work force. It is the largest exporter of auto components from India and leading
chassis component manufacturer in the world. BFL manufacturers a wide range of
critical components for passenger cars, commercial vehicles and diesel engines.
With manufacturing facilities spread over 10 locations and 4 countries, BFL, today is
a global corporation. The company also manufactures specialized components for
the aerospace, power, energy, oil & gas, rail & marine, mining & construction
equipment, and other industries.
Bharat Forge put up a good show at the consolidated level for the fiscal year FY15
as the topline expanded by close to 13% YoY. However on account of greater
operational efficiencies, operating margins expanded by a strong 3.5% and led to
nearly 40% growth in operating profits. Bottomline on the other hand came in higher
by 46% YoY. Standalone performance was even better what with the companys
bottomline growing an impressive 80% on the back of 32% growth in topline.

The company has been able to grow and thrive in the industry because of its
capabilities and its constant pursuit of diversifying its business across customers,
sectors, geographies and products. The company is currently developing a new niche
portfolio of components which will find application in both passenger and commercial
vehicles. This will support its plan for sustained growth in the future. The company
has charted out an ambitious plan to double the standalone operations topline from
Rs 34 bn achieved in FY14 to about Rs 70 bn by FY18, a CAGR of 20% over the
defined period.

Get more info at www.equitymaster.com

60

BOSCH LIMITED
AUTO ANCILLARIES,FORGINGS
Chairman: Albert Hieronimus

Yr of Inc

B. Code

1951
500530
SHAREHOLDING

BL. Code
MICO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 71.2%
: 11.7%
:
7.2%
:
9.9%
: 25,533

MNC

Price

18,339.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: A. Vijay Shankar

% ch 12-m

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

9,590
7,145
2,758.6
305.3
422.2
60.00
0.7
1,775.5
31.39
3.0
27.4
19.8
4.7
19.7
262,656
12.3
10,371
7,032.5
842.3
778.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

86,591
3,692
90,283
13,495
3,670
55
13,462
0
0
0
3,879
9,583
15.6
28.8
11.1

88,201
3,526
91,727
12,911
3,842
29
12,566
0
0
0
3,719
8,847
14.6
29.6
10.0

133,774
5,653
139,427
19,533
5,484
143
19,559
0
0
0
6,182
13,377
14.6
31.6
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

55,910
18,958
42.7
2.9
46
43
12,716
314
54,320
55,733
1,813
79,039
245.8
0.0
1.1
12.2
17.2
23.5
10.0
30.4

59,798
22,072
42.8
2.7
50
44
13,949
314
61,132
62,943
1,289
88,910
434.3
0.0
1.0
10.0
14.1
19.6
9.9
29.0

59,265
25,511
25.2
2.3
35
32
12,436
314
71,297
73,470
542
104,308
137.8
0.0
1.3
13.0
18.2
26.6
10.2
22.5

INCOME DATA

BALANCE SHEET DATA

11,500
8,111
2,809.8
281.8
404.2
55.00
0.6
2,005.2
31.39
3.5
34.8
24.3
4.9
19.5
307,795
11.4
11,912
7,769.6
1,049.3
779.3

P/E

-8.0

FX Transaction (FY15)
`m
13,681
`m
30,147
`m
14,898
`m
35,554
` m -20,656
12
31/03/14

Regd off: Hosur Road, Adugodi, Bangalore - 560 030

E-Mail:
investor@in.bosch.com
Web site: www.boschindia.com
Telephone: (080) 2299 2314 Fax: (080) 2299 2181
Tr agent: Integrated Enterp., Ramana Resid, 4 Cross, Malleswaram, Bangalore-03

27,989
24,700
4,261.7
426.2
600.9
85.00
0.3
2,340.6
31.39
6.2
61.8
43.8
11.3
19.9
826,954
11.2
16,631
11,937.7
1,484.1
1,193.7

P/CF

43.0

30.5

(` )

AUD: Price Waterhouse & Co.

Yield

Mkt cap

0.5

Vol.

575,681.6

2.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE323A01026

30,000
Close

25,000

100 DMA

20,000
15,000
10,000
5,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive products
Other segments
Exports

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,582
23,889
`m
2,280
4,675
%
9.3
19.6
`m
1,389
2,875
%
5.7
12.0

Jun 15
25,579
4,860
19.0
3,437
13.4

Sep 15
26,194
4,522
17.3
3,054
11.7

FY14
87
13
12

FY15
90
10
13

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

8,712
-8,235
-1,562
-1,085

FY13
89
11
11

10,594
-8,462
-2,403
-271

13,942
-11,795
-2,382
-235

NOTES

Bosch has been present in India for over five decades, through its flagship company
MICO, now changed to Bosch Ltd. Today, it is Indias largest auto component
manufacturer and also one of the largest Indo-German companies. Bosch Group
holds over 71% stake in Bosch Ltd. It manufactures and trades products as diverse
as diesel and gasoline fuel injection systems, Blaupunkt car multimedia systems,
auto electricals, industrial equipment, special purpose machines, electric power tools
and security systems.

During FY15, the companys topline grew by 38.2% YoY. However, the growth is not
strictly comparable as the company changed its financial year from December to
March ending. As a result, numbers for FY15 are for 15 months. For Bosch, sales
from the automotive segment grew 36% YoY, while exports grew by about 40% YoY.
The companys non-automotive business grew by 30% YoY led by the power tools
AND others. Operating margins expanded by close to 2% to 16.4% as a result of
which operating profits grew by 55% YoY. Net profits grew by 51% YoY during the
year.
The future transition to newer emission norms (BSIV / BSV / BSVI) in line with global
standards will drive the need for cleaner engines and sustainable technologies. The
company with its strong technological base is well positioned to meet this demand.
There is a growing expectation for an end-to-end solution as opposed to individual
components by the auto sector. The company being a global auto player is in a
position to leverage its technologies to transform itself from a parts supplier to
complete solution provider. As regards the non-automotive segment, the company's
presence across multiple businesses enables synergies for taping the existing and
prospective customer base with integrated solutions.

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61

CEAT LIMITED
TYRES

Chairman: H. V. Goenka

Yr of Inc

B. Code

1958
500878
SHAREHOLDING

BL. Code
CEAT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOENKA R.P.
F.V.
10

: 52.2%
:
5.0%
:
6.3%
: 11.8%
: 24.9%
: 54,444

Price

988.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.5

SEC: H. N. Singh Rajpoot

% ch 12-m

12
31/03/14

457
87
1,544.5
75.4
99.5
10.00
3.7
286.0
35.96
WC
0.2
3.6
2.7
1.0
13.3
9,781
NM
3,109
NM
NM
NM

1,009
363
1,434.5
78.4
101.5
10.00
1.5
415.9
40.45
IS
0.5
8.8
6.8
1.6
12.8
27,757
NM
3,789
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

50,522
177
50,699
4,380
806
1,808
1,942
0
0
-277
463
1,202
8.7
23.8
2.4

55,540
140
55,680
6,579
865
1,721
4,133
5
0
-100
1,324
2,712
11.8
32.0
4.9

58,024
224
58,247
6,807
934
1,319
4,777
33
0
-61
1,576
3,172
11.7
33.0
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,550
18,431
-7.7
0.8
40
48
15,786
342
7,298
7,855
4,240
31,470
2.1
0.5
1.6
9.6
15.3
28.7
21.6
27.7

17,956
19,110
-2.1
0.9
50
50
16,247
360
9,660
10,286
4,233
35,401
3.4
0.4
1.6
12.5
26.4
39.7
19.4
29.7

19,228
15,943
5.7
1.2
43
44
17,883
405
16,110
16,823
3,544
38,224
4.6
0.2
1.5
11.7
18.9
29.8
16.9
25.2

9.7

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

1.0

Vol.

39,994.9

46.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE482A01020

1,400
Close

1,200

12
31/03/15

125
87
1,475.5
35.1
58.6
4.00
3.8
229.4
34.24
0.1
3.0
1.8
0.5
11.4
3,629
NM
2,830
NM
NM
NM

P/CF

12.6

FX Transaction (FY15)
`m
9,780
`m
14,647
`m
9,926
`m
14,842
`m
-4,916

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

16.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: CEAT Mahal, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
investors@ceat.in
Web site: www.ceat.in
Telephone: (022) 2493 0621 Fax: (022) 6660 6039
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Replacement market
Sales to OEMs
Exports
Non trucks
Trucks

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,202
14,820
`m
1,845
1,884
%
13.0
12.7
`m
893
1,000
%
6.3
6.8

Jun 15
14,663
2,247
15.3
1,210
8.3

Sep 15
14,094
2,025
14.4
1,085
7.7

FY14
58
22
20
54
46

FY15
61
21
18
58
42

`
`
`
`

m
m
m
m

5,844
-529
-4,643
672

KEY DATA
Unit
FY13
% of sales
59
% of sales
21
% of sales
20
% of total volumes 48
% of total volumes 52
NOTES

1,968
-1,417
-395
156

7,487
-2,533
-1,940
3,014

Incorporated in 1958, Ceat Limited is part of the RPG Group. It is amongst the largest
manufacturers of tyres and tubes in India. The company manufactures tyres for twowheelers, three-wheelers, four-wheelers, tractors, tippers and trucks. It operates four
manufacturing plants - 3 in India and 1 in Sri Lanka (through a joint venture). The
company exports tyres to over 100 plus countries including USA, Africa, America,
Australia and other parts of Asia. Ceat has pan-India network of over 3,500 dealers.
Ceat reported a top line growth of 4% YoY during FY15. Revenues from the
replacement market contributed to about 62% of the revenues. OEMs and exports
equally contributed to the rest. The companys operating profits grew by 3% YoY as
operating margins contracted marginally by 0.1%. Net profits grew by 16% YoY led
by higher other income and reduction in interest costs.
The long term outlook for Ceat would largely depend on two key factors the
increasing radialisation and the demand for commercial vehicles. The company has
also been focusing more on passenger vehicles and the export markets both of which
have higher margin potential. As for radialisation, the same is expected to witness
sharp growth led by increased demand due to higher acceptance from OEMs,
expansion of service networks and investments in road infrastructure.

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62

EXIDE INDUSTRIES LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: R. G. Kapadia

Yr of Inc

B. Code

1947
500086
SHAREHOLDING

BL. Code
EXID.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
: 46.0%
: 17.2%
: 17.3%
: 19.6%
: 91,581

MISCELLANEOUS
Price

137.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Coomer

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

63,659
561
64,219
8,521
1,220
91
7,771
-19
112
0
2,371
5,494
13.4
30.5
8.6

83,089
731
83,820
8,616
1,404
76
7,867
-15
0
0
2,406
5,447
10.4
30.6
6.6

95,350
952
96,301
9,369
1,553
32
8,735
-18
0
0
2,572
6,146
9.8
29.4
6.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

33,902
18,203
24.7
1.9
81
34
11,562
850
29,058
30,797
24
113,087
86.8
0.0
0.6
4.9
17.8
25.8
2.5
13.1

35,294
21,942
16.1
1.6
57
29
11,669
850
32,716
34,597
43
124,939
104.4
0.0
0.7
4.4
15.7
22.9
2.0
8.8

37,204
22,352
15.6
1.7
63
26
13,139
850
36,642
38,410
26
138,874
273.1
0.0
0.7
4.4
16.0
22.8
2.6
9.2

BALANCE SHEET DATA

15.2

(` )

AUD: S. R. B. C & Co

Yield

Mkt cap

1.6

Vol.

116,705.0

90.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE302A01020

250
Close

200

12
31/03/15

207
114
112.2
7.2
9.1
2.20
1.4
45.2
850.00
1.4
22.2
17.7
3.5
30.4
136,213
5.3
7,609
18,134.2
1,447.2
1,168.8

P/CF

19.0

(FY15)
2,461
8,752
2,478
9,851
-7,374

`
`
`
`
`
`
%
`
m

INCOME DATA

143
99
97.8
6.4
8.1
1.80
1.5
40.7
850.00
1.2
18.9
15.0
3.0
28.1
103,020
5.0
6,821
16,614.4
1,364.0
1,089.1

P/E

-20.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

166
113
74.9
6.5
7.9
1.60
1.1
36.2
850.00
1.9
21.6
17.7
3.9
24.8
118,575
4.9
4,032
12,996.9
823.1
1,121.6

-5.5

Regd off: Exide House, 59E, Chowringhee Road, Kolkata - 700 020
E-Mail:
supriyac@exide.co.in
Web site: www.exideindustries.com
Telephone: (033) 2283 2120 Fax: (033) 2283 2637
Tr agent: CB Management Services, P-22, Bondel Road, Kolkata-19

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Employee costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
15,587
16,518
`m
1,802
2,382
%
11.6
14.4
`m
972
1,376
%
6.2
8.3

Jun 15
17,995
2,660
14.8
1,552
8.6

Sep 15
17,390
2,574
14.8
1,561
9.0

FY14
65.6
6.0
1.9

FY15
66.2
6.1
3.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales

3,992
-896
-1,552
1,544

FY13
66.5
5.8
2.3

8,724
-6,025
-2,153
546

1,802
-555
-1,990
-743

NOTES

Exide Industries is India's largest storage battery company. The company

manufactures a wide range of storage batteries from 2.5 Ah to 15,000 Ah capacities,
covering a broad spectrum of applications. It is the leader in the automotive batteries
space. It has a technology tie up with Shin Kobe Electric Machinery, VRLA Batteries
and Furukawa Battery.
Exide Industries reported revenue growth of 15.2% YoY during the year. In the auto
segment, growth was largely driven by replacement volumes as OEM volumes
continued to remain tepid. In the industrial segment, inverters did well as did the
telecom segment. On the margins front, the company witnessed a marginal
contraction to the tune of 0.5% YoY during the year on account of the rise in raw
material and staff costs (as a percentage of sales). Bottomline grew in tandem with
operating profits at 12% YoY.
Exide Industries has been a victim of the economic slowdown and once the demand
picks up, it should reflect in the companys numbers as well. The management
maintains its intention to incur capex of around Rs 7-8 bn in FY16. This is to cater to
increase in demand once the economic scenario improves. Besides this, focus will
also be towards improving margins to around 15% over the next couple of years.

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63

FAG BEARINGS INDIA LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Avinash. P. Gandhi

Yr of Inc

B. Code

1962
505790
SHAREHOLDING

BL. Code
FAGB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

0.0%
51.3%
18.3%
4.3%
26.1%
8,701

MNC

Price

4,010.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

3.3

SEC: Raj Sarraf

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

3,825
1,468
982.0
92.0
121.7
7.50
0.3
666.4
16.62
2.7
28.8
21.7
4.0
8.2
43,982
1.5
1,379
11,050.4
933.9
1,035.1

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,467
446
14,913
2,204
303
13
2,335
0
0
0
743
1,592
15.2
31.8
11.0

14,024
459
14,483
1,836
433
8
1,854
0
0
0
636
1,218
13.1
34.3
8.7

16,322
410
16,731
2,417
494
10
2,324
0
0
0
795
1,529
14.8
34.2
9.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,707
2,333
30.2
2.9
36
64
3,927
166
8,608
8,795
0
11,437
180.6
0.0
1.3
14.0
18.1
26.7
13.9
38.3

7,396
3,042
31.0
2.4
44
76
4,123
166
9,709
9,896
0
13,333
245.0
0.0
1.1
9.2
12.3
18.8
15.8
39.1

9,395
2,769
40.6
3.4
43
65
3,904
166
10,889
11,075
0
14,342
240.6
0.0
1.1
10.7
13.8
21.1
17.9
35.8

33.0

(` )

AUD: BSR & Co.

Yield

Mkt cap

0.2

Vol.

66,649.5

0.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE513A01014

6,000
Close

5,000

12
31/12/14

1,827
1,023
870.4
95.8
114.0
5.00
0.4
529.2
16.62
1.6
14.9
12.5
2.7
5.2
23,684
1.6
1,129
9,156.0
714.5
1,007.5

P/CF

43.6

(FY15)
2,923
5,836
2,934
6,282
-3,348

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

11.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,700
1,100
843.8
73.3
99.3
6.00
0.4
595.4
16.62
1.7
19.1
14.1
2.4
8.2
23,268
1.5
1,191
9,380.7
796.9
814.9

Regd off: Nariman Bhavan, 227, Backbay Reclamation, Nariman Pt, Mumbai-21
E-Mail:
raj.sarraf@schaeffler.com
Web site: www.schaeffler.co.in
Telephone: (022) 6681 4499 Fax: (022) 2202 7022
Tr agent: Link Intime India, B-102-103, Shangrila Complex, Akota, Vadodara-20

100 DMA

4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic
Exports
Raw materials consumed
Return on Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
4,295
4,090
`m
624
634
%
14.5
15.5
`m
399
414
%
9.3
10.1

Jun 15
4,321
749
17.3
493
11.4

Sep 15
4,383
756
17.2
506
11.5

CY14
84
16
14.4
13.1

CY15
82
18
5.3
14.6

`
`
`
`

m
m
m
m

1,371
-1,721
-206
-556

KEY DATA
Unit
CY13
% of sales
87
% of sales
13
YoY Change (%) 23.5
%
19.8

1,621
-519
-104
998

1,174
-1,524
-126
-477

NOTES

FAG Bearings India Limited, a member company of FAG group from Germany, is a
leading player in the Indian bearings industry. The company manufactures a very
wide range of bearings conforming to the stringent international quality standards,
and supplies to railways, automotive industry and mechanical and electrical
engineering industry. In terms of products, the company has strong local production
for ball bearings, wheel bearings, cylindrical roller bearings and spherical roller
bearings.
During CY14, FAG Bearings reported a 15.5% YoY increase in revenues. With
increase in production at Maneja and Savli plants, exports grew by 33% YoY. Other
sectors of the company's business viz. Automotive, Industry and Aftermarket - each
posted a good double digit growth. Profit from ordinary activities before tax increased
to Rs 2,323 million as against Rs 1,854 million in 2013. Profit After Tax surged 25%
YoY to Rs 1,528 million as against Rs 1,218 million in 2013.
The company foresees strong development of industrial demand in the medium and
long term. For this, the company has invested in advanced technology to produce low
friction ball bearings at Savli plant. Production technology at Vadodara plant has been
upgraded to produce highly efficient X-life cylindrical roller and spherical roller
bearings. During the year, the company continued to expand its channel reach in the
country especially in rural markets. Based on positive economic outlook for year 2015
and its successful strategy to invest in continued expansion of manufacturing and
engineering footprint, FAG Bearings is determined to maintain its growth approach in
the short and long-term.

Get more info at www.equitymaster.com

64

GOODYEAR INDIA LIMITED

TYRES

Chairman: Daniel Lawrence Smytka

Yr of Inc

B. Code

1922
500168
SHAREHOLDING

BL. Code

GOOD.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 74.0%
:
9.5%
:
0.9%
: 15.6%
: 24,647

MNC

Price

551.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pankaj Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

399
237
680.0
40.8
51.7
9.00
2.8
183.6
23.07
0.5
7.8
6.2
1.7
22.1
7,335
0.9
878
17,257.6
966.3
1,034.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,134
141
15,275
1,071
197
52
962
0
0
0
317
646
7.1
32.9
4.3

14,813
218
15,031
908
241
38
846
0
0
0
283
563
6.1
33.5
3.8

15,687
302
15,989
1,390
252
22
1,419
0
0
0
479
941
8.9
33.7
6.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,740
3,534
8.0
1.3
21
32
2,095
231
2,904
3,165
0
6,988
19.5
0.0
2.2
10.0
20.4
32.1
3.1
9.5

5,085
3,582
10.1
1.4
26
38
2,151
231
3,279
3,540
0
7,421
23.2
0.0
2.0
8.1
15.9
25.0
2.6
13.9

6,000
4,004
12.7
1.5
23
38
2,421
231
3,976
4,235
0
8,594
66.7
0.0
1.8
11.2
22.2
34.0
1.5
20.7

P/CF
10.7

(` )

AUD: Price Waterhouse

Yield

Mkt cap

1.6

Vol.

12,723.1

4.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE533A01012

800
700

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

13.5

(FY15)
232
3,251
318
3,251
-2,933

`
`
`
`
`
`
%
`
m

INCOME DATA

413
285
642.1
24.4
34.9
7.00
2.0
153.4
23.07
0.5
14.3
10.0
2.3
28.7
8,051
0.9
809
16,277.9
888.5
618.9

P/E

-16.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

376
203
656.0
28.0
36.5
7.00
2.4
137.2
23.07
0.4
10.3
7.9
2.1
25.0
6,679
0.9
729
16,032.1
771.9
684.2

-2.3

Regd off: Mathura Road, Ballabgarh, Haryana - 121 004

E-Mail:
goodyearindia_investorcell@goodyear.com
Web site: www.goodyear.co.in
Telephone: (0129) 661 1000 Fax: (0129) 406 9051
Tr agent: Skyline Financial, D-153/A, Okhala Indl. Area Phase-1, New Delhi-20

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
Raw material consumed
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,600
2,751
`m
302
265
%
8.4
9.6
`m
190
156
%
5.3
5.7

Jun 15
4,324
589
13.6
363
8.4

Sep 15
3,816
456
11.9
291
7.6

FY14
24.4
71.1
5.6

CY15
22.1
71.3
6.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
% of sales
% of sales

782
347
-230
899

FY13
16.9
74.4
5.5

257
-1,777
-221
-1,742

1,344
-1,244
-210
-110

NOTES

Goodyear is present in India since 1922. It derives its revenues from the business of
manufacturing and trading of tyres, tubes and flaps with manufacturing facility at
Ballabgarh, Haryana, India. The company manufactures these for automobiles,
trucks, buses, aviation, farm equipment, motorcycles, etc. It also trades in Goodyear
branded tyres (including radial passenger and off-the-road bias tyres) manufactured
by Goodyear South Asia Tires Private Limited (GSATPL).
In the calendar year ended December 2014 (CY14), Goodyear witnessed a marginal
0.7% YoY growth in its standalone net sales. Operating profits grew by 9.6% YoY. Net
profits grew by a 7.6% YoY during the year. The company has now changed its
financial year from January-December to April-March.

The company introduced Assurance Triple Max tyres during the year and also
strengthened its presence and portfolio in SUV segment with launch of Wrangler
ATSA tyres. The companys farm tyre business witnessed softness in demand on
account of erratic weather conditions. This also impacted its OE customers domestic
tractor sales, which witnessed a decline of 8.3% from April to December 2014.
However, the company was ably supported by a remarkable performance in its
consumer tyre business in the passenger car segment.
Indian tractor penetration still lags behind the global average. Tractor growth in India
is likely to remain robust in future. Further, the passenger tyre industry is likely to
register a modest recovery in the year 2015. The company is continuing to work
closely with OEMs (Original Equipment Manufacturer) for the introduction of new
products from their dealerships. It also focuses on increasing distribution reach and
presence in branded retail segment in the market.

Get more info at www.equitymaster.com

65

MRF LIMITED
TYRES

Chairman: K. M. Mammen (MD)

Yr of Inc

B. Code

1960
500290
SHAREHOLDING

BL. Code
MRF.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 26.8%
:
0.5%
:
9.4%
:
8.8%
: 54.7%
: 28,974

MAMMEN
Price

39,040.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/09/12

0.2

SEC: Ravi Mannath

% ch 12-m

12
30/09/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

11,570
6,330
28,224.8
1,366.5
2,078.3
25.00
0.3
6,747.8
4.24
0.3
6.5
4.3
1.3
1.8
37,948
15.5
5,214
7,723.8
336.5
374.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

119,673
319
119,992
12,720
3,018
1,588
8,433
0
0
0
2,638
5,794
10.6
31.3
4.8

122,482
251
122,733
17,801
3,737
1,961
12,354
0
0
0
4,268
8,086
14.5
34.5
6.6

133,293
669
133,962
19,418
4,239
2,317
13,531
0
0
0
4,448
9,083
14.6
32.9
6.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,538
20,809
14.0
1.8
51
44
33,335
42
28,101
28,611
11,026
72,278
6.3
0.4
1.7
10.2
20.3
25.3
10.5
27.6

47,102
23,301
19.4
2.0
54
46
3,333
42
35,759
36,554
9,524
82,790
7.3
0.3
1.5
12.1
22.1
31.1
10.0
25.9

53,789
26,233
20.7
2.1
50
47
40,634
42
44,535
45,396
11,988
98,340
6.8
0.3
1.4
11.6
20.0
27.6
9.2
29.2

INCOME DATA

BALANCE SHEET DATA

15,500
9,775
28,887.3
1,907.1
2,788.4
30.00
0.2
8,621.3
4.24
0.4
6.6
4.5
1.5
1.6
53,583
15.3
6,117
7,982.9
398.7
527.0

P/E

5.5

FX Transaction (FY15)
`m
12,232
`m
38,855
`m
12,348
`m
39,463
` m -27,115
12
30/09/13

Regd off: 114, Greams Road, Chennai - 600 006

E-Mail:
mrfshare@mrfmail.com
Web site: www.mrftyres.com
Telephone: (044) 2829 2777 Fax: (044) 2829 5087
Tr agent: In House

32,837
13,298
31,437.0
2,142.3
3,142.0
50.00
0.2
10,706.5
4.24
0.7
10.8
7.3
2.2
2.3
97,806
15.5
7,424
8,623.5
480.3
587.6

18.2

P/CF
12.4

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
Raw material
RoE

Mkt cap

0.1

Vol.

165,532.1

0.7

ADJUSTED DAILY SHARE PRICE DATA

50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Dec-12

CASHFLOW

AUD: Sastri & Shah

Yield

ISIN

INE883A01011

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/09/12

12
30/09/13

12
30/09/14

INTERIMRESULTS
Dec 14
Mar 15
`m
33,530
33,120
`m
6,263
6,300
%
18.7
19.0
`m
3,235
3,326
%
9.6
10.0

Jun 15
35,390
8,114
22.9
4,468
12.6

Sep 15
33,295
7,782
23.4
4,607
13.8

CY13
5.0
65.1
22.0

CY14
5.6
63.5
19.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

10,344
-9,769
-514
60

CY12
4.3
70.4
9.1

14,994
-9,586
-3,130
2,278

16,979
-17,906
688
-240

NOTES

MRF is one of Indias largest tyre manufacturer, having over 25% market share. The
company derives over 95% of its revenues from tyres, the rest comes from presence
in toys and paints. This focus on tyres has enabled it to regularly increase capacities
and maintain market leadership and profitability. MRF exports to over 75 countries. It
has plants located mostly in the southern part of India.
MRFs topline grew by 9% YoY in FY14 (the company has a September year ending)
led by the gradual recovery in the auto industry. Led by the 0.2% expansion in
operating margins, operating profits grew by 11% YoY during the year. There was a
decline in rubber prices which led to the reduction in raw material costs. Net profits
grew by 12% YoY in tandem with the growth in operating profits.

As the recovery in the economy and consequently the auto industry takes place,
ramp up in the performance of the tyre industry including MRF will follow suit. In the
interim, the replacement market has continued to prop up tyre demand. Capacity
addition in the tyre industry would further intensify competition and this could put
pressure on margins, especially in the truck radial segment. Thus, while MRFs high
brand preference and trust will drive growth in the longer term, the company is likely
to face challenges in the near to medium term.

Get more info at www.equitymaster.com

66

MUNJAL SHOWA LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Brijmohan Lall Munjal

Yr of Inc

B. Code

1985
520043
SHAREHOLDING

BL. Code
MNJL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

39.0%
26.0%
1.0%
0.3%
33.7%
9,908

MUNJAL

Price

188.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

8.0

SEC: Pankaj Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

10.0

(FY15)
5
1,247
5
1,726
-1,722

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

88
56
395.4
15.2
22.1
3.00
4.2
75.7
40.00
0.2
4.7
3.3
1.0
19.8
2,880
3.3
766
4,803.8
232.7
184.3

206
167
410.7
18.9
26.1
4.00
2.1
102.7
40.00
0.5
9.9
7.1
1.8
21.2
7,452
1.5
924
11,146.3
627.1
513.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,814
35
15,849
993
276
72
679
0
0
0
72
607
6.3
10.7
3.8

15,980
61
16,041
1,052
284
27
802
0
0
0
105
697
6.6
13.1
4.4

16,430
82
16,511
1,306
287
45
1,056
0
0
7
307
756
7.9
29.0
4.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,402
2,089
2.0
1.2
9
33
2,534
80
2,948
3,028
0
5,319
10.5
0.0
3.0
12.8
20.0
24.8
0.0
5.0

2,968
2,048
5.8
1.4
11
40
2,335
80
3,481
3,561
0
5,743
30.7
0.0
2.8
12.6
19.6
23.3
0.0
6.3

3,605
1,910
10.3
1.9
15
45
2,128
80
4,027
4,107
0
6,128
24.7
0.0
2.7
13.1
18.4
27.0
0.0
7.6

P/CF
7.2

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

2.1

Vol.

7,532.0

8.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE577A01027

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-6.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

86
52
399.5
17.4
24.5
3.50
5.1
89.0
40.00
0.2
4.0
2.8
0.8
20.1
2,768
3.5
880
4,533.3
249.8
197.8

Regd off: 9-11, Maruti Industrial Area, Gurgaon - 122 015

E-Mail:
pgupta@munjalshowa.net
Web site: www.munjalshowa.net
Telephone: (0124) 234 1001 Fax: (0124) 234 1346
Tr agent: MCS, F-65, Okhla Industrial Area, Phase 1, New Delhi-20

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw Material Expenses
Material Imported
Royal Expenses

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,891
3,992
`m
293
349
%
7.5
8.8
`m
159
204
%
4.1
5.1

Jun 15
3,911
315
8.1
177
4.5

Sep 15
3,691
287
7.8
151
4.1

FY14
74.41
9.0
415.3

FY15
73.79
11.0
417.6

`
`
`
`

m
m
m
m

1,162
-306
-725
132

KEY DATA
Unit
FY13
% of Net Sales
74.5
% of RawMaterials 7.0
Rs million
415.0

551
-177
-398
-24

555
-475
-219
-140

NOTES

Munjal Showa Limited is a member of Hero Group which is a major business

conglomerate a major in the manufacturing sector in India, comprises of 15 active
companies with complete backward integration for automotive manufacturing. Munjal
Showa was established in 1985 in technical and financial collaboration with Showa
Corporation of Japan, the pioneering global leaders in the manufacture of shock
absorbers. Munjal Showa Limited in its joint venture with Showa Corporation, designs
and manufacturers shock absorbers and struts for leading two-wheelers and fourwheelers. The Munjal Showa manufacturing plant is spread over an area of 24075 sq
mt in the industrial area of Gurgaon, Haryana.

During the financial year 2014-15, the company achieved net sales of Rs 16,429.7
million, registering a growth of 2.8% on a year-on-year (YoY) basis. Profit after tax
grew by 8.5% YoY to Rs 756.3 million during the period. Demand for auto
components recovered in 2014-15, helped by a modest rise in domestic automobile
production and strong pick up in exports. The companys financial risk profile remains
healthy, supported by steady cash accruals and nil outstanding debt.
The industrys long-term growth prospects remain healthy as domestic and global
OEM demand continues to rise. Munjal Showa will continue to benefit over the
medium term from its strong business linkages with large motorcycle OEMs and its
healthy operating efficiencies.

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67

NRB BEARINGS LIMITED

AUTO ANCILLARIES,FORGINGS

Chairman: Trilochan Singh Sahney

Yr of Inc

B. Code

1965
530367
SHAREHOLDING

BL. Code

NBEA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

60.1%
0.0%
4.8%
19.0%
16.1%
9,147

MISCELLANEOUS
Price

144.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. C. Rangani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

153
130
69.2
5.5
8.7
1.50
1.1
26.2
96.92
2.0
25.5
16.2
5.4
27.1
13,719
1.6
1,121
4,132.6
691.2
331.1

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,916
102
6,018
1,001
321
199
582
0
0
0
102
481
16.9
17.5
8.1

6,075
30
6,104
1,030
356
186
518
0
0
0
181
337
17.0
35.0
5.5

6,703
33
6,736
1,231
310
173
780
0
0
0
243
537
18.4
31.2
8.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,297
2,871
7.2
1.1
91
93
2,375
194
1,732
1,979
959
5,973
3.9
0.5
1.0
11.4
24.3
26.6
25.3
14.0

3,752
3,332
6.9
1.1
87
111
2,711
194
1,893
2,191
968
6,770
3.8
0.4
0.9
7.7
15.4
22.3
21.7
18.3

4,408
3,513
13.4
1.3
89
109
2,613
194
2,344
2,542
1,008
7,346
5.5
0.4
0.9
9.7
21.1
26.8
22.1
14.1

P/CF
16.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.0

Vol.

13,995.2

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE349A01021

180

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

26.1

(FY15)
1,483
947
1,523
1,237
287

`
`
`
`
`
`
%
`
m

INCOME DATA

53
30
62.7
3.5
7.1
1.10
2.7
22.6
96.92
0.7
11.9
5.8
1.8
31.6
4,003
1.6
1,010
3,754.5
624.1
208.2

P/E

16.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

50
30
61.0
5.0
8.3
1.70
4.3
20.4
96.92
0.7
8.1
4.8
2.0
34.3
3,877
1.7
1,020
3,564.1
614.4
289.5

2.5

Regd off: Dhannur, 15, Sir P. M. Road, Fort, Mumbai - 400 001
E-Mail:
sc.rangani@nrbbearings.co.in
Web site: www.nrbbearings.com
Telephone: (022) 2266 4160 Fax: (022) 2266 0412
Tr agent: Universal Capital Sec., 21, Shakil Niwas, Mahakali Caves Rd., Mumbai-93

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material consumed
Employee costs
RoE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,664
1,562
`m
321
215
%
19.3
13.8
`m
140
117
%
8.4
7.5

Jun 15
1,600
232
14.5
105
6.6

Sep 15
1,681
287
17.1
157
9.3

FY14
39.5%
15.5%
16.1%

FY15
37.80%
16.70%
22.70%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
%

344
-917
375
-198

FY13
36.0%
17.2%
22.3%

729
-666
-38
25

706
-238
-245
222

NOTES

NRB Bearings Ltd was founded in 1965 as a joint venture with French company
Nadella. The company is in the ball and roller bearings business. Since its inception
the company has pioneered the production of needle roller bearings in India. NRB
acquired SNL Bearings in June 2000. The company has three subsidiaries viz. SNL
Bearings Ltd (SNL), NRB Bearings (Thailand) Ltd and NRB Bearings Europe GmbH.
NRB Bearings Europe GmbH, a wholly owned subsidiary was set up during the year
in view of increasing exports to Europe. The company is not only fulfilling the
increasing demand of automotive industry, but also has a wide range of products for
industrial applications and farm equipments.
The company reported an 10.3% YoY increase in its revenue in FY15. Domestic
sales increased by 9.3% YoY while exports increased by 14% on a YoY basis. Net
profits were up by 36.4%.
To meet growing customer expectations, the company has regularly invested in
modern manufacturing technology and has taken a number of initiatives to strengthen
its competitive advantage During the year, the company focused more on technology
development of extra life bearings, standardization, optimization and diversification of
single bearings solution to multiple automobile platforms.

The business environment changed significantly during the year, with the slowdown
in economic growth leading to moderation in demand as the automotive industry, the
largest consumer of bearings, has strong linkages with the economy. Also the
slowdown in the EU markets have impacted the demand for the companys products
in overseas markets. The company has deployed various measures to continuously
monitor these risks.

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68

SKF INDIA LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Kamlesh C. Mehra

Yr of Inc

B. Code

1961
500472
SHAREHOLDING

BL. Code
SKFB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 53.6%
: 22.6%
:
9.3%
: 14.5%
: 24,353

MNC

Price

1,244.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

0.8

SEC: Pradeep Bhandari

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

1,473
620
458.1
38.5
48.7
10.00
1.0
268.6
52.73
2.3
27.2
21.5
3.9
26.0
55,169
2.4
2,155
9,961.2
888.8
836.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,276
683
22,959
2,584
436
0
2,831
0
0
0
931
1,901
11.6
32.9
8.5

22,750
634
23,383
2,612
494
0
2,751
0
0
-221
863
1,667
11.5
31.4
7.3

24,156
769
24,925
2,832
540
0
3,062
0
0
0
1,034
2,028
11.7
33.8
8.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,496
4,161
23.9
2.3
41
52
4,072
527
11,026
11,554
0
15,991
NM
0.0
1.4
11.9
16.5
24.5
6.1
34.7

10,407
3,938
28.4
2.6
41
53
4,011
527
12,228
12,755
0
16,953
NM
0.0
1.3
9.8
13.1
19.8
7.8
32.9

12,942
4,679
34.2
2.8
44
56
3,850
527
13,635
14,162
0
19,112
NM
0.0
1.3
10.6
14.3
21.6
7.5
32.5

25.6

(` )

AUD: Price Waterhouse & Co.

Yield

Mkt cap

0.8

Vol.

65,611.9

0.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE640A01023

1,600
1,400

12
31/12/14

728
557
422.5
36.0
44.3
7.50
1.2
219.1
52.73
1.5
17.8
14.5
2.9
20.8
33,879
2.5
1,694
9,007.6
685.1
768.6

P/CF

32.4

(FY15)
1,818
7,863
2,173
9,344
-7,172

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-8.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

679
432
431.4
31.6
41.0
7.50
1.4
241.9
52.73
1.3
17.6
13.6
2.3
23.7
29,293
2.4
1,853
9,586.9
780.7
702.6

Regd off: Mahatma Gandhi Mem. Bldg, Netaji Subhash Rd, Charni Rd, Mumbai-02
E-Mail:
investors@skf.com
Web site: www.skfindia.com
Telephone: (022) 6633 7777 Fax: (022) 2204 2738
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

1,200

Close
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
Raw material
RoE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
6,154
5,856
`m
526
601
%
8.6
10.3
`m
409
512
%
6.6
8.7

Jun 15
6,104
646
10.6
466
7.6

Sep 15
5,987
677
11.3
500
8.4

CY13
8.1
63.3
13.1

CY14
8.9
62.1
14.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

1,990
-1,011
-460
520

CY12
7.6
64.7
16.5

1,218
-1,650
-463
-895

2,177
-27
-925
1,225

NOTES

SKF India, a part of the global AB SKF Group, is a leading technology & solutions
provider of products, solutions and services in the area comprising rolling bearings,
seals, mechatronics, services and lubrications systems. From a humble beginning in
1965, the company has come a long way and has emerged as the largest bearing
company in India. SKF India also has an associate company SKF Sealing Solutions
Pvt Ltd providing sealing solutions. The company has manufacturing plants in
Bangalore and Pune.
SKF India reported a 6% YoY growth in revenues in CY14 (calendar ending
company). Operating profits grew by 15% YoY led by the 1% expansion in operating
margins. Excluding the extraordinary expense during CY13, net profits grow by 7%
YoY during the year.

Given that bearings are an integral part of every process industry, the demand for
bearing is directly related to the growth in core sectors. As such, a revival in economic
growth, moderation in inflation and consequent reduction in interest rates should
bring back SKFs growth momentum.

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69

SONA KOYO STEERING SYSTEMS LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Surinder Kapur

Yr of Inc

B. Code

1989
520057
SHAREHOLDING

BL. Code

SONA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 32.5%
: 20.1%
:
1.2%
:
0.2%
: 46.0%
: 52,138

Sona Group
Price
57.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.1

SEC: Sudhir Chopra

% ch 12-m

29.9

FX Transaction (FY15)
`m
603
`m
1,230
`m
603
`m
1,376
`m
-774
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

15
9
73.5
1.9
4.9
0.65
5.3
13.2
198.74
0.2
6.4
2.5
0.9
33.9
2,425
0.0
1,259
NM
NM
NM

22
9
75.1
3.4
6.8
0.80
5.2
15.5
198.74
0.2
4.5
2.3
1.0
23.5
3,080
0.0
1,342
NM
NM
NM

21
65
78.1
1.9
7.1
0.65
1.5
16.3
198.74
0.5
22.5
6.0
2.6
34.1
8,526
0.0
1,458
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,600
94
14,694
1,646
585
411
743
-99
0
0
263
381
11.3
35.4
2.6

14,923
397
15,320
1,785
680
392
1,110
-178
-8
0
247
678
12.0
22.3
4.5

15,530
49
15,579
2,157
1,037
311
857
-205
-7
0
267
379
13.9
31.2
2.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,627
4,270
-4.4
0.8
20
57
6,390
199
2,423
2,622
2,403
10,477
2.8
0.9
1.4
7.6
14.5
21.0
4.3
11.6

3,501
4,231
-4.9
0.8
23
51
6,650
199
2,890
3,089
1,696
10,390
3.8
0.5
1.4
10.3
21.9
27.5
6.0
10.7

3,570
3,750
-1.2
1.0
24
44
6,332
199
3,035
3,234
1,675
10,131
3.8
0.5
1.5
6.8
11.7
19.5
3.9
7.9

P/CF
8.0

(` )

AUD: S. P. Puri & Co.

Yield

Mkt cap

1.1

Vol.

11,348.6

29.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE643A01035

80
70

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

5.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: UGF-6, Indraprakash, 21, Barakhamba Road, New Delhi - 110 001
E-Mail:
sudhir.chopra@sonagroup.com
Web site: www.sonakoyosteering.com
Telephone: (0124) 468 5000 Fax: (0124) 410 4611
Tr agent: Karvy Computershare, 27, Barakhamba Rd., Connaught Place, New

Close
100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic sales
Export sales
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,725
4,197
`m
439
595
%
11.8
14.2
`m
71
186
%
1.9
4.4

Jun 15
3,747
396
10.6
41
1.1

Sep 15
3,892
442
11.4
67
1.7

FY14
13773
1059
4.5
21.9

FY15
16293
1227
2.4
11.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs M
Rs M
%
%

992
-962
-126
-96

FY13
14600
647
2.6
14.5

1,634
-416
-1,219
-1

1,986
-813
-1,025
148

NOTES

Established in 1985, Sona Koyo Steering Systems Ltd is the flagship company of the
Sona Group. The company is India's largest manufacturer of steering systems and is
the supplier to major auto manufacturers. Sona Koyo's product portfolio comprises
two key segments - steering systems (which include manual as well as power
steering systems) and driveline products (which include case differentials, axle
components, rear axle assemblies, and propeller shafts).

The company supplies products mainly for the Indian passenger vehicle (PV)
segment. Its exposure to the commercial vehicle (CV) and tractor segments is
negligible. Its clientele includes major vehicle manufactures in India such as Maruti
Suzuki, Toyota, Hyundai, Tata Motors, Mahindra & Mahindra, General Motors, and
Mahindra-Renault.

The company has registered a consolidated revenue growth of 4.1%. At the operating
level, the companys EBIDTA margins contracted by 2.3%. Exports shrank in FY15
due to a stalling European market coupled with the appreciation of the rupee against
the euro, making exports less competitive. The company improved its financial
position by reducing its debt by Rs 191 million.
Sona Koyo has decided to restructure its operations by transforming itself from a
single-segment, passenger vehicle-focused company to a multi-segment-focused
organisation. In line with this strategy, the company now has four strategic business
units (SBUs), which are Passenger Vehicles, Non Passenger Vehicles, Pressure Die
Casting & Sheet Metal, and Technology & Development. The companys new
homegrown technology, EPAM, has been doing well and talks are in the advanced
stage with various new customers.

Get more info at www.equitymaster.com

70

ZF STEERING GEAR (INDIA) LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Dinesh Munot (MD)

Yr of Inc

B. Code

1980
505163
SHAREHOLDING

BL. Code
ZFST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

47.9%
25.8%
0.1%
0.1%
26.2%
7,851

MISCELLANEOUS
Price

1,471.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Satish Mehta

% ch 12-m

12
31/03/14

290
204
320.9
15.6
38.7
7.00
2.8
248.8
9.07
0.8
15.9
6.4
1.0
45.0
2,241
0.9
312
3,067.4
329.1
148.6

1,092
882
364.3
39.2
65.1
10.00
1.0
273.6
9.07
2.7
25.2
15.2
3.6
25.5
8,950
0.6
361
5,737.2
626.4
617.4

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,129
115
3,244
643
231
36
490
0
0
0
234
256
20.6
47.7
8.2

2,911
73
2,984
593
210
7
449
0
0
0
308
141
20.4
68.6
4.8

3,305
91
3,396
580
235
9
428
0
0
0
72
356
17.5
16.8
10.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,050
627
13.5
1.7
30
44
1,048
91
2,095
2,190
146
3,076
14.5
0.1
1.0
9.5
11.7
22.5
0.3
13.7

929
620
10.6
1.5
33
59
1,005
91
2,162
2,256
125
3,096
66.0
0.1
0.9
4.8
6.3
19.1
1.1
9.2

873
701
5.2
1.2
27
58
1,011
91
2,387
2,482
101
3,362
51.3
0.0
1.0
10.8
14.3
16.9
0.9
12.1

P/CF
22.6

(` )

AUD: MGM & Co.

Yield

Mkt cap

0.7

Vol.

13,348.8

5.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE116C01012

2,500
Close

2,000

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

37.5

FX Transaction (FY15)
`m
31
`m
399
`m
31
`m
425
`m
-394

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

89.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

415
211
345.0
28.2
53.8
8.00
2.6
241.4
9.07
0.9
11.1
5.8
1.3
28.3
2,839
0.9
322
3,465.0
356.8
283.7

-6.9

Regd off: Gat Nos. 1242 & 1244, Village Vadu Budruk, Shirur, Pune - 412 216
E-Mail:
satish.mehta@zfindia.com
Web site: www.zfindia.com
Telephone: (02137) 252 223 Fax: (02137) 252 302
Tr agent: Link Intime India, 202, A Wing, 2nd Flr., Akshay Complex, Pune-01

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Power Steering
Mechanical Steering
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
708
960
`m
103
198
%
14.5
20.7
`m
45
137
%
6.3
14.3

Jun 15
843
168
20.0
89
10.6

Sep 15
973
221
22.7
136
13.9

FY14
165456
185676
4.8
6.3

FY15
206107
136717
10.8
14.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
Nos.
Nos.
%
%

476
168
-566
79

FY13
178192
152641
8.2
11.7

258
-279
-135
-156

482
-573
-18
-108

NOTES

ZF Steering is promoted by HK Firodia (founder of Kinetic Motors) and ZahnradfabrikFreidrichshafen (ZF Germany). The company manufactures and supplies hydraulic
power steering gears, mechanical steering gears, and other types of steering and
gear boxes for commercial and passenger vehicles.

The company's key product steering gears are used in buses. They are supplied to
various state transport undertakings as well as heavy vehicles such as dumper and
transport trucks. The manufacturing plant is located near Pune. Some of their key
clients are Tata Motors, Ashok Leyland, Man Force Motors, Volvo, Piaggio, and
Eicher Motors.
For the financial year ended March 2015, the company reported a consolidated
revenue growth of 13.6% YoY in net sales and 152.6% YoY growth in net profit.

During the year, there was a change in the shareholding/ownership of ZF

Lenksysteme, GmbH (ZFLS), the foreign-promoter of the company. Previously, entire
sharecapital of ZFLS was held between ZF Friedrichshafen AG and Robert Bosch
GmbH in the ratio of 50:50. In January 2015, Robert Bosch GmbH agreed to buy the
shares held by ZF Friedrichshafen AG in ZFLS and became 100% owner of ZFLS.
The name of ZFLS was then changed to Robert Bosch Automotive Steering GmbH.

Get more info at www.equitymaster.com

71

AUTOMOBILES
The Indian automobile market can be divided into several
segments viz., two-wheelers (motorcycles, geared and
ungeared scooters and mopeds), three wheelers, commercial
vehicles (light, medium and heavy), passenger cars, utility
vehicles (UVs) and tractors.
Demand is linked to economic growth and rise in income
levels. Per capita penetration at around nine cars per
thousand people is among the lowest in the world (including
other developing economies like Pakistan in segments like
cars).
While the industry is highly capital intensive in nature in case
of four-wheelers, capital intensity is a lot less for twowheelers. Though three-wheelers and tractors have low
barriers to entry in terms of technology, four wheelers is
technology intensive. Costs involved in branding, distribution
network and spare parts availability increase entry barriers.
With the Indian market moving towards complying with global
standards, capital expenditure will rise to take into account
future safety regulations.
As compared to their global counterparts, both the twowheeler as well as four wheeler segments are relatively
lesser fragmented. However, things have changed, especially
on the passenger cars front as many foreign majors have
entered the Indian market. As a result, pricing power is likely
to diminish going forward.

Most of the companies reported an improvement in operating

margins largely on account of various cost rationalization
measures undertaken and benign commodity prices.
KEY POINTS
Supply: The Indian automobile market has some amount of
excess capacity.
Demand: Largely cyclical in nature and dependent upon
economic growth and per capita income. Seasonality is also a
vital factor.
Barriers to entry: High capital costs, technology, distribution
network, and availability of auto components.
Bargaining power of suppliers: Low, due to stiff competition.
Bargaining power of customers: Very high, due to availability
of options.
Competition: High. Expected to increase even further.
PROSPECTS
With the Modi government in power, there are expectations of
increased focus on reforms and ramp up in infrastructure.
Thus, government spending on infrastructure in roads and
airports and higher GDP growth in the future will benefit the
auto sector in general. We expect a slew of launches both in
passenger cars and utility vehicles (UVs) given that the
competition has intensified.

Automobile majors increase profitability by selling more units.

As number of units sold increases, average cost of selling an
incremental unit comes down. This is because the industry
has a high fixed cost component. This is the key reason why
operating efficiency through increased localization of
components and maximizing output per employee is of
significance.

In the 2-wheeler segment, motorcycles are expected to

witness a flurry of new model launches. Though the market
size is expected to grow by 10% to 12%, competitive
pressure could keep prices and margins under control. TVS,
Honda and Hero Motocorp will continue to benefit from higher
demand for ungeared scooters in the urban and rural
markets. In the last four years, scooters have grown at a
faster clip than motorcycles and this trend is expected to
continue going forward. The 3 wheeler industry, where Bajaj
Auto is the market leader, is also poised for growth on the
back of new permits and increase in exports.

FY15
A total of 16 m two-wheelers were sold in FY15, a growth of a
tepid 8% over the previous year. The slow growth was on
account of the tepid recovery in the Indian economy.
Motorcycles accounted for 70% of the total two wheelers sold
and grew by a mere 2.5% YoY. The scooters (geared &
ungeared) segment was the star of the two wheeler industry
logging in a growth rate of 25% YoY. In the domestic market,
volumes in the 3-wheeler segment were up 11% YoY led by
passenger carriers. Exports growth was healthy at 15% YoY.

While good monsoon is a positive for the tractor sector,

assuming that non-farm incomes climb up, volumes should
hold up well in the longer run despite a year or two of poor
monsoons. The longer-term picture is healthy in light of poor
mechanisation levels in the countrys farm sector and the
thrust of the government on improving rural infrastructure.

After two consecutive years of steep declines, FY15 was a

strong year for the medium and heavy commercial vehicles
(M/HCVs) segment as volumes increased 16% led by
reversal of mining bans, resumption of some stalled
infrastructure projects, improvement in freight rates and
overall operations of fleet operators. LCVs, however, were at
the receiving end as volumes dropped by 12% YoY. As a
result, volumes for the overall CV industry fell by 3% YoY.

Demand for HCVs is expected to grow by 7% to 8% over the

long term. The privatisation of select state transport
undertakings bodes well for the bus segment.

Tractors performed badly during the year as monsoons in

2014 were quite poor and erratic. M&M, which is a market
leader in the tractors space, saw a revenue decline of 7%
from its farm equipment division.
Volumes of passenger vehicles (PV) grew by 4%. Within this,
passenger cars and utility vehicles (UVs) grew by 5% YoY
each. Volumes of vans, however, declined by 10% YoY
during the year. Maruti Suzuki remained the market leader in
the passenger vehicles space. Volumes of vans for the
company grew at a robust pace of 26% YoY even though the
industry volumes declined. The companys cars and utility
vehicles grew in double digits during the year.
72

AUTO
GLOBAL COMPARISON
(CY14/FY15)
Revenues
EBDITA
EBDITA margin
Profit after tax
Net profit margins
Return on equity
Debt to equity
Price to earnings
Enterprise value
EV/EBDITA

Unit
US$ m
US$ m
%
US$ m
%
%
x
x
US$ m
x

Maruti
7,348
808
11.0%
561
7.6%
15.7%
0.0
16.9
21,195
26.2

Volkswagen
202,458
20,505
10.1%
10,985
5.4%
12.2%
1.3
9.8
184,875
9.0

Ford
144,077
10,863
7.5%
3,187
2.2%
12.8%
4.8
10.2
171,062
15.7

Toyota
227,096
56,718
25.0%
18,122
8.0%
12.9%
1.2
10.4
344,352
6.1

Ford Motor Company

Ford Motor Company was founded in 1903 and is headquartered in Dearborn, Michigan. The company primarily develops,
manufactures, distributes and services vehicles and parts worldwide. It operates in two sectors, Automotive and Financial
Services. The Automotive sector offers vehicles primarily under the Ford and Lincoln brand names. This sector markets cars,
trucks, and parts through retail dealers in North America, and through distributors and dealers outside of North America. Ford also
owns a small stake in Mazda in Japan and Aston Martin in the UK. The Financial Services sector offers various automotive
financing products to and through automotive dealers. Ford was the second largest automaker in the US and the fifth largest in the
world based on annual vehicle sales in 2010.

Volkswagen
Manufacturer of the world famous Beetle, Volkswagen is Europes largest passenger carmaker and the second largest automaker
in the world. Including the Beetle, Golf and Passat, the company also owns luxury brands such as AUDI, Lamborghini, Bentley and
Bugatti. Other makes include SEAT (family cars, headquartered in Spain) and SKODA (family cars, headquartered in Czech
Republic). Volkswagen operates plants in Africa, US, Asia-Pacific, and Europe. The company also offers consumer financing. With
its headquarters in Pune, Maharashtra, the Volkswagen Group is represented by three brands in India: Volkswagen, Audi and
Skoda.

Toyota
Founded in 1933 and headquartered in Toyota City, Japan, Toyota Motor Corp is worlds largest manufacturer of cars. Its products
include such models as Camry, Corolla, 4Runner, Century limousines, the luxury Lexus line, the Scion brand for sports cars, and
pickup trucks under the Tacoma and Tundra brand names. Toyota also makes forklifts and manufactured housing, and offers
consumer financial services. The company sells around 9.9 m cars worldwide and in 2008 surpassed GM in its bid to become the
largest manufacturer of cars globally. It employs more than 340,000 people worldwide and had revenues of approximately US$
227 bn in FY15. In July 2012, the company reported that it had manufactured its 200 millionth vehicle.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

73

ASHOK LEYLAND LIMITED

AUTOMOBILES/VEHICLES

Chairman: Dheeraj G. Hinduja

Yr of Inc

B. Code

1948
500477
SHAREHOLDING

BL. Code

ASOK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

HINDUJA

F.V.
1

:
0.0%
: 38.8%
: 12.1%
: 32.8%
: 16.4%
: 323,610

Price
86.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.6

SEC: N.Ramanathan

% ch 12-m
72.9

FX Transaction (FY15)
`m
19,090
`m
4,345
`m
19,851
`m
8,066
`m
11,785
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

33
20
46.9
1.6
3.1
0.60
2.3
16.7
2,660.67
0.6
16.3
8.7
1.6
36.8
70,508
14.7
10,755
8,509.1
733.2
295.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

124,812
624
125,436
8,765
3,808
3,769
1,812
0
0
2,896
370
4,337
7.0
20.4
3.5

114,867
925
115,792
4,220
5,300
8,055
-8,210
577
99
5,208
-685
-1,641
3.7
8.3
-1.4

153,409
1,888
155,297
15,171
5,799
8,723
2,538
3,386
92
-2,953
1,724
1,339
9.9
67.9
0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

42,769
52,961
-8.2
0.8
55
42
59,708
2,661
28,015
44,551
27,378
130,967
1.5
0.6
1.0
6.2
9.7
11.8
11.4
5.8

59,892
68,540
-7.5
0.9
49
44
70,875
2,661
23,734
39,892
54,912
175,343
0.0
1.4
0.7
3.7
-4.1
6.0
10.8
1.9

75,677
78,727
-2.0
1.0
37
32
60,595
2,846
30,903
45,113
62,194
195,246
1.3
1.4
0.8
5.2
3.0
11.0
12.4
2.8

BALANCE SHEET DATA

P/E

76
22
53.9
0.5
2.5
0.45
0.9
15.9
2,845.88
QIP
0.9
104.0
19.5
3.1
95.7
139,306
11.2
15,361
13,692.3
1,371.0
119.5

P/CF

184.0

34.5

(` )

AUD: M. S. Krishnaswami & Rajan

Yield

Mkt cap

0.5

Vol.

246,310.9

979.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE208A01029

120
Close

100

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

25
12
43.2
-0.6
1.4
0.00
0.0
15.0
2,660.67
0.4
-29.5
13.2
1.2
0.0
48,424
11.6
13,456
9,943.5
1,164.8
-142.1

Regd off: 1, Sardar Patel Road, Guindy, Chennai - 600 032

E-Mail:
secretarial@ashokleyland.com
Web site: www.ashokleyland.com
Telephone: (044) 2220 6000
Fax: (044) 2220 4410
Tr agent: Integrated Enterprises, Kences Towers, North Usman Road, Chennai-17

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Trucks
Buses
Capex/sales
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
33,610
45,057
`m
2,381
4,571
%
7.1
10.1
`m
321
2,380
%
1.0
5.3

Jun 15
38,412
3,887
10.1
1,593
4.1

Sep 15
49,397
5,893
11.9
2,868
5.8

FY14
36,867
14,951
3.0
76.5

FY15
53,291
13,151
0.5
73.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
NOS
NOS
%
% of sales

7,283
-11,643
4,170
-190

FY13
51,914
19,002
5.6
73.1

-1,040
-3,773
4,613
-200

4,956
-1,257
3,807
7,506

NOTES

Ashok Leyland (ALL) is the second largest manufacturer of medium and heavy
commercial vehicles (M&HCV) in India. It is also a key player in the passenger bus
segment. In FY09, the company had entered into an agreement with Nissan
Manufacturing Company for the manufacture of LCVs. Accordingly, Dost was
launched in the 2-3.5 tonne segment.

Ashok Leyland's revenues surged by 36% YoY during FY15. The MHCV segment, in
FY13 and FY14, had been badly impacted by the economic slowdown, thereby
dragging Ashok Leyland's performance along with it. However, since the early part of
FY15, the company saw a healthy pick up in volumes. Indeed, policies related to the
reversal of mining bans and resumption of some stalled infrastructure projects led to
the healthy growth in the MHCV space. There was an improvement in freight rates as
well. ALL's operating margins improved substantially by 6.4% during the year largely
on account of benefits of operating leverage, a tight rein on costs and a better sales
mix. Thus, the company reported a net profit of Rs 2.3 bn during FY15 as against a
loss of Rs 4.7 bn during FY14 (excluding extraordinary items during both the years).

Ashok Leyland's efforts on becoming a leaner company and improving its working
capital position have been yielding results. The company has been focusing on
reducing debt and in this regard it has been selling off non-core assets and also
intends to go slow on capex for the next couple of years. Ashok Leyland has also
invested in strengthening its distribution reach over the last several years and this is
now beginning to reap benefits especially with the gradual recovery in the economy.
Further, new product launches are playing their part as well in bolstering
performance.

Get more info at www.equitymaster.com

74

BAJAJ AUTO LTD.

AUTOMOBILES/VEHICLES
Chairman: Rahul Bajaj

Yr of Inc

B. Code

1945
532977
SHAREHOLDING

BL. Code
BAJA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BAJAJ

F.V.
10

: 49.2%
:
0.0%
: 10.6%
: 15.0%
: 25.1%
: 78,518

Price

2,390.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.0

SEC: J. Sridhar

% ch 12-m

12
31/03/14

2,194
1,658
696.6
116.8
123.1
50.00
2.6
351.4
289.37
2.8
16.5
15.6
5.5
42.8
557,240
NM
7,318
NM
NM
NM

2,690
1,844
746.9
104.6
113.8
50.00
2.2
383.4
289.37
3.0
21.7
19.9
5.9
47.8
656,002
NM
8,985
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

200,420
7,971
208,391
36,485
1,678
12
42,766
2
844
-114
12,172
31,327
18.2
28.5
15.6

201,583
6,818
208,401
41,552
1,813
8
46,549
4
1,455
-304
13,901
33,803
20.6
29.9
16.8

216,143
5,840
221,982
41,132
2,675
65
44,232
0
2,137
-3,403
12,711
30,256
19.0
28.7
14.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

61,816
41,658
10.1
1.5
12
13
21,007
2,894
76,234
80,653
713
126,757
3,594.8
0.0
1.6
24.7
38.8
53.5
33.5
4.9

56,244
47,309
4.4
1.2
12
14
21,505
2,894
93,127
101,673
577
153,078
5,677.7
0.0
1.3
22.1
33.2
46.7
40.7
3.1

95,668
44,769
23.5
2.1
14
12
21,722
2,894
105,708
110,953
1,118
159,656
682.5
0.0
1.4
19.0
27.3
38.4
45.1
3.2

21.0

(` )

AUD: Dalal & Shah

Yield

Mkt cap

2.1

Vol.

691,724.5

24.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE917I01010

3,000
Close

2,500

12
31/03/15

2,229
1,423
692.6
108.3
114.1
45.00
2.5
278.7
289.37
2.6
16.9
16.0
6.6
41.6
528,390
NM
6,499
NM
NM
NM

P/CF

22.9

FX Transaction (FY15)
`m
97,578
`m
7,010
`m
94,435
`m
8,561
`m
85,874

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-7.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Bajaj Auto Ltd. Complex, Mumbai-Pune Road, Akurdi, Pune - 411 035
E-Mail:
investors@bajajauto.co.in
Web site: www.bajajauto.com
Telephone: (020) 2747 2851 Fax: (020) 2740 7380
Tr agent: Karvy Computershare, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Units sold
Raw material costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
56,572
47,393
`m
12,268
8,378
%
21.7
17.7
`m
8,612
6,216
%
15.2
13.1

Jun 15
56,135
11,397
20.3
10,148
18.1

Sep 15
60,978
13,171
21.6
9,331
15.3

FY14
3,870
70.4
1.2

FY15
3,811
70.4
1.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
% of sales
%

22,183
-13,944
-14,447
-6,208

FY13
4,237
73.9
3.8

35,017
-21,002
-14,957
-942

21,138
-4,140
-16,442
556

NOTES

Bajaj Auto enjoys a 23% market share in the motorcycle segment in India. The
company's sales mix (in terms of units sold) consists of motorcycles (86%) and threewheelers (14%). Though the company initially was a key player in the geared scooter
segment, aggressive pricing coupled with a slew of new launches has resulted in
increasing market share in the motorcycle segment from 16% in FY00 to around 23%
in FY15. Towards the beginning of 2000, the company started to market its products
aggressively as a result of which as against just 18% volume contribution from the
motorcycle segment in FY00, it has increased the same to 86% in FY15. Besides,
Bajaj Auto is also dominant in the three-wheeler category with 44% of domestic
market share.
Bajaj Auto's sales grew by 7% YoY during FY15 led by higher realizations as volumes
were down 1.5% YoY. Realizations were higher on account of a favorable product
mix. While volumes of motorcycles fell by 4% YoY, three wheelers did better to grow
by 8% YoY. In motorcycles, the Pulsar brand grew by 5% YoY and 11% YoY in the
domestic and international markets respectively. While Discover grew by 37% YoY in
the international markets, performance in the domestic market remained subdued.
Growth in three wheelers was largely led by the domestic market. Operating profits
remained flat as margins contracted by 1.4% during the year. Net profits were down
by 13% YoY.
Although Bajaj Auto has no presence in the scooters segment, there are various
growth triggers for the company over the next couple of years. These include a slew
of launches under its highly profitable brand Pulsar, ramp up in the volumes of
Discover, healthy growth in three wheelers and growth in exports.

Get more info at www.equitymaster.com

75

EICHER MOTORS LIMITED

AUTOMOBILES/VEHICLES
Chairman: S. Sandilya

Yr of Inc

B. Code

1982
505200
SHAREHOLDING

BL. Code
EICH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 55.1%
:
0.0%
:
5.1%
: 20.0%
: 19.8%
: 26,054

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

15,723.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/12/12

-0.7

SEC: Lalit Malik

% ch 12-m

12
31/12/14

3,240
1,457
2,366.6
120.1
150.5
20.00
0.9
650.0
27.00
ESOP
1.0
19.6
15.6
3.6
16.7
63,410
0.9
4,573
68,930.9
4,932.7
3,498.0

5,295
2,512
2,518.4
145.7
193.8
30.00
0.8
760.1
27.04
ESOP
1.5
26.8
20.1
5.1
20.6
105,551
1.1
5,333
64,731.9
5,069.8
3,744.7

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

63,899
1,366
65,265
5,490
822
38
5,997
-1,506
0
0
1,249
3,243
8.6
20.8
5.1

68,098
953
69,051
7,132
1,300
79
6,706
-1,314
0
0
1,452
3,939
10.5
21.7
5.8

87,383
1,074
88,458
11,148
2,198
98
9,926
-864
0
0
2,909
6,154
12.8
29.3
7.0

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

26,386
15,712
16.7
1.7
28
25
14,962
270
17,276
17,549
0
44,715
159.2
0.0
1.4
7.3
18.5
25.8
0.9
0.2

29,113
19,876
13.6
1.5
28
27
21,197
270
20,281
20,554
0
53,366
86.1
0.0
1.3
7.5
19.2
26.6
1.0
0.8

30,331
24,776
6.4
1.2
27
2
27,281
271
24,885
25,159
0
64,076
102.5
0.0
1.4
9.8
24.5
36.4
1.1
0.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

P/E

10.1

FX Transaction (FY15)
`m
971
`m
755
`m
971
`m
1,001
`m
-29
12
31/2/13

Regd off: 3rd Floor-Select Citywalk, A-3 District Centre, Saket, New Delhi - 110 017
E-Mail:
investors@eicher in
Web site: www.eicher.in
Telephone: (011) 4143 7600 Fax: (011) 4143 7700
Tr agent: MCS Ltd., F-65, Okhla Indl. Area, Phase I, New Delhi - 110 020

15,773
4,405
3,224.5
227.1
308.2
50.00
0.5
928.4
27.10
ESOP
3.1
44.4
32.7
10.9
22.0
273,416
1.3
6,596
69,406.8
5,239.4
4,887.7

P/CF

69.2

51.0

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.3

Vol.

426,116.3

4.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE066A01013

25,000
Close

20,000

100 DMA

15,000
10,000
5,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/2/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
22,938
25,680
`m
2,759
3,450
%
12.0
13.4
`m
1,538
1,953
%
6.7
7.6

Jun 15
29,167
3,968
13.6
2,218
7.6

Sep 15
31,225
4,624
14.8
2,555
8.2

CY13
41.3
178.1
62.3

CY14
40.8
302.6
59.6

Parameters
Commercial Vehicles (Sold)
Two Wheelers (Sold)
Raw material costs

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
THNOS
% of net sales

4,960
-7,732
-1,109
-3,880

CY12
48.8
113.4
64.4

7,162
-7,898
-474
-1,209

10,475
-10,872
-1,622
-2,020

NOTES

Incorporated in 1982, Eicher Motors Limited (EML) is the flagship company of the
Eicher Group in India. The company is engaged in the automobile sector with focus
on two key segments - motorcycles and commercial vehicles. The company
manufactures and markets motorcycles under the brand 'Royal Enfield', which it
operates through its standalone business. The commercial vehicle arm - VE
Commercial Vehicles Ltd. is a joint venture between the Volvo Group (Volvo) and
EML.
During CY14, the companys consolidated sales grew by 28% YoY led by strong
growth in the volumes of motorcycles (through Royal Enfield). The companys sales
volumes growth from motorcycles (through Royal Enfield) stood at a huge 70% YoY.
However, volumes of commercial vehicles fell by 1% YoY. Operating margins
improved by 2.3% during the year. Subsequently, the companys net profits grew by
56% YoY during this period.

Eicher as a company has done well during the slump times largely due to the very
strong two-wheeler segment. As for the commercial vehicles business, the same
continued to remain weak although the company is focusing on a strategy of targeting
specific geography and segments with the right fit of products. The management is
relying on the fact that the customers will appreciate the value proposition in terms of
the high quality products the company would be launching.

Get more info at www.equitymaster.com

76

ESCORTS LIMITED
AUTOMOBILES/VEHICLES

Chairman: Rajan Nanda (MD)

Yr of Inc

B. Code

1944
500495
SHAREHOLDING

BL. Code

ESCO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

NANDA

F.V.
10

: 42.0%
:
0.0%
:
4.0%
:
5.2%
: 48.8%
: 95,224

Price

153.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.8

SEC: G. B. Mathur (Associate V. P.)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

24.7

(FY15)
2,311
673
2,320
931
1,389

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

269
31
330.4
6.0
10.1
1.20
0.8
134.2
122.58
A
0.5
24.9
14.8
1.1
19.9
18,387
NM
4,198
NM
NM
NM

145
125
335.5
6.2
11.8
1.20
0.9
149.3
122.58
0.4
21.7
11.4
0.9
19.3
16,542
NM
4,474
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

40,495
483
40,978
1,895
502
970
906
6
0
14
187
738
4.7
20.7
1.8

65,017
829
65,846
3,870
860
1,122
2,717
-2
0
35
282
2,467
6.0
10.4
3.8

41,127
652
41,779
1,627
686
583
1,011
3
0
-306
-56
763
4.0
-5.5
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

13,494
15,457
-4.8
0.9
47
43
16,615
1,193
13,809
16,455
1,697
35,653
1.9
0.1
1.1
4.8
4.5
10.4
3.5
1.9

13,848
14,223
-0.6
1.0
33
21
16,924
1,193
16,115
18,655
1,453
36,422
3.4
0.1
1.8
9.9
13.2
19.3
3.1
1.6

13,877
13,877
0.0
1.0
40
37
16,513
1,193
15,775
18,307
1,068
35,026
2.7
0.1
1.2
3.8
4.2
6.7
5.6
1.6

P/CF
13.0

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.8

Vol.

18,858.9

149.6

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

21.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

145
48
530.4
20.1
27.1
1.80
1.9
152.2
122.58
0.2
4.8
3.6
0.6
8.9
11,866
NM
6,903
NM
NM
NM

Regd off: SCO-232, First Floor, Sector-20, Panchkula, Haryana - 134 109
E-Mail:
corpsect@ndb.vsnl.net.in
Web site: www.escortsgroup.com
Telephone: (0172) 441 6938 Fax: (0172) 441 6938
Tr agent: IN-HOUSE

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Agri machinery
Auto components
Railway equipment
Construction equipment

ISIN

INE042A01014

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,464
8,177
`m
490
220
%
4.7
2.7
`m
353
126
%
3.4
1.5

Jun 15
9,777
570
5.8
363
3.7

Sep 15
8,017
286
3.6
162
2.0

FY14
52,489
1,924
2,534
7,582

FY15
32,789
1,034
1,828
5,149

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs m
Rs m
Rs m
Rs m

584
-1,304
-282
-1,002

FY13
30,654
1,432
1,488
7,486

3,426
-700
-2,299
427

52
-259
13
-194

NOTES

The Escorts Group is among India's leading engineering conglomerates operating in

the high growth sectors of agri-machinery, construction & material handling
equipment, railway equipment and auto components. One of the leading tractor
manufacturers of the country, Escorts offers a comprehensive range of tractors, more
than 45 variants starting from 25 to 80 HP. Besides, the company has also been one
of the major players in the railway equipment business for more than five decades. In
the auto components segment, it is a leading manufacturer of auto suspension
products.

For FY15, the company reported a 37% YoY decline in consolidated sales. Operating
profits plunged 58% YoY as margins contracted by 2%. On excluding the
extraordinary items during both the periods, net profits fell by 56% YoY, more or less
in tandem with the fall in operating profits for the full year.
Growing farm consolidation and increasing substitution of manual and animal labour
for various farming operations will continue to drive the structural growth for higher
HP tractor sales. In the construction equipment space, the company will be focusing
on shifting towards a better product mix, leaner manufacturing/sales setup and better
management of fixed costs. The governments focus on revitalizing Indian Railways
is expected to benefit Escorts in the longer run.

Get more info at www.equitymaster.com

77

HERO MOTOCORP LIMITED

AUTOMOBILES/VEHICLES

Chairman: Brijmohan Lall Munjal

Yr of Inc

B. Code

1985
500182
SHAREHOLDING

BL. Code

HROH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 52.2%
:
0.0%
:
8.5%
: 30.6%
:
8.8%
: 75,661

MUNJAL

Price

2,546.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.7

SEC: Ilam C. Kamboj

% ch 12-m

12
31/03/14

2,298
1,434
1,265.7
105.3
160.8
65.00
3.5
281.6
199.69
1.5
17.7
11.6
6.6
61.7
372,632
6.8
9,304
37,268.5
1,371.8
3,100.4

3,272
2,110
1,379.0
118.4
145.5
60.00
2.2
327.5
199.69
2.0
22.7
18.5
8.2
50.7
537,346
7.3
11,787
37,548.4
1,607.2
3,224.3

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

237,681
3,984
241,665
32,845
11,418
119
25,292
0
0
0
4,110
21,182
13.8
16.3
8.9

252,755
4,442
257,197
35,391
11,074
118
28,641
4
-36
0
7,582
21,027
14.0
26.5
8.3

275,380
4,921
280,301
33,520
5,405
117
32,920
10
152
0
9,435
23,647
12.2
28.7
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

50,776
41,707
3.8
1.2
10
10
31,331
399
49,663
50,062
0
96,417
213.4
0.0
2.5
22.1
42.3
50.8
2.6
4.9

55,583
44,236
4.5
1.3
10
13
31,020
399
55,827
56,226
0
101,216
243.3
0.0
2.5
20.9
37.4
51.1
1.8
5.2

53,797
39,862
5.1
1.3
11
18
36,715
399
64,994
65,400
120
106,544
282.4
0.0
2.6
22.3
36.2
50.7
2.6
4.9

17.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.4

Vol.

508,570.5

10.2

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE158A01026

3,500
Close

3,000

12
31/03/15

2,279
1,516
1,190.3
106.1
163.2
60.00
3.2
250.7
199.69
1.6
17.9
11.6
7.6
56.6
378,912
5.8
8,209
40,979.5
1,415.4
3,652.0

P/CF

21.5

FX Transaction (FY15)
`m
7,202
`m
13,452
`m
7,217
`m
17,488
` m -10,271

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-18.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110 057
E-Mail:
ilam.kamboj@heromotocorp.com
Web site: www.heromotocorp.com
Telephone: (011)4604 4100 Fax: (011) 2614 3198
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Employee costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
68,393
67,939
`m
8,218
8,384
%
12.0
12.3
`m
5,830
6,316
%
8.5
9.3

Jun 15
69,553
10,479
15.1
7,503
10.8

Sep 15
68,371
10,834
15.8
7,721
11.3

FY14
72.6
3.7
4.3

FY15
72.2
4.3
3.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales

18,904
-7,329
-10,563
1,012

FY13
73.8
3.5
1.9

29,630
-16,178
-14,137
-685

21,855
314
-21,311
858

NOTES

Hero Motocorp (erstwhile Hero Honda Motors) is the largest manufacturer of

motorcycles in the world. Not only is the company a market leader in the entry level
segment of motorcycles, but is also the market leader in the overall motorcycle space
in India. The company was earlier a joint venture promoted by Hero Cycles (P)
Limited and Honda Motor Company with each partner holding 26% stake. Hero
Motocorp is solely engaged in manufacturing and sale of motorcycles and gearless
scooters. In December 2010, Hero Honda announced the new licensing agreement,
which eventually led the Hero Group to buy out Hondas 26% stake.
Hero Motocorp reported revenue growth of 9% YoY on the back of the 6% YoY growth
in volumes. This was decent given that the industry remained largely sluggish due to
the slowing rural economy. Operating profit margins, however, contracted by 1.2%
during the year on account of higher staff costs and other expenditure. Net profits
grew by 13% YoY despite the extraordinary expense of Rs 1.5 bn during the year.
This was due to the 51% YoY fall in depreciation charges. Since the amortization of
royalty payments to Honda ended in 1QFY15, there was a substantial reduction in
depreciation. The extraordinary expense of Rs 1.5 bn was related to impairment of
equity investment in Erik Buell Racing (EBR) as the latter had filed for bankruptcy.
Hero Motocorp has lined up an investment of Rs 30 bn over the next two to three
years, which will be towards adding capacities and brand building initiatives in the
domestic and global markets. The company aims to expand its global footprint to 50
countries and aims to have an annual capacity of 12 m units by 2020, of which
exports would account for around 10%.

Get more info at www.equitymaster.com

78

MAHINDRA & MAHINDRA LIMITED

AUTOMOBILES/VEHICLES

Chairman: Anand Mahindra

Yr of Inc

B. Code

1945
500520
SHAREHOLDING

BL. Code

MAHM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MAHINDRA
F.V.
5

: 25.2%
:
0.1%
: 15.9%
: 41.9%
: 16.9%
: 167,076

Price

1,312.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.8

SEC: Narayan Shankar

% ch 12-m

12
31/03/14

1,054
742
1,253.6
79.1
115.8
14.00
1.6
394.8
590.32
0.7
11.4
7.8
2.3
17.7
529,960
19.4
68,859
38,091.8
3,544.5
2,402.3

1,421
965
1,216.6
53.1
89.0
12.00
1.0
437.2
591.39
ESOP
1.0
22.5
13.4
2.7
22.6
705,440
19.8
71,466
36,271.7
3,602.8
1,581.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

686,935
3,889
690,824
91,158
20,799
22,970
51,279
-300
4,834
4,525
19,346
40,992
13.3
37.7
6.0

740,009
5,051
745,060
101,202
21,696
29,539
55,018
-4,869
8,304
3,179
14,962
46,669
13.7
27.2
6.3

719,486
5,250
724,736
87,933
21,238
31,567
40,378
-2,439
7,887
2,749
17,200
31,375
12.2
42.6
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

341,964
261,033
11.8
1.3
45
28
179,412
2,952
167,877
199,607
198,603
764,698
3.2
1.0
0.9
8.4
20.5
20.9
3.2
1.3

395,944
275,584
16.3
1.4
41
28
192,280
2,952
198,176
233,069
254,918
882,703
2.9
1.1
0.8
8.6
20.0
18.7
2.9
0.9

397,501
337,328
8.4
1.2
43
28
213,146
2,957
222,971
258,564
223,270
948,440
2.3
0.9
0.8
6.6
12.1
16.6
3.1
1.0

15.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.9

Vol.

815,367.0

40.3

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE101A01026

400
350

12
31/03/15

975
622
1,163.7
69.4
104.7
13.00
1.6
338.1
590.32
ESOP
0.7
11.5
7.6
2.4
18.7
471,371
19.4
68,191
35,347.1
3,508.8
2,109.3

P/CF

26.0

FX Transaction (FY15)
`m
22,248
`m
7,272
`m
23,360
`m
14,820
`m
8,540

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

3.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Gateway Building, Apollo Bunder, Mumbai - 400 001

E-Mail:
investors@mahindra.com
Web site: www.mahindra.com
Telephone: (022) 2497 5074 Fax: (022) 2490 0833
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive
Farm equipment
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
95,828
95,570
`m
9,942
9,005
%
10.4
9.4
`m
6,428
5,142
%
6.7
5.4

Jun 15
98,304
12,525
12.7
8,522
8.7

Sep 15
92,456
10,264
11.1
9,236
10.0

FY14
246,332
143,337
2.7

FY15
242,204
133,468
3.5

`
`
`
`

m
m
m
m

-9,217
-27,876
45,083
6,840

KEY DATA
Unit
FY13
Rs m
264,886
Rs m
119,897
%
3.4

-2,437
-44,897
55,774
8,100

10,549
-44,441
16,694
-19,124

NOTES

Mahindra & Mahindra (M&M) is engaged in the manufacture of UVs, tractors, light
commercial vehicles (LCVs) and three-wheelers. While automotive division
contributed to 64% of FY15 revenues, farm equipment division accounted for 36% of
revenues. Through investment in its subsidiaries, M&M has interests in sectors like
software, hotels, real estate and financial services. While the company had a 37%
market share in the UV segment, it had a 40% share in the tractor market.
M&M reported decline of 4% YoY in revenues during the year. This was largely due
to the tepid performance of the both the automotive and farm equipment divisions.
While revenues of the former were down 2% YoY, the latter saw revenues fall by 7%
YoY. As far as the automotive business is concerned, volumes de-grew for the
company largely on account of the fall in volumes of cars, vans as well as utility
vehicles. The farm equipment segment also put up a subdued show with revenues
falling by 7% YoY. The tractor industry as a whole witnessed a drop in volumes as
farm incomes reduced. M&M's operating margins fell by 1.2% YoY during FY15
largely on account of rise in employee costs and other expenses (as percentage of
sales). Net profits fell 20% YoY during the year (on excluding the extraordinary
income during both the years) led by the poor performance at the operating level as
well as higher tax expenses.

Although the growth of UVs has been slow, the company expects the scenario to
improve going forward backed by new launches. While the LCV segment as a whole
has been de-growing, growth in certain segments within the LCV segment could
ramp up (especially the 3.5 to 7T) category. As far as tractors are concerned, the
management expects growth to be better from 1HFY16 onwards.

Get more info at www.equitymaster.com

79

MARUTI SUZUKI LIMITED

AUTOMOBILES/VEHICLES
Chairman: R. C. Bhargava

Yr of Inc

B. Code

1980
532500
SHAREHOLDING

BL. Code
MRTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

:
0.0%
: 56.2%
: 14.0%
: 22.0%
:
7.8%
: 100,212

Price

4,477.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: S. Ravi Aiyar (CLO)

% ch 12-m

35.5

FX Transaction (FY15)
`m
45,857
`m
42,919
`m
46,329
`m
77,959
` m -31,630
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,638
1,052
1,466.6
81.7
144.3
8.00
0.6
629.9
302.08
A
0.9
16.5
9.3
2.1
9.8
406,298
NM
11,202
NM
NM
NM

1,976
1,217
1,474.5
94.4
164.5
12.00
0.8
711.6
302.08
1.1
16.9
9.7
2.2
12.7
482,271
NM
14,237
NM
NM
NM

3,790
1,866
1,681.7
126.0
209.3
25.00
0.9
805.0
302.08
1.7
22.4
13.5
3.5
19.8
854,282
NM
16,710
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

443,044
8,301
451,345
43,275
18,897
1,978
30,701
-13
219
0
6,215
24,692
9.8
20.2
5.6

445,418
7,393
452,811
52,950
21,160
1,845
37,338
-16
229
0
9,022
28,529
11.9
24.2
6.4

508,014
8,650
516,664
68,441
25,153
2,178
49,760
-12
180
0
11,854
38,074
13.5
23.8
7.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

111,754
68,714
9.7
1.6
16
57
119,882
1,510
179,583
190,278
7,049
275,170
16.5
0.0
1.6
9.7
13.0
16.7
10.3
13.1

145,740
82,950
14.1
1.8
14
12
136,732
1,510
204,269
214,964
6,274
314,755
21.2
0.0
1.4
9.7
13.3
17.8
9.2
11.1

86,964
89,824
-0.6
1.0
19
8
143,796
1,510
232,489
243,184
2,783
344,786
23.8
0.0
1.5
11.7
15.7
21.2
9.0
8.4

P/CF
21.4

(` )

CASHFLOW

Parameters
Units sold
Raw material costs
Capex/sales

Mkt cap

0.6

Vol.

1,352,517.9

29.0

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Price Waterhouse

Yield

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

32.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110 070
E-Mail:
investor@maruti.co.in
Web site: www.marutisuzuki.com
Telephone: (011) 4678 1000 Fax: (011) 4615 0275
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE585B01010

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
125,758
136,248
`m
15,926
21,643
%
12.7
15.9
`m
8,022
12,842
%
6.4
9.4

Jun 15
134,249
21,891
16.3
11,929
8.9

Sep 15
139,337
22,694
16.3
12,256
8.8

FY14
1,155
71.7
8.6

FY15
1,292
72.2
6.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
% of net sales
%

40,589
-32,240
-9,786
-1,437

FY13
1,171
74.6
12.6

49,946
-49,969
-739
-762

65,391
-45,810
-20,035
-454

NOTES

Maruti Suzuki India Limited is the country's largest passenger car manufacturer with
45% share of the passenger car market (FY15). After remaining a near monopoly till
1992, the entry of other multinationals has resulted in the company losing market
share. However, it has been able to steady its share in the Indian passenger car
segment of late. The plant in Manesar, Haryana, along with the upcoming plant in
Gujarat will enable it to take advantage of the industry growth story over the next 3
to 5 years. Its foray into the diesel car segment is also a big positive and will help it
further in expanding its addressable markets.

Maruti Suzuki's revenues during the year grew by a decent 14% YoY with volumes
up by 12% YoY. This is commendable given that the auto industry had not completely
recovered from the slowdown yet. In the domestic market, the 11% YoY volume
growth was largely led by the super compact segment whose volumes were up 86%
YoY as well as the mid-sized segment whose volumes grew 8 times. Exports did quite
well during the year as volumes were up 20% YoY. Marutis operating margins
improved by 1.6% on account of a fall in raw material costs as well as other
expenditure (as percentage of sales). Led by the strong performance at the operating
profit level, net profits grew by 33% YoY during the year.

Going forward, Maruti Suzuki aims to reach sales volume target of 2 m units over the
next five years and in this regard plans to launch 20 new models in the same period.
The company has also outlined a capex of Rs 35 bn in FY16, which will be towards
new product launches, R&D, marketing expenses and maintenance. Minority
shareholders, in the meanwhile, have approved Maruti's proposal that entails the
parent company Suzuki to set up the Gujarat plant.

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80

TATA MOTORS LIMITED

AUTOMOBILES/VEHICLES
Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1945
500570
SHAREHOLDING

BL. Code
TAMO.B0

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
2

: 34.3%
:
0.0%
: 10.1%
: 48.3%
:
7.3%
: 356,574

Price

394.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-5.0

SEC: H. K. Sethna

% ch 12-m

9.1

FX Transaction (FY15)
`m
39,802
`m
18,915
`m
55,848
`m
34,002
`m
21,846
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

605
403
816.5
43.5
85.1
0.00
0.0
174.8
3,218.68
0.6
11.6
5.9
2.9
0.0
1,622,376
73.5
255,490
35,761.9
3,476.8
1,903.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,887,927
8,156
1,896,083
245,960
76,013
35,603
142,500
-837
1,056
-6,027
37,767
98,926
13.0
26.5
5.2

2,328,337
8,286
2,336,623
348,534
110,782
47,494
198,544
-595
-537
-9,854
47,648
139,910
15.0
24.0
6.0

2,627,963
8,987
2,636,951
392,387
133,886
48,615
218,873
-868
134
-1,847
76,429
139,863
14.9
34.9
5.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
741,536
`m
865,457
%
-6.6
x
0.9
Days
41
Days
21
`m
698,629
`m
6,381
`m
348,026
`m
376,373
`m
321,553
`m
1,703,782
x
5.0
x
0.9
x
1.1
%
7.9
%
26.3
%
24.7
%
1.8
%
1.0

958,453
923,561
1.5
1.0
43
17
973,754
6,438
498,291
656,035
452,586
2,199,983
5.2
0.7
1.1
8.5
21.3
21.2
1.5
0.7

1,017,584
1,002,720
0.6
1.0
41
17
1,124,226
6,438
611,696
562,619
560,713
2,386,580
5.5
1.0
1.1
7.9
24.9
23.6
1.5
0.7

P/CF
4.6

(` )

AUD: Deloitte Haskin & Sells

Yield

Mkt cap

0.0

Vol.

1,267,999.0

470.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE155A01022

700
Close

600

12
31/03/15

417
255
723.4
43.5
77.9
2.00
0.6
203.8
3,218.68
0.5
7.7
4.3
1.6
4.6
1,082,120
66.6
215,564
34,963.7
3,237.0
2,101.0

BALANCE SHEET DATA

P/E

-21.4

333
205
591.8
31.0
54.8
2.00
0.7
118.0
3,190.12
BC
0.5
8.7
4.9
2.3
6.4
858,621
62.9
166,322
30,027.6
2,645.4
1,573.4

INCOME DATA

Regd off: Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai - 01
E-Mail:
inv_rel@tatamotors.com
Web site: www.tatamotors.com
Telephone: (022) 6665 8282 Fax: (022) 6665 7799
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Road, Mumbai-

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
CV volumes
PV volumes
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
699,733
675,760
`m
100,424
84,074
%
14.4
12.4
`m
37,247
18,777
%
5.3
2.8

Jun 15
610,195
90,892
14.9
28,856
4.7

Sep 15
613,182
68,617
11.2
8,160
1.3

FY14
74
26
75.6

FY15
72
28
74.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

221,626
-234,914
-16,921
-24,989

FY13
71
29
73.6

361,512
-298,930
-38,832
42,770

351,829
-345,189
52,014
45,004

NOTES

Tata Motors is India's largest CV manufacturer and the company also has established
a presence in the passenger vehicles space. In 2008, the company acquired two
iconic brands, 'Jaguar' and 'Land Rover' from Ford for a total consideration of US$
2.3 bn in order to become a global player in the passenger vehicles space. It is also
credited with the launching of 'Nano', the world's cheapest car till date. Tata Motors is
also the first company in the Indian automobile sector to be listed on the New York
Stock Exchange.

Tata Motors' consolidated revenues increased by 13% YoY during FY15 largely led
by the Indian operations as the JLR business slowed down. With respect to India
operations, the MHCV segment displayed strong volumes, while the LCV business
remained sluggish. Volumes from the passenger vehicles business declined by 5%
YoY. As far as JLR is concerned, the volumes of Land Rover were up 9% YoY led by
growth across most models. Those of Jaguar were down by 4.5% YoY. Tata Motors'
consolidated operating margins remained stable, while net profit growth remained
flat.

Going forward, while the build-up in MHCV volumes is expected to continue, Tata
Motors expects the LCV segment to start showing signs of recovery and growth
towards the end of FY16. In the passenger vehicles space, new products and midcycle enhancements will drive growth in the near to medium term. As far as JLR is
concerned, the company has lined up new product launches over the next 18 months.
Near term pressures persist in the form of pressure on margins on account of launch
costs of new products and the mixed economic conditions in China. However, from a
longer term perspective, the company intends to pursue its growth strategy and
investing more in new products, power trains and technologies.

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81

TUBE INVESTMENTS OF INDIA LIMITED

AUTOMOBILES/VEHICLES

Chairman: M. M. Murugappan

Yr of Inc

B. Code

1949
504973
SHAREHOLDING

BL. Code
TUBE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MURUGAPPA
F.V.
2

: 48.3%
:
0.0%
: 12.3%
: 16.0%
: 23.4%
: 22,014

Price

398.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Suresh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

77,516
246
77,762
22,994
1,326
15,174
6,739
-1,696
15
0
2,173
2,885
29.7
32.2
3.7

88,345
288
88,633
28,132
1,587
18,939
7,894
-2,062
0
0
2,718
3,113
31.8
34.4
3.5

96,976
482
97,458
31,921
1,708
21,003
9,693
-2,593
0
340
3,196
4,244
32.9
33.0
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

78,315
102,533
-31.2
0.8
22
25
10,705
373
14,189
16,592
89,291
231,616
1.4
5.4
0.3
7.8
17.4
19.1
2.4
5.8

96,504
119,614
-26.2
0.8
20
25
11,673
374
15,780
19,510
104,610
273,591
1.4
5.4
0.3
8.1
16.0
20.0
2.2
3.9

99,648
112,608
-13.4
0.9
23
24
12,065
374
19,316
23,278
131,956
303,620
1.5
5.7
0.3
8.3
18.2
18.3
2.2
3.3

BALANCE SHEET DATA

12.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.5

Vol.

74,627.4

3.2

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE149A01025

450

12
31/03/15

404
176
518.2
22.7
31.8
2.00
0.7
124.4
187.13
ESOP
0.6
12.8
9.1
2.3
8.8
54,258
3.4
7,664
28,239.8
2,231.7
1,235.8

P/CF

17.6

(FY15)
2,095
3,248
2,139
3,368
-1,229

`
`
`
`
`
`
%
`
m

INCOME DATA

199
123
472.7
16.7
25.1
2.00
1.2
104.4
186.89
ESOP
0.3
9.7
6.4
1.5
12.0
30,108
3.5
6,772
25,342.8
1,942.5
893.0

P/E

16.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

222
131
415.2
15.5
22.6
2.00
1.1
88.9
186.68
ESOP
0.4
11.4
7.8
2.0
12.9
32,949
3.4
5,886
22,514.2
1,709.6
838.0

1.9

Regd off: Dare House, 234, N. S. C Bose Road, Chennai - 600 001
E-Mail:
sureshs@tii.murugappa.com
Web site: www.tiindia.com
Telephone: (044) 4228 6711 Fax: (044) 4211 0404
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cycles and components
Engineering
Metal formed products
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,693
23,674
`m
2,517
2,484
%
10.2
10.5
`m
989
1,018
%
4.0
4.3

Jun 15
25,483
2,497
9.8
950
3.7

Sep 15
22,330
2,515
11.3
1,069
4.8

FY14
11,850
16,220
8,510
61.8

FY15
13,140
17,250
9,290
61.8

`
`
`
`

m
m
m
m

-32,282
-8,622
44,647
3,980

KEY DATA
Unit
FY13
Rs m
12,600
Rs m
15,820
Rs m
8,510
% of net sales
61.6

-18,720
-4,989
26,429
2,720

-16,489
-2,439
16,674
-2,254

NOTES

Tube Investments of India Ltd (TII) was formed in 1959 when the erstwhile TI Cycles
of India (which commenced bicycles manufacturing in 1949) merged with Tube
Products of India (formed in 1955 as a backward integration initiative). The company
has three business segments notably bicycles (which includes cycles and electric
scooters), engineering (welded tubes and strips) and metal formed products
(doorframes, chains and railway wagon sets). The companys subsidiaries include
Cholamandalam Finance, Cholamandalam MS General Insurance and Shanthi
Gears.
TII reported a 9% YoY growth in revenues in FY15. The cycles and components
segment grew by 11% YoY, while the engineering business was up 6% YoY. The
metal formed products segment reported a 9% YoY growth in revenues. Exports
recorded a growth of 3% YoY. Exports continued to face challenges because of
difficult demand conditions in Europe and a weak Euro affecting realisations. Profit
before tax declined by 14% YoY largely on account of higher finance costs and
depreciation charges.

The auto and auto ancillary industry has been gradually recovering from the
slowdown. Given that TII's fortunes are in large part determined by the prospects of
the auto sector, a strong growth in the latter will certainly bode well. Going forward,
the company intends to introduce new models in the bicycles segment and enhance
brand awareness. In the engineering space, the strategy is to introduce new products
and applications and drive operational efficiencies. For metal formed products, the
focus will be on strengthening technological expertise.

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82

BANKS
slightly from 10.7% to 10.4% in FY15. Among banks, public
sector banks reported a marginal decline in RoA from 0.5% to
0.46%. Private sector banks saw their RoA improve from
1.65% to 1.68% during the year.

The Indian economy has been on a relatively sound footing,

registering the fastest growth in FY15. However, problems
such as a weak investment climate and tepid earnings growth
continue to plague the economy. The banking sector, being
the barometer of the economy, continued to battle falling
asset quality issues and the need to maintain capital
adequacy in the light of piling bad loans.

The gross NPAs of banks (PSBs + private) increased over

the last one year from 3.9% to 4.6% as on March 2015. The
stressed advances that include restructured advances rose
from around 10% to 11.1% of total advances during the year.
The PSBs recorded the highest level of stressed assets at
13.5% of the total advances as compared to 4.6% in case of
private banks.

The banking sector recorded slowdown in balance sheet

growth for the fourth year in a row in FY15. The slowdown
was due to sluggish credit offtake that slipped to single-digits
during the year. But on the back of controlled operating
expenses, the sector managed to post incremental profits
during the year. However, profitability remained depressed
with the Return on assets (RoA) continuing to linger below
1% during the year.
The ownership in the banking sector remained predominantly
in the public sector despite a gradual decline in their share in
recent years. Public sector banks (PSBs) accounted for
72.1% of the total banking sector assets. However, in terms
of profits, the share of private banks surpassed that of PSBs.
In FY15, PSBs had a share of 42.1% in overall profits.
Since the start of 2015, the Reserve Bank of India (RBI) has
reduced interest rates by 1.25%. Although banks have
reduced base rates but not to the same extent. For the full
transmission of rates, the RBI has asked banks to follow the
marginal cost of funds while setting the base rate.
In order to prevent banks from liberally restructuring assets to
avoid slippages, the Reserve bank of India has made all
assets restructured from 1st April 2015 to be treated at par
with NPAs as far as provisioning is concerned. This means
that the provisioning in case of the restructured assets will
increase from 5% to 15%.
FY15
As the domestic economy remained sluggish, the growth in
the Indian banking sector too remained under pressure in
FY15. Credit offtake slowed down to 9.4% in FY15 from
14.3% recorded in FY14. Poor earnings growth by
companies, slow pace of investments, risk aversion of banks
due to rising bad loans, and availability of alternative funding
sources for corporates pulled down credit growth during the
year. Similarly, the growth in deposits of scheduled
commercial banks (SCBs) at 10.7% in FY15 was much lower
than the growth at 14.1% in the previous financial year. The
base rate of major banks remained unchanged at 10.0% 10.25% in FY15. As a part of the monetary transmission,
base rate of major banks fell 9.3%-9.7% by the end of 2015.
Even deposit rates have fallen from 8%-9.25% in FY15 to
7%-7.9% towards the end of 2015.

The capital adequacy ratio (CAR) of banks slipped from over

13% to 12.9% as on 31 March 2015. PSBs continued to
report the lowest CAR that stood below 12% whereas private
banks recorded a CAR of around 16% as at 31st March 2015.
KEY POINTS
Supply: Liquidity is controlled by the Reserve Bank of India
(RBI).
Demand: India is a growing economy and demand for credit is
high though it could be cyclical in nature.
Barriers to entry: Licensing requirement, investment in
technology and branch network, capital and regulatory
requirements.
Bargaining power of suppliers: High during periods of tight
liquidity. Trade unions in public sector banks can be anti
reforms and orchestrate strikes. Depositors may invest
elsewhere if interest rates fall.
Bargaining power of customers: For good creditworthy
borrowers bargaining power is high due to the availability of
large number of banks.
Competition: High- There are public sector banks, private
sector and foreign banks along with non-banking finance
companies competing in similar business segments.
Additionally, the RBI has issued banking licenses to 23 new
banks. These include 10 small banks and 11 payment banks.
This will further increase competition in the industry.
PROSPECTS
While the medium term prospects point towards an improving
growth scenario, the Indian economy still continues to battle
falling exports and sluggish investments which may lead to
slowdown in credit offtake and piling up of bad loans.
The government has introduced a number of debt recovery
measures such as Joint Lender's Forum, Structured Debt
Restructuring (SDR), 5/25 refinancing scheme for extension
of tenure in case of infra loans, and Ujwal Discom Assurance
Yojana (UDAY) scheme for salvaging loans taken by debtridden and loss-making SEBs. These measures have given
banks more arsenal in their fight to bring down the quantum
of bad loans. However, these measures come with their own
share of challenges.

There remains a wide disparity in the credit performance of

public and private sector banks. While the credit growth of
public sector banks has more than halved to 7.1% that of
private sector banks has improved from below 17% to 18.7%
in FY15.
The net interest margin and spread witnessed marginal
decline in FY15. The aggregate profit after tax (PAT) of banks
has risen by 10.1% in FY15 as compared to a decline of 14%
in the preceding year. Although the growth in the net interest
income has tapered down a bit, rationalization of operating
expenses backed by moderation in the growth of the wage bill
and a sharp decline in the growth of provisions and
contingencies pulled up the profit growth during the year.
In terms of profitability, the return on assets (RoA) remained
static at 0.8% whereas the return on equity (RoE) dipped
83

With an aim to shore up the capital base of banks, enable

them to meet credit demand and adhere to Basel III norms,
the government has earmarked Rs 700 bn for capital infusion
in PSBs during the period 2016-2019. However, this is less
than the total capital requirement of Rs 1.8 trillion estimated
by the government over the next four years. The government
hopes to raise the balance amount of Rs 1.1 trillion by
divesting its stake in PSBS. However, this seems difficult in
the current depressed market particularly when the bad loans
in PSBs have reached Rs 2.67 trillion at the end of March
2015.

BANKS
GLOBAL COMPARISON
FY15/ CY14
Assets
Total revenue
Net profit
Net Interest Margin
Net profit margin
EPS
ROA
ROE
Price to book value*

Unit
US$ m
US$ m
US$ m
%
%
Rs
%
%
x

SBI
309,611
8,317
1,981
2.96
8.6
17.5
0.7
10.2
1.7

ICICI Bank
113,575
5,415
1,516
3.4
18.2
17.3
1.4
12.3
1.9

HSBC Holdings
2,634,139
61,248
14,705
1.9
28.9
45.6
0.5
8.5

Citigroup ING Group NV

1,843,000
1,079,191
76,900
16,626
7,300
1,565
2.9
1.5
9.5%
9.4%
145.5
0.4
0.1
3.5
9.9
0.8
0.8
1.0

*Book value as on 31st March 2015/ December 2014

HSBC
HSBC Holdings is the UK's largest banking company and is also active throughout the rest of Europe, Asia, Middle East and North
Africa, North America, and Latin America. Headquartered in London, Hong Kong and Shanghai Banking Corporation is one of the
largest banking and financial services organisations in the world with assets of USD 2,634 billion (as on 31st December 2014.
HSBC's international network spans across 73 countries and territories with established and faster-growing markets.
HSBC has a customer base of over 51 m customers, 266,000 employees with 6,100 offices. The bank has reported 17% YoY fall
in profit before tax for 2014. The capital strength remains intact with Common Equity Tier I ratio of 11.1% and the banking
company is one of the best-capitalised banks in the world. The cost efficiency ratio increased to 67.3% in 2014 from 59.6% in
2013. The RoEs fell to 8.5% in 2014 from 11% in 2013. Dividends to shareholders have gone up by USD 0.4 bn to USD 9.6 bn
during the year on the back of capital strength that creates capacity for organic growth and increase the dividends paid.
Going ahead, the bank is targeting a Return on equity of over 10% in the medium term. The bank wants to follow a progressive
dividend policy in line with the growth of the overall profitability.

Citigroup Inc.
Citigroup Inc. is based in New York City and the group completed 200 years in 2012. Citigroup is a global diversified financial
services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range
of financial products and services. The bank had assets worth US$ 1.8 trillion in 2014 with about 200 m customer accounts and
operates in 160 countries. The bank has been restructuring its business operations and has scaled down its global employee
strength from a peak of 375,000 to 241,000. The bank has shed 60 non-core businesses. The bank has also reduced the number
of legal entities to simplify its structure and governance. Citigroup has two primary business segments Citicorp consisting of Citis
Global Consumer Banking business and Institutional Clients Group and Citi Holdings consisting of businesses and assets that are
not central to the core Citicorp businesses. The Company primarily operates in North America, Latin America, Europe, the Middle
East and Africa, Japan, and Asia.
Out of the total revenue base of USD 77 bn, North America has a lions share of 42% followed by Asia and Latin America that have
shares of 19% and 17.5%, respectively. Citi saw its revenues, net of interest expense, increase by 1% as revenues rose by 28% in
Citi Holdings partially offset by a 1% downfall in revenues of Citicorp. However, expenses grew by a steep 14% on account of
significant costs associated with legal settlements as Citi resolved its significant legacy legal issues during the year. Resultantly,
the bank reported a 47% drop in profit to USD 7.3 bn profits for 2014. The return on assets declined from 0.7% in 2013 to 0.4% in
2014. The Tier I ratio for 2014 stood at 10.6% as per BASEL III requirements.

ING Group
Headquartered in the Netherlands, ING Group is a global financial services company with 150 years of experience, providing a
wide array of banking, insurance and asset management services in over 40 countries. ING currently serves over 32 mn customers
and has more than 53,000 employees.
In 2014, INGs income remained almost flat at around EUR 15.3 billion. The net loan growth of 3% was spread across Retail and
Commercial Banking. The banking business posted an 8.5% increase in profit. But on account of extraordinary expenses and loss
of EUR 1.4 bn from legacy insurance business, the overall profits of ING Group fell by more than a third to EUR 1.3 bn. The
company finished its restructuring exercise after completing the IPO of NN Group, its former European/Japanese insurance
business. Even the dividend payments were reinstated during the year with a payout ratio of 38%. Going ahead, the bank is
targeting to bring down the cost-to-income ratio of the bank from the present level of 58.7% to 50-53% and raise its return on
equity to more than 10%.Based on market capitalization (EUR 42 bn), INGs banking business is ranked ninth among European
banks. The group has also strengthened its capital position of its banking business to meet up the regulatory requirements.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

84

ANDHRA BANK
BANKING

Chairman: C. V. R Rajendran (MD)

Yr of Inc

B. Code

1923
532418
SHAREHOLDING

BL. Code

ADBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 60.1%
:
0.0%
: 10.9%
: 11.5%
: 17.4%
: 222,746

GOVERNMENT
Price
63.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.7

SEC: Y. Amarnath

% ch 12-m

3.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

130
88
231.8
23.0
60.8
5.00
4.6
151.1
559.58
0.5
4.7
2.7
0.7
21.8
60,882
16.5
13,211
7,850.9
799.6
777.4

100
47
242.5
7.4
22.3
1.10
1.5
148.2
589.61
PA
0.3
10.0
2.0
0.5
14.9
43,395
18.7
14,207
7,635.4
758.7
232.6

108
63
271.5
10.6
40.8
2.00
2.3
166.9
602.85
PA
0.3
8.1
2.4
0.5
18.9
51,544
18.5
17,309
8,836.0
934.4
344.6

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

129,721
15,702
91,512
38,208
26,334
11,874
9.2
9,969
17,607
0
0
71
4,833
12,845
9.9

142,973
13,328
105,600
37,373
23,099
14,274
10.0
17,284
7,337
0
0
0
2,982
4,356
3.0

163,686
14,998
118,306
45,380
27,394
17,986
11.0
15,005
12,182
0
0
0
5,798
6,384
3.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

983,733
1,237,965
79.5
10.5
6.9
2.7
3,222
5,596
43,929
84,541
111,258
383,760
1,475,593
16.0
0.9
15.2
11.8
2.5

1,076,442
1,418,451
75.9
10.3
6.9
2.8
4,339
5,896
43,549
87,375
131,851
453,566
1,673,409
17.7
0.3
5.0
10.8
3.1

1,259,547
1,550,122
81.3
10.1
7.0
3.0
12,636
6,029
45,438
100,641
153,072
464,994
1,851,704
16.9
0.3
6.3
10.6
2.9

P/CF
6.0

(` )

AUD: Umamaheswara Rao & Co.

Yield

Mkt cap

3.2

38,009.7

Vol.

144.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE434A01013

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-25.0

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad - 500 004
E-Mail:
mbd@andhrabank.co.in
Web site: www.andhrabank.in
Telephone: (040) 2325 2371 Fax: (040) 2323 0883
Tr agent: MCS, Kashiram Jamnadas Bldg, No. 21/22, P.D Mello Rd., Mumbai-09

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
41,503
42,618
`m
7,176
7,383
%
17.3
17.3
`m
2,017
1,852
%
4.9
4.3

Jun 15
42,150
6,544
15.5
2,025
4.8

Sep 15
43,459
7,772
17.9
2,513
5.8

FY14
2,114
18,725
1,050.9
0.2
2.8

FY15
2,507
18,525
1,135.2
0.3
3.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-8,833
-952
-6,369
-16,153

FY13
1,867
16,523
1,012.6
0.8
2.7

21,027
-2,198
11,519
30,347

-28,631
-2,365
13,228
-17,768

Established in 1923, Andhra Bank has registered 12.7% YoY growth in total business
for FY15. The bank has national presence through 2,507 branches and around 2,232
ATMs. After being a laggard in terms of asset growth in the initial years of the decade,
Andhra Bank has caught up with its peers in the banking space over the last three
fiscals.

The bank continues to focus on corporate, MSME, retail and agri lending. Barring
agri, credit offtake in all segments have grown by over 20% in FY15. Overall credit
grew by 17% YoY during FY15. Exposure to top 10 industries constitutes 49% of
gross bank credit for the bank with power and housing loans accounting for lions
shares of over 10% each. Low cost deposits (CASA) comprised 27.4% of the banks
total deposits in FY15. The banks NIMs have improved to 3% in FY15. The cost to
income ratio has fallen by 0.2% to 45.4% during FY15.
Andhra Banks asset quality remained poor on account of large exposure to the
beleaguered power and infrastructure sectors and the bad loans emerging from the
large corporate portfolio. As a result, the gross NPA ratio hovered at 5.3% during
FY15 and the net NPA ratio stood at 2.9% during the same period. As a result, the
banks return on equity remains low at 6.3%. . The banks capital adequacy ratio
currently stands at 10.63% as per BASEL III norms and conforms with the transitional
arrangement prescribed by RBI. However, going ahead the bank may require
additional funds to meet its growing business needs.

Get more info at www.equitymaster.com

85

AXIS BANK LIMITED

BANKING

Chairman: Sanjiv Misra

Yr of Inc

B. Code

1994
532215
SHAREHOLDING

BL. Code

UTBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 29.5%
:
0.0%
: 10.0%
: 52.1%
:
8.4%
: 148,435

Price

450.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-3.8

SEC: Sanjeev Kapoor

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

272,020
68,328
175,134
96,886
71,405
25,481
9.4
17,559
76,262
0
-3
0
23,912
52,348
19.2

307,360
77,663
187,030
120,330
82,095
38,235
12.4
21,099
94,812
0
-4
0
31,707
63,101
20.5

357,275
88,381
213,413
143,862
96,099
47,763
13.4
23,212
112,945
0
-19
0
38,447
74,479
20.8

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,969,901
2,521,491
78.1
9.7
5.9
3.5
23,873
4,680
261,878
331,584
441,051
1,133,781
3,405,577
8.9
1.5
15.8
17.0
0.4

2,323,817
2,805,411
82.8
9.5
5.5
3.7
24,473
4,699
298,811
383,961
527,392
1,130,928
3,863,501
8.7
1.6
16.4
16.1
0.4

2,844,487
3,222,442
88.3
9.2
5.3
3.8
25,519
4,741
345,481
449,496
843,935
1,333,192
4,672,430
9.0
1.6
16.6
15.1
0.4

14.4

(` )

AUD: AUD: Deloitte Haskins & Sells

Yield

Mkt cap

5.1

1,068,867.5

Vol.

637.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE238A01034

700
Close

600

12
31/03/15

655
282
150.7
31.4
78.4
23.00
4.9
189.6
2,370.52
ESOP
3.1
14.9
11.4
2.5
73.2
1,110,470
42.2
36,157
8,460.2
856.2
1,763.7

P/CF

9.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

1,550
763
130.8
26.9
66.3
20.00
1.7
163.4
2,349.22
ESOP
8.8
43.1
32.3
7.1
74.5
2,717,225
42.4
29,731
7,245.6
700.9
1,487.5

BALANCE SHEET DATA

P/E

-8.4

1,516
922
581.3
111.9
278.0
18.00
1.5
708.6
467.95
PP,PI
2.1
10.9
8.2
1.7
16.1
570,431
37.9
26,754
7,177.1
705.9
1,381.2

INCOME DATA

Regd off: Trishul, 3rd Flr, Opp. Samartheshwar Temple, Ellisbridge, Ahmedabad-06
E-Mail:
p.oza@axisbank.com
Web site: www.axisbank.com
Telephone: (079) 2640 9322 Fax: (079) 2640 9321
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
88,897
96,971
`m
35,896
37,992
%
40.4
39.2
`m
18,998
21,806
%
21.4
22.5

Jun 15
99,361
40,562
40.8
19,784
19.9

Sep 15
99,596
40,621
40.8
19,156
19.2

FY14
2,402
42,420
2,127.4
1.5
3.7

FY15
2,500
42,230
2343.4
1.5
3.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

25,734
-113,321
149,314
61,727

FY13
1,947
37,901
2,306.8
1.4
3.5

144,636
-140,573
77,845
81,908

-151,625
-79,122
310,448
79,702

Axis Bank is one of the most aggressive players in the private sector banking industry
having more than tripled its share in non-food credit over the last decade. The bank
in the last few years has retained its focus on lending to the corporate segment and
at the same time, built a strong fee income revenue stream. The bank had a network
of over 2,500 branches and over 12,000 ATMs by the end of March 2015, the third
largest in the country. Overall, more than 40% of incremental retail loans were
sourced through branches. Existing deposit customers contributed about two-third of
the incremental retail loans. The bank has grown its loans and deposits at average
annual rates in excess of 20% over the past 5 years while its average profit growth
has stayed over 25% per annum.
Retail loans turned out to be the growth kicker for Axis Bank in FY15 with the portfolio
growing by as much as 27% YoY while the overall loan book grew 22% YoY. Focus
on collateralized retail assets like home loans bore fruits for Axis Bank as it did a
reasonably good job of growing the loan book as well as protecting margins in FY15.
Its earlier focus on corporate loans, however, has taken a backseat.

Axis Bank's net NPAs as a percentage of advances moved up slightly to 0.4%, as

against 0.33% in FY14. Gross NPAs, also moved up from 1.1% at the end of FY14
to 1.3% in FY15 and the provision coverage was 87%, not accounting for the
accumulated write-offs. The restructured assets were also higher at around 2.7% of
gross advances at the end of March 2015.

Get more info at www.equitymaster.com

86

BANK OF BARODA
BANKING

Chairman: M. D. Mallya (MD)

Yr of Inc

B. Code

1908
532134
SHAREHOLDING

BL. Code
BOB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 56.3%
:
0.0%
: 16.6%
: 15.6%
: 11.5%
: 180,376

Price

160.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.8

SEC: Vinay A. Shah

% ch 12-m

5.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

899
606
865.1
114.0
156.4
21.50
2.9
790.1
421.26
OI
0.9
6.6
3.2
1.0
18.9
316,998
43.1
36,160
8,453.7
838.8
1,114.5

759
430
942.3
116.5
205.7
21.50
3.6
881.3
429.42
OI
0.6
5.1
2.6
0.7
18.5
255,279
46.0
43,346
8,796.1
942.3
1,087.1

225
156
201.9
17.6
42.4
3.20
1.7
188.8
2,225.10
OI
0.9
10.8
4.6
1.0
18.2
423,325
49.4
44,770
9,096.1
906.7
792.2

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

364,421
45,106
244,864
119,556
63,064
56,493
15.5
49,653
52,732
0
-248
0
4,441
48,042
13.2

404,629
55,552
276,044
128,585
75,923
52,662
13.0
48,249
61,016
0
-357
0
10,652
50,007
12.4

449,150
54,493
305,466
143,684
86,044
57,639
12.8
52,300
61,010
0
-387
0
21,505
39,117
8.7

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,336,252
4,826,389
69.1
8.0
4.8
2.7
25,504
4,225
202,473
332,818
265,529
1,256,171
5,593,883
15.3
0.9
14.4
13.3
1.3

4,037,154
5,799,971
69.6
7.1
4.5
2.4
28,493
4,307
217,669
378,468
369,763
1,221,129
6,761,141
16.3
0.7
13.2
12.3
1.5

4,354,155
6,299,813
69.1
7.3
4.5
2.3
29,784
4,436
237,841
420,177
355,015
1,302,464
7,339,774
15.8
0.5
9.3
12.6
1.9

P/CF
9.1

(` )

AUD: Khimji Kunverji & Co.

Yield

Mkt cap

2.0

Vol.

354,834.4

346.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE028A01039

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.1

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Baroda House, Mandvi, Vadodara - 390 006

E-Mail:
investorservices@bankofbaroda.com
Web site: www.bankofbaroda.com
Telephone: (022) 6698 5000 Fax: (022) 2652 6660
Tr agent: Karvy Computer, Plot 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
107,180
107,619
`m
20,239
13,542
%
18.9
12.6
`m
3,340
5,984
%
3.1
5.6

Jun 15
112,765
28,599
25.4
10,522
9.3

Sep 15
111,564
13,528
12.1
1,245
1.1

FY14
4,934
46,001
1,958
1.0
2.4

FY15
5,250
49,378
1,992
0.7
2.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

231,961
-5,142
-7,903
218,917

FY13
4,336
43,108
1,850
1.0
2.7

422,326
-7,304
51,513
466,536

178,383
-5,563
-64
172,755

Bank of Baroda is (BOB) among the top five banking entities in India (in terms of
asset size). Adequate capital, international presence, high NPA coverage and hedge
against interest rate risks peg the bank amongst the frontrunners in the public sector
banking space. It has a rich track record of uninterrupted profit-making and dividend
payment. The bank boasts of a strong domestic presence through 5,146 branches
and healthy presence globally too. Overseas markets account for around one-third of
the overall business for the bank.

Sluggish investment climate continued to weigh on the banks financials. In FY15, the
banks business grew by a subdued 8.5% YoY and crossed the 10 trillion mark. The
domestic business recorded a growth of 8.4% growth whereas the overseas business
increased by 7.9% during the year. BOB grew its advance book by 7.8% YoY and
deposits by 8.6% YoY in FY15. On the back of healthy mobilization in CASA deposits
and shedding of high-cost preferential deposits, domestic net interest margins (NIMs)
improved to 2.9%. However, its global NIMs contracted slightly to 2.3%. The banks
domestic CASA share increased to 33% in FY15 from 31.8% in the preceding year.
BoB continued to witness deterioration in asset quality pressures. The gross NPAs to
advances ratio increased to 4.6% in FY15 from 3.6% in FY14. A large portion of bad
loans is on account of the banks large exposure to industry. Slippages and
restructuring of assets have led to higher provisions resulting in a 25% fall in net
profit. The overseas business has also witnessed deterioration in asset quality during
the year. While we do find BOB's business model to be most resilient as compared
to other large PSU banks, that the NPAs risks will continue to surface in the near term
is undeniable.

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87

BANK OF INDIA
BANKING

Chairman: V. R. Iyer (MD)

Yr of Inc

B. Code

1906
532149
SHAREHOLDING

BL. Code
BOI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 66.7%
:
0.0%
: 15.5%
: 10.2%
:
7.7%
: 240,000

Price
117.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-13.2

SEC: Rajeev Bhatia

% ch 12-m

3.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

393
253
538.6
47.3
68.9
10.00
3.1
410.7
595.90
PI
0.6
6.8
2.6
0.8
21.1
192,565
42.3
31,792
7,579.4
750.8
665.9

346
127
593.6
46.5
89.7
5.00
2.1
479.1
642.26
PI
0.4
5.1
1.9
0.5
10.8
151,670
43.1
40,366
8,836.9
935.6
692.3

357
192
657.0
30.3
69.4
5.00
1.8
489.1
664.90
PI
0.4
9.1
2.4
0.6
16.5
182,349
45.6
50,313
9,577.3
1,103.0
441.3

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

320,958
37,846
229,604
91,354
54,559
36,795
11.5
44,472
30,939
0
18
0
2,758
28,199
8.8

381,252
43,190
271,698
109,554
68,246
41,309
10.8
48,827
38,226
0
-14
0
8,345
29,868
7.8

436,849
42,781
322,201
114,648
81,934
32,714
7.5
56,977
21,182
0
-19
0
1,034
20,129
4.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,906,546
3,831,310
75.9
8.0
5.3
2.1
29,006
5,966
133,738
244,710
353,694
963,878
4,564,068
17.1
0.6
11.5
11.0
2.1

3,726,715
4,786,951
77.9
7.3
5.0
2.3
58,202
6,430
154,498
307,737
484,275
1,164,897
5,781,546
17.1
0.5
9.7
10.8
2.0

4,043,894
5,344,823
75.7
7.9
5.4
2.1
59,145
6,657
167,949
325,228
400,897
1,231,955
6,252,847
17.7
0.3
6.2
11.4
3.4

P/CF
3.7

(` )

AUD: SRB & Associates

Yield

Mkt cap

4.3

Vol.

75,272.9

431.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE084A01016

450

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-58.8

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Star House, C-5, G-Block, BKC, Bandra (E), Mumbai - 400 051
E-Mail:
headoffice.share@bankofindia.co.in
Web site: www.bankofindia.co.in
Telephone: (022) 6668 4444 Fax: (022) 6668 4491
Tr agent: Sharepro Serv., 13AB, Samhita Warehousing, Andheri (E), Mumbai-72

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
108,678
111,648
`m
27,802
28,463
%
25.6
25.5
`m
1,734
-561
%
1.6
-0.5

Jun 15
108,186
29,127
26.9
1,297
1.2

Sep 15
105,399
30,197
28.7
-11,262
-10.7

FY14
4,646
43,150.0
2.3

FY15
4,892
45,300.0
2.1

`
`
`
`

m
m
m
m

206,319
-3,880
-3,311
199,128

KEY DATA
Unit
FY13
nos.
4,292
nos.
42,146.0
Rs m
Rs m
%
2.1
NOTES

64,516
-8,139
7,454
63,832

146,382
-7,547
12,951
151,786

With one of the most geographically diversified advance portfolio, Bank of India (BOI)
is amongst the largest public sector banking entities in the country (in terms of asset
size).

Gross advances for FY15 were up by 9.4% YoY on the back of double-digit growth in
credit offtake in retail, agriculture and MSME segments even as credit growth in the
corporate sector was muted at 4.5%. The deposit mobilization remained robust at
11.5% YoY with low cost (CASA) deposits recording a growth of 8.5% YoY. its share
in total deposits stood at 29.5% for FY15. However, the banks global net interest
margins (NIMs) have witnessed slight moderation and were down to 2.1% for FY15
from 2.3% a year ago due to higher cost of funds. The cost to income ratio for the
bank shot up to 51.9% in FY15 from 44.3% in FY14. BOI witnessed higher slippages
and its gross NPA ratio increased from 3.2% in FY14 to 5.4% in FY15. The net NPA
ratio was up to 3.4% during the year.
During FY15, BOI raised funds to the tune of Rs 6.4 bn through Qualified Institutional
Placement and Rs 25 bn through Basel-III complaint perpetual additional Tier-I
bonds. As a result, the banks CAR rose to a comfortable 10.7% at the end of March
2015. Going ahead, the piling bad loans can constrain the capital adequacy of the
bank in future.

Get more info at www.equitymaster.com

88

BANK OF MAHARASHTRA
BANKING

Chairman: S. Muhnot (MD)

Yr of Inc

B. Code

1935
532525
SHAREHOLDING

BL. Code

BMBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 85.2%
:
0.0%
:
7.1%
:
0.5%
:
7.3%
: 185,345

Price
31.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.0

SEC: M. .P. Devadhar

% ch 12-m

12
31/03/14

63
29
142.6
4.8
22.7
1.00
2.2
81.3
839.10
PI
0.3
9.7
2.3
0.6
21.1
38,515
14.4
15,966
8,314.2
1,109.1
276.9

55
36
119.3
4.7
17.4
0.80
1.8
76.4
1,063.18
PI
0.4
9.7
2.4
0.6
17.0
48,481
14.2
16,341
8,935.9
1,151.6
352.6

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

96,229
9,129
65,796
30,433
17,979
12,454
12.9
8,065
13,518
0
0
0
5,827
7,691
8.0

119,691
8,949
84,472
35,219
23,977
11,242
9.4
12,580
7,611
0
0
0
3,625
3,986
3.3

126,791
10,067
87,897
38,894
25,269
13,625
10.7
15,417
8,631
0
0
0
3,628
5,003
3.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

754,708
943,302
80.0
9.7
6.2
2.7
14,295
6,615
26,343
58,378
128,775
314,580
1,169,807
18.4
0.7
13.2
12.6
0.5

889,204
1,167,936
76.1
10.3
6.6
2.7
14,460
8,391
32,923
68,217
83,265
372,897
1,363,604
18.3
0.3
5.8
10.8
2.0

985,991
1,221,103
80.7
10.0
6.6
2.8
14,322
10,632
42,027
81,228
111,267
367,686
1,460,729
16.4
0.3
6.2
11.9
4.2

6.7

(` )

AUD: G. Basu & Co.

Yield

Mkt cap

2.5

Vol.

33,756.0

15.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE457A01014

70
Close

60

12
31/03/15

66
43
145.5
11.6
35.4
2.30
4.2
88.3
661.48
PI
0.4
4.7
2.3
0.6
19.8
36,084
13.6
11,889
7,065.3
872.9
564.7

P/CF

3.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.9

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Lokmangal, 1501, Shivaji Nagar, Pune - 411 005

E-Mail:
investor_services@mahabank.co.in
Web site: www.bankofmaharashtra.in
Telephone: (020) 2551 1360 Fax: (020) 2551 3246
Tr agent: MCS, Kashiram Jamnadas Bldg, 5, P. D' Mello Rd, Masjid (E), Mumbai-09

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
31,549
32,173
`m
9,978
9,712
%
31.6
30.2
`m
572
1,127
%
1.8
3.5

Jun 15
33,213
10,232
30.8
594
1.8

Sep 15
32,570
9,691
29.8
720
2.2

FY14
1,890
14,396
2.7

FY15
1,880
14,189
2.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

122
-1,258
5,422
4,286

FY13
1,728
16,123
2.7

-1,731
-1,714
2,740
-705

-10,835
-1,510
18,853
6,508

Registered in 1935 with an authorised capital of Rs 1 m, Bank of Maharashtra (BoM)

commenced business in 1936. The government held 79.8% stake in the bank as at
the end of March 2015. BoM has the largest network of branches owned by any
public sector bank in the state of Maharashtra. The bank had a franchise of 1,880
branches at the end of March 2015 of which 35% were located in the rural areas.

Despite the turbulent times, BoM recorded 7.8% business growth during FY15 on the
back of 4.6% YoY growth in deposits and 12% YoY growth in advances. The share of
CASA deposits have risen by 1% to 37% during FY15. On the back of a faster fall in
cost of funds, the banks NIMs improved to 2.8% in FY15. There has been a sharp
deterioration in the banks asset quality due to a jump in slippages. For FY15, the
banks gross NPAs to advances ratio nearly doubled to 6.33% from year ago level.
On similar lines, the Net NPAs to advances came in higher at 4.2% in FY15 as
against 2% in FY14. The banks ROE improved slightly to 6.7% in FY15 as against
5.9% a year ago.
During the year, the bank received Rs 4 bn equity capital from LIC. The banks capital
adequacy ratio stood at 11.9% in FY15 as per BASEL III requirements and the Tier I
ratio stood at 8.8%

Get more info at www.equitymaster.com

89

CITY UNION BANK LTD.

BANKING

MISCELLANEOUS

Chairman: S . Balasubramanian

Yr of Inc

B. Code

1904
532210
SHAREHOLDING

BL. Code
CTBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
:
0.0%
: 10.2%
: 33.4%
: 56.0%
: 82,699

Price
88.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. Ramesh

% ch 12-m

12
31/03/14

103
51
45.2
6.6
14.4
1.10
1.4
45.2
596.57
ESOS
1.7
11.6
7.9
1.7
16.6
45,697
4.4
2,103
6,183.0
481.7
905.0

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

21,888
2,736
15,647
6,240
3,742
2,498
11.4
1,204
4,030
0
0
0
810
3,220
14.7

25,459
2,799
17,865
7,594
4,583
3,011
11.8
1,674
4,136
0
0
0
665
3,471
13.6

26,989
4,041
18,915
8,074
5,188
2,886
10.7
1,825
5,210
0
0
0
1,260
3,950
14.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

152,461
203,048
75.1
11.9
7.4
3.1
1,413
474
9,561
16,407
4,767
52,668
229,771
12.7
1.4
19.6
14.0
0.6

160,968
220,169
73.1
13.0
7.9
3.3
1,830
543
12,149
20,249
3,050
59,536
249,938
11.0
1.4
17.1
15.0
1.2

179,655
240,750
74.6
12.1
7.7
3.5
2,104
597
17,375
26,955
1,688
63,653
278,711
9.0
1.4
14.7
16.5
1.3

13.4

(` )

AUD: P. Chandrasekar

Yield

Mkt cap

1.2

Vol.

52,826.3

14.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE491A01021

120
Close

100

12
31/03/15

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

BALANCE SHEET DATA

60
38
46.9
6.4
13.0
1.00
2.0
37.3
542.74
ESOS
1.0
7.6
5.1
1.3
15.6
26,486
4.2
1,856
6,040.2
440.4
823.4

P/CF

10.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-3.8

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

56
50
40.6
6.0
12.2
1.00
1.9
30.4
538.94
R1:4,ESOS
1.3
8.8
6.4
1.7
16.7
28,429
3.8
1,509
5,782.7
398.6
850.8

2.3

Regd off: 149, T. S. R. Big Street, Kumbakonam - 612 001

E-Mail:
investorsgrievances@cityunionbank.in
Web site: www.cityunionbank.com
Telephone: (0435) 240 2322 Fax: (0435) 243 1746
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,845
6,882
`m
1,827
1,465
%
26.7
21.3
`m
1,027
882
%
15.0
12.8

Jun 15
7,060
1,785
25.3
1,116
15.8

Sep 15
7,349
1,902
25.9
1,078
14.7

FY14
425
4,215
378.7
0.8
3.3

FY15
450
4,452
399.2
0.9
3.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

6,180
-680
843
6,344

FY13
375
3,785
406.6
0.9
3.1

4,124
-790
757
4,091

1,307
-643
2,908
3,572

Apart from a strong presence in Tamil Nadu, City Union Bank (CUB) has a network
of 475 branches and 1086 ATMs spanning most of west and southern India. The bank
has a brilliant track-record of being profitable and paying dividend for the past 100
years, a feat not easily duplicable by any other company across other sectors. Over
the past ten years, the bank has grown its advances at an average annual rate of
25%.

The full year FY15 performance of City Union Bank (CUB) was relatively better than
the performance seen over past few quarters on the growth front. At 11.5% YoY in
FY15, City Union Bank (CUB) managed loan growth slightly above the industry
average. On the deposit front, the higher accretion of CASA helped the bank
safeguard margins. Due to the high proportion of working capital loans, CUB is able
to re-price its assets to sustain margins (NIMs). Around 65% of the bank's advances
were towards high yielding working capital loans while 80% of the total disbursals
were on a floating rate basis. With the possibility of downward movement in interest
costs, the bank sees NIM sustaining at 3.25% over the longer term.
Nearly 98% of CUB's advances are secured, which is a comforting factor. The bank's
loan book had 30% exposure to SME loans at the end of March 2015. However,
CUB's provision coverage dropped to 58% from 62% in FY14. The bank's net
restructured loans accounted for 1.4% of advances in March 2015 as against 1.7%
in March 2014. The gross NPAs were at 1.9% of advances in FY15 (1.8% in FY14).

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90

CORPORATION BANK
BANKING

Chairman: S. R. Bansal (MD)

Yr of Inc

B. Code

1906
532179
SHAREHOLDING

BL. Code

CRBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 63.3%
:
0.0%
: 26.4%
:
2.7%
:
7.6%
: 58,473

Price
41.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.0

SEC: S. K. Dash

% ch 12-m

12
31/03/14

427
224
1,071.9
33.9
-9.2
6.75
2.1
604.5
167.54
PI
0.3
9.6
1.6
0.5
19.9
54,484
18.3
11,904
9,823.1
651.1
311.0

82
52
233.5
6.8
5.3
1.40
2.1
125.5
837.70
PI
0.3
9.8
1.8
0.5
20.5
56,377
19.2
11,822
10,180.3
615.4
298.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

153,341
16,199
119,064
34,276
19,972
14,304
9.3
13,514
16,990
0
0
0
2,557
14,432
9.4

179,586
16,572
141,741
37,845
23,923
13,922
7.8
27,977
2,517
0
0
0
-3,168
5,685
3.2

195,564
14,741
154,853
40,712
25,261
15,451
7.9
25,520
4,671
0
0
0
-1,058
5,729
2.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,187,167
1,659,985
71.5
9.6
6.7
2.3
4,432
1,529
46,445
96,025
128,989
581,849
1,934,710
18.6
0.7
15.0
12.3
1.2

1,370,863
1,933,556
70.9
9.6
6.8
2.1
4,653
1,675
47,841
101,274
130,215
661,898
2,220,545
20.4
0.3
5.6
11.6
2.3

1,450,660
1,993,428
72.8
10.2
7.4
2.1
5,264
1,675
48,805
105,137
104,149
634,312
2,260,193
20.0
0.3
5.4
11.1
3.1

6.0

(` )

AUD: Suresh Chandra & Assoc.

Yield

Mkt cap

3.4

Vol.

34,304.2

25.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE112A01023

120
Close

100

12
31/03/15

488
367
1,002.8
94.4
153.3
19.00
4.4
628.0
152.91
PI
0.4
4.5
2.3
0.7
20.1
65,316
15.9
9,905
9,639.2
622.7
907.2

P/CF

7.3

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-37.3

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: P. B. No. 88, Mangaladevi Temple Road, Mangalore - 575 001
E-Mail:
isd@corpbank.co.in
Web site: www.corpbank.com
Telephone: (0824) 242 6416 Fax: (0824) 242 3853
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
48,813
48,816
`m
3,828
1,875
%
7.8
3.8
`m
1,472
451
%
3.0
0.9

Jun 15
49,328
4,593
9.3
2,043
4.1

Sep 15
50,029
5,975
11.9
1,886
3.8

FY14
2,021
18,282
1,635
0.3
2.1

FY15
2,298
19,210
1,499
0.3
2.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-47,453
-1,479
-6,648
-55,580

FY13
1,707
15,908
1,668
0.9
2.3

21,387
-1,346
-4,484
15,557

-12,928
-1,825
-249
-15,001

Corporation Bank is a mid-sized public sector bank with a strong branch network
comprising of 2,298 branches and 2,933 ATMs. The branches are mainly
concentrated in the southern and western parts of the country. The bank has an
uninterrupted dividend payment track record since inception.
The business growth during FY15 was tepid. While it grew 4.2% YoY, the deposits
also grew at a subdued pace of 3.08% YoY. Advances reported a 5.8% YoY growth
during the year. During the year, the bank focused on reducing the share of Bulk
deposits that fell to 50.86% in FY15 from 53.8% in the preceding year with the cost
of deposits falling below 8%. However, the share of CASA in total deposits fell below
20% in FY15. CASA for the bank continues to remain a weak link and is one of the
lowest in the industry. The bank has been able to maintain NIMs at 2.1%.

The banks asset quality continued to slide in FY15 due to higher slippages as
compared to recoveries. The gross NPAs were reported at higher levels of 4.8% as
the end of FY15, the net NPAs stood at 3.1%. The asset quality of PSU banks is
reflective of subdued economic conditions and Corporation Bank is no exception. The
capital adequacy for the bank stood at 11.1% under Basel III norms for FY15.

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91

HDFC BANK LIMITED

BANKING

Chairman: C . M . Vasudev

Yr of Inc

B. Code

1994
500180
SHAREHOLDING

BL. Code

HDBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 22.6%
:
0.0%
:
9.9%
: 51.1%
: 16.4%
: 415,166

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin
Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

BALANCE SHEET DATA

1,048.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-1.4

SEC: Sanjay B. Dongre (Exec. V. P. - Legal)

% ch 12-m

P/E

13.3

12
31/03/14

1,105
708
202.1
42.6
113.2
8.00
0.9
252.0
2,506.50
ESOP
4.5
21.3
17.5
3.6
18.8
2,271,516
76.3
51,627
6,641.6
676.8
1,401.2

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

358,610
71,330
196,955
161,656
115,519
46,137
12.9
17,420
100,046
0
-335
29
31,043
68,696
19.2

425,550
82,975
234,455
191,096
124,697
66,399
15.6
17,260
132,114
0
-247
36
44,469
87,435
20.5

506,665
95,457
272,885
233,780
145,775
88,005
17.4
22,660
160,514
0
144
33
53,802
106,889
21.1

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,472,451
2,960,918
83.5
11.2
5.5
4.5
27,733
4,759
276,525
366,427
394,966
1,109,604
4,077,230
9.2
1.7
18.7
16.8
0.2

3,154,189
3,670,803
85.9
10.5
5.2
4.4
30,263
4,798
329,744
441,666
495,967
1,195,711
5,036,200
9.4
1.7
19.8
16.1
0.3

3,834,080
4,502,837
85.1
10.3
5.2
4.4
32,249
5,013
490,641
631,541
594,783
1,642,726
6,070,965
8.1
1.8
16.9
16.8
0.3

24.6

(` )

Yield
0.8

AUD: BSR & Co.

Mkt cap

Vol.

2,627,804.1

41.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE040A01026

1,200
Close

1,000

12
31/03/15

761
528
177.4
36.4
99.8
6.85
1.1
184.1
2,399.05
ESOP
3.6
17.7
14.8
3.5
18.8
1,545,588
68.2
44,945
6,242.9
659.4
1,282.7

P/CF

16.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

705
482
150.7
28.9
83.1
5.50
0.9
154.0
2,379.42
ESOP
3.9
20.6
16.4
3.9
19.1
1,412,186
69.1
42,018
5,192.4
608.4
994.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-13
E-Mail:
shareholder.grievances@hdfcbank.com
Web site: www.hdfcbank.com
Telephone: (022) 6652 1000 Fax: (022) 2496 0737
Tr agent: Datamatics Financial, B 5, Part B Cross Lane, MIDC, Mumbai-93

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
123,958
130,064
`m
56,999
60,132
%
46.0
46.2
`m
27,945
28,069
%
22.5
21.6

Jun 15
140,411
63,888
45.5
26,957
19.2

Sep 15
147,725
66,809
45.2
28,695
19.4

FY14
3,403
75,339
2,005.6
1.3
4.4

FY15
4,014
83,416
2,085.9
1.5
4.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-58,473
-9,062
131,053
63,517

FY13
3,062
69,065
1,774.5
1.0
4.5

42,106
-10,667
92,702
124,141

-212,810
-8,108
186,939
-33,979

With 4.6% share of India's total non-food credit disbursements in FY15, HDFC Bank
is the second largest private sector bank in the country (after ICICI Bank) in terms of
asset size. The bank has tripled its share from 1.2% of total non-food credit in FY02
to 4.6% in FY15. Retail assets constituted 50% of advances in FY15. As of March
2015, the bank's distribution network was at 4,014 branches and 11,766 ATMs in
2,464 cities, an increase of 611 branches and 160 ATMs over the past 12 months.
Being the 20% juggernaut, HDFC Bank closed the financials for FY15 with yet
another year of about 20% growth in profits. Despite a slow start, the year ended with
21% growth in loan book. Most of it came on the back of low risk loans and
collateralized loans. The bank's focus has, however, moved back to retail loans.
HDFC Bank also raised capital through QIP to grow its loan book although the
management believes that growth may continue to remain moderated in the near
term. Deposit growth at 23% YoY, was higher than sector average. CASA (low cost
deposits) as a share of total deposits went up to 44% in FY15. This helped the bank
put up a good show on margin front despite the pressure on yields.

The bank's gross NPAs were at 0.9% of advances in FY15. Net NPAs were at 0.2%
of advances while the NPA coverage ratio was 80% in FY15. Total restructured loans
were at 0.1% of gross advances and were already classified as NPAs at the end of
FY15. These are therefore not really a concern.

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92

ICICI BANK LIMITED

BANKING

Chairman: K. V. Kamath

Yr of Inc

B. Code

1995
532174
SHAREHOLDING

BL. Code
ICBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 23.1%
: 69.2%
:
7.8%
: 585,463

Price

259.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-1.0

SEC: P. Sanker

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

448,846
293,198
282,854
165,992
302,071
-136,079
-30.3
20,952
136,168
0
-5,263
0
34,869
96,036
21.4

494,793
300,846
297,106
197,686
306,664
-108,977
-22.0
29,003
162,866
0
-6,358
0
46,095
110,414
22.3

549,640
352,522
323,182
226,459
350,227
-123,769
-22.5
45,363
183,390
0
-6,954
0
53,967
122,469
22.3

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,299,741
3,147,705
104.8
9.0
5.6
3.1
54,735
11,536
477,935
687,624
1,728,882
2,556,667
6,748,217
7.1
1.4
14.0
18.7
0.8

3,873,418
3,595,127
107.7
8.7
5.1
3.3
55,068
11,550
509,348
764,299
1,835,421
2,676,094
7,477,624
7.1
1.5
14.4
17.7
1.0

4,384,901
3,859,553
113.6
8.7
5.4
2.1
58,712
11,597
553,548
847,045
2,112,520
3,027,616
8,260,792
7.1
1.5
14.5
17.0
1.6

12.3

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.9

1,507,093.2

Vol.

1,102.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE090A01021

450

12
31/03/15

384
242
474.0
105.6
415.0
5.00
1.6
730.4
1,159.66
ESOS
0.7
3.0
2.2
0.4
4.7
362,800
67.9
65,742
8,100.0
968.8
1,804.8

P/CF

8.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

1,260
784
428.4
95.6
375.9
23.00
2.3
661.7
1,155.10
ESOS
2.4
10.7
8.5
1.5
24.1
1,180,166
72.2
59,737
6,850.6
827.1
1,528.7

BALANCE SHEET DATA

P/E

-25.7

1,214
782
389.1
83.2
357.1
20.00
2.0
596.0
1,153.69
ESOS
2.6
12.0
9.8
1.7
24.0
1,151,383
62.1
56,333
7,231.9
907.6
1,547.3

INCOME DATA

Regd off: Landmark, Race Course Circle, Vadodara - 390 007

E-Mail:
investor@icicibank.com
Web site: www.icicibank.com
Telephone: (022) 2653 8900 Fax: (022) 2653 1230
Tr agent: 3i Infotech Ltd, Tower 5, 3rd Floor, Vashi, Navi Mumbai - 400 703

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
124,352
127,385
`m
48,117
50,794
%
38.7
39.9
`m
28,890
29,220
%
23.2
22.9

Jun 15
128,126
51,151
39.9
29,762
23.2

Sep 15
130,989
52,515
40.1
30,301
23.1

FY14
3,371
68,165
2,215.0
1.3
3.3

FY15
4,050
67,857
3,950.0
1.1
2.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

174,940
-191,478
92,832
76,294

FY13
3,100
62,065
2,103.6
1.1
3.1

67,648
-166,676
78,723
-20,305

-122,731
-129,317
248,272
-3,777

Despite being the second largest bank in the country after SBI in terms of asset size,
ICICI Bank lost its share of the banking sectors advances from 10.2% in FY07 to
8.5% in FY15. At the end of March 2015, the bank had assets of over Rs 5.4 trillion
and a franchise of over 12,450 ATMs and 4,050 branches spread across the country.
Retail assets constituted 40% of advances in FY15 as against 65% in FY07. The
bank is focusing on loan origination in the large corporate, SME and agri segments
and on non-fund based products and services. Besides the bank itself being the
market leader across retail loan portfolios, its subsidiaries ICICI Life Insurance, ICICI
General Insurance and ICICI AMC are leaders in their respective businesses.
Asset quality woes marred the performance of ICICI Bank in FY15, which is otherwise
back by a healthy growth rate in advances particularly retail loans. The deposit book
too grew on the back of higher CASA proportion and shielded margins despite
pressure on yields. On the assets side, ICICI Bank kept the proportion of corporate
and SME loans in check. Hence most of the incremental lending was to the retail
segment. There may be further upside in margins (NIMs) with a possibility of fall in
interest costs. Lower the direct marketing costs helped ICICI Bank bring down the
cost to income ratio to 37% in FY15 from 38% in FY14. The return on equity however
remained subdued at 15% at the end of FY15.
Asset quality woes, particularly in terms of loan restructuring, continued to haunt
ICICI Bank in FY15. The gross NPAs (non-performing assets) in absolute terms went
up by 45% in the last fiscal. The gross NPA as a share of loan book stood at 3.3% as
against 2.6% in FY14. Net NPAs rose to 1.4% of advances in FY15, from 0.8% in
FY14. The gross NPAs in retail loan portfolio stood at 3.2% of advances as against
3.4% in March 2014. The NPA coverage ratio stood at 58.6%, which is very low
according to us.

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93

ORIENTAL BANK OF COMMERCE

BANKING

Chairman: S. L. Bansal (MD)

Yr of Inc

B. Code

1943
500315
SHAREHOLDING

BL. Code

ORBC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 59.1%
:
0.0%
: 24.0%
:
9.9%
:
7.0%
: 114,330

Price

134.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.4

SEC: C. M. Khurana (GM)

% ch 12-m

12
31/03/14

291
121
634.2
38.0
64.1
7.60
3.7
447.9
299.85
PI
0.3
5.4
1.7
0.5
20.0
61,754
19.6
16,767
9,727.6
857.6
582.8

377
201
665.7
16.6
19.4
3.30
1.1
459.5
299.85
0.4
17.4
2.3
0.6
19.9
86,627
20.2
16,375
9,881.9
810.6
246.1

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

177,048
16,547
130,036
47,012
26,657
20,354
11.5
21,546
15,361
0
0
0
2,081
13,280
7.5

190,175
19,453
138,904
51,271
29,169
22,102
11.6
25,751
15,804
0
0
0
4,410
11,394
6.0

199,614
21,214
148,772
50,842
29,785
21,057
10.5
33,119
9,152
-2,804
0
0
1,377
4,971
2.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,289,551
1,758,975
73.3
10.7
7.1
2.4
12,274
2,918
82,217
127,755
76,793
585,547
2,006,972
14.4
0.7
10.4
12.0
2.3

1,390,798
1,934,890
71.9
10.5
6.9
2.8
12,556
2,999
86,088
134,307
78,636
614,722
2,203,025
15.0
0.5
8.5
11.9
2.8

1,452,613
2,040,097
71.2
10.4
7.0
2.6
13,525
2,999
88,629
137,794
65,450
684,405
2,305,136
15.3
0.2
3.6
12.3
3.3

8.1

(` )

AUD: Shah & Taparia

Yield

Mkt cap

2.4

Vol.

40,434.8

270.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE141A01014

400
350

12
31/03/15

368
208
606.8
45.5
70.2
9.20
3.2
437.9
291.76
0.5
6.3
2.4
0.7
20.2
84,027
18.9
15,761
9,372.1
834.3
703.0

P/CF

6.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-56.4

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Harsha Bhawan, E Block, Connaught Place, New Delhi - 110 001
E-Mail:
mbd@obc.co.in
Web site: www.obcindia.co.in
Telephone: (011) 2341 7121 Fax: (011) 2373 9768
Tr agent: MCS Ltd., F-65, Okhla Industrial Area, Phase-I, New Delhi-20

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
49,468
50,909
`m
12,975
12,977
%
26.2
25.5
`m
1,569
1,020
%
3.2
2.0

Jun 15
51,149
13,285
26.0
2,578
5.0

Sep 15
50,296
13,831
27.5
3,013
6.0

FY14
2,126
19,550
1,564
0.6
2.8

FY15
2,251
20,200
1,564
0.2
2.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-4,962
-894
4,483
-1,373

FY13
2,000
18,891
1,524
0.7
2.4

65,205
-1,677
-6,735
56,793

-41,541
-2,952
9,562
-34,931

Oriental Bank of Commerce (OBC) had historically enjoyed the repute of being one
of the most efficient public sector banks in the country. However the merger with GTB
in FY05 took a toll on the banks asset quality and margins.

The banks credit portfolio is skewed towards the large corporate segment forming
52.6% of the loan portfolio. Due to economic downturn, the loan growth in this
segment for FY15 stood at a mere 2.9% pulling down overall advances growth to a
mere 5% in FY15. The retail credit has grown by 12.4% of which the housing loan
portfolio registered the fastest growth of 11.5% during the year. The deposit
mobilization has not been quite robust for the bank and the deposit growth was
reported at 5,4% YoY during FY15. The CASA deposits have grown by 5% YoY
during the year. The NIMs for FY15 have contracted by 0.2% to 2.6% due to a fall in
the yield on advances.
On the asset quality front, OBC witnessed deterioration with Gross NPAs spiking up
to 5.2% in FY15 and Net NPAs moving up to 3.3%. The provision coverage ratio of
the bank stood at 60.6% as on 31st March, 2015. Also OBC's exposure to stressed
sectors cannot be overlooked. In terms of sectoral distribution of advances, the bank
is exposed to the extent of 27.2% to industry, 17.1% to infrastructure and 5.2% to
commercial real estate which incidentally form the problem areas for the bank as well.
In the industry segment, the largest flow of credit has been to the iron & steel (23.9%)
and textile (17.6%). The banks capital adequacy stands at 11.4% as per Basel III
norms.

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94

PUNJAB NATIONAL BANK

BANKING

Chairman: K. R. kamath (MD)

Yr of Inc

B. Code

1895
532461
SHAREHOLDING

BL. Code

PNBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 58.9%
:
0.0%
: 18.7%
: 17.2%
:
5.3%
: 215,441

Price

130.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.8

SEC: A. Gopinathan

% ch 12-m

5.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

943
659
1,218.7
138.6
285.8
27.00
3.4
985.5
353.47
PI
0.7
5.8
2.9
0.8
19.5
283,129
63.3
57,515
6,806.2
908.7
774.2

835
410
1,241.7
95.3
209.1
10.00
1.6
1,063.8
362.07
PI
0.5
6.5
2.2
0.6
10.5
225,280
65.5
66,164
6,859.5
1,009.5
526.7

224
142
1,313.3
88.5
183.2
3.30
1.8
1,148.2
370.91
PI
0.1
2.1
0.6
0.2
3.7
67,821
68.3
74,691
7,132.8
1,093.7
480.8

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

430,781
43,020
278,024
152,757
83,373
69,384
16.1
47,239
65,165
0
-270
0
15,892
49,003
11.4

449,581
47,103
282,203
167,378
95,815
71,563
15.9
68,972
49,695
0
-825
0
14,348
34,522
7.7

487,098
61,746
313,431
173,668
107,602
66,065
13.6
83,201
44,123
0
-582
0
10,708
32,832
6.7

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,202,891
3,990,002
80.3
10.2
6.5
3.5
34,224
3,535
235,615
348,353
470,899
1,347,340
4,966,478
12.8
1.0
14.1
13.2
2.4

3,660,732
4,612,035
79.4
9.2
5.5
3.4
34,904
3,621
258,987
385,163
590,333
1,492,247
5,748,205
13.5
0.6
9.0
12.7
2.9

4,046,141
5,152,454
78.5
9.1
5.5
3.2
36,558
3,709
289,660
425,884
592,048
1,567,617
6,360,112
13.5
0.5
7.7
13.6
4.1

P/CF
7.4

(` )

AUD: Borkar & Muzumdar

Yield

Mkt cap

2.5

Vol.

241,927.4

503.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE160A01022

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-40.1

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 7, Bhikaiji Cama Place, New Delhi - 110 067

E-Mail:
hosd@pnb.co.in
Web site: www.pnbindia.in
Telephone: (011) 2370 8257 Fax: (011) 2376 6079
Tr agent: Beetal House, 3rd Floor, 99 Madangir, Harsukhdas Mandir, New Delhi-62

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
116,141
116,505
`m
42,331
37,916
%
36.4
32.5
`m
7,746
3,066
%
6.7
2.6

Jun 15
120,347
41,025
34.1
7,207
6.0

Sep 15
123,450
43,220
35.0
6,210
5.0

FY14
6,201
65,541
1,291
0.5
3.4

FY15
6,560
68,290
1,344
0.5
3.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-6,925
-6,004
-6,940
-19,869

FY13
5,874
63,292
1,192
0.8
3.5

169,061
-3,020
21,289
187,330

48,136
-8,718
74,514
113,932

Punjab National Bank (PNB) is the third largest banking entity in the country with a
network comprising of over 6,000 branches including 7 foreign branches. Robust
profitable growth has pegged the bank amongst the frontrunners in the PSU banking
space.

PNB witnessed modest business performance during FY15 despite poor market
conditions. While the bank reported 11% YoY growth on deposits, the loan book grew
by a relatively subdued 9% YoY. The CASA base grew by 6.3% YoY during the year.
The loan book performance was muted on account of a a mere 9.9% growth in the
agri segment. The retail portfolio witnessed a huge jump of almost 24.6% YoY during
the year. The MSME portfolio too reported robust growth of 21.4% YoY growth. The
concerns over asset quality continue to linger for PNB. Net NPAs shot up to 4.06% in
FY15 from 2.85% in FY15. Capital adequacy stood at 12.2% at the end of FY15 as
per Basel III norms.
Although the asset quality has weakened, the redeeming factor is that the slippages,
after peaking at the end of March 2015 quarter, have come off substantially in the
September 2015 quarter. The bank has also raised the share of small ticket loans in
its loan portfolio. The proportion of low cost CASA has also risen by 1.4% in the last
one year. The bank has increased focus on digitalization by introducing online locker
facility, e-PPF facility, online tax payment for corporate customers and mobile banking
facility.

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95

STATE BANK OF INDIA

BANKING

Chairman: Arundhati Bhattacharya (MD)

Yr of Inc

B. Code

1955
500112
SHAREHOLDING

BL. Code
SBI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 58.6%
:
0.0%
: 20.9%
: 11.8%
:
8.7%
: 855,889

Price

234.4

GOVERNMENT
% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-4.6

SEC: T. S. Krishnaswamy

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

1,679,761
325,837
1,068,179
611,582
528,198
83,384
5.0
150,403
258,818
0
-6,384
2,317
75,588
179,162
10.7

1,890,624
378,821
1,214,790
675,834
633,687
42,147
2.2
207,712
213,255
0
-6,334
3,177
68,361
141,738
7.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

` m 13,926,080 15,782,767 16,922,113

` m 16,274,026 18,388,524 20,529,608
x
85.6
85.8
82.4
%
9.1
9.0
9.0
%
5.9
5.9
5.9
%
3.3
3.2
3.2
`m
93,699
105,598
123,793
`m
6,840
7,466
7,466
`m
693,002
912,384 1,000,352
`m
1,250,330
1,473,705 1,613,875
`m
2,037,232
2,237,597 2,446,635
`m
5,194,428
5,791,545 6,956,918
` m 21,331,086 23,964,953 27,001,100
x
14.6
14.0
14.2
%
0.8
0.6
0.6
%
14.3
9.6
10.5
%
12.9
13.0
12.8
%
2.1
2.6
2.1

2,079,743
493,152
1,331,786
747,957
738,480
9,477
0.5
160,711
258,546
0
-8,375
3,144
83,372
169,943
8.2

10.3

(` )

AUD: S. Venkatram & Co.

Yield

Mkt cap

1.5

Vol.

1,749,586.8

873.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE062A01020

400
350

12
31/03/15

335
190
2,785.7
227.6
1,113.2
3.50
1.3
2,161.7
746.57
0.1
1.2
0.6
0.1
1.5
195,601
208.0
311,176
9,997.9
1,495.9
817.0

P/CF

6.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

2,425
1,473
2,532.4
189.9
852.0
30.00
1.5
1,974.0
746.57
PI
0.8
10.3
4.2
1.0
15.8
1,455,065
222.0
298,684
8,515.1
1,345.2
638.4

BALANCE SHEET DATA

P/E

-23.4

2,550
1,805
2,455.7
261.9
924.7
41.50
1.9
1,827.9
684.03
PI
0.9
8.3
4.5
1.2
15.8
1,489,304
228.3
244,011
7,357.8
1,068.8
784.8

INCOME DATA

Regd off: State Bank Bhavan, M.C. Road, Nariman Point, Mumbai - 400 021
E-Mail:
investor.complaints@sbi.co.in
Web site: www.sbi.co.in
Telephone: (022) 2274 0841 Fax: (022) 2285 5348
Tr agent: Datamatics Services, B-5, MIDC, Part B, Cross Lane, Mumbai-93

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
385,462
401,012
`m
137,766
147,118
%
35.7
36.7
`m
29,101
37,420
%
7.5
9.3

Jun 15
396,429
137,320
34.6
36,924
9.3

Sep 15
406,576
142,526
35.1
38,791
9.5

FY14
15,869
222,033
1,641
0.5
3.2

FY15
16,333
213,328
1,761
0.6
3.2

`
`
`
`

m
m
m
m

243,318
-36,532
-44,235
162,550

KEY DATA
Unit
FY13
nos.
14,816
nos.
228,296
Rs m
1,518
Rs m
0.6
%
3.3
NOTES

191,417
-35,365
35,831
191,883

464,029
-34,304
-15,533
414,192

State Bank of India (SBI) is India's largest bank in the country with an asset size of
over Rs 20 trillion. The bank's loan book is largely skewed towards corporate (large
and mid size) loans (37% of total advances in FY15) with the retail, agri and SME
segments accounting for 20%, 9% and 14% shares in the loan portfolio. SBI has a
network of almost 16,333 branches and 46,898 ATMs across the country.
In FY15 SBI s market share in deposits has risen to 17%, but in advances the share
has fallen to below 16% from 16.7% in FY14. The overall business growth in FY15
remained healthy at 10.5%, despite the tough macro economic climate. SBI reported
a loan growth of 7.3% backed by strong double-digit growth in retail and large
corporate group advances. The retail segment put up a good show aided by brisk
growth in in home and auto loans. Deposits too reported a robust performance and
rose 13.1% YoY in FY15. The CASA deposits were up by 10% YoY accounting for
42.8% of the domestic deposits.

The bank has been able to maintain NIMs at around 3.2% during FY15. Even the
asset quality of the bank has been on the mend. On the back of a marked reduction
in fresh slippages, the share of gross NPAs to advances fell to 4.3% in FY15 from
4.9% in FY14. However, the restructured book has increased to Rs 712 bn in FY15
from Rs 589 bn in FY14.
Going forward, SBI has been focusing on improving operating efficiency through cost
rationalization and enhancing customer delivery by expanding its digital footprint and
offerings. This is expected to aid profitability in the long run. Although the banks bad
loans are still high, its classification as a Systemetically Important Bank by RBI
renders additional layer of safety that will ensure that the bank is adequately
capitalized at all times.

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96

UNION BANK OF INDIA

BANKING

Chairman: Arun Tiwari (MD)

Yr of Inc

B. Code

1919
532477
SHAREHOLDING

BL. Code

UNBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 60.1%
:
0.0%
: 16.6%
:
8.5%
: 14.8%
: 235,817

Price

157.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.9

SEC: Neha Agrawal

% ch 12-m

4.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

288
150
421.7
36.1
91.3
8.00
3.7
291.9
596.79
PI
0.5
6.1
2.8
0.8
22.1
130,697
31.8
27,953
7,915.1
879.1
678.4

255
97
466.3
26.6
75.1
4.00
2.3
297.2
630.31
PI
0.4
6.6
2.3
0.6
15.0
110,966
33.8
33,093
8,694.8
978.9
495.9

260
132
505.9
27.7
82.0
6.00
3.1
313.0
635.77
PI
0.4
7.1
2.3
0.6
21.7
124,579
35.5
37,860
9,056.8
1,066.1
495.8

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

251,685
28,680
175,754
75,932
49,055
26,877
10.7
25,183
30,528
0
108
0
9,063
21,572
8.6

293,935
31,407
214,667
79,268
58,761
20,507
7.0
31,697
20,181
0
106
0
3,522
16,765
5.7

321,643
39,571
236,396
85,247
66,833
18,415
5.7
36,369
21,548
0
104
0
4,042
17,609
5.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,081,024
2,636,816
78.9
9.2
6.3
2.5
24,954
6,967
93,276
174,191
237,969
818,083
3,129,119
16.5
0.7
12.4
11.5
1.6

2,291,047
2,976,511
77.0
9.5
6.7
2.6
26,234
7,413
98,117
187,342
293,162
946,364
3,550,145
17.5
0.5
8.9
11.9
2.3

2,559,211
3,174,503
80.6
9.4
6.8
2.5
26,944
6,358
181,916
198,992
351,680
954,494
3,835,690
17.7
0.5
8.8
10.7
2.7

P/CF
5.7

(` )

AUD: Shah Gupta & Co.

Yield

Mkt cap

3.8

Vol.

99,912.8

309.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE692A01016

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-29.4

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Pt, Mumbai-21
E-Mail:
investorservices@unionbankofindia.com
Web site: www.unionbankofindia.co.in
Telephone: (022) 2289 6643 Fax: (022) 2202 5238
Tr agent: Datamatics Financial, B-5, Cross Lane, MIDC, Marol, Mumbai-93

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
80,438
82,406
`m
21,212
21,211
%
26.4
25.7
`m
3,024
4,438
%
3.8
5.4

Jun 15
82,599
21,302
25.8
5,188
6.3

Sep 15
81,415
21,017
25.8
6,582
8.1

FY14
3,871
33,806.0
1,360.8
0.5
2.6

FY15
4,081
35,514.0
1,258.0
0.5
2.5

`
`
`
`

m
m
m
m

-42,454
-3,432
50,959
5,074

KEY DATA
Unit
FY13
nos.
3,511
nos.
31,798.0
Rs m
1,344.0
Rs m
0.7
%
2.5
NOTES

25,701
-3,630
49,024
71,095

-35,437
-3,418
31,678
-7,176

Union Bank of India (UBI) is the ninth-largest bank in India by assets. It has a panIndian presence with a network of over 4,000 branches and 7.020 ATMs. It is 60.1%
owned by the government. It is among the better performing mid-sized public sector
banks in the country. UBI's diversified geographic presence has helped it garner a
judicious mix of assets and low cost deposits.

In FY15, the bank recorded 9% YoY business growth. Advances grew at a modest
12% backed by a robust 23% growth recorded in the agriculture, retail and MSME
sectors. The combined share of these three sectors rose to 48.9% in FY15 from
44.3% in FY14. However, deposit growth remained subdued at 6.4% YoY for FY15.
On a positive note, the bank has reduced the share of high cost deposits from 12.6%
in FY14 to 5.8% in FY15. As a result the cost of deposit has fallen by 6 basis points
to 7.31% during the year. However a steeper fall in yields on advances has led to
contraction in NIMs by 0.1% during the year.

The asset quality has weakened further. Gross NPAs for the full year FY15 increased
to 4.96% from 4.08% a year ago. Slippages for the year increased to Rs 56.7 bn from
Rs 54.6 bn a year ago. Also, imminent margin pressures owing to poor yields and
lack of treasury gains going ahead may weigh on the earnings performance of the
bank. Moreover, incumbent capital raising in the near term and requirements for
BASEL III implementation may compress the RoEs for the bank. The capital
adequacy as at the end of FY15 stood at 10.2% as per BASEL III norms.

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97

YES BANK
BANKING

Chairman: Radha Singh

Yr of Inc

B. Code

1998
532648
SHAREHOLDING

BL. Code
YESB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 22.1%
:
0.0%
: 20.7%
: 45.1%
: 12.2%
: 172,309

Price

716.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shivanand R. Shettigar

% ch 12-m

12
31/03/14

547
216
276.8
44.7
103.0
8.00
2.1
197.3
360.63
ESOP
1.4
8.5
7.0
1.9
17.9
137,634
8.8
7,886
11,345.0
896.4
1,831.4

910
404
277.0
47.8
116.3
9.00
1.4
279.3
417.74
PP
2.4
13.7
11.7
2.4
18.8
274,455
10.8
9,866
10,704.9
912.7
1,847.8

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

82,940
12,574
60,752
22,188
13,345
8,843
10.7
2,160
19,257
0
0
0
6,251
13,007
15.7

99,814
17,216
72,646
27,168
17,569
9,599
9.6
3,617
23,198
0
0
0
7,086
16,113
16.1

115,720
20,479
80,834
34,886
22,949
11,938
10.3
3,395
29,022
0
0
0
9,048
19,974
17.3

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

469,996
669,555
70.2
11.5
6.8
2.6
2,296
3,586
42,309
58,077
209,222
429,760
991,041
15.1
1.3
22.4
18.3
0.0

556,330
741,856
75.0
11.8
7.6
2.9
2,971
3,606
51,275
71,152
213,143
409,329
1,090,048
13.4
1.5
22.6
14.4
0.1

755,498
911,588
82.9
10.6
7.2
3.0
3,218
4,177
90,807
116,655
262,204
465,702
1,361,430
10.1
1.5
17.1
15.6
0.1

P/CF
15.0

(` )

CASHFLOW

Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Mkt cap

1.3

Vol.

299,185.4

302.4

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

AUD: S. R. Batliboi & Co.

Yield

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

12
31/03/15

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

BALANCE SHEET DATA

10.3

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-1.6

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

532
303
231.3
36.3
84.9
6.00
1.4
161.9
358.62
ESOP
1.8
11.5
9.9
2.6
16.5
149,724
7.0
6,555
11,808.1
933.3
1,851.8

-7.4

Regd off: 9th Floor, Nehru Center, Dr. A. B. Road, Worli, Mumbai-18
E-Mail:
shareholders@yesbank.in
Web site: www.yesbank.in
Telephone: (022) 3366 9000 Fax: (022) 2421 4507
Tr agent: Karvy Computershare, 17-24, Vittalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE528G01019

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
29,717
30,884
`m
9,090
9,771
%
30.6
31.6
`m
5,403
5,510
%
18.2
17.8

Jun 15
32,519
10,598
32.6
5,512
17.0

Sep 15
33,772
11,085
32.8
7,144
21.2

FY14
560
8,798
993.4
1.8
2.9

FY15
630
10,810
993.0
1.8
3.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

5,406
-67,415
66,811
4,802

FY13
430
7,024
1,093.0
1.9
2.6

44,355
-27,855
1,759
18,259

-14,656
-44,426
75,740
16,657

Yes Bank, which received its greenfield banking license in May 2004, commenced its
lending operations in October 2004. The bank had 630 branches and 1190 ATMs at
the end of March 2015. The capital adequacy ratio of Yes Bank has been always well
above minimum requirements. The bank had recorded RoA (annualized) at or above
1.5% and RoE (annualized) around 20%, over last seven years.

With almost 15% growth in branch network and 20% growth in headcount in FY15,
Yes Bank managed an aggressive growth in balance sheet during the fiscal. This is
particularly keeping in mind the moderate growth rates posted by its larger peers in
private sector and PSU. Further, with the bank soliciting savings accounts at an
interest rate of 7% per annum, the deposit growth has come on the back of CASA
accumulation. Nevertheless, the bank has managed to sustain above average NIMs
so far by raising the proportion of CASA deposits. While NIMs were stable at 3.2% at
the end of March 2015, there may be marginal upside in NIMs due to fall in interest
rates.
Yes Bank increased its branch network by 80 in FY15 and the total count stood at 630
at the end of March 2015. The bank's total headcount stood over 10,810 in March
2015 (up 23% YoY). The bank expects its operating costs to increase at an annual
average rate of around 40% over the next 2 to 3 years given the branch expansion
targets. The cost to income ratio, went up from 39% to 41% over the past year.

In relative terms, Yes Bank had a higher slippage in asset quality while the gross NPA
stood at 0.4% of advances at the end of March 2015. Also, the possibility of slippages
from the restructured loan book (0.26% of gross advances) looms large. After the
write back of provisions during the second half of FY14 and in FY15, Yes Bank had
a lower provision coverage ratio of 72% as against 85% earlier.

Get more info at www.equitymaster.com

98

CAPITAL GOODS AND CONSTRUCTION

Engineering is a diverse industry with various segments. A
company from this sector can be a power equipment
manufacturer (like transformers and boilers), execution
specialist for Engineering, Procurement and Construction
(EPC) projects or a niche player (e.g.: providing environment
friendly solutions like waste water and air pollution treatment
plants). The company can also be an electrical, non-electrical
machinery or static equipment manufacturer too.
Order book size is the biggest determinant of the companys
performance in engineering sector. The same holds true for
construction companies as well. It indicates companies
revenue visibility. In order to bag big contracts, companies
need to have a strong balance sheet and proven execution
capabilities. Companies in these sectors need huge working
capital to execute bigger contracts. In most cases, they
receive only part payment at initial stages and the remaining
comes as projects get executed.
Indian capital goods manufacturers have been facing
competition from foreign players; particularly Chinese and
Korean manufacturers since the onset of 11th five year plan.
Currently, despite increased domestic capacities, low cost
foreign manufacturers still give tough competition to domestic
manufactures in some segments of the industry.
Power sector contributes almost 70-75% to the engineering
companies' revenues. The government plans to add largescale generation as well as transmission and distribution
(T&D) capacities in view of the paucity of power in the
country. Barring the short term challenges, there is enormous
potential for the engineering majors in both generation and
T&D space.
Given the lack of quality infrastructure in India, the
construction industry has over the long term been witness to
a strong growth wave powered by large spends on housing,
road, ports, water supply, rail transport and airport
development. The sectors growth has however remained
subdued over the past few years especially when compared
to the boom years. A big reason for this is the stalling of
various big ticket projects in the recent past due to myriad
reasons. Infrastructure is also a key area of operation for
major Indian engineering companies.

segments. This has led to a lot of stress in the balance sheets

of many of these companies.
KEY POINTS
Supply: Supply is abundant across most of the segments,
except for technology intensive executions. However, supply of
equipments face bottlenecks such as logistics and lack of
manpower for timely assembly and erection of equipments; etc.
Demand: Demand growth in this sector is fuelled by
expenditure in core sectors such as power, railways,
infrastructure development, private sector investments and the
speed at which the projects are implemented. The pace of
project execution has been lumpy in the year gone by due to
many delays in execution and cash crunch on the part of
clients.
Barriers to entry: Barriers to entry are high at upper end of the
industry as skilled manpower and technologies as well as
ability to execute large projects are a prerequisite in
engineering sector. However, in few construction businesses
like road business, which are not very technologically inclined,
the companys expertise in execution is the key differentiator.
Bargaining power of suppliers: Bargaining power of
suppliers is low because of intense competition amongst them.
However, in technology driven high-end segments, suppliers
have the upper hand.
Bargaining power of customers: Bargaining power for
technology driven and highly skilled segments is low. However,
fierce competition has increased bargaining power of
customers in power generation and T&D equipments.
Competition: Majority of the companies compete in terms of
pricing, experience in specific field, quality of equipment,
capabilities with respect to size of projects that can be handled
and timely execution. Nevertheless, competition is higher in the
industry as companies of all sizes have been trying to move
towards scaling up their technology and capacity.
PROSPECTS
World class infrastructure is of utmost importance for
unleashing high and sustained growth. In fact, it is the long
term driver for the construction sector as well. While short
term factors may keep sentiments subdued, over the long
term, demand will remain strong. The proposed increase in
doubling investment in infrastructure from Rs 20 trillion to Rs
41 trillion in the twelfth five-year plan (2012-2017) should
translate into a business for construction companies as and
when the black clouds clear-up.

FY15
FY15 was yet another disappointing year for the Indian
engineering industry. Order inflows were weak due to delays
in project awards, land acquisition problems and
environmental issues. Due to the low demand environment,
operating margins came under pressure. Thus, slowdown in
order inflows along with lower pace of project execution
proved to be a double whammy for the engineering
companies.

The government has also being working on putting in place

dispute resolution mechanisms for PPP projects. The long
term future of the Indian engineering and construction sector
remains promising.

Due to low capacity utilization across the industrial sectors,

capex failed to pick up during the year. The drastic fall in
commodity prices has further lead to weakness demand for
capital equipment. This could further impact the momentum in
industrial capex. There remains a lot of uncertainty about
when the much awaited revival in the capex cycle will come
in.

The government's initiative to bring clarity to the power sector

reforms is a welcome sign for the industry. The government
has been working on trying to fast track large sized
infrastructure projects. These initiatives may help revive the
Engineering and Construction sector going forward.
The next couple of years may remain challenging for the
engineering and construction companies. While execution
pace is slowing down due to various internal as well as macro
issues, margins have also come under pressure due to
anemic demand, rising competition and over capacity in a few
sub sectors. Thus, unless the macro-environment improves
overall growth will continue to remain sluggish in the near
term.

The situation in the construction industry remained subdued

in FY15 - given the slowdown in the overall economy. RBI too
has been slow in cutting down interest rates, thereby
impacting investments. A key issue faced by private players
has been financial pressures in terms debt servicing coupled
with errors in estimation and delays in execution across
99

CAPITAL GOODS
GLOBAL COMPARISON
FY15/ CY14

Revenues
EBIDTA margin
Profit after tax
Net profit margins
Order Backlog
Backlog to sales
Return on equity
Employees
Revenue per employee
Price/Earnings (ttm)

Capital Goods

Unit
US$ m
%
US$ m
%
US$ m
x
%
Nos.
US$ m
x

ABB India
1,154
5.9
35
3.0
1,198
1.0
8.1
6,200
0.2
88

ABB Group
39,830
14.0
2,594
6.5
41,515
1.0
14.9
140,000
0.3
14.9

Construction

Caterpillar
55,184
9.7
3,695
6.7
17,300
0.3
19.7
108,922
0.5
12.7

HCC*
1,565
13.0
(24)
0.0
2,951
1.9
-30.4
3,000
0.5
NA

Hochtief
24,021
5.9
274
1.1
38,804
1.6
13.1
53,247
0.5
NA

Source: Equitymaster Research, Company Annual Reports

ABB (Switzerland)
ABB Ltd. provides power and automation technologies to utility and industry customers worldwide. The company operates in two
divisions, Power Technologies and Automation Technologies. The Power Technologies division offers various products, systems,
and services for power transmission, distribution, and power plant automation. The Automation Technologies division provides
products, systems, software, and services for the automation of industrial and commercial processes. In addition, the company
provides installation services and engineering services, and licenses process technologies to the refining, petrochemical, and
polymer industries. It sells its products primarily through wholesalers and distributors. The company was founded in 1988 and is
headquartered in Zurich, Switzerland. In 2014, ABB earned revenues and net profits of US$ 39.8 bn and US$ 2.6 bn respectively.

Caterpillar Inc. (US)

Caterpillar is the world's leading manufacturer of construction and mining equipments, diesel and natural gas engines as well as
industrial gas turbines. In 2014, Caterpillar posted sales of US$ 55.2 bn and net profit of US$ 3.7 bn. The company principally
operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also
provides financing and related services through its Financial Products segment. The Machinery and Power Systems include all
construction, resource and power systems. Financial Products primarily include Cat Financial and Caterpillar Insurance Holdings
Inc. The financial products segment offers retail and wholesale financing alternatives for the companys products to customers and
dealers. Caterpillar was founded in 1925 and is located in Peoria, Illinois.

Hochtief (Germany)
Located in Essen, Germany, the Hochtief Group operates in areas of transportation infrastructure, energy infrastructure and
social/urban infrastructure segments as well as in the contract mining business. It has presence in all the key markets across the
globe including Europe, the Americas, Australia, the Asia-Pacific region and the Gulf States. The group is structured into three
broad divisions: Hochtief Americas, Hochtief Asia Pacific and Hochtief Europe. These divisions comprise Hochtief's operational
units. They represent the service portfolio and reflect the company's global presence. With its subsidiary Leighton, the Group is
market leader in Australia. In the USA, the biggest construction market in the world, Hochtief is the leading general builder via its
subsidiary Turner and, with group company Flatiron, it ranks among the most important players in the field of transportation
infrastructure construction. The company was founded in 1873 and has employee strength of around 53,000.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

100

ABB INDIA LIMITED

CAPITAL GOODS

Chairman: Francis Duggan

Yr of Inc

B. Code

1949
500002
SHAREHOLDING

BL. Code
ABB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

:
0.0%
: 75.0%
: 12.4%
:
4.7%
:
7.9%
: 63,710

Price

1,129.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

SEC: B. Gururaj

% ch 12-m
-8.0

FX Transaction (FY15)
`m
11,182
`m
20,540
`m
13,197
`m
25,637
` m -12,440
12
31/12/13

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

74,703
1,017
75,720
2,418
941
432
2,062
0
0
0
688
1,374
3.2
33.4
1.8

76,316
974
77,290
3,796
1,033
1,011
2,725
0
0
24
956
1,793
5.0
35.1
2.3

76,307
1,199
77,506
4,531
1,128
1,050
3,552
0
0
0
1,267
2,285
5.9
35.7
3.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

48,398
38,624
13.1
1.3
45
159
13,244
424
25,546
25,981
0
64,700
5.8
0.0
1.2
2.8
5.3
9.6
11.7
26.0

52,069
43,497
11.2
1.2
47
155
14,390
424
26,341
26,776
0
70,495
3.7
0.0
1.1
4.0
6.7
14.0
12.3
25.9

49,496
39,677
12.9
1.2
43
151
14,315
424
27,695
28,120
0
68,217
4.4
0.0
1.1
4.9
8.1
16.4
14.7
26.9

INCOME DATA

BALANCE SHEET DATA

737
448
360.1
8.5
13.3
3.00
0.5
126.4
211.91
1.6
70.0
44.4
4.7
35.5
125,567
6.4
6,771
11,978.7
1,062.7
281.4

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

915
580
352.5
6.5
10.9
3.00
0.4
122.6
211.91
2.1
115.3
68.4
6.1
46.3
158,403
6.8
6,196
11,063.8
917.7
203.5

-9.5

Regd off: 21st Flr., WTC, Brigade Gateway, Dr. Rajkumar Rd, Malleshwaram (W),
E-Mail:
Bangalore-01
Web site: investor.helpdesk@in.abb.com
Telephone: www.abb.co.in
Tr agent: (080) 2294 9150 Fax: (080) 2294 9148

1,397
568
360.1
10.8
16.1
3.70
0.4
132.7
211.91
2.7
91.1
61.0
7.4
34.3
208,180
6.2
7,052
12,377.4
1,143.9
370.7

P/E

P/CF

104.7

70.1

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

0.3

Vol.

239,267.6

5.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE117A01022

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Mar 15
Dec 14
`m
22,384
18,146
`m
1,800
1,436
%
8.0
7.9
`m
842
543
%
3.8
3.0

Jun 15
19,316
1,500
7.8
575
3.0

Sep 15
19,690
1,557
7.9
587
3.0

CY14
6.7
14.0
2.3
3.0
0.2

CY15
8.1
16.4
3.0
3.7
0.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

-502
-3,398
2,106
-1,794

CY13
5.4
9.6
1.8
3.0
0.1

3,301
-2,197
1,191
2,296

4,790
-1,477
-4,221
-908

ABB India (ABB) is a subsidiary of ABB Zurich, which is a global leader in power and
automation technologies. Besides catering to the Indian markets, ABB has also been
playing an increasing role in the parents regional and global operations. The
company serves utility and industrial customers through its vast range of offerings,
which form part of its power and automation businesses. The former caters chiefly to
utilities through its range of products and services for the power transmission and
distribution business. The automation related segments serve customers across
industries like metals, paper, automotive, chemicals and petrochemicals.
During 9mCY15, ABB saw its top line grow by 3.8% YoY. However, the companys
operating profits rose by 19.2% YoY, while its net profits were up by 18.1% YoY.

Companies in the engineering sector are seeing pressure on prices (and thus
margins) due to excess capacity, lack of orders and the resultant intense competition
in the industry. Nonetheless, the long-term prospects in the T&D space on the back
of the large potential for T&D spending are promising. ABB is also consciously
keeping away from turnkey orders where terms and conditions are not very fair i.e.
price levels are low. The company is also manufacturing raw material components
locally rather than banking on imports. We feel going forward these initiatives shall
enable the company maintain or improve its operating performance.

Get more info at www.equitymaster.com

101

ADOR WELDING LTD.

CAPITAL GOODS

Chairman: A. B. Advani

Yr of Inc

B. Code

1953
517041
SHAREHOLDING

BL. Code

ADOR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 56.3%
:
0.4%
: 13.5%
:
0.0%
: 29.8%
: 15,271

Price

308.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. M. Bhide

% ch 12-m
45.4

FX Transaction (FY15)
`m
299
`m
452
`m
307
`m
487
`m
-180
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,650
38
3,688
340
124
10
245
0
0
0
76
169
9.3
31.0
4.6

3,718
50
3,768
268
123
21
174
0
0
-130
95
-51
7.2
54.8
-1.4

3,861
44
3,905
289
125
12
196
0
0
282
159
319
7.5
81.2
8.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,535
729
22.1
2.1
45
73
819
136
1,687
1,823
74
2,663
25.9
0.0
1.4
6.7
9.3
13.4
12.7
6.7

1,753
1,010
20.0
1.7
51
77
791
136
1,549
1,685
89
2,804
9.3
0.1
1.3
-1.1
-3.0
3.7
13.2
10.1

1,607
721
22.9
2.2
41
79
990
136
1,889
2,025
1
2,842
18.1
0.0
1.4
11.6
15.7
24.2
7.7
11.7

INCOME DATA

BALANCE SHEET DATA

153
81
273.6
-3.8
5.3
5.00
4.3
124.0
13.59
0.4
-31.1
22.1
0.9
-133.0
1,588
0.7
398
5,185.9
555.6
-71.3

P/E

13.2

244
198
284.1
23.4
32.7
5.00
2.3
149.0
13.59
0.8
9.4
6.8
1.5
21.3
3,005
0.7
370
5,702.5
546.1
470.6

P/CF
9.4

(` )

AUD: Dalal & Shah

Yield

Mkt cap

1.6

Vol.

4,195.2

6.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE045A01017

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

160
110
268.5
12.4
21.5
6.00
4.4
134.1
13.59
0.5
10.9
6.3
1.0
48.3
1,835
0.8
375
4,655.0
478.1
215.3

20.3

Regd off: Ador House, 6, K. Dubash Marg, Fort, Mumbai - 400 001
E-Mail:
vmbhide@adorians.com
Web site: www.adorwelding.com
Telephone: (022) 2284 2525 Fax: (022) 2287 3083
Tr agent: Sharex Dynamic, Luthra Indl., Safed Pool, Sakinaka, Andheri (E),

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
870
1,362
`m
39
192
%
4.5
14.1
`m
6
96
%
0.7
7.1

Jun 15
803
97
12.1
56
7.0

Sep 15
918
65
7.1
34
3.6

FY14
2.3
8.2
1.0
5.0
0.0

FY15
16.8
25.5
7.6
5
0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

145
-40
-109
-4

FY13
10.6
15.1
4.8
6.0
0.0

183
22
-28
177

20
-85
-101
-166

Ador Welding Ltd (AWL) is a pioneer of welding and cutting consumables services in
the country. AWL provides a host of services including welding, cutting and allied
applications for all kinds of metals and every single industry and application. The
company also offers customized solutions to multi-disciplinary projects and contracts
in the area of combustion engineering, thermal engineering and fabrication
engineering. AWL has four manufacturing plants for the production and supply of
welding consumables, power sources, welding automation systems, cutting products
and accessories.
During the year, a petition for liquidation of Plasma Laser Technology Ltd (PLT), one
of the subsidiaries of the company, was filed by the employees of PLT with the district
court sitting in Nazareth, Israel. The due process of law for liquidation is in progress.

During FY15, total operating revenues reported a growth of 4.3% on a YoY basis. The
welding consumables business for the year registered a marginal reduction of over
1% YoY while the equipment & project Engineering business registered a growth of
over 21% YoY. The expenditure to sales ratio increased to 95% as compared to 92%
in the previous year. The operating profit witnessed a decline of 19.6% on a YoY
basis. Net profits witnessed a surge of 665% on a YoY basis mainly on the back an
exceptional income which was realized through the sale of 2 residential flats owned
by the company.
The company has budgeted capital expenditure of Rs 125 million for automation,
production equipments and analytical instruments for R&D (research and
development).

Get more info at www.equitymaster.com

102

ALSTOM T&D INDIA LIMTED

CAPITAL GOODS

Chairman: T. S. Vishwanath

Yr of Inc

B. Code

1957
522275
SHAREHOLDING

BL. Code
AREV.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

: 68.5%
:
6.5%
: 15.3%
:
1.2%
:
8.5%
: 45,045

Price

483.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.8

SEC: Manoj Prasad Singh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

9.5

(FY15)
4,897
6,388
5,280
7,778
-2,498

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

230
138
131.8
3.5
6.9
1.80
1.0
38.1
239.10
1.4
52.3
26.6
4.8
51.2
43,994
3.6
3,246
8,762.5
902.4
233.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,519
169
31,687
2,475
813
775
1,056
0
0
170
385
841
7.9
36.5
2.7

35,235
435
35,671
2,997
870
788
1,774
0
0
0
604
1,170
8.5
34.1
3.3

40,676
114
40,790
3,140
819
734
1,702
0
0
0
496
1,206
7.7
29.2
3.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

34,492
31,240
10.3
1.1
80
199
6,733
478
8,619
9,102
661
41,454
2.4
0.1
0.8
3.9
9.2
20.5
14.5
12.3

39,295
34,086
14.8
1.2
71
238
7,495
512
11,971
12,488
0
46,996
3.3
0.0
0.7
4.2
9.4
20.5
13.0
17.2

37,182
31,271
14.5
1.2
62
193
6,867
512
12,601
13,118
0
44,924
3.3
0.0
0.9
4.3
9.2
18.6
12.0
15.7

BALANCE SHEET DATA

P/E

656
519
158.9
4.7
7.9
1.80
0.3
51.2
256.05
3.7
124.8
74.3
11.5
38.2
150,493
3.0
3,457
13,677.1
1,162.5
405.4

P/CF

102.7

61.2

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.4

Vol.

123,833.7

4.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE200A01026

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

251
110
137.6
4.6
8.0
1.80
1.0
48.8
256.05
A
1.3
39.5
22.7
3.7
39.4
46,217
3.4
3,434
10,366.4
1,010.2
344.3

Regd off: A-18, First Floor, Okhla Industrial Area, Phase II, New Delhi - 110 020
E-Mail:
manojprasad.singh@alstom.com
Web site: www.alstom.com/india
Telephone: (011) 4161 0660 Fax: (011) 41610 659
Tr agent: CB Management Services, P-22, Bondel Road, Kolkata-19

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
Net Margin
DPS
Interest coverage

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
7,661
13,682
`m
405
1,112
%
5.3
8.1
`m
26
540
%
0.3
3.9

Jun 15
8,115
626
7.7
196
2.4

Sep 15
9,053
1,048
11.6
463
5.1

FY14
10.9
3.15
1.8
2.94

FY15
9.4
3.1
1.8
2.87

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
Rs
x

4,124
-713
-2,960
450

FY13
9.2
2.7
1.7
2.4

-1,412
-1,194
2,189
-417

5,021
-1,369
-3,201
451

NOTES

Alstom T&D is amongst the top transmission and distribution players in India. Its
product offerings include power & distribution transformers, switchgear and circuit
breakers and products in the area of energy automation. Alstom T&D is a pioneer of
many high voltage products in T&D. It is the first company in India to have
manufactured India's first 1200 kV and 765 kV power transformers. It also
commissioned Indias first indigenously developed 765 kV substation and 800 kV
circuit breaker.

In FY15, Alstom T&Ds revenues and profits were up by 5.3% YoY and 3% YoY
respectively. Operating margin stood at 8.8% as against 9.6% in FY 14 on back of
increase in cost of raw material and increase in other expenses. The company had
an order backlog of Rs 81.28 bn at the end of the year as compared to Rs 64.6 bn in
the previous year.
Going forward, overall business environment is expected to remain challenging.
Pricing pressure on margins is expected to continue due to low demand and high
supply environment.

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103

BHARAT HEAVY ELECTRICALS LIMITED

CAPITAL GOODS

Chairman: B. Prasada Rao (MD)

Yr of Inc

B. Code

1964
500103
SHAREHOLDING

BL. Code
BHEL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 63.1%
:
0.0%
: 16.6%
: 15.9%
:
4.4%
: 390,318

GOVERNMENT
Price

169.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.3

SEC: I. P. Singh

% ch 12-m
-35.5

FX Transaction (FY15)
`m
7,474
`m
41,861
`m
10,547
`m
46,180
` m -35,632
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

275
175
199.9
27.3
31.3
5.41
2.4
124.7
2,447.60
1.1
8.2
7.2
1.8
19.8
549,486
48.4
58,240
10,106.8
1,203.3
1,383.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

489,158
10,973
500,131
94,831
9,572
1,276
94,955
3
-5
356
28,376
66,934
19.4
29.9
13.7

395,694
16,230
411,924
45,795
9,854
1,335
50,837
5
-60
0
15,753
35,029
11.6
31.0
8.9

307,886
12,306
320,192
21,414
10,820
924
21,976
19
-103
0
7,369
14,524
7.0
33.5
4.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

514,108
281,974
47.5
1.8
89
219
71,337
4,895
300,405
305,327
12,330
717,529
75.4
0.0
0.7
9.5
21.9
30.4
0.9
13.5

523,950
259,981
66.7
2.0
90
260
76,602
4,895
326,308
331,569
19,613
752,445
39.1
0.1
0.5
4.8
10.6
14.8
3.4
16.0

490,409
228,171
85.2
2.1
120
311
68,524
4,895
336,805
342,066
17,336
708,887
24.8
0.1
0.4
2.2
4.2
6.3
2.4
13.6

BALANCE SHEET DATA

P/E

292
181
125.8
5.9
10.4
1.16
0.5
139.8
2,447.60
1.9
39.8
22.8
1.7
19.5
578,368
44.9
54,755
6,856.4
1,219.3
323.4

P/CF

28.5

16.3

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.7

Vol.

413,522.0

740.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE257A01026

350
Close

300

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

208
100
161.7
14.3
18.3
2.83
1.8
135.5
2,447.60
1.0
10.8
8.4
1.1
19.8
377,298
47.5
59,566
8,326.0
1,253.4
737.1

Regd off: BHEL House, Siri Fort, New Delhi - 110 049
E-Mail:
shareholderquery@bhel.in
Web site: www.bhel.com
Telephone: (011) 2600 1046 Fax: (011) 6633 7533
Tr agent: Karvy Computer., Arunachal Bldg., 19, Barakhamba Rd., New Delhi-01

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
61,980
126,860
`m
2,938
16,818
%
4.7
13.3
`m
2,126
8,985
%
3.4
7.1

Jun 15
43,617
-2,093
-4.8
339
0.8

Sep 15
59,380
-4,742
-8.0
-4,555
-7.7

FY14
81
19
280,000
1,015,000
2.6

FY15
77
23
308,140
1,010,000
3.3

Parameters
Power sales
Industry sales
Orders received
Order backlog
Backlog to Engg. & Const sales

`
`
`
`

m
m
m
m

17,586
-11,129
4,725
11,182

KEY DATA
Unit
FY13
(% of sales)
79
(% of sales)
21
Rs mn
316,500
Rs mn
1,151,600
x
2.3
NOTES

45,120
-8,679
5,233
41,675

8,212
6,504
-35,427
-20,711

Bharat Heavy Electricals Limited (BHEL) is India's largest public sector engineering
company catering to the power and infrastructure sectors. The company has a long
history of consistent profitability and manufactures over 180 products for industries
like power generation and distribution, transportation, and renewable energy. The
company's operations are organised around two major business segments - power
(77% of FY15 revenues) and industry (23%). The company has over 45,000
employees and 16 manufacturing units, 2 repair units, 4 regional offices, 8 service
centres, 8 overseas offices, 15 regional centres, 7 joint ventures and infrastructure to
execute more than 150 project sites across India & abroad. The company currently
has an equipment manufacturing capacity of 20,000 MW per annum.

BHELs revenues and profits fell by 22.2% YoY and 58.6% YoY during the year ended
March 2015. Operating profits dropped by a 45.8% YoY leading to a 4.5% decline in
operating margins. At the end of the year, the companys order book stood at Rs
1,010 bn, down by 0.5% YoY as compared to the previous year. The company
received orders worth Rs 308 bn during the year (up 10% YoY).
Order Book Reduction due to increasing competition, excess domestic manufacturing
capacities and low business sentiments coupled with delayed delivery of projects
leading to LDs affected overall revenues and profitability. BHEL is also facing working
capital pressure due to rising debtors and shrinking order book. BHELs debtor days
stood at 315 in FY15 as compared to 257 days in the previous year.

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104

BLUE STAR LIMITED

CAPITAL GOODS

Chairman: Ashok M. Advani

Yr of Inc

B. Code

1949
500067
SHAREHOLDING

BL. Code
BLUS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 39.1%
:
0.6%
: 19.1%
:
6.8%
: 34.5%
: 22,490

Price

355.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Sangameshwar Iyer

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,795
8,545
1,972
8,611
-6,640

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,240
365
29,605
904
334
528
407
0
9
0
26
391
3.1
6.3
1.3

29,343
179
29,521
1,505
378
542
763
0
36
-1
22
776
5.1
2.9
2.6

31,819
85
31,904
1,673
432
485
841
0
36
-414
-79
542
5.3
-9.4
1.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

16,930
17,526
-2.0
1.0
64
93
2,350
180
3,810
4,007
0
21,597
1.8
0.0
1.4
4.3
9.8
23.6
4.5
22.5

18,483
18,519
-0.1
1.0
58
96
2,729
180
4,123
4,605
0
23,363
2.4
0.0
1.3
5.6
16.8
29.1
5.4
24.8

16,256
16,876
-1.9
1.0
55
82
2,790
180
4,075
4,556
239
16,876
2.7
0.1
1.9
6.1
11.9
19.8
5.6
26.9

INCOME DATA

BALANCE SHEET DATA

207
130
326.2
8.6
12.8
4.00
2.4
51.2
89.94
0.5
19.5
13.1
3.3
46.4
15,155
2.5
2,476
11,552.3
974.8
305.3

6.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

231
151
325.1
4.3
8.1
3.00
1.6
44.5
89.94
0.6
44.0
23.7
4.3
69.1
17,179
2.7
2,300
10,837.7
852.3
144.8

1.0

Regd off: Kasturi Building, Jamshedji Tata Road, M. T. Advani Chowk, Mumbai - 20
E-Mail:
sangameshwar@bluestarindia.com
Web site: www.bluestarindia.com
Telephone: (022) 6665 4040 Fax: (022) 6665 4151
Tr agent: Link Intime ,C-13,Pannalal Silk Mills Cmpound, LBS Marg, Mumbai-78

387
197
353.8
6.0
10.8
5.00
1.7
50.7
89.94
0.8
48.5
27.0
5.8
83.0
26,262
2.5
2,675
12,687.2
1,066.5
216.1

P/E

P/CF

58.9

32.8

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

1.4

Vol.

31,928.7

4.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE472A01039

9,000
8,000

Close

7,000

100 DMA

6,000
5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,908
10,054
`m
23
1,074
%
0.4
10.7
`m
-120
722
%
-2.0
7.2

Jun 15
9,086
657
7.2
390
4.3

Sep 15
7,167
112
1.6
-96
-1.3

FY14
16.8
29.1
2.6
4.0
0.0

FY15
11.9
19.8
1.7
5.0
0.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

262
-197
-438
-372

FY13
9.8
23.6
1.3
3.0
0.0

666
112
-259
519

2,149
-487
-1,903
-241

Blue Star (BSL) is one of Indias largest central air-conditioning and commercial
refrigeration companies. The company has divided its business segments as
electro mechanical & project services (EMPS), cooling products and professional
electronics & industrial equipments (PIES). The first business involves designing,
engineering, manufacturing, installation, commissioning and support of central airconditioning plants and ducted systems. As for the second business unit, BSL offers
a wide range of window A/Cs, split air-conditioners and commercial refrigeration
products.
During FY15, BSL recorded a 14.9% YoY growth in sales, led by a strong
performance from the cooling products segment. BSL reported an operating margin
of 5.3% during the year. The companys cooling products business segment has been
playing an increasingly larger role in the companys overall revenues considering that
the companys projects oriented division has been hit by the slowdown in the
economy.

The growth prospects of BSL are closely linked to the level of infrastructure activity in
the country. The IT/ITES, retail and commercial real estate sectors have been slow
to pick up post the credit crisis due to which the business to BSL from these sectors
has slowed. Though the commercial construction cycle is yet to pick up, the company
is looking forward to cashing in as and when the growth opportunities revive.

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105

CARBORUNDUM UNIVERSAL LIMITED

CAPITAL GOODS

Chairman: M. M. Murugappan

Yr of Inc

B. Code

1954
513375
SHAREHOLDING

BL. Code

CRBR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MURUGAPPA
F.V.
1

42.2%
0.0%
11.8%
22.5%
23.5%
15,711

Price

180.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.9

SEC: Rekha Surendhiran

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

3.6

(FY15)
2,207
2,436
2,391
2,513
-122

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

175
115
105.2
4.8
8.6
1.25
0.9
56.5
187.47
ESOP
1.4
30.3
16.9
2.6
26.1
27,183
4.8
2,627
4,065.6
541.8
185.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,714
130
19,844
2,372
711
272
1,519
-2
0
0
619
898
12.0
40.8
4.6

21,253
220
21,474
2,515
911
282
1,543
-36
0
0
592
915
11.8
38.4
4.3

20,502
262
20,764
3,199
1,004
253
2,204
-57
0
0
822
1,326
15.6
37.3
6.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,508
5,184
21.9
1.8
75
67
8,273
188
9,453
10,592
1,975
19,109
6.6
0.2
1.0
6.1
8.5
14.2
11.2
10.4

10,163
5,672
21.1
1.8
75
72
8,260
188
5,493
11,060
1,873
19,947
6.5
0.2
1.1
6.0
8.3
13.8
9.6
11.7

9,465
5,675
18.5
1.7
69
66
7,204
188
4,794
10,887
567
18,250
9.7
0.1
1.1
8.7
12.2
21.0
10.8
11.9

BALANCE SHEET DATA

P/E

221
135
108.9
7.0
12.4
1.25
0.7
57.9
188.18
ESOP
1.6
25.2
14.4
3.1
17.7
33,449
5.0
2,754
4,084.0
548.7
264.2

P/CF

25.6

14.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.7

Vol.

33,891.2

8.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE120A01034

250
Close

200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

156
97
113.2
4.9
9.7
1.25
1.0
58.9
187.76
ESOP
1.1
25.9
13.0
2.1
25.6
23,733
4.9
2,900
4,348.1
593.2
187.2

Regd off: Parry House, 43 Moore Street, Chennai - 600 001

E-Mail:
dhanvanthkumarS@cumi.murugappa.com
Web site: www.cumi.murugappa.com
Telephone: (044) 3000 6141 Fax: (044) 3000 6149
Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nr., Madhapur, Hyderabad-81

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,032
4,771
`m
557
715
%
11.1
15.0
`m
114
131
%
2.3
2.8

Jun 15
4,958
799
16.1
333
6.7

Sep 15
5,209
892
17.1
390
7.5

FY14
50.0
63.4
1.2

FY15
45.69
66.4
1.1

Parameters
International Revenue Share
Receiveable Days
Asset Turnover

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
Days
times

1,952
-2,046
-294
-387

FY13
51.0
63.5
1.1

1,533
-946
-644
-57

3,258
-70
-2,906
282

NOTES

Carborundum Universal, popularly known as CUMI, manufactures coated and

bonded abrasives, super refractories, electro minerals, industrial ceramics, and
ceramic fibres in India. Founded in 1954 as a tripartite collaboration between the
Murugappa Group, The Carborundum Co USA and the Universal Grinding Wheel Co
Ltd, UK, CUMI manufactures over 20,000 different types of abrasives, refractory
products, and electro minerals. Globally, the companys products are exported to 50
countries spread across North America, Europe, Australia, South Africa, and Asia with
a retail network of manufacturing facilities and marketing establishments. It is a major
player in India and Russia.
CUMI is one of the five manufacturers in the world with fully integrated operations that
include mining, fusioning, wind and hydro power stations, manufacturing, marketing,
and distribution. The company operates its in-house research and development
operations and collaborative research with foreign institutions.

Aided by revenue growth, standalone earnings from operations before exceptional

items, interest, depreciation, and tax improved to 1,490 million in FY15 from 1,450
million in FY14. Depreciation was higher at 588 million as a result of the continuing
investments in various projects and changes in useful life of assets in line with
Companies Act, 2013. Finance costs were lower at 87 million compared to 129 million
in FY14 owing to a reduction in quantum of borrowings.

During the financial year 2014-15 (FY15), the companys consolidated revenue from
India increased by 3.9% but dropped 11.2% outside of the country, resulting in a
worldwide drop of 3.6% from last years levels. Operating margins stood at 13.4%
compared to 12.2% in FY14.

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106

CUMMINS INDIA LIMITED

CAPITAL GOODS

Chairman: Anant J. Talaulicar (MD)

Yr of Inc

B. Code

1962
500480
SHAREHOLDING

BL. Code

CUMM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

:
0.0%
: 51.0%
: 18.1%
: 18.0%
: 12.9%
: 41,179

MNC

Price

990.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Trivikram Guda (G.M. - Legal)

% ch 12-m
8.9

FX Transaction (FY15)
`m
17,268
`m
5,898
`m
17,742
`m
9,406
`m
8,336
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

45,894
2,067
47,961
8,349
473
46
9,897
0
0
616
2,872
7,641
18.2
29.0
16.6

39,767
1,777
41,544
6,967
528
42
8,175
0
0
0
2,175
6,000
17.5
26.6
15.1

44,058
2,866
46,924
7,351
797
45
9,374
0
0
0
1,515
7,859
16.7
16.2
17.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

25,294
11,016
31.1
2.3
42
68
6,142
554
23,313
23,867
0
36,696
215.7
0.0
1.3
20.9
32.0
44.2
27.7
11.4

20,165
10,238
25.0
2.0
51
72
10,149
554
25,097
25,652
0
37,727
196.6
0.0
1.1
16.0
23.4
32.0
30.5
12.4

24,081
12,273
26.8
2.0
57
78
14,046
554
28,311
28,865
0
43,217
208.4
0.0
1.0
18.3
27.2
32.6
39.2
13.4

INCOME DATA

BALANCE SHEET DATA

602
365
143.5
21.6
23.5
13.00
2.7
92.5
277.20
3.4
22.3
20.5
5.2
60.1
133,971
3.4
3,396
11,713.3
1,000.4
1,767.4

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

550
396
165.6
27.6
29.3
13.00
2.7
86.1
277.20
2.9
17.2
16.2
5.5
47.2
131,116
3.6
3,386
12,783.8
943.2
2,128.4

-5.3

Regd off: Kothrud, Pune - 411 038

E-Mail:
trivikram.guda@cummins.com
Web site: www.cumminsindia.com
Telephone: (020) 2538 5435 Fax: (020) 2538 0125
Tr agent: Link Intime, C13, Pannalal Silk Mills Cmpound, LBS Marg, Mumbai-78

960
508
158.9
28.3
31.2
14.00
1.9
104.1
277.20
4.6
25.9
23.5
7.1
49.4
203,506
4.1
3,936
10,753.7
960.7
1,918.1

P/E

P/CF

34.9

31.7

(` )

AUD: Price Waterhouse

Yield

Mkt cap

1.4

Vol.

274,608.2

6.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE298A01020

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
10,831
11,335
`m
1,894
1,759
%
17.5
15.5
`m
1,810
1,904
%
16.7
16.8

Jun 15
13,143
2,180
16.6
2,107
16.0

Sep 15
11,977
2,007
16.8
1,986
16.6

FY14
24.2
33.2
14
13
-

FY15
28.8
34.6
16.7
14.0
-

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

5,286
-2,186
-3,590
-490

FY13
34.5
47.7
16
13
-

3,611
552
-4,258
-95

5,012
-563
-4,261
188

Cummins India Limited (CIL) is a subsidiary of Cummins Inc. US, the worlds largest
independent diesel engine designer and manufacturer of above 200 HP (horsepower)
engines. Set up in 1962, CIL is Indias leading manufacturer of diesel engines with a
range from 205 HP to 2,365 HP, serving the power generation, industrial and
automotive markets. CIL offers solutions to the growing market for gas and dual fuel
engines, provides after sales services & retails commercial vehicles parts and
accessories.
During FY15, CILs revenues increased by 10.8% YoY. At the operating level, the
company reported 16.9% YoY increase in profits. As a result, the net profit increased
by 31% YoY.

With more stringent emission norms, fuel-efficient products will be major drivers in the
industrial market in coming years, an area CIL has been working on aggressively. CIL
is well-positioned in its niche given its global leadership, vast domestic and global
distribution network and support from its global parent. Also, with pace of economic
activity picking up, the demand for the companys products in the industrial and power
segment is poised to rise as well. However, intensifying competition in automotive,
power generation will be a key concern going forward.

Get more info at www.equitymaster.com

107

ESAB INDIA LIMITED

CAPITAL GOODS

MNC

Chairman: D. A. Pryor

Yr of Inc

B. Code

1987
500133
SHAREHOLDING

BL. Code
ESAB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

0.0%
73.7%
0.1%
11.1%
15.1%
11,258

Price

595.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Venkatakrishnan

% ch 12-m
-10.7

FX Transaction (FY15)
`m
200
`m
564
`m
269
`m
694
`m
-425
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,035
51
5,087
608
118
0
542
0
0
0
164
378
12.1
30.3
7.5

4,356
71
4,426
516
112
0
475
0
0
0
144
331
11.9
30.2
7.6

5,519
115
5,633
329
138
0
306
0
0
0
70
236
6.0
22.8
4.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,192
864
26.4
2.5
49
17
993
154
2,194
2,360
0
3,311
NM
0.0
1.5
11.4
16.0
23.0
2.5
9.3

2,350
763
36.4
3.1
51
23
990
154
2,507
2,673
0
3,503
NM
0.0
1.2
9.5
12.4
17.8
3.6
11.2

2,658
759
34.4
3.5
36
29
843
154
2,725
2,891
0
3,687
NM
0.0
1.5
6.4
8.2
10.6
3.6
10.2

INCOME DATA

BALANCE SHEET DATA

499
310
283.0
21.5
28.8
1.00
0.2
173.7
15.39
1.4
18.8
14.0
2.3
4.6
6,225
0.6
425
6,763.2
660.4
514.3

P/E

758
415
358.6
15.4
24.3
1.00
0.2
187.8
15.39
1.6
38.2
24.1
3.1
6.5
9,026
0.6
558
9,401.2
951.3
402.7

P/CF

38.8

24.5

(` )

AUD: BSR & Co.

Yield

Mkt cap

0.2

Vol.

9,160.9

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE284A01012

800
700

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

569
420
327.2
24.5
32.2
7.50
1.5
153.3
15.39
1.5
20.1
15.3
3.2
30.6
7,610
0.7
418
7,372.2
611.3
553.0

6.3

Regd off: Plot 13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058
E-Mail:
venkatakrishnan.s@esab.co.in
Web site: www.esabindia.com
Telephone: (044) 4228 1100 Fax: (044) 4228 1150
Tr agent: Integrated Enterp., II Flr., Kences Tower, North Usman Rd., Chennai-17

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net Profit Growth
Sales/ Working Capital
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
1,115
1,066
`m
71
-47
%
6.3
-4.4
`m
51
-14
%
4.6
-1.3

Jun 15
1,090
123
11.2
78
7.2

Sep 15
1,165
122
10.4
90
7.8

FY14
-12.3
3.0
13.2

FY15
-28.6
3.2
8.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%

461
-463
0
-2

FY13
-20.4
4.2
16.9

351
-269
-137
-55

164
-120
-18
27

NOTES

ESAB India has been in existence in India since 1987 with the acquisition of the
welding division of the now Phillips India Ltd. The company expanded its presence in
the country through the acquisition of the welding business of Oxygen Ltd in 1991
and then of Flotech Welding & Cutting Systems in 1992. Subsequently, in 1992, the
company merged the operations of Maharashtra Weldaids with itself. The company
has emerged as a leader of welding and cutting products.

The companys key customers are all primary steel using industries. This would
include companies in the areas of shipbuilding, petrochemicals, construction,
transport, offshore, energy as well as repair & maintenance. Growing investment in
the end user industries, both from the government as well as from the private players,
will result in an increased demand for welding products. The company has deep
rooted client relationships as well as a strong brand name, which has helped it in
maintaining pricing power. During FY 15, the company has reported a topline growth
of around 26.7% YoY. However, net profits declined by 28.6% YoY. The demand for
the companys products is hugely dependent on the recovery of the investment cycle
in the economy. The investment cycle over the past few years has remained
subdued, thus adversely affecting the margins and bottomline of the company. In the
near term, margins as well as working capital are expected to remain under pressure
on account of over capacities and aggressive pricing and credit terms by competitors.
Recently, the company has taken a decision to shift all operations from their Kardah
plant in Rajasthan to their other manufacturing facilities. Further, dividend payout
from the net profits have reduced significantly from 30.6% in FY12 to as low as 6.5%
in FY15. To add to the woes, return ratios have deteriorated; having almost halved
over last three years.

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108

FINOLEX CABLES LIMITED

CAPITAL GOODS

Chairman: D. P. Chhabria

Yr of Inc

B. Code

1967
500144
SHAREHOLDING

BL. Code

FNXC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

CHHABRIA P.P.
F.V.
2

: 35.9%
:
0.0%
: 11.7%
: 12.7%
: 39.8%
: 37,614

Price

245.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. G. D'Silva (Asst. VP - Legal)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
540
1,541
540
1,561
-1,022

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,707
242
22,949
2,297
466
134
1,938
0
0
-230
255
1,453
10.1
13.2
6.4

23,590
484
24,074
2,482
484
145
2,336
0
0
104
363
2,077
10.5
15.6
8.8

24,491
585
25,076
2,598
640
137
2,406
0
0
225
645
1,987
10.6
26.8
8.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,032
2,420
20.3
2.9
53
24
4,478
306
8,603
9,243
1,452
14,041
15.5
0.2
1.6
11.3
15.7
17.2
2.1
6.1

8,001
2,991
21.2
2.7
55
22
5,065
306
10,394
11,034
1,267
15,640
17.1
0.1
1.5
14.2
18.8
21.0
2.1
9.9

9,141
2,823
25.8
3.2
47
18
4,704
306
12,008
12,648
512
16,338
18.6
0.0
1.5
13.0
15.7
21.0
2.2
6.3

BALANCE SHEET DATA

P/E

306
261
160.1
13.0
17.2
1.80
0.6
82.7
152.94
1.8
21.8
16.5
3.4
13.9
43,389
1.5
940
15,996.7
613.7
1,297.6

P/CF

18.9

14.3

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

0.7

Vol.

37,554.4

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE235A01022

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

116
46
154.2
13.6
16.7
1.60
2.0
72.1
152.94
0.5
5.9
4.8
1.1
11.8
12,312
1.5
848
15,259.0
548.7
1,343.3

-7.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
31
148.5
9.5
12.5
1.20
2.5
60.4
152.94
0.3
5.0
3.8
0.8
12.6
7,265
1.6
846
14,094.8
525.1
901.7

0.6

Regd off: 26/27, Mumbai - Pune Road, Pimpri, Pune - 411 018
E-Mail:
Dsilva_RG@finolex.com
Web site: www.finolex.com
Telephone: (020) 2750 6230 Fax: (020) 2747 2239
Tr agent: Sharepro Serv., 3, Chintamani Apartments, Bhandarkar Rd, Pune-04

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
RoA
DPS
EPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,821
6,582
`m
616
613
%
10.6
9.3
`m
382
243
%
6.6
3.7

Jun 15
5,883
730
12.4
480
8.2

Sep 15
6,054
755
12.5
649
10.7

FY14
20.5
22.0
14.0
1.6
13.6

FY15
16.8
21
12.4
1.8
13

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
Rs
NOTES

1,490
-325
-456
709

FY13
16.9
17.7
11.1
1.2
9.5

2,244
-672
-611
962

1,831
312
-401
1,743

Finolex Cables was established in 1958 in Pune. The company manufactures

electrical and telecommunication cables and has manufacturing facilities at Pimpri,
Goa and Uttarakhand. It initially started its operations with manufacturing of PVC
insulated electrical cables for the auto industry. However, over time it has expanded
its product range to industrial cables, power & control cables and telephone cables.
Further, it entered the Lighting business, first with energy efficient CFLs and
subsequently with Tube Lights and LED based lamps. During FY15, the company
expanded its manufacturing capacities of LAN, coaxial and optical fiber cable product
lines at both Urse and Goa. It also launched the latest T5 tube lights and fittings in
the market and is planning to launch high quality MCBs (Miniature Circuit Breakers)
shortly.
In FY15, sales increased 4% YoY. In volume terms, the growth was higher at 7% YoY.
Operating profits also increased at a healthy pace of 7.3% YoY. In line with the strong
performance at the operating level, net profits increased 42.9% YoY. Net Profit
Before Tax stood at Rs 2,631 million, registering a growth of 7.8% YoY. Exports were
marginally higher at Rs 545 million as against Rs 501 million of the earlier year.
Going forward, a wide distribution reach will further help the company expand in other
areas. Also, the company will also be aided by the economies of scale that it enjoys
and backward integration. However, competition from the unorganized market which
produces cheap material at lower prices and volatility in commodity prices where
price movements are sharp can pose a key threat.

Get more info at www.equitymaster.com

109

HINDUSTAN CONSTRUCTION COMPANY LIMITED

CONSTRUCTION

Chairman: Ajit Gulabchand (MD)

Yr of Inc

B. Code

1926
500185
SHAREHOLDING

BL. Code

HCNS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 43.5%
:
0.0%
:
3.5%
: 12.7%
: 40.3%
: 211,750

WALCHAND
Price
22.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.3

SEC: Vithal P. Kulkarni

% ch 12-m

FX Transaction (FY15)
`m
306
`m
371
`m
306
`m
977
`m
-671
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

27
13
140.3
-8.0
-2.8
0.00
0.0
8.5
606.56
0.1
-2.5
-7.2
2.4
0.0
12,131
0.0
9,535
NM
NM
NM

17
8
159.4
-4.6
0.5
0.00
0.0
9.2
606.56
0.1
-2.7
25.6
1.4
0.0
7,552
0.0
9,868
NM
NM
NM

49
17
160.3
-2.5
2.6
0.00
0.0
8.1
645.80
OI
0.2
-13.3
12.6
4.0
0.0
21,215
0.0
10,055
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

85,100
1,148
86,247
4,543
3,140
9,003
-6,453
462
72
188
-908
-4,825
5.3
14.1
-5.7

96,683
1,733
98,416
8,524
3,070
10,914
-3,727
866
225
-287
-149
-2,774
8.8
4.0
-2.9

103,530
620
104,150
13,461
3,274
12,796
-1,989
482
199
0
286
-1,595
13.0
-14.4
-1.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

77,968
61,046
19.9
1.3
187
29
59,732
607
1,361
5,155
79,100
152,114
0.3
15.3
0.6
2.7
-93.6
3.9
0.5
1.8

90,363
84,670
5.9
1.1
244
28
53,590
607
-1,413
5,562
82,229
178,219
0.7
14.8
0.5
4.6
-49.9
9.1
1.3
0.6

90,488
97,625
-6.9
0.9
242
26
61,102
646
-2,409
5,239
82,546
190,412
0.8
15.8
0.5
5.9
-30.4
13.1
0.3
0.4

P/CF
10.6

(` )

Yield
0.0

AUD: K. S. Aiyar & Co.

Mkt cap

Vol.

17,803.8

1,092.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE549A01026

60
Close

50

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-83
E-Mail:
secretarial@hccindia.com
Web site: www.hccindia.com
Telephone: (022) 2575 1000 Fax: (022) 2577 5950
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
10,947
11,205
`m
2,069
1,950
%
18.9
17.4
`m
234
134
%
2.1
1.2

Jun 15
9,081
1,648
18.1
80
0.9

Sep 15
9,357
2,264
24.2
384
4.1

FY14
142
3.5
3.9
0.0

FY15
144.5
3.4
3.6
0.0

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Order book
Rs bn
Order book to sales (standalone) x
Debt to equity (standalone)
x
DPS
Rs

6,318
-9,958
4,820
1,180

FY13
149
3.9
3.9
0.0

7,400
-12,697
4,701
-595

7,022
-8,428
-1,810
-3,217

NOTES

Established in 1926 by Walchand Hirachand Group, Hindustan Construction

Company (HCC) is one of the largest and oldest private sector construction
companies in India. The company has been involved in the construction of diverse
projects ranging from power dams, highways and bridges to marine structures, water
supply, factories and waste treatment plants. Apart from domestic presence, HCC
has executed several projects overseas in countries like Iraq, Nepal and Tanzania.
HCC is also developing Lavasa City, which is considered Indias largest urban
development across 23,000 acres. The company is headquartered in Mumbai.
HCC reported a revenue growth of 7.08% YoY during FY15. Debt to Equity ratio stood
at whopping 22.7 (on consolidated level) however, company managed to register
profit at PBDT (Profit before depreciation and tax). It may be noted that this was the
fifth consecutive year of losses for the company. At the end of the year, HCCs E & C
orderbook stood at Rs 144.5 bn.
The slowdown in the infrastructure sector has impacted HCC on many fronts
including slow order intake, execution delays, and delays in receiving payments. In
fact, it is mainly due to the latter that the company's debt levels shot up in recent
years. In fact, such issues led the company to go in for Corporate Debt Restructuring
(CDR). While the company has shown an improving trend in financial performance of
late, it seems that a good portion of the improvement has been due to higher
contribution from non-recurring income. While revenue visibility remains firm given
the higher order book to sales ratio, the company will have to deal with issues related
to its high debt and working capital levels.

Get more info at www.equitymaster.com

110

JYOTI STRUCTURES LTD.

CAPITAL GOODS

Chairman: S. D. Kshirsagar

Yr of Inc

B. Code

1980
513250
SHAREHOLDING

BL. Code
JYTS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 27.1%
:
0.0%
: 19.9%
:
1.7%
: 51.4%
: 40,562

Price
15.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

29.2

SEC: L. H. Khilnani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
7,595
1,242
7,785
1,280
6,504

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

51
27
366.2
4.6
8.9
0.80
2.1
83.1
82.26
ESOS
0.1
8.5
4.4
0.5
17.4
3,208
0.0
1,553
NM
NM
NM

34
24
284.1
-0.9
4.0
0.00
0.0
35.3
109.53
0.1
-33.8
7.3
0.8
0.0
3,165
1.4
1,832
22,562.4
1,328.6
-67.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

30,127
50
30,177
2,680
356
1,821
553
0
0
0
175
378
8.9
31.6
1.3

36,361
295
36,655
2,372
403
2,459
-196
0
0
0
-102
-94
6.5
52.1
-0.3

31,114
560
31,673
4,139
528
4,256
-85
0
0
0
9
-94
13.3
-10.0
-0.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

24,775
18,636
20.4
1.3
35
224
4,655
165
6,583
6,837
3,050
30,164
1.3
0.4
1.0
7.3
5.5
24.0
19.5
13.3

39,462
32,091
20.3
1.2
53
285
4,703
165
7,208
6,816
3,684
45,267
0.9
0.5
0.8
5.2
-1.4
21.6
27.7
15.8

49,429
33,461
51.3
1.5
53
421
4,383
219
5,617
3,865
14,281
55,795
1.0
3.7
0.6
7.5
-2.4
23.0
24.4
4.0

P/CF
3.8

(` )

AUD: R. M. Ajgaonkar & Assoc.

Yield

Mkt cap

0.0

Vol.

1,664.5

237.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE197A01024

80
70

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-58.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

34
15
442.0
-1.1
3.8
0.00
0.0
82.8
82.27
ESOS
0.1
-21.5
6.5
0.3
0.0
2,012
2.1
1,797
17,736.8
876.7
-45.7

Regd off: Valecha Chambers, New Link Road, Andheri (W), Mumbai - 400 053
E-Mail:
investor@jsl.in
Web site: www.jsl.in
Telephone: (022) 4091 5000 Fax: (022) 4091 5014
Tr agent: Big Share Serv., Ansa Indl. Estate, Sakivihar Rd, Saki Naka, Mumbai-72

Close
100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
Dividend payout
DPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,822
8,820
`m
-119
295
%
-2.0
3.3
`m
-937
-910
%
-16.1
-10.3

Jun 15
6,006
3,108
51.8
1,519
25.3

Sep 15
3,949
-266
-6.7
-1,572
-39.8

FY14
-1.4
14.7
-0.3
0
0.0

FY15
-74.6
3.3
-12.6
0
0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
`
NOTES

508
-803
82
-213

FY13
5.5
16.8
1.3
17.4
1.8

-878
-395
1,767
494

-11,301
-806
12,515
408

Jyoti Structures (JSL) is one of the largest transmission and distribution (T&D) project
companies in India. It provides Engineering Procurement and Construction (EPC)
services such as tower testing, construction and project management of transmission
towers and sub-stations. Having executed projects in South East Asia, Middle East,
Australia, the Americas and Africa, JSL has considerable amount of global presence
and experience as well. The company has executed projects in over 40 countries.
During the year, the company reported a decline in the top-line by 17% over the
previous year. At consolidated level, gross revenue from operations was placed at Rs
31.3 billion, as compared to Rs 36.9 billion in the previous year. The net loss for the
year stood at Rs 3.9 billion, as compared to loss of Rs 93.6 million in the previous
year. Exports of the company amounted to Rs 7.7 billion representing about 28% of
the net sales. Supply of towers and structures declined to 46,097 MT as compared to
87,587 MT in the previous year. Order backlog at the end of the year was at Rs 46
billion as compared to Rs 43.5 billion at the end of the previous year.

The company has formulated a corrective action plan. It has planned a debt
restructuring plan. Lastly, to overcome challenges the company is managing its
operations, exploring short term and long term solutions including infusion of equity
capital. However, being one of the most experienced players in the power
transmission industry, JSL is well placed to tap the opportunities in the domestic
markets, especially the larger contracts. However, the large working capital
requirements (due to delayed payments) coupled with the high debt burden are key
challenges for the company in the short to medium term.

Get more info at www.equitymaster.com

111

KALPATARU POWER TRANSMISSION LTD.

CAPITAL GOODS

Chairman: Mofatraj P. Munot

Yr of Inc

B. Code

1981
522287
SHAREHOLDING

BL. Code
KAPT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 59.3%
:
0.2%
: 22.6%
:
9.6%
:
8.4%
: 21,177

Price

245.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Rahul Shah

% ch 12-m
37.2

FX Transaction (FY15)
`m
14,464
`m
830
`m
16,599
`m
10,034
`m
6,564
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

60,850
355
61,205
4,747
1,224
1,938
1,940
-50
0
0
595
1,295
7.8
30.7
2.1

70,903
233
71,136
5,897
1,490
2,488
2,153
-17
0
0
913
1,222
8.3
42.4
1.7

71,982
251
72,233
7,043
1,683
3,370
2,241
49
0
0
1,086
1,204
9.8
48.5
1.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,762
30,348
12.2
1.2
55
88
23,177
307
18,293
19,473
10,715
63,913
2.0
0.6
1.0
5.1
6.6
12.7
13.2
4.8

45,998
36,522
13.4
1.3
63
95
30,376
307
19,513
20,991
17,275
79,798
1.9
0.8
0.9
4.6
5.8
12.1
13.6
2.4

50,128
36,385
19.1
1.4
62
113
35,816
307
20,284
22,166
24,732
89,511
1.7
1.1
0.8
5.1
5.4
12.1
20.1
1.2

INCOME DATA

BALANCE SHEET DATA

101
56
462.0
8.0
17.7
1.50
1.9
136.8
153.46
0.2
9.8
4.4
0.6
18.8
12,024
0.0
4,520
NM
NM
NM

P/E

31.3

246
198
469.1
7.8
18.8
1.50
0.7
144.4
153.46
0.5
28.3
11.8
1.5
19.1
34,037
2.2
5,444
32,178.0
2,433.7
538.0

P/CF
13.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.6

Vol.

37,728.1

3.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE220B01022

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

113
64
396.5
8.4
16.4
1.50
1.7
126.9
153.46
0.2
10.5
5.4
0.7
17.8
13,581
1.9
3,619
32,026.5
1,904.7
681.5

-1.6

Regd off: 10, Part III, GIDC Estate, Sector 28, Gandhinagar, Gujarat - 382 028
E-Mail:
rahul.shah@kalpatarupower.com
Web site: www.kalpatarupower.com
Telephone: (079) 2321 4000 Fax: (079) 2321 1966
Tr agent: Link Intime India, 303, Shoppers Plaza - 5, Navrangpura, Ahmedabad-09

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
Dividend payout
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
11,471
10,710
`m
1,118
1,049
%
9.7
9.8
`m
410
401
%
3.6
3.7

Jun 15
11,696
1,224
10.5
484
4.1

Sep 15
9,464
1,066
11.3
410
4.3

FY14
6.2
11.6
2
18.8
1.3

FY15
5.4
11.2
1.6
19.1
1.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
x
NOTES

4,687
-8,598
3,317
-594

FY13
7.1
11.2
2.2
17.8
0.9

1,690
-7,861
6,354
183

720
-6,074
5,505
150

Incorporated in 1981, Kalpataru Power Transmission (KPT) is one of Indias leading

engineering, procurement and construction (EPC) companies providing services to
the power transmission sector. KPT has its manufacturing facility in Gandhinagar,
Gujarat and Raipur, Chhattisgarh. Over the years, KPT has diversified its business by
way of entering businesses like construction, pipelines, rural electrification,
distribution, biomass energy, and warehousing & logistics. Its core competencies lie
in EPC services to the power T&D industry and oil & gas pipeline sectors. The
company owns 67.19% stake in listed entity JMC Projects.
KPTs consolidated revenues grew by 2% YoY during FY15 with net revenue of Rs
71.9 billion during the year. The consolidated order book of the company stood above
Rs 108 billion. On a standalone basis, the company reported net revenue of Rs 44
billion in FY15, a growth of 9% over the last year. Revenue in the power transmission
and distribution segment grew by 7% YoY to Rs 40 billion in FY15. Infrastructure
segment recorded a growth of 44% in FY15 over the last year. EBITDA grew by 10%
YoY while PAT was up by 13% on a YoY basis at Rs 1.6 billion on account of lower
finance cost.
In India T&D segment offers tremendous opportunity as large scale investment by the
central and state government is unfolding. With KPT having its presence in domestic
as well as international markets can significantly benefit from this. The company due
to subdued growth in the EPC of oil and gas in the year under review and being a
new entrant in the railway business had to face high fixed cost and low margin
initially. However, with legacy orders in these segments are in the process of
completion, the outlook remains very positive. This can be said especially for the
Railway segment given the thrust of government towards upgrading and expanding
the rail network and laying 15,000 km of additional pipeline to complete gas grid.

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112

KEC INTERNATIONAL LIMITED

CAPITAL GOODS

Chairman: H. V. Goenka

Yr of Inc

B. Code

1994
532714
SHAREHOLDING

BL. Code
KECL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 50.0%
:
0.0%
: 30.2%
:
4.9%
: 15.0%
: 66,522

Price

147.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. Jagannadha Rao

% ch 12-m
47.1

FX Transaction (FY15)
`m
11,608
`m
3,050
`m
25,557
`m
17,696
`m
7,861
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,795
161
69,955
3,814
561
1,944
1,470
0
0
-1
818
650
5.5
55.7
0.9

79,018
138
79,156
4,933
705
2,633
1,733
0
0
-182
883
667
6.2
51.0
0.8

84,678
1,462
86,140
5,118
881
3,089
2,611
0
0
0
1,001
1,610
6.0
38.3
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

46,503
42,977
5.1
1.1
21
151
10,083
514
9,920
11,472
7,078
62,530
1.8
0.6
1.1
4.1
5.7
18.4
10.8
5.0

56,908
55,240
2.1
1.0
23
176
9,922
514
10,407
11,916
6,026
74,114
1.7
0.5
1.1
4.5
5.6
23.3
11.1
4.3

59,469
55,865
4.3
1.1
21
166
8,811
514
11,689
13,298
7,370
77,448
1.8
0.6
1.1
6.1
12.1
27.6
13.7
3.6

INCOME DATA

BALANCE SHEET DATA

69
23
307.4
2.6
5.3
0.60
1.3
46.3
257.09
0.1
17.8
8.6
1.0
23.1
11,852
5.3
5,661
14,957.1
1,071.6
126.3

P/E

95
72
329.4
6.3
9.7
0.90
1.1
51.7
257.09
0.3
13.3
8.6
1.6
14.4
21,403
3.9
5,865
21,880.6
1,515.5
416.0

P/CF

23.5

15.2

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.6

Vol.

37,845.1

142.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE389H01022

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

81
47
271.5
2.5
4.7
0.50
0.8
44.6
257.09
0.2
25.3
13.6
1.4
19.8
16,454
5.0
4,829
13,826.2
956.6
128.8

5.5

Regd off: RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
investorpoint@kecrpg.com
Web site: www.kecrpg.com
Telephone: (022) 6667 0200 Fax: (022) 6667 0287
Tr agent: Link Intime India, C-13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Dividend payout

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
20,533
25,211
`m
1,046
1,847
%
5.1
7.3
`m
664
629
%
3.2
2.5

Jun 15
18,780
1,407
7.5
304
1.6

Sep 15
20,209
1,548
7.7
441
2.2

FY14
5.7
15.9
0.8
0.6
23.1

FY15
12.7
18.5
1.8
0.9
14.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
%
NOTES

-868
-1,217
1,605
-480

FY13
5.8
15.8
0.9
0.5
19.8

-93
-1,361
1,317
-137

1,529
1,248
-2,157
620

Part of the RPG Group, KEC International is one of Indias leading power
transmission EPC companies. It has a presence in five key verticals of Power
Transmission & Distribution, Cables, Railways, Water and Renewables (Solar). It sets
up sub-stations and power distribution networks, optical fiber cables, provides
telecom infrastructure services and maintains power transmission lines. It has
presence in over more than 61 countries across continents. The company has 8
manufacturing facilities (six in India and one each in Mexico & Brazil) with annual
capacity of 313,200 MT.
In FY15, KEC reported a 7.2% increase in its revenues, led by strong execution and
good order inflow. 53% of the total net sales came from the markets outside India.
Operating profits increased by 3.8% YoY to Rs 5 billion. However, the profitability was
also negatively impacted on the back of adverse movement in currencies. The
companys wholly owned subsidiary, SAE Towers, also reported negative profitability
this year as a result of lower order intake in Mexico and lack of clearances in Brazil
which led to higher inventories and lower production. Net Profit stood at Rs 1.6 billion
as against Rs 670 million in FY14. Lastly, net profit excluding the impact of profit on
disposal of assets stood at Rs 690 million, as against this, FY14 profit excluding
impact of VRS at Thane Cables plant was Rs 790 million.
During the year, the company re-entered Zambia, Georgia and Uganda with order
wins and L1 position. It secured orders from SAARC (India, Bangladesh), Americas
(United States, Mexico, Canada, Brazil and Chile), MENA (Saudi Arabia, Abu Dhabi,
Oman), Africa (Uganda, Mozambique, Nigeria, Kenya). The company secured orders
of Rs 82 billion in FY15 and is further expecting to receive significant orders in the
near future as it has a good L1 pipeline.

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113

KIRLOSKAR INDUSTRIES LIMITED

CAPITAL GOODS

Chairman: Atul C. Kirloskar

Yr of Inc

B. Code

1946
500243
SHAREHOLDING

BL. Code

KROL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

KIRLOSKAR
F.V.
2

: 72.6%
:
0.0%
:
4.8%
:
9.8%
: 12.8%
: 22,818

Price

595.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.5

SEC: Ashwini V. Mali

% ch 12-m

12
31/03/14

656
272
1,409.4
63.5
114.1
20.00
4.3
782.9
9.71
0.3
7.3
4.1
0.6
31.5
4,506
0.0
627
NM
NM
NM

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

131
387
518
73
31
0
430
0
0
0
69
361
56.2
15.9
276.5

12,390
512
12,901
1,118
369
229
1,032
-194
0
0
256
583
9.0
24.7
4.7

13,685
533
14,218
1,429
492
298
1,173
-239
0
0
317
617
10.4
27.0
4.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

863
70
606.7
12.3
0
8
98
97
5,953
6,257
0
6,446
NM
0.0
0.0
5.6
5.8
6.9
0.0
0.0

4,672
4,383
2.3
1.1
56
23
5,761
97
6,395
7,223
602
15,038
5.5
0.1
0.8
5.4
8.1
13.6
0.0
0.0

4,411
4,148
1.9
1.1
47
32
5,795
97
7,075
7,602
100
14,815
4.9
0.0
0.9
6.2
8.1
16.0
0.0
0.0

5.2

(` )

AUD: G. D. Apte & Co.

Yield

Mkt cap

3.4

Vol.

5,777.5

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE250A01039

800
700

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

455
390
260
226
13.5
1,276.0
37.2
60.1
40.4
98.0
4.00
4.00
1.1
1.3
644.4
743.8
9.71
9.71
26.6
0.2
9.6
5.1
8.8
3.1
0.6
0.4
10.8
6.7
3,471
2,988
0.0
0.0
9
505
14,511.1 1,548,700.0
1,022.2
63,075.0
40,122.2
72,925.0

P/CF

9.4

FX Transaction (FY15)
`m
0
`m
0
`m
1
`m
0
`m
1

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-4.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 13/A, Karve Road, Kothrud, Pune 411 038

E-Mail:
ashwini.mali@kirloskar.com
Web site: www.kil.net.in
Telephone: (020) 2545 2721 Fax: (020) 2545 4723
Tr agent: Link Intime India, 2nd Flr., Akshay Complex, Off Dhole Patil Rd., Pune-01

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
RoA
DPS
EPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
29
15
`m
8
-4
%
29.3
-25.2
`m
46
62
%
161.7
424.5

Jun 15
8
-6
-73.8
67
836.3

Sep 15
18
-1
-6.1
268
1,496.6

FY14
7.2
8.4
6.9
4.0
48.1

FY15
6.6
8.0
6.0
20.0
46.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
Rs
NOTES

-41
119
-47
31

FY13
5.9
7.0
5.5
4.0
37.2

834
-831
-93
-90

1,556
-558
-1,010
-12

Kirloskar Industries basically operates in two segments. One is the wind power
generation segment and second is investments. It has 7 windmills in Maharashtra
with total installed capacity of 5.6 MW. The mills are located in Ahmednagar. The
windmills generated 80.89 lakh units of energy for the year under review. The
company sells the electricity generated from the windmills to third parties.

In FY15, revenue from operations i.e. sale of wind power and sale of Renewable
Energy Credit and Voluntary Carbon Units declined by 50.1% although overall
revenue declined only by 2% on back of increase in revenue from other income which
grew by 3.7%. Operating profits decreased 3.4% YoY. Net profit also decreased by
3.3% YoY during the year.

The future prospects of the company are dependent upon the natural factors such as
velocity of wind. Thus, it is very difficult to comment on the same. The business is
also largely impacted adversely by frequent and erratic changes made by the
Maharashtra State Electricity Distribution Company Limited (MSEDCL) in the open
access policies. However, it may be noted that the companys windmill project falls
under the renewable energy certificate mechanism. Thus, the company is entitled to
receive monetary benefits from sale of renewable energy certificates.

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114

KSB PUMPS LIMITED

CAPITAL GOODS

Chairman: G. Swarup

Yr of Inc

B. Code

1960
500249
SHAREHOLDING

BL. Code
KSBP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

: 25.9%
: 40.5%
: 14.5%
:
2.6%
: 16.5%
: 10,539

Price

565.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-3.7

SEC: R. Narasimhan

% ch 12-m
-0.2

FX Transaction (FY15)
`m
1,210
`m
471
`m
1,275
`m
767
`m
509
12
31/12/13

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

266
145
205.5
18.3
25.0
5.50
2.7
134.3
34.81
1.0
11.3
8.2
1.5
30.1
7,153
0.0
1,037
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,154
145
7,298
929
235
52
785
0
83
0
233
636
13.0
29.6
8.9

7,327
127
7,455
1,020
265
26
856
0
96
0
285
668
13.9
33.2
9.1

8,037
229
8,265
1,011
276
22
943
0
66
0
325
684
12.6
34.5
8.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,688
2,580
29.5
1.8
99
75
1,852
348
4,326
4,674
0
7,538
16.0
0.0
0.9
9.1
13.6
19.7
14.4
4.8

4,969
2,581
32.6
1.9
91
63
1,895
348
4,769
5,118
0
7,992
34.0
0.0
0.9
8.7
13.0
19.1
14.6
3.4

5,981
3,202
34.6
1.9
92
81
2,008
348
5,224
5,572
0
9,137
44.9
0.0
0.9
7.7
12.3
18.5
15.1
5.9

BALANCE SHEET DATA

P/E

680
226
230.9
19.7
27.6
5.50
1.2
160.1
34.81
2.0
23.0
16.4
2.8
28.0
15,769
0.0
1,271
NM
NM
NM

P/CF

28.8

20.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.0

Vol.

19,693.8

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE999A01015

800
700

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

274
177
210.5
19.2
26.8
5.50
2.4
147.0
34.81
1.1
11.8
8.4
1.5
28.7
7,857
0.0
1,101
NM
NM
NM

Regd off: 126, Maker Chambers III, Nariman Point, Mumbai - 400 021
E-Mail:
narasimhan.raghu@ksb.com
Web site: www.ksbindia.co.in
Telephone: (022) 6658 8787 Fax: (022) 6658 8788
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending
`
`
`
`

m
m
m
m

12
31/12/12
1,259
-388
-677
195

INTERIMRESULTS
Mar 15
Dec 14
`m
2,301
1,893
`m
178
122
%
7.7
6.4
`m
100
64
%
4.3
3.4
KEY DATA
Unit
%
%
%
Rs
x
NOTES

FY13
12.4
17.2
7.2
5.5
0.0

Dec-15
12
31/12/13

12
31/12/14

Jun 15
2,001
218
10.9
222
11.1

Sep 15
1,858
291
15.7
169
9.1

FY14
11.7
17.7
7.3
5.5
0.0

CY15
11.6
17.6
7.3
5.5
0.0

1,054
-111
-385
558

352
-171
7
188

KSB Pumps India, promoted by the KSB group, Germany, manufactures various
pumps and valves of various specifications to enable fluid transportation. It is perhaps
the only company that manufactures pumps and valves to support functions of the
agricultural sector and water and sewage management systems apart from industrial
applications such as power, petrochemicals, etc. In 1997, the company acquired MIL
Controls, a producer of control valves and level instruments to support its growth.
KSB Pumps net sales increased by 9.7% YoY in CY14. Operating profit on the other
hand grew by 8.1% YoY while net profits grew by 8.2% YoY. The company sold
pumps worth Rs 5,387 million in CY14 as against Rs 4,813 million in the previous
year. Sales of valves stood at Rs 1,204 million as against Rs 1,182 million in the
previous year. Out of the above, export of pumps and valves in terms of value were
Rs 1,210 million as against Rs 1,068 million in the previous year.

The company expects the market for pumps and services to grow moderately. The
market for valves is expected to be sluggish, primarily due to poor demand from the
power sector. However, the company is taking effective steps to improve operational
efficiency to maintain the earnings. Going forward, the growth is expected to rise on
account of the governments increased focus and investments in the infrastructural
activities. KSB Pumps being a leading manufacturer of custom-made pumps and
valves is all set to reap the benefit of increased investments in end user industries.

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115

LARSEN & TOUBRO LIMITED

CAPITAL GOODS

Chairman: A. M. Naik (MD)

Yr of Inc

B. Code

1946
500510
SHAREHOLDING

BL. Code
LART.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 36.5%
: 21.9%
: 41.5%
: 802,712

Price

1,300.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.0

SEC: N. Hariharan

% ch 12-m
-16.4

FX Transaction (FY15)
`m
6,875
`m
27,071
`m
94,407
`m
96,433
`m
-2,026
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,720
1,301
1,106
678
1,210.6
918.4
84.6
52.9
111.2
68.5
18.50
14.25
1.3
1.4
550.2
406.9
615.39
926.91
ESOS B1:2,ESOS
1.2
1.1
16.7
18.7
12.7
14.4
2.6
2.4
21.9
26.9
869,515
917,224
50.6
54.6
62,446
71,351
14,725.3
15,597.3
1,234.3
1,307.3
1,029.0
898.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

744,980
10,557
755,537
99,287
16,371
21,243
72,231
-722
384
4,019
23,855
52,057
13.3
33.0
7.0

851,284
9,819
861,103
107,296
14,458
31,380
71,277
382
93
3,344
26,076
49,020
12.6
36.6
5.8

920,046
10,072
930,117
113,356
26,225
28,507
68,695
-1,710
21
3,174
22,532
47,648
12.3
32.8
5.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
756,515
`m
538,507
%
29.3
x
1.4
Days
25
Days
113
`m
417,397
`m
1,231
`m
304,386
`m
338,597
`m
473,921
`m
1,431,222
x
4.4
x
1.4
x
0.5
%
5.1
%
15.4
%
12.0
%
1.4
%
6.3

85,248
678,433
-69.7
0.1
24
113
465,760
1,854
337,210
377,116
554,449
1,691,619
3.3
1.5
0.5
4.8
13.0
11.4
1.2
4.5

94,990
777,072
-74.1
0.1
26
119
502,618
1,859
365,246
409,091
652,780
1,941,841
3.4
1.6
0.5
3.9
11.6
9.3
0.7
2.9

INCOME DATA

BALANCE SHEET DATA

Regd off: L & T House, Ballard Estate, Mumbai - 400 001

E-Mail:
igrc@lth.ltindia.com
Web site: www.larsentoubro.com
Telephone: (022) 6752 5656 Fax: (022) 6752 5893
Tr agent: Sharepro Serv., Samhita Warehousing, 2nd Flr., Andheri (E), Mumbai-72

1,893
1,243
989.8
51.3
79.5
16.25
1.0
440.1
929.56
ESOS
1.6
30.6
19.7
3.6
31.7
1,457,318
44.1
79,222
20,871.7
1,797.2
1,080.9

P/E

25.4

P/CF
16.4

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Orders received
Order backlog
Dividend payout
Interest coverage
RoCE

Mkt cap

1.2

Vol.

1,208,002.9

256.8

ADJUSTED DAILY SHARE PRICE DATA

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

AUD: Sharp & Tannan

Yield

ISIN

INE018A01030

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
149,950
189,679
`m
15,694
26,756
%
10.5
14.1
`m
10,598
20,607
%
7.1
10.9

Jun 15
202,522
28,176
13.9
12,002
5.9

Sep 15
233,932
24,822
10.6
6,863
2.9

FY14
1,273,500
1,817,188
27
3.3
11.4

FY15
1,553,670
2,326,000
31.7
3.4
23.8

`
`
`
`

m
m
m
m

-43,548
-69,224
114,294
1,523

KEY DATA
Unit
FY13
Rs m
880,000
Rs m
1,536,000
%
21.9
x
4.4
%
12.0
NOTES

-71,428
-55,099
131,356
4,830

-6,689
-54,626
78,908
17,593

Larsen & Toubro (L&T) is Indias largest engineering company with expertise in wide
areas like infrastructure, oil and gas, power and process. The company also has
strong international presence, which contributes to about a fifth of its revenues. L&T
recently restructured its organisation model to facilitate growth through greater levels
of empowerment. The new structure is built around multiple businesses that serve the
needs of different industries. These include infrastructure, hydrocarbon, heavy
engineering, power, electrical and automation, information technology, and financial
services.
In FY15, L&Ts consolidated revenues grew by 8.1% YoY, while its operating profits
rose at a slower pace of 5.6%. The companys margins contracted to 12.3% as
compared to 12.6% in FY14. Growth during the year was led by the companys
developmental projects, infrastructure and financial services businesses. However,
the sharp decline in revenues of the power, metallurgical and hydrocarbon segments
seemed to have been a drag to the companys topline.
With the renewed focus on propping up infrastructure spending, sector leaders such
as L&T are bound to benefit from the same over the longer period. Further, the
company had an order book of more than Rs 2.4 trillion at the end of 1HFY16. This
provides strong revenue visibility. However, headwinds in the form of pace of
execution as also low level of investment demand remain factors to watch out for in
the short to medium term.

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116

PRATIBHA INDUSTRIES LIMITED

CONSTRUCTION

Chairman: Usha B. Kulkarni

Yr of Inc

B. Code

1983
532718
SHAREHOLDING

BL. Code
PRTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 47.0%
:
0.0%
:
6.1%
: 10.1%
: 36.8%
: 23,592

Price
39.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.3

SEC: Pankaj S. Chourasia

% ch 12-m

12
31/03/14

45
17
227.8
1.5
5.9
0.20
0.6
63.9
101.06
0.1
20.2
5.2
0.5
13.1
3,113
4.1
1,636
5,571.8
396.0
37.2

67
26
313.2
4.4
10.2
0.20
0.4
67.8
101.06
0.1
10.6
4.5
0.7
4.6
4,689
1.1
1,736
28,137.7
1,542.7
391.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,692
129
21,822
2,958
310
1,583
1,195
0
-1
0
367
827
13.6
30.7
3.8

23,017
187
23,204
3,215
445
2,575
382
0
-9
0
219
154
14.0
57.4
0.7

31,655
217
31,872
4,377
592
3,096
906
0
-9
-159
298
441
13.8
32.9
1.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

20,946
15,297
26.0
1.4
172
59
8,964
202
6,129
6,331
9,364
31,396
1.8
1.5
0.7
7.7
13.1
17.7
0.0
0.0

29,585
27,797
7.8
1.1
228
107
11,731
202
6,259
6,461
7,981
42,745
1.1
1.2
0.5
6.4
2.4
20.4
0.0
0.0

41,914
37,357
14.4
1.1
274
88
10,810
202
6,651
6,853
9,811
54,622
1.3
1.4
0.6
6.5
6.4
23.0
0.0
0.0

3.9

(` )

AUD: Jayesh Sanghrajka & Co.

Yield

Mkt cap

0.5

Vol.

4,027.2

187.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE308H01022

70
Close

60

12
31/03/15

59
35
214.6
8.2
11.3
0.60
1.3
62.6
101.06
PI
0.2
5.7
4.2
0.8
7.3
4,750
3.5
1,532
6,287.6
444.0
239.7

P/CF

9.1

FX Transaction (FY15)
`m
0
`m
0
`m
482
`m
1,219
`m
-737

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-6.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Shrikant Chambers, Phase - II, Sion Trombay Rd, Chembur, Mumbai-71
E-Mail:
pankaj.cs@pratibhagroup.com
Web site: www.pratibhagroup.com
Telephone: (022) 3955 9999 Fax: (022) 3955 9900
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Order book
Debt to Equity ratio

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
8,003
9,477
`m
1,145
1,203
%
14.3
12.7
`m
129
259
%
1.6
2.7

Jun 15
8,797
1,175
13.4
92
1.1

Sep 15
9,503
1,222
12.9
86
0.9

FY14
2.4
12.2
80,000
1.5

FY15
6.6
13.6
55000
0.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
Rs m
X

-2,152
-1,700
3,536
-315

FY13
14.1
15.1
62,000
2

6,632
-3,556
-3,503
-428

1,229
-287
-630
311

NOTES

Pratibha Industries Ltd. (PIL) is engaged in the infrastructure development business

with a niche in the water segment, providing one stop solution for design,
engineering, construction, commissioning and operation of water supply projects. PIL
is also involved in urban infrastructure and buildings segments under which it takes
up mass housing projects, commercial complexes, airport terminals, railway stations,
road construction and tunneling projects. The Company has four subsidiaries out of
which one is overseas subsidiary.
PILs consolidated turnover recorded a growth of 38% YoY in FY15. Net profit stood
at Rs 440 million, registering a robust 186% growth on a YoY basis. As on 31st
March, 2015, order book of the company stood at approx. Rs 55 billion.

During FY15, the company took measures for speedy execution of projects, reduction
in costs etc. to improve overall profitability. Infrastructure segment is going through a
tough phase where liquidity has become major hurdle and cause of concern. The
company is also facing troubles with this unwelcomed phenomenon impacting the
Infra Segment. To improve cash flow the company has participated in various projects
relating to its area of expertise in India and abroad. It also looks forward at various
lucrative opportunities in neighbouring countries such as Srilanka, Nepal,
Bangladesh apart from gulf region.

Get more info at www.equitymaster.com

117

PUNJ LLOYD LIMITED

CAPITAL GOODS

Chairman: Atul Punj (MD)

Yr of Inc

B. Code

1988
532693
SHAREHOLDING

BL. Code
PUJL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 13.9%
: 23.2%
:
6.5%
:
7.7%
: 48.7%
: 378,219

Price
24.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.1

SEC: Dinesh Thairani

% ch 12-m

FX Transaction (FY15)
`m
8,165
`m
10,670
`m
32,290
`m
45,966
` m -13,676
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
39
338.9
-0.2
10.4
0.00
0.0
85.4
332.10
0.2
-237.1
4.9
0.6
0.0
17,120
0.0
16,837
NM
NM
NM

58
20
326.9
-16.5
-4.7
0.00
0.0
67.2
332.10
0.1
-2.4
-8.3
0.6
0.0
12,969
0.0
15,380
NM
NM
NM

61
28
213.5
-34.4
-20.2
0.00
0.0
29.1
332.10
0.2
-1.3
-2.2
1.5
0.0
14,745
0.0
10,629
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

112,556
3,345
115,901
8,410
3,535
7,808
412
178
41
0
703
-72
7.5
170.6
-0.1

108,549
3,195
111,743
3,188
3,925
8,820
-6,361
884
73
0
77
-5,482
2.9
-1.2
-5.1

70,903
7,849
78,752
-5,336
4,703
10,022
-12,212
98
32
0
-670
-11,411
-7.5
5.5
-16.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

115,544
113,714
1.6
1.0
216
105
34,119
664
26,259
28,353
18,937
163,453
1.1
0.7
0.7
4.7
-0.3
17.8
2.4
5.6

112,714
110,602
1.9
1.0
251
81
34,880
664
20,224
22,323
23,414
158,043
0.3
1.0
0.7
2.1
-24.6
7.5
8.0
9.6

108,331
116,427
-11.4
0.9
357
124
30,253
664
7,571
9,658
18,248
144,512
-0.2
1.9
0.5
-1.0
-118.2
-7.4
11.5
15.0

P/CF

(` )

AUD: Walker, Chandiok & Co.

Yield

Mkt cap

0.0

Vol.

8,186.1

319.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE701B01021

70
Close

60

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-34.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Punj Lloyd House, 17-18, Nehru Place, New Delhi - 110 019
E-Mail:
dthairani@punjlloyd.com
Web site: www.punjlloyd.com
Telephone: (0124) 262 0123 Fax: (0124) 262 0111
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
13,950
12,899
`m
755
2,246
%
5.4
17.4
`m
-1,478
2,685
%
-10.6
20.8

Jun 15
6,574
8,695
132.3
5,978
90.9

Sep 15
10,089
5,008
49.6
2,750
27.3

FY14
-25.4
2.6
-5.9
3.1

FY15
-72.3
-2.5
-16.3
0.0
7.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

2,270
-6,600
4,463
132

FY13
-1.0
9.1
-0.3
2.4

4,536
-689
-6,190
-2,342

-909
6,859
-5,519
431

Punj Lloyd is one of Indias leading EPC companies providing services to the energy
and infrastructure sector. The company has presence in diverse businesses such as
pipelines, tanks & terminals, process, power, offshore segment, civil construction &
infrastructure services. Broadly, its businesses can be categorized into two
segments: hydrocarbon and infrastructure. FY 15 has been a challenging year for
Punj Lloyd. Company entered the year with an insufficient order book, which is
reflected in the reduced turnover for FY 15. Profits and cash flows were further
affected by deferment of settlement of Companys claims on certain projects, both
domestic and overseas.
During FY15 net sales decreased by 35% YoY. Operating profit fell by an even
steeper 61% YoY as operating expenses decreased at a slower pace than the fall in
revenues. At the bottom line level the company reported a loss of Rs 11.54 bn
compared to a loss of Rs 6.44 bn during FY14.Companys current order backlog (or
unexecuted order book) position is healthier at Rs. 211.5 bn. Company has recently
received three key orders- two for oil and gas in Malaysia and Kuwait, and one for the
Asian Highway project in India- amounting to a total of Rs. 56.8 bn. Similarly, Punj
Lloyd monetizing non-core assets to raise cash to reduce leverage and allocate in
core business.

While there is a slowdown in infrastructure development large scale investments are

needed in the sector. And Punj Llyod will be the prime beneficiary once the capex
cycle turns. Also, once the interest rate environment softens liquidity will ease in the
system. This coupled with better decision making may set the stage for execution
woes no longer remaining a hindrance for infrastructure companies. Thus, while the
long term future looks bright for the sector, one cannot rule out a continuance of the
near term laggardness prevalent in it.

Get more info at www.equitymaster.com

118

SIEMENS LIMITED
CAPITAL GOODS

Chairman: Deepak S. Parekh

Yr of Inc

B. Code

1957
500550
SHAREHOLDING

BL. Code
SIEM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

:
0.0%
: 75.0%
:
9.1%
:
4.4%
: 11.5%
: 119,665

Price

1,148.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/09/12

-10.1

SEC: Ketan Thaker

% ch 12-m
28.1

FX Transaction (FY15)
`m
4,170
`m
34,518
`m
16,191
`m
42,869
` m -26,678
12
30/09/13

12
30/09/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

872
627
379.7
10.1
16.0
6.00
0.8
116.4
340.29
2.0
74.3
46.9
6.4
59.5
255,047
12.0
11,959
10,729.9
993.2
285.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

129,199
575
129,774
8,913
2,010
270
7,208
0
-799
-1,200
1,777
3,432
6.9
24.7
2.7

113,526
345
113,871
4,207
2,502
189
1,861
0
0
325
246
1,940
3.7
13.2
1.7

106,626
1,039
107,665
5,943
2,291
82
4,609
0
0
3,827
2,404
6,032
5.6
52.2
5.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

74,775
62,698
9.3
1.2
27
111
14,972
681
38,834
39,626
0
106,447
27.7
0.0
1.2
3.5
8.7
13.8
2.5
31.6

66,164
54,765
10.0
1.2
30
121
14,678
712
38,967
40,303
0
98,440
10.8
0.0
1.2
2.2
4.8
5.9
4.5
31.1

74,262
55,641
17.5
1.3
36
125
13,965
712
42,435
43,756
0
102,588
57.2
0.0
1.0
6.0
13.8
19.5
3.9
32.4

INCOME DATA

BALANCE SHEET DATA

750
414
318.8
5.4
12.5
5.00
0.9
113.2
356.12
A
1.8
106.8
46.7
5.1
91.8
207,280
11.5
13,524
9,898.5
1,179.2
169.2

Regd off: 130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018
E-Mail:
corporate-secretariat.in@siemens.com
Web site: www.siemens.co.in
Telephone: (022) 3967 7000 Fax: (022)3967 7562
Tr agent: TSR Darashaw, 6-10, Haji Moosa Estate, E. Moses, Road, Mumbai-11

1,010
475
299.4
16.9
23.4
6.00
0.8
122.9
356.12
2.5
43.8
31.8
6.0
35.4
264,330
10.9
14,118
9,752.7
1,291.3
551.7

P/E

67.8

P/CF
49.1

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

0.5

Vol.

409,003.8

82.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE003A01024

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/09/12

12
30/09/13

12
30/09/14

INTERIMRESULTS
Mar 15
Dec 14
`m
21,860
26,530
`m
1,890
2,501
%
8.6
9.4
`m
-706
1,544
%
-3.2
5.8

Jun 15
23,760
2,531
10.7
1,683
7.1

Sep 15
32,995
3,524
10.7
2,191
6.6

FY14
4.8
5.9
1.7
5.0
2.2

FY15
13.8
19.5
5.7
6.0
6.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
%
NOTES

433
-290
-2,594
-2,451

FY13
8.7
13.8
2.7
6.0
3.5

1,018
-290
-4,745
-4,017

6,078
1,303
-2,204
5,177

Siemens India is a subsidiary of the US$ 110 billion German engineering behemoth
Siemens AG, one of the largest engineering companies in the world. It operates in
segments such as power (manufacturing generation and T&D equipments) and
industrial solutions services (providing process automation, manufacturing
automation drives). The company also manufactures diagnostic equipments and
hearing equipments, which form part of its healthcare services business.
Siemens sales declined by 5.7% YoY during FY14. Operating profit grew by 41.3%
YoY. The company's operating margin expanded by 190 bps to 5.6% YoY. Profit for
the year grew by 211% YoY. However, the order inflow for the year de-grew by 6%
YoY to Rs 103.2 bn. The total order book of the company at the end of the year stood
at about Rs 121 billion (down 6% YoY).
The recent slowdown aside, over the longer haul Siemens has significantly benefited
from the improvement in the countrys power scenario where investments have been
pumped into setting up generation, transmission and distribution capacities. India is
also taking measures to address the issues concerning greenhouse gas emissions.
This is evident from the introduction of higher transmission voltages. Siemens is well
positioned to support this move with its products and services which deliver energy
efficient solutions. Siemens strong position in its industry and large size will continue
to help it bag big-ticket orders going forward over the long term.

Get more info at www.equitymaster.com

119

THERMAX LIMITED
CAPITAL GOODS

Chairman: Meher Pudumjee

Yr of Inc

B. Code

1979
500411
SHAREHOLDING

BL. Code

THMX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 62.0%
:
0.0%
:
6.8%
: 16.6%
: 14.6%
: 26,803

Price

892.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Gajanan P. Kulkarni

% ch 12-m
-12.8

FX Transaction (FY15)
`m
9,931
`m
2,850
`m
10,261
`m
3,889
`m
6,372
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

54,917
849
55,766
4,902
771
165
4,814
161
0
0
1,773
3,201
8.9
36.8
5.8

50,999
716
51,715
4,373
922
274
3,893
262
0
0
1,696
2,460
8.6
43.6
4.8

53,955
1,209
55,164
4,141
1,341
820
3,190
616
0
0
1,708
2,098
7.7
53.6
3.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

33,092
25,316
14.2
1.3
22
103
13,901
238
17,989
18,687
3,832
49,875
30.1
0.2
1.1
6.8
17.1
22.8
12.0
4.0

41,255
29,994
22.1
1.4
30
105
15,802
238
19,611
20,383
5,167
59,421
15.2
0.3
0.9
4.6
12.1
17.3
19.9
5.6

40,442
30,361
18.7
1.3
23
113
14,744
238
20,685
21,464
4,942
58,283
4.9
0.2
0.9
5.0
9.8
17.5
18.4
5.3

INCOME DATA

BALANCE SHEET DATA

786
526
428.0
20.6
28.4
6.00
0.9
171.1
119.16
1.5
31.8
23.1
3.8
29.1
78,193
4.0
7,019
12,604.7
1,734.7
608.0

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

684
402
460.9
26.9
33.3
7.00
1.3
156.8
119.16
1.2
20.2
16.3
3.5
26.1
64,680
4.1
6,122
13,394.4
1,493.1
780.8

4.2

Regd off: D-13, MIDC Industrial Area, R. D. Agra Road, Chinchwad, Pune - 411 019
E-Mail:
cservice@thermaxindia.com
Web site: www.thermaxindia.com
Telephone: (020) 6612 2100 Fax: (020) 2747 2049
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,315
712
452.8
17.6
28.9
7.00
0.7
180.1
119.16
2.2
57.6
35.1
5.6
39.8
120,769
4.0
7,057
13,398.4
1,752.4
520.9

P/E

P/CF

50.7

30.9

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

0.8

Vol.

106,398.0

5.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE152A01029

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
11,466
15,207
`m
1,314
1,572
%
11.5
10.3
`m
762
1,323
%
6.6
8.7

Jun 15
10,012
910
9.1
617
6.2

Sep 15
10,565
996
9.4
648
6.1

FY14
12.1
17.3
4.8
6.0
0.3

FY15
9.8
17.5
3.9
7.0
0.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

868
-4,984
345
-3,771

FY13
17.1
22.8
5.8
7.0
0.2

3,213
-3,821
1,905
1,297

3,181
-672
-3,523
-1,014

Thermax Limited operates in a niche segment of the engineering sector, providing

solutions in the energy and environment space. The company's key strengths lie in
providing solutions for captive power plants and boilers for industrial customers
across sectors such as iron and steel, cement, textiles, pharmaceuticals and
refineries.

For FY15, Thermaxs sales grew by 5.8% YoY. The operating profit grew by 15% YoY
resulting in an expansion in margins from 10% in FY14 to 10.8% in FY15. The
company reported a decline of 14.7% YoY in net profit mainly due to increase in
interest, depreciation and tax expenses. The order book at the end of the year stood
at Rs 56.7 billion (down 7.4% YoY).
Thermax's business has of late been marred by slow pace of execution. Margins
continue to be under pressure as a result of reduced operating leverage as both its
business segments suffered due to slowdown in business. Going forward, the
management is hopeful of a revival in the domestic business though the timing
remains uncertain. It expects order activity to pick up with a lag once capacity
utilisation across user industries starts picking up.

Get more info at www.equitymaster.com

120

VOLTAMP TRANSFORMERS LIMITED

CAPITAL GOODS

Chairman: Kanubhai S. Patel (MD)

Yr of Inc

B. Code

1963
532757
SHAREHOLDING

BL. Code
VOTL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 47.5%
:
0.0%
:
8.2%
: 29.0%
: 15.3%
: 13,247

MISCELLANEOUS
Price

727.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

9.1

SEC: V. N. Madhani

% ch 12-m
-3.9

FX Transaction (FY15)
`m
0
`m
0
`m
44
`m
9
`m
35
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

547
333
506.9
32.4
39.9
15.00
3.4
403.4
10.17
0.9
13.6
11.0
1.1
46.4
4,475
0.0
198
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,155
200
5,355
342
77
5
460
0
0
0
131
329
6.6
28.5
6.4

4,448
267
4,715
150
71
4
342
0
0
0
79
263
3.4
23.2
5.9

5,169
212
5,381
198
72
3
334
0
0
0
50
284
3.8
14.9
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,680
492
42.4
5.4
51
103
520
101
4,001
4,103
0
4,609
94.9
0.0
1.1
7.2
8.0
11.3
0.0
0.0

2,553
545
45.1
4.7
47
117
474
101
4,146
4,247
0
4,807
93.5
0.0
0.9
5.5
6.2
8.1
0.0
0.0

2,556
515
39.5
5.0
58
102
425
101
4,307
4,408
0
4,953
112.3
0.0
1.0
5.8
6.4
7.6
0.0
0.0

BALANCE SHEET DATA

P/E

25.9

858
462
508.2
27.9
35.0
10.00
1.5
433.4
10.17
1.3
23.6
18.8
1.5
35.8
6,712
0.0
212
NM
NM
NM

P/CF
20.6

(` )

AUD: Chandulal M. Shah & Co.

Yield

Mkt cap

1.4

Vol.

7,357.2

0.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE540H01012

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

523
330
437.3
25.8
32.9
10.00
2.3
417.6
10.17
1.0
16.5
13.0
1.0
38.7
4,338
0.0
185
NM
NM
NM

Regd off: Makarpura, Vadodara, Gujarat - 390 014

E-Mail:
vnm_ipo@voltamptransformers.com
Web site: www.voltamptransformers.com
Telephone: (0265) 264 2011 Fax: (0265) 264 6774
Tr agent: Link Intime India, B-102/103, Shangrila Complex, Akota, Vadodara-20

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
RoE
RoCE
DPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
1,291
1,699
`m
44
88
%
3.4
5.2
`m
46
122
%
3.6
7.2

Jun 15
871
25
2.8
64
7.4

Sep 15
1,328
55
4.1
68
5.1

FY14
4.2
6.3
8.3
10

FY15
4.1
6.6
7.8
10

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
%
%
Rs

792
-613
-118
61

FY13
3.8
8.2
11.6
15

396
-317
-178
-99

-73
211
-118
20

NOTES

Established in 1963, Voltamp Transformers Limited (VTL) is a Vadodara based

company involved in the manufacturing of power and distribution transformers. It has
four independent units each for oil filled power transformer, oil filled distribution
transformer, resin impregnated dry type transformer and cast resin type transformers.
The companys customers include refineries, various government and semigovernment projects, fertiliser plants, various other industries and state electricity
boards in India as well as abroad.
The performance for FY15 was in line with the companys business plan to improve
volume. However, margin could not keep pace with improved volume, due to volatility
in input material prices and severe competition in market. Profit margins remained
low, due to intense price war amongst organized sector manufacturers because of
overcapacity in the Industry. Margins were also affected due to volatility in currency
exchange rates, affecting input cost which is based on import origin raw material.
During FY15, the company reported a 16% YoY increase in its net sales. However,
operating profit declined by 2% YoY. Other income decreased by 20.8% YoY. Net
profit for the year ended March 2015 witnessed an increase of 8% on a YoY basis.

Increasing competition, delay in implementation of announced projects and

measures, high volatility in the prices of major raw materials and other components
are said to impact realizations of the company, both at gross and net level. Expected
reduction in interest rate by banks and financial institution not moving at desired pace
are delaying revival of stuck projects and takeoff of new projects recently announced.
However, with new government at the Centre taking positive steps in policy matters
in infrastructure and power sectors, the company expects revival of indolent phase
gradually in next 12-18 months period. The company maintains a positive outlook for
long term.

Get more info at www.equitymaster.com

121

VOLTAS LIMITED
CAPITAL GOODS

Chairman: Ishaat Hussain

Yr of Inc

B. Code

1954
500575
SHAREHOLDING

BL. Code
VOLT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 30.2%
:
0.0%
: 25.4%
: 18.6%
: 25.9%
: 134,810

Price

287.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.3

SEC: V. P. Malhotra (G.M.-Taxation)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

6.0

(FY15)
288
7,375
1,066
7,440
-6,374

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

139
73
167.2
6.3
7.1
1.60
1.5
49.1
330.88
0.6
16.9
14.9
2.2
25.5
35,040
8.9
6,325
6,241.2
713.8
234.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

55,310
901
56,211
2,333
278
278
2,678
7
0
121
728
2,078
4.2
27.2
3.8

52,660
1,002
53,662
2,656
248
226
3,184
-5
0
215
941
2,454
5.0
29.6
4.7

51,831
1,087
52,918
4,100
280
233
4,675
-33
16
462
1,276
3,843
7.9
27.3
7.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

38,688
28,031
19.3
1.4
65
90
2,110
331
15,603
16,256
60
45,666
10.6
0.0
1.2
5.2
12.8
18.9
0.6
14.9

40,146
27,850
23.3
1.4
62
93
2,103
331
17,380
18,193
54
47,456
15.1
0.0
1.1
5.6
13.5
19.8
0.5
14.4

37,368
26,355
21.2
1.4
61
94
1,935
331
20,213
21,021
47
48,883
21.1
0.0
1.1
8.3
18.3
25.4
0.6
14.2

BALANCE SHEET DATA

P/E

302
149
156.6
11.6
12.5
2.25
1.0
63.5
330.88
1.4
19.4
18.1
3.5
19.4
74,448
5.3
5,899
9,803.5
1,115.8
726.9

P/CF

24.7

23.0

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.8

Vol.

94,997.1

104.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE226A01021

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

164
63
159.2
7.4
8.2
1.85
1.6
55.0
330.88
0.7
15.3
13.9
2.1
24.9
37,571
6.9
5,947
7,630.8
861.7
355.5

Regd off: Voltas House `A`, Dr. Ambedkar Road, Chinchpokli, Mumbai - 400 033
E-Mail:
vpmalhotra@voltas.com
Web site: www.voltas.com
Telephone: (022) 6665 6666 Fax: (022) 6665 6231
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd., Mumbai-11

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
9,511
14,900
`m
585
1,417
%
6.1
9.5
`m
629
1,168
%
6.6
7.8

Jun 15
15,983
1,312
8.2
1,004
6.3

Sep 15
10,626
621
5.8
444
4.2

FY14
13.5
19.8
4.7
1.9
0.0

FY15
18.3
25.4
7.4
2.3
0.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

844
652
-602
886

FY13
12.8
18.9
3.8
1.6
0.0

2,955
-2,847
-789
-682

3,106
-1,036
-2,360
-291

Voltas, a Tata group company, is a major player in the electro-mechanical engineering

segment, which involves all aspects of construction of infrastructure like electrical and
air conditioning barring the civil structure. The company also has presence in
manufacturing of forklifts, textile auxiliary, agro-chemicals and trading of chemicals.
Its unitary cooling products (UCP) division has presence in air conditioners and
refrigerators.

During FY15, net sales declined by 1.6% YoY. The operating profit of the company
increased by 47% YoY. Profit after tax increased by 57% YoY. The primary reason for
decline in the revenues was bad performance of overseas projects and businesses.
The company's Electro mechanical Projects and service segment's revenue was
lower by 18% YoY compared to the previous fiscal year. The domestic projects
business also had its share of challenges primarily on account of external factors
which has impacted its turnover. The strong margin performance for FY15 was driven
by continued strong performance in its Unitary Cooling Products (UCP) division. The
sales of the UCP business segment increased by 22% YoY with margins expanding
by 100 basis points.
Voltas has emerged from being a consumer appliance company operating in a highly
competitive arena to one that has expertise in the niche engineering area of electromechanical projects and services. The growth prospects of the company are closely
linked to the level of infrastructure activity in India and regions like the Middle East
and South East Asia. Going forward, Voltas expects a gradual improvement in profits
as it has indicated that it has now been accepting only those projects which meet its
internal margin criteria.

Get more info at www.equitymaster.com

122

CEMENT
FY15
The Indian cement industry is the 2nd largest market after
China, accounting for about 8% of the total global production.
It had a total cement manufacturing capacity of 375-390
million tonnes (MT) as of financial year ended 2014-15.
Cement is a cyclical commodity with a high correlation with
GDP. The housing sector is the biggest demand driver of
cement, accounting for about two-thirds of the total
consumption. The other major consumers of cement include
infrastructure, commercial construction and industrial
construction.

During the financial year 2014-15 (FY15), India's cement

industry grew by about 5.6% year-on-year (YoY) as
compared to 3.1% YoY growth in the financial year 2013-14
(FY14). The growth was supported by pre-election spending
and delayed monsoon in the first half of the fiscal. During the
second half, the demand was impacted by low government
spending and less demand from real estate and construction
projects, and slow revival in infrastructure spending. The
cement industry capacity utilisation rate stood at around 71%.

The cement industry capacity doubled in the last decade, with

about 70 million tonnes added in the last three years alone.
Though India has witnessed sustained growth in cement
consumption since 2001, the growth has slowed down in the
last 3-4 years. This has been on account of a slump in
housing, infrastructure and commercial sector. The gap in
the pace between capacity additions and actual demand has
led to a excess capacity situation in the industry, resulting in
sub-optimal utilisation rates.

PROSPECTS
Cement demand is closely linked to the overall economic
growth, particularly the housing and infrastructure sector. The
Modi governments thrust on housing and infrastructure
development should augur well for cement demand. The
crash in the global crude oil prices and other commodities
should help cement companies to reign over cost pressures
and improve profitability of the sector.

Moreover, the per capita consumption of cement in India still

remains substantially low at about 195 kg when compared
with the world average which stands at about 520 kg. This
underlines the tremendous scope for growth in the Indian
cement industry in the long term.
Cement, being a bulk commodity, is a freight intensive
industry and transporting it over long distances can prove to
be uneconomical. This has resulted in cement being largely a
regional play with the industry divided into five main regions
viz. north, south, west, east and the central region. The
Southern region of India has the highest installed capacity,
accounting for about one-third of the country's total installed
cement capacity.

While medium term challenges remain in the form of excess

capacity, slowdown in rural demand and slow offtake of
infrastructure projects, the long term drivers for cement
demand remain intact. The demand-supply mismatch is
expected to reduce in the next three years as the rate of new
capacity additions slows down and growth picks up pace.
Higher government spending on infrastructure and housing,
and rising per capita incomes will be key growth drivers for
the cement industry.

KEY POINTS
Supply -The demand-supply situation is highly skewed with
the latter being significantly higher.
Demand - Housing sector acts as the principal growth driver
for cement. However, industrial and infrastructure sectors
have also emerged as demand drivers.
Barriers to entry - High capital costs and long gestation
periods. Access to limestone reserves (key input) also acts as
a significant entry barrier.
Bargaining power of suppliers - Licensing of coal and
limestone reserves, supply of power from the state grid, etc.
are all controlled by a single entity, which is the government.
However, many producers are relying more on captive power.
Bargaining power of customers - Cement is a commodity
business and sales volumes mostly depend upon the
distribution reach of the company. Cement is sold in two
segments trade and non-trade. Trade cement is the one
sold to the dealers. Non-trade cement is sold directly to the
consumers, mainly institutional buyers. Trade cement sells
higher compared to non-trade. As such, companies that have
a strong distribution network and retail presence tend to have
better cement realisations.
Competition - Intense competition with players expanding
reach and achieving pan India presence. The industry is a lot
more consolidated than a couple of decades ago with a few
large players controlling substantial market share.

123

CEMENT
GLOBAL COMPARISON
CY2014
Installed cement plant capacity
Revenues
Operating profit
Operating margin
Net profit
Net profit margin
Return on equity
Debt to equity

Unit
MTPA
US$ m
US$ m
%
US$ m
%
%
x

ACC
30.6
1,736
165
9.5
153
8.8
12.6
-

HOLCIM
211.4
19,115
3,748
19.6
1,619
8.5
7.6
0.5

HEIDELBERG
129.1
13,707
2,486
18.1
528
3.9
3.6
0.5

LAFARGE
215.0
13,956
2044
14.6
298
2.1
1.6
0.7

CEMEX
93.7
12,176
989
8.1
(329)
NA
NA
1.4

LafargeHolcim (981)
LafargeHolcim was founded in 2015 after the merger of global building material behemoths Lafarge and Holcim. It must be noted
that on 7th April 2014, Holcim had announced a deal to buy Lafarge to create the world's largest cement manufacturer in terms of
sales and manufacturing capacity. On 10 July 2015, Lafarge and Holcim completed the merger and created LafargeHolcim.
Today LafargeHolcim is the largest building materials company in the world with presence in about 90 countries and workforce
strength of about 115,000 employees. It has a total installed cement manufacturing capacity of 386.5 million tonnes per annum
across 2,500 plants (including 1,600 in ready mix concrete, over 600 in aggregates, over 180 in cement, and 70 grinding plants).
The Group had combined net sales of CHF 33 billion (EUR 27 billion) in 2014. LafargeHolcim is the industry benchmark in R&D
and serves from the individual homebuilder to the largest and most complex project with the widest range of value-adding
products, innovative services and comprehensive building solutions.

Cemex (940)
CEMEX, one of the worlds largest cement producers, operates in more than 50 countries across 5 continents. Founded in 1906,
CEMEX has grown from a local player into a top global building solutions company with about 44,000 employees. The company is
strategically positioned in the Americas, Europe, Africa, the Middle East, Australia and Asia.
CEMEX has annual cement production capacity of 93.7 million tonnes (MT). The company is the worlds leading supplier of readymix concrete with annual production levels of about 56 million cubic meters. It is also one of the worlds largest suppliers of
aggregates with annual production levels of about 168 million metric tonnes.
The company owns 55 cement plants (plus 12 cement plants with minority participation), 1,736 ready-mix concrete facilities, 341
aggregate quarries, 233 land-distribution centres, and 63 marine terminals. In 2014, Cemex recorded annual sales of about US$
15.7 billion.

Heidelberg (829)
Heidelberg Cement, founded in 1873, is the global market leader in aggregates and a prominent player in the field of cement,
concrete and other downstream activities, which makes it one of the worlds largest manufacturers of building materials.
The company is the largest investor in the building and construction materials industry in Central and Eastern Europe. The group
employed approximately 44,909 people in over 40 countries at the end of December 2014. Its core products are cement, readymixed concrete, aggregates and related activities. The company clocked revenues of about 12.6 billion euros in 2014.
Till the end of the 1960s, it operated exclusively in the South German region. Its foray into the international arena followed with the
participation in the French cement company Vicat and the acquisition of Lehigh Cement in the US in 1977.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

124

ACC LIMITED
CEMENT

Chairman: N. S. Sekhsaria

Yr of Inc

B. Code

1936
500410
SHAREHOLDING

BL. Code
ACC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 50.0%
:
0.3%
: 15.6%
: 16.7%
: 17.4%
: 102,794

Price

1,315.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-4.0

SEC: Burjor D. Nariman

% ch 12-m
-8.6

FX Transaction (FY15)
`m
0
`m
8,675
`m
19
`m
10,047
` m -10,029
12
31/12/13

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,515
1,083
605.0
56.4
86.7
30.00
2.3
392.7
187.75
2.1
23.0
15.0
3.3
53.2
243,887
9.8
6,179
11,626.8
632.5
1,084.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

113,582
2,633
116,215
21,966
5,689
1,147
17,764
-1
95
-3,354
3,911
10,593
19.3
22.0
9.3

111,501
2,810
114,311
16,300
5,838
1,136
12,136
-2
131
0
1,319
10,947
14.6
10.9
9.8

117,388
2,566
119,954
15,133
5,676
828
11,195
-2
114
0
-311
11,618
12.9
-2.8
9.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

48,459
34,721
12.1
1.4
36
10
62,463
1,880
71,382
73,724
850
119,282
16.5
0.0
1.0
9.8
14.4
21.0
0.0
5.8

44,166
36,660
6.7
1.2
37
13
64,022
1,880
76,024
78,134
0
121,011
11.7
0.0
0.9
10.0
14.0
17.2
0.0
4.2

36,782
38,041
-1.1
1.0
39
13
76,219
1,880
80,147
82,177
0
126,816
14.5
0.0
0.9
9.8
14.1
14.8
0.0
7.4

BALANCE SHEET DATA

P/E

21.3

1,570
966
625.2
61.9
92.1
34.00
2.7
437.7
187.75
2.0
20.5
13.8
2.9
54.9
238,105
9.1
7,481
12,941.0
824.7
1,280.8

P/CF
14.3

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

2.6

Vol.

247,060.2

22.5

ADJUSTED DAILY SHARE PRICE DATA












'HF

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,453
912
593.9
58.3
89.4
30.00
2.5
416.2
187.75
2.0
20.3
13.2
2.8
51.5
221,996
9.7
6,626
11,544.9
686.0
1,133.4

Regd off: Cement House, 121, Maharshi Karve Road, Mumbai - 400 020
E-Mail:
brr.info@acclimited.com
Web site: www.acclimited.com
Telephone: (022) 3302 4469 Fax: (022) 6631 7458
Tr agent: In-house

ISIN

INE012A01025

&ORVH
'0$

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

'HF

'HF

No. of months
Year ending

'HF

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
28,370
30,801
`m
2,590
6,141
%
9.1
19.9
`m
3,262
4,010
%
11.5
13.0

Jun 15
30,153
3,397
11.3
1,335
4.4

Sep 15
27,898
3,133
11.2
1,152
4.1

CY14
30.6
78.0
3,990
572

CY15
30.6
79.2
4,285
452

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

15,769
-3,079
-10,660
2,029

CY13
30.6
78.8
3,799
816

10,634
-8,616
-8,345
-6,326

13,522
-14,567
-8,371
-9,416

NOTES

ACC is the oldest cement manufacturer in the country. Its total capacity for the year
ended CY14 stood at 30.6 million tonnes per annum (MTPA). With 17 modern cement
factories, more than 50 Ready Mix Concrete plants and a 9,000 strong dealer
network, ACC is one of the few cement companies to have a pan India presence.
ACC has continued with its efforts at becoming a focused cement player and thus has
exited its non-core businesses. It currently meets over 75% of its power requirements
through captive power plants. The Swiss cement giant Holcim Group controls 50.3%
stake in the company. Under the group restructuring program, associate firm Ambuja
Cements is set to acquire 50.01% stake in ACC from Holcim India Pvt Ltd (HIPL), an
indirect subsidiary company of Holcim. As such, ACC will become a subsidiary of
Ambuja Cements.
During the calendar year 2014 (CY14), ACC reported 5.4% year-on-year (YoY)
growth in standalone net sales. In volume terms, total cement sales (including
exports) increased marginally by 1.2% YoY to 24.21 million tonnes. At the operating
level, the company saw its profits plunge by 20% YoY.
For the nine month period end September 2015, ACC witnessed 4.4% YoY drop in
cement sales volume from 18.44 million tonnes in 9MCY14 to 17.62 million tonnes in
9MCY15.

While the long term prospects of the cement industry remain intact, the outlook for
the medium term remains tepid. ACC is well poised to deal with the medium term
concerns owing to its lean balance sheet, strong parentage and pan-India presence.

Get more info at www.equitymaster.com

125

AMBUJA CEMENTS LIMITED

CEMENT

Chairman: N. S. Sekhsaria

Yr of Inc

B. Code

1981
500425
SHAREHOLDING

BL. Code

GACM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.8%
: 50.5%
:
9.4%
: 32.2%
:
8.0%
: 179,823

Price

189.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-8.1

SEC: Rajiv Gandhi

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

-16.6

(FY15)
441
5,411
503
9,074
-8,571

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

221
136
63.5
8.4
12.1
3.60
2.0
57.0
1,542.18
ESOS
2.8
21.3
14.8
3.1
42.9
275,279
0.0
4,879
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

97,950
3,485
101,436
24,734
5,687
785
21,748
14
0
-2,791
6,039
12,932
25.3
27.8
13.2

92,056
3,752
95,808
16,587
4,937
668
14,735
1
0
248
2,199
12,786
18.0
14.9
13.9

99,997
4,243
104,240
19,283
5,130
656
17,740
0
0
0
2,875
14,865
19.3
16.2
14.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

52,943
29,330
24.1
1.8
37
8
64,745
3,084
83,275
87,974
393
123,456
28.7
0.0
0.8
11.1
14.7
22.4
0.2
6.3

55,273
28,533
29.0
1.9
37
9
68,443
3,092
89,969
94,619
334
129,568
23.1
0.0
0.7
10.4
13.5
16.5
0.6
5.6

60,027
31,547
28.5
1.9
32
8
70,018
3,100
96,130
100,700
216
138,785
28.1
0.0
0.7
11.2
14.8
18.2
0.4
5.4

BALANCE SHEET DATA

P/E

19.8

244
151
64.5
9.6
12.9
5.00
2.5
65.0
1,549.74
ESOS
3.1
20.6
15.3
3.0
52.1
305,609
0.0
5,863
NM
NM
NM

P/CF
14.7

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

2.6

Vol.

293,723.1

150.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE079A01024

300
Close

250

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

212
148
59.6
8.3
11.5
3.60
2.0
61.2
1,545.86
ESOS
3.0
21.7
15.7
2.9
43.5
277,868
0.0
5,085
NM
NM
NM

Regd off: P. O. Ambuja Nagar, Taluka Kodinar, Dist. Junagadh, Gujarat - 362 715
E-Mail:
shares@ambujacement.com
Web site: www.ambujacement.com
Telephone: (02795) 221 137 Fax: (02795) 232 629
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
24,049
24,630
`m
3,582
5,100
%
14.9
20.7
`m
3,286
3,177
%
13.7
12.9

Jun 15
25,105
4,154
16.5
2,579
10.3

Sep 15
21,109
3,101
14.7
1,536
7.3

CY14
28.0
75.0
3,601
743

CY15
28.8
74.5
3,766
868

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

18,600
-3,882
-5,094
9,624

CY13
28.0
77.4
3,386
1,128

12,675
-4,962
-6,724
989

16,755
-4,560
-7,212
4,983

NOTES

Ambuja Cements Ltds cement capacity for the calendar year ended 2014 stood at
28.75 million tonnes per annum (MTPA). The company is particularly strong in the
northern and western markets. It is one of the most cost effective producers of
cement in the country and its products enjoy strong brand equity in a commodity
business like cement.
Swiss cement giant Holcim Group controls 50.28% stake in the company. Under the
group restructuring program, Ambuja Cements is set to acquire 50.01% stake in
associate firm ACC. In exchange, Ambuja will witness a cash outflow of Rs 35 billion
to Holcim India Private Ltd and issuance of 584 million new equity shares to Holcim
as consideration for the merger. Post the deal, Ambujas equity capital base will
increase by 28% and Holcims stake in the company will increase to 61.39%.
During the calendar year 2014 (CY14), Ambuja Cements reported 9% YoY rise in
consolidated net sales. The growth in topline was driven by 7% rise in average sales
realisation. While operating profit margins improved from 17.2% in CY13 to 18.7% in
CY14, they still remain significantly below the long term average.

While the medium term outlook for cement sector appears muted, the long term
outlook for the sector remains positive as there are multiple growth drivers. The
government's focus on housing, concrete roads, smart cities and infrastructure
development will be key triggers for uptick in cement demand in the coming times.

Get more info at www.equitymaster.com

126

BIRLA CORPORATION LIMITED

CEMENT

Chairman: Harsh V. Lodha

Yr of Inc

B. Code

1919
500335
SHAREHOLDING

BL. Code
BRLC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA M.P.
F.V.
10

: 62.9%
:
0.0%
: 17.0%
:
1.4%
: 18.7%
: 22,370

Price

435.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.1

SEC: Girish Sharma

% ch 12-m
0.3

FX Transaction (FY15)
`m
611
`m
665
`m
611
`m
1,775
`m
-1,164
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

342
202
338.0
35.1
48.7
7.00
2.6
318.5
77.01
0.8
7.8
5.6
0.9
19.9
20,947
9.8
1,931
2,666.1
197.8
276.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

26,030
1,125
27,155
3,935
1,049
649
3,363
0
0
151
811
2,703
15.1
24.1
10.4

30,164
901
31,065
2,568
1,331
856
1,283
0
0
242
226
1,298
8.5
17.6
4.3

32,099
1,004
33,103
3,016
1,538
784
1,698
0
0
429
374
1,752
9.4
22.0
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,073
6,797
31.8
2.2
80
11
19,672
770
23,006
24,530
8,974
45,293
6.2
0.4
0.6
7.4
11.0
12.4
1.7
1.4

22,891
8,867
46.5
2.6
62
9
20,122
770
23,599
25,291
9,163
48,825
2.5
0.4
0.6
4.4
5.1
6.9
2.4
1.2

23,321
6,381
52.8
3.7
63
10
20,504
770
24,842
26,270
11,018
49,950
3.2
0.4
0.6
5.1
6.7
7.8
1.9
2.1

BALANCE SHEET DATA

P/E

19.1

615
280
416.8
22.8
42.7
6.00
1.3
341.1
77.01
1.1
19.7
10.5
1.3
26.4
34,458
6.3
2,254
5,074.9
356.4
277.1

P/CF
10.2

(` )

Yield
1.4

AUD: H. P. Khandelwal & Co.

Mkt cap

Vol.

33,520.3

0.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE340A01012

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

305
191
391.7
16.9
34.1
6.00
2.4
328.4
77.01
0.6
14.7
7.3
0.8
35.6
19,091
9.9
2,216
3,047.1
223.8
131.1

Regd off: Birla Building, 9/1, R. N. Mukherjee Road, Kolkata - 700 001
E-Mail:
investorsgrievance@birlacorp.com
Web site: www.birlacorporation.com
Telephone: (033) 6616 6726 Fax: (033) 2248 7988
Tr agent: MCS Limited, 77/2A, Hazra Road, Kolkata - 700 029

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,568
7,972
`m
397
461
%
5.2
5.8
`m
150
363
%
2.0
4.5

Jun 15
7,874
446
5.7
166
2.1

Sep 15
8,139
341
4.2
185
2.3

FY14
9.3
79.0
96.9

FY15
9.3
82.0
93.2

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Cement Capacity
MTPA
Capacity Utilisation
%
Cement Division Sales (% of Total Sales)
93.8

1,964
-1,113
-618
234

FY13
9.3
69.3
Rs

3,588
-3,408
-100
81

2,818
-110
-2,651
57

NOTES

Incorporated in 1919 as Birla Jute Manufacturing Company Limited, Birla Corporation

Limited is the flagship company of the Madhav Prasad Birla Group. Birla Corporation
has products ranging from cement to jute goods, PVC floor covering, as well as auto
trims (jute felt-based car interiors). However, cement accounts for a lions share of the
companys overall business. The company has a cement manufacturing capacity of
9.3 million tonnes per annum (mtpa).

During the financial year 2014-15 (FY15), the companys consolidated net sales
stood at Rs 31,522.5 million, higher by 6.1% YoY. The cement business accounted
for 93.77% of sales. The jute segment accounted for 5.85% of sales, while a paltry
0.38% came from other segments.

Profit after tax increased by 35% YoY to Rs 1,752.4 million. Net profit margin
improved from 4.3% in FY14 to 5.5% in FY15.
Over the last 3-4 years, cement demand has been tepid. On the other hand, capacity
additions have happened at a brisk rate. The cement industry capacity has doubled
in the last decade, with 70 million tonnes of cement capacity added in the last three
years alone. This has led to an overcapacity scenario in the cement industry. Over
the long term, the governments thrust on housing and infrastructure creation to boost
overall economic growth should augur well for cement demand.

Get more info at www.equitymaster.com

127

JK CEMENT LTD.
CEMENT

J.K. Singhania Group

Chairman: Gaur Hari Singhania

Yr of Inc

B. Code

1994
532644
SHAREHOLDING

BL. Code
JKCE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 66.9%
:
0.0%
:
8.9%
: 12.8%
: 11.4%
: 85,461

Price

644.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shambhu Singh (Fin. & Tax)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
288
2,371
288
2,418
-2,130

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,120
488
29,608
5,573
1,287
1,398
3,375
3
5
0
1,076
2,308
19.1
31.9
7.9

27,958
483
28,441
3,527
1,342
1,526
1,142
22
55
0
447
772
12.6
39.2
2.8

33,987
600
34,587
4,593
1,461
2,291
1,442
17
0
0
22
1,436
13.5
1.5
4.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,759
9,041
5.9
1.2
58
14
26,235
699
12,622
16,906
10,595
40,078
3.4
0.6
0.7
9.2
13.6
17.4
1.5
6.1

13,558
11,808
6.3
1.1
71
15
41,143
699
12,985
17,462
24,415
57,633
1.7
1.4
0.5
4.0
4.4
6.6
1.9
10.6

14,783
12,757
6.0
1.2
58
19
44,108
699
13,718
16,170
27,301
60,501
1.6
1.7
0.6
6.2
8.9
8.6
0.8
7.0

BALANCE SHEET DATA

P/E

754
220
486.0
20.5
41.4
4.00
0.8
231.2
69.93
1.0
23.7
11.8
2.1
19.5
34,056
2.5
2,103
13,759.7
851.3
581.5

P/CF

31.4

15.5

(` )

AUD: P. L.Tandon & Co.

Yield

Mkt cap

0.6

Vol.

45,043.5

1.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE823G01014

800
700

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

299
148
399.8
11.0
30.2
3.00
1.3
249.7
69.93
0.6
20.3
7.4
0.9
27.2
15,633
2.4
1,696
11,698.1
709.6
322.9

6.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

370
123
416.4
33.0
51.4
6.50
2.6
241.7
69.93
0.6
7.5
4.8
1.0
19.7
17,238
2.3
1,590
12,567.8
686.4
995.9

0.7

Regd off: Kamla Tower, Kanpur - 208 001

E-Mail:
shambhu.singh@jkcement.com
Web site: www.jkcement.com
Telephone: (0512) 2371 478 Fax: (0512) 2399 854
Tr agent: Jaykay Enterprises Ltd., Kamla Tower, Kanpur - 208 001

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,986
9,161
`m
1,007
1,637
%
12.6
17.9
`m
167
698
%
2.1
7.6

Jun 15
8,137
874
10.7
2
0.0

Sep 15
8,703
1,088
12.5
137
1.6

FY14
7.5
71.5
4,575
658

FY15
10.5
60.0
4,693
703

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

3,820
-5,267
868
-579

FY13
7.5
76.0
4,387
742

3,643
-15,575
12,266
333

2,562
-4,780
2,303
85

NOTES

Part of the JK Group, JK Cement commenced cement operations in 1975 in the state
of Rajasthan. Today, JK Cement is a major cement player in Northern India with
cement manufacturing capacity of 10.5 million tonnes per annum (MTPA) making it
one of the leading manufacturers in the country. It is also the second largest white
cement manufacturer with an installed capacity of 1.2 MTPA across Gotan, India, and
Fujairah in UAE. While the company sells grey cement mostly in the northern India
market, the white cement is exported to countries like South Africa, Nigeria,
Singapore, Bahrain, Bangladesh, Sri Lanka, Kenya, Tanzania, UAE and Nepal, apart
from domestic sales. The company has sufficient high quality limestone reserves to
meets its requirements for grey and white cement for about 4 decades.

During the financial year 2014-15 (FY15), the companys standalone topline
increased by 20% YoY. There was an 18% YoY growth in production volume on
account of commissioning of new capacity. At the bottomline level, the standalone
profit after tax increased by 61.7% YoY during the period. It must be noted that the
jump in profits in FY15 followed a sharp dip in profitability in FY14. The companys
net profit margin expanded from 3.5% in FY14 to 4.7% in FY15.

Over the last few years, the growth of the Indian cement industry has been impacted
due to the overall slowdown in the economy, particularly in the housing and
infrastructure sector. Going forward, as the macro economy improves and with the
governments thrust on housing and infrastructure development, the demand
scenario for the cement industry is expected to improve.

Get more info at www.equitymaster.com

128

MANGALAM CEMENT LIMITED

CEMENT

Chairman: Amal Ganguli

Yr of Inc

B. Code

1976
502157
SHAREHOLDING

BL. Code

MGLC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA B.K.
F.V.
10

: 27.4%
:
0.0%
:
1.1%
:
1.1%
: 70.3%
: 22,477

Price

200.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Swadesh Agrawal

% ch 12-m
-34.8

FX Transaction (FY15)
`m
0
`m
94
`m
0
`m
143
`m
-143
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,060
71
7,131
1,306
251
48
1,078
0
0
0
304
774
18.5
28.2
11.0

6,973
46
7,019
558
277
87
239
0
0
0
-57
296
8.0
-23.7
4.2

9,219
39
9,258
870
336
383
190
0
0
0
11
179
9.4
5.6
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,257
1,246
28.5
2.6
71
16
5,633
267
4,603
4,923
2,110
9,687
23.3
0.4
0.7
8.5
15.7
16.0
0.7
5.7

2,857
1,452
20.1
2.0
61
12
7,701
267
4,751
5,070
3,435
11,423
3.7
0.7
0.6
3.4
5.8
3.8
0.0
0.8

3,513
2,546
10.5
1.4
63
11
7,874
267
4,549
5,176
3,115
12,327
1.5
0.6
0.7
4.6
3.5
6.9
0.0
1.0

INCOME DATA

BALANCE SHEET DATA

145
88
261.3
11.1
21.5
3.00
2.6
190.0
26.69
0.4
10.5
5.4
0.6
27.0
3,109
1.0
426
7,240.9
442.2
307.5

P/E

354
119
345.4
6.7
19.3
2.00
0.8
193.9
26.69
0.7
35.2
12.2
1.2
29.8
6,312
1.1
577
8,543.6
535.0
166.1

P/CF

29.8

10.4

(` )

AUD: Jain Pramod Jain & Co.

Yield

Mkt cap

1.0

Vol.

5,338.0

5.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE347A01017

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

193
120
264.5
29.0
38.4
6.00
3.8
184.5
26.69
0.6
5.4
4.1
0.8
20.7
4,177
0.9
381
7,844.9
423.6
859.7

-3.3

Regd off: P. O. Aditya Nagar, Kota, Morak - 326 520

E-Mail:
mclmorak@kappa.net.in
Web site: www.mangalamcement.com
Telephone: (07459) 232 262 Fax: (07459) 232 231
Tr agent: Mas Servcies, T-34, Okhla Industrial Area, Phase II, New Delhi-20

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,133
2,387
`m
95
202
%
4.4
8.4
`m
-24
27
%
-1.1
1.1

Jun 15
2,134
-21
-1.0
-188
-8.8

Sep 15
2,002
7
0.4
-155
-7.8

FY14
3.3
89.9
3,568
310

FY15
3.3
65.8
3,885
422

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

1,063
-2,415
1,871
519

FY13
2.0
81.6
3,263
709

630
-2,255
1,165
-461

483
-502
-184
-203

NOTES

Mangalam Cement Ltd was promoted in the year 1978 by Mr B K Birla, a noteworthy
industrialist of the country. The company commenced cement production in 1981.
MCL is an integrated manufacturer of cement based in North India. It operates a 3.25
million tonne per annum cement plant in Rajasthan. Apart from the cement plant, the
company has a captive thermal power plant of 35 megawatts (MW) and wind power
of 13.65 MW.
Mangalam Cement sells cement under the brand name of Birla Uttam', and mainly
caters to the northern region with presence in the states of Rajasthan, Madhya
Pradesh, Delhi NCR, Haryana and western parts of Uttar Pradesh. MCL has a
distribution network of 1,126 dealers and 3,361 retailers across these regions.
Mangalam Cement was a sick' unit in the early 2000s. However, the company has
gone through a significant turnaround since then. Its debt to equity ratio stood at 0.8
times as of 31st March 2015.

During the financial year 2014-15 (FY15), the companys revenues increased by
32.1% year-on-year (YoY) on the back of enhanced cement capacity. After a sharp
contraction in EBIDTA margin to 8% in FY14, the operating profit witnessed some
recovery with EBITDA margins increasing to 9.8%. However, at the bottomline level,
net profits plunged by 39.5% YoY on account of sharp jump in finance costs,
depreciation charges and tax expenses.

In recent times, the companys financial performance has been deteriorating on

account of the prolonged sluggishness in cement demand and higher debt burden.
Given that cement demand is closely linked to the overall economic growth,
particularly the housing and the infrastructure sector, the improvement in the
companys financial performance is expected to improve when the economy picks up.

Get more info at www.equitymaster.com

129

SHREE CEMENT LIMITED

CEMENT

Chairman: B. G. Bangur

Yr of Inc

B. Code

1979
500387
SHAREHOLDING

BL. Code

SHCM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 64.8%
:
0.0%
:
6.0%
: 10.9%
: 21.2%
: 12,432

Price

10,494.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/06/13

SEC: S. S. Khandelwal

% ch 12-m
13.9

FX Transaction (FY15)
`m
0
`m
17,249
`m
0
`m
17,325
` m -17,325
12
30/06/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

55,903
747
56,649
15,609
4,356
1,931
10,068
0
0
1,126
1,155
10,039
27.9
11.5
18.0

58,873
1,849
60,723
13,898
5,499
1,292
8,956
0
0
-805
279
7,872
23.6
3.1
13.4

64,536
1,379
65,914
13,438
9,248
1,206
4,363
0
0
-355
-255
4,263
20.8
-5.8
6.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

22,718
14,170
15.3
1.6
35
21
19,153
348
31,058
38,436
4,431
60,663
6.2
0.1
0.9
19.7
26.1
30.6
0.0
11.6

23,297
14,993
14.1
1.6
50
18
29,523
348
34,085
47,108
4,467
73,287
7.9
0.1
0.8
12.5
16.7
18.3
0.0
22.2

23,332
14,486
13.7
1.6
52
27
35,154
348
37,354
52,763
4,014
79,978
4.6
0.1
0.8
6.8
8.1
9.2
0.0
26.7

INCOME DATA

BALANCE SHEET DATA

7,982
3,413
1,689.8
226.0
383.8
22.00
0.4
1,352.1
34.84
3.4
25.2
14.8
4.2
9.7
198,487
4.7
3,953
12,531.5
841.4
1,675.6

12
30/06/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

5,210
2,805
1,604.5
288.2
413.2
20.00
0.5
1,103.2
34.84
2.5
13.9
9.7
3.6
6.9
139,623
4.2
3,380
13,310.1
804.8
2,390.3

-10.4

Regd off: Bangur Nagar, Dist. Ajmer, Beawar - 305 901

E-Mail:
khandelwalss@shreecementltd.com
Web site: www.shreecement.in
Telephone: (01462) 228 101/06 Fax: (01462) 228 117/19
Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nr, Madhapur, Hyderabad-81

12,389
6,880
1,852.3
122.4
387.8
24.00
0.2
1,514.4
34.84
5.2
78.7
24.8
6.4
19.6
335,664
5.1
4,550
12,558.0
885.4
829.5

P/E

P/CF

85.8

27.1

(` )

AUD: B. R. Maheshwari & Co.

Yield

Mkt cap

0.2

Vol.

365,612.7

0.4

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE070A01015

14,000
Close

12,000
100 DMA

10,000
8,000
6,000
4,000
2,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/06/13

12
30/06/14

12
30/06/15

INTERIMRESULTS
Dec 14
Mar 15
`m
15,445
15,764
`m
3,061
3,406
%
19.8
21.6
`m
945
1,237
%
6.1
7.8

Jun 15
17,246
3,328
19.3
1,041
6.0

Sep 15
17,243
3,872
22.5
1,287
7.5

FY14
17.5
81.3
3,162
975

FY15
23.6
67.5
3,209
853

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

12,597
-2,696
-9,817
84

FY13
13.5
91.3
3,267
1,271

14,007
-12,339
-1,558
110

12,453
-9,968
-2,586
-101

NOTES

Shree Cement is a rapidly growing company focused on its core business of cement
& power. From a modest cement capacity of 2.6 million tonnes per annum (MTPA) in
2004-05, Shree Cement has joined the league of the largest cement companies in
India with its cement capacity standing at 23.6 mtpa at the end of the financial year
2014-15,. After commissioning of its 2 mtpa capacity cement grinding unit at
Bulandshahar in Uttar Pradesh on 30th October 2015, the companys cement
production capacity stands augmented to 25.6 mtpa. Currently, its manufacturing
operations are spread over North and Eastern India across five states. The company
is a market leader in the states of Rajasthan, Delhi and Haryana. It is recognised as
one of the most efficient and eco-friendly company in the global cement industry.
Shree Cement has a total power capacity is 597 MW (including Waste Heat Recovery
Plants of 96 MW).
During the financial year 2014-15 (FY15), the companys revenues increased by
9.6% year-on-year (YoY) on the back of enhanced cement capacity. After a sharp
contraction in EBIDTA margin to 8% in FY14, the operating profit witnessed some
recovery with EBITDA margins increasing to 9.8%. However, at the bottomline level,
net profits plunged by 39.5% YoY on account of sharp jump in finance costs,
depreciation charges and tax expenses.
The cement sector has been in a slowdown over the last few years. The growth in
demand has been much lower than the rate of capacity addition, resulting in a severe
overcapacity situation. This is impact capacity utilization rates and cement prices.
While medium term concerns remains, over the long term, the governments thrust on
housing and infrastructure creation to boost overall economic growth should augur
well for cement demand.

Get more info at www.equitymaster.com

130

THE RAMCO CEMENTS LIMITED

CEMENT

Chairman: P. R. Ramasubrahmaneya Rajha

Yr of Inc

B. Code

1957
500260
SHAREHOLDING

BL. Code

MSCM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 42.3%
:
0.0%
: 17.1%
: 20.3%
: 20.2%
: 21,021

Price

365.4

MISCELLANEOUS
% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. Selvanayagam

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
639
3,383
639
3,428
-2,790

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

38,308
419
38,727
10,054
2,806
1,785
5,882
0
0
0
1,846
4,037
26.2
31.4
10.5

36,835
633
37,468
5,623
3,064
1,881
1,310
1
0
0
165
1,146
15.3
12.6
3.1

36,554
849
37,403
7,199
2,512
1,951
3,584
-4
28
0
1,147
2,461
19.7
32.0
6.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,389
16,124
-9.7
0.8
57
29
47,506
238
23,470
23,708
13,931
64,714
4.3
0.6
0.6
9.0
17.0
20.4
0.7
13.4

12,189
17,047
-13.2
0.7
68
30
50,036
238
24,336
24,589
15,204
68,455
1.7
0.6
0.5
4.4
4.7
8.0
2.2
14.7

12,026
14,488
-6.7
0.8
52
38
51,452
238
26,003
26,256
17,273
70,748
2.8
0.7
0.5
6.2
9.4
12.8
1.7
9.3

BALANCE SHEET DATA

P/E

380
205
153.5
10.3
20.9
1.50
0.5
110.3
238.07
B1:1
1.9
28.3
14.0
2.7
14.5
69,635
2.9
2,293
12,679.0
795.3
853.7

P/CF

35.3

17.5

(` )

AUD: CNGSN & Assoc.

Yield

Mkt cap

0.4

Vol.

86,965.2

4.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE331A01037

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

263
136
154.8
4.8
17.7
1.00
0.5
103.3
237.97
1.3
41.4
11.3
1.9
20.8
47,475
2.9
2,218
12,541.8
755.3
390.0

10.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

269
133
161.0
17.0
28.8
3.00
1.5
99.6
237.97
1.2
11.8
7.0
2.0
17.7
47,832
2.8
1,957
13,745.2
702.2
1,448.3

-0.2

Regd off: Ramamandiram, Rajapalayam - 626 117

E-Mail:
ksn@ramcocements.co.in
Web site: www.ramcocements.in
Telephone: (044) 2847 8666 Fax: (044) 2847 8676
Tr agent: In-house

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,159
9,971
`m
1,299
2,743
%
15.9
27.5
`m
230
934
%
2.8
9.4

Jun 15
9,528
2,494
26.2
947
9.9

Sep 15
8,963
2,942
32.8
1,401
15.6

FY14
12.5
68.8
3,633
655

FY15
12.5
61.6
3,809
930

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

7,014
-3,828
-2,886
301

FY13
12.5
67.9
3,333
1,203

5,086
-5,712
531
-95

9,232
-5,086
-3,969
177

NOTES

The Ramco Cements Ltd (formerly Madras Cements Ltd) is the flag ship company of
the Ramco Group, a renowned corporate group of South India. Based in Chennai,
Ramco Cements has integrated cement capacity of 12.49 million tonnes per annum
(MTPA) and satellite grinding units with capacity of 4 mtpa. The company has also
set up ready mix concrete (RMC) plants to cater to the growing RMC market. Apart
from cement plants, the company also operates one of the largest wind farms in the
country with a power generation capacity of 125.95 MW.

During FY15, the company reported 0.7% year-on-year (YoY) decline in standalone
net sales. In South India, construction activity was impacted due to scarcity of raw
materials such as river sand and blue metal. After a sharp dip of 44% in FY14,
operating profits increased by 26.7% YoY in FY15 on account of easing cost
pressures.

It must be noted that the south Indian markets has the highest excess cement
capacity in the country, impacting the capacity utilisation rates in the region. However,
there are two bright spots in the southern market Andhra Pradesh and Telangana
that are likely to be key growth drivers in the coming years. In the newly created state
of Telangana, infrastructure growth is set to pick up substantially on the back of
government actions. Particularly, the road sector is expected to witness a huge
momentum.
While the recovery may not be immediate, the southern markets should gradually
revive as these projects begin to be implemented. Also, slowing capacity additions
should reduce the demand-supply gap in the coming years and lift the utilisation
rates.

Get more info at www.equitymaster.com

131

ULTRATECH CEMENT LIMITED

CEMENT

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

2000
532538
SHAREHOLDING

BL. Code
ULTC.bo

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 61.7%
:
0.0%
:
5.2%
: 22.2%
: 10.8%
: 293,227

BIRLA ADITYA
Price

2,785.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.1

SEC: S. K. Chatterjee

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

10.9

(FY15)
3,014
6,484
3,559
8,212
-4,653

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,075
1,255
777.7
97.7
135.0
9.00
0.5
555.5
274.18
ESOS
2.1
17.0
12.3
3.0
9.2
456,510
12.7
10,427
16,843.7
823.6
2,115.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

213,241
3,036
216,277
48,393
10,234
2,523
38,672
-103
0
0
11,791
26,777
22.7
30.5
12.6

216,515
3,224
219,739
40,352
11,390
3,610
28,576
-68
0
0
6,448
22,060
18.6
22.6
10.2

243,490
3,501
246,990
44,255
12,034
5,865
29,856
-38
0
0
8,835
20,983
18.2
29.6
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

82,829
70,672
5.7
1.2
43
24
179,173
2,742
147,609
152,296
51,691
295,899
16.3
0.3
0.7
9.9
17.6
20.1
1.5
3.7

94,907
65,248
13.7
1.5
43
28
193,190
2,742
167,405
171,819
60,208
321,940
8.9
0.4
0.7
8.0
12.8
13.8
1.3
2.8

87,975
110,203
-9.1
0.8
44
25
245,398
2,744
182,513
190,412
49,927
380,631
6.1
0.3
0.6
7.1
11.0
14.8
1.2
2.7

INCOME DATA

BALANCE SHEET DATA

2,194
1,405
789.5
80.4
122.0
9.00
0.5
626.5
274.24
2.3
22.4
14.8
2.9
11.2
493,495
13.1
11,028
16,506.4
840.7
1,681.8

Regd off: B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Mumbai - 400
E-Mail:
093
Web site: sharesutcl@adityabirla.com
Telephone: www.ultratechcement.com
Tr agent: (022) 6691 7800 Fax: (022) 6692 8109

3,399
1,953
887.4
76.5
120.3
9.00
0.3
693.9
274.40
ESOS
3.0
35.0
22.2
3.9
11.8
734,294
14.4
13,083
16,866.8
906.3
1,453.5

P/E

P/CF

36.4

23.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.3

Vol.

764,327.5

12.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE481G01011

4,000
3,500

Close
100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
56,014
62,133
`m
9,573
13,102
%
17.1
21.1
`m
3,644
6,147
%
6.5
9.9

Jun 15
64,322
12,100
18.8
5,911
9.2

Sep 15
60,129
10,578
17.6
4,270
7.1

FY14
53.9
75.6
4,319
923

FY15
60.2
75.0
4,540
923

Parameters
Cement Capacity (Domestic)
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

36,176
-43,867
7,149
-295

FY13
53.9
74.5
3,784
1,017

34,545
-23,960
-9,488
1,637

41,902
-20,584
-21,098
441

NOTES

UltraTech Cement was incorporated in 2000 as Larsen & Toubro Cement. Later it was
demerged and acquired by Grasim and was renamed as UltraTech Cement in 2004.
Today UltraTech Cement, an Aditya Birla Group Company and a 60.3% subsidiary of
Grasim, is the largest domestic cement player in the country with consolidated
cement capacity of 67.7 million tonnes per annum (domestic capacity is 64.7 million
tonnes) as of quarter ended September 2015.
UltraTech Cement has 12 integrated plants, 1 clinkerisation plant, 18 grinding units
and 7 bulk terminals. Its operations span across India, UAE, Bahrain, Bangladesh
and Sri Lanka. UltraTech Cement is also India's largest exporter of cement reaching
out to meet the demand in countries around the Indian Ocean and the Middle East.
During the financial year 2014-15 (FY15), UltraTechs consolidated net sales
increased by 12.2% year-on-year. At operating level, profits increased by 8.2% YoY.

A clause in the new mining act (MMDR Act, 2015) bars the transfer of mines that were
not allotted through auctions. This has impacted UltraTech's deal to acquire two
cement assets of the Jaypee Group in Madhya Pradesh. The company has been
investing heavily in land over the last 2-3 years. The management is confident that
its game plan to create additional capacities will go on with or without merger and
acquisitions.

While the cement sector is yet to register a recovery, the new business-friendly
governments thrust on housing and infrastructure development is expected to augur
well for cement demand in the long run. UltraTech, being the leading cement player
in the country, will be a key beneficiary.

Get more info at www.equitymaster.com

132

CONSUMER PRODUCTS

This page has been intentionally left blank

133

BAJAJ ELECTRICALS LIMITED

CONSUMER DURABLES

Chairman: Shekhar Bajaj (MD)

Yr of Inc

B. Code

1956
500031
SHAREHOLDING

BL. Code
BJEL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BAJAJ

F.V.
2

: 65.9%
:
0.0%
:
3.9%
: 16.3%
: 14.0%
: 17,979

Price

203.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-14.1

SEC: Mangesh Patil

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
300
2,862
302
3,031
-2,729

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

234
165
338.5
5.1
6.6
2.00
1.0
73.0
99.76
ESOP
0.6
38.9
30.3
2.7
39.0
19,902
0.0
1,673
NM
NM
NM

385
191
422.6
-1.4
1.5
1.50
0.5
68.2
100.76
ESOP
0.7
-207.9
192.4
4.2
-108.3
29,009
0.0
2,263
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

33,773
168
33,942
1,109
145
690
443
0
0
247
178
512
3.3
40.2
1.5

40,298
151
40,450
820
248
783
-60
0
0
0
-7
-53
2.0
11.0
-0.1

42,581
243
42,824
890
290
1,051
-208
0
0
0
-69
-140
2.1
33.0
-0.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,510
13,694
5.4
1.1
46
101
2,323
200
7,000
7,286
345
21,574
1.6
0.0
1.6
5.6
7.0
18.1
1.1
8.8

18,732
18,170
1.4
1.0
40
112
2,518
200
6,557
7,096
1,306
26,850
0.9
0.2
1.5
2.7
-0.7
8.6
0.9
7.4

19,724
19,167
1.3
1.0
41
111
2,808
202
6,337
6,870
1,709
28,297
0.8
0.2
1.5
3.2
-2.0
9.8
0.7
6.7

P/CF

135.8

(` )

AUD: Dalal & Shah

Yield

Mkt cap

0.7

Vol.

20,477.3

43.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE193E01025

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-2.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

290
150
403.1
-0.5
1.9
1.50
0.7
71.0
99.97
0.5
-414.4
113.1
3.1
-282.6
21,988
0.0
1,860
NM
NM
NM

Regd off: 45-47, Veer Nariman Road, Mumbai - 400 001

E-Mail:
legal@bajajelectricals.com
Web site: www.bajajelectricals.com
Telephone: (022) 2204 3780 Fax: (022) 2285 1279
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Consumer Durables
Engineering & Projects
Lighting Segment

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,293
13,117
`m
-351
774
%
-3.4
5.9
`m
-523
469
%
-5.1
3.6

Jun 15
10,091
602
6.0
203
2.0

Sep 15
11,277
461
4.1
113
1.0

FY14
19.3
11.5
9.5

FY15
20.2
13.4
9.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs bn
Rs bn
Rs bn

1,406
-2
-1,441
-36

FY13
18.5
6.9
8.6

-68
-764
869
38

882
-491
-563
-171

NOTES

Bajaj Electricals Ltd, a more than 77-year old company is part of the Bajaj Group, one
of the oldest business conglomerates in India. The company manufactures and
markets appliances, fans, lighting and luminaries. It also has interests in engineering
and project works. The company has a distribution chain of about 1,000 distributors,
5,000 direct dealers and over 400,000 retail outlets. It has various distribution
arrangements and tie ups in place. The company has also invested in Starlite Lighting
for manufacture of energy saving lamps (CFL).
During the financial year 2014-15 (FY15), the net sales stood at Rs 42,374.8 million,
higher by 5.6% YoY. The companys profitability was severely dented due to lower
margins in consumer durables, closure of many old projects and the consequential
cost overruns as well as the challenging business environment. This resulted in a net
loss of Rs 139.5 million in FY15 as against net loss of Rs 53.1 million in FY14.

The company operates in four main business segments; Lighting, Consumer

Durables, Engineering & Projects (E&P) and others. The growth drivers of these
segments are increasing population, increasing consumption of aspiring individuals
and the governments increased spending on infrastructure (roads, bridges, ports,
etc). The company has been experiencing pressure in its engineering and projects
business on account of intense competition and lengthy execution cycles. However,
since most of the old legacy projects have been closed and major hits have been
taken, the segment should report better performance in the coming times.

Get more info at www.equitymaster.com

134

BATA INDIA LIMITED

CONSUMER PRODUCTS

Chairman: Uday Khanna

Yr of Inc

B. Code

1931
500043
SHAREHOLDING

BL. Code
BATA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 53.0%
:
9.8%
: 20.1%
: 17.1%
: 83,621

Price

479.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-1.9

SEC: Maloy Kumar Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

-25.8

(FY15)
277
1,860
277
2,524
-2,247

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

989
519
286.7
26.8
34.8
6.00
0.8
108.8
64.26
2.6
28.2
21.7
6.9
22.4
48,452
5.2
1,959
3,569.3
379.6
333.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,425
301
18,725
2,750
514
10
2,526
0
0
0
805
1,721
14.9
31.9
9.3

20,652
315
20,967
3,018
592
13
2,728
0
0
101
920
1,909
14.6
33.7
9.2

26,940
434
27,374
3,981
793
18
3,605
0
0
-315
976
2,313
14.8
27.1
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,227
3,744
18.9
1.9
92
9
2,616
643
6,059
6,990
0
11,295
246.3
0.0
1.6
15.3
24.6
36.3
0.8
5.9

9,232
4,629
22.3
2.0
103
9
2,720
643
7,477
8,399
0
13,820
210.8
0.0
1.5
13.9
22.7
33.8
0.7
6.9

10,157
5,180
18.5
2.0
95
8
3,569
643
9,301
10,212
0
16,370
205.8
0.0
1.6
14.2
22.7
32.4
1.0
6.9

BALANCE SHEET DATA

P/E

1,495
895
419.2
36.0
48.3
6.50
0.5
158.9
64.26
2.9
33.2
24.7
7.5
18.1
76,791
4.8
3,119
5,596.2
648.0
480.5

P/CF

13.3

9.9

(` )

Yield
1.4

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

30,831.9

46.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE176A01028

800
700

15
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,086
688
321.4
29.7
38.9
6.50
0.7
130.7
64.26
2.8
29.9
22.8
6.8
21.9
57,002
0.0
2,133
NM
NM
NM

Regd off: 6A, S. N. Banerjee Road, Kolkata - 700 013

E-Mail:
maloy.gupta@bata.co.in
Web site: www.bata.in
Telephone: (033) 3982 9412 Fax: (033) 2289 5859
Tr agent: R & D Infotech, 1st Floor, 7A, Beltala Road, Kolkata - 700 026

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

15
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,372
4,913
`m
614
469
%
11.4
9.5
`m
349
252
%
6.5
5.1

Jun 15
6,805
1,293
19.0
922
13.5

Sep 15
5,754
808
14.0
541
9.4

CY14
3.6
4.6
817.2

FY15
3.9
5.5
1,464.9

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Stock Turnover
times
Working Capital Turnover
times
Capital Expenditure
Rs million
*Fifteen month period ended March 31, 2015

1,845
-1,282
-456
106

CY13
4.1
5.4
870.8

1,825
-1,182
-462
181

1,188
-660
-504
23

NOTES

Bata is Indias largest footwear retailer and leading manufacturer of footwear in India.
It is a part of the Bata Shoe Organisation and was incorporated in the year 1931 as
Bata Shoe Company Private Ltd. In 1973, the company went public and changed its
name to Bata India Ltd.

The company has a wide retail network of over 1,400 stores across India. It sells
approximately 50 million pairs of footwear every year. It serves over 150,000
customers every day. It has 5 manufacturing facilities and employs more than 8,000
people. Its product portfolio includes accessories like bags and belts as well.

During the fifteen month period ended March 31, 2015, the company reported total
turnover of Rs 27,375.9 million. At the bottomline level, net profit stood at Rs 2,311.7
million. During the said period, the companys performance was impacted due to
certain unexpected problems with the implementation of new supply chain IT
systems.
During the fifteen month period ended March 31, 2015, the company opened 159
new retail stores across India. The new stores are larger in size and are based on
global design. As per the companys growth strategy, it plans to open about 100 new
retail stores every year to increase its presence in the malls, high streets, and also in
the tier-II and tier-III cities across India.

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135

GODREJ INDUSTRIES LIMITED

CONSUMER PRODUCTS
Chairman: A. B. Godrej

Yr of Inc

B. Code

1928
500164
SHAREHOLDING

BL. Code
GODI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GODREJ

F.V.
1

: 74.9%
:
0.0%
:
3.6%
: 11.2%
: 10.3%
: 44,482

Price

362.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. R. Rajput

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
4,930
3,183
4,930
3,452
1,478

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,643
528
70,171
3,774
595
1,103
2,604
-762
1,758
1,654
1,342
3,912
5.4
51.5
5.6

79,179
1,558
80,737
4,577
704
1,457
3,973
-1,430
1,739
694
1,712
3,264
5.8
43.1
4.1

92,305
1,293
93,598
4,816
932
1,913
3,264
-1,864
2,066
1,924
1,366
4,025
5.2
41.8
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

61,051
45,406
22.5
1.3
195
25
13,810
335
29,727
31,053
9,392
94,283
3.4
0.3
0.7
5.3
12.6
15.7
7.1
3.5

72,887
61,502
14.4
1.2
201
25
16,715
331
27,251
27,341
11,604
112,104
3.7
0.4
0.7
4.2
11.9
16.5
6.3
5.1

85,649
73,092
13.6
1.2
212
25
20,947
336
31,838
32,273
17,282
135,026
2.7
0.5
0.7
4.4
12.5
14.7
5.3
3.4

BALANCE SHEET DATA

P/E

30.3

351
324
274.8
12.0
14.8
1.75
0.5
96.1
335.88
1.2
28.2
22.9
3.5
14.6
113,360
1.3
3,232
72,396.2
2,534.7
3,156.6

P/CF
24.6

(` )

AUD: Kalyaniwalla & Mistry

Yield

Mkt cap

0.5

Vol.

121,793.7

10.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE233A01035

450

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

325
219
236.0
9.7
11.8
1.75
0.6
81.5
335.46
1.2
27.9
23.0
3.3
18.0
91,077
1.3
2,942
58,825.6
2,186.0
2,424.7

26.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

332
221
207.8
11.7
13.4
1.75
0.6
92.6
335.17
PP
1.3
23.7
20.6
3.0
15.0
92,675
1.4
2,698
50,797.4
1,967.5
2,853.2

-8.6

Regd off: Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai - 400 079
E-Mail:
investor@godrejinds.com
Web site: www.godrejinds.com
Telephone: (022) 2518 8010 Fax: (022) 2518 8066
Tr agent: Computech Sharecap Ltd., 147, M. G. Road, Fort, Mumbai - 400 001

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Chemicals revenue
Chemicals PBIT
Return on equity
Total debt to equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
22,974
23,088
`m
1,276
1,191
%
5.6
5.2
`m
446
474
%
1.9
2.1

Jun 15
25,107
1,482
5.9
724
2.9

Sep 15
32,487
2,269
7.0
804
2.5

FY14
80.9
15.3
10.2
1.5

FY15
77.5
11.2
12.9
1.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of Sales
% of Total PBIT
%
x

3,448
-7,741
4,033
-261

FY13
84.2
24.3
10.9
0.94

-3,940
-9,244
14,430
1,245

-10,496
-4,581
14,095
-982

NOTES

Godrej Industries (GIL), part of the Godrej Group, is one of Indias leading business
groups. The company is engaged in the manufacture and marketing of oleo
chemicals, their precursors and derivatives, bulk edible oils, estate management, and
investment activities. Through its subsidiaries, associate companies, and joint
ventures, it has significant interests in several industries such as property
development, palm oil plantation, animal feeds and agro-products, poultry, personal
care, home care, etc.
The company exports its products to about 40 countries in North and South America,
Asia, Europe, Australia, and Africa. It leads the Indian market in the production of fatty
acids, fatty alcohols, and alpha olefin sulphonate (AOS). GIL operates two plants: one
at Valia, Gujarat and another at Vikhroli, Mumbai. With the Vikhroli manufacturing
complex, it is able to achieve a high level of operational flexibility and is able to meet
customers requirements within a short lead time. The integrated manufacturing plant
at Valia uses vegetable oils as raw material to manufacture fatty acids, glycerine, fatty
alcohols, and surfactants: sodium lauryl sulphate, sodium lauryl ether sulphate, and
AOS.
In FY15, total income/profit before interest and taxes increased 18%/22% year-onyear, respectively. Net profit stood at Rs 4 billion, up 23% year-on-year. Subsidiary
Godrej Properties recorded a strong growth in the residential segment, with booking
volumes and value increasing by 69% and 58% year-on-year, respectively.

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136

HAWKINS COOKERS LIMITED

CONSUMER DURABLES

Chairman: Brahm Vasudeva

Yr of Inc

B. Code

1959
508486
SHAREHOLDING

BL. Code

HWKN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

48.8%
7.2%
6.7%
0.2%
37.1%
11,069

Price

2,300.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Hutoxi Bhesania

% ch 12-m
-34.3

FX Transaction (FY15)
`m
294
`m
1
`m
302
`m
63
`m
239
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,247
48
4,295
507
24
30
501
0
0
0
160
341
11.9
31.9
8.0

4,571
45
4,616
587
26
35
571
0
0
0
188
383
12.8
32.9
8.4

5,145
38
5,183
508
36
37
473
0
0
0
152
321
9.9
32.1
6.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,441
1,006
10.2
1.4
41
35
210
53
495
548
110
1,695
17.6
0.2
2.5
21.9
62.3
80.7
5.5
0.0

1,586
1,273
6.8
1.2
51
30
241
53
506
559
0
1,867
17.3
0.0
2.4
22.4
68.5
108.3
5.1
0.0

1,516
1,078
8.5
1.4
48
31
232
53
536
589
128
1,824
13.8
0.2
2.8
19.6
54.5
71.2
5.7
0.0

INCOME DATA

BALANCE SHEET DATA

2,460
1,602
864.1
72.4
77.3
60.00
3.0
105.7
5.29
2.4
28.1
26.3
19.2
82.9
10,744
0.8
575
5,636.1
708.5
472.1

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,485
1,455
802.9
64.5
69.1
50.00
2.5
103.5
5.29
2.5
30.6
28.5
19.0
77.6
10,421
0.8
479
5,282.6
595.8
424.1

-7.7

Regd off: Maker Tower F 101, Cuffe Parade, Mumbai 400 005
E-Mail:
cosec@hawkinscookers.com
Web site: www.hawkinscookers.com
Telephone: (022) 2218 6607 Fax: (022) 2218 1190
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

4,650
1,983
972.6
60.7
67.5
45.00
1.4
111.4
5.29
3.4
54.6
49.2
29.8
74.1
17,544
0.8
633
6,274.3
772.4
391.6

P/E

37.9

P/CF
34.1

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Pressure cookers
Cookware
Advertising costs
Discounts
Payout ratio

Mkt cap

2.0

Vol.

12,169.6

6.4

ADJUSTED DAILY SHARE PRICE DATA

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

AUD: Deloitte Haskins & Sells

Yield

ISIN

INE979B01015

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,125
1,573
`m
54
158
%
4.8
10.1
`m
31
97
%
2.7
6.1

Jun 15
959
82
8.6
51
5.3

Sep 15
1,489
246
16.5
159
10.7

FY14
84.6
14.6
3.5
8.9
82.9

FY15
84.2
15.1
4.1
8.9
74.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
%
NOTES

230
23
-245
8

FY13
85.4
13.6
2.8
9.1
77.5

333
-7
-322
4

283
5
-476
-188

Established in 1959, Hawkins Cookers has emerged as India's leading manufacturer

of pressure cookers and cookware with key brands such as Hawkins and Futura,
among others. Its brands are associated with quality and safety which is extremely
important for the consumers. As a testimony to it, Hawkins has sold around 70 million
pressure cookers worldwide since its inception.

Though Hawkins has its presence across India through its strong direct dealer
network, it is more powerful than its competitors in the northern part of the country.
The company has three plants, which are situated at Jaunpur, Hoshiarpur and Thane.
Over the last five years, the company has grown its revenues at an annual rate of
13%. During the same period, net profits have de-grown by 3% on a compounded
basis. In FY15, the companys revenues grew by 12% YoY while profits fell by 16%
YoY. The decline in profits was largely due to lower operating margins, which came
in at 9.9% as compared to 12.8% reported a year before.

The pressure in margins and sales was largely a function of the onslaught of the
discounting occurrence in the e-commerce space. While the company upped its
marketing and sales efforts, the results of the same were not yet visible.
Nevertheless, the company is looking to work on the basics, by strengthening
relationships with dealers and distributor; not to mention the product launches that it
has planned as well.
What differentiates Hawkins from the rest is its conservative management and very
simple cash utilization policy of paying out what is not required. This has allowed
the company to clock in very strong return ratios over the years. Hawkins payout ratio
averaged to nearly 80% over the past three years.

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137

PIDILITE INDUSTRIES LIMITED

CONSUMER PRODUCTS
Chairman: B. K. Parekh

Yr of Inc

B. Code

1965
500331
SHAREHOLDING

BL. Code
PIDI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 69.5%
:
0.6%
:
3.5%
: 15.7%
: 10.7%
: 44,398

Price

536.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.4

SEC: Savithri Parekh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

10.8

(FY15)
4,149
6,024
4,173
6,735
-2,562

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

278
154
71.7
8.3
9.6
2.60
1.2
32.2
512.64
BC
3.0
26.1
22.5
6.7
31.4
110,807
4.4
3,746
8,439.9
859.5
972.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

36,781
705
37,486
5,931
686
155
5,795
-2
24
18
1,595
4,240
16.1
27.5
11.5

42,832
449
43,281
6,715
812
163
6,188
-3
30
-65
1,653
4,498
15.7
26.7
10.5

48,441
455
48,896
7,688
1,178
156
6,809
10
50
-49
1,694
5,126
15.9
24.9
10.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,360
8,966
14.7
1.6
52
43
10,533
513
15,397
16,515
0
26,160
38.4
0.0
1.4
16.8
25.7
36.3
8.7
13.0

16,416
8,859
17.6
1.9
51
45
11,642
513
18,535
19,526
0
29,284
38.9
0.0
1.5
15.9
23.0
32.3
9.2
12.8

16,707
9,580
14.7
1.7
48
44
14,188
513
22,190
22,706
5
33,158
44.5
0.0
1.5
15.9
22.6
30.7
8.6
12.4

BALANCE SHEET DATA

P/E

638
564
94.5
10.0
12.3
2.90
0.5
44.3
512.66
6.4
60.1
48.9
13.6
29.0
308,109
4.9
4,973
9,877.9
1,014.0
1,045.2

P/CF

53.7

43.6

(` )

AUD: Haribhakti & Co.

Yield

Mkt cap

0.5

Vol.

275,016.5

41.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE318A01026

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

314
220
83.6
8.8
10.4
2.70
1.0
38.1
512.64
3.2
30.4
25.8
7.0
30.8
136,798
4.7
4,420
9,209.2
950.3
967.1

Regd off: 7th Floor, Regent Chambers, Jamnalal Bajaj Marg, 208, Mumbai -21
E-Mail:
investor.relations@pidilite.co.in
Web site: www.pidilite.com
Telephone: (022) 6769 7000 Fax: (022) 2821 6007
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Consumer segment
Industrial Products
Advertising
COGS
Sales within India

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
12,022
10,435
`m
1,936
1,350
%
16.1
12.9
`m
1,258
853
%
10.5
8.2

Jun 15
14,695
3,471
23.6
2,289
15.6

Sep 15
13,201
3,002
22.7
1,929
14.6

FY14
81.0
19.0
4.3
55.1
89.8

FY15
82.0
18.0
4.0
52.0
91.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

4,717
-1,445
-3,395
-122

FY13
81.0
19.0
3.9
53.4
81.0

3,938
-987
-2,415
537

5,520
-4,359
-1,651
-490

Pidilite is present in consumer products and specialty industrial products. Consumer

products contribute 82% to sales and include art materials, adhesives, sealants, and
fabric care and car care products. Industrial products, which contribute18% of sales,
consist of pigments, leather chemicals, and textile resins. The company has
extended its global footprint by setting up subsidiaries in Dubai,Egypt, the US, Brazil,
Singapore, Bangladesh, Indonesia, Thailand, China, and Ethopia.
In FY15, Pidilites consolidated net revenues increased by 13.1% YoY. Consumer
products grew by 15% YoY while industrial chemicals grew by 6.6% YoY. Margins
were impacted in the first half of the year due to the steep increase in prices of key
inputs like VAM. Selective price increases were taken during the year and with input
prices softening in the second half, margins in the fourth quarter were higher than the
rest of the year. Due to the slowdown in the sales growth, the company undertook
several cost conservation initiatives so as to limit the increase in costs. Consequently
EBIDTA excluding non-operating income grew by 12.5%.
Further, during the year, the company acquired the adhesive business of Bluecoat
Pvt Ltd on a slump sale basis. This resulted in a 57% increase in the depreciation and
amortisation charge. To add to this, the company along with its wholly owned
subsidiary, Pidilite International Pte Ltd has incorporated a subsidiary company,
Pidilite Chemical PLC, in Ethiopia for manufacturing of adhesives, paints, varnishes,
etc.Pidilite is armed with strong brands like Fevicol, M-seal, and Dr Fixit, which are
synonymous with adhesives in India. Its presence in the industrial chemical lends its
technical capability to develop consumer products and provides synergies in raw
material procurement. In the consumer segment, it is a clear leader. However, the
company is facing short-term issues regarding industrial demand given that the
economic recovery is yet to gather steam.

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138

WHIRLPOOL OF INDIA LIMITED

CONSUMER DURABLES

Chairman: Arvind Uppal (MD)

Yr of Inc

B. Code

1960
500238
SHAREHOLDING

BL. Code
WHIR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 75.0%
:
5.8%
:
8.5%
: 10.8%
: 37,308

Price

655.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.8

SEC: Ravi Sabharwal

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

4.2

(FY15)
1,117
7,468
2,201
8,034
-5,833

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

289
191
218.5
10.1
14.8
0.00
0.0
48.7
126.87
1.1
23.8
16.2
4.9
0.0
30,449
0.0
2,428
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

27,727
205
27,932
2,220
603
30
1,792
0
0
0
514
1,278
8.0
28.7
4.6

28,346
280
28,626
2,115
638
14
1,742
0
0
0
513
1,229
7.5
29.4
4.3

32,938
380
33,318
3,313
681
6
3,005
0
0
0
900
2,105
10.1
30.0
6.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,968
6,783
7.9
1.3
69
22
4,149
1,269
4,767
6,175
0
13,848
60.7
0.0
2.0
9.4
20.7
29.5
6.2
22.5

10,858
7,455
12.0
1.5
74
22
4,244
1,269
5,997
7,401
0
15,691
123.7
0.0
1.8
7.9
16.6
23.7
3.6
17.6

14,020
8,538
16.6
1.6
73
17
3,959
1,269
7,754
9,158
0
18,489
470.6
0.0
1.8
11.4
23.0
32.9
3.4
22.7

BALANCE SHEET DATA

P/E

781
213
259.6
16.6
22.0
0.00
0.0
72.2
126.87
1.9
30.0
22.6
6.9
0.0
63,054
0.0
3,153
NM
NM
NM

P/CF

39.5

29.8

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

0.0

Vol.

83,099.9

3.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE716A01013

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

240
141
223.4
9.7
14.7
0.00
0.0
58.3
126.87
0.9
19.7
12.9
3.3
0.0
24,169
0.0
2,631
NM
NM
NM

Regd off: Plot No. A-4, MIDC, Ranjangaon, Taluka Shirur, Dist. Pune - 412 220
E-Mail:
ravi_kumar_sabharwal@whirlpool.com
Web site: www.whirlpoolindia.com
Telephone: (02138) 660 100 Fax: (02138) 232 376
Tr agent: Link Intime India, A-40, Naraina Industrial Area, Phase II, New Delhi-28

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,214
7,756
`m
544
828
%
7.5
10.7
`m
315
553
%
4.4
7.1

Jun 15
11,003
1,526
13.9
1,008
9.2

Sep 15
7,136
586
8.2
376
5.3

FY14
47.4
17.2
9.3
20.0

FY15
49.3
13.6
9.6
20.5

Parameters
Raw material costs
Cost of traded goods
Employee costs
Operating & other expenses

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

1,440
-686
-23
731

FY13
51.9
13.5
10.7
16.0

2,036
-661
-10
1,366

2,999
-553
-6
2,440

NOTES

Whirlpool India Ltd is a subsidiary of Whirlpool, the international manufacturer

andmarketer of major home appliances. Whirlpool is one of Indias most recognized
brands in home appliances in India and holds a market share of more than 25%. It
forayed into the market under a joint venture with Sundaram Clayton (TVS group) and
established the first Whirlpool manufacturing facility in Puducherry. Whirlpool
acquired Kelvinator India Ltd in 1995 and marked an entry into the Indian refrigerator
market as well. The Kelvinator and subsequent TVS acquisitions were merged to
create Indian home appliance leader, Whirlpool India. This expanded the
company'sportfolio in the Indian subcontinent to washing machines, refrigerator,
microwave ovens, and air conditioners.
During the year ended 31 March 2015, the revenue from operations of the company
grew by 15.2% to Rs 35.7 billion. Profit before tax grew by 72.5% YoY to Rs 3 billion.
Despite weak demand in global markets, the companys international business
actively expanded into new markets, specifically Maldives, and achieved strong
growth in Myanmar, Nepal, and Fiji. However, there were challenges in major markets
like Sri Lanka due to an increased presence of local manufacturers. The company
addressed this by focusing on channel restructuring and expanded product range,
leading to growth in the last quarter of the year.

Whirlpool is a leading manufacturer of home appliances in India. Given the low

penetration of home appliances in the country, the long-term growth story for the
company is still intact. However, the company is finding it difficult to increase its sales
volume due to increasing competition and inflation, which has remained stubbornly
high and dampened consumer demand. At the same time, higher input costs have
also brought margins under pressure. The company is yet to break free from this
vicious cycle.

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139

DIVERSIFIED

This page has been intentionally left blank

140

E.I.D. - PARRY (INDIA) LIMITED

DIVERSIFIED

Chairman: A. Vellayan

Yr of Inc

B. Code

1975
500125
SHAREHOLDING

BL. Code
EIDP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MURUGAPPA
F.V.
1

: 45.2%
:
0.0%
: 12.6%
: 13.0%
: 29.2%
: 42,124

Price

175.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

0.5

SEC: G. Jalaja

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-15.0

(FY15)
1,763
50
1,790
102
1,688

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

257
142
647.6
11.8
24.0
6.00
3.0
138.4
175.77
ESOP
0.3
16.9
8.3
1.4
51.0
35,057
0.0
3,799
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

113,829
972
114,801
10,243
2,152
3,878
5,186
-1,563
0
0
1,553
2,069
9.0
29.9
1.8

121,141
1,089
122,231
8,994
2,261
4,653
3,169
-1,406
0
-14
969
780
7.4
30.6
0.6

139,526
1,116
140,642
10,115
2,441
4,197
4,592
-1,596
0
-39
1,789
1,168
7.2
39.0
0.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

77,081
67,153
8.7
1.1
86
65
38,176
176
21,504
24,328
20,176
124,392
2.3
0.8
0.9
4.8
8.5
16.9
4.7
0.0

71,167
64,688
5.3
1.1
90
52
35,630
176
21,941
24,169
15,641
116,587
1.7
0.6
1.0
4.7
3.2
16.1
1.0
0.1

87,380
83,788
2.6
1.0
104
45
35,145
176
19,726
22,270
11,355
128,994
2.1
0.5
1.1
4.2
5.2
21.3
1.3
0.0

BALANCE SHEET DATA

P/E

248
135
793.7
6.6
20.5
3.00
1.6
126.7
175.79
0.2
28.8
9.3
1.5
45.2
33,646
0.0
4,353
NM
NM
NM

P/CF

26.8

8.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.7

Vol.

31,246.4

64.3

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE126A01031

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

168
103
689.1
4.4
17.3
0.00
0.0
137.5
175.79
ESOP
0.2
30.5
7.8
1.0
0.0
23,811
0.0
4,183
NM
NM
NM

Regd off: Dare House, Parrys Corner, Chennai - 600 001

E-Mail:
sureshk@parry.murugappa.com
Web site: www.eidparry.com
Telephone: (044) 2530 6789 Fax: (044) 2534 1609
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
35,992
36,850
`m
1,738
2,735
%
4.8
7.4
`m
-93
1,376
%
-0.3
3.7

Jun 15
28,056
-246
-0.9
-1,927
-6.9

Sep 15
43,473
1,606
3.7
-299
-0.7

FY14
34750
4.67
146

FY15
39000
5.05
160

Parameters
Sugarcane crushing capacity
Sugar produced
Cogeneration capacity

`
`
`
`

m
m
m
m

KEY DATA
Unit
TCD
LMT
MWH

8,382
-9,619
-5,032
-6,208

FY13
34750
6.0
146

15,915
-2,286
-12,634
685

2,217
-3,070
-1,423
-2,274

NOTES

E.I.D. Parry, a part of Rs 243 bn Murugappa Group, is one of the largest business
conglomerates in Southern India. The company derives most of its revenues (about
80%) from fertilizers through its subsidiary Coromandel International. The Sugar
division (Sugar, Co-generation and Distillery businesses) contributes the balance to
the group turnover. EID Parry is among the top 5 largest sugar producing companies
in India focused on the southern market. EIDPL together with its subsidiaries has 9
sugar plants having a capacity to crush 39,000 tons of cane per day and to generate
160 MW of power; and 4 distilleries having a capacity of 230 KLPD.
In FY15, the companys standalone net sales grew by 16.8% YoY. Its consolidated
net sales grew by 15.8% YoY due to a big pick up in the topline performance of its
subsidiaries. This was a challenging year for the companys sugar business in view
of the abysmally low price of sugar which made a free fall during the second half of
the financial year under review. The net profits posted a robust growth of 458.8%.
The higher profit was mainly on account of better realisation from sales of sugar
during the first half of the financial year buoyed by the corporate strategy of cost
reduction and improving all around efficiency in operations. The higher dividend
income from the Subsidiary Company and disposal of unproductive assets also
contributed to the performance of the Company during the year.
However, EIDPLs financials are impacted by government regulations in both its
fertilizer and sugar businesses. Although the company has diversified into allied
businesses to shield itself from the vagaries of its core business, these still contribute
a share of about 8% to overall revenues.It plans to launch more nutraceutical
products in the coming years. EIDPL has launched these products in overseas
markets via its subsidiary company US Nutraceuticals LLC.

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141

GRASIM INDUSTRIES LIMITED

TEXTILES

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

1947
500300
SHAREHOLDING

BL. Code

GRAS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 25.5%
:
0.0%
: 16.0%
: 37.3%
: 21.2%
: 138,458

BIRLA ADITYA
Price

3,691.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

0.9

SEC: Ashok Malu

% ch 12-m
8.9

FX Transaction (FY15)
`m
16,054
`m
28,732
`m
16,086
`m
28,930
` m -12,844
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

3,511
2,216
3,040.9
294.7
431.1
22.50
0.8
2,141.7
91.78
ESOS
0.9
9.7
6.6
1.3
7.6
262,812
7.3
16,688
38,226.7
2,285.6
3,704.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

279,093
4,820
283,913
59,236
12,521
3,241
48,294
-10,734
737
3,420
14,672
27,044
21.2
30.4
11.9

293,233
5,763
298,996
49,148
14,575
4,473
35,862
-8,828
1,029
0
7,348
20,715
16.8
20.5
8.7

328,473
5,390
333,863
51,445
15,632
6,674
34,528
-8,379
1,542
-95
10,159
17,438
15.7
29.4
6.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

127,208
90,865
13.0
1.4
49
28
236,360
918
192,097
196,565
66,531
441,325
15.9
0.5
0.6
6.9
13.8
20.6
4.5
6.5

139,623
85,504
18.5
1.6
53
31
259,686
918
211,230
216,144
76,120
477,478
9.0
0.5
0.6
5.3
9.6
13.3
5.1
6.9

133,232
131,221
0.6
1.0
53
29
312,997
919
225,912
231,398
63,843
540,536
6.2
0.5
0.6
4.5
7.5
12.3
4.9
8.7

INCOME DATA

BALANCE SHEET DATA

3,159
2,121
3,193.2
225.6
384.3
21.00
0.8
2,353.7
91.83
0.8
11.7
6.9
1.1
9.3
242,431
7.5
18,457
39,233.8
2,469.5
2,771.7

Regd off: Birlagram, Nagda - 456 331

E-Mail:
grasimshares@adityabirla.com
Web site: www.grasim.com
Telephone: (07366) 246 760 Fax: (07366) 244 114
Tr agent: In-house

3,590
2,586
3,575.4
189.8
360.0
18.00
0.6
2,518.7
91.87
ESOS
0.9
16.3
8.6
1.2
9.5
283,695
7.4
21,412
44,502.6
2,900.9
2,362.6

P/E

19.4

P/CF
10.3

(` )

AUD: G. P. Kapadia & Co.

Yield

Mkt cap

0.5

Vol.

339,096.4

1.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE047A01013

4,500
4,000

Close

3,500

100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employees
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
80,365
88,196
`m
10,776
13,329
%
13.4
15.1
`m
3,336
5,161
%
4.2
5.9

Jun 15
85,991
12,262
14.3
4,847
5.6

Sep 15
83,929
12,656
15.1
4,885
5.8

FY14
7,474
8.7
0.5
13.3

FY15
7,381
6.6
0.5
12.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
Nos
%
%
%

42,417
-57,253
13,477
-1,359

FY13
7,301
11.9
0.5
20.6

35,493
-23,895
-10,463
1,136

45,961
-22,629
-22,800
533

NOTES

Grasim Industries is a flagship company of the Aditya Birla Group and is one of the
largest diversified commodity companies in the country. It has a monopolistic status
in the viscose staple fibre (VSF) and as a group it commands 21% global market
share in VSF. Grasim's other business interests include cement, chemicals and
textiles business. The company sells its products through a network of 50 exclusive
showrooms, as well as through 200 wholesalers and 25,000 multi-brand outlets.

The company holds 40% stake in Birla Lao Pulp and Plantations Company Ltd
(BLPP), a joint venture of the company to secure pulp requirement for its VSF
business. Owing to the overcapacity in both pulp and fibre businesses, its strategic
importance to the company had diminished. Excessive global VSF capacities and
subdued VSF prices have been a cause of concern for Grasim's profitability. It is
worth noting that VSF prices tend to be linked to the price movements of other
competing fibres. Polyester Staple Fibre (PSF) prices have declined on account of
falling crude prices.
During the financial year 2014-15, the company incurred a capex of about Rs 5.1 bn.
With the commissioning of new capacities, the total VSF capacity stands increased
to 498,225 metric tonnes per annum.

In February 2015, the company announced that Aditya Birla Chemicals (India) Ltd, an
Aditya Birla Group company, was set to be merged with Grasim Industries. ABCIL is
one of the leading chlor-alkali companies in India with three manufacturing plants
located at Jharkhand), Uttar Pradesh and Karnataka with an installed capacity of
about 293,000 tonnes of caustic soda per annum and 110 MW of captive power plant.

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142

HEG LIMITED
DIVERSIFIED

Chairman: Ravi Jhunjhunwala (MD)

Yr of Inc

B. Code

1972
509631
SHAREHOLDING

BL. Code

HEGL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 29.2%
: 29.6%
: 10.7%
:
1.0%
: 29.6%
: 31,421

MISCELLANEOUS
Price

166.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Ashish Sabharwal

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
9,184
2,977
9,184
3,512
5,673

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,226
136
16,362
2,931
626
636
1,805
0
-88
-552
161
1,004
18.1
8.9
6.2

14,668
218
14,886
2,460
727
723
1,228
0
-62
-254
105
807
16.8
8.6
5.5

12,405
116
12,521
1,961
754
658
665
0
-25
-222
53
364
15.8
8.0
2.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,758
13,091
10.3
1.1
137
135
9,325
400
7,862
9,451
3,597
26,997
3.8
0.4
0.6
6.1
10.6
13.8
81.4
33.4

11,857
12,406
-3.7
1.0
123
130
10,593
400
8,448
9,999
1,690
25,058
2.7
0.2
0.6
6.1
8.1
14.0
76.4
27.5

9,256
8,784
3.8
1.1
118
119
10,143
400
8,694
10,140
2,524
22,462
2.0
0.2
0.6
4.5
3.6
8.5
74.0
24.0

BALANCE SHEET DATA

P/E

234
213
310.4
9.1
28.0
3.00
1.3
253.8
39.96
0.7
24.5
8.0
0.9
32.9
8,925
1.0
611
11,859.6
583.8
348.2

P/CF

20.2

6.6

(` )

AUD: S. S. Kothari Mehta & Co.

Yield

Mkt cap

1.8

Vol.

7,361.6

7.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE545A01016

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

226
140
367.1
20.2
38.4
6.00
3.3
250.2
39.96
0.5
9.1
4.8
0.7
29.7
7,317
1.0
572
14,437.1
562.9
794.4

-33.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

263
162
406.1
25.1
40.8
8.00
3.8
236.5
39.96
0.5
8.5
5.2
0.9
31.8
8,492
1.0
558
15,814.9
543.7
978.7

3.2

Regd off: Mandideep (Near Bhopal), Distt. Raisen, Madhya Pradesh - 462 046
E-Mail:
investor.complaints@hegltd.com
Web site: www.hegltd.com
Telephone: (0120) 439 0300 Fax: (0120) 427 7841
Tr agent: MCS, F-65, First Floor, Okhla Industrial Area, Phase-l, New Delhi-20

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,797
2,900
`m
513
360
%
18.3
12.4
`m
198
61
%
7.1
2.1

Jun 15
2,493
231
9.3
-105
-4.2

Sep 15
2,402
535
22.3
147
6.1

FY14
80000
29.7
5
8
7.7

FY15
80000
32.9
2.6
4
5.6

Parameters
Graphite electrode capacity
Dividend payout
Net Profit Margin
ROE
RoCE

`
`
`
`

m
m
m
m

KEY DATA
Unit
`m
%
%
%
%
NOTES

1,152
-1,448
262
-34

FY13
80000
31.8
6
11
8.5

7,733
-2,938
-4,821
-26

2,651
-826
-1,904
-80

Part of the LNJ Bhilwara Group, HEG was established in 1977 in technical and
financial collaboration with Socit Des Electrodes Et Rfractaires Savoie (SERS), a
subsidiary of Pechiney of France. The company is leading manufacturer and largest
exporter of graphite electrodes from India. The company has expanded graphite
electrode capacities from 66,000 MT to 80,000 MT, consolidating its position as the
largest single-site integrated graphite electrode facility in the world. The graphite
electrode plant is located at Mandideep, near Bhopal. The company also operates
three power generation facilities with a total rated capacity of about 76.5 MW. The
company has global presence in more than 30 nations.
FY15 was a dull year for HEG. Net sales decreased by 15.4% YoY to Rs 12 billion
and EBIDTA declined from Rs 2.6 billion to Rs 2.1 billion during the corresponding
period. Profit after tax (PAT) decreased from Rs 866 million in FY14 to Rs 390 million
in FY15 and a corresponding decrease was also seen in EPS numbers from Rs 21.68
to Rs 9.76.

The year under review was one of the most challenging years for HEG, as the
graphite electrode industry saw erosion in margins. For this, major initiatives were
undertaken during the year to usher in qualitative improvement. The company laid a
keen emphasis on optimising costs across all operational and commercial areas.
Further, the power segment went through a challenging phase and the company
utilised bulk of the power generated for captive purposes. In the backdrop of
operating efficiencies as a result of modernisation and investment in cost-effective
equipments, the cost outlook for the company appears encouraging. Also, having
invested in capacity-building during the industry down cycle, the company is well
positioned to reap the benefits of upturn.

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143

SRF LIMITED
DIVERSIFIED

Chairman: Arun Bharat Ram

Yr of Inc

B. Code

1970
503806
SHAREHOLDING

BL. Code
SRFL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 52.4%
:
0.0%
: 13.5%
: 10.2%
: 23.9%
: 52,987

Price

1,189.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.2

SEC: Anoop K. Joshi (VP)

% ch 12-m
36.0

FX Transaction (FY15)
`m
9,603
`m
9,412
`m
9,677
`m
10,558
`m
-881
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

256
164
658.8
44.1
80.4
10.00
4.8
342.9
57.42
0.3
4.8
2.6
0.6
22.7
12,058
0.0
2,664
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

37,830
420
38,249
6,143
2,089
998
3,476
0
0
0
946
2,530
16.2
27.2
6.7

40,181
236
40,416
5,053
2,247
961
2,080
0
0
0
455
1,625
12.6
21.9
4.0

45,398
646
46,044
7,175
2,450
1,376
3,994
0
0
0
966
3,028
15.8
24.2
6.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,012
12,422
6.8
1.2
54
49
29,023
584
14,821
19,689
10,961
45,891
4.5
0.6
0.8
7.7
12.8
14.6
28.6
23.5

17,151
13,971
7.9
1.2
68
63
36,536
584
17,320
20,667
17,126
55,186
3.2
0.8
0.7
4.7
7.9
8.0
24.3
26.9

17,163
13,933
7.1
1.2
61
49
40,230
584
19,857
22,963
17,882
59,540
3.9
0.8
0.8
7.4
13.2
13.1
21.2
20.7

INCOME DATA

BALANCE SHEET DATA

371
126
699.8
28.3
67.4
10.00
4.0
359.9
57.42
0.4
8.8
3.7
0.7
35.3
14,257
0.0
3,110
NM
NM
NM

Regd off: C-8, Commercial Complex, Safdarjung Development Area, New Delhi -16
E-Mail:
ajoshi@srf.com
Web site: www.srf.com
Telephone: (0124) 435 4400 Fax: (0124) 435 4500
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,008
901
790.6
52.7
95.4
10.00
1.0
399.9
57.42
1.2
18.1
10.0
2.4
19.0
54,810
0.0
3,561
NM
NM
NM

P/E

P/CF

26.7

14.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.8

Vol.

80,738.2

18.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE647A01010

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,816
8,622
`m
1,646
1,351
%
18.7
15.7
`m
761
509
%
8.6
5.9

Jun 15
12,231
2,666
21.8
1,125
9.2

Sep 15
11,646
2,375
20.4
1,003
8.6

FY14
52.6
27.8
19.1

CY15
46.5
34.5
18

Parameters
Technical Textile bus. revenue
Chem & Polymer bus. revenue
Packaging Films bus. revenue

`
`
`
`

m
m
m
m

4,227
-6,721
2,998
504

KEY DATA
Unit
FY13
% of Total Sales 49.6
% of Total Sales 30.7
% of Total Sales 18.4

3,467
-6,570
2,045
-1,058

5,423
-4,998
-181
245

NOTES

SRF Ltd is a leading manufacturer of refrigerants, engineering plastics and industrial

yarns in India. It also manufactures polyester films and fluoro specialities. The
company remains the market leader in most of its products and continues to enjoy
significant global presence in some of its businesses, with operations in three
countries namely India, Thailand and South Africa and commercial interests in more
than 75 countries. It classifies its main businesses as Technical Textiles Business ,
Chemicals & Polymers Business and Packaging Films Business.

In FY15, the company maintained its momentum of growth in spite of a global

economy that remained sluggish. The company reported an increase in its revenue
from Rs 34 billion in 2013-14 to Rs 35 billion in 2014-15. The increase in revenue was
seen on the back of softening crude oil prices which resulted in lower realisations for
most of SRF products. Similarly, the reduction in the prices of commodities towards
the end of the year led to mark down of inventories. Building on its overall operational
efficiency across businesses, renewed focus on value-added products and success
in penetrating new markets overseas, the companys Profit After Tax (PAT) rose by
42.1% at Rs 3 billion.
During the year, the equity investment in SRF Transnational Holdings Ltd and SRF
Properties Ltd was divested and SRF Fluor Pvt. Ltd. (Mauritius) was wound up by the
company. The company, for the first time, sold cans for HFC 134a from the shelves
of Walmart stores in the USA. Further, the company got an entry into the pharma
segment through a very thought out acquisition of DuPonts worldwide business of
HFC 134a Pharma grade gas. lastly, as part of the turnaround strategy for its
Polyester Yarn & Fabrics segment, the company successfully renewed its focus on
the yarn business for diversified industrial applications.

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144

ENERGY
Energy value chain has 2 stages - upstream (exploration and
production) and downstream (refining and marketing). Post
extraction from reserves, crude oil is processed to yield
various petroleum products, which are then marketed.
The gas consuming sectors can be broadly classified into
Priority and unregulated sectors. The gas demand in India is
met through either domestic supplies or imported gas (LNG).
There are broadly two pricing regimes for the gas in country
Administered Pricing Mechanism (APM) and non-APM, which
applies to imported gas (LNG) and gas produced from JV
fields
There are presently three major pipeline entities in gas
transportation in the country GAIL (operating HVJ and
DVPL), RGTIL and GSPCL. The natural gas is sourced from
KG-D6, Mumbai offshore, Cambay Basin, Ravva Offshore,
KG Basin, Cauvery basin and imported LNG.
As per the Government mandate, the priority sector has the
first claim over domestic gas which is less costly than the
imported. One must note that the GoI changed the priority of
domestic gas allocation and allocated highest priority to the
CNG and PNG (domestic) segments of the CGD sector
ahead of core sectors Power and Fertilizers.
Among the key petroleum products, diesel and petrol are
deregulated. However, kerosene and LPG still operate under
regulated pricing regime.
FY15
Crude oil production in India stood at 37.5 MMT in 2014-15
(versus 37.8 MMT last year), while consumption of Petroleum
Products stood at 165.5 MMT, up 4.5% YoY. Production of
Petroleum products in 2014-15 stood at 220.7 MMT, almost
flat on a year on year basis.
Domestic refinery capacity as on April 2015 stood at 215.1
MMT
Gross production of natural gas stood at 33,656 mmscm in
2014-15 (P), while imports for the same duration stood at
51,320 mmscm.
Total under recoveries in 2014-15 stood at Rs 763 bn, down
47% YoY. Of the total under recovery burden, upstream
shared 56%, Government shared 41% while oil marketing
companies shared 3% of the burden.
Volumewise, the consumption of petroleum products grew
by 3.4% YoY for sensitive products (SKO & LPG), 9.3% YoY
for major decontrolled products and 8.8% YoY for minor
decontrolled (petroleum coke) products.
The cumulative gas consumption declined by 3.1% YoY in
9MFY16, mainly on account of reduction in domestic gas
production and lower off take of gas in core sectors.
However, gas pooling policy has compensated to some
extent the slowdown in demand for gas. CGD consumption in
9MFY16 declined 4.5% YoY. The cumulative gas production
for the year declined 2.76% YoY in 9MFY16, while cumulative
imports for the period were higher by 8.3% YoY.

KEY POINTS
Supply - In the upstream segment, supply from the domestic
market caters to 20%-25% of the total demand. In the gas
segment, with the domestic gas supplies on a decline, the
share of imports in gas sector is rising. In the downstream
segment, refining has seen significant capacity addition in the
recent past. In the current scenario, oil prices have come down
due to over supply from OPEC members.
Demand - In the past, we have seen a fair degree of
correlation between the growth in petroleum products and the
growth in the overall economic activities. Thus demand will be
in line with economic growth. In current scenario, oil is
oversupplied while demand remains relatively muted .
Barriers to entry- In the upstream segment, government
permission is required to commence operation. Finding,
exploration, development and production cost of oil fields are
significant, thus barriers are higher.
Bargaining power of suppliers Crude prices are globally
determined and are susceptible to geopolitical events,
economic growth and demand factors, economic policies, and
speculative bets. India is basically a price taker as far as crude
is concerned. For the petroleum products, given the surplus
capacity in the country the bargaining power is low.
Bargaining power of customers - Despite the oil price crash,
the price of petroleum products has not declined by the same
extent due to Governments interference with regards to hike in
excise duties etc. With PSUs controlling most of the market,
bargaining power of customers is not very strong. However,
this may change as private players gain a higher market share.
Competition The government has enacted various policies
such as new exploration licensing policy [NELP] and coal bed
methane [CBM] to encourage investments and competition
across the value chain. However, in the current scenario,
companies may hesitate in making fresh upstream investments
In the downstream segment, companies are going for
upgradation of refineries and adding capacities which is likely
to lead to more competition. With new reforms in the sector,
more players may enter thus increasing the competition.
PROSPECTS
After being a victim of regressive policies, the sector has
seen some relief due to diesel deregulation, direct benefit
transfer scheme and so on.
Decline in the crude oil price has helped in reducing the
import bill and under recoveries. As such, subsidy burden of
upstream companies has come down. Also, working capital
situation has improved for OMCs leading to lower debt.
That said, lower oil prices may make oil production unviable
in some areas and hence can impact production plan and
balance sheet health of some of the oil exploration and
production companies.
In the downstream segment, there is likely to be a lot of
competition from the private players. One must also be
cautious about capacity addition in refining space. The same
is likely to lead to over supply, thus putting pressure on
product cracks and margins.
The sector is quite vulnerable to global threats like slowdown
in the US/ Europe, tensions between Iran and US region etc.
Going forward, higher domestic production, regulatory
reforms across the value chain and pipeline, refining and gas
infrastructure will be the driving factors for the sector.
145

ENERGY
GLOBAL COMPARISON
FY12/CY11
Revenues
EBITDA
EBITDA margin
Net profit
Net profit margin
Return on assets
Return on equity

Unit
US$ m
US$ m
%
US$ m
%
%
%

Shell
431,344
54,617
12.6%
14,874
0
4.2%
8.4%

Exxon
411,939
69,213
16.8%
32,520
7.9%
9.3%
18.7%

Chevron
211,970
47,995
22.6%
19,241
9.1%
7.4%
12.6%

Shell Global Ltd

Shell is organized into Upstream, Downstream, and Projects & Technology.
In Upstream International International businesss, the company manages activities outside Americas. It explores for and recovers
crude oil, natural gas and natural gas liquids, transports oil and gas, and operates the upstream and midstream infrastructure
necessary to deliver oil and gas to market. Upstream International also manages the LNG businesses outside the Americas, and
markets and trades natural gas, including LNG, outside the Americas. In Upstream Americas business, the company manages
Shells Upstream activities in North and South America. The downstream business manages Shells refining and marketing
activities for oil products and chemicals.
Projects and Technology deals with the delivery of Shells major projects and drives research and innovation to create technology
solutions. It provides technical services and technology capability covering both Upstream and Downstream activities.
In the year ended December 2014, the company reported 6.1% Year on year (YoY) decline in sales. Operating profit for the year
declined by 3.7% YoY while net profit for the year declined by 9.1% YoY.
Shell had agreed in April to acquire UK-based BG Group for about US$70 billion in cash and shares. In a recent development, BG
Group shareholders voted to approve the companys merger. The merger now needs court approval and remains subject to
the satisfaction or waiver of certain customary conditions. The merger is currently expected to close on February 15, 2016. BG
shareholders will receive 383 pence in cash and 0.4454 Shell B shares per BG share, a 52 % premium over the companys closing
price on April 7. There will be a significant job cutting and restructuring to achieve expected benefits.
Exxon Mobil
Exxon Mobil Corporation is engaged in the exploration, production, and sale of crude oil and natural gas. It is the worlds largest
refiner and marketer of petroleum products, and its chemical company ranks among the worlds largest. It also manufactures,
transports, and sells petroleum products. ExxonMobil has a geographically and geologically diverse upstream asset base, with
exploration and production acreage in over 36 countries, production sites in 23 countries and sales of natural gas in over 33
countries.
The company has interests in over 32 refineries across different countries, supplying fuels, lubricants and other high-value
products and feedstocks to its customers. It is also a highly recognized synthetic lubricant brand, as well as a leading supplier of
asphalt and specialty products.
In 2015, the net earnings declined by 50% YoY. This was mainly on account of weaker upstream results, partially offset by
stronger downstream performance and lower corporate costs. Overall upstream volumes for the year were up 3.2% YoY. The
company has added higher -value production capacity to meet long-term demand growth. It further anticipates 6 major project start
ups in 2016.

Chevron Corporation
Chevron Corporation is a leading global energy player with interests spanning the entire energy value chain. In the upstream
segment, it undertakes exploration, development and production of crude oil and natural gas. Besides, the company is a leader in
refining, fuels, lubricants and additives. The company's refining resources are concentrated in North America, South Africa and the
Asia-Pacific region.
In 2014, despite the decline in crude price, the company advanced its upstream major capital projects and remained on track to
grow its crude oil and natural gas production. The downstream operations during the year benefitted from large investments made
in additives, petrochemicals and lubricants, and refinery system. In 2014, the company launched three-year US$ 10 billion
divestment program, obtaining US$5.7 billion in asset sales during the first year. In the upstream, it ranked No. 1 in earnings per
barrel relative to peers for the fifth straight year.
It is targeting production of 3.1 million barrels of oil-equivalent per day in 2017, a 20 % increase from 2014.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

146

BHARAT PETROLEUM CORPORATION LTD.

ENERGY SOURCES

GOVERNMENT

Chairman: S. Varadarajan (MD)

Yr of Inc

B. Code

1952
500547
SHAREHOLDING

BL. Code
BPCL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

54.9%
0.0%
15.9%
12.2%
16.9%
87,110

Price

882.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-3.7

SEC: S. V. Kulkarni

% ch 12-m
29.7

FX Transaction (FY15)
` m 123,643
` m 726,495
` m 123,643
` m 807,366
` m -683,723
12
31/03/14

12
31/03/15

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

449
316
3,349.3
26.0
60.1
11.00
2.9
232.0
723.08
B1:1
0.1
14.7
6.4
1.6
42.3
276,433
13.2
29,505
183,289.9
2,233.0
1,423.5

469
256
3,566.0
54.1
90.2
17.00
4.7
268.8
723.08
0.1
6.7
4.0
1.3
31.4
262,044
13.2
29,884
195,133.8
2,261.6
2,959.5

815
715
3,278.4
70.3
112.1
22.50
2.9
311.8
723.08
0.2
10.9
6.8
2.5
32.0
552,903
12.7
23,499
186,847.2
1,852.2
4,005.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,421,810
15,290
2,437,100
66,723
24,627
25,183
32,203
-553
421
0
13,262
18,808
2.8
41.2
0.8

2,578,498
13,868
2,592,365
94,988
26,109
19,821
62,925
-1,423
864
-1,268
21,991
39,107
3.7
34.9
1.5

2,370,530
21,201
2,391,731
99,765
30,267
11,805
78,894
-2,754
0
0
25,320
50,820
4.2
32.1
2.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

430,607
460,456
-1.2
0.9
30
7
321,846
7,231
158,028
167,755
127,022
795,498
2.3
0.8
3.0
5.5
11.2
19.4
7.6
31.7

465,147
431,983
1.3
1.1
33
6
369,517
7,231
180,687
194,397
219,977
887,603
4.2
1.1
2.9
6.6
20.1
19.5
7.4
33.2

362,787
401,884
-1.6
0.9
27
5
448,823
7,231
217,747
225,485
193,418
869,569
7.7
0.9
2.7
7.2
22.5
21.0
5.2
30.6

INCOME DATA

BALANCE SHEET DATA

Regd off: Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai -01
E-Mail:
ssc@bharatpetroleum.in
Web site: www.bharatpetroleum.in
Telephone: (022) 2271 3435 Fax: (022) 2271 3688
Tr agent: Data Software Research, Pycroft Gard. Rd., Nungambakkam, Chennai-06
P/E

12.6

P/CF
7.9

(` )

AUD: Haribhakti & Co.

Yield

Mkt cap

2.5

Vol.

638,298.9

612.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE029A01011

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Thruput
Market Sales
Refining capacity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
579,145
513,461
`m
11,700
44,960
%
2.0
8.8
`m
5,512
28,529
%
1.0
5.6

Jun 15
519,661
38,180
7.3
23,762
4.6

Sep 15
464,736
13,321
2.9
10,180
2.2

FY14
28.7
34
30.5

FY15
29.2
34.5
30.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMT
MMT
MMT

59,263
-36,040
-8,460
14,764

FY13
28.6
33.3
30.5

95,865
-68,806
-37,361
-10,302

207,423
-105,356
-97,927
4,140

NOTES

BPCL is a Government owned company (54.9% stake) engaged in refining and

marketing of Petroleum Products in India. It is the countrys third largest oil marketing
company by turnover and second largest by volumes (34.45 MMT). In FY15, BPCL
enjoyed a domestic market share of 21%. The company has two refineries, in
Mumbai (12 MMTPA) and Kochi (9.5 MMTPA). Besides, it has a subsidiary (61.6%
share in Numaligarh refinery in East India). The company also has a greenfield
refinery in Madhya Pradesh (BINA refinery). The total refining capacity of BPCL
stands at 30.5 MMT. BPCL is also Indias only oil marketing company (OMC) with
successful foray in upstream business and has participating interests in 17 blocks
across 6 countries (through its subsidiary BPRL)
In FY15, BPCLs revenues registered a decline of 8% YoY. The operating profits for
the year grew by 4.3% YoY with operating profit margins at 4.0% as compared to
3.5% in FY14. The net profits for the year grew by around 23% with net profit margins
at 2.0% as compared to 1.5% in FY14. The aggregate refinery throughput at
companys refineries in FY15 was 29.24Million Metric Tonnes (MMT) as compared to
28.69 MMT in FY14. The market sales for BPCL grew from 34.0 MMT in FY14 to 34.5
MMT in FY15.
Among the oil marketing companies, BPCL seems to be better placed due to
diversified business (upstream assets). Though in the near term, this might work
against the company due to weak oil and gas price scenario.
Public OMC stocks, including had a good time in 2015, benefitting from fuel reforms
and low crude prices. However, capacity addition in the refining space, along with
increased competition from private players in the coming times could lead to over
supply, thus putting pressure on product cracks and margins.

Get more info at www.equitymaster.com

147

CAIRN INDIA LTD.

ENERGY SOURCES

Chairman: Navin Agarwal

Yr of Inc

B. Code

2006
532792
SHAREHOLDING

BL. Code
CAIL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

: 20.5%
: 39.4%
: 10.4%
: 14.3%
: 15.5%
: 260,881

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

126.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-12.2

SEC: Neeraj Sharma

% ch 12-m

P/E

-50.0

12
31/03/14

385
209
78.1
23.9
37.6
9.00
3.0
314.0
1,874.85
BB
3.8
12.4
7.9
0.9
37.7
557,112
1.6
1,105
90,464.5
682.3
27,668.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

175,242
10,362
185,604
130,332
18,459
687
121,548
0
0
1,367
2,351
120,564
74.4
1.9
68.8

187,617
15,027
202,644
136,857
22,974
415
128,496
0
0
0
4,178
124,318
72.9
3.3
66.3

146,462
18,093
164,555
85,226
25,695
203
77,421
0
0
-26,330
6,295
44,796
58.2
8.1
30.6

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

197,629
34,827
92.9
5.7
4
48
289,750
19,102
457,721
476,994
0
540,503
178.0
0.0
0.3
22.4
25.3
25.9
0.0
0.3

221,341
44,058
94.5
5.0
6
49
307,727
19,076
553,220
574,377
0
656,922
310.8
0.0
0.3
19.0
21.6
22.4
0.0
0.4

194,029
50,740
97.8
3.8
9
28
295,399
18,749
567,662
588,702
0
668,343
381.6
0.0
0.2
6.7
7.6
8.7
0.0
0.3

3.4

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

7.1

Vol.

240,664.0

258.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE910H01017

450

12
31/03/15

339
273
98.4
65.2
77.2
12.50
4.1
301.1
1,907.60
BB
3.1
4.7
4.0
1.0
19.2
583,344
1.6
2,741
114,191.7
1,668.4
75,665.2

P/CF

5.4

FX Transaction (FY15)
`m
0
`m
406
`m
77,737
`m
26,235
`m
51,502

366
268
91.7
63.1
72.8
11.50
3.6
249.7
1,910.20
ESOP
3.5
5.0
4.4
1.3
18.2
605,533
1.3
5,780
134,904.9
4,449.7
92,812.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai - 400 025
E-Mail:
investor.complaints@cairnindia.com
Web site: www.cairnindia.com
Telephone: (022) 2433 8306 Fax: (022) 2431 1160
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Gross production
EBITDA margin
Average price realisation

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
35,041
26,772
`m
20,269
7,878
%
57.8
29.4
`m
9,961
4,327
%
28.4
16.2

Jun 15
26,271
16,543
63.0
10,169
38.7

Sep 15
22,421
12,914
57.6
6,727
30.0

FY14
218,651
80.95
95.8

FY15
211,671
70.54
76.4

`
`
`
`

m
m
m
m

110,556
-130,581
-23,977
-44,002

KEY DATA
Unit
FY13
Boepd
205,323
%
80.29
US$/boe
97.6

110,942
-81,291
-29,242
409

95,202
-59,414
-34,334
1,455

NOTES

Cairn Energy is amongst top 20 global independent Exploration and Production

(E&P) companies and is engaged in the business of exploring, producing and refining
and minerals, oils, petroleum, gas and related by-products. It contributes to around
28% of Indias domestic crude oil production.

By FY15, the company has made 37 discoveries in Rajasthan. The average daily
gross production during the year declined by about 3.2% YoY. The companys gross
proved and probable reserves and resource base is 1.4 billion barrels of oil equivalent
as of 31st March 2015. Cairn India is the operator in Rajasthan block (accounts for
23% of Indias crude production) with 70% participating interest. Oil and gas fields,
mainly Mangala, Bhagyam and Aishwarya (MBA), constitute Cairn Indias key assets
in Rajasthan The companys cost of production in Rajasthan is one of the lowest, at
around US$ 6 per barrel.
Cairn Indias revenue for FY2015 was down 22% year on year primarily as a result
of low oil prices. The operating profit for the year declined 38% YoY. The net profit for
the year declined 64% YoY, with net profit margin at 31% , versus 66% last year.
Owing to decline in oil prices, the company has scaled back its capex plans and will
invest more when oil price appreciates. The management has suggested that despite
low oil price, production in FY16 is likely to be at FY15 production levels. The
company has planned a net capex of US$ 300 million in FY16- of which 62% will be
in Core MBA fields, 15% in growth projects of Barmer Hill & Gas and 23% in
exploration.

Get more info at www.equitymaster.com

148

CASTROL INDIA LIMITED

ENERGY SOURCES

Chairman: S. M. Datta

Yr of Inc

B. Code

1979
500870
SHAREHOLDING

BL. Code
CAST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
5

:
0.0%
: 71.0%
:
7.4%
:
6.6%
: 15.0%
: 92,373

Price

420.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

SEC: Sandeep Deshmukh

% ch 12-m
-18.5

FX Transaction (FY15)
`m
28
`m
8,417
`m
139
`m
10,471
` m -10,332
12
31/12/13

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,209
722
31,930
6,229
266
21
6,663
0
0
0
2,189
4,474
20.0
32.9
14.3

31,796
836
32,633
7,103
305
17
7,618
0
0
0
2,532
5,086
22.3
33.2
16.0

33,923
481
34,404
7,167
361
24
7,263
0
0
0
2,518
4,746
21.1
34.7
14.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

11,723
8,186
11.3
1.4
37
25
1,571
4,946
1,411
6,492
0
14,796
312.4
0.0
2.1
30.4
68.9
103.0
0.2
25.0

12,991
8,503
14.1
1.5
43
27
1,753
4,946
2,432
7,514
0
16,150
446.5
0.0
2.0
31.6
67.7
101.6
0.1
24.1

11,573
9,814
5.2
1.2
39
29
1,877
2,473
2,359
4,968
0
14,918
306.2
0.0
2.3
32.0
95.5
146.7
0.1
24.8

INCOME DATA

BALANCE SHEET DATA

372
325
64.3
10.3
10.9
7.00
2.0
15.2
494.56
5.4
33.8
31.9
22.9
68.1
172,132
0.8
1,460
37,943.0
1,741.9
6,068.9

P/E

544
282
68.6
9.6
10.3
7.50
1.8
10.0
494.56
6.0
43.0
40.0
41.1
78.2
204,253
0.8
1,616
42,298.4
2,014.5
5,917.2

P/CF

43.9

40.8

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.8

Vol.

208,160.3

43.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE172A01027

600
Close

500

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

332
204
63.1
9.0
9.6
10.50
3.9
13.1
494.56
B1:1
4.2
29.6
28.0
20.4
116.1
132,542
0.8
1,284
37,197.4
1,530.4
5,332.4

-5.2

Regd off: Technopolis Park, Mahakali Caves Road, Andheri (E), Mumbai - 400 093
E-Mail:
investorrelations.india@castrol.com
Web site: www.castrol.co.in
Telephone: (022) 6698 4100 Fax: (022) 6698 4101
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd, Mumbai-11

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Sales volumes
Sales per litre
Cost of materials per litre

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
8,593
7,992
`m
2,070
1,907
%
24.1
23.9
`m
1,320
1,467
%
15.4
18.4

Jun 15
9,236
2,762
29.9
1,845
20.0

Sep 15
7,843
2,159
27.5
1,432
18.3

FY14
197
186
90.9

FY15
196
200
99.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
Million litres
Rs/litre
Rs/litre

4,672
8
-4,332
348

FY13
209
176
89.4

3,964
299
-4,067
196

5,476
-137
-6,966
-1,628

NOTES

Castrol is a significant player in the Indian lubricant industry and enjoys around 25%
of the auto lubricant market share. 71.0% of the companys equity is held by Castrol
Limited UK (part of BP Group). The companys business consists of three segmentsautomotive and non automotive (industrial and marine & energy lubricants), wherein
the auto segment counts for around 87% of its sales. It manufactures and markets a
range of automotive and industrial lubricants under the brand Castrol and BP. It
manufactures products such as passenger car engine oils, premium 2-stroke and 4stroke oils and multi-grade diesel engine oils. The company is also engaged in
industrial lubricants and services business, and marine and energy lubricants
business. The company has three manufacturing plants located at Silvassa,
Patalganga and Paharpur and has a strong distribution network reaching out to over
150,000 customers including retail outlets, which are serviced through 365
distributors nationally. The company also reaches out to its customers through
exclusive outlets including Castrol Bike Points, Castrol Pitstops, Castrol Rural Outlets
and Castrol Authorized Service Associates (CASAs).
In CY14, the topline of Castrol registered a flattish growth of 6.7% YoY driven by
higher sales of premium product mix and better sales realizations (up 7% YoY) while
volumes declined (down 1% YoY) on annual basis. Cost of material increased by 8%
YoY mainly due to weakening of rupee. The EBITDA margins for the year slipped to
21.2% as compared to 21.7% in CY13. The companys net profit declined by 6.7%
YoY.

Weak crude prices and premium products in the portfolio are a positive for Castrol.
As per the management, personal mobility segment (Castrol Activ) continues to be a
key driving factor and the company has been able to strengthen its leadership
position in the two wheeler engine oil category.

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149

GAIL (INDIA) LIMITED

ENERGY SOURCES

Chairman: B. C. Tripathi (MD)

Yr of Inc

B. Code

1984
532155
SHAREHOLDING

BL. Code
GAIL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 56.1%
:
0.0%
: 21.3%
: 20.3%
:
2.3%
: 166,858

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

336.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

19.7

SEC: N. K. Nagpal

% ch 12-m
-26.8

FX Transaction (FY15)
`m
0
`m
59,864
`m
6,445
`m
80,885
` m -74,440
12
31/03/14

P/E

13.9

391
273
488.1
37.7
50.7
10.40
3.1
255.9
1,268.48
0.7
8.8
6.5
1.3
27.6
421,135
4.0
9,200
154,217.5
2,291.5
11,920.8

415
373
478.6
24.2
25.3
6.00
1.5
268.2
1,268.48
0.8
16.3
15.5
1.5
24.8
499,781
4.3
9,854
142,297.1
2,309.9
7,199.8

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

510,944
8,293
519,237
117,856
13,187
47,383
65,579
63
507
0
22,412
43,736
23.1
34.2
8.6

619,183
9,182
628,365
123,517
16,442
50,160
66,097
-3
589
3,127
21,948
47,862
19.9
33.2
7.7

607,040
8,634
615,674
36,859
1,433
652
43,409
5
881
629
14,209
30,714
6.1
32.7
5.1

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

111,788
128,223
-3.2
0.9
14
20
426,795
12,685
247,101
287,947
131,684
597,866
2.4
0.5
0.9
15.2
15.2
27.1
0.0
7.8

141,524
125,205
2.6
1.1
15
20
462,693
12,685
276,152
324,570
160,609
668,419
2.3
0.5
0.9
14.7
14.7
24.7
0.0
11.6

12,364
127,125
-18.9
0.1
1
2
47,656
12,685
294,533
340,227
147,524
696,453
67.6
0.4
0.9
4.5
9.0
9.3
0.0
9.9

P/CF
13.3

(` )

AUD: M. L. Puri & Co.

Yield

Mkt cap

1.8

Vol.

427,286.5

104.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE129A01019

600
Close

500

12
31/03/15

396
300
402.8
34.5
44.9
9.60
2.8
227.0
1,268.48
0.9
10.1
7.8
1.5
27.8
441,431
4.0
8,514
129,222.1
2,153.3
11,061.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 16, Bhikaiji Cama Place, R. K. Puram, New Delhi - 110 066
E-Mail:
investorqueries@gail.co.in
Web site: www.gailonline.com
Telephone: (011) 2618 2955 Fax: (011) 2618 5941
Tr agent: MCS Limited, F-65, Okhla Industrial Area, Phase-1, New Delhi-20

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Natural gas transmitted
Gas trading
OLHC
LPG transmission
Petrochemicals

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
149,694
142,706
`m
9,857
6,434
%
6.6
4.5
`m
5,412
5,108
%
3.6
3.6

Jun 15
125,653
10,439
8.3
4,241
3.4

Sep 15
141,649
8,444
6.0
4,405
3.1

FY14
96
79
1307
3145
445

FY15
92
72
1277
3093
441

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMSCMD
MMSCMD
Thousand MT
Thousand MT
Thousand MT
NOTES

66,030
-84,427
36,417
16,184

FY13
105
81
1371
3136
427

46,152
-41,421
-26
1,465

42,141
-21,157
-30,585
-12,840

GAIL (India) Ltd. is the countrys largest gas distribution and transmission company
with a pipeline network of around 11,000 kms . GAIL accounts for about 75% of the
total gas transmitted through pipelines. It sells more than 50% of the gas in the
country and has a share of around 20% in Poly-ethylene production in the country.
The company also has a presence in petrochemicals segment with around 15%
domestic market share. In the liquid hydrocarbon segment, the company has 6 Gas
Processing Plants that produce LPG, Propane, Pentane, Naphtha etc. The transport
capacity for LPG stands at around 3.8 MMTPA (2038 Km). The company also has a
presence in exploration and production segment and participates in 14 blocks
(operator-2 blocks)
In FY15, on a consolidated basis, GAILs consolidated revenue declined by 2% YoY.
It transmitted around 92 million metric standard cubic meters per day (mmscmd) of
natural gas as compared to 96 mmscmd in FY14. Further, the natural gas sales
volumes for the company declined to 72 mmscmd from 79 mmscmd in FY14. The
petrochemicals business registered a 1% YoY sales volume growth while LPG
business and other liquid hydrocarbons business declined by 2% YoY each.. The
operating profit for the year declined by around 29% with margins at around 9%,
down from around 13%. The net profit for the quarter declined 34% YoY with margins
at 5.2%, down from 7.7% in FY14.
In the near to medium term, the headwinds are likely to continue for GAIL. On the
positive side, the company has been spared from under recovery burden. For the
long term, triggers for GAIL could be better transmission tariffs, abolition of subsidy
and priority allocation of gas to petchem segment. Another important factor will be
increase in the gas volumes. An increase in the volumes due to pooling policy for
power plants and fertilizer plants will also be positive for the company.

Get more info at www.equitymaster.com

150

HINDUSTAN PETROLEUM CORP. LTD.

ENERGY SOURCES

Chairman: S. Roy Choudhury (MD)

Yr of Inc

B. Code

1952
500104
SHAREHOLDING

BL. Code
HPCL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 51.1%
:
0.0%
: 20.5%
: 12.5%
: 15.8%
: 96,930

GOVERNMENT
Price

809.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

0.7

SEC: Shrikant M. Bhosekar

% ch 12-m
37.4

FX Transaction (FY15)
`m
53,140
` m 464,684
`m
54,518
` m 471,167
` m -416,649
12
31/03/14

12
31/03/15

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

381
275
6,383.2
14.8
84.6
8.50
2.6
401.4
338.63
0.1
22.2
3.9
0.8
57.4
111,189
11.0
26,202
196,022.6
2,376.1
454.6

325
159
6,914.9
31.9
120.8
15.50
6.4
413.4
338.63
0.0
7.6
2.0
0.6
48.6
81,830
10.9
21,971
215,656.1
2,023.5
995.0

670
294
6,387.0
44.3
118.0
24.50
5.1
411.2
338.63
0.1
10.9
4.1
1.2
55.4
163,169
10.6
25,928
203,388.5
2,438.2
1,409.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,161,541
10,645
2,172,187
35,679
23,647
17,733
4,945
8
1,121
2,751
3,812
5,013
1.7
77.1
0.2

2,341,594
14,321
2,355,915
53,459
30,107
23,929
13,744
8
-727
234
2,454
10,804
2.3
17.9
0.5

2,162,834
18,607
2,181,441
46,577
24,967
18,352
21,866
97
421
20
7,418
14,986
2.2
33.9
0.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

441,486
505,322
-3.0
0.9
35
9
422,850
3,390
126,074
135,927
176,200
922,758
1.3
1.3
2.3
2.5
3.7
8.5
3.0
26.1

491,387
452,984
1.6
1.1
39
10
451,055
3,390
132,177
139,987
261,434
967,186
1.6
1.9
2.4
3.6
7.7
9.3
1.8
24.8

339,566
311,657
1.3
1.1
27
7
492,564
3,390
13,585
139,244
285,359
517,877
2.2
2.0
4.2
6.4
10.8
9.6
2.5
21.5

INCOME DATA

BALANCE SHEET DATA

Regd off: Petroleum House, 17, Jamshedji Tata Road, Mumbai - 400 020
E-Mail:
hpclinvestors@hpcl.co.in
Web site: www.hindustanpetroleum.com
Telephone: (022) 2286 3204 Fax: (022) 2287 4552
Tr agent: Link Intime India, C-13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78
P/E

P/CF

18.3

6.9

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

3.0

Vol.

274,154.8

49.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE094A01015

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Thruput
Market Sales
Mumbai refinery GRM
Visakh refinery GRM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
511,062
446,155
`m
-406
35,142
%
-0.1
7.9
`m
-3,254
21,624
%
-0.6
4.8

Jun 15
518,033
30,630
5.9
15,880
3.1

Sep 15
420,723
8,829
2.1
6,202
1.5

FY14
15.5
30.96
5.38
1.5

FY15
16.2
31.95
4.88
1.12

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMT
MMT
US$ /barrel
US$ /barrel

17,150
-52,546
25,773
-9,623

FY13
15.8
30.32
2.08
2.08

65,141
-51,580
-7,769
5,792

193,982
-56,616
-138,833
-1,467

NOTES

HPCL is a Government of India Enterprise with a Navratna Status, and enjoys around
19% - 20% marketing share in India among PSUs and a strong market infrastructure.
HPCL operates 2 major refineries, one in Mumbai (West Coast) of 6.5 Million Metric
Tonnes Per Annum (MMTPA) capacity and the other in Vishakhapatnam, (East
Coast) with a capacity of 8.3 MMTPA. HPCL holds an equity stake of 16.95% in
Mangalore Refinery & Petrochemicals Limited, Mangalore with a capacity of 15
MMTPA. In addition, HPCL has constructed a 9 MMTPA refinery at Bhatinda, in
Punjab.
In FY15, HPCLs crude throughput and market sales (including exports) stood at
16.18 Million Metric Tonnes (MMT) and 31.95MMT respectively. The net sales of the
company declined by 8% YoY in FY15. The core EBITDA of the company declined
11% YoY while net profits were up 38% YoY. The operating margins and net profit
margins for the year stood at 2.1% and 0.7% respectively .

Overall, this is a good phase for downstream companies with diesel deregulation and
weakness in crude price leading to lower under recoveries. Direct benefit transfer is
another fuel reform that is a key positive for downstream companies. Above factors
are likely to lead to better working capital efficiencies.

The company is planning to invest more than Rs.200 bn to double the capacity of its
Visakhapatnam refinery to 15 mtpa and Mumbai refinery to 10 mtpa by 2020 and
upgrade existing ones. It is in the mid of significant capacity expansion that may put
return ratios under pressure. With this expansion, the company plans to narrow the
gap between refining and marketing volumes. However, companies in the
downstream sector need to be a little cautious of over supply of crude derivatives.

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151

INDIAN OIL CORPORATION LIMITED

ENERGY SOURCES

GOVERNMENT

Chairman: B. Ashok

Yr of Inc

B. Code

1959
530965
SHAREHOLDING

BL. Code
IOC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 68.6%
:
0.0%
:
4.6%
:
2.4%
: 24.4%
: 179,744

Price

412.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-0.8

SEC: Raju Ranganathan

% ch 12-m
17.9

FX Transaction (FY15)
` m 156,676
` m 1,669,201
` m 160,100
` m 1,935,725
` m-1,775,625
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

321
186
2,011.3
29.2
55.4
8.70
3.4
279.7
2,427.95
0.1
8.7
4.6
0.9
29.8
615,121
33.8
71,374
144,510.7
2,112.1
2,096.8

411
259
1,851.4
20.2
41.7
6.60
2.0
283.5
2,427.95
0.2
16.6
8.0
1.2
32.6
812,999
33.0
76,625
136,371.8
2,324.6
1,490.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,617,795
35,116
4,652,912
137,997
56,915
71,188
45,011
8,217
32
0
8,770
44,490
3.0
19.5
1.0

4,883,449
34,418
4,917,868
171,411
63,600
59,079
83,150
1,190
-840
17,468
30,113
70,856
3.5
36.2
1.5

4,495,087
42,040
4,537,127
105,503
52,190
41,746
53,607
402
-144
16,681
21,426
49,120
2.3
40.0
1.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
1,373,829
`m
1,344,321
%
0.6
x
1.0
Days
53
Days
10
`m
939,269
`m
24,280
`m
574,449
`m
630,372
`m
247,875
`m
2,417,250
x
1.6
x
0.4
x
1.9
%
4.8
%
7.1
%
14.2
%
4.0
%
40.4

1,401,035
1,402,805
0.0
1.0
54
9
1,105,275
24,280
653,189
679,130
358,652
2,658,209
2.4
0.5
1.8
4.9
10.4
15.4
4.4
41.7

1,010,859
1,042,281
-0.7
1.0
41
6
1,170,885
24,280
657,801
688,323
369,759
2,337,433
2.3
0.5
1.9
3.9
7.1
10.6
3.5
37.1

BALANCE SHEET DATA

P/E

20.4

P/CF
9.9

(` )

CASHFLOW

Parameters
Refinery thruput
Pipeline thruput
Product sales

Mkt cap

1.6

Vol.

1,002,019.1

56.1

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: G M Kapadia & Co.

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

375
239
1,901.9
18.3
41.8
6.20
2.0
259.6
2,427.95
0.2
16.8
7.4
1.2
33.8
745,381
34.1
77,839
135,482.8
2,283.7
1,305.3

INCOME DATA

Regd off: Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (E), Mumbai -51
E-Mail:
investors@indianoil.in
Web site: www.iocl.com
Telephone: (022) 2644 7616 Fax: (022) 2644 7961
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE242A01010

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
` m 1,070,736
938,320
`m
-24,770
92,836
%
-2.3
9.9
`m
-30,692
58,854
%
-2.9
6.3

Jun 15
1,013,068
105,731
10.4
64,357
6.4

Sep 15
853,848
11,210
1.3
-3,292
-0.4

FY14
53.1
73.069
75.531

FY15
53.6
75.68
76.511

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMT
MMT
MMT

93,395
-92,936
3,519
3,979

FY13
54.7
75.495
76.24

241,949
-185,944
-31,158
24,847

459,762
-101,770
-382,827
-24,835

NOTES

Indian Oil Corporation Ltd is an integrated refining and marketing company in PSU
domain. The company is into multiple segments like crude refining, petrochemicals,
natural gas, LNG etc. It is a major supplier to the core sector and supplies fuel to
government organizations and key sectors like fertilizer, power and aviation. Indian
Oil controls 10 of Indias 22 refineries. The group refining capacity is 65.7 million
metric tonnes per annum (MMTPA). It accounts for 31% share of national refining The
operational throughput of the pipelines was recorded at 75.68 million metric tonnes
during 2014-15. Indian Oil has one of the largest petroleum marketing and distribution
networks in Asia, with over 43,000 marketing touch points. It is co-promoter of PLL
(Petronet LNG Ltd.), which has set up LNG (Liquefied Natural Gas) import terminals
at Dahej and Kochi, and has marketing rights for 30% of the LNG procured by PLL.
The company has a presence in upstream segment.
In FY15, the refinery throughput for IOCL stood at 53.6 MMT. The net sales for the
year registered a decline of 8% YoY. The EBITDA for the year declined by 38% YoY.
The operating profit margins and net profit margins for the year stood at 2.3% and
1.1% respectively (as compared to 3.5% and 1.5%respectively in FY14).
Going forward, the management has suggested a capital investment of US$ 1.6 bn
in FY 16. Of this, 90% will be in refining and marketing space. The company has
augmented capacity at Paradip refinery by 27.6%. Going forward, fluctuation in
exchange rates and petroleum product prices, policies on Government subsidy will
be key factors to watch out for this company.

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152

INDRAPRASTHA GAS LIMITED

ENERGY SOURCES

Chairman: K. K. Gupta

Yr of Inc

B. Code

1998
532514
SHAREHOLDING

BL. Code
IGAS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

PSU

F.V.
10

: 45.0%
:
0.0%
: 21.7%
: 14.9%
: 18.4%
: 59,955

Price

460.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.1

SEC: S. K. Jain

% ch 12-m
5.2

FX Transaction (FY15)
`m
0
`m
117
`m
0
`m
124
`m
-124
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

392
170
240.5
25.3
38.6
5.50
2.0
106.6
140.00
1.2
11.1
7.3
2.6
21.7
39,340
0.0
567
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

33,670
129
33,799
7,581
1,867
562
5,282
0
0
0
1,741
3,541
22.5
33.0
10.5

39,138
211
39,349
7,824
2,195
441
5,398
0
0
0
1,795
3,603
20.0
33.3
9.2

36,810
345
37,155
7,930
1,487
298
6,490
0
0
0
2,113
4,377
21.5
32.6
11.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,836
7,417
-7.7
0.7
4
19
21,386
1,400
13,530
14,930
3,031
26,302
10.4
0.2
1.3
15.6
23.7
32.5
0.0
0.8

6,143
6,969
-2.1
0.9
3
20
21,576
1,400
16,232
17,632
2,875
28,520
13.2
0.2
1.4
14.2
20.4
28.5
0.0
0.6

6,014
6,916
-2.4
0.9
4
23
22,099
1,400
19,581
20,981
1,453
30,735
22.8
0.1
1.2
15.2
20.9
30.3
0.0
0.3

BALANCE SHEET DATA

P/E

449
405
262.9
31.3
41.9
6.00
1.4
149.9
140.00
1.6
13.7
10.2
2.8
19.2
59,780
0.5
660
71,199.0
1,276.8
8,466.7

P/CF

17.9

11.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.2

Vol.

64,393.0

11.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE203G01019

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

328
236
279.6
25.7
41.4
5.50
2.0
125.9
140.00
1.0
11.0
6.8
2.2
21.4
39,480
0.0
596
NM
NM
NM

Regd off: IGL Bhawan, Plot No. 4, Community Centre, Sector 9, New Delhi-110 022
E-Mail:
skjain@igl.co.in
Web site: www.iglonline.net
Telephone: (011) 4607 4607 Fax: (011) 2617 1863
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
CNG volume
CNG Stations
PNG volume

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,444
9,168
`m
1,920
1,758
%
20.3
19.2
`m
1,082
959
%
11.5
10.5

Jun 15
9,018
1,961
21.7
1,018
11.3

Sep 15
9,692
1,914
19.7
1,016
10.5

FY14
1,028
325
356

FY15
1,073
326
330

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMSCM
Nos.
MMSCM

6,433
-3,622
-2,180
631

FY13
1,005
324
333

6,476
-3,004
-2,411
1,060

6,638
-3,637
-3,272
-271

NOTES

Indraprastha Gas (IGL) is in the retail gas distribution business supplying

compressed natural gas (CNG) to the transport sector and piped natural gas (PNG)
to domestic & commercial sectors in NCT of Delhi, Noida, Greater Noida and
Ghaziabad. The company has a network of 326 stations for supply of CNG and
boasts of 5.5 lac residential consumers and 2,000 industrial /commercial customers.
In FY15, IGL reported a 5.9 % YoY de-growth in topline. The sales volumes for the
year grew by 1.4% YoY. The average daily gas sales volumes for the year stood at
3.84 million standard cubic meters per day (mscmd), up from 3.79 mscmd in FY14.

The topline for the year declined by 5.9% YoY. The operating profits registered a
growth of 1.4% YoY, with margins at 21.5%, versus 20.0% last year. The bottomline
for the year registered a growth of 21.5% YoY with margins at 11.9% versus 9.2% last
year. In FY15, the company incurred gross capex of Rs 1.9 bn.
The company, enjoying a monopoly in Delhi/NCR is in a sweet spot. The push for anti
pollution measures, ban on diesel vehicles, removal of major overhang with Supreme
Court verdict in favour of the company wrt network tariffs and compression charge
and CGD getting priority in gas allocation, are all positive for the company.

Get more info at www.equitymaster.com

153

OIL & NATURAL GAS CORPORATION LIMITED

ENERGY SOURCES

Chairman: D. K. Sarraf (MD)

Yr of Inc

B. Code

1959
500312
SHAREHOLDING

BL. Code

ONGC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
5

: 68.9%
:
0.0%
: 10.6%
:
6.9%
: 13.6%
: 473,750

Price

217.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-13.0

SEC: N. K. Sinha

% ch 12-m
-38.5

FX Transaction (FY15)
`m
50,154
`m
13,777
`m
50,228
` m 189,198
` m -138,970
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

353
234
203.9
31.0
50.4
9.50
3.2
201.2
8,555.49
1.4
9.5
5.8
1.5
30.7
2,512,747
34.0
104,051
51,334.9
3,061.4
7,798.8

472
301
188.1
21.4
42.5
9.50
2.5
210.9
8,555.49
2.1
18.0
9.1
1.8
44.3
3,306,697
33.2
26,494
48,482.7
798.4
5,524.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,624,025
54,907
1,678,932
434,986
117,633
4,838
367,422
2,256
4,887
0
132,368
242,197
26.8
36.0
14.9

1,744,771
68,999
1,813,770
493,674
165,809
6,243
390,621
-1,583
1,182
0
125,154
265,065
28.3
32.0
15.2

1,608,898
59,644
1,668,542
426,180
180,330
28,624
276,871
6,303
3,031
0
102,869
183,335
26.5
37.2
11.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

552,365
482,821
4.3
1.1
29
35
1,647,031
42,778
1,429,673
1,525,276
88,428
2,534,606
76.9
0.1
0.6
9.7
15.9
23.5
4.6
11.9

631,549
673,520
-2.4
0.9
31
34
2,096,026
42,778
1,582,187
1,721,510
316,809
3,249,108
63.6
0.2
0.5
8.4
15.4
19.5
4.3
1.0

569,191
538,050
1.9
1.1
24
43
2,232,013
42,778
1,760,493
1,804,544
475,828
3,376,827
10.7
0.3
0.5
6.3
10.2
13.8
3.1
0.9

BALANCE SHEET DATA

P/E

10.1

P/CF
5.1

(` )

CASHFLOW

Mkt cap

4.4

Vol.

1,857,848.5

385.8

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Varma & Varma

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

354
240
189.8
28.3
42.1
9.50
3.2
178.3
8,555.49
1.6
10.5
7.1
1.7
33.6
2,541,836
32.9
103,302
49,328.0
3,137.7
7,356.5

INCOME DATA

Regd off: Jeevan Bharati, Tower II, 124, Indira Chowk, New Delhi - 110 001
E-Mail:
secretariat@ongc.co.in
Web site: www.ongcindia.com
Telephone: (011) 2330 1299 Fax: (011) 2331 6413
Tr agent: Karvy Computershare, 17-24, Vittal Rao Nagar, Hyderabad-81
ISIN

INE213A01029

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
189,245
216,475
`m
71,297
76,194
%
37.7
35.2
`m
35,712
39,351
%
18.9
18.2

Jun 15
228,253
105,828
46.4
54,599
23.9

Sep 15
206,796
87,747
42.4
48,420
23.4

FY14
106.7
41.0
1.9

FY15
85.3
40.4
1.4

Parameters
Gross crude price realisations
Net crude price realisations
RRR

`
`
`
`

m
m
m
m

KEY DATA
Unit
US$/barrel
US$/barrel

398,742
-412,199
-69,270
-82,727

FY13
110.7
47.9
1.8

532,704
-636,326
152,246
48,624

340,086
-350,957
-106,408
-117,279

NOTES

ONGC is India's largest upstream oil and gas company with Government's stake at
68.9%. The company's wholly owned subsidiary, ONGC Videsh Ltd. (OVL) is the
biggest Indian energy multinational and now has 36 projects in 17 countries, of which
15 are producing. ONGC Videsh production for the year stood at 8.87 Mtoe, up 6%
YoY. The company also has a presence in refining segment through its stake in MRPL
(Mangalore Refineries and Petroleum Ltd).
In FY15, ONGC made 22 hydrocarbon discoveries.Total under recovery for the year
stood at Rs 363 bn, down 36% YoY. The domestic crude production for the year stood
at 25.94 MMT. During the year, its reserve replacement ratio stood at 1.38
The net sales for the year FY15 declined by around 7% YoY. The core operating profit
and net profits for the year declined by 14 % YoY and 31% YoY respectively. The
operating profit margin and net profit margin in FY 15 stood at 27% and 11.4%. Net
realization on crude in FY 15 stood at US$ 40.4 per barrel.

The management has given a capex guidance of Rs 362 bn for FY16. Of this, 40%
will be on exploration (around 57% for exploration and development combined). For
FY 17, the budgeted capex is around Rs 340 bn -Rs 350 bn. Going forward, the key
things to watch for will be developments on the subsidy sharing mechanism and
production volumes. As per the management, new development projects will lead to
improvement in volumes even as marginal fields are past the peak production.

The new exploration policy and proposal to scrap the cess, if implemented, could be
positive for ONGC. But this is too early to be optimistic on this front. While reforms to
be happening in domestic business, in weak crude price scenario, the company may
face downward pressure.

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154

PETRONET LNG LIMITED

ENERGY SOURCES

Chairman: G. C. Chaturvedi

Yr of Inc

B. Code

1998
532522
SHAREHOLDING

BL. Code

PLNG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 50.0%
:
0.0%
:
3.2%
: 22.1%
: 24.6%
: 328,195

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

242.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

13.8

SEC: K.C. Sharma

% ch 12-m
26.8

FX Transaction (FY15)
`m
0
` m 360,469
`m
4,407
` m 360,904
` m -356,497
12
31/03/14

P/E

20.6

146
103
503.3
9.5
13.6
2.00
1.6
66.5
750.00
0.2
13.1
9.1
1.9
21.1
93,188
0.4
466
877,850.7
1,084.2
16,556.3

185
171
526.7
11.8
16.0
2.00
1.1
75.8
750.00
0.3
15.1
11.1
2.3
17.0
133,463
0.5
571
856,853.6
1,238.6
19,143.6

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

314,674
887
315,561
19,366
1,866
1,184
17,203
0
0
0
5,710
11,493
6.2
33.2
3.7

377,476
838
378,313
14,985
3,081
2,196
10,545
0
0
0
3,426
7,119
4.0
32.5
1.9

395,010
1,548
396,557
14,390
3,154
2,935
9,849
0
0
0
1,024
8,825
3.6
10.4
2.2

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

41,373
35,205
2.0
1.2
12
20
66,884
7,500
36,997
44,497
27,182
110,828
15.5
0.6
2.8
11.4
25.8
25.7
0.0
88.5

43,200
34,220
2.4
1.3
9
19
71,450
7,500
42,211
49,861
26,477
119,127
5.8
0.5
3.2
7.8
14.3
16.7
0.0
89.2

26,653
14,250
3.1
1.9
8
12
76,895
7,500
49,236
56,886
23,738
111,187
4.4
0.4
3.6
10.6
15.5
15.9
0.0
91.3

P/CF
15.2

(` )

AUD: T.R. Chadha & Co.

Yield

Mkt cap

0.8

Vol.

181,800.0

88.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE347G01014

300
Close

250

12
31/03/15

175
122
419.6
15.3
17.8
2.50
1.7
59.3
750.00
0.4
9.7
8.3
2.5
16.3
111,375
0.4
370
792,630.7
932.2
28,949.1

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: World Trade Centre, Babar Road, Barakhamba Lane, New Delhi-01
E-Mail:
investors@petronetlng.com
Web site: www.petronetlng.com
Telephone: (011) 2341 1411 Fax: (011) 2347 2550
Tr agent: Karvy Computershare, Plot No. 17 to 24, Vittal Rao Nr, Hyderabad - 81

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Installed capacity
Total gas delivered
EBIDTA (Rs per mmBTU)

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
111,985
71,617
`m
3,408
2,214
%
3.0
3.1
`m
1,624
3,007
%
1.5
4.2

Jun 15
83,772
3,611
4.3
2,475
3.0

Sep 15
75,450
4,668
6.2
2,489
3.3

FY14
15
493
30

FY15
15
533
27

`
`
`
`

m
m
m
m

KEY DATA
Unit
MMTPA
TBTU
Rs

18,234
-7,685
-7,702
2,846

FY13
10
524
37

9,636
-8,028
-1,965
-357

8,298
-6,654
-10,340
-8,696

NOTES

Petronet LNG is engaged in the business of importing and re-gasification of liquefied

natural gas (LNG). Petronet is promoted by BPCL, ONGC, GAIL and IOC. It caters
to the enormous demand from power, fertilizer and other users located in western,
central and northern India. The company sources LNG from RasGas Qatar under a
long-term LNG deal. It supplements supplies with spot cargoes. It sells re-gasified
LNG mainly to three intermediate off takers, namely GAIL, BPCL and Indian Oil
Corporation with whom it has long term gas sale and purchase agreement.
During FY15, Petronet LNG clocked sales growth of 4.6 % YoY. The gas volumes
delivered to off takers for FY15 stood at around 533 trillion British Thermal units
(TBTUs), up 8.1% YoY. The operating profits declined by around 4% YoY. The
operating margins of the company stood at 3.6%, down from 4.0% in FY14. The
company registered a 24 % YoY growth in the bottomline, with net profit margins at
2.2%, as compared to 1.9% last year.

In the wake of falling gas prices, the company was witnessing a decline in the gas
offtake for long term LNG that was almost double the spot prices. However, the
company could re negotiate the deal with Ras Gas, Qatar to buy LNG at $6-7/mmBtu,
almost half the original price. On the top of that, some associated penalties were
waived off for the company. The company expects expansion of Dahej plant (from
10 MT to 15 MT) to be completed before the end of next calendar year.
Concerns for for Kochi terminal are yet to be addressed. That said, there is some
positive development on the Kochi-Mangalore pipeline front on account of support
from Kerala Government. The management has stated that Mangalore side demand
is strong.

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155

RELIANCE INDUSTRIES LIMITED

ENERGY SOURCES

Chairman: Mukesh D. Ambani (MD)

Yr of Inc

B. Code

1966
500325
SHAREHOLDING

BL. Code
RELI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

45.2%
0.0%
12.6%
22.0%
20.2%

MUKESH AMBANI
Price

916.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-3.0

SEC: K. Sethuraman (CCO)

% ch 12-m
-0.9

FX Transaction (FY15)
` m 2,091,690
` m 2,544,610
` m 2,093,980
` m 2,622,460
` m -528,480
12
31/03/14

12
31/03/15

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

955
671
1,352.2
71.1
109.4
9.00
1.1
620.0
2,936.31
BB
0.6
11.4
7.4
1.3
12.7
2,387,220
23.5
51,790
168,826.1
2,202.0
8,877.5

939
765
1,478.0
76.5
114.6
9.50
1.1
675.9
2,939.55
ESOS
0.6
11.1
7.4
1.3
12.4
2,504,938
23.9
55,720
182,140.6
2,336.0
9,429.8

1,143
797
1,275.5
80.1
119.3
10.00
1.0
742.4
2,943.33
ESOS
0.8
12.1
8.1
1.3
12.5
2,854,000
24.9
62,620
150,595.7
2,511.8
9,452.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,970,620
74,020
4,044,640
330,450
112,320
34,630
257,520
-70
0
4,650
53,310
208,790
8.3
20.7
5.3

4,344,600
81,930
4,426,530
347,990
112,010
38,360
279,550
-550
0
8,080
62,150
224,930
8.0
22.2
5.2

3,754,350
64,020
3,818,370
373,640
115,470
33,160
289,030
-740
0
22,110
74,740
235,660
10.0
25.9
6.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,559,140
962,740
15.0
1.6
50
9
1,834,390
29,360
1,745,510
1,820,550
709,600
3,623,570
8.4
0.4
1.1
6.7
11.5
11.7
57.4
72.3

1,510,690
1,151,560
8.3
1.3
48
8
2,329,110
29,400
1,916,450
1,986,870
1,010,190
4,288,430
8.3
0.5
1.0
6.1
11.3
10.9
60.1
71.5

1,365,770
1,385,530
-0.5
1.0
52
5
3,185,230
29,430
2,114,330
2,184,990
1,207,770
5,044,860
9.7
0.6
0.7
5.3
10.8
10.1
55.7
67.8

INCOME DATA

BALANCE SHEET DATA

Regd off: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai - 400 021
E-Mail:
investor_relations@ril.com
Web site: www.ril.com
Telephone: (022) 2278 5000 Fax: (022) 2278 5111
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
P/E

P/CF

12.6

8.4

(` )

Yield
1.1

AUD: Chaturvedi & Shah

Mkt cap

Vol.

2,963,162.4

351.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE002A01018

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
801,960
560,430
`m
72,080
86,290
%
9.0
15.4
`m
50,850
62,430
%
6.3
11.1

Jun 15
771,300
102,620
13.3
62,220
8.1

Sep 15
709,010
107,990
15.2
64,680
9.1

FY14
4.5
8.1
101

FY15
4.3
8.6
154

`
`
`
`

m
m
m
m

369,180
-276,500
4,080
96,760

KEY DATA
Parameters
Unit
Polymer Production
MT
Average GRM
US$ /barrel
Reliance's share in gross JV production
195
Crude thruput
Million tonnes
NOTES

FY13
4.5
9.2
BCFe
68.5

432,610
-730,700
137,130
-160,960

68

343,740
-648,980
84,440
-220,800

67.99

RIL is Indias largest private sector Company on key financial parameters. It is a

significant global player in the integrated energy value chain, and has a growing
presence in retail and digital services in India. The company is engaged in Refining
& Marketing and owns and operates two of the worlds largest and most complex
refineries with crude processing capacity of 1.24 MMBPD, Petrochemicals, oil and
gas exploration, has a presence in organized retail, media and entertainment and
digital services (Jio Infocomm).

In FY 15, the companys topline was up 13% YoY while growth in the bottomline came
at 4.8% YoY. The operating profits for the year registered a growth of 5% YoY. The
operating margins and the net profit margins came at 11.8% and 6.1% respectively.

The operating rate at Jamnagar refinery stood at 110%, and processed 67.99 MMT
of crude. In the refining business, the GRMs stood at US$ 8.6 per barrel. During the
year, over 300 fuel retailing outlets were commissioned. The company has plans to
re-commission the entire network of 1,400 outlets by the end of FY 2015- 16. In FY
15, RIL started Indias largest Styrene Butadiene Rubber (SBR) Plant at Hazira with
capacity of 150 KTPA. The retail business sustained growth momentum for the year
and has registered 31% CAGR in last five years. The company also undertook
activities to provide reliable (4G) high speed internet services.
Going ahead, Reliance is likely to benefit from better GRMs. A diversified business
also lends company some downside protection in case of sharp fall in oil price.
However, falling oil price does not bode well for exploration business. The company
has significantly invested in telecom.

Get more info at www.equitymaster.com

156

FERTILISERS

This page has been intentionally left blank

173
157

CLARIANT CHEMICALS (INDIA) LIMITED

CHEMICALS & PESTICIDES
Chairman: R. A. Shah

Yr of Inc

B. Code

1956
506390
SHAREHOLDING

BL. Code
CLAC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 63.4%
:
6.4%
:
2.7%
: 27.5%
: 32,880

Price

728.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: B. L. Gaggar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
2,550
2,266
2,776
3,526
-749

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,963
191
11,154
1,370
216
14
1,331
0
0
92
410
1,013
12.5
30.8
9.2

12,479
179
12,658
1,209
235
18
1,135
0
0
1,123
590
1,668
9.7
52.0
13.4

10,460
137
10,597
245
332
11
38
0
0
11,836
2,441
9,433
2.3
6,373.4
90.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,974
2,858
28.4
2.1
54
49
1,835
267
4,676
5,015
0
8,214
94.7
0.0
1.3
12.5
20.2
28.7
23.5
16.6

6,674
3,041
29.1
2.2
43
49
1,915
267
5,404
5,744
0
9,116
64.1
0.0
1.4
18.5
29.0
39.6
25.8
15.4

14,128
4,115
95.7
3.4
57
56
3,482
267
13,621
13,960
0
18,424
4.4
0.0
0.6
51.3
67.6
85.1
24.4
21.7

INCOME DATA

BALANCE SHEET DATA

672
371
468.1
62.6
71.4
30.00
5.8
215.4
26.66
1.1
8.3
7.3
2.4
48.0
13,903
0.9
1,012
14,116.1
1,144.3
1,886.5

P/E

-16.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

684
556
411.2
38.0
46.1
27.50
4.4
188.1
26.66
1.5
16.3
13.4
3.3
72.4
16,529
1.1
906
10,179.0
841.4
940.6

-3.9

Regd off: Reliable Tech Park, Thane-Belapur Road, Airoli, Navi Mumbai 400 708
E-Mail:
satish.bhattu@clariant.com
Web site: www.clariant.in
Telephone: (022) 2282 5163 Fax: (022) 2282 5484
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

1,055
594
392.3
353.8
366.3
39.00
4.7
523.6
26.66
2.1
2.3
2.3
1.6
11.0
21,981
0.9
979
11,092.3
1,038.3
10,003.4

2.1

P/CF
2.0

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

5.4

Vol.

19,416.5

1.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE492A01029

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,323
2,340
`m
-173
116
%
-7.4
4.9
`m
-2,393
107
%
-103.0
4.6

Jun 15
2,347
109
4.7
45
1.9

Sep 15
2,299
115
5.0
-25
-1.1

FY14
72.4
27.6
56.0
44.0

FY15
73.9
26.1
28.8
71.2

Parameters
Domestic revenues
Export revenues
Dyes & Specialty Chemicals
Intermediates & Colours

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

766
340
-1,248
-142

FY13
74.7
25.3
61.0
39.0

-318
1,272
-870
83

-597
12,238
-1,753
9,889

NOTES

Clariant in India, headquartered in Mumbai, has four major segments: Care

Chemicals, Catalysis & Energy, Natural Resources, and Plastics & Coatings. These
include businesses like Pigments (Coatings, Printing and Plastics and Special
Applications), Additives, Industrial & Consumer Specialties, Mining Services and
Masterbatches, thus delivering solutions for the industry and the society. The 900plus employee strength generated sales of Rs 10 billion (in 2014). In 2014, Clariant
invested in a state-of-the-art Regional Innovation Center in Mumbai, with an aim to
co-create tailormade solutions with customers for the industry.

During the calendar year 2014 (CY14), the companys sales revenue reported a
decline of 17% YoY. Exports accounted for around 26% of the companys sales.
Higher operating expenses caused operating profit margins to decline from 9.7% in
CY13 to mere 2.3% in CY14. Profit before tax increased by about 426% YoY.
However, this was mainly on account of exceptional income to the tune of Rs 11.9 bn.
The companys net profits also ended up higher by 466% YoY mainly because of this.
As such, the net profit growth during CY14 is not comparable with the previous
period.

The chemical industry is critical for the economic development of any country,
providing products and enabling technical solutions in virtually all sectors of the
economy. The positive business environment, surging consumer demands,
technological up gradation and several other factors have positioned the Indian
chemical industry to scale new highs. Per-capita consumption of most of the finished
products under chemicals sector is far below the world average and this reflects the
vast potential for growth in the industry.

Get more info at www.equitymaster.com

158

COROMANDEL INTERNATIONAL LIMITED

FERTILIZERS

Chairman: A. Vellayan

Yr of Inc

B. Code

1961
506395
SHAREHOLDING

BL. Code

CORF.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MURUGAPPA
F.V.
1

: 63.2%
:
0.0%
:
5.8%
:
7.0%
: 24.0%
: 46,421

Price

183.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.6

SEC: P. Varadarajan

% ch 12-m
-42.5

FX Transaction (FY15)
`m
5,670
`m
74,310
`m
5,708
`m
75,096
` m -69,387
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

305
181
319.1
15.3
17.8
4.50
1.9
77.6
283.06
ESOP
0.8
15.9
13.7
3.1
29.5
68,784
0.0
2,298
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

90,337
701
91,038
7,679
711
2,102
5,567
-17
0
0
1,231
4,320
8.5
22.1
4.8

100,532
608
101,140
8,052
961
2,403
5,297
-84
0
-126
1,521
3,565
8.0
28.7
3.5

111,359
566
111,925
8,535
1,046
2,096
5,959
0
0
-39
1,902
4,018
7.7
31.9
3.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

58,747
47,760
12.2
1.2
60
74
18,073
283
19,807
21,966
10,969
84,121
3.6
0.5
1.1
7.6
19.7
23.2
0.8
56.0

53,771
47,950
5.8
1.1
64
54
14,602
283
22,118
22,812
2,669
76,048
3.2
0.1
1.3
7.8
15.6
29.4
1.0
57.9

65,147
58,585
5.9
1.1
74
47
14,258
291
21,212
22,020
668
83,617
3.8
0.0
1.3
7.3
18.2
35.3
5.1
66.7

BALANCE SHEET DATA

P/E

13.3

340
213
382.3
13.8
17.4
4.50
1.6
75.6
291.25
ESOP
0.7
20.0
15.9
3.7
32.6
80,531
4.2
2,779
26,313.4
656.8
949.4

P/CF
10.6

(` )

Yield
2.5

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

53,488.1

1.8

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE169A01031

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

261
162
355.0
12.6
16.0
4.50
2.1
80.6
283.18
ESOP
0.6
16.8
13.2
2.6
35.7
59,878
8.1
2,705
12,342.8
332.1
437.7

Regd off: Coromandel House, 1-2-10, Sardar Patel Road, Secunderabad - 500 003
E-Mail:
raiaramrnr@coromandel.murugappa.corn
Web site: www.coromandel.biz
Telephone: (040) 2784 2034 Fax: (040) 2784 4117
Tr agent: Karvy Computershare, 17-24, Vithal Rao Nagar, Madhapur, Hyderabad-81

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
29,621
29,976
`m
2,307
1,597
%
7.8
5.3
`m
1,246
687
%
4.2
2.3

Jun 15
21,812
924
4.2
145
0.7

Sep 15
35,664
3,137
8.8
1,735
4.9

FY14
60.5
20.1
11.2
8.1

FY15
50.5
11.8
17.9
19.8

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Ammonium Phosphatic fertilisers % of Net Sales
Di Ammonium Phosphate (DAP) % of Net Sales
Plant Protection Chemicals
% of Net Sales
Others
% of Net Sales

9,853
-6,413
-9,288
-5,848

FY13
53.7
18.6
10.6
17.0

14,609
-502
-13,442
665

861
-2,161
-642
-1,941

NOTES

Coromandel International Limited (CIL) is in the business segments of Fertilisers,

Speciality Nutrients, Crop Protection and Retail. It is the leading private sector player
in phosphatic fertilisers in India. The company manufactures a wide range of
fertilizers and markets around 3.2 million tons making it a leader in its addressable
markets. In its endeavour to be a complete plant nutrition solutions company, CIL has
also introduced a range of Speciality Nutrient products including Organic Fertilisers.
The company is a part of the Rs 269 bn Murugappa Group.

During FY15, CIL witnessed a growth of 12.6% YoY in its consolidated topline. The
growth in topline was on account of recovery in consumption levels of phosphatic
fertilisers. However, the operating profits grew at a lower rate of 6% on account of
drop in margins. Profits at the net level recovered somewhat and grew by 10% YoY
as fall in interest expenses helped.
Demand for fertiliser, crop protection and crop nutrition are expected to grow up as
demand for food keeps increasing. With the increasing pace of urbanization and
population growth and shrinking of arable land, India has to take various initiatives to
increase the productivity and fulfill the needs of the growing population. This calls for
increased usage of fertiliser and crop protection to improve yields. Increasing crop
prices in both domestic and international markets will improve farmer profitability and
will support the growth of fertilisers, crop protection and crop nutrition. Indian fertiliser
industry is growing at an average growth rate of 5%-6% per annum in volume terms.

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159

RALLIS INDIA LIMITED

FERTILIZERS

Chairman: R. Gopalakrishnan

Yr of Inc

B. Code

1948
500355
SHAREHOLDING

BL. Code
RALL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 50.1%
:
0.0%
:
6.4%
: 13.8%
: 29.8%
: 22,520

Price

167.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: P. S. Meherhomji

% ch 12-m
-21.5

FX Transaction (FY15)
`m
4,955
`m
3,987
`m
49,736
`m
4,011
`m
45,724
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,582
117
14,699
2,106
315
185
1,723
2
0
0
535
1,190
14.4
31.0
8.2

17,466
64
17,529
2,613
407
126
2,144
-8
0
0
617
1,519
15.0
28.8
8.7

18,218
42
18,260
2,771
496
101
2,216
-26
0
0
618
1,572
15.2
27.9
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,893
5,036
-1.0
1.0
67
41
4,223
195
5,505
6,207
107
11,902
10.3
0.0
1.2
11.6
19.2
30.2
28.5
27.9

5,456
4,930
3.0
1.1
69
35
4,393
195
6,852
7,180
261
12,986
18.0
0.0
1.3
12.7
21.2
30.4
27.9
24.8

6,851
5,263
8.7
1.3
79
50
4,260
195
7,818
8,145
268
14,358
22.9
0.0
1.3
11.7
19.3
27.2
27.2
21.9

INCOME DATA

BALANCE SHEET DATA

185
110
89.8
7.8
9.9
2.40
1.6
36.9
194.47
1.6
18.9
14.9
4.0
30.7
28,645
0.9
1,105
20,098.5
1,271.6
1,747.6

P/E

299
164
93.7
8.1
10.6
2.50
1.1
41.9
194.47
2.5
28.6
21.7
5.5
30.9
44,932
0.9
1,294
20,042.2
1,423.0
1,729.6

P/CF

20.7

15.8

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.5

Vol.

32,583.4

130.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE613A01020

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

169
111
75.0
6.1
7.7
2.30
1.6
31.9
194.47
1.9
22.9
18.1
4.4
37.6
27,226
0.8
944
17,297.5
1,119.7
1,411.9

-14.4

Regd off: 156/157 15th Floor Nariman Bhavan, 227 Nariman Point, Mumbai -21
E-Mail:
pmeherhomji@rallis.co.in
Web site: www.rallis.co.in
Telephone: (022) 6776 1657 Fax: (022) 6776 1775
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,895
3,219
`m
527
445
%
13.5
13.8
`m
255
213
%
6.5
6.6

Jun 15
4,683
495
10.6
331
7.1

Sep 15
5,017
981
19.6
573
11.4

FY14
36.7
42.6
6.3

FY15
31.9
47.6
7.1

Parameters
Active ingredient for pesticides
Other chemicals
Employee costs

`
`
`
`

m
m
m
m

1,447
-399
-899
149

KEY DATA
Unit
FY13
%raw material cost 36.3
% raw material cost 47.0
% net sales
6.5

1,756
-759
-1,191
-194

681
-539
-166
-25

NOTES

Rallis India, a Tata Group company is one of the leading agrochemical companies in
India. It is known for its deep understanding of Indian agriculture, sustained
relationships with farmers, quality agrochemicals, branding and marketing expertise
and its strong portfolio. It is well recognized for its manufacturing capabilities in crop
protection chemicals along with its ability to develop new process and formulations
aided by the capability to register new products. It also has contract manufacturing
alliances with several multinational agrochemical companies.
During financial year 2014-15, Rallis consolidated net sales increased by 4.4% YoY.
At the bottomline level, profits increased by 3.5% YoY. During the year the company
achieved a new landmark in revenues, crossing the Rs 19 bn milestone. The
companys key segment of crop protection registered a growth despite challenging
conditions. The International Business Division grew during 2014-15, contributing to
28% of overall revenues of the company.

Agriculture sector will continue to see large scale investments in the years to come.
However, the availability of land under agriculture being limited and coming down in
many regions, will likely push up the need to drive productivity by increased use of
agri inputs. Rallis India being one of the leading agri inputs company in the country
is most likely to capitalize on this opportunity. It plans to continue to focus on the
profitability and also concentrate on bottomline growth rather than volumes.

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160

TATA CHEMICALS LIMITED

FERTILIZERS

Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1939
500770
SHAREHOLDING

BL. Code
TTCH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
10

: 31.1%
:
0.0%
: 23.7%
: 21.9%
: 23.3%
: 196,132

Price

395.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.8

SEC: Rajiv Chandan

% ch 12-m
-8.4

FX Transaction (FY15)
`m
110
`m
41,144
`m
1,040
`m
42,259
` m -41,219
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

382
299
577.4
15.7
36.7
10.00
2.9
251.7
254.76
0.6
21.6
9.3
1.4
63.6
86,682
6.0
11,255
24,579.8
1,880.6
669.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

147,110
4,178
151,288
21,629
5,339
4,639
15,829
-2,070
-31
-6,699
3,025
4,004
14.7
19.1
2.7

158,954
1,424
160,379
18,094
4,712
5,793
9,013
-2,210
-33
-14,202
2,888
-10,320
11.4
32.0
-6.5

172,029
1,180
173,209
19,577
4,631
4,540
11,585
-2,055
-54
-1,997
3,511
3,968
11.4
30.3
2.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

75,053
62,180
8.8
1.2
40
85
46,703
2,548
50,277
64,136
54,610
202,390
4.4
0.9
0.7
4.3
6.2
9.8
0.2
19.7

74,628
51,649
14.5
1.4
38
75
47,520
2,548
37,777
55,655
68,831
202,104
2.6
1.2
0.8
-2.2
-18.5
-1.3
0.1
18.4

81,769
69,380
7.2
1.2
56
73
45,913
2,548
52,962
55,517
57,083
208,056
3.6
1.0
0.8
4.1
7.1
10.7
0.1
23.9

BALANCE SHEET DATA

P/E

25.4

482
411
675.3
15.6
33.8
10.00
2.2
217.9
254.76
0.7
28.7
13.2
2.0
64.2
113,801
3.1
12,560
56,090.4
4,095.2
1,293.6

P/CF
11.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.5

Vol.

100,757.6

80.8

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE092A01019

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

334
235
623.9
-40.5
-22.0
10.00
3.5
218.5
254.76
0.5
-7.0
-12.9
1.3
-24.7
72,403
4.6
12,145
34,812.6
2,659.9
-2,260.2

Regd off: Bombay House, 24, Homi Mody Street, Mumbai - 400 001
E-Mail:
investors@tatachemicals.com
Web site: www.tatachemicals.com
Telephone: (022) 6665 8282 Fax: (022) 6665 8144
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd., Mumbai-11

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Inorganic chemicals
Fertilisers
Others

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
48,205
37,425
`m
5,393
3,846
%
11.2
10.3
`m
2,409
1,237
%
5.0
3.3

Jun 15
40,669
4,369
10.7
1,530
3.8

Sep 15
49,969
5,772
11.6
2,549
5.1

FY14
51.0
35.0
14.0

FY15
47.2
38.7
14.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
% sales
% sales
% sales

2,210
-2,387
1,292
1,115

FY13
50.4
37.4
12.3

23,381
-4,712
-18,646
23

12,736
-6,552
-1,087
5,096

NOTES

Established in 1939, Tata Chemicals Limited (TCL) is India's leading manufacturer of

inorganic chemicals, fertilizers and food additives. The company owns and operates
the largest and the most integrated inorganic chemicals complex in the country. It is
the world's second-largest producer of soda ash, with manufacturing facilities in Asia,
Europe, Africa and North America. TCLs global soda ash capacity is around 5.5 m
tonnes per annum (MTPA). It is a market leader in the branded, iodised salt market
in India.

During FY15, the companys consolidated net sales grew by a modest 8.3% YoY. The
chief driver of growth was the fertilisers segment which grew by 18.9% YoY. However,
the inorganic chemicals segment remained almost stagnant, growing by just 1% YoY.
There was a growth in the profitability of both these segments. While profit margins
of inorganic chemicals segment went up from negative 0.2% in FY14 to 15.6% in
FY15, fertiliser segment margins increased from 4.2% in FY14 to 4.7% in FY15. At
the bottomline level, net profits for the full year came back into the positive after
incurring a loss in the previous year.

While there are medium term concerns owing to the slowdown in the economy, the
long term outlook for TCL's fertilizer business is bright. This is due to the large supply
deficit for nutrients in the Indian market. On the soda ash front, the company
continues to believe in the long term fundamentals of the soda ash and sodium
bicarbonate industry.

Get more info at www.equitymaster.com

161

UPL LIMITED
CHEMICALS & PESTICIDES

Chairman: R. D. Shroff (MD)

Yr of Inc

B. Code

1969
512070
SHAREHOLDING

BL. Code

UNPO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

SHROFF

F.V.
2

: 29.8%
:
0.0%
:
7.1%
: 48.7%
: 14.5%
: 53,388

Price

395.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: M. B. Trivedi

% ch 12-m
22.5

FX Transaction (FY15)
`m
27,977
`m
18,054
`m
30,193
`m
21,026
`m
9,166
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

91,857
1,074
92,931
16,544
3,537
4,290
9,791
16
130
-150
2,040
7,746
18.0
20.8
8.4

107,709
1,314
109,022
20,254
4,069
4,853
12,645
-72
43
-853
2,194
9,569
18.8
17.4
8.9

120,905
-28
120,877
23,199
4,245
5,170
13,755
433
141
30
2,485
11,873
19.2
18.1
9.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

74,375
41,983
35.3
1.8
82
107
38,668
885
42,783
46,452
28,123
124,531
3.3
0.6
0.7
9.7
16.7
18.9
23.8
12.8

75,515
46,402
27.0
1.6
84
109
28,364
857
48,254
52,474
22,543
128,585
3.6
0.4
0.8
11.2
18.2
22.2
25.8
15.3

83,717
58,766
20.6
1.4
89
111
31,646
857
54,382
58,603
16,941
143,048
3.7
0.3
0.8
11.9
20.3
25.9
23.1
14.9

INCOME DATA

BALANCE SHEET DATA

218
113
251.3
22.3
31.8
4.00
2.4
122.4
428.60
BB
0.7
7.4
5.2
1.4
17.9
70,998
2.6
9,482
42,073.8
3,703.8
3,738.0

P/E

15.4

458
184
282.1
27.7
37.6
5.00
1.6
136.7
428.60
1.1
11.6
8.5
2.3
18.0
137,602
3.8
10,428
31,592.7
2,724.8
3,102.4

P/CF
11.3

(` )

AUD: S. V. Ghatalia & Assoc.

Yield

Mkt cap

1.3

Vol.

182,411.0

94.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE628A01036

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

144
105
207.5
17.5
25.5
2.50
2.0
105.0
442.60
BB
0.6
7.1
4.9
1.2
14.3
55,104
2.4
9,023
37,708.1
3,704.0
3,179.8

-15.3

Regd off: 3-11, G. I. D. C., Vapi, Dist. Valsad, Gujarat - 396 195
E-Mail:
trivedimb@uniphos.com
Web site: www.uplonline.com
Telephone: (0260) 240 0717 Fax: (0260) 240 1823
Tr agent: Sharepro Serv., Samhita Warehousing, 2nd Flr, Andheri (E), Mumbai-72

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Agro Activity
Non-Agro Activity
Others

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
30,472
36,243
`m
5,606
7,737
%
18.4
21.3
`m
2,677
4,485
%
8.8
12.4

Jun 15
30,640
5,941
19.4
2,897
9.5

Sep 15
28,015
4,949
17.7
1,928
6.9

FY14
83.9
16.0
0.2

FY15
96.4
3.5
0.1

`
`
`
`

m
m
m
m

16,992
-8,147
-720
8,125

KEY DATA
Unit
FY13
% standalone sales 79.8
% standalone sales 19.9
% standalone sales 0.4

14,408
-4,181
-16,800
-6,573

14,090
-3,314
-9,913
863

NOTES

United Phosphorous Ltd (UPL) is the largest producer in India of crop protection
products with a range of products that include fumigants and fungicides, among
others. The company ranks amongst the top 5 post-patent agrochemical
manufacturers in the world. Through acquisitions, strategic alliances and
subsidiaries, UPL has built a network across the globe and operates across 24
manufacturing sites, 10 in India, 4 in France, 2 in Spain, 3 in Argentina, 1 each in UK,
Vietnam, Netherlands, Italy and China.
In FY15, the consolidated revenue of United Phosphorus grew by a good 13% YoY.
Operating profits grew at a slightly higher rate of 17.7% YoY. At the bottomline level,
net profits increased by 24.7% YoY.

UPL continues to grow its agrochemicals sales and has subsequently increased its
markets share over the past few years. The company has widened its marketing
network across the globe and has made various acquisitions in last few years. The
Indian agriculture sector is expected to remain robust in years to come. However, the
availability of land under agriculture being limited and coming down in many regions,
will likely push up the need to drive productivity by increased use of agrochemicals.
With significant cost advantages and improved processes, UPL has the capability to
provide superior quality products at economical prices that will likely to enhance the
growth of the company over a long term.

Get more info at www.equitymaster.com

162

FMCG
As per the Boston Consulting Group (BCG), the Indian FMCG
market is valued at about US$ 185 billion or about Rs 12.4
trillion. It has grown annually at about 12% per annum over
the past decade. The key segments within this sector are
staples, packaged food, beverages, consumer health, and
home & personal care. The staples segment has a share of
about 70% of the total market, with it being fairly divided
between its sub-segments namely pulses & cereals, edible
oils & fats and dairy. The share of the branded players in
these set of products is fairly low. However, when it comes to
segments such as packaged foods, beverages, consumer
health and home & personal care (all of which have a
combined size of 30% of the market), the branded players
have majority share. On an overall basis, the share of the
branded segment stands at about a third.
The fastest growing segments in recent times include
packaged foods, edible oils and home & personal care
products.
India is the worlds second largest producer of food after
China. It is the largest producer of milk, second largest
producer of fruits and vegetables and the third largest fish
producer in the world. Armed with a huge agriculture sector,
abundant livestock and cost competitiveness, India is fast
emerging as the sourcing hub of processed food.
The organised space is no more as urban-centric as it used
to be. While metropolitan and tier-I cities have been driving
FMCG consumption over the past decade or so, their share in
FMCG consumption now stands at about 40%, which means
the smaller towns (population of 1 million and below) have
become big markets to focus on. It is the tier-II, tier-III and
tierIV cities that are expected to drive the sector growth over
the next decade.
While consumer goods are largely retailed through two
primary sales channels - general trade and modern trade,
present times are quite interesting as new channels such as
e-commerce have emerged quickly to become forces to
reckon with; but this space is yet to provide a profitable and
sustainable model as things stand today. General trade
comprising of the ubiquitous kirana stores is the largest sales
channel forming more than 90% of overall retail sales.
However, growth of consumer goods retailed through the
newer channels is now outpacing the growth of FMCG
products in general trade. Factors such as a comfort,
convenience, rising trust factor, modern store experience,
access to a wide variety of categories & brands under a
single roof and compelling value-for-money deals are
attracting consumers to the newer channels in a big way.
The implementation of the Goods and Services Tax (GST) is
expected to benefit the sector immensely by reducing the
overall incidence of taxation. GST aims to reduce the
cascading effect by replacing a multitude of indirect taxes
such as central excise, service tax, VAT and inter-state sales
tax with a single GST rate. Moreover, FMCG companies will
be able to optimize logistics and distribution costs in the GST
era. The resulting cost savings by the companies can be
passed on to the final consumer thereby boosting demand.
However, there is a big question mark surrounding the
implementation of GST.
FY15
In FY15/CY14, companies from the FMCG space reported
steady growth. Companies such as ITC, Marico, GSK
Consumer Healthcare and Colgate grew in the range 10% to
14% on a YoY basis. FMCG majors such as HUL, Nestle and

P&G reported growth in the high single digit region. Cigarette

player VST Industries reported a 6% YoY growth.
A number of companies like Colgate, Marico, and Procter &
Gamble Hygiene & Healthcare benefitted from easing
commodity prices and posted increased profitability, with their
margins expanding in the range of 0.3% to 2% YoY from the
previous year. However, companies such as Nestle, GSK
Consumer Healthcare and ITC reported marginal declines in
profitability on a YoY basis.
KEY POINTS
Supply: Abundant supply through a distribution network of
over 8 m stores across the country. Distribution networks are
being strengthened in the rural areas.
Demand: With food and consumer products being items of
frequent consumption, demand is less impacted by slowdown.
Processed food and personal products are segments growing
at a robust paces. Rising contribution of women to the working
force and growing nuclear families led to higher demand for
convenience foods, especially in urban areas. Tobacco
demand being habit-forming is largely inelastic.
Barriers to entry: Huge investments in establishing brand
identity and setting up distribution networks.
Bargaining power of suppliers: Suppliers being small and
fragmented have limited bargaining power. Most tobacco
companies have integrated backwards and have their own
supply chains. Therefore, the bargaining power of suppliers is
not high.
Bargaining power of customers: Rising competition and the
onslaught of the e-commerce boom does provide good bargain
opportunities for customers. Tobacco consumption is more or
less a habit, and thus the bargaining power of consumers is
only to the extent of choice of the brand.
Competition: Domestic unorganized players pose competition.
Domestic players also feel the competitive pressures from
large well established MNCs. In case of tobacco, branded
cigarettes, bidis and contraband compete with each other.
PROSPECTS
Indias organised FMCG space is expected to grow at a pace
of 14% YoY per annum for the next decade to the size of US$
220 billion to 240 billion. Consumption is expected to be
driven by factors such as increasing income, rising
urbanisation, nuclearisation, as well as growing work force.
As per BCG, incomes are likely to rise by 70% by 2025; more
than a third of the population is likely to reside in urban parts
of the country; reducing household sizes due to
nuclearisation is likely to add about 10 million households by
2020; about a 100 million people are expected to join the
work force by 2020.
Notwithstanding the poor monsoons, factors such as OROP,
falling inflation levels and pay commission hikes are likely to
positively impact the sector over the long run. While
traditionally, rural demand has outpaced urban demand in the
ratio of 1.7 to 1, the same has not been the case in recent
times as growth in both the markets has been similar. Infact,
a good number of companies have begun refocusing on the
urban markets.
While crude prices have been down, companies have been
passing on costs to customers, and utilising the savings to
focus on boosting volumes - in the form of aggressive
advertising and promotion expenses - to keep the momentum
going in an otherwise disinflationary environment.
163

FMCG
GLOBAL COMPARISON
FY14/CY13
Revenues
Operating cost
EBITDA
EBITDA margin
Net profit
Net profit margin
Return on equity
Return on asset
Debt to equity
P/E
P/BV

Unit
US$ m
US$ m
US$ m
%
US$ m
%
%
%
x
x
x

HUL*
4,833
4,015
818
16.9
660
13.6
108.5
30.4
0.0
47.2
43.7

ITC*
5,871
3,724
2,147
36.6
1,461
24.9
30.4
21.2
0.0
26.1
8.0

Unilever
52,756
44,064
8,692
16.5
6,007
11.4
40.4
11.5
1.4
15.1
2.6

P&G
76,279
64,489
11,790
15.5
7,036
9.2
11.3
5.4
0.5
28.6
3.3

Nestl
91,750
77,710
14,040
15.3
14,926
16.3
20.7
11.2
0.3
15.6
3.1

* Year ended March 2015 and year ending June 2015. For others, figures are for year ended December 2014 - Source: Equitymaster
Research, Company Annual Reports, Yahoo Finance, Ace Equity

Unilever
Unilever, formerly known as Lever Brothers Limited, was founded in 1885 and is headquartered in London. It operates in nearly
190 countries in Asia, Africa, North America, the Middle East, Western Europe, and Latin America. Unilever is part of the Unilever
Group owned by the Netherlands-based Unilever N.V. and UK-based Unilever PLC. Unilever has more than 400 brands, 13 of
which generate sales in excess of 1 bn Euro a year. The key brands from its stable include Lipton, Knorr, Dove, Axe, Hellmanns
and Omo, alongside local names such as Blue Band, Pureit and Suave.
Unilever sells its products through its sales force, independent brokers, agents, distributors, distribution centres, satellite
warehouses, company-operated and public storage facilities, depots and other facilities to chain, wholesale, co-operative and
independent grocery accounts, food service distributors, and institutions. The company employs a total 172,000 people. Emerging
markets contribute 57% to overall revenues.

Procter & Gamble

Procter and Gamble was founded in 1837 and is headquartered in Cincinnati, Ohio. Its business is divided into five reportable
segments namely beauty, grooming, healthcare, fabric care & home care and baby care & family care. Fabric care & home care,
beauty and baby care & family care together constitute 79% of overall revenues. While North America contributes to about 40% of
the revenues, Europe, Greater China, ME&A (and India) and Latin America contribute to about 26%, 8%, 8% and 10%
respectively.
Procter and Gamble is armed with over fifty power brands in its portfolio. The notable ones are Head & Shoulder, Olay, Pantene
and Wella in the beauty segment, Braun, Fusion, Gillette and Mach 3 in the grooming segment, Always, Crest and Oral-B in the
healthcare segment, Iams and Pringles in the snacks and petcare segment, Ace, Ariel, Dawn, Downy, Duracell, Gain, Tide and
Febreze in the fabric care and home care segment & Bounty, Charmin and Pampers in the baby care and family care segment.

Nestle
Nestl with headquarters in Vevey, Switzerland was founded in 1866 by Henri Nestl and is today the world's leading nutrition,
health and wellness company. Its product portfolio consists of coffee, water, dairy, ice cream, infant nutrition, performance nutrition,
healthcare nutrition, chocolate, frozen and packaged foods & pet food. The company markets its products in 197 countries and
employs nearly 340,000 people worldwide.
Nestle has more than 400 factories set up around the world. It has a total of 2000 plus brands across the world. Some of its wellknown brands include Nescafe, Coffee Mate, Nestea, Nesquik, Milo, Maggi, Nido, Cerelac, Nestum, NAN, Gerber Kitkat, Orion and
Wonka.
In 2014, developed countries accounted for about 56% of the group sales, with the emerging markets contributing the balance.
The organic growth in these regions however differed substantially. While the developed regions grew by 1% YoY in the year,
emerging market business was up by about 9% YoY.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

164

AGRO TECH FOODS LIMITED

Regd off: 31, Sarojini Devi Road, Secunderabad - 500 003

E-Mail:
phani.mangipudi@atfoods.com
Web site: www.atfoods.com
Telephone: (040) 6665 0240 Fax: (040) 2780 0947
Tr agent: Karvy Computershare, 17-24, Vithal Rao Nagar, Madhapur, Hyderabad-81

BEVERAGES, FOOD & TOBACCO

Chairman: William Lyon Hutton

Yr of Inc

B. Code

1986
500215
SHAREHOLDING

BL. Code

AGRO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 51.8%
:
9.0%
:
2.3%
: 36.9%
: 13,814

Price

541.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: Phani K. Mangipudi

% ch 12-m
-8.9

FX Transaction (FY15)
`m
8
`m
365
`m
22
`m
427
`m
-405
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

536
400
323.7
17.2
19.9
2.00
0.4
100.6
24.37
1.4
27.2
23.5
4.6
11.6
11,405
0.0
411
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,889
29
7,918
647
67
0
609
0
0
0
190
419
8.2
31.1
5.3

7,642
1
7,643
698
108
20
571
0
0
0
145
426
9.1
25.4
5.6

7,597
0
7,598
608
148
12
448
0
0
0
79
369
8.0
17.6
4.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,378
680
8.8
2.0
27
20
1,267
244
2,208
2,453
0
3,243
2,029.7
0.0
2.4
12.9
17.1
24.8
0.0
1.5

1,339
769
7.5
1.7
47
10
1,636
244
2,577
2,825
0
3,759
29.0
0.0
2.0
11.9
15.1
20.9
0.1
1.5

1,477
920
7.3
1.6
51
12
1,995
244
2,887
3,138
0
4,248
37.4
0.0
1.8
9.0
11.8
14.7
0.1
4.8

BALANCE SHEET DATA

706
604
311.8
15.1
21.2
2.00
0.3
128.8
24.37
2.1
43.2
30.9
5.1
13.2
15,962
0.4
421
18,946.1
1,050.9
920.7

P/CF

35.7

25.5

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.4

Vol.

13,190.3

9.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE209A01019

800
700

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

605
425
313.6
17.5
21.9
2.00
0.4
115.9
24.37
1.6
29.4
23.5
4.4
11.4
12,551
0.0
421
NM
NM
NM

P/E

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,955
1,875
`m
158
228
%
8.1
12.1
`m
94
146
%
4.8
7.8

Jun 15
1,818
111
6.1
46
2.5

Sep 15
1,996
130
6.5
51
2.6

FY14
16.15
4.1
5.7

FY15
12.38
5.8
4.9

Parameters
Return on equity
Ad & Sales Promotion Expense
Profit After Tax Margin

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
% of Net Sales
%

178
-431
-49
-300

FY13
18.45
5.7
5.3

352
-474
73
-46

409
-419
40
33

NOTES

Agro Tech Foods Ltd (ATFL) is engaged in the business of edible oil business and
marketing of food ingredients to consumers and institutional customers. The
company is a 52% subsidiary of ConAgra Foods Inc. of USA, which is one of the
worlds largest food companies. The company has two main businesses segments,
namely, branded foods segment and edible oil segment. The company has wellknown brands like Sundrop, ACT II, Sundrop Peanut Butter, Health World, Crystal, a
sunflower oil brand, Sundrop Snack Break in its portfolio.
During FY15 the company expanded its range of Act II Snacks which now includes
Ready to Cook Popcorn, Ready to Eat Popcorn and Extruded snacks. The company
established its 4th manufacturing site at Unnao for Bagged Snacks including Tortilla
Chips and Extruded Snacks. The company also commenced the construction work at
its 5th site near Guwahati which will be completed in FY17. After successfully starting
commercial production of peanut butter at its Gujarat plant last year, FY15 was the
first full year of locally manufactured Peanut Butter. The company in FY15 suspended
imports of Snack Break chocolate pudding in order to avoid the risk of containers
being held up at ports.
The company expects that the new retort facility at Unnao will commence commercial
production in first quarter of FY16. The facility can aid the company in producing a
broad range of processed foods including meals and meal enhancers. With this, the
company is looking forward to enter at least one new category in FY16.

In FY15, the companys consolidated sales were lower by 0.6%. The higher ad
spends enabled the company to invest increased media resources behind current
products. Gross margin improved by 0.7% in FY15. Net profits declined by 13.5%
YoY.

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165

BRITANNIA INDUSTRIES LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Nusli Neville Wadia

Yr of Inc

B. Code

1918
500825
SHAREHOLDING

BL. Code
BRIT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

:
0.0%
: 50.8%
:
8.5%
: 20.5%
: 20.3%
: 45,387

NUSLI WADIA
Price

2,798.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Vivek P Raizada

% ch 12-m
53.5

FX Transaction (FY15)
`m
1,115
`m
125
`m
1,273
`m
888
`m
385
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

61,854
514
62,368
4,206
732
413
3,576
-1
0
6
986
2,595
6.8
27.6
4.2

69,127
336
69,463
6,272
832
83
5,693
-1
0
-3
1,736
3,954
9.1
30.5
5.7

78,584
880
79,464
8,639
1,445
39
8,035
-1
1,461
2
2,611
6,886
11.0
32.5
8.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,621
12,590
-6.4
0.7
22
7
7,849
239
5,262
5,508
272
18,835
9.7
0.0
3.3
16.0
47.1
69.1
1.4
0.3

10,461
12,461
-2.9
0.8
22
6
8,477
240
7,692
7,938
284
21,069
69.7
0.0
3.3
19.2
49.8
70.2
1.6
0.1

16,730
14,769
2.5
1.1
19
6
7,818
240
12,169
12,415
433
27,934
209.2
0.0
2.8
24.8
55.5
74.2
1.4
0.2

INCOME DATA

BALANCE SHEET DATA

973
505
576.4
33.0
39.9
12.00
1.6
66.2
119.93
1.3
22.4
18.5
11.2
36.4
88,598
2.4
2,627
28,972.0
1,100.8
1,657.0

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

599
400
517.5
21.7
27.8
8.50
1.7
46.1
119.53
1.0
23.0
17.9
10.8
39.2
59,705
2.2
2,268
28,243.9
1,035.4
1,184.9

-9.9

Regd off: 5/1A, Hungerford Street, Kolkata - 700 017

E-Mail:
pgovindan@britindia.com
Web site: www.britannia.co.in
Telephone: (080) 3940 0080 Fax: (080) 2526 6063
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, 2nd Flr., Andheri (E),

2,250
821
655.3
57.4
69.5
16.00
1.0
103.5
119.93
2.3
26.7
22.1
14.8
27.9
184,153
2.6
2,806
30,166.7
1,077.1
2,643.5

P/E

P/CF

48.7

40.3

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.6

Vol.

335,558.1

12.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE216A01022

4,000
3,500

Close
100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Biscuits
Cake
Bread and rusk
Advertising
COGS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
20,333
20,636
`m
2,196
2,528
%
10.8
12.3
`m
1,494
1,673
%
7.3
8.1

Jun 15
20,186
2,885
14.3
1,896
9.4

Sep 15
22,087
3,250
14.7
2,186
9.9

FY14
83.7
4.8
10.7
8.7
60.3

FY15
86.9
2.0
11.0
7.7
60.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

3,198
282
-3,782
-302

FY13
82.8
5.5
10.7
8.6
62.4

6,715
-2,456
-3,573
685

5,845
-4,503
-1,814
-472

Britannia is the second largest biscuit company in the country after Parle Products. It
has strong brands such as Good Day, NutriChoice, Marie Gold, 50-50, Milk Bikis,
Treat and Tiger. Good Day, which is more than 25-years old, is its most successful
brand. This is the second largest brand after Parle G. The companys non-biscuit
portfolio comprises of dairy, cake, bread and rusk and contributes around 13% of
overall revenues. The company operates in the dairy segment through its subsidiary
Britannia Dairy. The company produces premium bakery products such as specialty
breads, cakes, pastries and cookies through its Daily Bread subsidiary. Britannia is
present in the Middle East markets through its subsidiaries Al Sallan Food Industries
Co, Oman and Strategic Food International Co LLC, Dubai
Britannia posted a 13% growth in consolidated revenues while profits jumped up by
74% YoY during FY15. Profits include an extraordinary income of Rs 1.5 billion. On
excluding the same, profit before tax was up by 41% YoY. Operating profit margins
expand by almost 2% YoY backed by lower input costs and other expenses (both as
a proportion of sales).

Britannia has been reaping the benefits of robust growth in its innovative and
premium biscuit offerings over the years. With a new management, the focus has
largely been towards severe cost cutting coupled with expanding its product
segment, including increasing premiumisation. Not to mention, the strong focus on
curtailing outsourcing has led to improved profit margins. Going ahead, the company
wants to increase in-house production to 60-65% from the present level of 50%.
Britannia is planning to invest Rs 4 billion in additional capacities over the next year
and a half.

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166

COLGATE-PALMOLIVE (INDIA) LIMITED

CONSUMER PRODUCTS
Chairman: M. V. Deoras

Yr of Inc

B. Code

1937
500830
SHAREHOLDING

BL. Code

COLG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
1

:
0.0%
: 51.0%
:
7.0%
: 20.0%
: 22.1%
: 131,569

Price

964.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: N. Ghate

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
568
2,229
816
5,374
-4,558

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,638
499
32,137
6,568
437
0
6,630
0
0
0
1,663
4,968
20.8
25.1
15.7

35,788
503
36,291
6,640
508
0
6,636
0
0
644
1,881
5,399
18.6
28.3
15.1

39,819
332
40,151
8,222
750
0
7,804
0
0
0
2,214
5,590
20.6
28.4
14.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,930
7,814
0.4
1.0
21
9
3,826
136
4,760
4,896
0
13,068
NM
0.0
2.4
38.0
101.5
135.4
1.1
5.3

6,702
8,418
-4.8
0.8
23
6
6,974
136
5,863
5,999
0
14,935
NM
0.0
2.4
36.1
90.0
121.4
1.3
8.5

6,897
8,666
-4.4
0.8
23
6
9,228
136
7,567
7,703
0
17,019
NM
0.0
2.3
32.8
72.6
101.3
1.4
5.6

INCOME DATA

BALANCE SHEET DATA

1,555
1,194
263.2
39.7
43.4
27.00
2.0
44.1
135.99
5.2
34.6
31.7
31.2
68.0
186,939
1.7
2,118
21,027.1
1,244.3
3,172.0

6.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,567
1,111
232.7
36.5
39.7
28.00
2.1
36.0
135.99
5.8
36.6
33.7
37.2
76.7
182,057
2.0
2,494
15,756.0
1,242.2
2,473.9

0.7

Regd off: Colgate Research Centre, Hiranandani Gardens, Powai, Mumbai-76

E-Mail:
investor_grievance@colpal.com
Web site: www.colgate.co.in
Telephone: (022) 6709 5050 Fax: (022) 2570 5088
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

2,139
1,341
292.8
41.1
46.6
24.00
1.4
56.6
135.99
5.9
42.3
37.3
30.7
58.4
236,650
2.0
2,589
20,326.4
1,321.7
2,853.4

P/E

P/CF

46.9

41.4

(` )

AUD: Price Waterhouse

Yield

Mkt cap

2.5

Vol.

262,247.0

15.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE259A01022

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,960
10,285
`m
1,946
2,475
%
19.5
24.1
`m
1,309
1,636
%
13.1
15.9

Jun 15
10,102
1,705
16.9
1,143
11.3

Sep 15
10,385
2,549
24.5
1,569
15.1

FY14
86.5
13.4
19.2
39.2
1.4

FY15
83.1
16.9
10.5
36.9
1.3

Parameters
Soaps & Toileteries
Toothbrush and shavebrushes
Advertising
COGS
Exports

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

6,149
-473
-4,276
1,401

FY13
87.5
12.4
15.3
38.9
1.1

4,574
-1,804
-4,221
-1,451

6,382
-2,716
-3,848
-183

Colgate is present in oral care, personal care and household care products with oral
care contributing more than 90% to overall revenues. Colgate dominates in this core
business with market shares of 57.8% in toothpastes and 42.1% in toothbrushes.
Personal care products include shower gels, shower creams, toilet soaps, liquid
handwashes, shaving brushes & creams sold mostly under the Palmolive brand. In
the household segment, Colgate markets dish-washing soaps under Axion brand.

In FY15, the companys sales grew by 11% YoY led by volume growth; volumes were
up by 5% YoY while toothbrush volumes were up by 7% YoY. The companys
operating margins expanded by 2% YoY to 20.6%. Margin expansion was largely due
to lower input costs (as a percentage of sales). As for net profits, the same were
higher by 4% YoY. Profit growth is higher if the exceptional income of Rs 644 m is
excluded from the previous year. Profit before tax, for instance, was up by about 18%
YoY.

While competition has risen in recent times, Colgate continues to enjoy strong brand
equity and vast distribution network which allows it to consolidate its leadership
position in toothpastes segment. To service growing demand from growing
penetration and premiumisation, the company commissioned a toothpaste facility at
Sanad in Gujarat in March 2014. It also set up a toothbrush manufacturing facility at
Sricity which got commissioned in April 2015. One thing to keep in mind is that the
income tax and excise benefits at its Baddi facility (where it manufactures oral care
products) expired in April 2015.

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167

DABUR INDIA LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Anand Burman

Yr of Inc

B. Code

1975
500096
SHAREHOLDING

BL. Code

DABU.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 68.6%
:
0.0%
:
5.6%
: 19.2%
:
6.5%
: 123,555

BURMAN

Price

269.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: A. K. Jain (GM-Finance)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,999
730
1,999
775
1,224

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

61,691
1,089
62,780
9,878
847
589
9,530
-24
0
-46
1,826
7,634
16.0
19.2
12.4

70,753
1,281
72,034
11,598
975
542
11,363
-25
0
-7
2,191
9,139
16.4
19.3
12.9

78,272
1,581
79,853
13,164
1,150
401
13,194
-26
0
0
2,509
10,658
16.8
19.0
13.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

26,891
19,762
11.6
1.4
50
29
16,745
1,743
18,006
20,952
5,399
47,085
17.2
0.3
1.3
17.5
36.4
38.1
4.2
0.5

29,881
18,908
15.5
1.6
50
35
17,886
1,744
23,469
26,560
2,604
53,120
22.0
0.1
1.3
18.2
34.4
40.7
3.1
0.5

27,306
24,185
4.0
1.1
45
33
19,274
1,757
30,738
33,541
2,106
61,063
33.9
0.1
1.3
18.1
31.8
38.1
2.6
0.9

BALANCE SHEET DATA

P/E

287
177
44.6
6.1
6.7
2.00
0.9
19.1
1,756.51
ESOP
5.2
38.2
34.5
12.1
33.0
407,422
6.4
6,896
12,165.4
1,071.7
1,656.6

P/CF

44.4

40.1

(` )

AUD: G. Basu & Co.

Yield

Mkt cap

0.7

Vol.

473,555.1

32.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE016A01026

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

185
137
40.6
5.2
5.8
1.75
1.1
15.2
1,743.81
ESOP
4.0
30.7
27.7
10.6
33.4
280,666
6.4
6,077
11,086.4
952.2
1,432.0

11.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

138
98
35.4
4.4
4.9
1.50
1.3
12.0
1,742.94
ESOP
3.3
26.9
24.2
9.8
34.2
205,667
6.2
4,989
10,024.5
810.7
1,240.5

0.3

Regd off: 8/3, Asaf Ali Road, New Delhi - 110 002
E-Mail:
investors@dabur.com
Web site: www.dabur.com
Telephone: (011) 2325 3488 Fax: (011) 2322 1174
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Consumer Care
Foods
Advertising
COGS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
20,790
19,497
`m
3,509
3,456
%
16.9
17.7
`m
2,828
2,848
%
13.6
14.6

Jun 15
20,695
3,208
15.5
2,612
12.6

Sep 15
20,962
4,045
19.3
3,411
16.3

FY14
84.7
12.4
14.1
47.9

FY15
83.6
13.5
14.4
47.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

8,695
-6,241
-2,340
115

FY13
83.7
12.1
13.6
48.9

10,983
-1,073
-8,037
1,873

10,472
-8,762
-4,168
-2,458

NOTES

Dabur India is the fourth largest FMCG company in India with over 125 years of
existence. The company has a distinct positioning on the traditional Ayurvedic
healthcare system having presence in personal care, health care and food. Domestic
consumer care is the largest segment having a 66% share in consolidated revenues.
The company has chartered growth by expanding operations in the international
markets of Middle East, Africa and Asia. In FY11, Dabur acquired Hobi Kozmetik
Group and US-based Namaste Laboratories. Currently, overseas revenues account
for 31% of overall sales.

Daburs consolidated sales increased by 11% in FY15 led by 20% growth in the food
business and a 9% growth in the consumer care business. On an overall
consolidated basis, the consumer care business formed about 84% of the business,
while the food and retail business contributed to about 14% and 1% of revenues
during the year. The companys operating margin expanded by 0.4% to 16.8% due to
lower input costs. Earnings grew by 17%, aided by a higher growth in other income.
Going forward, the prospects of Dabur will depend largely on the bounce back in the
rural demand. The management is expecting developments such as OROP, pay
commissions and higher MSPs to put in more money in the hands of the rural and
semirural population, factors that will essentially become the demand drivers over the
long term in this segment.
As for its international business, Dabur is expecting the performance of the Namaste
group to improve substantially over the year and a half, largely led by margin
expansion as the focus is largely on boosting revenues. Currency fluctuation will be
a key challenge for this segment however.

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168

GLAXOSMITHKLINE CONSUMER HEALTHCARE

BEVERAGES, FOOD & TOBACCO
Chairman: Simon J. Scarff

Yr of Inc

B. Code

1958
500676
SHAREHOLDING

BL. Code

GLSM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 72.5%
:
0.8%
: 12.0%
: 14.8%
: 26,457

MNC

Price

6,180.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

5.5

SEC: Sonali Khanna

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
15
31/03/14

6.7

(FY15)
3,161
397
3,255
2,045
1,210

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

3,825
2,476
757.8
103.8
112.4
45.00
1.4
323.6
42.06
4.2
30.3
28.0
9.7
43.3
132,510
3.5
3,011
9,204.4
869.5
1,261.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,875
1,138
33,013
5,734
361
24
6,487
0
0
0
2,119
4,368
18.0
32.7
13.7

48,686
2,069
50,755
8,728
626
11
10,161
0
0
0
3,413
6,747
17.9
33.6
13.9

43,076
2,219
45,295
7,368
621
74
8,891
0
0
0
3,055
5,836
17.1
34.4
13.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

20,430
11,053
29.4
1.8
42
13
3,911
421
13,189
13,610
0
25,546
269.1
0.0
1.2
17.2
32.1
47.8
6.0
0.8

27,539
14,766
26.2
1.9
31
22
3,784
421
17,708
18,129
0
34,115
968.7
0.0
1.4
19.8
37.2
56.1
6.5
0.8

33,054
16,890
37.5
2.0
40
27
5,341
421
20,677
21,130
0
40,196
121.0
0.0
1.1
14.7
27.6
42.4
5.3
1.1

INCOME DATA

BALANCE SHEET DATA

5,847
3,668
1,157.5
160.4
175.3
45.00
0.9
431.0
42.06
4.1
29.7
27.1
11.0
28.1
200,117
3.5
4,701
13,902.3
1,342.3
1,926.7

Regd off: Patiala Road, Nabha, Punjab - 147 201

E-Mail:
investor.2.co@gsk.com
Web site: www.gsk-ch.in
Telephone: (01765) 220 151 Fax: (01765) 220 642
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

6,354
5,730
1,024.2
138.8
153.5
55.00
0.9
502.4
42.06
5.9
43.5
39.4
12.0
39.6
254,112
3.5
4,313
12,213.2
1,222.8
1,654.7

P/E

44.5

P/CF
40.3

(` )

AUD: Price Waterhouse

Yield

Mkt cap

0.9

Vol.

259,932.9

1.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE264A01014

7,000
Close

6,000

100 DMA

5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Malted foods
Packaged Foods
Advertising
COGS
Royality

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

15
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,125
12,155
`m
1,059
2,638
%
10.5
21.7
`m
964
1,968
%
9.5
16.2

Jun 15
10,450
1,989
19.0
1,550
14.8

Sep 15
11,257
2,937
26.1
2,194
19.5

FY14
94.4
5.5
16.6
35.7
3.2

FY15
94.6
5.2
16.6
34.8
3.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

5,543
-3,772
-1,755
16

FY13
93.8
6.0
16.1
37.4
3.4

6,445
-2,714
-2,227
1,504

6,115
3,307
-2,222
7,200

GSK Consumer Healthcare dominates the Indian malted beverage market. Its white
beverage brand 'Horlicks' pioneered the broadening of the malted beverage market
in India. The company's other brands include 'Boost', 'Viva' and 'Maltova'. An Indian
associate of GlaxoSmithKline PLC UK, it also promotes and distributes prominent
brands such as 'Eno', 'Crocin' ,'Iodex' and Sensodyne in its over-the-counter (OTC)
portfolio.

The company changed its accounting year from calendar year to year ended March
in FY14, thereby making the FY15 result not comparable to that of the previous year.
Nevertheless, in FY15 the companys revenues grew by 11% when compared to the
annualized FY14 numbers. Similarly, profits were up by 8% YoY.

Growth was largely led by its key Health Food Drink (HFD) brands. The company
earns nearly 85% of its revenues from the east and southern markets. Exports
formed about 5% of its revenues and the balance is almost equally shared between
the northern and western regions.
GSK Consumer Healthcare continues to derive a lions share of its sales from HFD
segment. Although its packaged foods business has been registering strong growth,
it contributes to a small proportion of overall sales. The company continues to focus
on marketing and increasing its brand extensions as well as expanding its reach
across the country. Rural market expansion is a key focus area for the company. As
for its urban India strategy, the aim is to largely increase its presence across formats
as well as invest more in brand awareness.

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169

GODREJ CONSUMER PRODUCTS LTD.

CONSUMER PRODUCTS
Chairman: Adi Godrej

Yr of Inc

B. Code

2001
532424
SHAREHOLDING

BL. Code

GOCP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GODREJ

F.V.
1

: 63.3%
:
0.0%
:
1.7%
: 28.4%
:
6.5%
: 84,863

Price

1,238.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.0

SEC: P. Ganesh (VP - Fin.&Comm.)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

22.8

(FY15)
1,207
1,901
1,756
1,993
-237

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

832
482
188.5
23.4
25.7
5.00
0.8
97.3
340.33
PI
3.5
28.1
25.6
6.7
21.4
223,597
0.0
5,907
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

64,163
678
64,841
9,824
770
775
8,957
-493
0
1,289
1,792
7,961
15.3
20.0
12.4

76,024
627
76,651
11,568
819
1,074
10,302
-595
-1
-6
2,104
7,597
15.2
20.4
10.0

82,764
915
83,679
13,654
908
1,002
12,660
-694
0
-172
2,723
9,071
16.5
21.5
11.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

28,484
22,791
8.9
1.2
60
41
17,285
340
32,541
33,130
18,662
77,010
12.6
0.6
0.8
11.3
24.0
20.3
1.7
4.5

28,183
26,999
1.6
1.0
52
35
17,360
340
36,912
37,754
15,903
83,247
10.6
0.4
0.9
10.4
20.1
20.1
1.6
2.5

30,896
26,126
5.8
1.2
47
35
17,315
340
42,434
43,107
20,230
9,142
13.6
0.5
9.1
110.2
21.0
20.2
1.5
2.3

INCOME DATA

BALANCE SHEET DATA

977
701
223.4
22.3
24.7
5.25
0.6
110.9
340.38
3.8
37.6
33.9
7.6
23.5
285,647
0.0
7,424
NM
NM
NM

Regd off: Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai -79
E-Mail:
investor.relations@godrejcp.com
Web site: www.godrejcp.com
Telephone: (022) 2518 8010 Fax: (022) 2518 8040
Tr agent: Computech Sharecap, M.G.Road, Opp. Jehangir Art Gallery, Mumbai-01

1,225
742
243.1
26.6
29.3
5.50
0.6
126.6
340.45
IS
4.0
36.9
33.6
7.8
20.6
334,850
0.0
7,770
NM
NM
NM

P/E

P/CF

46.5

42.3

(` )

AUD: Kalyaniwalla & Mistry

Yield

Mkt cap

0.4

Vol.

421,669.0

10.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE102D01028

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Soaps
Home Care
Advertising
COGS
Sales within India

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
22,357
20,920
`m
3,723
3,754
%
16.7
17.9
`m
2,622
2,635
%
11.7
12.6

Jun 15
20,977
3,053
14.6
2,157
10.3

Sep 15
22,449
3,982
17.7
2,957
13.2

FY14
33.3
47.1
15.2
46.8
53.7

FY15
33.3
47.5
14.6
46.4
52.5

`
`
`
`

m
m
m
m

8,201
-8,652
2,817
2,366

KEY DATA
Unit
FY13
% of sales
35.8
% of sales
46.2
% of sales
14.8
% of sales
46.1
% of cons. sales 55.0
NOTES

11,159
-4,948
-6,205
6

10,046
-12,138
-120
-2,213

Godrej Consumer Products (GCPL) is predominantly present in the personal wash

segment through Cinthol, Fairglow, Godrej No1 soap brands and expanded in to
household products in a big way in FY11 through its merger with Sara Lee. GCPL has
acquired a number of overseas brands. They include hair colour brands like Rapidol
& Kinky in South Africa along with the UK based Keyline and the Issue group &
Argencos in Latin America. It has acquired insecticides companies, Megasari, in
Indonesia and Tura, in Nigeria. The company earns a sizeable 47% of domestic
revenues from repellents and other home care products while around 33% and 12%
of sales are garnered from personal care and hair colour segments respectively.
Overseas sales account for 47% of consolidated sales.

In FY15, GCPLs consolidated sales grew by 9% YoY. The companys operating

margins expanded by 1.3% YoY led by lower input costs (as a percentage of sales).
Net profits grew by 19% YoY as compared to the previous year. Profit before tax was
up by 22% YoY. During the year, the company paid out about 21% of its profits in the
form of dividends.

Despite a slower growth in the home and personal care segment in FY15, GCPL
clocked growth ahead of the market in its core categories. Historically, the company's
home insecticides and personal products businesses have grown 1.6-1.7 times the
overall category. In FY15, as well the company outgrew the market by about 1.5
times. Its key strategy of product innovation and accelerating new product launches
has helped it achieve this feat over time. Not to mention the lack of significant
competition in some of the key categories that the company is present in. Going
ahead, GCPL expects to drive growth and earn better margins from cost savings and
premiumisation.

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170

GOODRICKE GROUP LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: P. J. Field

Yr of Inc

B. Code

1977
500166
SHAREHOLDING

BL. Code

GDRC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 74.0%
:
0.0%
:
0.0%
: 26.0%
: 13,943

MNC

Price

169.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

23.7

SEC: S. Banerjee

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

6.5

(FY15)
1,244
67
1,244
149
1,095

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

174
104
249.8
9.3
15.0
4.00
2.9
83.6
21.60
0.6
15.0
9.3
1.7
43.2
3,007
24.0
1,604
224.8
66.8
8.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,395
83
5,478
364
123
50
275
0
0
0
75
200
6.8
27.1
3.7

5,795
103
5,898
561
130
48
486
0
0
0
153
334
9.7
31.4
5.8

6,017
102
6,119
352
131
32
290
0
0
0
68
222
5.9
23.4
3.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,471
1,651
15.2
1.5
90
56
959
216
1,575
1,806
0
3,533
6.5
0.0
1.5
7.1
11.1
17.9
16.2
0.6

2,536
1,500
17.9
1.7
86
58
993
216
1,794
2,026
0
3,605
11.2
0.0
1.6
10.6
16.5
26.4
21.0
0.4

2,784
1,729
17.5
1.6
99
55
1,023
216
1,900
2,131
0
3,963
10.1
0.0
1.5
6.4
10.4
15.1
20.7
1.1

BALANCE SHEET DATA

P/E

16.4

202
120
278.6
10.3
16.4
4.50
2.8
98.7
21.60
0.6
15.6
9.8
1.6
43.7
3,478
25.0
2,136
240.7
85.5
8.9

P/CF
10.3

(` )

AUD: Lovelock & Lewes

Yield

Mkt cap

2.7

Vol.

3,650.4

24.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE300A01016

250
Close

200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

167
106
268.3
15.4
21.4
4.50
3.3
93.8
21.60
0.5
8.8
6.4
1.5
29.1
2,943
25.0
1,729
231.8
69.2
13.3

Regd off: Camellia House, 14, Gurusaday Road, Kolkata - 700 019
E-Mail:
investor@goodricke.com
Web site: www.goodricke.com
Telephone: (033) 2287 3067 Fax: (033) 2287 2577
Tr agent: C. B. Management Services, P-22, Bondel Road, Kolkata-19

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Total Manufactured crop
Exports
Return on equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,599
855
`m
255
-519
%
9.8
-60.7
`m
169
-537
%
6.5
-62.8

Jun 15
1,025
6
0.6
-13
-1.2

Sep 15
1,737
545
31.4
534
30.7

FY14
20.7
16.5
11.4

FY15
22.3
20.9
17.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
million kgs
% of sales
%

166
-178
62
50

FY13
20.7
15.6
23.8

616
-134
-495
-13

220
-127
-141
-48

NOTES

Goodricke Group was incorporated in West Bengal in 1977 as a Public Limited

Company under the provisions of the Companies Act 1956 (Act). The company
grows, cultivates, manufactures, treats, blends, processes, buys, sells and deals in
tea in various forms. All the 17 existing tea gardens of Goodricke Group were owned
by eight Sterling Tea Companies. Of this, 12 estates are in the district of Jalpaiguri, 3
in Darjeeling in West Bengal and 2 in Darrang district of Assam. In 1978, the eight
Sterling Companies were amalgamated with Goodricke Group. Under the bulk tea
segment, the company sells CTC and orthodox teas in paper sacks, jute bags or tea
chests. The company has also developed the concept of instant tea from green leaf
at its research and development centre. It set up the worlds first integrated instant
tea plant at Aibheel Tea Garden in the Dooars.

In the premium market of Kolkata, the company made impactful strides with its most
popular brand Goodricke Darjeeling Roasted recording a 20% increase. Castleton,
the connoisseur's favourite tea recorded an impressive 23% growth. Thurbo, another
popular brand indicated an increase of 15%. In 2013, the company launched a new
brand Goodricke Khaas in Kolkata. Barnesbeg Organic Green Tea made an
impressive show in 2014, recording an increase in sale by 52%. So far this tea is
available only in leaf and tea bag without flavor formats and the company will be
launching Flavoured Tea bags in the first quarter of 2015.
Sales for the year 2014 grew by 3.8% to Rs 6 billion essentially due to improved
prices. The profit after tax (PAT) was down by 34% to Rs 222.4 million. The major
factor for lower profitability was substantial shortage in the Retirement Funds due to
the negative swing in the Bond yields coupled with the proposed increase in labour
wages.

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171

HINDUSTAN UNILEVER LIMITED

CONSUMER PRODUCTS

Chairman: Harish Manwani

Yr of Inc

B. Code

1933
500696
SHAREHOLDING

BL. Code
HLL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

UNILEVER
F.V.
1

:
0.0%
: 67.3%
:
4.1%
: 14.1%
: 14.5%
: 322,351

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

820.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

3.3

SEC: Dev Bajpal

% ch 12-m
1.6

FX Transaction (FY15)
`m
811
`m
9,334
`m
5,734
`m
18,830
` m -13,096
12
31/03/14

12
31/03/15

580
398
124.9
17.7
18.9
18.50
3.8
13.2
2,162.47
ESOP
3.9
27.6
25.9
36.9
104.5
1,057,448
0.0
14,127
NM
NM
NM

725
458
135.2
18.2
19.6
13.00
2.2
16.4
2,162.70
ESOP
4.4
32.4
30.2
36.2
71.3
1,279,129
0.0
15,727
NM
NM
NM

979
556
147.8
20.2
21.7
15.00
2.0
18.6
2,163.46
ESOP
5.2
38.1
35.4
41.3
74.4
1,660,780
0.0
17,239
NM
NM
NM

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

270,040
5,320
275,360
42,053
2,513
257
44,603
-104
159
6,057
12,426
38,290
15.6
27.9
14.2

292,337
5,701
298,039
47,457
2,955
407
49,796
-102
0
2,356
12,594
39,456
16.2
25.3
13.5

319,722
5,667
325,388
54,137
3,224
177
56,403
-124
0
6,792
19,440
43,631
16.9
34.5
13.6

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

81,157
80,055
0.4
1.0
37
13
26,539
2,163
25,841
28,648
84
120,918
174.4
0.0
2.2
31.9
133.7
177.4
0.5
3.0

95,282
89,166
2.1
1.1
37
13
31,188
2,163
32,522
35,373
84
137,541
123.4
0.0
2.1
29.0
111.5
147.9
0.3
3.0

99,821
92,052
2.4
1.1
33
12
33,373
2,164
37,489
40,216
70
144,308
319.7
0.0
2.2
30.4
108.5
157.0
0.3
2.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Hind.Uni. House, B D.Sawant Marg,Chakala, Andheri (E), Mumbai-99

E-Mail:
levercare.shareholder@unilever.com
Web site: www.hul.co.in
Telephone: (022) 3983 2285 Fax: (022) 2824 9457
Tr agent: Karvy Computershare, 17-24, Vittalrao Nagar, Madhapur, Hyderabad-81
P/E

P/CF

40.7

37.9

(` )

AUD: BSR & Co.

Yield

Mkt cap

1.8

Vol.

1,774,469.9

94.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE030A01027

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Soaps and detergents
Personal Products
Foods & Beverages
Advertising
COGS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
77,743
76,756
`m
13,315
13,182
%
17.1
17.2
`m
8,556
8,387
%
11.0
10.9

Jun 15
81,051
15,064
18.6
10,494
12.9

Sep 15
79,554
13,259
16.7
9,744
12.2

FY14
49.0
29.0
18.0
13.2
50.9

FY15
49.0
29.0
18.0
12.3
50.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

36,048
631
-41,474
-4,796

FY13
49.0
31.0
18.0
12.8
53.5

38,182
-4,750
-29,603
3,829

31,238
3,061
-34,624
-325

HUL is the largest FMCG company in the country. It has over 35 brands spanning
twenty distinct categories such as soaps, detergents, shampoos, skin care,
toothpastes, deodorants, cosmetics, tea, coffee, packaged foods, ice cream, and
water purifiers. Some of the key brands include Dove, Lux, Lifebuoy, Lipton,
Pepsodent, Ponds, Sunsilk, Vaseline, Wheel, and Bru. Soaps and detergents is the
key business for the company with this segment contributing to about half of the
revenues. This segment is followed by the personal products (29%), beverages
(12%) and foods (6%) businesses.

In FY15, HULs sales grew by 9% YoY. The largest segment of soaps & detergents
registered a growth of 9% YoY. The personal product segment comprising of hair
care, skin care, oral care, deodorants and colour cosmetics grew by 11% YoY. The
foods and beverages segments grew by 15% YoY and 10% YoY respectively during
the year. The companys operating margins came in at 16.9%, up by 0.7% YoY
backed by controlled raw material costs. The companys net profit came in higher by
11% YoY during the year.
Over the long term, HUL's focus will remain on rural markets given that they are
largely underpenetrated and have historically outgrown urban markets in the ratio of
1.5 to 2x over longer periods. Given the large untapped markets, there would be no
reasons to change this strategy anytime soon. Key factors to keep an eye out for
include poor monsoons, minimum support prices, government spending and
subsidies - all of which have a bearing on rural pockets and spending. As a segment,
the companys management expects the packaged foods and personal products
businesses to be the key growth drivers.

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172

ITC LIMITED
BEVERAGES, FOOD & TOBACCO
Chairman: Yogesh C. Deveshwar

Yr of Inc

B. Code

1910
500875
SHAREHOLDING

BL. Code
ITC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
:
0.0%
: 38.7%
: 17.0%
: 44.3%
: 523,783

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

Price

317.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

ITC

12
31/03/13

-6.6

SEC: B. B. Chatterjee

% ch 12-m
-18.9

FX Transaction (FY15)
`m
42,532
`m
18,521
`m
50,960
`m
34,297
`m
16,663
12
31/03/14

P/E

380
281
44.4
11.2
12.4
6.00
1.8
34.2
7,953.18
ESOS
7.4
29.6
26.7
9.7
53.7
2,629,321
25.9
25,042
13,627.0
966.3
3,430.7

410
312
48.4
12.1
13.3
6.25
1.7
39.6
8,015.52
ESOS
7.5
29.9
27.1
9.1
51.8
2,894,003
25.0
27,723
15,533.9
1,108.9
3,865.3

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

316,275
7,560
323,835
111,743
8,591
872
109,840
-964
109
1,216
34,121
76,081
35.3
31.1
24.1

353,171
9,710
362,880
130,519
9,649
64
130,516
-1,098
106
0
40,609
88,914
37.0
31.1
25.2

388,348
12,565
400,913
142,016
10,280
681
143,621
-1,154
129
0
45,964
96,632
36.6
32.0
24.9

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

190,657
105,260
27.0
1.8
87
16
138,854
7,902
215,575
231,579
908
353,534
127.0
0.0
0.9
21.8
32.9
47.8
10.1
5.8

225,811
118,861
30.3
1.9
85
25
157,415
7,953
255,451
272,370
764
408,839
2,049.9
0.0
0.9
21.8
32.6
47.4
10.6
5.5

255,744
121,599
34.5
2.1
81
19
177,715
8,016
300,816
317,355
607
459,908
211.8
0.0
0.8
21.2
30.4
45.1
11.0
4.8

P/CF

26.3

23.8

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.0

Vol.

2,544,526.8

379.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE154A01025

450

12
31/03/15

311
223
40.0
9.6
10.7
5.25
2.0
29.3
7,901.83
ESOS
6.7
27.7
24.9
9.1
54.5
2,109,789
25.9
21,456
12,211.4
828.4
2,937.5

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Virginia House, 37, Jawaharlal Nehru Road, Kolkata - 700 071
E-Mail:
isc@itc.in
Web site: www.itcportal.com
Telephone: (033) 2288 9371 Fax: (033) 2288 2358
Tr agent: In-house

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cigarettes margins
Agri business margins
Paper margins
Advertising
COGS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
89,426
92,928
`m
34,642
32,431
%
38.7
34.9
`m
26,350
23,612
%
29.5
25.4

Jun 15
85,877
33,859
39.4
22,654
26.4

Sep 15
89,042
35,601
40.0
24,313
27.3

FY14
34.3
10.8
17.3
2.4
39.6

FY15
36.5
10.8
17.4
2.0
38.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

71,018
-38,814
-33,100
-895

FY13
32
14.6
35.3
2.7
40.4

73,436
-32,541
-41,215
-320

98,432
-52,754
-46,610
-933

ITC is a dominant player in the domestic cigarette market. Cigarette is the largest
segment contributing 43% to overall sales. The non-cigarette FMCG business has a
26% sales share. Agri and paper businesses make up 15% and 12% of overall
revenues whereas hotel business is the smallest segment with a 4% sales share.

In FY15, ITCs net sales grew by 10% YoY primarily driven by double-digit growth in
FMCG business. The companys cigarette business, however witnessed volume
pressure given the governments strong stance against smoking which has led to
increase in duties on cigarettes and tobacco products over the past few years. The
companys paper and agri segments de-grew by 5% and 29% during the year. At the
operating profit level however, the figure was up by 9% YoY as margins contracted
marginally by 0.4% YoY to 36.6% for the full year.

ITC has been growing at a good pace aided by steady growth in its FMCG business.
Backed by strong pricing power in cigarette business, the company has managed to
pass on the structural increase in taxation. Its non-cigarette FMCG business has
been the fastest growing business in recent years; but given its still in the investment
phase, its profitability has been taking a toll on the overall company. Its hotels
business has been performing poorly as well. While this business contributes a mere
4% to the overall revenues, when it comes to the capital employed (about a fifth of
the total), the picture is quite different thereby indicating the poor quality of the
business. Nevertheless, to curb the impact of high taxation on itself, ITC is looking to
sharpen its focus on its non-cigarette FMCG business; having set itself a target of
touching a turnover of over Rs 1 trillion from its brands in the FMCG business by
2025-30.

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173

MARICO LIMITED
CONSUMER PRODUCTS

Chairman: Harsh Mariwala (MD)

Yr of Inc

B. Code

1988
531642
SHAREHOLDING

BL. Code

MRCO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 59.6%
:
0.1%
:
2.6%
: 31.0%
:
6.7%
: 37,128

MARIWALA
Price

423.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Hemangi Ghag

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
2,071
1,645
3,098
1,928
1,170

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

45,962
375
46,337
6,258
866
580
5,187
-98
0
332
1,462
3,959
13.6
28.2
8.6

46,865
582
47,447
7,477
769
345
6,946
-187
0
0
1,905
4,854
16.0
27.4
10.4

57,330
589
57,919
8,701
843
230
8,217
-114
0
0
2,368
5,735
15.2
28.8
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,892
12,407
7.6
1.3
69
16
14,224
645
18,741
19,815
4,326
37,072
9.9
0.2
1.2
12.2
20.0
24.9
3.0
3.3

18,071
13,041
10.7
1.4
62
17
6,378
645
12,412
13,606
2,515
29,650
21.2
0.2
1.6
17.5
35.7
44.1
3.5
3.2

18,292
11,016
12.7
1.7
63
11
5,898
645
16,496
18,248
1,687
31,253
36.8
0.1
1.8
19.1
31.4
41.8
3.6
2.9

BALANCE SHEET DATA

P/E

47.6

409
354
88.9
8.9
10.2
1.90
0.5
28.3
644.98
4.3
42.9
37.4
13.5
21.4
246,092
1.6
3,251
36,515.8
2,071.0
3,652.5

P/CF
41.5

(` )

CASHFLOW

Parameters
Edible oils
Hair oils
Advertising
COGS

Mkt cap

0.4

Vol.

273,149.0

54.5

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Price Waterhouse

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

251
191
72.7
7.5
8.7
3.50
1.6
21.1
644.87
ESOP
3.0
29.3
25.3
10.5
46.5
142,387
1.9
2,850
24,182.2
1,470.6
2,504.5

30.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

250
166
71.3
6.1
7.5
1.00
0.5
30.7
644.77
PI,ESOP
2.9
33.9
27.8
6.8
16.3
134,112
0.0
3,703
NM
NM
NM

3.7

Regd off: 7th Flr., Grande Palladium, 175 CST Rd., Santacruz (E), Mumbai -98
E-Mail:
investor@maricoindia.net
Web site: www.marico.com
Telephone: (022) 6648 0480 Fax: (022) 2650 0159
Tr agent: Link Intime India, C13, Pannalal Mills Compd., LBS Marg, Mumbai-78
ISIN

INE196A01026

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,524
12,263
`m
2,346
1,697
%
16.2
13.8
`m
1,599
1,100
%
11.0
9.0

Jun 15
17,832
3,216
18.0
2,378
13.3

Sep 15
14,854
2,263
15.2
1,507
10.1

FY14
64.2
26.0
11.1
54.4

FY15
65.9
25.0
10.2
57.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

4,319
-8,323
4,423
418

FY13
67.8
24.3
11.2
53.7

6,605
-2,042
-3,393
1,169

6,648
-1,712
-6,255
-1,318

NOTES

Marico derives about two-thirds of its domestic revenues from edible oils, about 25%
from hair oils and about 6% from its personal products segment. Parachute and
Saffola, Revive, Livon, Set-wet are the key domestic brands. Its international portfolio
includes brands such as Fiance, Hair Code, Caivil. The international business
contributes to about 22% of revenues. The key markets are Bangladesh (45% of
international market), MENA (18%), South East Asia (26%) and South Africa (8%).

In FY15, Maricos sales rose by 22% YoY. As per the company, the domestic business
grew by 26% YoY with an underlying volume growth of 6% YoY. Parachute and
Saffola recorded volume growth of 6% each. The company maintained its leadership
position with a 57% market share in branded coconut hair oil and 58% market share
in the super premium refined edible oil. Its international business grew by 10% YoY
(in constant currency terms). Operating margin contracted by 0.8% YoY to 15.2% led
by higher input costs. Its net profits grew by 18% YoY.

The strong growth has largely been a function of its increased distribution combined
with premiumisation efforts. The rural market, for instance, contributes to about a third
of the revenues. As per the company, it increased direct rural reach by 25% in the
past two years, and now it reaches out to about 50,000 villages; this provides the
company enough leverage to market its value added hair oils portfolio going forward.
For the urban markets, the aim is largely to increase penetration given its foray into
newer segments such as breakfast foods, male grooming & hair serums and body
lotions. Under its Go-To-Market (GTM) transformation strategy, the aim is to expand
distribution beyond the general trade.

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174

NESTLE INDIA LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: A. Helio Waszyk (MD)

Yr of Inc

B. Code

1959
500790
SHAREHOLDING

BL. Code
NEST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 62.8%
:
4.5%
: 12.5%
: 20.3%
: 62,821

MNC

Price

5,759.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

SEC: B. Murli (SVP Legal)

% ch 12-m
-8.7

FX Transaction (FY15)
`m
6,411
`m
4,310
`m
6,411
`m
12,096
`m
-5,684
12
31/12/13

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

83,346
310
83,656
18,580
2,772
266
15,853
0
0
-327
4,847
10,679
22.3
30.6
12.8

91,010
831
91,841
20,196
3,300
365
17,362
0
0
-582
5,609
11,171
22.2
32.3
12.3

98,549
873
99,422
21,098
3,375
142
18,454
0
0
-710
5,897
11,847
21.4
32.0
12.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,901
11,387
4.2
1.3
33
4
35,484
964
17,012
17,984
10,500
51,639
60.6
0.6
1.6
21.2
59.4
55.4
5.1
5.2

23,017
13,472
10.5
1.7
30
3
36,640
964
22,712
23,688
11,895
63,143
48.6
0.5
1.4
18.3
47.2
48.2
6.8
4.6

19,637
13,555
6.2
1.4
31
4
34,214
964
27,393
28,372
155
58,195
130.7
0.0
1.7
20.6
41.8
62.7
6.5
4.4

INCOME DATA

BALANCE SHEET DATA

5,865
4,410
943.9
115.9
150.1
48.50
0.9
245.7
96.42
5.4
44.3
34.2
20.9
41.9
495,353
7.2
6,857
12,712.7
957.8
1,560.5

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

5,025
3,930
864.4
110.8
139.5
48.50
1.1
186.5
96.42
5.2
40.4
32.1
24.0
43.8
431,721
7.0
6,634
11,893.0
946.6
1,523.9

-6.2

Regd off: M-5A, Connaught Circus, New Delhi - 110 001

E-Mail:
investor@in.nestle.com
Web site: www.nestle.in
Telephone: (011) 2341 8891 Fax: (011) 2341 5130
Tr agent: Alankit Assignments, 2E/21, Jhandewalan Extension, New Delhi-55

6,625
4,536
1,022.1
122.9
157.9
63.00
1.1
294.3
96.42
5.5
45.4
35.3
19.0
51.3
538,053
7.2
7,549
13,634.3
1,044.4
1,639.0

P/E

P/CF

46.9

36.5

(` )

AUD: A. F. Ferguson & Co.

Yield

Mkt cap

1.1

Vol.

555,287.6

4.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE239A01016

8,000
7,000

Close
100 DMA

6,000
5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Milk products
Beverages
Prepared dishes
Advertising
COGS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
25,309
25,165
`m
5,741
6,107
%
22.7
24.3
`m
3,436
3,715
%
13.6
14.8

Jun 15
19,570
-766
-3.9
-644
-3.3

Sep 15
17,424
2,429
13.9
1,242
7.1

FY14
43.4
14.1
28.8
4.4
45.5

FY15
45.2
13.2
29.2
4.5
46.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

16,934
-9,408
-5,132
2,394

FY13
45.0
13.1
28.3
5.0
45.5

17,964
-4,409
-5,801
7,753

16,440
-4,317
-16,353
-4,230

Nestle India is more than a century old and the second largest FMCG company
dominating the noodle (Maggi) and the hot beverage (Nescafe) categories. Milk
products & nutrition is the largest segment with a 45% sales share. This is followed
by prepared dishes & cooking aids and beverage segments with 29% and 13% sales
shares, respectively. Chocolates & confectionary make up for the balance 12% of
sales.
CY14 was a slow year for Nestle, relative to its historical growth trend. Revenues
were up by 8% YoY, while operating profits grew by 5% YoY. Growth during the year
was led by its milk products & nutrition business as well as its prepared dishes and
cooking aids segment. The beverages and cooking & confectionary segments were
largely flat. The companys operating margin contracted marginally to 21.4% from
22.2% in the previous year. Net profits were higher by 6% YoY.

The year 2015 was one year which the company would like to forget as it was roiled
up in a controversy surrounding its flagship product Maggi noodles; allegations were
made against the company's products not meeting quality standards. As per the
company, it took the measure of taking the products off the shelves temporarily in the
middle of the year, with sales worth a little over Rs 3 bn were reversed during the nine
month period ended September 2015 in relation to Maggi noodles stock being
withdrawn from trade partners and the market. Write offs to the tune of Rs 4.5 bn
were made during this period as well. The impact of all of this has caused a major
shift in the instant noodles market. Whether the company will be able to salvage the
situation to regain its lost ground will be a key thing to be watched in the coming year.

Get more info at www.equitymaster.com

175

TATA COFFEE LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Harish Bhat

Yr of Inc

B. Code

1943
532301
SHAREHOLDING

BL. Code

TACO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 57.5%
:
0.0%
:
5.0%
:
0.0%
: 37.6%
: 46,572

TATA

Price
87.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

0.5

SEC: N. S. Suryanraynan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-11.3

(FY15)
4,321
1,590
4,587
1,617
2,970

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,675
812
908.7
62.2
82.1
12.50
1.0
333.5
18.68
1.4
20.0
15.2
3.7
20.1
23,229
6.4
2,218
2,663.4
348.0
182.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,974
113
17,086
3,128
371
529
2,341
-334
0
-210
635
1,162
18.4
27.1
6.8

16,772
120
16,892
3,122
486
369
2,388
19
0
-1,264
329
815
18.6
13.8
4.9

16,914
89
17,003
3,415
518
395
2,592
-499
0
65
955
1,204
20.2
36.8
7.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,373
4,260
6.6
1.3
51
27
14,741
187
5,491
6,230
7,365
21,489
5.4
1.2
0.8
7.9
18.7
17.1
22.3
10.0

6,617
4,300
13.8
1.5
58
21
16,173
187
4,707
6,924
7,826
22,974
7.5
1.1
0.7
5.2
11.8
10.3
23.4
8.7

6,375
4,469
11.3
1.4
63
32
16,834
187
5,530
7,962
7,230
24,140
7.6
0.9
0.7
6.6
15.1
16.8
25.5
9.4

BALANCE SHEET DATA

P/E

108
85
905.5
64.4
92.2
1.30
1.3
426.2
18.68
0.1
1.5
1.0
0.2
2.0
1,799
6.2
2,666
2,707.1
426.7
192.7

P/CF

13.5

9.4

(` )

AUD: SNB Associates

Yield

Mkt cap

1.5

Vol.

16,260.9

52.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE493A01027

180
Close

160

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,675
870
897.8
43.6
69.6
13.00
1.0
370.7
18.68
1.4
29.2
18.3
3.4
29.8
23,769
5.4
2,433
3,112.8
451.5
151.2

Regd off: Pollibetta, Kodagu - 571 215

E-Mail:
investors@tatacoffee.com
Web site: www.tatacoffee.com
Telephone: (080) 2356 0695 Fax: (080) 2334 1843
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

140
120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Advertising
Sales within India
RoE
RoCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,265
4,500
`m
617
855
%
14.5
19.0
`m
183
329
%
4.3
7.3

Jun 15
3,960
605
15.3
254
6.4

Sep 15
4,527
644
14.2
275
6.1

FY14
17
16.7
15.9
10.9

FY15
13.6
14.7
23
18.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%
%

2,046
-2,148
278
176

FY13
14.1
12.7
28.2
19.8

1,994
-722
-1,119
153

2,380
-745
-2,063
-428

NOTES

Tata Coffee Limited is the worlds largest integrated coffee plantation company in
which Tata Global Beverages holds a majority stake. The company is engaged in the
growing and curing of coffee and tea and manufacture of value-added coffee
products. It owns 19 coffee estates & seven tea estates. It exports coffee to many
countries including CIS countries, Europe, Africa and the US. Its subsidiaries include
Eight O clock coffee, Consolidated Coffee and Alliance Coffee.
During FY15, the company harvested a higher Robusta crop of 7,002 MT (million
tonnes) in the coffee segment. This was the highest Robusta production in the last
five years. Further, the long drought followed by heavy rain and some pest attack
lowered the tea production for the company. Tata Coffee Limited continues to
exclusively cater to Tata Starbucks outlets in India from its state of art facility at
Kushalnagar.
Consolidated sales of Tata Coffee increased by 0.9% in FY15 primarily due to higher
turnover of value added products. Earnings during the period witnessed a surge of
48% due to better performance of value added products. The Instant Coffee Division
recorded a higher sales volume and turnover during FY15. The plantation segment
overall had a flat turnover with profitability getting impacted due to lower crop.

With the recent addition of latest state-of-the-art Coffee processing machineries

imported from Brazil and Columbia, the company aims at increasing its market share
in the Specialty Coffee segment at the international markets. For the Instant Coffee
Division, new product development and packaging solutions fastened with continual
improvement and innovation will be the driving factors.

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176

TATA GLOBAL BEVERAGES LTD.

BEVERAGES, FOOD & TOBACCO
Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1962
500800
SHAREHOLDING

BL. Code
TTTE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 35.1%
:
0.0%
: 11.3%
: 25.7%
: 28.0%
: 179,798

TATA

Price

131.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. Madan (VP)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,661
590
3,232
1,095
2,137

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

73,510
860
74,370
7,685
1,051
844
6,650
-723
-277
-282
1,641
3,728
10.5
24.7
5.1

77,368
818
78,186
7,519
1,291
865
6,181
-290
-129
888
1,845
4,805
9.7
29.8
6.2

79,934
700
80,634
7,748
1,331
819
6,299
-257
-109
-1,300
2,155
2,478
9.7
34.2
3.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

36,092
21,476
19.9
1.7
69
35
45,250
618
44,497
48,101
6,727
87,939
8.9
0.1
0.8
5.2
7.7
11.3
2.1
0.7

38,567
17,395
27.4
2.2
72
31
52,406
618
47,279
58,489
10,538
99,984
8.1
0.2
0.8
5.7
8.2
10.9
2.2
0.8

36,111
17,979
22.7
2.0
74
28
49,689
618
46,032
54,915
8,839
95,118
8.7
0.2
0.8
3.5
4.5
8.6
2.1
0.7

BALANCE SHEET DATA

P/E

32.9

177
137
129.3
4.0
6.2
2.25
1.4
88.8
618.40
1.2
39.3
25.5
1.8
56.1
97,274
2.5
8,577
31,358.9
3,364.7
972.2

P/CF
21.4

(` )
200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

170
126
125.1
7.8
9.9
2.25
1.5
94.6
618.40
1.2
19.1
15.0
1.6
29.0
91,585
2.5
7,925
31,374.1
3,213.8
1,948.5

-14.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

182
100
118.9
6.0
7.7
2.15
1.5
77.8
618.40
1.2
23.4
18.2
1.8
35.7
87,194
2.5
7,401
29,533.8
2,973.5
1,497.6

2.5

Regd off: 1, Bishop Lefroy Road, Kolkata - 700 020

E-Mail:
v.madan@tataglobalbeverages.com
Web site: www.tataglobalbeverages.com
Telephone: (033) 2283 6917 Fax: (033) 2283 3032
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd., Mumbai-11

CASHFLOW

Mkt cap

1.7

Vol.

81,412.4

94.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE192A01025

Close
100 DMA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Lovelock & Lewes

Yield

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
21,439
19,227
`m
1,952
1,776
%
9.1
9.2
`m
842
1,064
%
3.9
5.5

Jun 15
20,290
1,827
9.0
851
4.2

Sep 15
20,345
1,491
7.3
828
4.1

FY14
73.1
24.3
35.9
12.6

FY15
74.4
24.4
37.8
13.2

Parameters
Tea
Coffee
Indian operations
Advertising and Sales Promotion

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

1,729
160
1,860
3,749

FY13
72.8
26.2
31.8
8.6

4,218
-1,204
-3,633
-619

4,178
-1,748
-3,924
-1,494

NOTES

Tata Global Beverages (TGB) is the second largest tea company in the world. Tea
accounts for 74% while coffee contributes 24% to group turnover. The company has
acquired well-known beverage brands such as Tetley, Jemca, Jockels, Eight O clock
and Grand and Good Earth. In FY12, TGB announced a joint venture with Starbucks
Coffee Company. By the end of FY14, Tata Starbucks has expanded steadily and
presently has 70 stores across India, covering seven cities including Mumbai and
New Delhi. The company has an equal-stake joint venture, NourishCo Beverages
with PepsiCo with a portfolio of three products namely premium water brand
Himalayan, Tata Water Plus and Tata Gluco Plus. NourishCo Beverages has its
coverage in 7 states across India. In FY14, the company had acquired Australian
company Earth Rules engaged in the coffee business under the MAP brand.
During the year 2014-15, TRIL Constructions Limited and Earth Rules Pty Limited
became subsidiaries of Tata Global Beverages. While, on the other hand, Alliance
Coffee Limited and B Jets Pte Limited ceased to be subsidiary and associate
respectively.

TGBs consolidated income grew by 3% in FY15 at Rs 79.9 billion. Its operating profit
increased by 3% to Rs 6.4 billion on the back of improved profitability in the branded
business. However, net profit decreased during the year due to the impact of
exceptional items. The Company recognised noncash impairment losses amounting
to Rs 950 million relating to businesses in China and Eastern Europe.
TGB has evolved from its strong heritage in tea plantations to a marketing and brandfocused organisation, with a portfolio of dynamic brands. Around 90% of the company
sales today are from branded products and over 62% of the group turnover is
generated outside India.

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177

VST INDUSTRIES LIMITED

Regd off: 1-7-1063/1065, Azamabad, Hyderabad - 500 020

E-Mail:
investors@vstind.com
Web site: www.vsthyd.com
Telephone: (040) 2761 0460 Fax: (040) 2761 5336
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

BEVERAGES, FOOD & TOBACCO

Chairman: Raymond S. Noronha

Yr of Inc

B. Code

1930
509966
SHAREHOLDING

BL. Code
VSTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 32.2%
: 14.3%
: 11.9%
: 41.7%
: 13,157

Price

1,597.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,928
233
1,928
601
1,326

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,687
263
6,949
1,803
225
0
1,841
0
0
0
578
1,263
27.0
31.4
18.9

7,892
324
8,216
2,181
266
0
2,240
0
0
0
738
1,502
27.6
33.0
19.0

8,362
185
8,547
2,421
319
0
2,288
0
0
0
766
1,522
29.0
33.5
18.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,458
4,392
15.9
1.2
138
13
1,752
154
2,843
3,041
0
7,436
NM
0.0
0.9
17.0
41.5
60.5
18.1
4.5

5,307
4,236
13.6
1.3
124
4
2,091
154
3,080
3,282
0
7,551
NM
0.0
1.0
19.9
45.7
68.2
19.7
5.8

6,109
4,732
16.5
1.3
160
5
1,978
154
3,280
3,467
0
8,260
NM
0.0
1.0
18.4
43.9
66.0
23.1
2.8

INCOME DATA

BALANCE SHEET DATA

1,769
1,400
511.1
97.3
114.5
70.00
4.4
212.6
15.44
3.1
16.3
13.8
7.5
72.0
24,465
0.9
699
8,917.2
790.1
1,696.7

-16.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,025
1,456
433.1
81.8
96.3
62.50
3.6
197.0
15.44
4.0
21.3
18.1
8.8
76.4
26,873
0.9
634
7,388.7
700.9
1,395.0

-1.3

SEC: Nitesh Bakshi

% ch 12-m

1,740
1,526
541.6
98.6
119.2
70.00
4.3
224.5
15.44
3.0
16.6
13.7
7.3
71.0
25,214
0.9
771
9,745.4
898.4
1,774.0

P/E

16.2

P/CF
13.4

(` )

AUD: Lovelock & Lewes

Yield

Mkt cap

4.4

Vol.

24,669.3

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE710A01016

2,500
Close

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cigarettes Sales
Profit After Tax Margin
Return on equity
Dividend Pay Out Ratio

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,981
2,193
`m
488
646
%
24.6
29.5
`m
304
407
%
15.3
18.6

Jun 15
1,914
507
26.5
309
16.2

Sep 15
2,045
479
23.4
318
15.5

FY14
85.2
19.0
45.7
72.0

FY15
85.1
18.3
43.9
71.0

`
`
`
`

m
m
m
m

1,184
87
-1,167
104

KEY DATA
Unit
FY13
% of Gross Sales 88.4
%
18.9
%
41.5
%
76.4

1,298
-183
-1,129
-14

1,171
350
-1,265
257

NOTES

Incorporated in 1930, VST Industries is one of Indias largest tobacco companies.

The company began its operations under the name of Vazir Sultan and Sons, which
was eventually changed to VST in 1983. The companys products include cigarettes,
unmanufactured tobacco, cut tobacco and other articles of paper and paper board.
The major brands of the company include Charminar, Charminar Special Filter,
Charms Mini Kings and Charms Virginia Filter, XL Filter and Shaan. The products are
targeted at the lower end of the market and have dominance in the small-sized (less
than 60 mm) micro segment. The manufacturing facility of the company is located at
Hyderabad in Andhra Pradesh.

Though the major chunk of revenue comes from sale of cigarettes, it is also in the
business of selling non-manufactured and cut tobacco. The company entered into
long-term tie-ups with potential customers for oriental tobacco development and
marketing, which has now attained commercial production levels and established a
market with premium customers for air cured Burley exports. It retains a premier
status in sun/air/fire cured tobaccos.

During FY15, the companys revenues and profits were up by 6% YoY and 1% YoY
respectively. Operating margins expanded to 29% from 27.6% a year ago. VST
Industries' performance in the year was impacted by sharp increase in excise duty.
What adds more pressure is the fact that in last years budget, duties in the micro (<
65 mm) segment were raised by 25%. The company in the past has been able to
pass on duty hikes. However continuous duty increases in the past four years is
seemingly beginning to have an impact on the company's offtake.

Get more info at www.equitymaster.com

178

HOTEL
Tourism has now become a significant industry in India. It is a
sun rise industry, an employment generator, a significant
source of foreign exchange for the country. Tourism in India
is the third largest foreign exchange earner of the country
after gems, jewellery and readymade garments. The booming
tourism industry has had a cascading effect on the hospitality
sector with an increase in the occupancy ratios and average
room rates.
The tourism and hospitality sector is among the top 15
sectors in India to attract the highest Foreign Direct
Investment (FDI). According to the data released by
Department of Industrial Policy and Promotion (DIPP), the
hotel and tourism sector attracted around US$ 8.5 billion of
FDI between April 2000 and September 2015.
The Indian government has also taken several steps to make
India a global tourism hub. The government has initiated
Project Mausam under which it has proposed to establish
cross cultural linkages and to revive historic maritime cultural
and economic ties with 39 Indian Ocean countries. Further,
the government plans to cover 150 countries under e-visa
scheme by the end of the year. Recently, the Indian
government has also released a fresh category of visa- the
medical visa or M visa, to encourage medical tourism in India.
The hotel industry in India thrives largely due to the growth in
tourism and travel. Due to the increase in tourism with rising
foreign and domestic tourists, hotel sector is bound to grow.
There is an emergence of budget hotels in India to cater to
the majority of the population who seek affordable stay.
International companies are also increasingly looking at
setting up such hotels.
FY15
The international travel and tourism industry continues to be
one of the largest global industries and a major engine of
economic growth. At present, 1 in every 11 people worldwide
are employed by the tourism sector, with the industry
generating US$ 7.6 trillion or 10% of the global GDP in 2014.

KEY POINTS
Supply: India has an estimated 1,70,000 hotel rooms. Even
with the expected addition of another 60,000 hotel rooms
(across segments) over the next 3-5 years, the industry is
expected to fall short of meeting the long term demands of an
economy growing at 7-9% p.a. Also, as per Cygnus estimates,
around 40 international brands are said to enter the country in
the next five years.
Demand: Largely depends on business travelers but tourist
traffic is also on the rise. Also, there is seen an increasing
demand for medical tourism. Demand normally spurts in the
peak season between November and March.
Barriers to entry: Economic risks, high capital costs,
competition in the industry, poor infrastructure facilities and
scarcity of land.
Bargaining power of suppliers: Limited due to higher
competition, especially in metros.
Bargaining power of customers: Higher in metros due to
increasing room supply.
Competition: Intense in metros, slowly picking up in tier-2 and
tier-3 cities. Competition has picked up due to the entry of
foreign hotel chains. Also, there is an increasing competition
from the startups/online industry due to the increasing
penetration of the internet.
PROSPECTS
In the long term, the demand-supply gap in India is very real
and that there is need for more hotels in most cities. The
shortage is especially true within the budget and the midmarket segment. There is an urgent need for budget and midmarket hotels in the country as travelers look for safe and
affordable
accommodation.
Various
domestic
and
international brands have made significant inroads into this
space and more are expected to follow as the potential for
this segment of hotels becomes more obvious.

Leading hotel consultancy firm HVS noted subtle yet evident

recovery in branded hotel business in India during 2014-15.
Nation-wide occupancies during FY15 grew almost two
percentage points, crossing the 60% mark for the first time in
four years. The occupancy closed at 60.3% as against 58.4%
in 2013-14. Similarly, there was a marginal growth in the
nation-wide RevPAR (Revenue per room) in branded hotels
in 2014-15. RevPAR performance of India's organised supply
rose to Rs 3,324 from the last year's Rs 3,275. This was
noted the first in four years where RevPAR has grown.

According to a joint report by FICCI and KPMG, the medical

tourism market in India is projected to reach US$ 3.9 billion
mark this year having grown at a CAGR (compounded annual
growth rate) of 27% over the last three years.

As per a report by World Economic Forum (WEF), India was

ranked 12th in the Asia Pacific region and 55th overall in the
list of the worlds attractive destinations. A total investment of
Rs 448 billion is expected in this industry in the next five
years.

With a rise in online competition, popular models have come

up with online travel agents (OTAs) offering a single
marketplace for all travel-related needs. There are also seen
meta search engines like TripAdvisor and Kayak, that operate
like
travel
discovery
platforms.
Further,
online
accommodation reservation services like Oyo Rooms,
Stayzilla are gaining popularity.

During FY15, the Ministry of Tourism sanctioned Rs 8,449

million to States and Union Territories for developing tourism
destinations and circuits.
As per IBEF, the number of foreign tourist arrivals (FTAs) in
India grew 4.5% during January-November 2015. During
January-November 2015, Foreign Exchange Earnings (FEEs)
from tourism were US$ 16.94 billion. This depicted a growth
of 1% over the same period last year. The number of tourists
arriving on e-Tourist Visa during the month of October 2015
reached a total of 56,477, registering a growth of 1987% or
21 times as compared to 2,705 tourists in October 2014.

As per a report by ICRA, the domestic hotel industry is

estimated to touch US$ 1.8 billion by 2016, from US$ 0.8
billion presently. The growth is expected to come from the
rise in online bookings. Online bookings account for 16% of
the hotel bookings currently and is expected to grow to 25%
in 2016.

The tourism industry is also looking forward to the expansion

of E-visa scheme which is expected to double the tourist
inflow to India.
India, after China, is considered as one of the most lucrative
hotel markets in the world and has the second largest
construction pipeline in Asia. Growing affluence, potential for
economic growth, increases in disposable incomes and the
burgeoning middle class are expected to drive both leisure
and business travel in the coming years.
179

HOTELS
GLOBAL COMPARISON
(FY15/CY14)
Rooms
Revenues
Operating margins
Profit after tax
Net margin

Units
Nos
US$ m
%
US$ m
%

Intercontinental
7,10,300
1,858
36.0
392
21.1

Mariott
7,14,765
13,796
7.2
753
5.5

Choice
5,05,278
757
25.7
123
16.2

EIH*
4,752
200
19.6
15
7.5

* Year ended March 2015. For others, figures are for year ended December 2014.

Intercontinental Hotels Group

Intercontinental Hotels Group PLC (IHG), through subsidiaries, engages in owning, managing, leasing, and franchising hotels and
guest rooms worldwide. As of December 31, 2014, it had more than 4,800 hotels and 7,10,300 rooms in almost 100 countries and
territories. The group owns a portfolio of 9 hotel brands, including InterContinental Hotels & Resorts, Crowne Plaza Hotels &
Resorts, Holiday Inn Hotels and Resorts, Holiday Inn Express, Staybridge Suites, Candlewood Suites and Hotel Indigo. The
newest addition to the portfolio is HUALUXE Hotels and Resorts, the first premium international hotel brand designed specifically
for Chinese consumers. The company has moved from investing heavily in hotel properties to the hotel franchise and management
model with only a few owned assets. During 2014, the companys highlights included opening of the first two hotels under EVEN
Hotels brand, and progress made in strengthening its digital offer and enhancing its loyalty program, IHG Rewards Club. Also, the
company announced the acquisition of Kimpton Hotels and & Hotels, thereby making IHG the clear market leader in the boutique
segment. With over 710,000 rooms open at the end of 2014, the company delivered its strongest net IHG System size growth
since 2009 of 3.4%, opening over 41,000 rooms. Going forward, the company aims at accelerating growth strategies in priority
markets, and key locations in agreed scale markets, and continue to leverage scale.

Marriott International
Marriott International is a leading hospitality company with 18 brands. The company is one of the world's leading hoteliers with
more than 4,100 operated or franchised properties in more than 79 countries. Marriott's hotels include such full-service brands as
Renaissance Hotels and its flagship Marriott Hotels & Resorts, as well as select-service and extended-stay brands Courtyard and
Fairfield Inn. It also owns the Ritz-Carlton luxury chain and resorts. Other brands include Courtyard, Towne Place Suites, Fairfield
Inn, SpringHill Suites and Bulgari. It also develops and operates vacation ownership resorts under the Marriott Vacation Club, The
Ritz-Carlton Club and Grand Residences by Marriott brands. During 2014, the hotel added 300 properties to its system. Revenue
per Available Room (RevPAR) for the companys worldwide comparable system wide properties increased by 6.6% in 2014 on a
constant currency basis and average daily rates rose 3.7% with business and leisure demand driving worldwide occupancy to over
73%. 2014 stood a record-setting year for Marriott International as the company signed agreements for more than 650 hotels or
1,00,000 rooms.

Choice Hotels
Choice Hotels, a leading hotel franchisor was started in 1939 in Maryland as Quality Courts United. In order to better reflect its
growing number of brands and its presence in other countries, the company changed its name to Choice Hotels International in
1990. Built on the foundation of the venerable Quality Inn brand, a pioneer in consistent mid-priced lodging, Choice Hotels
International, Inc. franchises more than 6,379 hotels, representing more than 5,05,278 rooms in more than 35 countries and
territories. As of December 31, 2014, 603 hotels, representing more than 47,951 rooms, were under construction, awaiting
conversion or approved for development in 50 states. The company's Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion,
Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands, as well as its Ascend
Hotel Collection membership program, serve guests worldwide. SkyTouch Technology is a division of Choice Hotels International,
Inc. that develops and markets cloud-based technology products, including inventory management, pricing and connectivity to third
party channels, to hoteliers not under franchise agreements with the company.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

180

EIH LIMITED
HOTELS

OBEROI

Chairman: P. R. S. Oberoi (Chief Exec.)

Yr of Inc

B. Code

1949
500840
SHAREHOLDING

BL. Code
EIHO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 35.2%
:
0.0%
: 12.3%
:
1.3%
: 51.3%
: 83,389

Price

122.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.3

SEC: S. N. Sridhar

% ch 12-m
2.1

FX Transaction (FY15)
`m
0
`m
236
`m
5,148
`m
573
`m
4,575
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

94
61
25.7
0.7
3.2
0.90
1.2
45.4
571.57
3.0
106.0
24.2
1.7
123.1
44,297
9.5
3,918
1,545.1
412.4
44.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,682
361
15,043
2,775
1,411
717
1,008
-127
76
-268
271
418
18.9
26.9
2.8

15,471
313
15,784
3,335
1,349
527
1,771
-126
87
53
715
1,071
21.6
40.3
6.9

16,688
289
16,977
3,301
1,678
462
1,451
-130
91
0
780
631
19.8
53.8
3.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,729
6,640
-13.0
0.7
11
51
27,059
1,143
22,450
25,953
3,819
39,268
2.4
0.1
0.4
2.9
1.6
4.7
0.0
1.7

4,636
5,221
-3.8
0.9
12
48
24,353
1,143
22,737
26,152
2,531
37,042
4.4
0.1
0.4
4.3
4.1
8.1
0.0
1.8

5,227
5,472
-1.5
1.0
11
49
23,691
1,143
22,417
26,100
2,196
37,191
4.1
0.1
0.4
2.9
2.4
6.6
0.0
1.4

BALANCE SHEET DATA

P/E

110.6

131
69
29.2
1.1
4.0
1.10
1.1
45.7
571.57
3.4
90.6
24.8
2.2
99.6
57,157
4.3
4,261
3,910.9
998.6
147.9

P/CF
30.2

(` )

AUD: Ray & Ray

Yield

Mkt cap

0.9

Vol.

69,788.7

52.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE230A01023

140
Close

120

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

75
43
27.1
1.9
4.2
1.10
1.9
45.8
571.57
2.2
31.5
13.9
1.3
58.7
33,723
9.9
3,914
1,570.5
397.4
108.7

Regd off: 4, Mangoe Lane, Kolkata - 700 001

E-Mail:
invcom@oberoigroup.com
Web site: www.eihltd.com
Telephone: (033) 4000 2200 Fax: (033) 2248 6785
Tr agent: In-house

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Rooms revenue
F&B
D/E

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,784
3,927
`m
1,071
1,060
%
28.3
27.0
`m
436
479
%
11.5
12.2

Jun 15
3,024
512
16.9
199
6.6

Sep 15
3,025
381
12.6
109
3.6

FY14
60.0
64.7
0.14

FY15
66.2
67.7
0.15

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs billion
Rs billion
times

2,072
-2,415
565
222

FY13
40.6
36.8
0.14

2,988
-915
-1,963
110

3,211
-1,544
-1,512
156

NOTES

East India Hotels (EIH) is a member of the Oberoi Group that runs and manages
luxury hotels in India and abroad. It operates hotels and cruisers in five countries
under the luxury Oberoi and five-star Trident brands. The Group is also engaged in
flight catering, airport restaurants, travel and tour services, car rentals, and corporate
air charters. EIH's property mix is comparatively at a premium to Indian Hotels (Taj)
and ITC (Welcome Group and Sheraton).
The companys FY15 standalone revenues were up by about 6.9% YoY. Growth was
led by a higher income from room revenues, which was up 11.1% YoY. On the other
hand, food and beverage sales grew by 4.6% YoY. The companys operating profit
grew by about 8.5% YoY on the back of a strong topline performance. The standalone
net profit was higher by 1.7% YoY. On a consolidated basis, sales increased by 7.9%
YoY, while the net profit was down by about 41.1% YoY due to higher operating
expenses and depreciation charges.

The Oberoi, Al Zorah, the Oberoi Marrakesh, the Oberoi Sukhvilas, and the Oberoi
Casablanca are four premium properties of the company that are nearing completion.
The company has plans to open four more luxury Hotels, two in India (Goa and
Bengaluru) and two abroad (Doha and Qatar). All four are likely to be operational
before the end of the decade.

Get more info at www.equitymaster.com

181

INDIAN HOTELS CO. LIMITED

HOTELS

Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1958
500850
SHAREHOLDING

BL. Code
IHTL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 37.5%
:
0.0%
: 22.0%
: 17.9%
: 22.5%
: 152,054

Price

104.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.8

SEC: Beejal Desai

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
391
6,865
1,879
4,986

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

72
51
46.4
-5.3
-1.8
0.80
1.3
36.9
807.47
PI,WC
1.3
-11.6
-35.0
1.7
-15.0
49,700
0.0
12,718
NM
NM
NM

127
68
51.9
-4.7
-1.1
0.00
0.0
27.6
807.47
1.9
-20.9
-90.8
3.5
0.0
78,849
0.0
14,625
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

37,434
1,148
38,581
5,376
2,884
2,254
1,386
-409
151
-4,304
1,127
-4,302
14.4
81.3
-11.5

40,662
1,144
41,806
5,596
3,081
2,232
1,427
-175
116
-5,548
1,358
-5,539
13.8
95.2
-13.6

41,886
1,363
43,250
4,886
2,913
2,132
1,204
-310
20
-3,529
1,167
-3,781
11.7
96.9
-9.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,485
12,766
-8.8
0.7
9
27
58,044
808
16,074
29,793
34,312
92,957
1.6
1.2
0.4
-2.2
-14.4
-1.4
0.0
0.9

9,374
22,746
-32.9
0.4
9
25
61,889
808
10,318
26,365
30,239
95,186
1.6
1.1
0.4
-3.5
-21.0
-3.4
0.0
1.1

17,225
14,323
6.9
1.2
9
26
61,265
808
9,332
22,272
45,977
98,870
1.6
2.1
0.4
-1.7
-17.0
-0.7
0.0
0.9

P/CF

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.0

Vol.

84,703.6

74.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE053A01029

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-12.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

74
38
50.4
-6.9
-3.0
0.00
0.0
32.7
807.47
1.1
-8.1
-18.3
1.7
0.0
45,057
0.0
13,722
NM
NM
NM

Regd off: Mandlik House, Mandlik Road, Mumbai - 400 001

E-Mail:
investorrelations@tajhotels.com
Web site: www.tajhotels.com
Telephone: (022) 6665 3238 Fax: (022) 2202 7442
Tr agent: In House

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Rooms revenue
F&B
D/E

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,002
6,108
`m
1,486
1,538
%
24.8
25.2
`m
747
774
%
12.4
12.7

Jun 15
4,535
413
9.1
18
0.4

Sep 15
10,206
515
5.0
-376
-3.7

FY14
19.4
16.6
1.3

FY15
19.8
17.4
1.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs billion
Rs billion
times

5,018
-3,473
-1,173
372

FY13
18.1
15.0
1.0

5,389
-3,010
-2,119
260

4,948
-7,258
4,911
2,600

NOTES

The Indian Hotels Company Limited (IHCL) established in 1903 and its subsidiaries
are collectively known as Taj Hotels Resorts and Palaces. It is the largest hotel
company in India operating 131 hotels with 15,751 rooms spread across India and
international markets. It has a presence in luxury, business as well as in leisure hotel
segments. The company has also a presence in the budget segment with its brand
Ginger. It has also entered the adventure and spa businesses with its Taj Safari and
Jiva Spa brands.
IHCL also operates Taj Sats Air Catering Ltd, the largest airline catering service in
South Asia, as a joint venture with Singapore Airport Terminal Services, a subsidiary
of Singapore Airlines.

IHCL's standalone revenue for FY15 grew 4.9% YoY, helped by a 5.1% increase in
Food and Beverage income. Its profit before tax (excluding exceptional items) stood
at Rs 2.3 bn, only marginally higher than the previous year. However, the company
reported a loss of Rs 0.82 bn largely due to a write off of Rs 2.3 bn pertaining to its
international investments. Consolidated revenues were up by 3% YoY while losses
stood at Rs 3.8 bn as compared to Rs 5.5 bn in FY14.

The company recently completed a rights issue, wherein it raised money to reduce
some debt as well as refurbish certain properties. During FY15, the company
appointed industry veteran Mr. Rakesh Sarna as Managing Director. He took over
from Mr. Raymond Bickson who resigned on 31 August 2014.

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182

TAJ GVK HOTELS & RESORTS LTD.

HOTELS

Chairman: G. V. K. Reddy

Yr of Inc

B. Code

1999
532390
SHAREHOLDING

BL. Code
TAJG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GVK Reddy (Novopan) Group

F.V.
2

: 75.0%
:
0.0%
:
0.7%
:
3.4%
: 21.0%
: 45,689

Price
91.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: J. Srinivasa Murthy

% ch 12-m

FX Transaction (FY15)
`m
0
`m
20
`m
416
`m
25
`m
391
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,527
15
2,542
610
249
224
153
0
0
-17
48
88
24.1
31.5
3.5

2,439
13
2,451
514
246
234
46
0
0
41
38
50
21.1
81.2
2.0

2,480
20
2,500
488
248
278
-18
0
0
0
1
-20
19.7
-7.7
-0.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

399
947
-21.7
0.4
13
11
4,903
125
2,977
3,450
1,745
6,542
1.7
0.5
0.4
4.8
2.5
6.9
0.0
0.4

433
874
-18.1
0.5
14
14
4,869
125
3,012
3,485
1,872
6,668
1.2
0.5
0.4
4.3
1.4
6.0
0.0
0.5

328
664
-13.6
0.5
12
19
4,830
125
2,993
3,465
2,694
7,271
0.9
0.8
0.3
3.5
-0.6
4.2
0.0
0.8

BALANCE SHEET DATA

71
53
38.9
0.8
4.7
0.20
0.3
55.6
62.70
1.6
78.1
13.1
1.1
25.2
3,891
1.8
528
1,325.3
286.7
27.1

130
65
39.6
-0.3
3.6
0.00
0.0
55.3
62.70
2.5
-310.0
26.8
1.8
0.0
6,107
1.9
526
1,335.6
283.1
-10.6

P/CF
25.2

(` )

AUD: Brahmayya & Co.

Yield

Mkt cap

0.0

Vol.

5,749.7

6.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE586B01026

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-7.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

80
56
40.3
1.4
5.4
0.50
0.7
55.0
62.70
1.7
48.5
12.7
1.2
35.7
4,264
2.0
528
1,283.4
268.3
44.6

21.5

Regd off: Taj Krishna, Road No. 1, Banjara Hills, Hyderabad - 500 034
E-Mail:
tajgvkshares.hyd@tajhotels.com
Web site: www.tajgvk.in
Telephone: (040) 6666 2323 Fax: (040) 6662 5364
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Rooms revenue
F&B
D/E

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
683
686
`m
175
127
%
25.6
18.5
`m
34
-4
%
5.0
-0.5

Jun 15
621
131
21.2
1
0.1

Sep 15
602
113
18.7
-9
-1.5

FY14
991
1,250
0.7

FY15
1,029
1,282
0.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs m
Rs m
times

342
-390
50
1

FY13
1,126
1,209
0.7

615
-370
-243
2

537
-784
242
-6

NOTES

TajGVK Hotels & Resorts Ltd is a joint venture company between Indian Hotels Co
Ltd, a Tata group company, and the Hyderabad-based GVK Group. The company is
engaged in the hospitality and tourism industry. The company currently has
operations in Hyderabad, Chandigarh, and Chennai. In Hyderabad, the company
operates the Taj Krishna its flagship luxury hotel, Taj Residency and Taj Banjara
(both business hotels).
During the year FY15, TajGVKs turnover increased by 2% to Rs 2,500 m. Room
revenues increased by 4% YoY, and food and beverage income increased by 2%
YoY. At the operating level, the company reported a loss of Rs 38.19 m. The
bottomline too was in the red. The net loss was 19.73 m in FY15.
The company completed the renovation of the Taj Krishna and Taj Deccan properties.
It also started work on the Ginger hotel near Shamshabad international airport. The
Mumbai hotel project, which is located near the domestic airport, is almost complete.
The company has also received land in Bengaluru for a Luxury Hotel in Yellahanka.
Construction will begin once the company obtains the necessary approvals.

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183

INVESTMENT AND FINANCE

There are 11,842 Non-Banking Financial Companies
(NBFCs) registered with the Reserve Bank of India out of
which a lions share of 98% are non-deposit accepting with
the balance 2% being deposit accepting NBFCs. Since
November 2014, 200 non-deposit accepting NBFCs having
asset size of Rs 5 bn and above have been classified as
systemically important. The major NBFCs in India have their
relative specializations, for e.g. HDFC (mortgage loans),
Mahindra Finance (agri loans), Power Finance Corporation
(power financer) & Shriram Transport Finance (auto loans).
The trend of segmental monopoly is changing as banks are
entering long-term finance and FIs also meeting the medium
and short term needs of the business masses
NBFCs are present in the competing fields of vehicle
financing, housing loans, hire purchase, lease and personal
loans. NBFCs have emerged as key financial intermediaries
particularly for small-scale and retail sectors. With easier
sanction procedures, flexibility, low operating cost and focus
on core business activity, NBFCs stand on a surer footing visa-vis banks.
NBFCs' growth had been constrained due to lack of adequate
capital. Going forward, we believe capital infusion and
leverage thereupon would catapult NBFCs' growth in size and
scale. A number of NBFCs have been issuing non-convertible
debentures (NCDs) in order to increase their balance sheet
liquidity. Also to address this purpose, especially in the
infrastructure financing space, a new category of NBFCs was
formed called Infrastructure financing companies (IFCs).
NBFCs are not required to maintain cash reserve ratio (CRR)
and statutory liquid ratio (SLR). Priority sector lending norm of
40% (of total advances) is also not applicable for them. While
this is advantageous to them, they do not have access to lowcost demand deposits. As a result their cost of funds is
always high, resulting in thinner interest spread. However, the
regulatory arbitrage may soon change between the two
entities with the help of the Usha Thorat committee
recommendations, which call for stricter regulations in the
space.
In November 2014, the Reserve Bank of India has tightened
norms in asset classification and provisioning for NBFCs to
bring them at par with banks. The time period after which an
overdue asset would be classified as a Non Performing Asset
has been reduced from six months to three months and
would be applicable in a phase-wise manner until FY18.
Similarly, the time period for classification of sub-standard
and doubtful assets has also been reduced from 18 months
to 12 months in a phase-wise manner until FY18. In other
words, an asset would be classified as sub-standard if it
remains NPA for a period of 12 months (18 months presently)
and a doubtful asset beyond that.
Additionally, the
provisioning for standard assets has been raised from 0.25%
to 0.4% of the outstanding by FY18. These developments
are expected to increase the provisions of NBFCs, going
ahead.
FY15
FY15 continued to be a challenging year. Sluggish demand
has led to lower investments in infrastructure and core
industries resulting in poor capacity utilization and slower
earnings growth for companies. This has adversely impacted
the credit offtake. However, in comparison to banks, the
performance by NBFCs has been relatively better. The NBFC
sector recorded a loan growth of 16.3% as compared to
single-digit credit growth by banks in FY15. Strong growth in

credit extended by infrastructure finance companies,

microfinance companies and loan companies contributed to
the sturdy growth in the loan portfolio of large NBFCs. This
translated into overall balance sheet growth of 16.8% in
FY15.
Backed by robust loan growth, the NBFC sector posted a
healthy financial performance registering an income growth of
15.7% and an even better profit growth of 19%. However, the
profitability of the sector has fallen slightly. The return on
assets (RoA) of the sector declined to 2.2% in FY15 from
2.3% in FY14.
In line with the overall deterioration in the asset quality in the
financial system, the NBFC sector has also seen a rise in bad
loans. The gross NPA ratio for the sector has risen from
2.3% in FY11 to 4.1% in FY15.
The capital adequacy of the NBFC sector, by and large,
remained stable at over 27% as of March 2015.
KEY POINTS
Supply: Plenty to meet personal finance needs but not enough
to meet long-term infrastructure needs.
Demand: India is a growing economy, demand for long-term
loans, especially infrastructure and personal finance is high
Barriers to entry: Licensing requirement, investment in
technology, skills required for project finance, distribution
reach, minimum capital requirements, etc
Bargaining power of suppliers: Providers of funds could be
more demanding, base rate requirements are applicable
Bargaining power of customers: High, as banks have also
forayed into long-term finance and consumer finance.
Competition: High. There are public sector, private sector and
foreign banks along with non-banking finance companies
competing in similar markets.
PROSPECTS
The credit penetration of NBFCs in India at 13% of GDP is
still low compared to other emerging economies, according to
a report by Boston Consulting Group (BCG). This in turn
presents a big untapped opportunity.
NBFCs have been targeting the informal segment consisting
of individuals that are either self-employed or employed in the
informal sector. But this segment poses asset quality issues.
Going ahead, NBFCs will have wider access to consumer
data thanks to the new digital-age that will simplify their asset
quality concerns as per the BCG report. Moreover, NBFCs
can partner with payment banks and small financial banks
and provide more financial offerings to customers thereby
boosting their growth prospects.
The revival of economic growth in future backed by
government focus on infrastructure development in the
country is expected to provide huge scope to NBFCs
engaged in infrastructure financing.
The conversion of ten micro finance institutions (MFIs) into
small finance banks in the next one year is expected to
provide space for growth to other NBFCs -MFIs.
As the large exposure regime for the banks will come into
effect by 2018, NBFCs will have more room to operate in big
corporates financing segment in the medium term.
With the development in the equity and corporate bond
markets in future, Investment companies are likely to have
better prospects in future.
184

EDELWEISS FINANCIAL SERVICES LTD.

MISCELLANEOUS

Chairman: Rashesh C. Shah (CEO & MD)

Yr of Inc

B. Code

1995
532922
SHAREHOLDING

BL. Code
EDEL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 37.3%
:
0.1%
:
0.0%
: 21.1%
: 41.5%
: 134,647

Price
57.5

MISCELLANEOUS
% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.7

SEC: B. Renganathan

% ch 12-m
12.7

FX Transaction (FY15)
`m
0
`m
0
`m
128
`m
14
`m
114
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

46
27
28.5
2.3
3.0
0.65
1.8
32.1
763.80
ESOP
1.3
15.6
12.1
1.1
27.8
27,764
3.9
3,639
5,572.8
931.4
456.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,773
68
21,840
14,173
514
11,133
2,593
73
0
0
882
1,785
65.1
34.0
8.2

25,338
93
25,431
15,929
524
12,107
3,391
34
124
0
1,346
2,202
62.9
39.7
8.7

38,798
140
38,938
23,991
716
18,315
5,099
24
181
0
2,017
3,287
61.8
39.6
8.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

118,648
114,724
18.0
1.0
528
27
4,982
719
21,627
24,553
19,801
162,292
1.2
0.8
0.1
1.1
6.35
31.1
0.0
0.0

122,581
112,135
41.2
1.1
546
61
5,344
769
22,589
28,901
35,503
181,904
1.3
1.2
0.1
1.19
7.9
24.3
0.0
0.0

203,580
185,109
47.6
1.1
819
41
6,658
792
24,238
31,563
80,798
304,809
1.3
2.6
0.1
1.27
10.2
21.0
0.0
0.0

BALANCE SHEET DATA

P/E

82
27
49.0
4.2
5.1
1.00
1.8
39.9
791.75
ESOP
1.1
13.2
10.8
1.4
24.1
43,289
NM
7,086
NM
NM
NM

P/CF

13.8

11.4

(` )

AUD: B. S. R & Assoc.

Yield

Mkt cap

1.7

Vol.

45,486.0

43.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE532F01054

90

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

35
25
32.9
2.9
3.5
0.70
2.3
37.6
769.04
ESOP
0.9
10.5
8.4
0.8
24.4
23,033
NM
4,580
NM
NM
NM

Regd off: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai - 400 098
E-Mail:
ir@edelweissfin.com
Web site: www.edelweissfin.com
Telephone: (022) 4009 4400 Fax: (022) 4019 4890
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

80

Close

70

100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,592
12,093
`m
6,043
7,358
%
63.0
60.8
`m
829
884
%
8.6
7.3

Jun 15
11,542
7,595
65.8
913
7.9

Sep 15
12,398
8,017
64.7
957
7.7

FY14
2.8
16
1.0
7.9
1.19

FY15
4.05
19.3
1.3
10.2
1.27

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

2,740
1,549
-14
4,275

FY13
2.34
18.4
0.4
6.35
1.1

-1,508
-10,205
12,630
917

-91,832
-8,625
100,191
-266

Edelweiss is among the larger institutional brokerage firms in India, with a strong
domestic investment-banking business. It has a good market share in the institutional
broking, and strong presence in derivatives. While its strengths remain in privateequity syndication and structured finance advisory transactions, it is also strong in
M&A and capital markets.

Edelweiss saw a stable revenue mix for FY15 with segments such as credit, financial
markets and asset management and commodities driving the revenue margins. The
companys established businesses of institutional equities, investment banking, debt
capital markets and corporate loans reported stable performance during the year.
Edelweiss continues to be a market leader in institutional equity space but the
company being a financial services firm is affected by stock market movements.
Despite this, the bottom-line grew by healthy 49.2% YoY, and the revenues of the
company grew 53.1% YoY during FY15. The credit book continues to drive the
balance sheet of the company.

The RoEs of the company have improved from 7.9% in FY14 to 10.2% in FY15, the
cost-income was also seen at 59%. Moreover, the asset quality has marginally
deteriorated with gross NPLs reported at 1.3% and net NPLs at 0.4% levels during
FY15.

Get more info at www.equitymaster.com

185

GRUH FINANCE LIMITED

INVESTMENT & FINANCE
Chairman: K. M. Mistry

Yr of Inc

B. Code

1986
511288
SHAREHOLDING

BL. Code

GRUH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 59.4%
:
0.0%
:
0.4%
: 15.9%
: 24.3%
: 18,801

Price

256.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Marcus Lobo

% ch 12-m
3.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

6,181
323
3,990
2,191
527
1,664
26.9
49
1,968
0
0
0
509
1,459
23.6

8,130
331
5,348
2,782
628
2,155
26.5
41
2,445
0
0
0
675
1,770
21.8

10,211
393
6,681
3,530
881
2,649
25.9
33
3,008
0
0
0
970
2,038
20.0

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

51,070
5,568
917.3
11.9
10.2
4.3
118
357
2,511
4,910
37,058
403
55,876
8.7
2.8
33.3
14.6
0.1

66,777
7,453
896.0
11.9
10.9
4.1
110
360
3,143
6,072
50,543
433
72,263
9.6
2.7
33.2
16.4
0.0

84,976
10,253
828.8
11.9
11.5
4.1
127
727
3,250
7,115
66,241
505
91,627
10.8
2.4
30.9
16.4
0.0

INCOME DATA

BALANCE SHEET DATA

P/E

31.0

299
317
188
143
45.1
28.1
9.8
5.6
16.8
10.6
3.00
4.00
1.2
1.7
33.7
19.6
180.13
363.38
ESOS ESOS, B1:
5.4
8.2
24.8
41.0
24.2
40.4
7.2
11.7
30.5
71.3
43,862
83,577
0.5
0.6
317
352
14,890.8
17,634.9
581.1
607.8
3,241.0
3,519.9

P/CF
45.8

(` )

AUD: Sorab S. Engineer & Co.

Yield

Mkt cap

1.6

Vol.

93,352.3

20.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE580B01029

350
Close

300

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

250
127
34.6
8.2
13.7
2.50
1.3
27.5
178.48
FV2,ESOS
5.4
23.1
22.3
6.9
30.6
33,635
0.5
234
11,955.7
453.2
2,821.7

2.7

Regd off: Netaji Marg, Nr. Mithakhali Six Roads, Ellisbridge, Ahmedabad - 380 006
E-Mail:
investorcare@gruh.com
Web site: www.gruh.com
Telephone: (079) 3290 1222 Fax: (079) 2656 0649
Tr agent: MCS, 101,Shatdal Complex,1st Floor, Ashram Road, Ahmedabad-09

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Revenue growth
PAT growth
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,711
3,050
`m
967
1,213
%
35.7
39.8
`m
498
794
%
18.4
26.0

Jun 15
2,944
1,034
35.1
503
17.1

Sep 15
3,118
1,124
36.0
517
16.6

FY14
9.8
30.0
21.3
33.2
2.7

FY15
5.6
25.4
15.2
30.9
2.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-11,457
-23
10,461
-1,019

FY13
8.2
26.5
21.2
33.3
2.8

-14,868
-11
14,904
26

-17,164
-43
17,133
-74

Gruh Finance Limited (Gruh), a subsidiary of HDFC Ltd, is a housing finance

company. It offers loans to individuals for purchase, construction and renovation of
homes. The loans are predominantly given to self-employed people where obtaining
formal income proofs is difficult. However, over the years Gruh has developed
expertise to appraise such applicants via field investigations. The fact that Gruh's
gross NPAs were just 0.27% of total loans outstanding at the end of FY14 proves its
expertise in dealings with borrowers having surrogate income proofs. It also offers
developer finance and mortgage loans on selective basis. However, with a share of
more than 90%, individual home loans dominate its overall loan portfolio.

Gruh has presence in 7 states namely Gujarat, Maharashtra, Karnataka, Rajasthan,

Madhya Pradesh, Chattisgarh and Tamil Nadu. Its penetration levels are highest in
Gujarat (96%) & Maharashtra (90%). It established 8 new branches in these states
during FY14 taking its total tally to 142.

FY15 saw the company reporting an increase of 15.2% YoY growth in consolidated
net profits. The top-line was up by 25.4% YoY during the year. For the NBFCs
operations, the loan book was up by 27.1% YoY, and the NIMs and asset quality has
remained stable at 4.18% and 0.28% respectively.
Gruh Finance, like its parent HDFC, has been the pioneer in offering home loans. But
its focus is low income groups in small towns and rural areas. Other players in the
housing finance sector (including banks) typically struggle to gain market share and
keep their asset quality in order. However, Gruh capitalizes on the virtues of rural and
small town lending.

Get more info at www.equitymaster.com

186

HOUSING DEVELOPMENT FIN. CORP. LTD.

INVESTMENT & FINANCE

Chairman: Deepak S. Parekh

Yr of Inc

B. Code

1977
500010
SHAREHOLDING

BL. Code

HDFC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 10.5%
: 77.6%
: 12.0%
: 175,570

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin
Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

BALANCE SHEET DATA

1,154.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-1.8

SEC: Girish V. Koliyote

% ch 12-m
6.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

12
31/03/15

882
611
220.3
42.9
139.4
12.50
1.7
206.2
1,546.35
WC
3.4
17.4
16.9
3.6
29.1
1,154,118
1.8
5,281
185,817.7
2,881.2
36,223.2

931
632
247.7
50.9
156.8
14.00
1.8
240.8
1,560.53
WC
3.2
15.3
15.0
3.2
27.5
1,219,710
2.0
5,972
197,601.7
3,053.4
40,633.0

1,400
841
290.4
55.6
189.3
15.00
1.3
286.2
1,574.70
WC
3.9
20.1
19.6
3.9
27.0
1,763,979
2.1
6,991
219,720.2
3,359.6
42,107.7

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

340,604
15,482
142,955
197,649
134,932
62,717
18.4
2,028
70,889
3,784
-3,418
15,163
20,020
66,397
19.5

386,509
18,696
166,079
220,430
146,065
74,365
19.2
1,571
85,518
2,940
-4,549
19,152
23,583
79,478
20.6

457,238
21,554
187,103
270,135
186,293
83,842
18.3
2,347
96,058
5,109
-4,827
22,944
31,657
87,626
19.2

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,595,432
242,108
659.0
12.3
10.3
9.3
6,980
3,093
234,333
318,906
694,078
536,162
2,517,784
2.9
2.7
22.1
16.4
0.0

2,047,484
205,311
997.3
11.1
11.9
8.2
8,377
3,121
272,907
375,746
712,266
653,773
2,969,047
2.4
2.6
20.6
14.6
0.0

2,382,059
288,733
825.0
10.9
9.6
8.3
12,914
3,149
335,487
450,716
756,724
868,876
3,495,252
2.3
2.7
21.6
16.1
0.0

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Ramon House, H. T. Parekh Marg, Backbay Reclamation, Mumbai -20
E-Mail:
investorcare@hdfc.com
Web site: www.hdfc.com
Telephone: (022) 6141 3900 Fax: (022) 2414 7301
Tr agent: In House
P/E

P/CF

15.2

20.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.3

Vol.

1,818,137.1

277.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE001A01036

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
119,417
147,262
`m
71,528
99,238
%
59.9
67.4
`m
21,790
26,464
%
18.2
18.0

Jun 15
114,362
63,441
55.5
17,391
15.2

Sep 15
125,208
73,593
58.8
21,065
16.8

FY14
34.9
14.6
0.7
20.6
2.6

FY15
38
16.1
0.7
21.6
2.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-119,693
-102,165
231,740
9,882

FY13
31.4
16.4
0.7
22.1
2.7

-107,349
-129,910
257,185
19,926

-91,182
-185,549
248,204
-28,527

HDFC is Indias largest housing finance company with strong brand equity and
market share. Over the years, it has emerged as a financial conglomerate by not
restricting its ambitions to just housing finance but also venturing into new businesses
like insurance, education loans banking and asset management.
Despite economic headwinds, HDFC has been able to grow its loan book at 20% in
FY15 backed by 23% growth in the individual loan segment and 14% increase in the
non-individual loan segment. Of the total loan book, individual loans comprised 71%
of the institutions loan book while corporate loans constituted a mere 11%.
Construction finance and rental discounting have balance shares of 12% and 6%,
respectively in the NBFCs lending business. HDFC has been able to earn loan
spreads of 2.3% in the last four years.

HDFC has been able to maintain its asset quality, thanks to low reliance on the
corporate loan segment. Its gross NPA remained at 0.7% of the loan portfolio in
FY15. While HDFC may continue to be one of the strongest players in the mortgage
finance industry, growing competition from banks in the home loan segment can act
as a dampener in the growth trajectory. However, the prospects for the institution
remain bright given its risk averseness, strong brand and huge potential for housing
in India to drive growth over the long term.

Get more info at www.equitymaster.com

187

IDFC LIMITED
INVESTMENT & FINANCE

Chairman: M. S. Raghavan

Yr of Inc

B. Code

1997
532659
SHAREHOLDING

BL. Code
IDFC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
0.0%
:
0.0%
: 30.0%
: 52.9%
: 17.2%
: 323,308

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin
Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

BALANCE SHEET DATA

45.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-17.0

SEC: Mahendra N. Shah

% ch 12-m

P/E

-70.9

3.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

166
76
57.9
11.9
15.8
2.60
2.2
99.2
1,516.29
2.1
10.2
7.4
1.2
21.9
183,168
0.6
2,883
153,895.4
5,057.5
31,626.0

188
108
60.5
10.7
13.3
2.60
1.8
108.5
1,592.78
ESOP
2.4
13.8
8.8
1.4
24.3
234,935
0.5
3,882
182,227.2
7,337.4
32,267.5

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

81,386
98
46,758
34,628
4,950
29,678
36.5
3,840
25,936
0
-81
19
7,511
18,362
22.6

87,720
180
50,552
37,168
5,128
32,040
36.5
6,593
25,627
0
-235
20
7,385
18,027
20.6

96,398
827
56,578
39,821
7,665
32,156
33.4
9,521
23,461
0
-208
-221
5,963
17,070
17.7

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

486,439
0
NM
13.1
N.A.
6.7
3,445
15,147
79,411
136,826
368,033
33,093
705,490
2.7
2.6
13.8
22.1
0.1

506,536
0
NM
13.3
N.A.
6.8
3,285
15,163
83,430
150,403
393,201
38,882
751,630
2.6
2.3
12.1
22.2
0.4

478,022
0
NM
13.5
N.A.
6.4
4,265
15,928
94,869
172,745
429,187
146,105
870,682
2.5
2.1
10.3
12.5
0.2

P/CF
4.2

(` )

CASHFLOW

Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Mkt cap

5.8

Vol.

71,913.1

1,157.2

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

AUD: Deloitte Haskins & Sells

Yield

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

185
111
53.7
12.1
17.8
2.60
1.8
90.3
1,514.73
ESOP
2.8
12.2
10.1
1.6
21.4
224,104
0.6
2,916
138,883.8
4,976.8
31,334.5

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai - 31
E-Mail:
mahendra.shah@idfc.com
Web site: www.idfc.com
Telephone: (022) 4222 2016 Fax: (044) 2654 0354
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE043D01016

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,601
25,712
`m
9,701
10,798
%
39.4
42.0
`m
4,216
3,822
%
17.1
14.9

Jun 15
22,259
6,997
31.4
2,542
11.4

Sep 15
25,125
10,522
41.9
11,699
46.6

FY14
11.2
22.3
0.6
12.1
2.3

FY15
10.91
24.3
0.70
10.3
2.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-54,978
-20,063
75,895
854

FY13
11.7
22.1
0.2
13.8
2.6

-14,860
1,840
14,316
1,296

75,238
-176,277
100,096
-943

IDFC operates as an infrastructure financing entity whose focus areas are energy,
telecom, and transportation. Its expertise in the infra sector and strong relationship
with government and sponsors provides it with a platform for facilitating private
investment and public-private partnerships.

Given the economic slowdown, despite few reform measures, there was no
significant improvement in the infrastructure investment activity in the economy in
FY15. This was evident in the 6.8% drop in loan sanctions of IDFC in FY15.
Meanwhile, fall in disbursements was higher at 15% YoY. The Net Interest Income fell
by 3% YoY in FY15. Policy issues, environmental clearance delays, and coal linkage
unavailability has impacted the performance of the power sector, however there have
been efforts to change the situation with the change in guard at the Centre. IDFC's
exposure to the energy sector stood at 42% of the outstanding loan book. Asset
management fees were up 13% YoY in FY15. Investment banking and institutional
broking income increased by 2% YoY. The institution is adequately capitalised with
CAR (capital adequacy) of 24.3% in FY15 versus a regulatory requirement of 15%
CAR of as per its status as an Infrastructure Financing Company (IFC).

With the full transfer of IDFC's infrastructure lending business to the bank in the
September 2015 quarter, IDFC Ltd has become the holding/investment company
housing the non-lending businesses of asset management, investment banking &
broking and consulting for alternative business segments. The NBFC also holds 53%
stake in the demerged banking entity that will be pared to 15% over a period of 10
years.

Get more info at www.equitymaster.com

188

IIFL HOLDINGS LIMITED

MISCELLANEOUS

Chairman: Nirmal Jain (MD)

Yr of Inc

B. Code

1995
532636
SHAREHOLDING

BL. Code
IIFL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 30.7%
:
0.0%
:
0.8%
: 44.4%
: 24.2%
: 27,982

Price

193.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.5

SEC: Sunil Lotke

% ch 12-m
7.7

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

93
44
90.0
9.2
12.1
3.00
4.4
66.3
295.23
ESOP
0.8
7.5
5.7
1.0
32.5
20,297
14.0
5,329
1,898.7
380.7
194.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

26,581
72
26,653
13,465
839
8,693
4,004
-71
-18
0
1,193
2,722
50.7
29.8
10.2

28,219
154
28,373
16,255
679
11,532
4,198
-133
8
0
1,292
2,781
57.6
30.8
9.9

36,537
127
36,664
22,042
592
14,338
7,239
-290
-29
0
2,446
4,473
60.3
33.8
12.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

85,958
66,245
74.2
1.3
10
41
4,455
591
16,391
19,587
44,004
131,035
1.5
2.2
0.2
8.7
13.9
19.8
0.0
0.0

93,935
62,548
111.2
1.5
8
58
4,627
592
16,567
21,519
60,194
145,137
1.4
2.8
0.2
9.9
12.9
19.1
0.0
0.0

128,651
70,013
160.5
1.8
25
50
4,716
621
19,293
25,577
94,712
193,662
1.5
3.7
0.2
9.7
17.5
17.7
0.0
0.0

BALANCE SHEET DATA

P/E

13.4

199
74
117.8
14.4
16.3
3.00
2.2
82.4
310.23
ESOP
1.2
9.5
8.4
1.7
20.8
42,300
12.9
6,049
2,832.3
468.9
346.8

P/CF
11.8

(` )

AUD: Sharp & Tannan Assoc.

Yield

Mkt cap

1.6

Vol.

59,889.9

11.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE530B01024

250
Close

200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

80
40
95.3
9.4
11.7
3.00
5.0
72.6
296.20
ESOP
0.6
6.4
5.1
0.8
32.0
17,772
10.7
4,938
2,644.9
462.8
260.6

Regd off: IIFL House, Sun Infotech Park,Thane Indl. Area, Wagle Estate ,Thane-04
E-Mail:
shareholders@indiainfoline.com
Web site: www.indiainfoline.com
Telephone: (022) 4249 9000 Fax: (022) 4060 9049
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Revenue growth
PAT growth
Gross NPAs
Capital adequacy

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,225
10,494
`m
5,563
6,089
%
60.3
58.0
`m
1,123
1,317
%
12.2
12.5

Jun 15
9,612
5,947
61.9
1,077
11.2

Sep 15
10,288
6,173
60.0
1,404
13.6

FY14
9.39
6.16
4.31
0.9
17.7

FY15
14.3
29.5
63.5
1.3
18.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-19,054
-3,285
27,756
5,418

FY13
9.2
41.44
105.28
0.5
21.6

-632
597
172
137

-21,263
-3,613
29,040
4,165

India Infoline is one of the oldest and leading players in the Indian broking services
space. Besides offering the entire gamut of financial services covering investment
products ranging from equities and derivatives, commodities and portfolio
management services, the company owns and manages the website
www.indiainfoline.com. The company had a network of over 3,000 business locations
spread across India. The global footprint covers Dubai, New York, Mauritius,
Singapore, Hong Kong, London and Geneva. The de-risked and diversified business
model across multiple revenue streams places the company in favorable position to
tap the financial services market potential.
FY15 saw the company reporting a robust increase of 63.5% YoY growth in
consolidated net profits. The top-line was up by 29.5% YoY during the year. For the
NBFCs operations, the loan book was up by 35% YoY, and the NIMs and asset
quality has remained stable.
IIFL will continue focusing on a diversified financial planning and advisory model with
primary focus being client profitability. IIFL will continue to leverage its research
capabilities to expand its retail customer base, acquire fresh clients as well as
activate dormant clients in the capital markets space.

Get more info at www.equitymaster.com

189

IL & FS INVST. MANAGERS LTD.

MISCELLANEOUS

Chairman: S. M. Datta

Yr of Inc

B. Code

1997
511208
SHAREHOLDING

BL. Code
ILFI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 50.5%
:
0.0%
:
3.7%
:
0.4%
: 45.4%
: 31,147

Price
18.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

6.5

SEC: Sanjay Mitra

% ch 12-m

12
31/03/14

30
23
19
12
10.7
6.7
3.7
2.3
4.8
2.9
1.50
1.30
6.1
7.6
13.6
10.4
208.90
313.59
ESOP B1:2,ESOP
2.3
2.6
6.7
7.4
5.1
5.9
1.8
1.6
40.9
56.2
5,128
5,378
0.1
0.1
550
612
40,087.5
37,972.0
9,812.5
11,130.9
13,683.9
13,178.2

29
12
6.1
2.3
2.9
1.30
6.4
11.6
314.03
ESOP
3.3
8.8
7.0
1.8
55.9
6,422
0.1
524
36,912.7
10,073.1
14,043.5

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,245
24
2,269
1,247
233
27
1,011
0
0
0
245
766
55.6
24.2
34.1

2,088
140
2,229
1,064
190
8
1,007
-4
0
0
279
725
51.0
27.7
34.7

1,919
167
2,087
990
193
0
965
-1
0
0
234
730
51.6
24.3
38.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,992
1,067
41.2
1.9
0
119
1,541
418
2,159
2,835
0
3,999
38.3
0.0
0.6
19.4
30.8
36.6
0.0
0.0

2,237
920
63.1
2.4
0
205
1,521
627
2,210
3,263
0
4,281
130.2
0.0
0.5
17.7
24.5
31.0
0.0
0.0

2,670
823
96.3
3.2
0
193
1,418
628
2,476
3,645
0
4,575
NM
0.0
0.4
16.6
21.5
26.5
0.0
0.0

P/CF
6.4

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

6.9

Vol.

5,935.2

48.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE050B01023

30
Close

25

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

8.1

FX Transaction (FY15)
`m
0
`m
0
`m
799
`m
11
`m
787

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-3.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: IL&FS Financial Centre, C-22, G Block, BKC, Bandra (E), Mumbai-51
E-Mail:
sanjay.mitra@ilfsindia.com
Web site: www.iimlindia.com
Telephone: (022) 2659 3531 Fax: (022) 2653 3056
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Revenue growth
PAT growth
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
500
530
`m
265
309
%
53.0
58.2
`m
186
230
%
37.1
43.4

Jun 15
463
234
50.5
152
32.7

Sep 15
493
257
52.0
181
36.7

FY14
2.3
-7.0
-5.0
24.5
17.7

FY15
2.3
-8.1
0.3
21.5
16.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

545
-2
-761
-218

FY13
3.7
1.8
3.9
30.8
19.4

396
111
-675
-169

998
-403
-461
133

IL&FS Investment Managers Limited (IIML) is a subsidiary of Infrastructure Leasing

& Financial Services Limited (IL&FS). It was founded as Credit Capital Venture Fund
(CCVF) in 1989, as an affiliate of Lazard Brothers. It was then later acquired by IL&FS
in 1996. IIML is now one of Indias largest and oldest private equity fund managers,
managing over US$ 3.2 bn in assets and delivered a gross internal rate of return over
21%. The company has ventured into the promising Asian markets with two panAsian Funds, which undertook investments in India, China and South East Asia.
The improvement in the macroeconomic outlook and the focus on restarting the
investment cycle will create a conductive environment for private equity in India. And
IL&FS is well placed to derive advantage from the improved outlook.
During FY15, the company generated Rs 11.7 billion of cash flows for its Fund
investors. During the year, one of the focus areas was to work closely with investee
companies to generate optimum valuation and exit options. Despite challenging
environments, the company was successful to achieve significant headway in
generating cash flows.
However, the financials for the year gone by have remained under stress. While the
net profits for the company were grew marginally by 0.3% YoY, the revenues declined
by 8.09% YoY during FY15. The company continues to lay higher thrust upon
engaging investor community for participation in investments through the companys
platform.

Get more info at www.equitymaster.com

190

LIC HOUSING FINANCE LIMITED

INVESTMENT & FINANCE
Chairman: S. K. Roy

Yr of Inc

B. Code

1989
500253
SHAREHOLDING

BL. Code
LICH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 40.3%
:
0.0%
:
7.0%
: 38.6%
: 14.2%
: 159,214

Price

452.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

76,596
868
59,246
17,350
3,170
14,180
18.5
868
14,180
0
-7
-58
3,640
10,475
13.7

92,147
1,583
71,744
20,404
3,355
17,049
18.5
293
18,339
0
-3
-29
5,124
13,182
14.3

106,947
1,342
83,102
23,845
3,825
20,020
18.7
169
21,193
0
-3
-16
7,218
13,956
13.0

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

778,127
0
NM
9.6
N.A.
2.2
732
1,010
44,234
65,334
562,679
1,804
806,472
8.6
1.4
17.2
16.5
0.4

913,409
0
NM
9.9
N.A.
2.2
864
1,010
51,059
75,859
677,123
1,922
958,601
8.9
1.5
18.7
16.4
0.4

1,083,607
0
NM
9.7
N.A.
2.2
902
1,010
77,786
78,801
805,186
2,286
1,126,303
10.2
1.3
18.1
15.3
0.2

BALANCE SHEET DATA

P/E

506
415
211.9
27.7
49.2
5.00
1.1
156.1
504.66
2.2
16.7
16.5
2.9
18.1
232,396
1.6
1,391
67,346.8
875.9
8,788.5

P/CF

10.8

16.4

(` )

Yield

Mkt cap

1.1

Vol.

228,434.3

88.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE115A01026

600
Close

500

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

281
152
182.6
26.1
42.3
4.50
2.1
150.3
504.66
1.2
8.3
8.1
1.4
17.2
109,133
1.5
1,127
60,863.3
744.3
8,706.8

AUD: Chokshi & Chokshi

SEC: Nitin K. Jage (GM - Taxation)

% ch 12-m

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

300
209
151.8
20.8
32.5
3.80
1.5
129.5
504.66
1.7
12.3
11.3
2.0
18.3
128,461
1.5
982
52,788.4
676.5
7,219.3

-5.2

Regd off: Bombay Life Bldg., 2nd Floor, 45/47, Veer Nariman Road, Mumbai -01
E-Mail:
nitin_jage@lichousing.com
Web site: www.lichousing.com
Telephone: (022) 2204 0006 Fax: (022) 2204 9839
Tr agent: Sharex Dynamic,Luthra Indl., Sakinaka, Andheri (E), Mumbai-72

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
27,002
28,325
`m
5,784
6,798
%
21.4
24.0
`m
3,443
3,782
%
12.8
13.4

Jun 15
29,459
6,850
23.3
3,821
13.0

Sep 15
30,646
7,531
24.6
4,117
13.4

FY14
26.1
16.4
0.7
18.7
1.5

FY15
27.7
15.3
0.5
18.1
1.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-125,781
-268
124,668
-1,382

FY13
20.8
16.5
0.6
17.2
1.4

-115,229
-15
130,482
15,238

-143,539
-577
142,316
-1,800

LICHF is a key player in the housing finance industry in India with around 9% market
share. It was promoted in 1989 by LIC (with a 40% stake). Its capital adequacy ratio
stood at 15.3% at the end of FY15, as against a requirement of 12% by the NHB. The
company markets its products through direct selling agencies and LICs insurance
agents that incrementally account for a bulk of LICHFs disbursements. LICHF,
despite being the second largest housing finance company in the country, has been
losing market share to banks over the last couple of years. The company boasts of
most extensive marketing network in India with 234 marketing offices. The company
has more than 18 lakh customers since inception.
With total loan assets standing at Rs 1100 bn, 97% of the loan assets fall into retail
category. The total loan portfolio was up by robust 17% YoY during FY14 and the
individual loan portfolio grew by 19.2% YoY. The net profits grew by 5.8% YoY. The
NIMs for the company stood at 2.24% during FY15 as against 2.25% a year ago. The
company has best asset quality with the lowest NPA amongst the top five players in
retail mortgage space in India. The total gross NPAs stood at mere 0.5% during
FY15.

Going forward, LICHF plans to expand its operations by establishing new offices and
increasing its distribution capacity by appointing new agents. It has also undertaken
steps to improve recovery ratios, reduce cost of funds, and maintain good asset
quality. It plans on capitalizing on the need for affordable housing in the country.
While our outlook is positive on the prospects of the mortgage finance industry in the
longer term, we believe that larger players will benefit the most.

Get more info at www.equitymaster.com

191

MAHINDRA & MAHINDRA FINANCIAL SERVICES

INVESTMENT & FINANCE
Chairman: Bharat Doshi

Yr of Inc

B. Code

1991
532720
SHAREHOLDING

BL. Code

MMFS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MAHINDRA
F.V.
2

: 52.1%
:
0.0%
:
1.3%
: 41.4%
:
5.3%
: 54,174

Price

239.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

6.4

SEC: Arnavaz M. Pardiwala

% ch 12-m

12
31/03/14

356
196
92.7
16.8
33.7
3.80
1.4
93.1
568.76
3.0
16.4
10.5
3.0
22.6
156,892
12.8
4,945
4,116.1
385.9
744.7

345
230
105.9
16.1
28.4
4.00
1.4
104.5
568.76
2.7
17.9
9.0
2.7
24.9
163,348
14.2
5,671
4,241.1
399.5
643.0

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

40,950
180
16,706
24,244
8,084
16,160
39.5
3,118
13,221
305
-19
0
4,238
9,270
22.6

52,752
253
22,810
29,943
10,130
19,813
37.6
5,451
14,615
0
-104
0
4,968
9,544
18.1

60,211
398
26,430
33,781
11,234
22,547
37.4
8,946
13,999
0
-120
0
4,750
9,129
15.2

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

141,663
0
NM
25.9
N.A.
16.8
1,137
1,126
38,052
45,796
138,154
2,417
270,708
3.0
4.1
23.9
19.7
1.0

177,299
0
NM
27.2
N.A.
16.5
1,287
1,127
41,575
52,937
182,538
3,790
340,575
3.4
3.1
18.6
18.0
1.9

198,883
0
NM
27.6
N.A.
16.5
1,192
1,128
45,585
59,427
168,653
5,597
386,331
2.8
2.5
15.5
18.3
2.4

14.9

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

1.7

Vol.

136,341.4

52.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE774D01024

400
350

12
31/03/15

225
121
72.0
16.3
31.9
3.60
2.1
80.5
568.76
FV2
2.4
10.6
7.9
2.1
22.1
98,140
11.3
3,793
3,633.5
336.5
822.6

P/CF

9.8

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-23.2

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Gateway Building, Apollo Bunder, Mumbai - 400 001

E-Mail:
pardiwala.arnavaz@mahindra.com
Web site: www.mahindrafinance.com
Telephone: (022) 6652 6000 Fax: (022) 6652 6198
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
15,119
16,649
`m
8,131
9,758
%
53.8
58.6
`m
1,568
3,673
%
10.4
22.1

Jun 15
15,047
8,010
53.2
1,074
7.1

Sep 15
15,789
8,582
54.4
1,571
10.0

FY14
15.7
18.0
4.4
18.6
3.1

FY15
14.8
18.3
5.9
15.5
2.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-74,417
-1,807
76,963
739

FY13
15.7
19.7
3.0
23.9
4.1

-64,479
-4,700
68,983
-196

-38,307
341
37,677
-289

Mahindra & Mahindra Financial Services Ltd (MMFSL), a subsidiary of M&M, is an

NBFC focused on the rural and semi-urban sector providing finance for utility
vehicles, tractors and cars. The company primarily finances M&Ms vehicles, but has
continued to expand its lending in respect of non-M&M vehicles, especially Maruti,
Hyundai etc. It has financed approximately 3.6 m customers since inception.

The Indian automobile industry that was adversely impacted by the general economic
slowdown, high interest rates and fuel prices witnessed some recovery in FY15.
Passenger car sales and utility vehicles grew by 4.7% and 1.1%, respectively. In
commercial vehicles, Medium & Heavy Commercial Vehicle sales recorded growth of
16.5% YoY whereas Light Commercial Vehicles saw offtake fall by 11.6% YoY. Even
tractor sales were down by 13.1% YoY for the year. MMFSL, mainly a financer of
tractors and utility vehicles sold by M&M, registered a growth of 11.2% in the overall
disbursement to Rs. 329.3 bn. During the year, the assets under management (AUM)
fell by 18.2% to Rs279 bn as at 31st March, 2015. Cars (23%) and utility vehicles
(31%) had the biggest shares in the companys AUM tractors (18%) and commercial
vehicles (13%) also had significant presence. However, the asset quality of MMFSL
has deteriorated, with gross NPAs (non-performing assets) climbing to higher levels
of 5.9% and the net NPAs at 2.4% at the end of FY15. The provision coverage ratio
has risen to 61% levels.
Since majority of its customers are in the 'earn & pay' segment and the NBFC has
been seeing recovery of monthly installments in 50-60% of NPA accounts, the
management has taken the decision to recover money rather than repossess
vehicles. The NBFC remains conservative with respect to credit norms and credit
period and does not want to chase business at the expense of profitability.

Get more info at www.equitymaster.com

192

MOTILAL OSWAL FINANCIAL SERVICES LTD.

MISCELLANEOUS

Chairman: Motilal Oswal (CEO,MD)

Yr of Inc

B. Code

2006
532892
SHAREHOLDING

BL. Code

MOFS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
1

74.1%
0.0%
7.5%
5.3%
13.1%
11,283

MISCELLANEOUS
Price

335.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.3

SEC: Samrat Sanyal

% ch 12-m
27.8

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

138
74
32.0
7.5
9.3
2.00
1.9
83.9
145.24
ESOS
3.3
14.1
11.4
1.3
26.6
15,345
NM
1,080
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,646
83
4,729
1,662
259
48
1,437
-9
0
181
518
1,091
35.8
36.1
23.5

4,640
42
4,681
1,380
243
29
1,151
-21
0
-556
179
395
29.8
15.6
8.5

7,719
35
7,754
2,560
307
309
1,979
-20
0
0
523
1,436
33.2
26.4
18.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

13,235
5,292
171.0
2.5
114
342
3,111
145
11,038
12,179
0
17,729
30.9
0.0
0.3
5.8
9.3
13.6
0.0
0.0

12,828
6,497
136.5
2.0
48
379
3,072
138
10,481
11,703
0
18,432
41.2
0.0
0.3
2.1
3.5
5.2
0.0
0.0

14,526
13,202
17.2
1.1
0
279
3,001
140
11,598
12,949
3,006
29,448
7.4
0.2
0.3
5.6
11.8
14.2
0.0
0.0

BALANCE SHEET DATA

P/E

34.0

341
91
55.1
10.2
12.4
3.00
1.4
92.4
140.16
3.9
21.1
17.4
2.3
29.3
30,275
NM
1,899
NM
NM
NM

P/CF
28.0

(` )

AUD: Haribhakti & Co.

Yield

Mkt cap

0.9

Vol.

48,771.6

4.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE338I01027

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

101
64
33.6
2.9
4.6
2.00
2.4
84.7
138.17
BB
2.5
28.9
17.9
1.0
70.0
11,399
NM
1,273
NM
NM
NM

Regd off: Motilal Oswal Tower, Rahimtullah Sayani Road, Prabhadevi, Mumbai-25
E-Mail:
shareholders@motilaloswal.com
Web site: www.motilaloswal.com
Telephone: (022) 3080 1000 Fax: (022) 2844 9002
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Revenue growth
PAT growth
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,856
2,422
`m
609
809
%
32.8
33.4
`m
359
430
%
19.3
17.7

Jun 15
2,083
675
32.4
284
13.6

Sep 15
2,591
955
36.8
434
16.8

FY14
2.9
-0.1
-62.2
3.5
2.1

FY15
10.2
66.4
250.2
11.8
5.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-333
-592
-260
-1,186

FY13
7.5
-0.1
5.7
9.3
5.8

1,402
44
-896
550

-3,158
-249
4,506
1,098

Motilal Oswal Financial Services (MOFSL) derives a significant portion of its

revenues from equity broking for both retail and institutional clients. Accordingly, its
revenues and profits are dependent on favourable capital market conditions, a
conducive regulatory and political environment, investor sentiment, price levels of
securities and other factors that affect the volume of stock trading and the level of
interest in business developments. Amongst the large listed broking houses, MOFSL
gets the highest proportion of its revenue from broking activities.
MOFSLs revenues were up by 65.6% YoY. The total assets under management
across mutual funds, PMS and private equity businesses stood at Rs 82.5 billion. The
net worth for the company stood at Rs 12.9 billion at the end of March 2015.

MOSFL remains a focused player in the capital markets space and continues to
invest into building a strong franchise. The company boasts of a wide network spread
over 520 cities comprising 1,743 business locations and 844,289 registered
customers as at the end of FY15.

Get more info at www.equitymaster.com

193

RURAL ELECTRIFICATION CORP. LTD.

INVESTMENT & FINANCE

Chairman: Rajeev Sharma (MD)

Yr of Inc

B. Code

1969
532955
SHAREHOLDING

BL. Code

RURL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 65.6%
:
0.0%
:
9.3%
: 19.2%
:
5.8%
: 215,638

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin
Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

BALANCE SHEET DATA

Price

215.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

MISCELLANEOUS

12
31/03/13

-10.2

SEC: J. S. Amitabh

% ch 12-m

P/E

-31.7

2.8

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

245
146
173.4
48.0
66.3
9.50
4.9
210.7
987.46
1.1
4.1
3.8
0.9
19.8
193,246
0.6
1,345
271,350.4
2,132.2
75,138.7

372
318
206.4
54.1
71.8
10.70
3.1
251.7
987.46
1.7
6.4
5.5
1.4
19.8
340,575
0.6
1,389
339,167.4
2,311.6
88,925.5

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

135,701
686
80,834
54,867
2,339
52,528
38.7
1,351
51,863
0
0
-1
13,534
38,328
28.2

171,222
1,067
100,347
70,875
2,604
68,270
39.9
3,126
66,167
0
0
-141
18,613
47,413
27.7

203,840
1,659
118,397
85,442
3,449
81,993
40.2
8,045
75,524
0
0
-8
22,072
53,444
26.2

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,145,748
0
NM
11.6
N.A.
4.8
806
9,875
97,672
175,305
909,254
5,909
1,305,696
5.2
3.2
23.9
17.7
0.3

1,362,826
0
NM
12.3
N.A.
5.1
835
9,875
112,750
208,031
1,100,953
16,430
1,529,443
5.3
3.3
24.8
19.4
0.2

1,653,159
0
NM
12.1
N.A.
5.1
813
9,875
237,646
248,570
1,319,023
16,135
1,831,750
5.3
2.9
23.1
19.6
0.5

P/CF
4.0

(` )

AUD: P. K. Chopra & Co.

Yield

Mkt cap

5.0

Vol.

212,550.8

168.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE020B01018

400
350

12
31/03/15

268
142
137.4
38.8
53.5
8.25
4.0
177.5
987.46
1.5
5.3
5.1
1.2
21.3
202,182
0.6
1,556
209,414.5
2,400.9
59,147.8

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi - 110 003
E-Mail:
jsamitabh@recl.nic.in
Web site: www.recindia.gov.in
Telephone: (011) 2436 7305 Fax: (011) 2436 2039
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
52,053
53,334
`m
21,588
22,390
%
41.5
42.0
`m
13,815
10,965
%
26.5
20.6

Jun 15
56,629
23,552
41.6
14,786
26.1

Sep 15
58,934
23,754
40.3
16,192
27.5

FY14
48.01
19.4
0.3
24.8
3.3

FY15
53.27
19.6
0.7
23.1
2.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-200,589
1,521
160,594
-38,474

FY13
38.81
17.7
0.4
23.9
3.2

-172,438
1,360
168,147
-2,931

-239,069
1,598
230,980
-6,490

Rural Electrification Corporation (REC) is engaged in the financing of power

generation, transmission and distribution projects throughout India, particularly for
developing the power infrastructure in rural areas. The company currently
administers grants and provides loans as the nodal agency for the Rajiv Gandhi
Gramin Vidyutikaran Yojana (RGGVY), which is primarily aimed at the electrification
of all villages in India. REC was accorded 'Navratna' status by the government in
2008.
RECs income grew by a healthy 19% on the back of a 21% increase in the loan book
during FY15. While loan sanctions were down by 13% in FY15 due to poor
investment climate in the power sector, the NBFCs loan disbursements increased by
20.5% during the year. The profits for the company grew by 12% in FY15. RECs
asset quality has declined during the year. The gross NPAs to advances moved up
to 0.7% in FY15 from 0.3% in FY14 while Net NPAs were seen at 0.5% of total
advances.
The Indian power sector is coping with severe pressures whether its coal supply
issues or clearance issues or weak financial profiles of state power utilities, the going
has been quite tough. But the success of the revival program for distribution
companies under the Ujwal Discom Assurance Yojana (UDAY), bodes well for the
long term prospects of the companys business and earnings.

Get more info at www.equitymaster.com

194

SHRIRAM TRANSPORT FINANCE CO. LIMITED

INVESTMENT & FINANCE
Chairman: Arun Duggal

Yr of Inc

B. Code

1979
511218
SHAREHOLDING

BL. Code

SRTR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 26.1%
:
0.0%
:
2.0%
: 53.2%
: 18.7%
: 40,259

Price

852.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.1

SEC: Vivek Achwal

% ch 12-m
-26.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

800
491
309.2
64.5
105.6
7.00
1.1
323.5
226.86
ESOS
2.1
10.0
6.2
2.0
10.9
146,484
16.2
4,432
4,335.8
273.9
904.6

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

70,144
15
28,297
41,848
11,287
30,561
43.6
8,950
21,627
0
0
-5
6,988
14,634
20.9

84,759
43
42,022
42,737
11,676
31,061
36.6
12,460
19,705
0
0
0
6,125
13,579
16.0

91,770
26
46,747
45,024
10,940
34,084
37.1
16,554
16,496
0
0
0
6,211
10,285
11.2

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

212,486
0
NM
22.2
N.A.
19.4
723
2,269
54,607
73,379
200,434
3,037
472,742
2.7
3.0
20.6
20.7
0.8

421,918
0
NM
15.1
N.A.
6.7
1,548
2,269
62,436
85,102
239,621
24,353
523,224
2.8
2.3
16.4
23.4
0.8

537,846
0
NM
14.4
N.A.
6.6
1,543
2,269
65,342
92,658
328,556
30,372
621,536
3.5
2.3
14.0
20.5
0.8

INCOME DATA

BALANCE SHEET DATA

842
465
373.6
59.9
83.4
7.00
1.1
375.1
226.88
ESOS
1.7
10.9
5.7
1.7
11.7
148,266
18.1
4,716
4,677.1
260.2
749.3

Regd off: Mookambika Complex, 4, Lady Desika Road, Mylapore, Chennai-04

E-Mail:
vivekmadhukar.a@stfc.in
Web site: www.stfc.in
Telephone: (044) 2499 0356 Fax: (044) 2499 3272
Tr agent: Integrated Enterprises, Kences Towers, North Usman Road, Chennai-17

1,286
697
404.5
45.3
48.0
10.00
1.0
408.4
226.88
2.5
21.9
8.4
2.4
22.1
224,997
16.2
5,040
5,678.8
311.9
636.4

P/E

11.7

P/CF
18.8

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.2

Vol.

193,358.5

19.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE721A01013

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
EPS
Capital adequacy
Gross NPAs
RoE
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
23,458
24,208
`m
11,291
11,584
%
48.1
47.8
`m
3,213
842
%
13.7
3.5

Jun 15
23,518
11,490
48.9
3,211
13.7

Sep 15
24,226
12,115
50.0
3,381
14.0

FY14
55.7
23.4
3.9
16.4
2.3

FY15
54.56
20.56
3.8
14.03
2.28

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs
%
%
%
%
NOTES

-83,586
-418
90,605
6,600

FY13
60.0
20.7
3.2
20.6
3.0

-40,547
-1,123
50,098
8,428

-96,109
-446
78,364
-18,191

Shriram Transport Finance (STFC) is one of the largest asset financing NBFC. The
company has a niche presence in the high-yielding used CV financing business.
STFC has around 43% share of the total market volume in pre-owned truck financing
and expertise in loan origination and valuation. It had a total employee base of 16,160
at the end of FY15 and had 741 branches across India with over 1.2 m customers.
While the on-book assets under management (AUMs) have gone up by 35% YoY, the
off-book assets were seen down by 40.5% YoY during FY15. Heavy CVs (42.3%),
light CVs (27%) and passenger vehicles (22.4%) dominate the AUM pie of the
company. Pre-owned CVs contribute a lions share of over 90% to the companys
portfolio.

The company has reported slight contraction in NIMs at 6.6% for FY15. The
securitization income in FY15 was down by 42.4% YoY. However, STFC's cost to
income ratio moved up by 0.7% to 25.8% in FY15. That said, the operating leverage
remains strong. Asset quality has slipped due to tough environment. Gross NPA to
total advances declined to 3.8% in FY15 from 3.9% earlier. With a provision coverage
ratio of 80%, the net NPAs as a proportion of advances remained flat at 0.8% during
the year. The company stands well capitalized with its capital adequacy at 20.5% at
the end of FY15. This will enable it to sustain its loan growth in the medium term.
Going ahead, the company expects to grow AUM by 15%.

Get more info at www.equitymaster.com

195

MEDIA
The Indian media and entertainment industry comprises of
print, electronic, radio, internet and outdoor segments. With
the government aggressively pushing in for digitization of TV,
Multi System Cable Operators (MSOs) are expected to lose
15-20% of their subscribers to DTH (direct-to-home) services.
Digitization will facilitate increased number of channels and
high quality viewing. India is a fast digitizing market and the
consumer shift towards digital services is exhibited through
the expansion of digitized households. The completion of the
digitization process in Phase I and Phase II cities and the
rollout in Phase III and Phase IV cities is seen as a positive
step for the industry.
The players in the electronic media can be classified into a
three-link chain. First are the studios (including the animation
studios), which comprise the hardware part of the industry,
the second are the content providers and the third link
comprises the distribution trolleys, which include the cable
and satellite channels, multiplex theatres, MSOs and the DTH
players.
In India, the ratio of advertising expenditure to GDP is less
than 1%. This is substantially lower in comparison to the
developed economies as well as other developing
economies. Interestingly, Print and TV media contribute over
75% of the advertisement spend in a year. As the Indian
economy continues to develop and the media reach
increases, the advertising expenditure to GDP ratio is
expected to increase over the next 5 years.
KEY POINTS
Supply: Of the more than 70,000 newspapers printed in India,
around 90% are published in Hindi and other vernacular
languages. There are over 800 private satellite TV channels,
permitted by the Information and Broadcasting Ministry.
Demand: The demand for regional print media is growing at a
faster pace than that of English language print media. In the
electronic media, the highly fragmented viewership has led to
an increasing preference for niche channels.
Barriers to entry: In the electronic media, entry barriers are
high for broadcasting since it is very capital-intensive. It
involves the cost of leasing the transponder, setting up uplinking facilities, setting up pre and post-production facilities.
The barriers to entry are far lower for content providers.
Besides, broadcasters themselves commission programmes
and finance their production. Hence margins are lower. In spite
of the high barriers to entry a slew of channels across
languages and genres have been launched in the recent past.
Bargaining power of suppliers: In the print media, it is high
for newsprint suppliers. It is medium to low for content
providers in the electronic media. Terrestrial broadcasters such
as Doordarshan and regional broadcasters such as Sun TV
actually commission time slots to content providers.
Bargaining power of customers: Relatively high in both print
and electronic media. The consumer finds a surfeit of players
to choose from. Conditional access system (CAS) and DTH
services now enable the consumer to choose the channels that
he wishes to view; thereby increasing his bargaining power.
Competition: High in print media, especially in Hindi dailies.
The print sector includes listed entities like Jagran Prakashan
and HT Media. Regional print media too is seeing increasing
competition. Competition is high amongst broadcasters
especially for general entertainment channels. The space
includes listed entities like Zee TV, TV 18, UTV, NDTV and
Sun TV.

FY15
On the back of a sombre FY14, FY15 proved to be yet
another tough year for the media industry. The delay in pick
up in economic activity continued to impact advertisement
spends. This impacted revenues of media companies as they
derive a substantial chunk of their revenues from this
segment.
In the print space, efforts are being seen towards
consolidation of business rather than aggressive expansions.
The fall of rupee and its volatility during the year hurt the
bottom line of the print media companies as the cost of
imported materials saw big swings.
The electronic media industry did mature to a considerable
extent, especially after the roll-out of digitization Phase I and
II. The growth trend for subscription revenues largely
depends on the pace of the roll out of Phase III and IV of
digitization. The timely roll out of these phases will certainly
benefit the industry. While digitization in Phase I and Phase II
cities are already completed, the rollout of digitization process
in Phase III and Phase IV cities of the country during the year
signified a positive development for the industry which is
expected to boost subscription revenues in the future.
Advertisement revenues for the television industry, on the
other side, have continued to grow in line with overall media
industrys ad spends with the pace expected to pick up in the
future.
PROSPECTS
The fortunes of the media industry are linked to the growth of
the economy. India is set to grow at a rate of at least 6-7%
over the long term. Rising incomes in the hands of people
encourage them to spend more on discretionary items like
media and entertainment. However, the trend is shifting more
towards the online medium.
The demographic profile of India also favours higher spend
on entertainment, with the consuming class forming a
sizeable chunk of the country's total households. Thus, this
could lead to the emergence of a huge consumer base for the
various products and services (including entertainment).
New distribution technologies like DTH, Conditional Access
System (CAS) and IPTV, hold the future of the media industry
as increasing digitization will radically alter the ways in which
consumers receive channels. The mandatory digitization all
over India will bring in more subscription revenues for the
broadcasters as opposed to under reporting of numbers by
cable operators at present. Also, continued growth of regional
media and growing strength of the filmed entertainment
sector will also boost growth of the media industry.
The advent of digital platforms will require industry
participants to invest in constant innovation in products and
services. Thus, going forward, innovation will be the key to
attract more consumers and deliver relevant content and
services that are profitable too.
With metros already being saturated, regional markets
provide ample scope for growth in the media sector. In print
media, newspapers are being published in vernacular
language. In television, newer channels are introduced in
local languages. Tier II and Tier III cities and towns are set to
drive the Indian consumption story in the next few years.
Television will continue to lead the media industry in terms of
revenue contribution with 39%, followed by internet access
with 28 %. While, the share of print and films are likely to
decrease to 15% and 9% in 2017.
196

MEDIA
GLOBAL COMPARISON
Revenues
EBIDTA
EBIDTA margin
Profit after tax
Net profit margins
Return on Assets
Return on equity
Employees
Revenue per employee

Unit
US$ m
US$ m
%
US$ m
%
%
%
Nos.
US$ m

Jagran Prakashan
261
67
25.2
47
17.4
16.6
27.2
NA
NA

Zee Entertainment
738
190
25.7
148
20.0
14.1
17.6
1,800
0.4

Comcast
68,775
23,101
33.6
8,380
12.2
5.3
16.2
139,000
0.5

EchoStar
3,446
906
0.3
165
4.8
2.4
4.9
4,400
0.8

News Corp
8,633
852
9.9
(149)
(1.7)
(0.9)
(1.2)
25,000
0.3

Comcast
Comcast Corporation, based in Philadelphia, US operates in five business segments- Cable Communications, Cable Networks,
Broadcast Television, Filmed Entertainment and Theme Parks. The Cable Networks, Broadcast Television, Filmed Entertainment
and Theme Parks segments comprise the NBCUniversal businesses and are collectively referred to as the NBCUniversal
segments. Under Cable Communications, the company provides video, high-speed Internet and voice services (cable services)
to residential customer. The companys cable systems serve approximately 22.0 m video customers, 19 m high-speed Internet
customers and 10 m phone customers.
In NBCUniversal, the cable segment consists primarily of national cable entertainment, news information, sports networks etc.
Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, television stations, production
operations and digital media properties, which are primarily brand-aligned websites. Filmed Entertainment segment produces,
acquires, markets and distributes filmed entertainment worldwide.

EchoStar
Headquartered in Englewood, Colorado, EchoStar was founded in 1980. It primarily operates through two units EchoStar
Technologies and satellite services business. EchoStar Technologies designs, develops, and distributes digital set-top boxes and
related products and technology, primarily for satellite TV service providers, telecommunication and international cable companies.
The set-top boxes permit consumers to watch, control and record television programming through digital video recorder technology
integrated with satellite receivers. EchoStars fixed satellite services business is developed using its eight owned or leased in-orbit
satellites, a network of seven full service digital broadcast centers, and leased fiber optic capacity with points of presence in more
than 100 countries.
EchoStar had a spin-off from Dish Network on January 1, 2008. The company purchased Sling Media Inc and was recognized at
the 2009 International Consumer Electronics show for its Sling Loaded set-top box. In 2011, the company acquired Hughes
Communications. This has added one more business line to the company. Hughes provides satellite broadband Internet access to
North American consumers and broadband network services and systems to the domestic and international enterprise markets.

News Corp
News Corp was mass media company with multinational operations and is headquartered in New York. It was formed out of a spinoff of the former News Corporation which was founded by Rupert Murdoch in 1979. It focuses on newspapers and publishing. It is
one of two companies that were formed from the earlier News Corporation, the other one being 21st Century Fox which consists of
the old News Corporation's broadcasting and media properties, such as Fox Entertainment Group.
In 2014 News Corp acquired romance novel publisher Harlequin Enterprises from Torstar for US$ 415 million. In recent years, the
company has also made multiple investments in India such as real estate site ProTiger and financial planning site
BigDecisions.com.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

197

DISH TV INDIA LIMITED

MEDIA

Chairman: Subhash Chandra

Yr of Inc

B. Code

2006
532839
SHAREHOLDING

BL. Code
DSTV.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

SUBHASH CHANDRA
F.V.
1

: 60.2%
:
3.4%
:
4.4%
: 21.0%
: 11.1%
: 163,803

Price

101.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Ranjit Singh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
5,973
1,701
6,816
-5,114

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,668
511
22,179
5,794
6,276
1,284
-1,254
0
0
594
0
-660
26.7
0.0
-3.0

25,090
649
25,739
6,240
5,974
1,328
-412
0
-1,164
0
1
-1,576
24.9
-0.1
-6.3

27,816
635
28,451
7,331
6,138
1,754
74
0
0
0
42
31
26.4
57.3
0.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,929
23,012
-60.4
0.4
1
5
20,875
1,065
-2,621
-1,556
8,460
31,548
0.0
-5.4
0.7
2.0
42.4
9.0
0.0
29.0

7,451
21,977
-57.9
0.3
1
6
17,797
1,065
-4,191
-3,126
7,791
27,702
0.7
-2.5
0.9
-0.9
50.4
-5.3
0.0
3.2

9,147
34,548
-91.3
0.3
1
8
19,510
1,065
-4,199
-3,134
0
31,663
1.0
0.0
0.9
5.6
-1.0
-58.3
0.0
21.5

BALANCE SHEET DATA

P/E

3,442.7

88
77
26.1
0.0
5.8
0.00
0.0
-2.9
1,065.60
3.2
2,800.6
14.3
-28.1
0.0
87,939
1.0
1,018
27,271.0
997.5
30.8

P/CF
17.5

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.0

Vol.

108,102.1

325.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE836F01026

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

72
40
23.6
-1.5
4.1
0.00
0.0
-2.9
1,065.00
2.4
-37.6
13.5
-19.0
0.0
59,267
0.0
892
NM
NM
NM

52.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

85
53
20.3
-0.6
5.3
0.00
0.0
-1.5
1,064.88
ESOP
3.4
-111.3
13.1
-47.2
0.0
73,477
0.0
822
NM
NM
NM

0.7

Regd off: B-10, Essel House, Lawrence Road, Industrial Area, New Delhi - 110 035
E-Mail:
investor@dishtv.in
Web site: www.dishtv.in
Telephone: (0120) 2599 555 Fax: (0120) 4357 078
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,139
7,547
`m
1,912
2,219
%
26.8
29.4
`m
-29
350
%
-0.4
4.6

Jun 15
7,367
2,368
32.1
553
7.5

Sep 15
7,524
2,550
33.9
870
11.6

FY14
3.6
13.2
48.3

FY15
3.7
15.4
45.6

Parameters
Personnel cost
Selling and distribution cost
Production cost

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

6,095
-7,869
1,222
-553

FY13
3.8
14.0
46.5

7,055
-2,984
-4,610
-539

7,675
-6,699
-362
614

NOTES

Dish TV is a part of Essel group and is Indias first direct to home entertainment
service. Dish TV offers a wide array of multi-brand and multi product portfolio to suit
the needs of different consumer segments. Continuing to lead the high definition
category with largest bouquet of 43 HD channels, dishtruHD+ has taken the HD TV
viewing experience to consumers whilst also building a high-ARPU base of HD users
that helps in retention too. Evaluating the increase in trend on the usage of recording,
Dish TV offers recorder ready set-top boxes which allows Indian consumers to use
pause/play and other recording features. With the up-gradation of customers from
Standard Definition (SD) to High Definition (HD) and uptake from new launches, the
company expects to see an increasing trend in the ARPU.

In FY15, Dish TV reported a sales growth of 11% YoY and it delivered a profit of Rs
31 m compared to net losses of Rs 1.6 bn in FY14. The companys overall subscriber
base stood at 19.3 m subscribers as of March 31, 2015. As per the company, it
became the first DTH operator to post profits in a financial year. The digitization
movement created tough competition in the market despite which, the companys
incremental share in the acquisition of new subscribers continued to be impressive.
The successful completion of phase I and II of digitization has led to a myriad of
possibilities for the industry. DTH is likely to get a larger piece of the pie in the
forthcoming phases. Any upward movement of ARPU in the cable space arising out
of digitization will be positive for the company as DTH already commands a premium
over cable and therefore will be able to move prices more aggressively.

Get more info at www.equitymaster.com

198

ENTERTAINMENT NETWORK (INDIA) LIMITED

MEDIA

Chairman: Vineet Jain

Yr of Inc

B. Code

1999
532700
SHAREHOLDING

BL. Code
ENIL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 71.2%
:
0.0%
:
2.0%
: 16.4%
: 10.5%
: 13,673

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

BALANCE SHEET DATA

707.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

12
31/03/13
277
194
71.2
14.3
21.0
1.00
0.4
105.4
47.67
3.3
16.4
11.2
2.2
7.0
11,219
0.7
738
4,632.5
1,007.2
932.2

15.0

SEC: Mehul Shah

% ch 12-m
42.4

FX Transaction (FY15)
`m
0
`m
2
`m
48
`m
4
`m
44
12
31/03/14

442
198
80.7
17.5
24.2
1.00
0.3
121.7
47.67
4.0
18.2
13.2
2.6
5.7
15,257
0.7
752
5,370.0
1,050.6
1,167.9

Regd off: Matulya Centre, Senapati Bapat Marg, Lower Parel (W), Mumbai-13
E-Mail:
mehul.shah@timesgroup.com
Web site: www.enil.co.in
Telephone: (022) 6753 6983 Fax: (022) 6753 6800
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
P/E

31.8

3,396
174
3,570
1,044
317
0
901
0
0
0
218
683
30.8
24.2
20.1

3,845
229
4,074
1,246
318
1
1,156
0
0
0
320
836
32.4
27.7
21.7

4,385
323
4,708
1,452
329
0
1,446
0
0
0
386
1,060
33.1
26.7
24.2

4,479
745
110.0
6.0
0
107
1,203
477
4,545
5,022
0
5,884
4,506.0
0.0
0.6
11.6
13.6
17.9
0.0
0.1

4,597
907
96.0
5.1
0
99
916
477
5,326
5,803
0
6,765
2,313.4
0.0
0.6
12.4
14.4
19.9
0.0
0.1

5,613
1,077
103.5
5.2
0
105
535
477
6,270
6,747
0
7,895
3,616.3
0.0
0.6
13.4
15.7
21.4
0.0
0.1

24.3

(` )

AUD: Price Waterhouse & Co.

Yield

Mkt cap

0.1

Vol.

33,717.0

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE265F01028

900

12
31/03/15

792
352
92.0
22.2
29.1
1.00
0.2
141.5
47.67
6.2
25.7
19.6
4.0
4.5
27,267
0.7
828
5,909.4
1,115.4
1,428.2

P/CF

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,170
1,244
`m
448
346
%
38.3
27.8
`m
329
255
%
28.1
20.5

Jun 15
1,016
354
34.8
259
25.5

Sep 15
1,163
357
30.7
270
23.2

FY14
19.5
21.1
11.2

FY15
18.9
22.8
10.8

Parameters
Personnel cost
Selling and distribution cost
Production cost

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

828
-1,152
0
-325

FY13
21.7
19.4
11.7

1,053
-981
-56
15

954
-893
-56
5

NOTES

Entertainment Network India Limited (ENIL) is one of the leading entertainment and
media companies in India. It is a subsidiary of Times Infotainment Media Limited. It
also has business interests in radio broadcasting under the popular brand name
'Radio Mirchi'. The company has 32 FM radio stations spread across the country and
more than 41 m listeners across all its stations. It is present in Mumbai, Delhi,
Kolkata, Chennai, Pune, Indore, Ahmedabad Bangalore, Hyderabad, Jaipur, Patna
and Jalandhar.

ENILs consolidated top line increased by 14% YoY during FY15. Increase in its
operating costs was lesser than the increase in sales; which resulted in net profit
growing by 27% YoY. Listenership has remained strong, with the latest IRS placing
the company at the top. Listenership in the top 8 metros is the most crucial, given the
weight of these markets in revenues, and the company has continued to show strong
leads in these cities. The company has also spent on several marketing campaigns
during the year, supporting new programming initiatives.
The Phase-3 expansion of radio is finally on. 4.5 years after the policy was first
announced in July 2011, and 9.5 years after the last auctions happened in Jan 2006.
In a fast evolving media landscape, radio was the only medium that had not
expanded since 2006. The importance of the Phase-3 auctions is thus obvious. As
per the governments plan, Phase-3 auctions will take place in two batches Batch
1 expected to start anytime now will cover 135 frequencies in 69 towns. These are
the left over frequencies from the 2006 auctions. Batch 2 is expected in the next 12
months and will offer as many as 700 new frequencies in around 250 towns. If both
batches are successful, then radios fast growth is quite likely.

Get more info at www.equitymaster.com

199

INOX LEISURE LIMITED.

MEDIA

Chairman: Pavan Jain

Yr of Inc

B. Code

1999
532706
SHAREHOLDING

BL. Code
INOL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Gujarat Fluorochemicals Group

F.V.
10

: 48.7%
:
0.0%
:
3.4%
:
1.3%
: 46.6%
: 33,608

Price

234.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Miket Shashikant Bahuva

% ch 12-m
35.2

FX Transaction (FY15)
`m
0
`m
30
`m
0
`m
33
`m
-33
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,653
36
7,689
980
431
267
319
0
18
-25
128
184
12.8
40.1
2.4

8,688
90
8,778
1,220
507
276
526
0
-1
-4
152
369
14.0
28.8
4.3

9,537
111
9,647
1,207
715
384
219
0
85
-5
51
248
12.7
23.4
2.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

820
1,990
-15.3
0.4
3
17
5,950
616
4,044
5,081
2,237
8,134
2.2
0.4
0.9
5.5
3.6
7.9
0.0
9.9

759
1,952
-13.7
0.4
4
14
6,347
962
4,369
5,406
2,148
8,581
2.9
0.4
1.0
7.5
6.8
10.6
0.0
2.1

1,390
1,940
-5.8
0.7
3
22
6,132
962
6,099
7,136
2,050
11,081
1.6
0.3
0.9
5.7
3.5
7.4
0.0
0.3

INCOME DATA

BALANCE SHEET DATA

127
51
90.4
3.8
9.1
0.00
0.0
56.2
96.15
A
1.0
23.1
9.8
1.6
0.0
8,548
5.3
496
1,639.3
93.5
69.7

P/E

197
109
99.2
2.6
10.0
0.00
0.0
74.2
96.16
ESOP
1.5
59.5
15.3
2.1
0.0
14,727
1.5
603
6,505.4
411.0
168.9

P/CF

91.3

23.5

(` )

AUD: Patankar & Assoc.

Yield

Mkt cap

0.0

Vol.

22,619.9

42.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE312H01016

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

97
46
124.3
3.0
10.0
0.00
0.0
82.5
61.56
0.6
23.9
7.1
0.9
0.0
4,398
4.7
427
1,616.2
90.2
38.9

3.0

Regd off: ABS Towers, Old Padra Road, Vadodara - 390 007
E-Mail:
investors@inoxmovies.com
Web site: www.inoxmovies.com
Telephone: (022) 4062 6900 Fax: (022) 4062 6999
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,723
2,178
`m
423
105
%
15.5
4.8
`m
118
-40
%
4.3
-1.8

Jun 15
3,487
656
18.8
253
7.2

Sep 15
3,554
565
15.9
205
5.8

FY14
5.7
25.7
5.7

FY15
6.5
25.5
8.0

Parameters
Personnel cost
Selling and distribution cost
Advertising revenue

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

713
-696
106
123

FY13
5.5
27.8
4.2

1,255
-692
-628
-65

849
-469
-436
-56

NOTES

INOX Leisure is a subsidiary of Gujarat Fluorochemicals. The media company is

involved in the business of multiplexes which offer state of the art facilities, with
international standard interiors and computerised ticketing systems. It has presence
in cities like Mumbai, Kolkata, Jaipur, Nagpur, Goa, Indore, Lucknow, Faridabad,
Vadodara, Pune, Chennai, Durgapur, Darjeeling, Bharuch, Goa and Vijaywada.
The sales of INOX grew by 10% YoY during FY15. The companys net profit however
fell by almost 33% year on year due to a decline in margins at the operating level. At
the end of FY15, the company had 97 multiplexes and over 377 screens in 52 cities
with a seating capacity of 99,429, making it a pan-Indian multiplex chain. It had 34
properties in West India, followed by 24 in North, 22 in South and 17 in the East.

India is highly under-penetrated in terms of screen density. There are only 8 screens
per million people in India, compared to 125 screens in the United States. This
indicates ample scope for growth for the sector, to capitalise on the significantly lower
screen penetration. In FY15, a total of 102 screens were added by leading multiplex
chains across the country. With the focus shifting to Tier 2 and 3 markets, exhibitors
are constantly exploring ideas to target consumers in these cities. Though metro
cities contribute a majority of the revenue of a big budget film, the focus is slowly
shifting to Tier 2 and 3 cities. With lower real estate prices in smaller towns and the
leeway to launch no-frills cinema, exhibitors are able to lower the cost per screen
significantly.

Get more info at www.equitymaster.com

200

MPS LIMITED
MEDIA

Chairman: Nishith Aror (MD)

Yr of Inc

B. Code

1969
532440
SHAREHOLDING

BL. Code
MACI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

75.0%
0.0%
0.1%
0.1%
24.9%
7,188

Price

758.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.4

SEC: S. K. Guha

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-0.7

(FY15)
2,032
0
2,032
120
1,912

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

152
38
97.5
19.0
23.3
10.00
10.5
49.1
16.82
1.0
5.0
4.1
1.9
52.7
1,600
2.3
771
703.6
330.8
136.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,640
50
1,690
429
74
6
400
0
0
0
81
319
26.2
20.2
19.4

1,973
67
2,040
630
53
4
640
0
0
0
218
421
31.9
34.1
21.4

2,239
108
2,346
881
55
3
931
0
0
0
317
614
39.3
34.0
27.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

753
330
25.8
2.3
20
66
218
168
658
827
1
1,159
68.7
0.0
1.4
28.0
38.6
49.8
100.0
0.1

714
257
23.2
2.8
14
59
239
168
745
917
0
1,175
169.3
0.0
1.7
36.2
45.9
73.7
95.4
0.2

2,272
249
90.4
9.1
13
64
326
186
2,364
2,561
0
2,818
322.0
0.0
0.8
21.9
24.0
51.4
90.8
0.0

INCOME DATA

BALANCE SHEET DATA

425
99
117.3
25.1
28.2
17.00
6.5
54.5
16.82
2.2
10.4
9.3
4.8
67.9
4,403
2.7
847
724.0
310.8
154.6

Regd off: RR Towers 4, A, Thiru - vi - Ka Inds. Estate, Guindy, Chennai - 600 032
E-Mail:
supriya.guha@adi-mps.com
Web site: www.adi-mps.com
Telephone: (080) 4178 4025 Fax: (080) 4200 4400
Tr agent: Cameo Corp. Sevices, Subramaniam Bldg., Club House Rd., Chennai-02

1,039
316
120.2
33.0
35.9
22.00
3.2
137.5
18.62
5.6
20.5
18.9
4.9
66.7
12,618
2.8
941
801.8
336.9
220.1

P/E

23.0

P/CF
21.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.9

Vol.

14,123.3

0.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE943D01017

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
567
549
`m
229
197
%
40.5
35.8
`m
153
127
%
27.1
23.0

Jun 15
604
230
38.1
144
23.8

Sep 15
627
206
32.8
175
27.9

FY14
60
23.0
73.7

FY15
65
28.8
51.4

Parameters
Revenue from Top 5 Clients
Net margins
Debt to equity
ROCE

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%

316
-74
-242
0

FY13
63
19.5
0.1
49.8

377
-50
-337
-10

504
-1,495
1,036
45

NOTES

Based out of Noida, MPS Limited is a publishing services company with over four
decades of experience with major publishers worldwide. The company provides
services which helps its clients to transform and enrich their content across mediums
- print to mobile. The company's services include everything from production of
books, journals, magazines right from subscription management to BPO services.
The five key areas of focus include book & journal publishing solutions; technology
solutions; digital publishing solutions; creative & interactive solutions and fulfillment &
BPO services.

In 2011, the current promoters (ADI BPO Services) took over from.The current
promoter group owns 75% stake in the business.The company earns about 61%
revenues from the traditional services segment, 29% from its digital services, and
balance from the support services segment. The company earns about a half of its
revenues from the US and Europe each. MPS' clientele includes Wiley, Oxford
University Press, Macmillan, McGraw Hill etc. It has production facilities at 6 locations
across the world, and about 2,891 people on its payrolls.The revenue mix of MPS
was - Journals - 33 %. Books - 26 %, technology sales - 8-10%; and fulfilment
services - 10%. The top 5 clients contributed about 65% to the revenues in FY15 as
compared to 60% in FY14 indicating that the client mining strategy is bearing fruit. In
terms of currency contribution, 66% of the business was in USD, 29% in GBP and
4% in Euro at the end of the year. Revenue growth was a bit subdued in FY15 due
to negative cross currency movements. Further, the company raised Rs 1.5 bn
through QIP and is on lookout for acquisitions to grow inorganically. The 3
acquisitions that the company has made in the past have blended well and turned
value accretive. This indicates the management's capability to identify growth targets
and integrate them well with the existing business.

Get more info at www.equitymaster.com

201

ZEE ENTERTAINMENT ENTERPRISES LTD.

MEDIA

Chairman: Subhash Chandra

Yr of Inc

B. Code

1992
505537
SHAREHOLDING

BL. Code
ZEEN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

SUBHASH CHANDRA
F.V.
1

: 25.1%
: 17.9%
:
3.4%
: 47.9%
:
5.6%
: 92,910

Price

395.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.3

SEC: M. Lakshminarayanan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

6.3

(FY15)
1,731
192
2,839
2,392
447

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

247
119
38.8
7.5
8.0
2.00
1.1
41.0
953.96
BB
4.7
24.3
23.0
4.5
26.5
174,575
0.0
3,491
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

36,996
1,461
38,457
9,543
399
86
10,519
24
-10
0
3,337
7,196
25.8
31.7
19.5

44,217
1,807
46,024
12,043
501
158
13,191
19
2
0
4,291
8,921
27.2
32.5
20.2

48,837
2,278
51,115
12,538
673
103
14,040
57
-37
0
4,285
9,775
25.7
30.5
20.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,009
11,099
70.0
3.3
86
98
9,975
954
37,009
39,115
17
50,743
123.3
0.0
0.7
14.4
18.4
27.1
3.1
1.2

42,116
12,203
67.7
3.5
97
85
11,730
960
24,184
47,377
17
60,317
84.5
0.0
0.7
15.1
18.8
28.2
3.6
0.9

49,802
13,776
73.8
3.6
89
80
12,254
960
31,807
55,498
12
70,058
137.3
0.0
0.7
14.1
17.6
25.5
3.5
0.4

BALANCE SHEET DATA

P/E

39.6

402
259
50.8
10.2
10.9
2.25
0.7
57.8
960.45
6.5
32.5
30.4
5.7
22.1
317,285
0.0
4,498
NM
NM
NM

P/CF
37.0

(` )

AUD: MGB & Co.

Yield

Mkt cap

0.6

Vol.

386,805.5

34.2

ADJUSTED DAILY SHARE PRICE DATA

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

301
194
46.0
9.3
9.8
2.00
0.8
49.3
960.45
ESOP
5.4
26.6
25.2
5.0
21.5
237,663
0.0
3,895
NM
NM
NM

Regd off: Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai -18
E-Mail:
sanghavip@zeenetwork.com
Web site: www.zeetelevision.com
Telephone: (022) 2483 1234 Fax: (022) 2490 0302/0213
Tr agent: Sharepro Serv., 13AB, Samhita Warehousing, Andheri (E), Mumbai-72

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Advertising Revenues
Subscription revenues
Other services

ISIN

INE256A01028

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
13,637
13,471
`m
3,554
2,696
%
26.1
20.0
`m
3,086
2,308
%
22.6
17.1

Jun 15
13,399
3,126
23.3
2,437
18.2

Sep 15
13,849
3,557
25.7
2,805
20.3

FY14
53.8
40.8
3.9

FY15
54.5
36.7
7.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

3,867
452
-2,287
2,032

FY13
53.1
42.3
2.2

3,830
-2,059
-1,444
327

6,809
-3,661
-3,427
-279

NOTES

Zee Entertainment (Zee) is India's largest vertically integrated media and

entertainment company, encompassing the content-to-consumer value chain;
television content, broadcasting, cable networks, films, music and animation. Zee TV
is India's first private TV channel and reaches an estimated 959 m people across 169
countries. It is amongst the largest producers and aggregators of Hindi programming
in the world, with an extensive library, housing over 2,10,678 hours of television
content. With rights to more than 3,500 movie titles from foremost studios featuring
iconic film stars, ZEE houses the worlds largest Hindi film library.
The companys topline grew by 10% during FY15. Advertising revenue grew by 12%
YoY; while subscription revenues recorded a growth of 5% YoY during the year. The
company was unable to curtail its operating expenditure; which resulted in lower
operating margins compared to the previous year. Consequently, net profits fell by
6%.

It was an important year for the television industry in many ways. FY15 saw the
formation of the viewership measurement system by Broadcast Audience Research
Council (BARC). BARC is expected to deliver superior viewership data on account of
more relevant classification parameters (NCCS instead of SEC), tracking of
substantially higher viewership universe (~150 million households) including rural
households, as well as higher quality of data monitoring through audio watermarking
of channel feeds.

Get more info at www.equitymaster.com

202

ZEE MEDIA CORPORATION LTD.

MEDIA

Chairman: Subhash Chandra

Yr of Inc

B. Code

2006
532794
SHAREHOLDING

BL. Code
ZEEN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

SUBHASH CHANDRA
F.V.
1

: 69.1%
:
0.0%
:
5.1%
:
6.1%
: 19.7%
: 103,830

Price
23.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pushpal Sanghavi

% ch 12-m

FX Transaction (FY15)
`m
115
`m
66
`m
131
`m
160
`m
-29
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,038
208
3,246
375
120
88
376
-32
-4
46
145
242
12.4
38.5
8.0

3,352
236
3,587
255
161
103
227
-24
0
60
73
189
7.6
32.3
5.6

5,443
72
5,515
404
505
526
-555
-35
0
0
-124
-467
7.4
22.3
-8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,636
1,310
43.6
2.0
0
107
904
240
1,791
2,128
6
3,660
5.3
0.0
0.8
9.0
11.4
22.2
3.8
3.6

2,425
1,244
35.2
1.9
0
95
1,406
240
1,975
2,311
679
4,477
3.2
0.3
0.7
6.5
8.2
12.2
4.3
9.4

2,062
3,280
-22.4
0.6
3
77
6,335
362
1,455
3,608
2,760
9,943
-0.1
0.8
0.5
0.6
-12.9
-1.0
2.1
1.2

BALANCE SHEET DATA

19
11
14.0
0.8
1.5
0.00
0.0
9.6
239.76
1.0
18.4
10.0
1.5
0.0
3,489
1.4
991
2,414.7
714.0
136.4

24
13
15.0
-1.3
0.1
0.00
0.0
10.0
362.15
A
1.2
-14.4
174.7
1.9
0.0
6,700
1.8
1,607
3,110.5
918.1
-266.6

P/CF

219.1

(` )

AUD: MGB & Co

Yield

Mkt cap

0.0

Vol.

8,401.9

474.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE966H01019

30
Close

25

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

13.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

20
9
12.7
1.0
1.5
0.00
0.0
8.9
239.76
1.1
14.3
9.6
1.6
0.0
3,453
1.2
877
2,619.1
756.1
208.4

8.3

Regd off: 135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai -18
E-Mail:
pushpal.sanghavi@zee.esselgroup.com
Web site: www.zeenews.india.com
Telephone: (022) 2483 1234 Fax: (022) 2495 5974
Tr agent: Sharepro Serv., 13AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Personnel cost
Advertising revenues
Subscription revenues

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,399
1,399
`m
158
145
%
11.3
10.4
`m
-104
-72
%
-7.4
-5.1

Jun 15
1,353
139
10.2
-71
-5.2

Sep 15
1,270
54
4.3
-108
-8.5

FY14
29.2
65.8
29.8

FY15
29.4
72.4
18.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

795
-709
-213
-56

FY13
28.9
66.5
27.7

285
-535
356
106

-179
133
189
185

NOTES

Zee Media Corporation Limited (earlier known as Zee News) is Essel groups news
broadcasting business. It has wide presence in the national and regional news genre
through its channels like Zee News, Zee Business, Zee 24 Taas, Zee Punjabi, Zee
News UP, Zee Tamil and Zee 24 Gantalu. In addition, Zee Akaash News, a subsidiary
of the company operates 24 Ghanta, a Bengali news channel. In terms of news
gathering, the company has the largest network of news bureau and correspondents
with a pan-India presence. The company is equipped with state-of-the-art technology
in content creation, packaging and broadcasting.

ZEE Medias top line grew by 62% YoY in FY15; while operating profits grew by 58%
YoY. However, at the bottomline level the company turned in a loss of Rs 467 million
compared to a profit of Rs 189 million during the same period of the previous year. A
big spike in interest expenses as well as depreciation charges dragged down the
bottomline performance. 2014 turned out to be a great year for the news genre with
the general and state elections providing a viewership boost.
The news media industry has remained at the helm of consumer preferences with
little or no barriers to entry into the industry. Such a scenario has led to a proliferation
of channels and fragmentation in the industry. The news channels (including regional
news) accounted for 7.4% viewership in 2014, up from 6.9% in 2013, largely on
account of elections. The completion of Phases I & II of digitization was expected to
bring in efficiencies and additional revenues to the broadcasters, which was missing
in 2014. The introduction of alternative rating system by BARC, which includes rural
population and larger sample size, is expected to bring in significant changes in ad
spend trends.

Get more info at www.equitymaster.com

203

MISCELLANEOUS

This page has been intentionally left blank

204

ALLCARGO GLOBAL LOGISTICS LTD.

LOGISTICS

Chairman: Shashi Kiran Shetty (MD)

Yr of Inc

B. Code

1993
532749
SHAREHOLDING

BL. Code
ALGL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

72.3%
0.0%
0.2%
11.9%
15.7%
5,209

MISCELLANEOUS
Price

350.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shailesh Dholakia

% ch 12-m
12.5

FX Transaction (FY15)
`m
0
`m
16
`m
1,144
`m
1,773
`m
-629
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

39,255
662
39,917
3,562
1,474
414
2,336
-129
4
0
512
1,697
9.1
21.9
4.3

48,594
365
48,959
3,913
1,755
563
1,960
-51
0
0
416
1,493
8.1
21.2
3.1

56,288
526
56,814
4,754
1,574
535
3,171
-92
19
0
700
2,399
8.4
22.1
4.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,885
8,645
-1.9
0.9
1
36
13,827
252
14,447
15,857
3,826
29,929
6.6
0.2
1.3
7.1
10.7
13.3
0.0
0.7

10,445
10,987
-1.1
1.0
1
43
14,011
252
15,899
17,931
5,208
36,298
4.5
0.3
1.3
5.7
8.3
10.7
0.0
0.2

10,396
9,993
0.7
1.0
1
42
12,605
252
17,903
19,078
3,581
34,460
6.9
0.2
1.6
8.5
12.6
16.0
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

169
60
385.5
11.8
25.8
1.50
1.3
142.3
126.05
ESOP
0.3
9.7
4.4
0.8
12.7
14,420
4.0
7,276
12,103.2
1,812.3
371.9

P/E

358
133
446.6
19.0
31.5
1.40
0.6
151.4
126.05
0.5
12.9
7.8
1.6
7.4
30,939
3.6
8,566
15,696.6
2,388.8
669.0

P/CF

19.1

11.5

(` )

AUD: Appan & Lokhandwala Assoc.

Yield

Mkt cap

0.4

Vol.

45,810.0

37.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE418H01029

450

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

153
109
311.4
13.5
25.2
1.50
1.1
125.8
126.04
BB
0.4
9.7
5.2
1.0
11.1
16,505
3.7
5,634
10,578.0
1,518.2
457.4

-1.3

Regd off: 6th Floor, Avashya House, Kalina, Santacruz (E), Mumbai - 400 098
E-Mail:
investor.relations@allcargologistics.com
Web site: www.allcargologistics.com
Telephone: (022) 6679 8100 Fax: (022) 6679 8195
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
CFS Business volumes
Global MTO Volumes
EBITDA Margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,317
14,152
`m
1,300
1,058
%
9.1
7.5
`m
718
554
%
5.0
3.9

Jun 15
14,779
1,350
9.1
751
5.1

Sep 15
14,681
1,391
9.5
725
4.9

FY14
250
335
30

FY15
292
422
29

`
`
`
`

m
m
m
m

KEY DATA
Unit
000 TEUs
000 TEUs
%

3,244
-1,796
-1,446
2

FY13
259
285
28

3,107
-4,390
1,350
67

4,300
-27
-3,957
316

NOTES

Allcargo Logistics in Indias no. 1 Multinational Logistics Company, headquartered in

Mumbai. The company has a diversified presence across multiple logistics sectors
including ocean & air freight forwarding, container freight stations (CFS), inland
container depots (ICD), project cargo, equipment rentals, coastal shipping and
contract logistics. The company enjoys a global presence with more than 200 offices
in 90+ countries.

The company has three key business verticals - Multimodal Transport Operations
(MTO), Container Freight Stations (CFS), and Project and Engineering Solutions
(P&E). The three segments in FY 15, accounted for 44%, 26% and 30% of operating
profits respectively.

In FY 15, consolidated revenues grew around 16% YoY. Operating profit margin
(EBITDA margin) for the year remained stable at 8%, while net profit margin for the
year stood at 4%, up from 3% last year. Going forward, in the CFS segment, the
management is planning to be present at Calcutta Port. The land is already allocated
to it and it is for 30 years lease. In the projects and engineering service business, the
company is the leading player in both project logistics and equipment leasing. It has
entered the ecommerce space by establishing a fulfillment center in Gurgaon for
Snapdeal, Indias second largest ecommerce player. The management sees huge
opportunity to grow in the near future in this segment. In the MTO segment, the
company plans to be the largest LCL consolidator in the world and will continue on
strengthening its net worth in fast growing geographies to attain leadership position
in the markets that it operates in.

Get more info at www.equitymaster.com

205

AMBIKA COTTON

Regd off: No.9A, Valluvar Street, Sivanandha Colony, Coimbatore 641012

E-Mail:
acmambikacottonmills@gmail.com
Web site: www.acmills.in
Telephone: 0422-2491501 Fax: 0422-2499623
Tr agent: M/s S.K.D.C. Consultants Limited

TEXTILES

Chairman:

Yr of Inc

B. Code

1988
531978
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

48.6%
0.0%
3.2%
1.5%
46.7%
9,364

Price

840.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.1

SEC: Sri Radhe Shyam Padia

% ch 12-m
59.1

FX Transaction (FY15)
`m
0
`m
0
`m
2,853
`m
2,533
`m
321
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

232
143
676.5
52.7
99.4
9.50
5.1
374.8
5.88
0.3
3.6
1.9
0.5
18.0
1,102
0.0
212
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,978
3
3,981
866
274
188
407
0
0
0
97
310
21.8
23.8
7.8

4,769
2
4,771
1,031
316
120
597
0
0
0
115
481
21.6
19.3
10.1

4,955
3
4,958
991
293
63
638
0
0
0
126
512
20.0
19.7
10.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,207
957
6.3
1.3
85
6
2,917
59
2,145
2,204
616
4,225
3.2
0.3
0.9
11.8
14.1
21.1
0.0
0.0

1,561
1,227
7.0
1.3
102
4
2,899
59
2,541
2,599
309
4,548
6.0
0.1
1.0
13.2
18.5
24.6
0.0
0.0

1,688
1,041
13.1
1.6
106
4
2,700
59
2,953
3,012
38
4,499
11.1
0.0
1.1
12.8
17.0
23.0
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

310
182
811.0
81.9
135.6
12.50
5.1
442.1
5.88
0.3
3.0
1.8
0.6
15.3
1,445
0.0
241
NM
NM
NM

P/E

835
275
842.7
87.0
136.9
14.00
2.5
512.3
5.88
0.7
6.4
4.1
1.1
16.1
3,264
1.7
243
2,867.7
140.8
296.1

P/CF

(` )

AUD: L. Venkatasubbu & Co.

Yield

Mkt cap

0.0

Vol.

23.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE540G01014

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Spinning Capacity
Export Revenue
Material Imported

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,234
1,217
`m
229
236
%
18.5
19.4
`m
112
142
%
9.0
11.7

Jun 15
1,242
248
20.0
121
9.7

Sep 15
1,234
227
18.4
106
8.5

`
`
`
`

m
m
m
m

874
-87
-792
-5

378
-285
-81
12

KEY DATA
Unit
FY13
FY14
No. of Spindles 109,872 109,872
% of Net Sales
61.5
62.0
% of RawMaterials 61.0
82.4

429
-93
-336
1

FY15
108,228
57.6
71.3

NOTES

Incorporated in 1988, Ambika Cotton Mills Ltd is engaged in the manufacturing of

premium quality compact and elitwist cotton yarn for hosiery and weaving. It is an
established player in the international and domestic yarn market. The company has
a total installed spindle capacity of 108,228; of which about 100,800 spindles
constitute compact facility housed in four units. The company has installed 27.4 MW
wind power capacity of which 25.9 MW is meant for captive consumption of spinning
segment. The spinning plants are located at Kanniyapuram, Dindigul and windmills
are located in Tirunelveli, Dharapuram and Theni in the State of Tamilnadu.

The company holds the distinction of being the number one in the shirting segment
and is the preferred client of all top quality shirt manufacturers around the world. The
exports comprise around 64% of the business, with focus on South Asia, East Asia,
South East Asia and Europe.
During the financial year 2014-15, the company achieved net sales of Rs 4,837.4
million, registering a growth of 5.3% on a year-on-year (YoY) basis. Profit after tax
grew by 6.3% YoY to Rs 511.8 million during the period.
The company plans to setup another spinning unit of 30,000 spindles with 100%
compact facility consisting of imported and indigenous machinery, together with
required value addition in knitting facility at an estimated cost of Rs 1.3 billion. The
major cost of the scheme is proposed to be met out of internal accruals with minimum
possible borrowing.

Ambika Cotton Mills Ltd, on account of manufacturing speciality cotton yarn,

continues to have good demand for its products and continues to strengthen its
production base by modernization and adding balancing equipments.

Get more info at www.equitymaster.com

206

APOLLO HOSPITALS ENTERPRISE LIMITED

HEALTH SERVICES

Chairman: Prathap C. Reddy

Yr of Inc

B. Code

1979
508869
SHAREHOLDING

BL. Code
APLH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 34.4%
:
0.0%
:
4.0%
: 42.4%
: 19.3%
: 33,376

Price

1,357.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.8

SEC: S. M. Krishnan

% ch 12-m
19.9

FX Transaction (FY15)
`m
0
`m
1,154
`m
928
`m
1,435
`m
-507
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

903
595
270.9
21.9
32.1
5.50
0.7
197.4
139.13
GDR
2.8
34.2
23.3
3.8
25.1
104,201
35.3
6,231
1,066.2
176.3
86.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

37,687
365
38,052
6,019
1,423
1,033
3,928
17
87
63
1,050
3,044
16.0
26.7
8.1

43,834
215
44,049
6,724
1,678
1,194
4,067
14
104
0
1,018
3,167
15.3
25.0
7.2

51,785
368
52,152
7,200
2,117
1,179
4,272
51
94
282
1,300
3,399
13.9
30.4
6.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,534
7,340
21.7
2.1
21
46
25,987
696
25,788
27,468
10,789
48,391
4.8
0.4
0.8
8.4
11.1
13.4
0.0
2.5

15,009
7,968
16.1
1.9
23
43
30,227
696
28,082
29,767
12,224
53,725
4.4
0.4
0.8
8.1
10.6
12.8
0.0
2.5

19,379
10,763
16.6
1.8
25
43
36,115
696
30,988
31,702
17,281
64,794
4.6
0.5
0.8
7.1
10.7
12.0
0.0
2.2

INCOME DATA

BALANCE SHEET DATA

1,096
802
315.1
22.8
34.8
5.75
0.6
213.9
139.13
3.0
41.7
27.3
4.4
25.3
132,048
35.9
7,274
1,221.8
202.8
88.3

Regd off: 19, Bishop Garden, Raja Annamalaipuram, Chennai - 600 028
E-Mail:
krishnan_sm@apollohospitals.com
Web site: www.apollohospitals.com
Telephone: (044) 2829 3896 Fax: (044) 2829 0956
Tr agent: Integrated Enterprises, Kences Tower, II Floor, T. Nagar, Chennai-17

1,479
1,314
372.2
24.4
39.6
5.75
0.4
227.9
139.13
3.8
57.2
35.2
6.1
23.5
194,351
40.1
7,210
1,292.5
179.9
84.8

P/E

55.6

P/CF
34.2

(` )

AUD: S. Viswanathan

Yield

Mkt cap

0.4

Vol.

188,869.0

13.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE437A01024

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Return on equity
Total Assets
Debtors Turnover

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,825
12,037
`m
1,747
1,745
%
14.8
14.5
`m
1,102
768
%
9.3
6.4

Jun 15
12,650
1,811
14.3
908
7.2

Sep 15
13,673
1,932
14.1
937
6.9

FY14
10.66
53,496
8.83

FY15
10.59
64,591
9.17

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
INR-million
times

4,428
-7,325
3,730
832

FY13
11.28
48,139
8.76

3,734
-3,558
-635
-459

4,700
-7,591
3,923
992

NOTES

Starting off in 1979 as a 150-bed hospital in Chennai, Apollo Hospitals Enterprise

(AHEL) is one of India's premier healthcare providers at present. As of 31 March
2015, the Apollo Hospitals Group had over 9,215 beds across 55 hospitals located in
India and overseas. Of the 9,215 beds, 7,207 beds are in 44 self-owned hospitals. It
manages 2,008 beds in 11 hospitals via operations and management contracts.
Besides owning and managing hospitals, the group has a leadership position in
hospital project consulting, healthcare technology and education, medical BPO, and
health and lifestyle clinics. It also boasts of the largest pharmacy chain in India,
spanning around 2,217 stores. AHEL offers healthcare services such as clinical and
diagnostic, third-party administration, and health insurance.

In FY15, AHEL reported an 18.1% year-on-year increase in revenue, while

consolidated net profit grew 6.7% year-on-year. Net profit margin stood around 6.3%
versus 7% in FY14.The company plans to increase bed capacity and set-up new
hospitals in metros and large cities to reach a wider urban population.
The management remains focused on growth, with the objective of simultaneously
improving operating efficiencies and clinical outcomes. In line with its stated strategy
of driving capacity creation, the company is executing a multi-pronged expansion
plan. In addition to a strong base of 9,215 beds across 55 hospitals as on 31 March
2015, it plans to add another 1,590 beds in the coming three years across six
hospitals, which will expand its overall network of hospitals to 61. The board has
approved a capital expenditure of approximately Rs 16,626 million. Of this, Rs 4,583
million has already been invested and the balance Rs 12,043 million will be invested
in a calibrated manner over the next three years.

Get more info at www.equitymaster.com

207

BAJAJ HINDUSTHAN SUGAR LIMITED

SUGAR

Chairman: Shishir Bajaj (MD)

Yr of Inc

B. Code

1931
500032
SHAREHOLDING

BL. Code
BJHN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BAJAJ

F.V.
1

: 46.1%
:
0.0%
: 14.3%
:
2.9%
: 36.6%
: 145,891

Price
16.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/09/12

-9.8

SEC: Pradeep Parakh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
18
31/03/14

(FY15)
1,749
37
1,749
176
1,573

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

39
23
67.9
-5.0
0.6
0.10
0.3
62.4
639.40
R:2:1,PI
0.5
-6.2
47.9
0.5
-2.0
19,821
7.3
2,002
5,984.4
275.8
-441.0

33
13
56.0
-14.7
-11.5
0.00
0.0
18.8
810.20
IS
0.4
-1.5
-2.0
1.2
0.0
18,432
7.2
1,798
6,320.2
250.6
-1,661.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

43,441
1,754
45,194
3,208
3,615
5,311
-3,964
13
-447
286
-911
-3,201
7.4
23.0
-7.4

66,454
1,031
67,484
-2,590
5,557
9,697
-16,813
15
845
-44
249
-16,247
-3.9
-1.5
-24.4

45,354
1,201
46,554
-3,313
2,577
7,263
-11,952
0
-2
38
10
-11,925
-7.3
-0.1
-26.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

29,186
77,491
-111.2
0.4
47
16
73,191
639
39,025
39,906
15,007
144,125
0.3
0.4
0.3
1.5
-8.0
2.2
0.7
0.0

46,148
72,497
-39.7
0.6
147
12
50,764
639
22,784
23,686
25,096
123,504
-0.7
1.1
0.5
-5.3
-68.6
-12.9
2.6
0.1

40,739
31,464
20.5
1.3
175
13
49,624
810
14,269
15,204
71,113
118,065
-0.6
4.7
0.4
-3.9
-78.4
-5.4
0.0
0.0

P/CF

(` )

Yield
0.0

AUD: Chaturvedi & Shah

Mkt cap

Vol.

10,645.8

627.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE306A01021

35
Close

30

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-10.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

33
12
103.9
-25.4
-16.7
0.00
0.0
37.0
639.40
0.2
-0.9
-1.3
0.6
0.0
14,418
7.8
3,165
8,530.6
406.3
-2,085.6

Regd off: Bajaj Bhavan, 2nd Floor, 226 Nariman Point, J. B. Marg, Mumbai -21
E-Mail:
investor.complaints@bajajhindusthan.com
Web site: www.bajajhindusthan.com
Telephone: (022) 2204 9056 Fax: (022) 2204 8681
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

25
20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/09/12

18
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,610
12,060
`m
-549
-2,778
%
-4.7
-23.0
`m
-2,808
-5,386
%
-24.2
-44.7

Jun 15
15,459
3,382
21.9
1,072
6.9

Sep 15
7,615
-399
-5.2
-2,802
-36.8

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Crushing capacity
TCD
Sugar produced
m ton
Power generated
MW
*18 month period ended March 2014. Company
September to March.

-5,585
-25,901
29,506
-1,980

10,634
-39,649
27,413
-1,601

-3,650
-1,791
4,760
-681

Sep 12
Mar 14
FY15
136,000
136,000
136,000
1.2
2.3
1.1
821,215 1,615,638
778,057
has changed year ending from

NOTES

Bajaj Hindusthan Ltd. (BHL), a part of the Bajaj Group, is India's leading sugar and
ethanol manufacturing company. It has fourteen sugar plants - all located in Uttar
Pradesh - with aggregate sugarcane crushing capacity of 136,000 TCD (tonnes
crushed per day). It has aggregate capacity to produce Industrial Alcohol of 800
kilolitres per day and fourteen co-generation plants having a total power generation
capacity of 449 MW, two Medium Density Fibre (MDF) Board manufacturing plants
having capacity of 120,000 metric tonnes per annum and one Particle Board (PB)
manufacturing plant having capacity of 35,000 metric tonnes per annum.
During FY15, the company produced 11,37,815 metric tonnes of sugar from
sugarcane and 6,14,634 metric tonnes molasses. The company sold 12,39,186
metric tonnes of sugar as against 16,30,924 metric tonnes during the previous year.
During the period, the company reported a consolidated topline of Rs 45,701.2
million. At the bottomline level, it incurred a loss of Rs 10,972.2 million. The period
was challenging for the companys sugar business.
Going forward, decontrol of sugar industry will be a major game changer for the
industry. In case this is implemented, the company being a leader in the sugar sector
would hugely benefit from the advantages of an open policy. It must be noted that
despite being the worlds second largest producer and largest consumer of sugar,
Indias sugar industry has been struggling to remain commercially viable.

Get more info at www.equitymaster.com

208

BALRAMPUR CHINI MILLS LIMITED

SUGAR

Chairman: Naresh Chandra

Yr of Inc

B. Code

1975
500038
SHAREHOLDING

BL. Code

BACH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 40.8%
:
0.0%
: 16.0%
: 18.6%
: 24.6%
: 98,681

Price
69.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

9.8

SEC: S. K. Agarwala

% ch 12-m

FX Transaction (FY15)
`m
0
`m
3
`m
0
`m
17
`m
-17
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

75
42
134.0
6.6
11.0
2.00
3.4
53.9
244.31
0.4
8.9
5.3
1.1
30.3
14,292
5.9
1,295
5,528.1
218.5
272.3

57
35
108.8
0.3
4.8
0.00
0.0
49.7
244.84
0.4
133.0
9.5
0.9
0.0
11,250
6.5
1,417
4,105.0
218.3
13.0

88
47
122.0
-2.4
2.4
0.00
0.0
46.0
244.92
ESOP
0.6
-28.5
28.5
1.5
0.0
16,520
6.6
1,503
4,517.5
227.3
-87.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

32,748
423
33,171
4,198
1,084
1,439
2,098
0
0
0
485
1,613
12.8
23.1
4.9

26,650
268
26,918
2,181
1,096
1,178
175
0
0
0
90
85
8.2
51.7
0.3

29,870
152
30,022
1,265
1,159
1,021
-764
0
0
0
-184
-579
4.2
24.1
-1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

24,155
24,334
-0.5
1.0
210
20
15,283
244
12,796
13,161
2,295
42,233
2.5
0.2
0.8
7.2
12.3
22.9
0.0
0.0

23,515
21,766
6.6
1.1
287
9
15,246
245
11,783
12,163
4,942
41,590
1.1
0.4
0.6
3.0
0.7
7.9
0.0
0.0

22,184
21,061
3.8
1.1
204
19
13,843
245
10,891
11,271
4,329
39,040
0.3
0.4
0.8
1.1
-5.1
1.6
0.0
0.0

P/CF
30.9

(` )

AUD: G. P. Agarwal & Co.

Yield

Mkt cap

0.0

Vol.

17,927.5

121.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE119A01028

90

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

25.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: FMC Fortuna, 2nd Floor, 234/3A, A. J. C. Bose Road, Kolkata - 700 020
E-Mail:
santoshk.agrawala@bcml.in
Web site: www.chini.com
Telephone: (033) 2287 4749 Fax: (033) 2287 3083
Tr agent: In-house

80

Close

70

100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cane Crushed
Sugar production
Alcohol production
Power generation

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,417
6,583
`m
-267
1,025
%
-3.2
15.6
`m
-657
390
%
-7.8
5.9

Jun 15
6,361
-194
-3.0
-727
-11.4

Sep 15
5,011
322
6.4
144
2.9

FY14
7.7
0.76
77,950
750.5

FY15
8.1
0.79
69,903
829.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
million tonnes
million tonnes
kilolitres
m Kwh

5,556
-93
-3,706
1,756

FY13
8.1
0.77
67,666
748.8

4,623
-635
-4,469
-481

-763
-230
378
-616

NOTES

Established in 1975, Balrampur Chini Mills Limited (BCML) is one of the largest
integrated sugar companies in India. Headquartered in Kolkata, the company has 11
manufacturing units in Uttar Pradesh. The company possesses sugar manufacturing
capacity of 79,000 TCD, distillery capacity of 320 KLPD, organic manure production
capacity of 58,000 MT and saleable cogeneration capacity of 148.20 MW.

The company has reported a growth of 12% YoY in net sales during the year ended
March 2015. However, operating profits registered a drop of 42.1% YoY. The
consolidated statements reported a loss of Rs 579.4 million.
It must be noted that despite being the worlds second largest producer and largest
consumer of sugar, Indias sugar industry has been struggling to remain commercially
viable. The erratic government policies remained a principal challenge for the sugar
industry in Uttar Pradesh. Even as cane prices were controlled by the government,
sugar realisations were influenced by the free market place. Going forward, decontrol
of sugar industry will be a major game changer for the industry.

Get more info at www.equitymaster.com

209

BLUE DART EXPRESS LIMITED

LOGISTICS

Chairman: Sharad Upasani

Yr of Inc

B. Code

1991
526612
SHAREHOLDING

BL. Code
BLDT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

0.0%
75.0%
6.1%
7.4%
11.5%
5,741

Price

7,144.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.3

SEC: Tushar Gunderia

% ch 12-m
22.5

FX Transaction (FY15)
`m
0
`m
22
`m
356
`m
69
`m
287
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,549
1,525
915.2
81.4
96.1
71.00
3.5
278.1
23.73
2.2
25.0
21.2
7.3
87.2
48,338
8.3
3,002
2,629.8
363.5
234.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,717
400
22,117
2,688
347
0
2,741
0
26
0
834
1,933
12.4
30.4
8.9

19,383
377
19,760
1,741
273
0
1,845
0
16
0
635
1,226
9.0
34.4
6.3

22,722
246
22,968
2,242
436
112
1,941
0
22
0
669
1,293
9.9
34.5
5.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,250
3,664
7.3
1.4
0
38
2,329
238
6,362
6,599
0
10,507
27,410.0
0.0
2.1
18.4
29.3
41.9
0.0
0.1

4,430
2,704
8.9
1.6
1
50
2,365
238
6,192
6,430
0
9,402
6,151.0
0.0
2.1
13.0
19.1
28.9
0.0
0.1

5,370
3,237
9.4
1.7
1
47
2,410
238
2,835
3,073
3,322
9,881
18.3
1.1
2.3
14.2
42.1
32.4
0.0
0.2

INCOME DATA

BALANCE SHEET DATA

4,040
2,140
816.8
51.7
63.2
50.00
1.6
270.9
23.73
3.8
59.8
48.9
11.4
96.8
73,326
0.0
2,666
NM
NM
NM

Regd off: Blue Dart Centre, Sahar Airport Road, Andheri (E) Mumbai-400 099
E-Mail:
prabhas@bluedart.com
Web site: www.bluedart.com
Telephone: (022) 2839 6444
Fax: (022) 2824 4131
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

7,850
3,070
957.5
54.5
72.9
20.00
0.4
129.5
23.73
5.7
100.2
74.9
42.2
36.7
129,566
7.4
3,216
3,062.6
433.5
174.3

P/E

P/CF

131.1

98.0

(` )

AUD: Price Waterhouse

Yield

Mkt cap

0.3

Vol.

169,542.5

0.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE233B01017

9,000
8,000

Close

7,000

100 DMA

6,000
5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
Domestic shipments
International shipments

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,889
5,710
`m
484
679
%
8.2
11.9
`m
271
347
%
4.6
6.1

Jun 15
6,197
806
13.0
456
7.4

Sep 15
6,515
928
14.2
538
8.3

FY14
13.7534
126.4
0.9

FY15

`
`
`
`

m
m
m
m

1,825
246
-55
2,016

KEY DATA
Unit
FY13
% of sales
13.8227
m nos
141.7
m nos
1.0

1,201
385
-2,943
-1,357

1,535
319
-1,255
598

NOTES

Blue Dart Express Ltd. is South Asias Premier courier and integrated express
package distribution company. As a part of the DHL Group, Blue Dart covers over 220
countries and over 34,000 locations. It offers an entire spectrum of distribution
services including air express, freight forwarding supply chain solutions and customs
clearance. Within the domestic air express industry, Blue Dart commands a 52%
market share (as of 2013). In the ground segment, the Company garnered a market
share of 14.5% (as of 2013).

For FY15, the net revenues for the company grew by 17.2% YoY. Operating margins
were up 16.1% YoY, with margin at 9.9%, versus 9% last year. The net profit for the
year grew 5.5% YoY, with net profit margin at 5.7% , down from 6.3% last year.
In the near term, the company is likely to face challenge on account of its
dependence on macroeconomic and business environment. While oil price has come
down, fluctuation in currency could be a risk. As the industry matures, the company
is likely to face competition from the entry of new organized players. Changes in the
regulatory environment - Postal Bill, Carriage by Road Act, 2007, Karnataka Stamp
Duty Act etc will also need to be closely monitored and adapted to by the company.
In the medium term, the company intends to increase coverage in tier II and III towns.
Ecommerce could also be a key business opportunity for the company.

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210

COAL INDIA LIMITED

MINING/MINERALS

Chairman: A. K Dubey (MD)

Yr of Inc

B. Code

1973
533278
SHAREHOLDING

BL. Code

COAL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 89.7%
:
0.0%
:
2.8%
:
5.5%
:
2.0%
: 596,244

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

307.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-8.6

SEC: M. Viswanathan

% ch 12-m
-14.1

FX Transaction (FY15)
`m
0
`m
936
`m
0
`m
937
`m
-937
12
31/03/14

P/E

14.2

331
238
108.9
23.9
27.1
29.00
10.2
67.1
6,316.36
2.6
11.9
10.5
4.2
121.2
1,797,320
350.2
279,144
1,964.9
797.1
431.5

424
275
114.0
21.7
25.4
20.70
5.9
63.9
6,316.36
3.1
16.1
13.8
5.5
95.3
2,206,936
336.7
298,741
2,139.0
887.3
407.7

683,027
87,467
770,494
180,836
18,130
452
249,722
0
69
0
76,227
173,564
26.5
30.5
25.4

688,100
71,719
759,819
177,607
19,964
580
228,781
0
14
0
77,679
151,117
25.8
34.0
22.0

720,146
65,706
785,853
173,353
23,198
73
215,788
1
50
0
78,573
137,266
24.1
36.4
19.1

`m
884,233
`m
264,009
%
90.8
x
3.3
Days
30
Days
56
`m
169,617
`m
63,164
`m
416,344
`m
484,720
`m
10,778
`m
1,102,958
x
553.8
x
0.0
x
0.6
%
15.8
%
35.8
%
50.5
%
0.0
%
0.0

802,266
244,349
81.1
3.3
30
44
191,002
63,164
357,019
424,045
1,715
1,042,424
395.5
0.0
0.7
14.6
33.2
53.9
0.0
0.0

837,031
284,226
76.8
2.9
31
43
212,744
63,164
340,734
403,531
2,018
1,105,415
2,948.9
0.0
0.7
12.4
33.1
53.2
0.0
0.1

P/CF
12.1

(` )

CASHFLOW

Parameters
Production
Despatches
Operating Margin
ROE

Mkt cap

6.7

Vol.

1,943,228.2

274.8

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: De Chakraborty & Sen

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

374
291
108.1
27.5
30.3
14.00
4.2
76.7
6,316.36
3.1
12.1
11.0
4.3
50.9
2,101,137
357.9
273,208
1,908.3
763.3
484.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Coal Bhawan, 10, Netaji Subhas Road, Kolkata - 700 001
E-Mail:
complianceofficer@coalindia.in
Web site: www.coalindia.in
Telephone: (033) 2248 5123 Fax: (033) 2231 5060
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE522F01014

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
177,629
213,396
`m
34,800
59,648
%
19.6
28.0
`m
32,795
42,372
%
18.5
19.9

Jun 15
195,181
49,443
25.3
37,869
19.4

Sep 15
174,899
30,084
17.2
25,191
14.4

FY14
462
471
23.0
33.2

FY15
494
489
21.0
33.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
MT
MT
%
%

91,094
-18,327
-78,519
-5,753

FY13
452
465
26.5
35.8

145,247
85,798
-253,503
-22,458

143,815
8,943
-150,257
2,501

NOTES

Coal India (CIL) is the world's largest coal producer, with 18.9 bn tonnes of proven
and probable reserves. It has eight subsidiaries in India - seven of which carry out
coal production and Central Mine Planning and Design Institute Limited, which
provides technical expertise and consultancy to CIL and others. CIL operates 471
mines in 21 major coal fields across 8 states in India, including 163 open cast mines,
273 underground mines and 35 mixed mines. 90% of CIL's production is from opencast mines. CIL was established in 1973 and 90% of its equity is currently held by the
Indian government. Non-coking coal accounts for 90% of production and 95% of the
company's reserve estimates. CIL accounts for about 80% of India's coal production.
Although the last quarter of FY15 recouped most of the volumes lost in the initial half
of the fiscal, lower realization took the sheen off the performance of Coal India. While
e-auction quantities declined in FY15, the realizations failed to curb the fall in margins
for Coal India (CIL). The company had to supply more coal to power plants by cutting
down quantities allotted to e-auctions; which fetch better realizations. And even in the
fuel supply agreement (FSA) route, CIL reported a drop in coal realization, due to
higher sales of low grade coal and more sales to power utilities than to other sectors.

The company has approved a roadmap for achieving 1 bn tonne of coal production
by 2019-20 along with its subsidiaries. And as per the roadmap, CIL and its
subsidiaries are expected to achieve 908.10 MT of coal production in 2019-20. CIL
and its subsidiaries plan to invest around Rs 60 bn in FY16 towards capital
expenditure. Further, an amount of around 60 bn has been earmarked by CIL for
railway and other infrastructure development for FY16. So while volume growth is
expected to move upwards it will be a while before realizations show signs of
recovery.

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211

CONTAINER CORPORATION OF INDIA LIMITED

LOGISTICS

Chairman: Anil Kumar Gupta (MD)

Yr of Inc

B. Code

1988
531344
SHAREHOLDING

BL. Code
CCRI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 61.8%
:
0.0%
:
6.4%
: 26.5%
:
5.3%
: 18,077

GOVERNMENT
Price

1,339.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Harish Chandra

% ch 12-m
1.1

FX Transaction (FY15)
`m
0
`m
19,936
`m
0
`m
20,120
` m -20,120
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

44,450
3,326
47,776
10,495
1,763
30
12,027
0
10
0
2,731
9,306
23.6
22.7
20.9

53,167
3,583
56,749
11,575
2,357
220
12,581
-15
-52
0
3,072
9,443
21.8
24.4
17.8

61,493
3,470
64,963
14,018
4,108
183
13,197
-14
0
1
2,638
10,546
22.8
20.0
17.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

35,104
6,995
63.2
5.0
5
2
29,717
1,300
60,905
62,205
0
72,332
396.6
0.0
0.6
12.9
15.0
19.4
0.0
1.8

34,043
8,608
47.8
4.0
1
4
36,096
1,950
66,628
68,578
1,160
82,683
58.1
0.0
0.6
11.7
13.8
18.3
0.0
188.8

37,210
9,573
44.9
3.9
3
4
40,706
1,950
73,220
75,169
1,308
89,952
73.2
0.0
0.7
11.9
14.0
17.5
0.0
32.4

INCOME DATA

BALANCE SHEET DATA

990
637
272.7
48.4
60.5
12.30
1.5
351.7
194.97
B1:2
3.0
16.8
13.4
2.3
25.4
158,579
1.3
1,459
40,125.9
1,101.2
7,126.4

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,097
830
342.0
71.6
85.2
17.50
1.8
478.6
129.98
2.8
13.5
11.3
2.0
24.4
125,236
1.2
1,093
37,103.4
912.0
7,768.0

-3.6

Regd off: Concor Bhavan, C-3, Mathura Rd, Opp. Apollo Hospitals, New Delhi -76
E-Mail:
investorrelations@concorindia.com
Web site: www.concorindia.com
Telephone: (011) 4167 3093 Fax: (011) 4167 3112
Tr agent: Beetal House, 3rd Floor, 99, Madangir, New Delhi - 110 062

1,774
1,446
315.4
54.1
75.2
13.40
0.8
385.5
194.97
5.1
29.8
21.4
4.2
24.8
313,902
1.3
1,976
46,062.3
1,480.4
7,899.5

P/E

24.8

P/CF
17.8

(` )

AUD: K. V. Gupta & Co.

Yield

Mkt cap

1.0

Vol.

261,251.3

6.7

ADJUSTED DAILY SHARE PRICE DATA

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
International handling
Domestic handling
Employees

ISIN

INE111A01017

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,518
14,975
`m
3,669
3,185
%
25.3
21.3
`m
3,011
2,928
%
20.7
19.6

Jun 15
14,209
2,879
20.3
2,069
14.6

Sep 15
15,019
3,161
21.0
2,335
15.5

FY14
2,361
507
1,325

FY15
2,621
489
1,335

`
`
`
`

m
m
m
m

KEY DATA
Unit
000 TEUs
000 TEUs
Nos.

9,104
-4,422
-2,798
1,884

FY13
2,152
434
1,198

6,727
-5,515
-3,835
-2,624

11,664
-6,483
-3,490
1,691

NOTES

Container Corporation of India Ltd. (Concor), a Mini Navratna PSU under the Ministry
of Railways is engaged in the business of transportation through containerization. It
is the largest player in the inland container rail freight segment with more than 240
high-speed container rakes. Its tariff for rail freight is aligned to the haulage rates
charged by Indian Railways for use of their network. Besides providing inland
transport by rail for containers, it has also expanded to cover management of ports,
air cargo complexes and establishing cold-chain storages. Though rail is the main
stay of its transportation plan, road services are also provided to cater to the need of
door-to-door services, whether in the International or Domestic business. Concor is
involved in key business activities like being of a carrier (container trade), a terminal
operator and a warehouse operator.

In FY15, the company reported a net sales growth of around 16% YoY. The operating
profit and net profit for the year grew 22% YoY and 11% YoY respectively. The
operating margin and net profit margin for the year stood at 22.8% and 17.1%
respectively.
These are challenging times for the company on account of lower volumes, high
haulage charges, amendment in service tax and increasing competition from road
segment. The management has suggested the tax rates to remain in the same range
going forward. The management has given a volume growth guidance of 8%-9% for
the year while capex guidance for the year stands at Rs 11 billion.The company
expects DFC to be operational by December 2018.

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212

CRISIL INDIA LIMITED

RATING AGENCIES

Chairman: Douglas Peterson

Yr of Inc

B. Code

1987
500092
SHAREHOLDING

BL. Code
CRSL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

:
0.0%
: 67.7%
: 10.4%
:
8.0%
: 13.9%
: 13,041

Price

1,884.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.2

SEC: Neelabja Chakrabarty

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-0.1

(FY15)
0
0
5,092
1,745
3,347

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,270
881
157.2
42.2
47.5
19.00
1.8
95.5
70.65
ESOS
6.8
25.5
22.6
11.3
45.1
75,984
0.0
5,155
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

11,106
366
11,473
3,606
379
0
3,593
0
0
659
1,273
2,978
32.5
35.4
26.8

2,356
358
2,714
1,479
29
0
1,808
-2
0
0
509
1,297
62.8
28.2
55.0

12,534
237
12,771
3,885
361
0
3,761
0
0
0
1,076
2,684
31.0
28.6
21.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,118
4,462
14.9
1.4
0
39
4,493
71
6,309
6,745
0
11,449
NM
0.0
1.0
26.6
44.2
63.0
0.0
0.0

3,188
868
98.5
3.7
0
23
516
290
4,549
4,854
0
5,811
NM
0.0
0.4
28.5
26.7
37.2
0.0
0.0

7,466
3,812
29.2
2.0
0
41
4,319
71
8,103
8,484
0
12,646
NM
0.0
1.0
22.7
31.6
44.3
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

819
415
81.3
44.7
45.7
28.00
4.5
167.4
28.99
PA
7.6
13.8
13.5
3.7
62.6
17,888
0.6
632
3,966.2
1,064.6
2,182.7

Regd off: CRISIL House, Central Ave.,Hiranandani Busi. Park, Powai, Mumbai-76
E-Mail:
investors@crisil.com
Web site: www.crisil.com
Telephone: (022) 3342 3000 Fax: (022) 3342 3810
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

2,258
1,056
175.6
37.6
42.7
20.00
1.2
118.9
71.36
ESOS
9.4
44.1
38.8
13.9
53.2
118,247
3.3
5,929
3,783.2
1,789.7
810.2

P/E

P/CF

50.8

44.7

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.1

Vol.

136,238.5

1.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE007A01025

2,500
Close

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Rating services
Research services
Advisory services
ROA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,269
3,076
`m
1,027
864
%
31.4
28.1
`m
708
563
%
21.7
18.3

Jun 15
3,296
909
27.6
649
19.7

Sep 15
3,594
1,048
29.1
769
21.4

FY14
37.0
58.0
5.0
28.5

FY15
40.0
56.0
4.0
22.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
%

2,538
-1,484
-823
231

FY13
37.0
58.0
5.0
26.6

1,069
-459
-622
-13

2,647
-1,852
-1,116
-321

NOTES

Setup in 1987, CRISIL is Indias first and largest credit rating agency. It is a leading
infrastructure advisory and risk solutions provider. It provides outsourced research
and business solutions through Irevna (present in financial sector) and Pipal
Research (present in corporate sector). In the domestic research market it provides
research in economy, industry, mutual fund, fixed income and equity verticals. Its
majority shareholder, Standard & Poors is the foremost provider of independent
credit ratings. In the past five years, CRISIL has reported compounded revenue and
profit growths in excess of 18% and 20% respectively.
Enhanced awareness about the benefits of ratings, banks' growing acceptance of
CRISIL's SME ratings, and CRISIL's intensive outreach initiatives and expansion into
new markets are expected to drive demand in 2016. Lower interest rates could boost
bond and commercial paper issuance. In the research division, synergies between
Pipal Research & Irevna are expected to expand client base and translate into brisk
growth. Robust investment climate in the energy segment coupled with government
initiatives to revive investments in urban projects is likely to boost advisory services.

To mitigate the risk arising from high dependence on any one business for revenues,
CRISIL has adopted a strategy of launching new products and services, globalizing
its operations, and diversifying into different business segments. The strategy has
yielded good results and the company, therefore, now has a well-diversified stream
of revenues. To address the risk of dependence on a few large clients and a few
sectors in the business segments, CRISIL has also actively sought to diversify its
client base and industry segments.

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213

EVEREADY INDUSTRIES INDIA LIMITED

DIVERSIFIED

Chairman: B. M. Khaitan

Yr of Inc

B. Code

1934
531508
SHAREHOLDING

BL. Code
ERDI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

KHAITAN

F.V.
5

: 43.4%
:
0.0%
:
8.5%
:
3.2%
: 44.9%
: 54,604

Price

286.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.7

SEC: Tehnaz Punwani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

54.7

(FY15)
195
1,869
195
1,886
-1,691

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

26
16
142.4
0.7
5.5
0.00
0.0
80.4
72.69
0.1
30.0
3.8
0.3
0.0
1,526
2.5
901
4,141.4
360.2
20.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,353
94
10,448
654
351
405
-8
0
0
0
-58
51
6.3
768.4
0.5

11,534
87
11,622
907
418
411
165
0
0
0
29
136
7.9
17.5
1.2

12,789
39
12,828
1,240
320
340
619
0
0
0
130
489
9.7
21.0
3.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,057
4,192
-11.0
0.7
78
16
7,725
363
4,212
5,841
832
11,043
1.0
0.1
0.9
4.1
0.9
6.0
2.1
14.8

3,321
4,483
-10.1
0.7
81
15
7,447
363
4,305
5,935
460
11,077
1.4
0.1
1.0
4.9
2.3
9.0
2.0
16.3

3,439
4,001
-4.4
0.9
74
14
7,242
363
4,617
6,246
528
10,957
2.8
0.1
1.2
7.6
7.8
14.2
1.5
14.6

BALANCE SHEET DATA

P/E

291
44
175.9
6.7
11.1
0.00
0.0
85.9
72.69
1.0
24.9
15.1
1.9
0.0
12,176
2.5
1,134
5,065.0
449.1
193.7

P/CF

42.5

25.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.0

Vol.

20,803.0

70.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE128A01029

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

46
14
158.7
1.9
7.6
0.50
1.7
81.6
72.69
0.2
16.2
4.0
0.4
26.7
2,199
2.5
999
4,613.6
399.8
54.4

Regd off: 1, Middleton Street, Kolkata - 700 071

E-Mail:
tehnazpunwani@eveready.co.in
Web site: www.evereadyindustries.com
Telephone: (033) 2288 3950 Fax: (033) 2288 4059
Tr agent: Maheshwari Datamatics, 6, Mangoe Lane, Kolkata - 700 001

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Finished Batteries
Finished Flashlights
Debt to Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,254
12,789
`m
342
1,210
%
10.5
9.5
`m
156
474
%
4.8
3.7

Jun 15
3,482
403
11.6
189
5.4

Sep 15
3,678
282
7.7
138
3.8

FY14
59.2
9.3
0.4

FY15
60
7.73
0.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
times

644
-125
-514
6

FY13
57.6
11.2
0.5

931
-61
-903
-33

717
-297
-368
53

NOTES

Incorporated in 1934, Eveready Industries India was a subsidiary of Union Carbide

Corporation (US), which was later acquired by Mr BM Khaitan and the Williamson
Magor Group.

Eveready Industries India Limited (EIIL) is one of Indias leading FMCG companies.
Over the decades, it has been the leader in the dry cell batteries and flashlights
markets in India. The four key business verticals of the company include batteries,
flashlights (torches), lighting and electricals, and packet tea. The company is the
largest dry cell battery and flashlight (torch) player in India with a market share
exceeding 50% and 70% respectively. But a vast unorganised segment is estimated
to be almost equivalent to the size of the organised one. Taking that into account, EIIL
has a market share of around 40%. It boasts of a vast distribution network and
presence in over 3.2 million retail outlets. Out of the total FMCG universe of about 8.5
million outlets, penetration of batteries stocking universe stood at 53%. Eveready
batteries were stocked in 70% of such outlets. During FY15, total revenue at Rs 12.7
billion was up by 11% year-on-year. Net profits stood at Rs 490 million, a significant
increase from Rs 136 million in FY14 because of a higher growth margin.
The company maintains a stable outlook for the electrical and lighting products
business in FY16. It is estimated that the Indian LED market will grow at a CAGR of
35.9% from 2014 to 2019. In the flashlights business, the company was the first
mover in LED torches and continues to introduce new models of flashlights and
lamps that use LED bulbs. The company has added extensions such as luminaires,
tubelights, electrical appliances, primarily rechargeable fans, and LED bulbs to its
lighting solutions products. Furthermore, it has also increased its marketing efforts to
enhance visibility of its new products basket.

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214

GREAT EASTERN SHIPPING CO. LTD.

SHIPPING

Chairman: K. M. Sheth

Yr of Inc

B. Code

1948
500620
SHAREHOLDING

BL. Code

GESC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

SHETH

F.V.
10

: 30.5%
:
0.0%
: 15.4%
: 25.7%
: 28.4%
: 73,557

Price

357.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Jayesh M. Trivedi

% ch 12-m

12
31/03/14

353
199
205.1
38.1
82.2
13.00
4.7
449.2
150.78
BB
1.3
7.3
3.4
0.6
34.2
41,638
0.4
5,069
72,749.6
11,926.1
13,504.7

377
330
228.0
49.6
90.1
11.00
3.1
492.8
150.78
1.6
7.1
3.9
0.7
22.2
53,301
0.6
5,579
57,976.9
9,407.3
12,617.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

30,067
3,938
34,005
11,595
6,242
3,447
5,844
0
-15
0
451
5,378
38.6
7.7
17.9

30,919
2,415
33,334
14,357
6,653
3,788
6,332
0
-55
0
538
5,740
46.4
8.5
18.6

34,380
2,755
37,135
14,332
6,100
3,006
7,981
0
0
0
499
7,482
41.7
6.3
21.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

46,301
23,947
74.3
1.9
16
45
97,039
1,523
52,858
63,418
56,894
144,490
2.7
0.9
0.2
6.1
8.5
7.7
0.0
0.0

40,089
25,987
45.6
1.5
16
32
102,004
1,508
67,518
67,729
49,760
143,767
2.7
0.7
0.2
6.6
8.5
8.6
0.0
0.0

42,545
26,085
47.9
1.6
15
36
111,149
1,508
74,096
74,306
54,626
155,352
3.7
0.7
0.2
6.8
10.1
8.5
0.0
0.0

P/CF
4.0

(` )

CASHFLOW

Parameters
Vessels
Tonnage
Avg. age of fleet

Mkt cap

3.1

Vol.

54,477.2

8.2

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Kalyaniwalla & Mistry

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

7.3

FX Transaction (FY15)
`m
0
`m
0
`m
9,388
`m
9,505
`m
-117

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-10.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

292
225
197.4
35.3
76.3
7.50
2.9
416.4
152.29
1.3
7.3
3.4
0.6
21.2
39,329
0.7
4,494
44,742.4
6,686.8
8,002.4

-11.2

Regd off: Ocean House, 134 / A, Dr. Annie Besant Road, Worli, Mumbai - 400 018
E-Mail:
shares@greatship.com
Web site: www.greatship.com
Telephone: (022) 6661 3000 Fax: (022) 2492 5900
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72
ISIN

INE017A01032

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,778
8,842
`m
3,404
3,551
%
38.8
40.2
`m
1,518
1,638
%
17.3
18.5

Jun 15
9,465
5,044
53.3
3,237
34.2

Sep 15
10,335
5,886
57.0
3,827
37.0

FY14
30
2.4
10.0

FY15
29
2.3
9.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
Nos
mdwt
Years

12,558
-4,088
-4,421
4,049

FY13
32
2.5
9.7

13,576
-3,482
-16,971
-6,876

14,486
-7,786
-2,283
4,417

NOTES

Great Eastern Shipping (GE Shipping) is the largest private sector shipping company
in India. The company has two main businesses: shipping and offshore. The shipping
business is involved in transportation of crude oil, petroleum products, gas and dry
bulk commodities. The offshore business services to the oil companies in carrying out
offshore exploration and production activities, through its subsidiary Greatship (India)
Limited.

As on March 2015, the company has a total fleet of 29 vessels, including 22 tankers
(8 crude carriers, 12 product carriers and 1 gas carrier) and 8 dry bulk carriers, with
an aggregate tonnage of 2.28 million dead weight tonne. The average age of the
companys fleet is 9.9 years. The company is predominantly focused in the crude and
product transportation segment, which together account for more than 77.6% of the
total tonnage of the company (with the rest in the dry bulk segment).
During the financial year 2014-15 (FY15), GE Shipping reported consolidated net
sales of Rs 34,380 million, recording 11.2% YoY growth. The tanker business
accounted for around 85% of the companys operating revenues and 94% of the
operating profits. The dry bulk fleet contributed around 15% of the Companys
operating revenues but just 6% of the operating profits.

The outlook for crude tanker fleet utilization and spot tanker rates is expected to
remain positive in FY16 based on continued increase in long-haul tanker demand as
more crude oil moves from the Atlantic to the Pacific basins. For the dry bulk market,
the year FY16 is likely to be characterised by continuing weak demand and
continuation of new ship deliveries. This is likely to result in an oversupplied
situation, which will continue to put downward pressure on freight rates.

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215

HINDUSTAN ZINC LIMITED

MINING/MINERALS

Chairman: Agnivesh Agarwal

Yr of Inc

B. Code

1966
500188
SHAREHOLDING

BL. Code

HZNC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 64.9%
:
0.0%
: 30.9%
:
2.5%
:
1.6%
: 56,550

Price

142.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.3

SEC: Rajendra Pandwal

% ch 12-m

7.3

FX Transaction (FY15)
`m
38,256
`m
13,821
`m
38,256
`m
14,897
`m
23,359
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

147
111
30.1
16.3
17.9
3.10
2.4
76.4
4,225.32
4.3
7.9
7.2
1.7
19.0
545,066
0.0
6,499
NM
NM
NM

142
94
32.3
16.3
18.2
3.50
3.0
88.6
4,225.32
3.7
7.2
6.5
1.3
21.4
498,165
5.6
7,417
24,354.4
1,324.8
12,331.9

190
121
35.0
19.4
20.9
4.40
2.8
102.6
4,225.32
4.5
8.0
7.5
1.5
22.7
658,094
5.2
8,689
28,439.2
1,671.0
15,726.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

126,998
20,032
147,030
65,084
6,470
269
78,377
0
-106
-175
9,101
68,995
51.2
11.6
54.3

136,360
18,994
155,354
68,999
7,846
449
79,697
0
0
0
10,651
69,046
50.6
13.4
50.6

147,884
28,211
176,094
74,196
6,442
235
95,729
0
0
-28
13,921
81,780
50.2
14.5
55.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

237,596
18,816
172.3
12.6
32
12
95,656
8,451
314,074
322,757
0
354,654
292.8
0.0
0.4
19.5
21.4
24.3
21.4
15.6

280,463
25,446
187.0
11.0
32
11
106,882
8,451
365,719
374,176
0
416,767
178.3
0.0
0.3
16.7
18.5
21.4
21.0
11.3

332,038
29,882
204.3
11.1
30
16
114,509
8,451
425,074
433,531
0
489,920
408.2
0.0
0.3
16.7
18.9
22.1
25.9
9.3

P/CF
6.8

(` )

CASHFLOW

Parameters
Zinc Production
Lead Production
Silver Production
Operating Margin

Mkt cap

3.1

Vol.

600,418.0

66.6

ISIN

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Deloitte Haskins & Sells

Yield

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-15.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Yashad Bhawan, Udaipur - 313 004

E-Mail:
investorgrievanceshzl@vedanta.co.in
Web site: www.hzlindia.com
Telephone: (0294) 252 9181 Fax: (0294) 252 9102
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72
INE267A01025

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
38,531
41,257
`m
20,892
19,784
%
54.2
48.0
`m
23,794
19,974
%
61.8
48.4

Jun 15
36,302
16,604
45.7
19,208
52.9

Sep 15
40,333
21,641
53.7
22,853
56.7

FY14
749.0
130
350
58.92

FY15
720.8
105.2
328
63.61

`
`
`
`

m
m
m
m

KEY DATA
Unit
KT
KT
Tonnes
%

47,850
-32,693
-12,546
2,611

FY13
676.9
124.8
408
62.32

54,712
-39,555
-15,774
-617

55,307
-38,070
-19,020
-1,783

NOTES

Hindustan Zinc is the world's largest integrated producer of zinc and lead, with a
global share of approximately 6% in zinc. The company is one of the low cost
producers in the world and is well placed to serve the growing demand of domestic
and Asian countries. HZL core business comprises of mining and smelting of zinc and
lead along with captive power generation. It has four mines and four smelting
operations. HZL's products include refined zinc metal, refined lead metal, silver and
sulphuric acid. The company is the largest silver producer in India.
In FY15, HZLs net sales increased by 13.3% YoY primarily by higher zinc LME price
& premium, partially offset by lower silver prices and lower zinc & silver sales. Overall
mined metal production was marginally higher by 1% YoY to 887 thousand tonnes.
The increase driven by higher ore production. Integrated refined zinc and saleable
lead production in FY 15 were 720, thousand tonnes and 105 thousand tonnes, a
decrease of 3% and 5% respectively. The decrease was due to lower mined metal
production in the first half. However, higher mined metal production volumes were
achieved in the second half resulting in accretion to mined metal Inventory.

Get more info at www.equitymaster.com

216

ICRA LIMITED
RATING AGENCIES

Chairman: D. N. Ghosh

Yr of Inc

B. Code

1991
532835
SHAREHOLDING

BL. Code
ICRA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 28.5%
: 21.6%
: 24.5%
: 12.3%
: 13.2%
: 14,670

Price

4,130.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Vijay Wadhwa (CFO)

% ch 12-m
55.1

FX Transaction (FY15)
`m
0
`m
0
`m
3
`m
3
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,514
179
2,693
599
48
0
729
4
0
-9
132
592
23.8
18.2
23.5

2,830
194
3,023
854
60
8
979
0
0
0
290
689
30.2
29.6
24.4

3,219
262
3,481
858
97
20
1,004
-1
0
0
349
655
26.7
34.7
20.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,589
882
28.1
1.8
0
69
233
100
3,161
3,392
0
4,409
NM
0.0
0.6
13.4
17.4
21.3
0.0
0.0

3,171
993
77.0
3.2
0
55
540
100
3,659
3,879
158
5,161
120.4
0.0
0.5
13.5
17.8
24.5
0.0
0.0

3,013
1,296
53.3
2.3
0
61
490
100
4,059
4,288
96
5,832
51.7
0.0
0.6
11.6
15.3
23.3
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

1,975
938
283.0
68.9
74.9
23.00
1.6
387.9
10.00
5.1
21.1
19.4
3.8
33.4
14,566
0.4
1,342
6,721.1
3,188.6
1,637.4

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,582
982
251.4
59.2
64.0
22.00
1.7
339.2
10.00
5.1
21.7
20.0
3.8
37.2
12,820
0.4
1,279
6,285.3
3,196.3
1,478.8

8.8

Regd off: 1105, Kailash Building, 26 Kasturba Gandhi Marg, New Delhi-01
E-Mail:
investors@icraindia.com
Web site: www.icra.in
Telephone: (0124) 454 5300 Fax: (0124) 405 0424
Tr agent: Link Intime India, 44, Naraina Indl. Area, Phase I, New Delhi-28

4,117
1,802
321.9
65.5
75.1
24.00
0.8
428.8
10.00
9.2
45.2
39.4
6.9
36.7
29,592
0.4
1,474
7,503.7
3,436.6
1,525.6

P/E

P/CF

63.1

55.0

(` )

AUD: Vipin Aggarwal & Assoc.

Yield

Mkt cap

0.6

Vol.

41,307.0

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE725G01011

6,000
Close

5,000

100 DMA

4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Dec-13

Dec-14

No. of months
Year ending

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Rating service fees
Consulting fees
Outsourced services fees
Professional services fees

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
830
931
`m
270
342
%
32.6
36.8
`m
178
230
%
21.4
24.7

Jun 15
770
190
24.7
165
21.4

Sep 15
846
244
28.9
206
24.3

FY14
62.0
8.7
8.8
21.6

FY15
58.1
9.9
10.1
21.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

240
-63
-112
65

FY13
59.5
10.2
8.6
21.7

997
-725
-265
7

681
-322
-289
70

NOTES

Incorporated in 1991, ICRA is the second largest credit rating agency in India after
CRISIL. Its business includes rating services for manufacturing and financial entities.
In addition, it provides consulting services and grading of IPO, microfinance,
construction and real estate projects. It also provides software development and
knowledge process outsourcing in the finance industry. US based Moodys
Corporation is ICRAs principal promoter and strategic partner.
ICRA witnessed revenue growth of 15% in FY15. However, profits were lower by 5%
YoY due to higher interest and depreciation costs. Higher revenue per employee,
operational efficiency and higher-value projects were key drivers helped to restrict
contraction of margins. While data services remain the primary revenue segment, the
company is continuously focusing on market development and competence building
for higher value services (e.g. research and analytics).

Rating business is the major growth driver for ICRA. The companys rating business
will continue to benefit from the widening coverage of bank loans. However,
competition is high due to presence of market leader CRISIL as well as players like
Fitch and CARE. Greater participation in the debt markets from foreign investors,
insurance companies, mutual funds and pension funds and financial sector reform
measures like introduction of credit default swaps will provide a fillip to the companys
ratings business.
Adverse changes in regulations, competitive pressures from other rating agencies,
ability to retain and attract quality manpower; rising compensation and related costs,
pricing and cost pressures, plus increasing share of smaller-ticket business are the
key challenges for ICRA.

Get more info at www.equitymaster.com

217

INGERSOLL-RAND (INDIA) LIMITED

MISCELLANEOUS

Chairman: Venkatesh Valluri

Yr of Inc

B. Code

1921
500210
SHAREHOLDING

BL. Code
INGR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 74.0%
:
7.2%
:
0.5%
: 18.3%
: 19,522

Price

781.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: P. R. Shubhakar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,447
1,564
1,574
1,811
-237

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,856
637
6,492
538
52
11
1,112
0
0
0
332
779
9.2
29.9
13.3

5,787
624
6,412
453
81
12
984
0
0
0
315
670
7.8
32.0
11.6

6,555
604
7,159
542
116
21
1,010
0
0
0
348
662
8.3
34.5
10.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,445
1,467
102.1
5.1
57
87
1,020
316
8,382
8,698
0
10,196
103.0
0.0
0.6
7.8
9.0
12.9
20.4
21.8

8,067
1,760
109.0
4.6
85
110
1,163
316
8,830
9,146
0
10,934
83.7
0.0
0.5
6.2
7.3
10.9
21.1
30.9

7,938
1,714
95.0
4.6
63
99
1,549
316
9,257
9,572
0
11,312
49.5
0.0
0.6
6.0
6.9
10.8
22.1
23.9

INCOME DATA

BALANCE SHEET DATA

474
301
183.3
21.2
23.8
6.00
1.5
289.7
31.57
2.1
18.3
16.3
1.3
28.3
12,233
0.7
655
8,637.6
978.2
999.4

-9.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

544
383
185.5
24.7
26.3
6.00
1.3
275.5
31.57
2.5
18.8
17.6
1.7
24.3
14,633
0.6
612
9,192.6
960.4
1,223.5

5.4

Regd off: Plot No. 35, KIADB Industrial Area, Bidadi, Bangalore - 562 109
E-Mail:
p_r_shubhakar@irco.com
Web site: www.ingersollrand.co.in
Telephone: (080) 2216 6000 Fax: (080) 2216 6022
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

1,108
420
207.6
21.0
24.6
6.00
0.8
303.2
31.57
3.7
36.5
31.0
2.5
28.6
24,116
0.7
772
9,054.3
1,066.9
913.7

P/E

P/CF

37.3

31.8

(` )

AUD: Price Waterhouse

Yield

Mkt cap

0.8

Vol.

24,676.7

3.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE177A01018

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Exports
Raw Materials costs
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,927
1,484
`m
156
28
%
8.1
1.9
`m
170
80
%
8.8
5.4

Jun 15
1,436
9
0.6
77
5.4

Sep 15
1,761
165
9.4
170
9.7

FY14
21.0
64.2
11.3

FY15
22.1
66.6
11.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of net sales
% of net sales

503
-429
-227
-153

FY13
20.5
62.8
10.5

-642
308
-226
-560

293
-41
-241
11

NOTES

Ingersoll Rand is a global diversified industrial company, engaged in the business of

providing solutions for infrastructure development, industrial solutions, residential
solutions and security technologies. Ingersoll Rand manufactures a wide range of air
compressors of various capacities with complete air solutions that span the entire
compressed air system. Today, the company has emerged as being amongst the
largest exporters of engineered goods in India.
During the financial year 2014-15 (FY15), the company recorded revenues of Rs
6,555.3 million. This was 13% higher compared to revenues of the previous year. Its
products are primarily sold to industries in the automotive, metals, pharmaceutical
and textile sectors and moderate growth in these sectors has resulted in marginal
revenue growth in the year under review. Profits after tax stood at Rs 661.5 million.
Your Company will continue to focus on sectors like metals, pharmaceuticals and
textiles to grow the revenues through value added services. Cost reduction will
continue to be a focus area to ensure profitability.

Since the growth prospects of the company are linked to the investment cycle in the
economy, the initiatives of the Government are steps in the right direction and bode
well for the medium to long term perspective. Revival is expected to be aided by
implementation of stalled projects. The Make in India campaign touching most
sectors, if supported by positive actions, have the potential to significantly improve
the share of manufacturing in countrys GDP.

Get more info at www.equitymaster.com

218

JK PAPER LIMITED
PAPER

Chairman: H. S. Singhania

Yr of Inc

B. Code

1960
532162
SHAREHOLDING

BL. Code
JKPA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 53.8%
:
0.0%
: 11.0%
:
0.1%
: 35.2%
: 19,021

Price
44.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.6

SEC: S. C. Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,875
4,447
1,875
4,783
-2,908

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

47
28
106.8
2.8
8.2
0.50
1.3
64.1
136.62
0.3
13.4
4.5
0.6
18.0
5,075
0.0
1,418
NM
NM
NM

36
31
158.1
-1.3
7.1
0.00
0.0
56.8
136.62
0.2
-24.7
4.7
0.6
0.0
4,536
2.6
1,672
8,421.5
651.7
-71.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,591
105
14,696
1,394
738
538
224
0
-2
157
0
380
9.6
-0.1
2.6

17,379
126
17,506
1,408
1,265
1,285
-1,016
0
0
-175
-444
-747
8.1
43.7
-4.3

21,601
90
21,691
2,584
1,158
2,054
-538
0
0
-58
-412
-184
12.0
76.6
-0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,596
5,625
-0.2
1.0
54
30
23,648
1,366
7,039
8,753
15,140
31,030
1.4
1.7
0.5
3.0
4.3
3.8
5.1
63.2

8,329
8,834
-2.9
0.9
61
36
25,994
1,366
6,290
8,002
17,393
35,384
0.2
2.2
0.5
1.5
-9.3
0.4
4.9
26.8

8,424
8,653
-1.1
1.0
63
25
23,974
1,366
6,047
7,756
16,127
33,282
0.7
2.1
0.6
5.6
-2.4
6.1
8.7
20.6

P/CF
6.2

(` )

AUD: S S Kothari Mehta & Co.

Yield

Mkt cap

0.0

Vol.

6,059.1

30.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE789E01012

60
Close

50

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

43.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

35
24
127.2
-5.5
3.8
0.00
0.0
58.6
136.62
0.2
-5.3
7.7
0.5
0.0
3,996
0.0
1,599
NM
NM
NM

Regd off: P. O. Central Pulp Mills, Fort Songadh, Surat - 394 660
E-Mail:
sharesjkpaper@jkmail.com
Web site: www.jkpaper.com
Telephone: (011) 3017 9100 Fax: (011) 2373 9475
Tr agent: MCS, F-65, 1st Floor, Okhla Industrial Area, Phase-1, New Delhi-20

100 DMA

40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,536
5,819
`m
752
912
%
13.6
15.7
`m
114
181
%
2.1
3.1

Jun 15
5,854
1,001
17.1
168
2.9

Sep 15
5,974
1,013
17.0
198
3.3

FY14
-9.2
0.3
-3.7
0.0
2.9

FY15
-2.4
5
-0.7
0.0
2.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

912
-7,936
5,886
-1,139

FY13
4.6
4.1
2.2
0.5
2.1

1,374
-3,321
1,729
-219

2,598
-145
-2,396
58

JK Paper is a part of the erstwhile JK Group of companies which has business

interests in automotive tyres, cement, agri-seeds, etc. JK Paper is engaged in paper
manufacturing business. It is a leading player in the printing and writing segment. The
company has two manufacturing facilities located at Rayagada (Orissa) and Songadh
(Gujarat). Majority of the companys product mix comprises high value products. The
wide variety of products produced by JK Paper are used for business stationery,
printing of books, calendars and maps, notebooks, coated paper used for posters and
pamphlets. The company also manufactures MICR paper used to make cheques.

During the financial year 2014-15 (FY15), the company recorded the highest ever
sales. Sales grew by 24% YoY at Rs 25.2 billion. Operating profits witnessed a surge
of 92% on a YoY basis. However, at the net level the company reported a loss of Rs
127 million. This was on the back of higher interest and depreciation on account of
the companys new project at Jaykaypur, Odisha. Overall capacity utilization
(including new plant) was over 90% during the year.
The Indian Paper and Board Industry has been growing at 7%, which is one of the
highest in the world. The lower per capita consumption of 12 kg as compared to world
average of 57 kg indicates that the growth is likely continue. Some of the value added
segments in Paper and Board are likely to grow at a higher rate which can offer new
product opportunities for the company.

Get more info at www.equitymaster.com

219

KAJARIA CERAMICS LIMITED

CERAMIC TILES

Chairman: Ashok Kajaria (MD)

Yr of Inc

B. Code

1985
500233
SHAREHOLDING

BL. Code
KAJR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 52.1%
:
0.0%
:
3.9%
: 25.5%
: 18.4%
: 12,593

Price

934.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.9

SEC: R. C. Rawat (V. P. Finance)

% ch 12-m
60.2

FX Transaction (FY15)
`m
460
`m
1,214
`m
460
`m
1,250
`m
-790
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

261
153
215.2
14.2
20.3
3.00
1.4
49.0
73.58
1.0
14.6
10.2
4.2
21.1
15,231
0.0
1,364
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,833
30
15,863
2,447
446
454
1,577
-33
0
0
499
1,045
15.5
31.6
6.6

18,363
19
18,382
2,851
470
408
1,992
-71
0
0
678
1,242
15.5
34.1
6.8

21,869
72
21,941
3,426
559
294
2,646
-93
0
58
854
1,756
15.7
32.3
8.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,007
4,955
-6.0
0.8
51
33
6,278
147
3,462
3,609
893
10,476
4.5
0.2
1.5
14.3
29.0
44.4
0.8
13.4

4,153
4,399
-1.3
0.9
38
33
7,321
151
4,890
5,295
851
11,756
5.9
0.2
1.6
14.0
23.5
37.9
1.9
9.1

5,803
5,701
0.5
1.0
51
35
9,378
159
7,251
7,409
964
15,592
10.0
0.1
1.4
13.1
23.7
34.7
2.1
5.5

INCOME DATA

BALANCE SHEET DATA

355
177
243.0
16.4
22.7
3.50
1.3
70.1
75.58
PA
1.1
16.2
11.7
3.8
21.3
20,104
0.0
1,713
NM
NM
NM

Regd off: A-27-30, Sikandrabad Indl. Sikandrabad, Distt. Bulandshahr-203 205

E-Mail:
investors@kajariaceramics.com
Web site: www.kajariaceramics.com
Telephone: (011) 2694 6409 Fax: (011) 2694 6407
Tr agent: MCS, F-65, 1st Floor, Okhla Industrial Area, Phase-1, New Delhi-20

840
745
275.2
22.1
29.1
4.00
0.5
93.2
79.47
2.9
35.9
27.2
8.5
18.1
62,980
2.3
2,073
9,495.8
900.2
762.5

P/E

P/CF

42.3

32.1

(` )

AUD: O. P. Bagla & Co.

Yield

Mkt cap

0.4

Vol.

74,256.8

1.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE217B01028

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net Profit Growth
ROCE
Asset Turnover

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,562
5,881
`m
860
991
%
15.5
16.9
`m
456
574
%
8.2
9.8

Jun 15
5,487
907
16.5
462
8.4

Sep 15
6,104
1,173
19.2
588
9.6

FY14
21.8
33.3
1.74

FY15
40.8
34.5
1.69

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
Times

976
-1,501
525
0

FY13
31.8
32.9
1.73

1,661
-1,514
-131
17

1,803
-2,630
874
47

NOTES

Kajaria Ceramics, incorporated in 1985, is the largest ceramic floor and wall tile
manufacturer in India. The company's two manufacturing facilities are located at
Sikandrabad in Uttar Pradesh and Gailpur in Rajasthan. Kajaria Ceramics has
increased its capacity from 1 mn. sq. mtrs to 46.60 mn. sq. mtrs. in last 25 years and
offers more than 1200 options in ceramic wall & floor tiles, vitrified tiles, designer tiles
and much more. These tiles come in a wide range of colours and textures to
complement bathrooms, living rooms, corridors, study rooms & kitchen, born our of
an inspired creativity of those who feel that rooms should be an extension of the
beauty reflected. With an unparalleled commitment towards quality the company has
strived to adopt technologies and standards with the changing times.

The company has an in-house research and development facility that focuses on
developing new designs and creating cost effective products. The company
manufactures more than 400 options of flooring solutions such as wall tiles, Ffloor
tiles, vitrified tiles and Spanish and Italian tiles
The tiles major, markets these products under the brand name such as Kajaria,
Kerrogres, Eternity, Aparici, Saloni ceramic and Ergon.

During FY15, companys net revenue grew by 19% on the back of healthy sales from
the tile business. The net profits too grew by 40.7% on the back of lower input costs.
The companys return ratios are one of the best in the entire industry and stands at
35%. The company is also expanding its presence in the sanitaryware business
gradually. The debt equity ratio at the end of the financial year stood at 0.3 x.

Get more info at www.equitymaster.com

220

KAVERI SEED COMPANY LTD.

Chairman: GV Bhaskar Rao (MD)

Yr of Inc

B. Code

1986
532899
SHAREHOLDING

BL. Code
KVRI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 57.6%
:
0.0%
:
9.3%
: 18.9%
: 14.1%
: 12,876

MISCELLANEOUS
Price

382.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. R. S Murti

% ch 12-m

FX Transaction (FY15)
`m
73
`m
85
`m
73
`m
91
`m
-18
12
31/03/14

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,120
49
7,170
1,393
122
15
1,305
0
0
13
38
1,281
19.6
2.9
18.0

10,111
98
10,209
2,212
164
2
2,143
-2
0
0
52
2,090
21.9
2.4
20.7

11,612
158
11,770
3,090
149
2
3,097
2
0
3
92
3,010
2.7
3.0
2.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,143
5,182
27.5
1.4
252
35
1,455
137
3,295
3,448
8
8,676
87.4
0.0
0.8
14.9
37.1
38.6
0.4
1.7

8,575
5,064
34.7
1.7
179
24
1,553
138
5,048
5,155
9
10,283
894.0
0.0
1.0
20.3
40.5
41.5
0.4
0.4

9,915
4,544
46.3
2.2
155
56
2,225
138
7,404
7,548
14
12,172
1,822.6
0.0
1.0
24.7
39.9
41.0
0.6
0.7

INCOME DATA

BALANCE SHEET DATA

647
280
147.1
30.4
32.8
4.80
1.0
75.0
68.74
FV2
3.2
15.3
14.1
6.2
15.8
31,868
0.0
282
NM
NM
NM

P/E

-51.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,491
557
519.7
93.5
102.4
16.00
1.6
251.7
13.70
2.0
11.0
10.0
4.1
17.1
14,026
0.7
203
10,186.4
290.6
1,832.3

-15.9

Regd off: 513-B, Floor 5, Minerva Complex, SD Road, Secunderabad - 500 003
E-Mail:
cs.kaveri@gmail.com
Web site: www.kaveriseeds.com
Telephone: (040) 2772 1457 Fax: (040) 2781 1237
Tr agent: Bigshare Serv., Amrutha Ville, Somajiguda, Rajbhavan Rd, Hyderabad-82

1,077
910
168.6
43.7
45.9
7.50
0.8
109.6
68.89
0.6
22.7
21.7
9.1
17.2
68,442
0.0
309
NM
NM
NM

8.8

P/CF
8.3

(` )

AUD: PR Reddy & Co.

Yield

Mkt cap

2.0

Vol.

26,337.0

55.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE455I01029

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cotton seeds bags sold
Seeds
Payout ratio
CFOA/ PAT

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
907
399
`m
360
88
%
39.7
22.0
`m
358
16
%
39.5
4.0

Jun 15
6,641
2,255
34.0
2,184
32.9

Sep 15
934
-453
-48.4
-475
-50.9

FY14
6.4
96.8
15.8
1.0

FY15
8.6
97.5
17.2
0.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
m units
% of sales
%
x

1,099
-582
-471
47

FY13
4.2
96.3
17.1
0.8

1,932
-1,624
-384
-76

1,447
-836
-612
-1

NOTES

Incorporated in 1986, Kaveri Seed Company is founded by Mr. G.V. Bhaskar Rao
along with Mrs. G. Vanaja Devi. It is engaged in the business of producing and
marketing hybrid seeds. The company produces seeds for various crops - field and
agricultural. Cotton seeds is the mainstay, contributing to more than half of revenues;
other key contributors include maize, rice and other vegetable seeds. The company
has a strong marketing presence with a network of 20,000 distributors and dealers
spread across the country. It employs more than 700 employees.
Over the past five years, its revenues and profits have grown at a compounded pace
of 48% and 60% respectively. In FY15, the companys revenues and profits grew by
14% YoY and 44% YoY respectively. The growth in profits was largely led by an
expansion in margins to 26.6% from 21.9% earlier.

What puts players such as Kaveri in a strong position is its focus on R&D, where in
it leverages on its its three decade experience in testing seed production of major
agricultural crops. The company has over 600 acres of farm land dedicated to R&D
for enhancing the Germplasm Bank. Thanks to its dedicated team of researchers, the
company is conscious of the changing needs of farmers to design and develop
hybrids that can enhance productivity and adapt to natural changes.
The hybrid seed space is such that there is a need to invest heavily in R&D for seeds.
What is also required is lead time of 7-8 years for commercial production of the
seeds, a pan India portfolio of seeds to suit various agro climatic situations, the
complex process of producing effective hybrids and strong credibility with farmers.
These factors make it difficult for new players to easily make a dent in the market.

Get more info at www.equitymaster.com

221

ORIENT PAPER & INDUSTRIES LIMITED

PAPER

Chairman: C. K. Birla

Yr of Inc

B. Code

1936
502420
SHAREHOLDING

BL. Code

ORPP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA G.P.
F.V.
1

: 38.2%
:
0.0%
: 23.1%
:
0.1%
: 38.6%
: 20,940

Price
29.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

21.1

SEC: Ram Prasad Dutta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,957
943
1,957
955
1,001

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

93
6
62.0
-1.6
0.2
0.10
0.2
21.4
204.87
0.8
-31.5
226.9
2.3
-6.4
10,141
2.8
1,227
4,467.0
431.6
-113.4

25
19
81.5
-1.4
0.7
0.10
0.5
19.5
204.87
0.3
-15.7
29.8
1.1
-7.2
4,487
2.7
1,652
6,099.6
603.7
-104.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

12,695
177
12,872
-71
367
192
-453
0
0
0
-131
-322
-0.6
28.9
-2.5

15,766
395
16,162
459
468
371
15
0
0
0
-28
42
2.9
-190.4
0.3

16,689
202
16,890
252
437
438
-421
0
0
0
-135
-287
1.5
32.0
-1.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,289
6,082
-6.2
0.9
38
95
5,532
205
4,328
4,385
0
11,061
-1.4
0.0
1.1
-1.2
-7.4
-6.0
8.5
4.3

6,536
6,849
-2.0
1.0
38
98
5,209
205
4,063
4,329
400
12,176
1.0
0.1
1.3
3.4
1.0
8.2
9.8
4.1

6,712
6,833
-0.7
1.0
50
79
5,174
205
3,727
3,994
874
12,233
0.0
0.2
1.4
1.2
-7.2
0.3
11.7
5.7

P/CF
39.6

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

0.3

Vol.

5,962.0

103.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE592A01026

90

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

7.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

16
4
77.0
0.2
2.5
0.10
1.0
21.1
204.87
0.1
49.5
4.1
0.5
48.3
2,100
2.7
1,455
5,756.3
531.4
15.5

Regd off: Unit - 8, Plot No. 7, Bhoinagar, Bhubaneshwar - 751 012

E-Mail:
cosec@orientpaperindia.com
Web site: www.orientpaperindia.com
Telephone: (033) 2248 0135 Fax: (033) 2243 0490
Tr agent: MCS Limited, 77/2A, Hazra Road, Kolkata - 700 029

80

Close

70

100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net Sales
Net Profit
Net Profit Margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,563
5,830
`m
2
451
%
0.1
7.7
`m
-46
167
%
-1.3
2.9

Jun 15
4,238
141
3.3
-59
-1.4

Sep 15
3,707
-65
-1.8
-262
-7.1

FY14
16,688.5
14.6
0.1

FY15
15,766.3
(421.4)
(2.7)

`
`
`
`

m
m
m
m

-202
170
64
33

KEY DATA
Unit
FY13
m
12,695.1
m
(453.2)
%
(3.6)

376
-237
-67
72

364
-303
-41
20

NOTES

Orient Paper & Industries was incorporated in 1939 as Orient Paper Mills. It is a part
of the renowned CK Birla group. The company had three business verticals until
recently - cement, electrical, and paper. However, to effectively and efficiently cater
to the independent growth plans of the cement business, the company demerged the
cement undertaking into a separate company, Orient Cement Ltd.The electrical
division produces fans, CFLs, fluorescent tube lights, and luminaries at Faridabad in
Haryana, Kolkata in West Bengal, and Noida.

In fiscal FY15, the company posted a topline growth of 4.3% YoY. Operating profits
posted a decline of 28% due to a one-time rebranding expense of Rs 245 million.
However, net profits slipped negative, posting a loss of Rs 421.4 million in the year
ended March 2015.
Orient Electric created a platform for accelerated growth in 2014-15. Having invested
on a re-branding exercise, the brand Orient Electric brought all the product
segments under one identity and established itself as a one-stop-shop for home
electrical solutions. Further, company commenced in-house manufacturing of LED
products that increased cost competitiveness and facilitated a quicker time-to-market.
The company also commenced manufacturing and launched low-voltage switchgear
(MCB, RCCB, and distribution board) products in January 2015 through a technology
tie-up with ETI of Slovenia.
Orient Paper & Industries has set up a new power plant in its paper segment. For its
paper business, it is focusing on value-added tissue paper. Orient fans have been
doing very well in the past, and the company seeks to consolidate its leadership in
this business.

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222

PRISM CEMENT LTD.

CEMENT

Chairman: Rajesh G. Kapadia

Yr of Inc

B. Code

1992
500338
SHAREHOLDING

BL. Code
PRIS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Raheja Rajan Group

F.V.
10

: 74.9%
:
0.0%
:
7.9%
:
3.0%
: 14.2%
: 94,603

Price
83.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.7

SEC: Aneeta S. Kulkarni

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

6.1

(FY15)
561
2,018
561
2,038
-1,478

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

58
41
95.8
-1.2
2.3
0.00
0.0
22.8
503.36
0.5
-39.9
21.2
2.2
0.0
24,916
0.0
3,088
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

48,206
159
48,364
3,057
1,799
2,280
-864
-20
0
17
-242
-625
6.3
28.0
-1.3

50,266
1,573
51,839
1,793
2,004
2,746
-1,384
-12
0
94
-440
-862
3.6
31.8
-1.7

56,544
357
56,902
3,512
1,649
2,896
-675
-22
0
603
-120
26
6.2
17.8
0.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

16,225
18,715
-5.2
0.9
44
36
23,941
5,034
5,802
11,486
12,480
45,754
0.6
1.1
1.1
3.6
-5.4
5.9
0.9
2.0

17,333
18,385
-2.1
0.9
42
39
24,919
5,034
5,006
10,588
14,478
46,202
0.5
1.4
1.1
4.1
-8.1
5.8
0.5
1.8

19,578
18,851
1.3
1.0
46
38
24,355
5,034
5,077
10,543
16,385
48,613
0.8
1.6
1.2
6.0
0.2
10.4
1.0
3.6

BALANCE SHEET DATA

P/E

1,603.3

133
37
112.3
0.1
3.3
0.00
0.0
20.9
503.36
0.8
1,623.4
25.4
4.0
0.0
42,534
0.0
3,833
NM
NM
NM

P/CF
25.1

(` )

AUD: G.M. Kapadia & Co.

Yield

Mkt cap

0.0

Vol.

42,005.4

16.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE010A01011

140
Close

120

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

47
23
99.9
-1.7
2.3
0.00
0.0
21.0
503.36
0.4
-20.5
15.5
1.7
0.0
17,668
0.0
3,491
NM
NM
NM

Regd off: 'Rahejas' Main Avenue, V.P Road Santacruz west Mumbai 400054.
E-Mail:
investor@prismcement.com
Web site: www.prismcement.com
Telephone: (040) 2340 4318 Fax: (040) 2340 4318
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
13,378
15,295
`m
366
838
%
2.7
5.5
`m
-407
-2
%
-3.0
0.0

Jun 15
13,688
810
5.9
-80
-0.6

Sep 15
13,983
484
3.5
-333
-2.4

FY14
5.6
85.4
174

FY15
7.0
80.0
406

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs

2,599
-3,199
479
-121

FY13
5.6
84.3
340

566
794
-1,450
-90

1,978
-573
-1,071
334

NOTES

Prism Cement, promoted by Rajan Raheja Group, is an integrated multi-product

building material company with products such as cement, ready-mixed concrete,
tiles, bathroom and kitchen products. The company was incorporated in 1992 as
Karan Cement but later changed to Prism Cement. The company has three divisions,
namely, Prism Cement, H & R Johnson (India), and RMC Readymix (India). Prism
Cement also has a 74% stake in Raheja QBE General Insurance Company, a JV with
QBE Group of Australia. The company has a vast distribution network with 3,800
dealers in cement, over 10,000 retail points in tiles and 81 RMC plants.

During the financial year 2014-15 (FY15), the companys consolidated net sales grew
by 12.5% year-on-year (YoY) to Rs 56,035.2 m. In FY15, the cement segment
contributed about 39% to the companys overall sales. The Tile Bath Kitchen (TBK)
segment accounted for 40% of the topline, whereas the RMC division contributed
21%.
Its operating profits recovered sharply by 95.9% YoY to Rs 3,512.1 m. At the
bottomline level, the company reported a consolidated net profit a of Rs 26.2 m as
against a loss of Rs 862 m in the previous fiscal. The companys debt to equity ratio
has been continuously increasing over the years and as of March 2015 stood at 2.1
times.
Governments initiatives to focus on investment in infrastructure is expected to pace
up the economy. Policies such as Make in India and increased allocation for road,
railways and urban infrastructure will help demand to rebound in the benign
construction sector leading to increased demand for cement and ready mix concrete.

Get more info at www.equitymaster.com

223

SINTEX INDUSTRIES LIMITED

DIVERSIFIED

Chairman: Dinesh B. Patel

Yr of Inc

B. Code

1995
502742
SHAREHOLDING

BL. Code
SNTX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 43.8%
:
0.0%
:
4.9%
: 20.9%
: 30.4%
: 114,186

Price
97.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Hitesh T. Mehta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

50,794
1,144
51,938
7,411
2,054
1,726
4,774
0
36
-904
669
3,238
14.6
14.0
6.4

58,426
993
59,419
9,424
2,548
2,894
4,975
0
13
-161
1,180
3,647
16.1
23.7
6.2

70,066
964
71,030
11,824
2,605
2,835
7,348
0
21
-218
1,863
5,288
16.9
25.4
7.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

35,205
20,711
28.5
1.7
33
128
32,591
311
28,721
31,250
24,595
81,082
3.8
0.8
0.6
6.1
10.4
10.1
0.7
0.3

31,745
19,281
21.3
1.6
28
130
37,403
311
28,891
35,439
32,104
90,955
2.7
0.9
0.6
7.2
10.3
11.4
0.7
0.4

38,594
28,249
14.8
1.4
27
120
52,686
424
40,969
46,978
31,817
113,077
3.6
0.7
0.6
7.2
11.3
12.7
0.5
4.7

BALANCE SHEET DATA

5.3

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.7

Vol.

41,719.3

390.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE429C01035

140
Close

120

12
31/03/15

136
43
164.3
12.4
18.5
0.70
0.8
110.2
426.36
ESOP
0.5
7.2
4.8
0.8
5.6
38,159
4.1
7,202
17,240.7
1,772.0
1,301.2

P/CF

7.9

(FY15)
332
3,285
332
3,787
-3,456

`
`
`
`
`
`
%
`
m

INCOME DATA

58
17
186.6
11.6
19.8
0.70
1.9
113.2
313.10
0.2
3.2
1.9
0.3
6.0
11,726
3.7
6,331
15,778.1
1,709.6
984.9

P/E

0.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

91
42
162.2
10.3
16.9
0.70
1.1
99.8
313.10
PP,WC
0.4
6.4
3.9
0.7
6.8
20,868
3.4
5,902
15,126.4
1,757.7
964.1

-2.7

Regd off: Near Seven Garnala, Kalol, Gujarat-382 721

E-Mail:
hiteshmehta@sintex.co.in
Web site: www.sintex.in
Telephone: (02764) 253 000 Fax: (02764) 222 868
Tr agent: Sharepro Services, 416-420, Devnandan Mall, Ellisbridge, Ahmedabad-06

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
18,329
21,763
`m
3,078
4,081
%
16.8
18.8
`m
1,685
2,039
%
9.2
9.4

Jun 15
14,712
2,323
15.8
747
5.1

Sep 15
19,119
3,285
17.2
1,458
7.6

FY14
11.09
10.76
6.08
0.7
4.23

FY15
12.92
11.79
7.35
0.7
5.17

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

3,512
1,082
1,937
6,531

FY13
11.3
8.96
6.14
0.7
4.24

7,114
-11,761
-1,391
-6,038

10,095
-18,950
10,382
1,528

Established in 1931, Sintex Industries (formerly known as The Bharat Vijay Mills Ltd)
is a dominant player in the plastics and niche textiles sector. Its manufacturing
includes a wide range of plastic products, including prefabricated structures,
industrial custom moulding products, monolithic constructions, and water storage
tanks. In the textile segment, the company focuses on a niche segment specialising
in men's shirting.

Sintex Industries operates under two segments- plastics and niche textile-related
products in India. Plastic Division has two segments namely Building Products (Subsegment Prefab, Monolithic and Storage Tanks) and Custom moulding. Plastic
division contributed approximately 90% of total revenue on consolidated level in FY
15.
Textile Division focuses on high-end structured dyed yarn fabrics and provides fiber
to fabric facilities. Sintex specializes in distinctive products, catering to the upper
segment of fashion industry. Textile Division contributed 10% to total revenue.
Sintex is also setting up a new spinning plant with one million spindles at Pipavav,
Gujarat. The facility is being set up with 324,000 spindles in the first phase, which will
produce cotton yarn for knitting and weaving. The first phase will be operational by
April/June 2016.

In FY 15, topline and bottomline grew by 20% and 45% respectively. Operating profit
increased by 25.5% and operating margin stood at 16.9% as against 16.1% in FY 14.

Get more info at www.equitymaster.com

224

SYMPHONY LIMITED
CONSUMER DURABLES
Chairman: Achal Bakeri

Yr of Inc

B. Code

1988
517385
SHAREHOLDING

BL. Code

SYMP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

75.0%
0.0%
2.7%
3.8%
18.5%
7,889

Price

2,095.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/06/13

SEC: Chandrakant Gandhi

% ch 12-m
11.0

FX Transaction (FY15)
`m
530
`m
94
`m
538
`m
118
`m
420
12
30/06/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,780
167
3,947
789
39
3
913
0
0
0
311
602
20.9
34.0
15.9

5,327
156
5,483
1,243
38
1
1,360
0
0
0
296
1,065
23.3
21.7
20.0

5,793
320
6,113
1,323
41
6
1,596
0
0
0
437
1,159
22.8
27.4
20.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,325
797
40.4
2.9
42
36
731
70
1,777
2,222
0
3,163
286.3
0.0
1.2
19.1
27.1
41.2
9.1
1.9

1,737
1,097
12.0
1.6
26
28
779
70
2,302
2,758
0
3,933
2,721.6
0.0
1.4
27.1
38.6
49.3
10.5
2.9

2,197
1,075
19.4
2.0
29
21
905
70
2,871
3,284
0
4,449
276.1
0.0
1.3
26.2
35.3
48.8
9.1
1.6

INCOME DATA

BALANCE SHEET DATA

1,062
270
152.3
30.4
31.5
13.00
2.0
78.8
34.98
4.4
21.9
21.1
8.4
42.7
23,297
0.4
417
13,317.5
1,042.0
2,661.5

12
30/06/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

474
197
108.1
17.2
18.3
6.50
1.9
63.5
34.98
3.1
19.5
18.3
5.3
37.8
11,732
0.4
350
10,080.3
932.8
1,605.9

8.3

Regd off: Saumya, Bakeri Circle, Navrangpura, Ahmedabad - 380 014

E-Mail:
corporate@symphonylimited.com
Web site: www.symphonylimited.com
Telephone: (079) 2642 4430 Fax: (079) 2642 5930
Tr agent: Sharepro Services, 416-420, Devendra Mall, Ellisbridge, Ahmedabad-06

3,270
983
165.6
33.1
34.3
14.00
0.7
93.9
34.98
12.8
64.2
62.0
22.7
42.3
74,392
0.4
449
13,925.5
1,079.3
2,786.3

P/E

P/CF

68.9

66.5

(` )

AUD: Shah & Dalal

Yield

Mkt cap

0.5

Vol.

73,305.8

2.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE225D01027

3,500
Close

3,000
100 DMA

2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Return on Assets
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/06/13

12
30/06/14

12
30/06/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,555
1,463
`m
522
512
%
33.6
35.0
`m
360
365
%
23.2
25.0

Jun 15
1,334
296
22.2
223
16.7

Sep 15
1,145
412
36.0
288
25.1

FY14
30
20
46.9

FY15
27.71
20
41.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%

668
-336
-296
36

FY13
20.28
16
32.8

904
-601
-331
-27

1,183
-516
-656
11

NOTES

Symphony is Indias leading evaporative air cooler manufacturer with a market share
of approximately 55% in the organised product category. Over the years, it has been
able to create a strong brand name that has become synonymous with air coolers in
India. With its focus on R&D and innovation, Symphony constantly innovates to
enhance design, technology, and post sales services.
It has launched more than one new model annually for six years. Over the years, it
has established a robust distribution network comprising approximately 750 dealers,
16,500 retail dealers, and 4,500 towns. Also, Symphony has consistently invested in
brand building through advertisement campaigns for strengthening brand recall.
Further, the company plans to grow its network to 40,000 dealers over the mediumterm for deeper penetration and a stronger presence in rural and semi-urban
markets.

During FY15, sales growth of 14% for the full year was higher than the estimated 11
% growth of the countrys organised cooler industry and 9 % growth of the countrys
air-conditioning sector. The company remained the number one cooler brand in India
and marketed coolers under their brand across 60 countries. The companys EBIDTA
margins were protected at 30% for the year even as sales fell 18% in the last quarter
of 2014-15.

Get more info at www.equitymaster.com

225

THOMAS COOK (INDIA) LTD.

MISCELLANEOUS

Chairman: Mahendra K. Sharma

Yr of Inc

B. Code

1978
500413
SHAREHOLDING

BL. Code

THOM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
: 75.0%
:
0.2%
: 12.4%
: 12.4%
: 34,019

MNC

Price

195.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. R. Kenkare (Head-Legal)

% ch 12-m
18.7

FX Transaction (FY15)
`m
0
`m
0
`m
724
`m
240
`m
485
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,302
103
4,405
1,120
142
310
771
0
0
0
267
504
26.0
34.6
11.7

12,870
89
12,960
1,446
176
337
1,023
-65
0
0
335
622
11.2
32.8
4.8

32,443
420
32,863
2,416
414
712
1,710
-222
0
0
586
902
7.4
34.3
2.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,385
4,846
35.8
1.3
0
179
2,471
213
4,121
4,378
25
9,553
3.5
0.0
0.5
8.5
11.5
24.6
0.0
0.0

9,209
6,592
20.3
1.4
0
94
4,798
254
6,483
6,888
1,047
15,230
4.0
0.2
0.8
6.3
9.0
16.3
0.0
0.0

16,113
11,248
15.0
1.4
0
73
12,970
317
12,432
13,337
1,016
31,259
3.4
0.1
1.0
5.2
6.8
15.3
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

92
48
52.0
2.5
3.2
0.38
0.5
27.8
247.68
PP
1.3
27.7
21.6
2.5
15.1
17,239
2.7
9,508
4,791.6
3,540.0
231.6

P/E

223
73
119.0
3.3
4.8
0.50
0.3
48.9
272.73
ESOP
1.2
44.7
30.7
3.0
15.1
40,337
2.5
25,766
12,977.1
10,306.2
360.6

P/CF

55.1

37.8

(` )

AUD: Lovelock & Lewes

Yield

Mkt cap

0.3

Vol.

49,681.4

13.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE332A01027

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

75
32
20.2
2.4
3.0
0.38
0.7
20.5
213.16
ESOP
2.7
22.6
17.7
2.6
16.1
11,415
2.8
1,756
1,536.4
627.0
180.1

-5.4

Regd off: Thomas Cook Building, 324, Dr. D. N. Road, Fort, Mumbai - 400 001
E-Mail:
sharedept@in.thomascook.com
Web site: www.thomascook.in
Telephone: (022) 6160 3333 Fax: (022) 2287 1069
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net margins
Staff expenses
Advertisement

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,433
8,649
`m
418
316
%
5.6
3.7
`m
182
-10
%
2.4
-0.1

Jun 15
9,292
791
8.5
378
4.1

Sep 15
9,648
533
5.5
146
1.5

FY14
5.3
73.5
1.3

FY15
3.5
79.4
1.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

1,145
-1,044
-759
-649

FY13
11.7
40.8
5.5

2,190
-3,850
884
-730

1,314
-6,465
5,651
500

NOTES

Thomas Cook India (TCIL) offers a broad spectrum of leisure travel related services
such as package tours, currency exchange and travel insurance as well as hotel and
flight reservations. TCIL has been present in India for over 134 years. It has a huge
network in 231 locations (23 airport counters), 94 cities and towns with branches and
also functions through franchises and Preferred Sales Agents. Post an open offer in
August 2012, TCIL became a part of Fairfax Group, Canada. As a result, the new
promoter group of TCIL is Fairbridge Capital. Fairbridge Capital is an investment
company engaged in long-term investments and acquisitions in the Indian region. It
is a wholly owned subsidiary of Fairfax Financial Holdings Ltd. The company has a
focus on long term capital appreciation.
Thomas Cook reported 153% growth in revenues in fifteen month ended FY15. Since
the company changed its financial year ending from December to March, full year
results are for 15 months and not directly comparable. The operating profits grew at
a rate of 67.1% YoY while net profit growth for the year came at 44.9% YoY. Net
margins fell to 3.5% from 5.3% in the previous year.

TCILs business derives long term strength from the fact that the travel market is
growing fast and changing dramatically. However the tough economic conditions
prevailing around the world may hamper the business. Also, volatility in exchange
rate, increasingly stringent compliance requirements and dearth of skilled manpower
are some key factors that could impact the business adversely going forward.

Get more info at www.equitymaster.com

226

TRANSPORT CORPORATION OF INDIA LIMITED

LOGISTICS

Chairman: S. M. Datta

Yr of Inc

B. Code

1965
532349
SHAREHOLDING

BL. Code
TCIL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 69.1%
:
0.0%
:
1.3%
:
1.7%
: 27.7%
: 20,265

Price

290.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.3

SEC: Ms. Archana Pandey

% ch 12-m
10.9

FX Transaction (FY15)
`m
0
`m
66
`m
84
`m
161
`m
-78
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

90
53
292.5
9.5
15.9
1.00
1.4
60.0
72.83
ESOP
0.2
7.5
4.5
1.2
10.5
5,207
0.0
1,121
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,305
73
21,379
1,737
464
336
1,011
0
0
0
315
695
8.2
31.2
3.3

22,265
92
22,357
1,680
468
311
993
-1
0
0
275
716
7.5
27.7
3.2

24,167
91
24,258
1,930
545
333
1,142
-2
0
0
326
814
8.0
28.5
3.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,099
4,274
3.9
1.2
0
68
4,225
146
3,923
4,370
674
9,650
4.0
0.2
2.2
10.7
15.9
26.7
0.0
0.0

4,897
4,302
2.7
1.1
0
62
4,498
146
3,942
4,910
418
10,009
4.2
0.1
2.2
10.3
14.6
24.4
0.0
0.3

5,587
4,061
6.3
1.4
0
66
5,281
151
5,047
6,207
778
11,376
4.4
0.1
2.1
10.1
13.1
21.1
0.0
0.3

BALANCE SHEET DATA

P/E

299
104
319.4
10.8
18.0
1.50
0.7
82.0
75.67
ESOP
0.6
18.7
11.2
2.5
13.9
15,229
0.0
1,305
NM
NM
NM

P/CF

26.2

15.7

(` )

AUD: R. S. Agarwala & Co.

Yield

Mkt cap

0.5

Vol.

21,299.6

119.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE688A01022

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

116
44
305.2
9.8
16.2
1.30
1.6
67.3
72.95
ESOP
0.3
8.1
4.9
1.2
13.2
5,836
0.0
1,172
NM
NM
NM

Regd off: Flat 306/307, Ashoka Bhoopal Chambers, S. P. Rd., Secunderabad-03

E-Mail:
ak.bansal@tcil.com
Web site: www.tcil.com
Telephone: (0124) 2381 603 Fax: (0124) 2381 611
Tr agent: Abhipra Capital, Abhipra Comp., Dilkush Indl. A-387, Kamal Rd., Delhi-33

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,550
5,656
`m
420
467
%
7.6
8.3
`m
171
217
%
3.1
3.8

Jun 15
5,483
414
7.5
188
3.4

Sep 15
5,559
438
7.9
233
4.2

FY14
38
30
27
5

FY15
37
30
28
5

Parameters
Freight segment revenue
XPS segment revenue
Supply chain sol. segment rev.
Others

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

1,044
-608
-284
153

FY13
40
28
26
6

1,577
-976
-633
-32

1,246
-1,212
-42
-7

NOTES

Transport Corporation of India is the flagship company of TCI Group and is Indias
leading integrated supply chain and logistics solutions provider. The company has an
extensive network of company owned offices, 10.5 million sq. ft. of warehousing
space with GST preparedness and a strong team of trained employees.The company
has 17 subsidiaries & Joint ventures, out of which 3 are India based & rest are
situated overseas.

In FY15, the company registered 8.5% YoY growth in its revenues on a consolidated
basis. Profit after tax for the year grew by 13.7% YoY to Rs 816 million. Earnings per
share (EPS) for the year stood at Rs 11.7. During the year, the company issued 24
lakh equity shares to IDFC Premier Equity Fund on preferential basis. The companys
business growth this year was recorded at 8.7% as compared to 3.9% last year. The
companys Freight business reported a 4.8% revenue growth on a YoY basis. TCI
XPS achieved 9.8% growth during the year and contributed almost 30% to the
revenue mix. With a growth rate of 13.2%, the TCI Supply Chain Solutions
contributed 27.7% to TCIs revenue mix. TCI Seaways recorded 5.3% growth and
contributed 5.1% to the company revenues.
Going forward, the implementation of the GST policy will benefit the company by
elimination of all forms of complicated taxes such as Octroi, LBT, CST and replace it
with the rationalised tax structure. It will enhance warehousing, hub & spoke model
and E-commerce business of the company. The company has also proposed a
capital expenditure of Rs 2,750 million to build future assets to create capacity and
capture market growth. For the coming year, the company has planned to focus on
its express, supply chain and multimodal logistics businesses on servicing high
growth verticals like chemical, pharmaceuticals, retail, cold chain and auto.

Get more info at www.equitymaster.com

227

TRIVENI ENGINEERING AND INDUSTRIES LTD.

SUGAR

Chairman: Dhruv. M. Sawhney (MD)

Yr of Inc

B. Code

1933
532356
SHAREHOLDING

BL. Code
TREI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 68.2%
:
0.0%
:
0.0%
: 14.9%
: 16.9%
: 39,765

MISCELLANEOUS
Price
34.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

23.4

SEC: Geeta Bhalla

% ch 12-m

FX Transaction (FY15)
`m
177
`m
219
`m
179
`m
266
`m
-87
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

25
13
72.1
-2.0
1.1
0.10
0.5
39.4
257.88
0.3
-9.4
16.8
0.5
-4.9
4,900
0.0
1,340
NM
NM
NM

25
10
122.3
-6.8
-2.2
0.00
0.0
32.5
257.90
ESOP
0.1
-2.6
-7.9
0.5
0.0
4,526
0.0
2,145
NM
NM
NM

36
17
79.9
-5.9
-3.6
0.00
0.0
25.5
257.95
ESOP
0.3
-4.5
-7.3
1.0
0.0
6,771
0.0
1,526
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,595
328
18,923
1,770
816
1,228
56
0
0
-790
-211
-523
9.5
-380.4
-2.8

31,536
407
31,943
671
1,188
1,852
-1,962
0
0
52
-146
-1,763
2.1
7.4
-5.6

20,610
298
20,908
-179
592
1,221
-1,694
0
0
0
-174
-1,521
-0.9
10.2
-7.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,627
8,025
8.6
1.2
106
41
10,269
258
8,101
10,164
4,329
23,451
1.0
0.4
0.8
3.0
-5.1
3.4
0.2
1.9

17,294
16,943
1.1
1.0
162
26
9,522
258
6,343
8,394
4,221
30,196
-0.1
0.5
1.0
0.3
-21.0
-0.5
0.6
0.7

17,202
18,556
-6.6
0.9
219
41
8,939
258
4,884
6,588
3,964
29,596
-0.4
0.6
0.7
-1.0
-23.1
-4.5
0.6
1.0

P/CF

(` )

AUD: J. C. Bhalla & Co.

Yield

Mkt cap

0.0

Vol.

17,819.5

326.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE256C01024

45

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

45.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Deoband, District - Saharanpur, Uttar Pradesh - 247 554

E-Mail:
shares@trivenigroup.com
Web site: www.trivenigroup.com
Telephone: (0120) 4308 000 Fax: (0120) 4311 010
Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nr, Madhapur, Hyderabad-81

40

Close

35

100 DMA

30
25
20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Sugarcane Crush
Sugar Recovery
Sugar output

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,817
4,478
`m
-136
-238
%
-2.3
-5.3
`m
-327
-856
%
-5.6
-19.1

Jun 15
5,047
-415
-8.2
-902
-17.9

Sep 15
4,307
643
14.9
222
5.1

FY14
4.7
9.3
0.4

FY15
5.1
9.6
0.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
million tonnes
%
million tonnes

-154
-504
652
-5

FY13
5.6
9.3
0.5

231
141
-396
-23

-1,408
-327
1,716
-19

NOTES

Started in 1937, Triveni Engineering and Industries Limited (TEIL) is engaged in the
business of manufacturing sugar, steam turbines and projects and engineering
activity. The company is among the largest sugar manufacturers in India and
operates engineering businesses focused on high speed gears, gearboxes, and
water treatment solutions. The company has converted two of its units, Khatauli and
Sabitgarh, into refineries. The same has helped the company increase its share of
refined sugar to around 40% of total sugar production.
The previous accounting period ended March 31, 2014, was for a period of 18
months (as the company switched its accounting year from a September end to a
March end). Thus, current year figures are not comparable with the previous year.
During FY15, the company reported consolidated net sales of Rs 20,610 million and
a loss of Rs 1,640 million. Losses were realised on the back of a significant sugar
inventory write down and a significant shortfall in the realisation price of sugar from
the high valuation rate of sugar stocks held as on March 31, 2014. The gears, water,
and engineering businesses did well in FY15. On an annualised basis, the gears
business grew 9%, and the water business grew 17%.

It must be noted that, India is the worlds second-largest sugar producer and its
largest consumer. For the water business, the management expects substantial
orders in FY16, which will help it achieve its revenue and profit targets. For the gears
business, the company signed a Strategic Supply Agreement with GE Oil & Gas in
September 2014 for the manufacture of high speed and low speed gears and
gearboxes with no restrictions on the geographies. Pursuant to this agreement, the
company has witnessed orders flowing in and is expecting more orders for the gears
business in FY16 onwards.

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228

VEDANTA LIMITED
MINING/MINERALS

Chairman: Navin Agarwal

Yr of Inc

B. Code

1965
500295
SHAREHOLDING

BL. Code
SESA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
1

:
0.0%
: 54.9%
:
7.5%
: 26.4%
: 11.2%
: 419,185

Price
82.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-11.0

SEC: C. D. Chitnis (GM - Legal)

% ch 12-m

FX Transaction (FY15)
` m 144,238
` m 190,778
` m 144,292
` m 198,579
` m -54,287
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

208
148
29.4
26.2
28.5
0.10
0.1
201.1
869.10
6.1
6.8
6.2
0.9
0.4
154,743
3.9
2,495
6,622.8
646.9
5,912.0

213
120
223.1
21.2
44.5
3.25
2.0
246.2
2,965.00
A
0.7
7.8
3.7
0.7
15.3
493,080
0.0
27,640
NM
NM
NM

318
178
248.6
-52.8
-28.6
4.10
1.7
181.7
2,965.00
1.0
-4.7
-8.7
1.4
-7.8
735,913
0.0
29,151
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

25,544
539
26,083
4,655
1,975
4,747
-1,528
0
24,113
-212
-429
22,803
18.2
28.1
89.3

661,524
20,735
682,259
195,629
68,823
50,944
96,596
-51,228
10,819
-1,671
-8,469
62,985
29.6
-8.8
9.5

737,095
29,772
766,867
220,446
71,592
56,588
122,038
-42,764
41
-221,289
14,484
-156,458
29.9
11.9
-21.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

18,040
43,512
-99.7
0.4
137
20
26,914
869
172,727
174,754
11,792
230,370
0.7
0.1
0.1
12.0
13.0
14.5
47.5
18.9

634,323
440,104
29.4
1.4
50
25
910,948
2,965
684,117
730,087
549,658
2,141,450
2.9
0.8
0.3
5.3
8.6
8.2
19.2
28.4

626,579
419,555
28.1
1.5
43
18
910,661
2,965
506,727
538,753
520,252
1,902,824
3.2
1.0
0.4
-5.2
-29.0
-8.1
19.6
25.9

P/CF

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

5.0

Vol.

243,845.8

2,053.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE205A01025

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-62.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa - 403 001
E-Mail:
c.chitnis@vedanta.co.in
Web site: sesasterlite.com
Telephone: (0832) 246 0720 Fax: (0832) 246 0721
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
EBIDTA margin
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
192,189
178,046
`m
49,003
35,040
%
25.5
19.7
`m
11,943
9,115
%
6.2
5.1

Jun 15
170,169
36,549
21.5
11,205
6.6

Sep 15
165,609
180,412
108.9
9,740
5.9

FY14
31.17
14.89
1.11
16.6

FY15
32.37
-14.71
1.45
-3

`
`
`
`

m
m
m
m

KEY DATA
Unit
MT
MT
%
%

222
-3,208
2,378
-608

FY13
18.22
-4.6
0.28
1.46

156,008
-113,470
-50,516
-7,978

178,051
-41,600
-139,558
-3,107

NOTES

Vedanta Limited, formerly known as Sesa Sterlite/Sesa Goa Limited, a Vedanta

Group company is one of the world's largest global diversified natural resource
majors, with operations across zinc-lead-silver, oil & gas, iron ore, copper, aluminium
and commercial power. As a part of the companys consolidation strategy, Vedanta's
stakes in Cairn India and Vedanta Aluminium has moved under Vedanta Limited
(Formerly Sesa Sterlite Ltd).
In Oil and Gas, Companys subsidy, Cairn India is one of Indias largest private sector
oil and gas companies and contributes ~27% of Indias domestic crude oil production.
Hindustan Zinc, Vedantas another subsidy is Indias largest and worlds second
largest zinc miner and operator of the worlds largest zinc mine at Rampura Agucha,
India. In Aluminium segment, Vedanta is largest aluminium producer in India with a
capacity of 2.3 mtpa. In copper Business, Vedanta has smelting and mining
operations across India and Australia.

In FY 15, consolidated operating margin stood at 32.4% as against 31.2% in FY 14.

Due to Exceptional items of Rs 191.80 billion regarding impairment charge relating to
goodwill created on acquisition of Cairn India, Vedanta incurred loss of Rs 156.45
billion. Production of integrated saleable silver declined by 11% to 266 MT due to
temporarily lower grades at Sindesar Khurd mine. Total saleable silver production
was 328 MT, down 6% from FY 2014.The refined zinc metal sales in the domestic
market in FY 15 was 483 thousand tonnes, while export sales accounted for 252
thousand tonnes. Global concerns around European economy and cheaper imports
of steel and related value added products from China, especially in the second and
third quarter of the fiscal, contained growth in domestic demand. As a result, in FY
15, company exported higher tonnages.

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229

VINATI ORGANICS LTD

Regd off: B-12 & B-1, MIDC Industrial Area, Mahad, Raigad, Maharashtra
E-Mail:
shares@vinatiorganics.com
Web site: www.vinatiorganics.com
Telephone: 02145-232013 Fax:
Tr agent: Sharex Dynamic Pvt Ltd

CHEMICALS
Chairman:

Yr of Inc

B. Code

1989
524200
SHAREHOLDING

BL. Code

VNOR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 72.3%
:
0.0%
:
6.9%
:
1.0%
: 19.9%
: 14,594

Price

383.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.7

SEC: G.S. Singhi

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-8.6

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

180
84
112.0
13.9
15.9
2.50
1.9
48.9
49.37
1.2
9.5
8.3
2.7
18.0
6,517
0.0
226
NM
NM
NM

554
250
149.6
22.4
25.9
3.50
0.9
84.1
51.59
IS
2.7
17.9
15.5
4.8
15.6
20,742
0.6
319
13,124.6
542.5
1,969.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,529
38
5,566
1,203
100
115
1,026
0
0
0
339
687
21.8
33.1
12.4

6,961
91
7,053
1,529
153
182
1,286
0
0
0
424
862
22.0
33.0
12.4

7,717
92
7,809
1,917
177
98
1,735
0
0
0
577
1,158
24.8
33.3
15.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,415
1,428
17.9
1.7
36
75
3,042
99
2,314
2,413
1,355
5,456
9.9
0.6
1.0
14.7
28.5
30.3
65.1
3.0

2,306
989
18.9
2.3
24
60
3,143
99
3,002
3,101
1,100
5,521
8.1
0.4
1.3
18.9
27.8
34.9
73.5
4.7

2,407
889
19.7
2.7
26
61
3,473
103
3,937
4,341
372
5,992
18.8
0.1
1.3
21.0
26.7
38.9
58.5
3.3

P/CF

(` )

AUD:

Yield

Mkt cap

0.0

Vol.

19,790.3

5.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE410B01029

700
Close

600

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

16.1

(FY15)
4,517
251
4,583
295
4,288

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

283
74
141.0
17.4
20.6
3.00
1.7
62.8
49.37
1.3
10.2
8.7
2.8
17.2
8,804
0.0
274
NM
NM
NM

P/E

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
IBB
ATBS
IB
RoE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,021
1,750
`m
531
496
%
26.3
28.3
`m
308
324
%
15.3
18.5

Jun 15
1,634
531
32.5
310
19.0

Sep 15
1,629
524
32.2
311
19.1

FY14
35.0
41.0
13.0
26.4

FY15
31.0
46.0
12.0
28.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
%

921
-1,126
223
18

FY13
38.0
41.0
10.0
30.3

1,315
-90
-1,135
89

1,126
-535
-746
-156

NOTES

Vinati Organics was established in 1989 to manufacture specialty chemicals. It is the

largest manufacturer of Iso Butylbenzene (IBB) and ATBS with global market share
in excess of 60-65% and 40% respectively. IBB is the key raw material required to
manufacture ibuprofen, an anti-inflammatory analgesic bulk drug. ATBS on the other
hand is a highly versatile molecule and has diverse applications viz; emulsions,
acrylic fibers, adhesives, water treatment, construction chemicals, oilfield & mining
etc. The company has two plants at Lote and Mahad where it manufactures all the
products.

The current capacity for IBB and ATBS stands at 16,000 and 26,000 tonnes per
annum respectively. There are two key raw materials required to manufacture IBB
namely, propylene and toluene. For ATBS, key raw materials required are Isobutylene
(IB) and Acrylonitrile. The company sources majority of its raw materials from
Reliance Industries Ltd, GAIL and BPCL. Its key customers include Akzo Noble,
Shasun Pharma, BASF, NALCO. SI Group and IOL Chemicals are the key
competitors for Vinati in the IBB space. In the ATBS segment, apart from Vinati,
Lubrizol from the US and Toagosei from Japan are the key players.
VOL has presence in more than 22 countries, with exports contributing to more than
65% of the top-line in FY15. US, Europe and Asia are the key export markets for the
company.

In FY15, the companys revenues and profits grew by 11% YoY and 34% YoY
respectively. Margin expansion coupled with lower finance costs led to a stronger
growth in profits. Vinatis historical financial performance is impressive with strong
growth and returns ratios. Going forward, it is planning to invest in new products
within the same chemistry.

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230

PAINTS
The paint industry can easily grow at 12-13% annually over
the next few years from its current size of Rs 350 bn. The per
capita paint consumption in India which is a little over 4 kgs is
still very low as compared to the developed western nations.
Therefore, as the country develops and modernizes, the per
capita paint consumption is bound to increase.
The unorganised sector controls around 35% of the paint
market, with the organised sector accounting for the balance.
In the unorganised segment, there are about 2,000 units
having small and medium sized paint manufacturing plants.
Top organised players include Asian Paints, Kansai Nerolac,
Berger Paints and ICI.
Demand for paints comes from two broad categories:
Decoratives: Major segments in decoratives include exterior
wall paints, interior wall paints, wood finishes and enamel
and ancillary products such as primers, putties etc.
Decorative paints account for over 70% of the overall paint
market in India. Asian Paints is the market leader in this
segment. Demand for decorative paints arises from
household painting, architectural and other display purposes.
Demand in the festive season (September-December) is
significant, as compared to other periods. This segment is
price sensitive and is a higher margin business as compared
to industrial segment.
Industrial: Three main segments of the industrial sector
include automotive coatings, powder coatings and protective
coatings. Kansai Nerolac is the market leader in this
segment. User industries for industrial paints include
automobiles engineering and consumer durables. The
industrial paints segment is far more technology intensive
than the decorative segment.
The paints sector is raw material intensive, with over 300 raw
materials (50% petro-based derivatives) involved in the
manufacturing process. Since most of the raw materials are
petroleum based, the industry benefits from softening crude
prices.
FY15
FY15 had its share of both excitement as well as challenges.
The arrival of a new Government at the centre with a decisive
majority raised hopes of a quick turnaround of the Indian
economy. However, it has now dawned that although many
macroeconomic indicators are on the mend, it will take time
for the growth potential of the economy to be fully realized.
On the positive side, softening of international crude and
commodity rates has eased the mounting cost pressures on
the industry to some extent. And while operating margins
havent improved much, they can certainly expand in the
forthcoming quarters should things continue to remain the
same.

KEY POINTS
Supply: Supply exceeds demand in both the decorative as well
as the industrial paints segments. Industry is fragmented.
Demand: Demand for decorative paints depends on the
housing sector and good monsoons. Industrial paint demand is
linked to user industries like auto, engineering and consumer
durables.
Barriers to entry: Brand, distribution network, working capital
efficiency and technology play a crucial role.
Bargaining power of suppliers: Price increase constrained
with the presence of the unorganised sector for the decorative
segment. Sophisticated buyers of industrial paints also limit the
bargaining power of suppliers. It is therefore that margins are
better in the decorative segment.
Bargaining power of customers: High due to availability of
wide choice.
Competition: In both categories, companies in the organised
sector focus on brand building. Higher pricing through product
differentiation is also followed as a competitive strategy.
PROSPECTS
The market for paints in India is expected to grow at 1.5 times
to 2 times GDP in the next five years. With GDP growth
expected to be between 6-7% levels, the top three players
are likely to clock above industry growth rates in the future,
considering they have a strong brand and good reach.
The market size of the paint industry in India is estimated at
around Rs 350 bn. Industry players expect close to 12%
growth in business volume and 10-12% rise in sales in FY16.
Decorative paints segment is expected to witness higher
growth going forward. The fiscal incentives given by the
government to the housing sector have immensely benefited
the housing sector. This will benefit key players in the long
term.
Although the demand for industrial paints is lukewarm it is
expected to increase going forward. This is on account of
increasing investments in infrastructure. Domestic and global
auto majors have long term plans for the Indian market, which
augur well for automotive paint manufacturers like Kansai
Nerolac and Asian-PPG. Increased industrial paint demand,
especially powder coatings and high performance coatings
will also propel topline growth of paint majors in the medium
term.
Volatility of the Indian currency and international oil prices
and worries about a normal monsoon continue to be major
challenges facing the paint industry.

Apart from better than expected economic growth, the boost

to demand in FY16 can also come from fall in inflation levels
as it will have a positive effect on customers wallet and boost
his disposable income.
All the key players are almost done with capacity expansion
and have started production from new plants. Asian Paints
plant in Khandala, Maharashtra has recently got
commissioned. Besides, it has initiated a project to double
capacity at Rohtak plant in Haryana. Kansai Nerolacs
capacity expansion plans at Jainpur and Bawal has
culminated. Berger Paints has also commissioned its water
based paint plant at Hindupur in Andhra Pradesh. Its powder
coating plant at Jejuri has also been commissioned.
231

PAINTS
GLOBAL COMPARISON
Particulars

Unit

Revenues
EBDITA margin
Profit after tax
Net profit margins
Return on assets
Return on net worth
Current ratio
EV/EBITDA
Price/Earnings (TTM)

US$ bn
%
US$ bn
%
%
%
x
x
x

Asian
Paints*
2.5
14.6%
0.2
8.7%
16.0%
32.5%
1.5
34.3
52.1

Kansai
Nerolac*
0.6
11.0%
0.04
6.5%
11.6%
18.2%
2.1
32.7
56.3

Valspar
Corp.#
4.4
16.4%
0.4
9.1%
9.4%
42.8%
1.2
11.30
16.4

*Year ended March 2015.# Year ended October 2014. For others, figures
Source: Equitymaster Research, Company Annual Reports, Yahoo Finance, Ace Equity

are

for

Sherwin
Williams
11.3
9.8%
0.9
7.7%
14.9%
84.9%
1.3
14.5
23.3
year

ended

PPG
Industries
15.4
6.8%
1.2
7.8%
7.3%
21.0%
1.5
11.50
22.4
December

2014

Sherwin Williams (US)

Sherwin-Williams engages in the manufacture, distribution and sale of coatings and related products to industrial, commercial and
retail customers primarily in North and South America. The company operates through four segments: Paint Stores Group,
Consumer Group, Global Finishes Group and Latin America Coatings Group. The Paint Stores Group markets and sells
architectural paint and coatings, protective and marine products, original equipment manufacturer (OEM) product finishes and
related items. The Consumer Group develops, manufactures and distributes a range of paint, coatings and related products to third
party customers. The Global Finishes Group develops, licenses, manufactures, distributes and sells a range of protective and
marine products, automotive finishes and refinished products, OEM product finishes and related products. The Latin America
Coatings Group develops, licenses, manufactures, distributes and sells a range of architectural paint and coatings, protective and
marine products, OEM product finishes and related products in North and South America. The Paint Stores Group consisted of
approximately 4,003 company-operated specialty paint stores as of December 31, 2014.

PPG Industries (US)

PPG Industries, Inc. supplies coatings, glass, fiberglass and chemicals worldwide. Its coating products include protective and
decorative coatings for industrial equipment, appliances and packaging, factory-finished aluminum extrusions and coils, automotive
original equipment and other industrial and consumer products. PPGs glass products comprise flat glass, fabricated glass and
continuous-strand fiberglass. It offers products directly to independent distributors and through PPG distribution outlets. PPG also
produces and markets chlor-alkali chemicals, including chlorine, caustic soda, vinyl chloride monomer, chlorinated solvents directly
to manufacturing companies in the chemical processing, rubber and plastics, paper, minerals, metals and water treatment
industries, and supplies specialty chemicals for various products, such as transitions lenses, optical monomers and advanced
intermediates and bulk active ingredients for the pharmaceutical industry. The company had 46,100 employees as per its website.

Valspar Corp. (US)

The Valspar Corporation manufactures and distributes coatings, paints, and related products primarily in the United States and
internationally. The companys coatings include decorative and protective coatings for metal, wood, plastic and glass, primarily for
sale to original equipment manufacturer customers. It provides packaging product line, which comprises coatings for interior and
exterior use in metal packaging containers, coatings for aerosol and paint cans, bottle crowns for glass, plastic packaging, and
bottle closures; general industrial product line that includes a single source for powder, liquid, and electrode position coatings
technologies; coil coatings, which are applied to metal coils that are used to manufacture pre-engineered buildings and building
components; and wood product line, which consists of decorative and protective coatings for wood furniture, building products,
cabinets, and floors. The companys paints comprises of architectural paints, automotive refinish paints and aerosol spray paints. It
distributes its products through home centers, mass merchants, hardware wholesalers, distributors, and independent dealers. The
company had 11,130 employees at the end of December 2014.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

232

ASIAN PAINTS (INDIA) LIMITED

PAINTS

Chairman: Ashwin Choksi

Yr of Inc

B. Code

1945
500820
SHAREHOLDING

BL. Code

ASPN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 52.8%
:
0.0%
:
8.8%
: 18.1%
: 20.3%
: 147,143

Price

840.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.1

SEC: Jayesh Merchant (CFO)

% ch 12-m
8.6

FX Transaction (FY15)
`m
372
`m
16,833
`m
718
`m
17,771
` m -17,053
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

5,047
3,225
1,140.4
116.1
132.2
46.00
1.1
352.8
95.92
3.6
35.6
31.3
11.7
39.6
396,725
5.2
6,236
20,891.2
1,190.9
2,127.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

109,386
883
110,269
17,320
1,546
367
16,290
-456
0
262
4,957
11,139
15.8
30.4
9.2

127,148
1,246
128,394
19,979
2,457
422
18,346
-440
0
-4
5,715
12,188
15.7
31.2
8.6

141,828
1,422
143,250
22,354
2,659
348
20,769
-322
0
0
6,495
13,952
15.8
31.3
8.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

40,062
29,300
9.8
1.4
61
33
24,560
959
32,492
33,843
473
67,869
45.4
0.1
1.6
17.0
32.9
49.7
0.2
13.4

49,152
34,588
11.5
1.4
59
32
24,918
959
38,819
40,392
414
80,776
44.5
0.1
1.6
15.6
30.2
46.9
0.3
13.4

53,552
35,172
13.0
1.5
58
30
26,102
959
45,773
47,424
783
89,125
60.7
0.1
1.6
16.0
29.4
44.8
0.3
11.9

INCOME DATA

BALANCE SHEET DATA

560
376
132.6
12.7
15.3
5.30
1.1
42.1
959.20
3.5
36.8
30.7
11.1
41.7
449,097
5.6
7,597
22,888.9
1,367.6
2,194.1

Regd off: 6A, Shantinagar, Santacruz (East), Mumbai - 400 055

E-Mail:
investor.relations@asianpaints.com
Web site: www.asianpaints.com
Telephone: (022) 3981 8000 Fax: (022) 3981 8888
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

923
495
147.9
14.5
17.3
6.10
0.9
49.4
959.20
4.8
48.7
40.9
14.3
41.9
680,073
5.9
9,071
24,050.9
1,538.3
2,365.9

P/E

57.8

P/CF
48.5

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Paint capacity
EBIDTA margin
Net margins
Debt to equity
ROCE

Mkt cap

0.7

Vol.

805,967.8

52.3

ADJUSTED DAILY SHARE PRICE DATA

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

CASHFLOW

AUD: B S R & Co.

Yield

ISIN

INE021A01026

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
36,526
35,350
`m
5,800
5,482
%
15.9
15.5
`m
3,682
3,434
%
10.1
9.7

Jun 15
36,235
6,713
18.5
4,552
12.6

Sep 15
37,794
6,052
16.0
3,990
10.6

FY14
944,000
14.5
8.6
0.1
46.9

FY15
1,260,000
14.6
8.7
0.1
44.8

`
`
`
`

m
m
m
m

11,868
-4,993
-6,010
865

KEY DATA
Unit
FY13
KL p.a
644,000
%
14.7
%
9.2
x
0.1
%
49.7
NOTES

14,020
-6,052
-6,259
1,709

11,877
-4,778
-5,750
1,350

Asian Paints is the leader in the Indian paint industry. Through a 50:50 joint venture
with PPG Industries, US, the company also has presence in the automotive paints
segment. Asian Paints has made quite a few acquisitions of late, through which it has
increased its global presence it currently operates in 17 countries and has 24 paint
manufacturing facilities in the world servicing consumers in over 65 countries. Asian
Paints acquired 51% stake in modular kitchen maker Sleek Group in FY13.
FY15 turned out to be a difficult year led by tepid growth in sales was on the back of
sluggish demand both in the decorative and industrial paint segments in the domestic
and international markets. The industrial business was impacted by poor demand
from projects business and slowdown in OEM segment. Further the new home
improvement division also failed to sport higher growth, as per the managements
expectations. As per the management, the overall demand scenario remained
challenging. The cumulative price increase taken in FY15 was barely 0.39% as
against the 6.25% increase taken in FY15. However, the improvement in profitability
was primarily due to softening crude prices.
Asian Paints continues to face labour problems at the Sriperumbudur plant and the
workers have once again gone on strike since April 28, 2015. However the capacity
expansion plans at the Rohtak is on track. It has also signed an MoU with Andhra
Pradesh government to set up a 4 lac kilolitres plant at an outlay of Rs 17.5 bn in a
phased manner. The company incurred capex of Rs 3.5 m in FY15 and is expected
to incur capex of Rs 7 bn in FY16. Asian Paints is in the process of setting up of paint
manufacturing plant in Indonesia with a 24,550 MT capacity subject to necessary
regulatory and other approvals.

Get more info at www.equitymaster.com

233

BERGER PAINTS INDIA LIMITED

PAINTS

Chairman: Kuldip Singh Dhingra

Yr of Inc

B. Code

1923
509480
SHAREHOLDING

BL. Code

BRGR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 60.5%
: 14.5%
:
2.6%
: 11.9%
: 10.5%
: 34,402

MISCELLANEOUS
Price

223.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Aniruddha Sen

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
18
4,785
20
4,834
-4,814

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

33,464
314
33,778
3,712
567
377
3,082
0
0
0
898
2,184
11.1
29.1
5.9

38,697
360
39,057
4,314
707
466
3,500
0
0
0
1,006
2,494
11.1
28.7
5.9

43,221
360
43,581
5,107
925
501
4,041
0
0
0
1,394
2,647
11.8
34.5
5.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

13,586
9,560
12.0
1.4
69
45
7,714
693
8,802
9,532
2,152
21,861
9.2
0.5
1.5
11.7
22.9
25.5
0.1
10.6

15,462
12,494
7.7
1.2
66
46
9,971
693
10,510
11,207
1,471
25,949
8.5
0.6
1.5
11.4
22.3
24.4
0.1
10.0

16,425
11,216
12.1
1.5
61
45
10,311
693
11,913
12,606
2,512
27,158
9.1
0.5
1.6
11.6
21.0
25.1
0.0
11.1

BALANCE SHEET DATA

P/E

58.5

227
200
124.7
7.6
10.3
1.25
0.6
36.4
346.53
1.7
28.0
20.7
5.9
16.4
74,053
2.7
2,531
16,211.8
949.5
992.9

P/CF
43.4

(` )

AUD: Lovelock & Lewes

Yield

Mkt cap

0.6

Vol.

154,948.1

16.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE463A01038

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

256
185
111.7
7.2
9.2
2.20
1.0
32.3
346.48
ESOS
2.0
30.7
23.9
6.8
30.6
76,520
2.6
2,252
14,843.6
864.0
956.6

10.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

213
107
96.6
6.3
7.9
1.80
1.1
27.5
346.29
ESOS
1.7
25.4
20.2
5.8
28.5
55,441
2.5
1,871
13,581.2
759.4
886.4

-0.0

Regd off: Berger House, 129, Park Street, Kolkata - 700 017
E-Mail:
consumerfeedback@bergerindia.com
Web site: www.bergerpaints.com
Telephone: (033) 2249 9754 Fax: (033) 2227 7288
Tr agent: C B Management Services, P-22 Bondel Road, Kolkata - 700 019

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Paint capacity
EBIDTA margin
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,171
10,404
`m
1,491
1,205
%
13.3
11.6
`m
821
581
%
7.4
5.6

Jun 15
11,212
1,494
13.3
773
6.9

Sep 15
11,673
1,542
13.2
890
7.6

FY14
312,000
10.9
5.9
0.6
24.4

FY15
312,000
11.5
5.6
0.5
25.1

`
`
`
`

m
m
m
m

1,197
-2,033
1,281
446

KEY DATA
Unit
FY13
m tonnes
288,000
%
10.9
%
5.9
x
0.5
%
25.5
NOTES

3,084
-3,014
-499
-429

3,454
-1,829
-1,768
-143

Established in 1923, Berger Paints is the amongst the largest paint manufacturers in
India. The company manufactures and markets decorative & industrial paint products
under various product brands. It has operations spread across India with seven
manufacturing facilities and more than 85 depots, several regional & area offices. It
also has four facilities overseas. It employs over 2,500 people and has a distribution
network of over 15,000 dealers. The company acquired Bolix, a Poland based
company in April 2008, which is a leading provider of External Insulation Finishing
Systems (EIFS), a comprehensive solution for meeting both the insulation and
decorative requirements of external walls of buildings.Berger Paints net sales
increased 11.7% YoY in FY15. The growth was muted a bit as decorative business
continued to suffer. However, the same is expected to show improvement over the
future. Even the industrial & automotive segments are expected to sustain recovery.
Berger Paints' operating margin stood at 11.8% in FY15, compared to 11.1% in FY14.
Decline in crude prices supported margin growth.

Strong rural penetration, better pricing power and higher volumes in the decorative
segment resulted in double digit revenue growth. While maintaining the same should
not be a challenge as company undertakes calibrated price increases at regular
intervals, competitive risks still prevail. Demand for the decorative products is
expected to remain firm going forward. Apart from new construction and replacement
demand in urban markets, demand in semi-urban and rural markets is expected to
drive growth in the future. With Hindupur plant having started commercial operations
volumes may jump going forward. While we feel that the current expansion plans and
heavy promotional spend will help the company to gain market share, stiff
competition and strong network channels of market leader Asian Paints will make the
job that much difficult. Apart from it, breaking into new geographies like Western and
Southern parts of the country is not likely to be that easy and may take time.

Get more info at www.equitymaster.com

234

KANSAI NEROLAC PAINTS LIMITED

PAINTS

Chairman: P. P. Shah

Yr of Inc

B. Code

1920
500165
SHAREHOLDING

BL. Code

KANE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
1

:
0.0%
: 69.3%
:
6.0%
:
9.7%
: 15.0%
: 16,881

Price

245.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: G. T. Govindarajan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
7
6,223
7
6,778
-6,771

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

28,671
91
28,762
3,378
474
7
2,988
-5
0
1,231
1,283
2,931
11.8
42.9
8.7

31,832
98
31,930
3,673
655
18
3,098
-7
0
0
1,012
2,079
11.5
32.7
5.5

71,414
215
71,629
4,512
683
9
4,035
-11
0
0
1,283
2,741
6.3
31.8
6.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,986
6,480
15.7
1.7
70
55
9,076
539
12,327
12,870
667
20,866
427.9
0.1
1.4
14.1
22.8
39.7
0.0
18.4

12,508
6,980
17.4
1.8
75
54
9,675
539
13,713
14,257
571
22,795
173.1
0.0
1.4
9.2
14.6
21.7
0.0
20.4

13,271
6,198
9.9
2.1
28
26
9,581
539
15,473
16,015
458
23,730
449.3
0.0
3.0
11.6
17.1
25.7
0.0
8.7

BALANCE SHEET DATA

P/E

251
111
132.5
5.1
6.4
1.40
0.8
29.7
538.90
FV1
1.4
35.6
28.5
6.1
27.5
97,541
2.4
1,462
29,905.4
612.2
1,147.8

P/CF

48.2

38.6

(` )

AUD: BSR & Co.

Yield

Mkt cap

0.6

Vol.

132,216.7

ISIN

11.1

INE531A01024

ADJUSTED DAILY SHARE PRICE DATA

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

1,300
975
590.7
38.6
50.7
11.00
1.0
264.6
53.89
1.9
29.5
22.4
4.3
28.5
61,300
2.3
1,383
13,852.0
601.8
904.7

22.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,258
865
532.0
54.4
63.2
11.00
1.0
238.8
53.89
2.0
19.5
16.8
4.4
20.2
57,204
2.5
1,192
11,673.9
485.3
1,193.4

1.0

Regd off: Nerolac House, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013
E-Mail:
investor@nerolac.com
Web site: www.nerolac.com
Telephone: (022) 2499 2796 Fax: (022) 2499 2807
Tr agent: Sharepro Serv., 13AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Paint capacity
EBIDTA margin
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,873
8,078
`m
1,082
992
%
12.2
12.3
`m
657
604
%
7.4
7.5

Jun 15
9,998
1,491
14.9
940
9.4

Sep 15
9,713
1,539
15.8
969
10.0

FY14
260,280
10.1
5.5
0.1
21.7

FY15
300,000
11.1
6.5
0.0
25.7

`
`
`
`

m
m
m
m

2,200
-1,423
-773
4

KEY DATA
Unit
FY13
MT
240,800
%
10.5
%
8.7
x
0.1
%
39.7
NOTES

1,945
-1,132
-875
-62

3,093
-2,387
-914
-208

Kansai Nerolac Limited (KNL) is the second largest coating company in India and a
market leader in the area of industrial coatings. The latter services clients in the
automotive, powder, general Industrial and high performance coatings space. KNL is
promoted by Kansai Paints, Japan. It may be noted that, apart from Japan and the
US, India ranks among the top three international markets for Kansai Paints, which
is one of the top ten coating companies in the world. KNL is the market leader as the
OEM paint supplier to the likes of Maruti, Mitsubishi and Tata Motors. To reduce the
dependency on automotive paints, KNL has been making efforts to increase
contribution from the decorative paint market.
Kansai Nerolac grew its sales by 12.5% in FY15 on the back of improving domestic
economic conditions. Meanwhile, operating profits grew by 22.8% due to lower crude
oil price which declined significantly to around US$ 50 per barrel during fiscal as
compared to over US$ 100 per barrel in FY14. Accordingly, cost of raw material as
a percentage of sales declined to 60.5% in FY15 as compared to 65.9% in FY14.
Besides, employee cost to sales also declined to 4% in FY15 as compared to 4.3%
in FY14. Overall EBIDTA margin of the company improved to 12.5% in FY15 as
compared to 11.4% in the previous fiscal.

The management expects the top line to grow to remain muted in line with the GDP
growth. It may be noted that over the last 3 years the company grew its sales at a
CAGR of around 20%. Sluggishness in auto demand due to high interest rates and
slowdown in the real estate market is expected to keep the top line growth under
check. Also while more capacity has come on stream, one will have to keep a watch
on utilization rates and operating margins.

Get more info at www.equitymaster.com

235

PHARMACEUTICALS
The Indian Pharmaceutical market (IPM) accounts for approx.
1.4% of the global pharmaceutical industry in value terms and
10% in the volume terms. The IPM is valued at Rs 860 bn for
the year ending March 2015. The growth in 2015 stood at
12.9%. Owing to robust historical growth and future
prospects, many MNC companies have active presence in
the Indian pharma space.
The IPM is highly fragmented with about 24,000 players (330
in the organised sector). The top ten companies including
domestic and MNC companies make up for more than a third
of the market. The market is dominated majorly by branded
generics, which constitutes nearly 70% to 80% of market.
Besides the domestic market, Indian pharma companies also
have a large chunk of their revenues coming from exports.
Major companies are focusing on the generics market in the
US, Europe and semi-regulated markets, others are focusing
on custom manufacturing for innovator companies.
Biopharmaceuticals is also increasingly becoming an area of
interest given the complexity in manufacture and limited
competition.
The past few years have been glorious ones for the Indian
companies, as major blockbusters lost their patent protection,
paving way for generics. However, every passing year is
leaving lower patented drug opportunities for the Indian
companies for the launch of generics. Thus, Indian pharma
companies have increased their R&D expenses. The
companies are spending more to establish niche product
portfolios for the future.
The year gone by was one where M&A activity continued to
attract interest of companies globally. This included many
Indian names too. Indian companies such as Lupin, Cipla, Dr
Reddys and others also showed keen interest. Lupin
announced a mega deal worth US$ 800 m for acquiring
Gavis. On the other hand, Cipla and Dr Reddys too made
acquisitions in the US and India respectively.
FY15
FY15/CY14 was quite a challenging one, particularly on the
export front. On the domestic front, the year was a mixed bag
for companies
Post the pricing policy announced by National
Pharmaceutical Pricing Authority (NPPA) in 2013-14, many
MNC pharma companies got impacted. This had resulted in
poor performance being reported by major MNC companies.
Their performance was even below the domestic players. The
trend continued for FY15 too. Only a couple of companies
exhibited better growth. The margins of these MNC players
remained subdued due to increasing expenses and slower
topline growth.
In the US, generic companies witnessed mixed growth. While
some of the companies benefited from low competition
launches, others got impacted by delay in approvals. Though
there were not many blockbuster launches during the year,
there were just a handful companies that displayed robust
performance. On the other hand, Indian companies having
presence in emerging markets were severely battered. The
currencies of major countries witnessed sharp depreciation,
leading to poor realisations. Further, slowdown in some
countries impacted their growth. Over and above, the
companies also witnessed pressures owing to slower
approval rate. This was seen in regions of Latin America.
Currency depreciation had both positive and negative impact
on the Indian pharma companies. Depreciating rupee helped
some companies garner better margins. On the other hand,

those with forex loans on their books witnessed higher

payments.
The industry continued to face bigger challenges on the
regulatory front. The companies faced issues from the
USFDA, as they lacked good manufacturing practices (GMP).
Because of this, there were instances of import alerts being
issued, drug recalls, warning letters and so on. The regulators
have become more stringent now and have also been
conducting surprise checks.
KEY POINTS
Supply: Higher for traditional therapeutic segments, this is
typical of a developing market. Relatively lower for lifestyle
segment.
Demand: Very high for certain therapeutic segments. Will
change as life expectancy, literacy increases.
Barriers to entry: Licensing, distribution network, patents, type
of drug portfolios
Bargaining power of suppliers: Distributors are increasingly
pushing branded products in a bid to earn higher margins.
Bargaining power of buyers: High, a fragmented industry has
ensured that there is widespread competition in almost all
product segments. Currently, the domestic market is also
protected by the DPCO.
Competition: High and fragmented owing to many small
players in the industry.
PROSPECTS
The IPM size is expected to grow at 9-12% CAGR between
2013-18. The growth in Indian domestic market will be
boosted by increasing consumer spending, rapid
urbanization, increasing healthcare insurance, drugs and so
on. On the global front, the IPM is ranked 13th in terms of
value. Owing to robust growth, its ranking is expected to
improve to 11th position by 2018.
The life style segments such as cardiovascular, anti-diabetes,
anti-depressants and anti-cancers will continue to be lucrative
and fast growing owing to increased urbanisation and change
in lifestyle patterns. Going forward, better growth in domestic
sales will depend on the ability of companies to align their
product portfolio towards these chronic therapies as these
diseases are on the rise.
In various global markets, the government has been taking
several cost effective measures in order to bring down
healthcare expenses. Thus, governments are focusing on
speedy introduction of generic drugs into the market. This too
will benefit Indian pharma companies. However, despite
promising outlook, intense competition and consequent price
erosion would continue to remain a cause for concern. Over
and above this, following GMP will be an important criterion
for companies in order to grow in the global markets.
For the US market, Indian companies are developing niche
portfolios in various segments. High margin injectables,
dermatology, respiratory, biosimilars, complex generics etc.
have become an area of interest. Most of the Indian pharma
companies have been working on these niche drugs to
optimize growth and margins. Thus, post patent cliff, the
companies which have developed their product basket in the
niche category will be ahead in the curve. Moreover, generic
penetration in the US is expected increase to 86-87% over
the next couple of years from 83% currently.
236

PHARMA
GLOBAL COMPARISON
CY14

Unit

Revenues

US$ bn

EBDITA margin

Profit after tax

US$ bn

Net profit margins

Pfizer

Novartis

Teva

Mylan

49.6

52.2

20.3

7.7

34.8%

37.6%

15.6%

17.5%

9.1

10.3

4.4

0.9

18.3%

19.7%

21.4%

11.9%

Return on capital employed

12.7%

14.8%

4.9%

6.9%

Raw material costs

% of sales

19.3%

33.2%

59.9%

54.3%

R&D expenditure

% of sales

16.9%

17.4%

6.9%

11.0%

SG&A expenses

% of sales

28.6%

23.5%

12.7%

11.6%

Debt to Equity

0.9

0.4

0.4

2.5

Price/Earnings

21.9

19.4

12.3

21.2

EPS

1.41

4.13

5.07

2.34

Price

30.81

80.23

62.52

49.71

Sales

49605.00

52180

20272

7719

17538

14235

1649

786

138168.00

96336

33700

11414

Operating profit
Capital employed
Dep

4039

5361

1508

566

Raw material costs

9577

17345

12143

4191.6

R&D expenditure

8393

9086

1400

851

Pfizer, USA
Pfizer, Inc. is a research-based, global biopharmaceutical company. The company generated revenues of $49.6 billion during
2014, a decrease of 4% compared to 2013. Pfizer generates revenues from three main segments, biopharmaceuticals, animal
healthcare and consumer healthcare. The biopharmaceuticals segment offers treatments for cardiovascular, central nervous
system disorders, pain, respiratory, cancer, eye disease and allergies. This segment contributes around 87% to the companys
sales. The company is also expanding its presence in the Vaccine segment. The company has entered into several strategic deals
and made mega acquisitions in last couple of years.

Novartis, Switzerland
Novartis has a diversified pharma portfolio. The company operates through its 5 major divisions viz; Pharmaceuticals Innovative
products; Alcon Opthalmology products; Sandoz Generic drugs; The companys pharmaceutical segment largely focuses on
cardiovascular, respiratory, infectious diseases, oncology, Cardio-Metabolic, Immunology, Dermatology, During CY14, company
generated revenue of US$ 57.9 bn. Company generates large part of its revenues from European market and US market. Since
some time, the company has been taking several steps to revamp its business strategy and accordingly has entered in various
deals. The deals with GSK and Lilly were signed on a set of transactions intended to transform it portfolio of businesses. The
company has also discontinued its operations partially in Vaccine and Consumer products.

Teva, Israel
Teva Pharmaceutical Industries Ltd. is the largest generic pharmaceutical company in the world. The company manufactures and
markets various types of drugs and have presence in high entry barrier products too. During CY14, total sales of Teva stood at U$
20.3 bn. Company generates sales from both generic as well as specialty drugs from US, Europe and RoW. Approx 49% of the
companys revenues comes from Generics, followed by Multiples Sclerosis (MS - largely Copaxone) contributing 20%. It is
imperative to note this segement contributes around 50% to the companys profits. The rest 31% of the sales is contributed by
other Specialty drugs and OTC.

Mylan, USA
Mylan is a fully integrated global pharma company, and its revenues from, is a leading global pharmaceutical company, which
develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. The company
offers its products across 140 countries and territories in the segments such as, for cardiac, central nervous system, dermatology,
gastrointestinal, and other therapies. Mylan has done various acquisitions in order to fuel its growth.Company generates major
revenues from US. Mylan has been entering into alliances to enhance its portfolio. The most recent one being with Abbott.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

237

BIOCON LIMITED
PHARMACEUTICALS

MISCELLANEOUS

Chairman: Kiran Mazumdar Shaw (MD)

Yr of Inc

B. Code

1978
532523
SHAREHOLDING

BL. Code
BION.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 40.4%
: 20.6%
:
8.4%
: 10.7%
: 19.9%
: 109,995

Price

462.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.9

SEC: Kiran Kumar

% ch 12-m
1.6

FX Transaction (FY15)
`m
10,339
`m
6,102
`m
10,993
`m
7,371
`m
3,622
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

307
211
124.3
25.4
34.4
7.50
2.9
134.7
200.00
2.1
10.2
7.5
1.9
29.5
51,790
6.7
3,894
3,694.5
578.9
756.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

24,853
527
25,380
5,430
1,793
81
4,083
-38
0
2,019
975
5,089
21.8
23.9
20.5

28,773
559
29,332
6,871
2,036
17
5,377
-170
0
0
1,069
4,138
23.9
19.9
14.4

30,898
531
31,429
6,958
2,210
89
5,190
-310
0
1,051
957
4,974
22.5
18.4
16.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

22,400
9,899
50.3
2.3
59
75
18,228
1,000
24,079
26,946
1,640
44,161
51.4
0.1
0.6
11.7
18.9
21.5
38.0
22.4

26,388
13,796
43.8
1.9
48
76
27,308
1,000
27,047
30,267
6,062
57,506
317.3
0.2
0.5
7.2
13.7
14.4
37.1
22.8

25,626
15,547
32.6
1.6
53
91
33,065
1,000
30,778
32,706
7,696
63,754
59.3
0.2
0.5
7.9
15.2
14.9
33.5
19.7

BALANCE SHEET DATA

P/E

18.6

554
407
154.5
24.9
35.9
5.00
1.0
163.5
200.00
3.1
19.3
13.4
2.9
20.1
96,080
7.5
5,334
4,119.7
711.2
663.2

P/CF
12.9

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

1.1

Vol.

92,510.0

31.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE376G01013

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

497
265
143.9
20.7
30.9
5.00
1.3
151.3
200.00
2.6
18.4
12.3
2.5
24.2
76,190
7.3
4,663
3,936.1
637.9
566.1

Regd off: 20th KM, Hosur Road, Electronic City, Bangalore - 560 100
E-Mail:
kiran.kumar@biocon.com
Web site: www.biocon.com
Telephone: (080) 2808 2037 Fax: (080) 2852 3423
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Biopharmaceuticals
Domestic Formulations
Contract research
R&D expenditure
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,692
8,377
`m
1,534
1,700
%
19.9
20.3
`m
909
965
%
11.8
11.5

Jun 15
8,330
2,063
24.8
1,307
15.7

Sep 15
8,372
1,746
20.9
-10
-0.1

FY14
59.0%
13.0%
24.4%
4.5%
40.7%

FY15
56.7%
14.0%
26.4%
5.4%
40.2%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

4,712
-3,758
-86
868

FY13
59.0%
14.0%
21.9%
6.5%
41.3%

5,607
-9,381
4,260
486

2,107
-5,087
1,862
-1,118

Biocon is India's largest biotechnology company with presence in

biopharmaceuticals, custom research and clinical research. Large part of company's
business comprises of manufacturing of various APIs (Active pharmaceuticals
ingredients) and intermediaries for the developed markets and formulations from the
domestic and the emerging markets. Biocon has various types of insulin based
products and monoclonal antibodies in its R&D pipeline.
Biocon also derives sustainable revenues from Contract manufacturing and clinical
research activities. The company undertakes large portion of this business through
Syngene International. Syngene was recently listed in the Indian markets. The
company raised Rs 5.5 bn amount which will be utilized by Biocon Ltd for R&D and
Capital Expenditure. Post listing Biocon Ltd continues to hold majority (Approx
72.61%) of stake in Syngene.

Biocon's topline grew by 7% YoY during FY15. Growth was largely led by contract
manufacturing services, while Biopharma business witnessed a subdued
performance. Biocons operating margins too declined owing to poor growth in
business and higher R&D costs. The bottomline increased by 16.1%, which also
included some amount received from sale of Syngene shares to a private equity
player.
Biocon has a varied portfolio across various Indian and emerging markets addressing
lifestyle therapies viz., diabetes, oncology, cardiac, immunology and nephrology. The
company is building an insulin facility in Malaysia. With the development of this
facility, the company will increase the insulin supply globally. Over and above
company continues to spend more on the research and development; however some
part of these expenses are either capitalized or reimbursed by its partners.

Get more info at www.equitymaster.com

238

CADILA HEALTHCARE LIMITED

PHARMACEUTICALS

Chairman: Pankaj R. Patel (MD)

Yr of Inc

B. Code

1995
532321
SHAREHOLDING

BL. Code
CADI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 74.8%
:
0.0%
:
8.3%
:
5.9%
: 11.0%
: 44,069

MISCELLANEOUS
Price

385.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.6

SEC: Upen H. Shah

% ch 12-m

6.9

FX Transaction (FY15)
`m
28,080
`m
5,391
`m
29,666
`m
8,093
`m
21,573
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

964
695
310.5
31.9
40.9
7.50
0.9
143.8
204.75
2.7
26.0
20.3
5.8
23.5
169,840
12.2
9,042
5,214.6
741.6
536.0

1,079
631
352.8
39.2
49.1
9.00
1.1
168.0
204.75
2.4
21.8
17.4
5.1
22.9
175,061
12.2
10,711
5,908.2
876.0
657.2

1,763
872
422.5
56.2
70.2
12.00
0.9
207.6
204.75
3.1
23.4
18.8
6.3
21.4
269,758
13.2
12,085
6,564.0
916.9
873.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

63,577
370
63,947
11,251
1,847
1,687
8,087
-364
-13
0
1,175
6,535
17.7
14.5
10.3

72,240
507
72,747
12,001
2,012
902
9,594
-326
265
-172
1,325
8,036
16.6
13.8
11.1

86,513
554
87,067
17,599
2,873
679
14,601
-397
42
-104
2,636
11,506
20.3
18.1
13.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

31,917
26,704
8.2
1.2
70
55
37,612
1,024
23,826
29,445
14,260
73,742
5.8
0.5
0.9
11.1
22.2
21.5
24.3
6.4

34,379
28,140
8.6
1.2
69
57
40,153
1,024
27,845
34,390
13,622
79,865
11.6
0.4
0.9
11.2
23.4
21.4
27.7
5.8

42,267
32,649
11.1
1.3
65
67
41,501
1,024
38,861
42,516
11,504
90,471
22.5
0.3
1.0
13.5
27.1
27.4
32.5
6.2

P/CF
5.5

(` )

CASHFLOW

Parameters
Domestic revenues
Export formulations
APIs
Raw material costs
R&D expenditure

Mkt cap

3.1

Vol.

78,828.4

58.7

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Mukesh M. Shah & Co.

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

20.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Zydus Tower, Satellite Cross Roads, Ahmedabad - 380 015
E-Mail:
upen.shah@zyduscadila.com
Web site: www.zyduscadila.com
Telephone: (079) 2686 8326 Fax: (079) 2686 2365
Tr agent: Sharepro Serv.,416-420, Devnandan Mall, Ellisbridge, Ahmedabad-09
ISIN

INE010B01027

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
21,895
22,882
`m
4,334
4,890
%
19.8
21.4
`m
2,773
3,468
%
12.7
15.2

Jun 15
25,007
5,940
23.8
3,555
14.2

Sep 15
24,595
6,114
24.9
3,912
15.9

FY14
44.3%
50.8%
4.9%
37.6%
5.0%

FY15
39.7%
54.8%
5.5%
36.9%
5.2%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

6,034
-6,823
2,858
2,069

FY13
49.3%
45.9%
4.9%
36.5%
6.0%

9,028
-4,380
-5,287
-639

9,936
-4,647
-3,511
1,778

Cadila Healthcare is one of the leading players in the Indian pharma market having
a presence in both the domestic and international markets. In the international
markets, the company has adopted the strategy having front end presence and also
focuses on contract manufacturing. The company has established a JV model with
several MNCs like Nycomed, Hospira, Bayer and Abbott. It has also made
acquisitions some in order to strengthen its business portfolio.
The topline grew by 19.8% YoY growth during FY15 driven by good growth in its
export business. The US business witnessed robust growth of 56.3% YoY for the
year. Operating margins improved by 3.7% due to better products and new launches
in the US market. Even net profits of the company surged by 43.2% YoY.
Cadila's growth going forward will be driven by ramp up in sales in its US business
and maintaining healthy growth in the domestic market. Cadila also has good
presence in the emerging markets, however currency issues and economic downturn
in the various countries has impacted the revenues of Cadila too during the year gone
by. Latin America is the classic example where Cadila has decent presence.

The company had faced sharp slump in the approvals post its Moraiya facility
received Warning letter in 2012. The companys margins also dipped subsequently till
the company could come out of the USFDA concerns. Once again the companys
Moraiya facility came under the USFDA scrutiny. While Cadila has been augmenting
filings since some time, it has made various filings in niche segments across its
facilities. This will help in better performance going forward. Having said that, the
recent Warning letter the company received on the Moraiya facility during Dec 2015,
will impact some approvals for the US market.

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239

CIPLA LIMITED
PHARMACEUTICALS

Chairman: Y. K. Hamied (MD)

Yr of Inc

B. Code

1935
500087
SHAREHOLDING

BL. Code
CIPL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 16.0%
: 20.8%
: 12.2%
: 24.8%
: 26.2%
: 161,166

Price

623.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.9

SEC: Mital Sanghvi

% ch 12-m
-1.8

FX Transaction (FY15)
`m
47,363
`m
16,629
`m
49,104
`m
22,483
`m
26,621
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

435
301
103.1
19.2
23.4
2.00
0.5
112.3
802.92
3.6
19.1
15.8
3.3
10.4
295,475
0.0
10,360
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

82,793
2,221
85,015
21,979
3,305
339
20,556
0
-62
398
5,443
15,449
26.5
26.5
18.7

101,734
2,654
104,388
21,331
3,726
1,457
18,800
-159
-123
0
4,634
13,884
21.0
24.6
13.6

113,454
1,656
115,110
21,617
5,047
1,683
16,543
-482
-253
0
4,000
11,808
19.1
24.2
10.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

67,840
22,776
54.4
3.0
105
74
39,878
1,606
87,818
90,187
6
116,588
61.6
0.0
0.7
13.5
17.1
23.5
53.5
15.9

56,514
25,636
30.4
2.2
104
59
44,452
1,606
98,591
100,504
3,179
134,032
13.9
0.0
0.8
11.4
13.8
19.3
48.6
14.0

75,914
38,936
32.6
1.9
122
64
48,521
1,606
105,484
108,015
3,093
157,175
10.8
0.0
0.7
8.6
10.9
15.7
41.7
14.7

BALANCE SHEET DATA

P/E

42.4

753
369
141.3
14.7
21.0
2.00
0.4
134.5
802.96
ESOP
4.0
38.1
26.7
4.2
13.6
450,139
0.0
19,737
NM
NM
NM

P/CF
29.7

(` )

AUD: V. Sankar Aiyar & Co.

Yield

Mkt cap

0.3

Vol.

500,540.3

81.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE059A01026

800
700

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

450
364
126.7
17.3
21.9
2.00
0.5
125.2
802.92
3.2
23.5
18.6
3.3
11.6
326,829
0.0
15,430
NM
NM
NM

Regd off: Peninsula Bus.Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-13
E-Mail:
cosecretary@cipla.com
Web site: www.cipla.com
Telephone: (022) 2482 6000 Fax: (022) 2482 6893
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic revenues
API exports
Formulation exports
Raw material costs
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
27,655
30,927
`m
5,479
4,805
%
19.8
15.5
`m
3,279
2,597
%
11.9
8.4

Jun 15
38,528
10,321
26.8
6,506
16.9

Sep 15
34,524
7,708
22.3
4,312
12.5

FY14
40.8%
7.4%
37.8%
38.3%
15.3%

FY15
38.1%
34.9%
13.3%
10.4%
4.1%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

13,977
-20,629
7,178
526

FY13
44.1%
7.9%
45.8%
35.7%
12.5%

15,633
-12,499
-2,656
478

11,734
-9,412
1,648
3,971

Cipla is one of the largest pharma companies in the domestic market and has
presence in formulations and bulk drugs manufacturing. On the exports front, the
company has strategic alliances with generic companies for formulations and APIs.
Cipla is also known supplier of Antiretroviral drugs in various emerging markets
especially in African region.

Cipla has clocked growth of 11.5% YoY topline growth during FY15. Growth was
largely led by the domestic business, which grew by 18% YoY and export
formulations which grew by 5.7% YoY. The operating margins declined by 190 bps
largely due to onetime high margin sales realized during FY14. As a result the bottom
line was down by 11.1% YoY for the said period.
As the challenges in the global markets are increasing, Cipla is also adopting various
strategies in order to fuel its future growth. The company is focusing on respiratory
segment for developed and developing markets. This segment has high entry
barriers and thus robust margins. The company has recently got approval on some
combination inhalers in European markets. This is a positive development. However,
how well the company will penetrate in these markets is something we look forward
to. On the other hand, Cipla is looking forward to move its business model from
partnership based to front end. Thus company has also made several ANDA filings in
US and also acquired Medpro in South Africa. Cipla had recently also announced
acquisition of Invagen and Exelan to increase its focus in the US market. As the
company is shifting its business model towards front end, it has witnessed sharp
surge in its operating costs in recent quarters. This is impacting the bottom line too.

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240

DIVI'S LABORATORIES LIMITED

PHARMACEUTICALS

Chairman: Murali K. Divi (MD)

Yr of Inc

B. Code

1990
532488
SHAREHOLDING

BL. Code
DIVI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 52.0%
:
0.0%
: 11.8%
: 19.0%
: 17.2%
: 31,796

Price

1,121.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.2

SEC: P. V. Lakshmi Rajani

% ch 12-m
33.1

FX Transaction (FY15)
`m
26,244
`m
7,442
`m
26,317
`m
7,588
`m
18,729
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,233
752
161.6
45.4
51.2
15.00
1.5
188.4
132.73
6.1
21.9
19.4
5.3
33.1
131,735
0.0
1,977
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,448
448
21,897
8,152
770
18
7,812
0
0
0
1,792
6,020
38.0
22.9
28.1

25,321
706
26,027
10,145
921
21
9,909
0
0
0
2,176
7,733
40.1
22.0
30.5

31,149
447
31,596
11,652
1,360
19
10,721
0
0
0
2,206
8,515
37.4
20.6
27.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

18,641
5,545
61.1
3.4
142
87
12,121
266
24,735
25,006
21
31,388
439.9
0.0
0.7
19.2
24.1
31.3
86.7
21.8

22,564
6,274
64.3
3.6
134
104
13,663
266
29,363
29,634
16
37,105
482.0
0.0
0.7
20.9
26.1
33.5
89.2
20.0

27,724
7,755
64.1
3.6
136
87
15,271
266
34,683
34,954
11
44,052
577.4
0.0
0.7
19.4
24.4
30.7
84.3
23.9

INCOME DATA

BALANCE SHEET DATA

1,459
905
190.8
58.3
65.2
20.00
1.7
223.3
132.73
6.2
20.3
18.1
5.3
34.3
156,887
0.0
2,325
NM
NM
NM

Regd off: 7-1-77/E/1/303, Divi Towers, Dharam Karan Road, Ameerpet, Hyd-16
E-Mail:
cs@divislaboratories.com
Web site: www.divislaboratories.com
Telephone: (040) 2378 6300 Fax: (040) 2378 6460
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,881
1,217
234.7
64.2
74.4
20.00
1.3
263.3
132.73
6.6
24.1
20.8
5.9
31.2
205,599
0.0
2,904
NM
NM
NM

P/E

P/CF

17.5

15.1

(` )

AUD: P. V. R. K. Nageswara Rao &

Yield

Mkt cap

1.8

Vol.

148,816.4

9.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE361B01024

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
North America
Europe
India
Asia
ROW

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,911
8,171
`m
2,871
3,151
%
36.3
38.6
`m
2,206
2,289
%
27.9
28.0

Jun 15
8,088
2,999
37.1
2,432
30.1

Sep 15
9,643
3,760
39.0
2,957
30.7

FY14
44.3%
36.5%
8.6%
6.5%
4.1%

FY15
38.1%
34.9%
13.3%
10.1%
3.7%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

4,800
-2,545
-2,308
-53

FY13
42.4%
34.3%
9.7%
5.8%
7.7%

5,568
-3,052
-2,485
31

8,263
-5,208
-3,030
25

Established in the year 1990, Divi's Laboratories has been focusing on CRAMS and
is an established player in the custom chemical synthesis (CCS) and
API/Intermediate segment. The companys product portfolio comprises of two broad
segments i) Generic APIs (active pharma ingredients) and Nutraceuticals and ii)
Custom Synthesis of APIs, intermediates and specialty ingredients for global
innovator pharma companies. The company operates predominantly in export
markets. Exports contribute approx 87% of the companys revenues. North America
accounts for around 38.09% of the companys total revenues, followed by Europe
and Asian markets at 34.88 % and 10.07% respectively. Currently the company
derives around 43% of its revenues from the 5 clients. Also company generates
around 44% of its revenues from the sale of 5 products.
The topline grew at a decent pace of 23% YoY growth during FY15 driven by strong
growth in its domestic and exports businesses. The operating margins declined by
280bps inspite of this, the operating profits surged by 14% YoY. Net profit grew by
7% YoY.

Divi's continues to enhance its relationship with top global innovator companies on
various custom manufacturing contracts. This is expected to boost the companys
revenues and margins going forward. Growth is expected to come from increasing
volumes as well as commercialization of late stage products. Further, there have
been improvement in fortunes of companies focusing on custom manufacturing and
Divis is also benefitting from the same. Over and above, Divi's presence in peptides
and nucleotides is also likely to benefit the company in the long run as both products
involve high entry barriers due to complex chemistry skills.

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241

DR. REDDY'S LABORATORIES LIMITED

PHARMACEUTICALS

Chairman: G. V. Prasad

Yr of Inc

B. Code

1984
500124
SHAREHOLDING

BL. Code
REDY.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Dr. Reddy's Group

F.V.
5

: 25.5%
:
0.0%
:
5.4%
: 53.8%
: 15.3%
: 75,885

Price

2,997.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-14.7

SEC: Sandeep Poddar

% ch 12-m
-10.9

FX Transaction (FY15)
`m
74,146
`m
13,485
`m
74,870
`m
26,008
`m
48,862
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,969
1,528
700.4
89.9
122.3
15.00
0.9
375.0
169.84
ESOP
2.5
19.5
14.3
4.7
16.7
296,965
16.5
19,287
7,209.5
1,168.9
925.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

118,956
1,499
120,455
27,195
5,502
1,003
22,189
0
0
-542
6,379
15,268
22.9
28.7
12.8

134,153
1,697
135,850
32,508
6,475
1,267
26,463
0
0
0
6,831
19,632
24.2
25.8
14.6

150,233
2,741
152,974
34,936
7,599
1,082
28,996
0
0
0
5,632
23,364
23.3
19.4
15.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

85,267
56,588
24.1
1.5
67
98
46,159
849
56,364
63,691
12,659
134,872
23.1
0.2
0.9
12.1
24.0
29.7
51.3
9.7

103,257
57,904
33.8
1.8
66
90
52,796
851
72,946
78,652
20,755
160,296
21.9
0.3
0.8
13.0
25.0
27.9
55.2
8.9

118,767
68,213
33.7
1.7
62
100
59,060
852
92,735
98,531
14,315
185,978
27.8
0.1
0.8
13.1
23.7
26.7
49.4
9.0

INCOME DATA

BALANCE SHEET DATA

2,940
1,766
788.6
115.4
153.5
18.00
0.8
462.4
170.11
ESOP
3.0
20.4
15.3
5.1
15.6
400,277
19.0
24,754
7,060.7
1,302.8
1,033.3

Regd off: 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034
E-Mail:
spoddar@drreddys.com
Web site: www.drreddys.com
Telephone: (040) 4900 2222 Fax: (040) 4900 2999
Tr agent: Bigshare Services Ltd., G-10, Left wing, Amrutha Ville, Hyderabad - 82

3,662
2,250
881.8
137.1
181.7
20.00
0.7
578.3
170.38
ESOP
3.4
21.6
16.3
5.1
14.6
503,643
19.9
29,446
7,565.7
1,482.9
1,176.6

P/E

21.9

P/CF
16.5

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.7

Vol.

510,680.0

125.2

ADJUSTED DAILY SHARE PRICE DATA

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
API & Services (PSAI)
Global Generics
Proprietary Products
R&D expenditure
Raw material costs

ISIN

INE089A01023

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
38,431
38,704
`m
6,932
5,994
%
18.0
15.5
`m
5,745
5,145
%
14.9
13.3

Jun 15
37,578
7,462
19.9
6,082
16.2

Sep 15
39,890
8,618
21.6
6,843
17.2

FY14
18.1%
79.6%
2.3%
9.7%
27.0%

FY15
17.2%
81.4%
1.5%
11.5%
26.6%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

13,779
-14,463
-1,568
-2,252

FY13
26.4%
71.0%
2.6%
6.6%
32.4%

19,697
-16,941
-242
2,514

25,235
-22,647
-4,332
-1,744

Dr. Reddy's is a leading pharmaceutical company in the country with presence across
the pharmaceutical value chain - basic research, finished dosages, generics, bulk
actives, and biotechnology. The company's business is mainly organized into Global
generics segment, PSAI (pharmaceutical services and active ingredients) and
Proprietary products. The company has key presence in India, North America, Russia
and CIS countries, Europe and other emerging markets. The company has wide
portfolio in several markets and has made several niche and Para IV launches.

The revenues in FY15, grew by 12% YoY. The companys global generics segment
grew by 14.6% YoY during the year. On the domestic front, the sales were up by
12.1% YoY. The US biz surged by 17% YoY, this was inspite of lack of approvals
during the fiscal. On the other hand the PSAI segment grew by 14.6% YoY. The
companys sales came under pressures in Russia and other emerging markets owing
to depreciating currency and poor economic conditions. This also impacted
companys operating margins, which declined by 100 bps. Net profits surged by 19%
YoY.
Large part of the company's revenues is derived from US, India, Russia and the PSAI
segment.
For the US market, Dr Reddy's is targeting niche products having high entry barriers.
The company is has also increased its R&D expenses and is spending towards both
innovative and generic R&D.

However the recent Warning letter on the companys facilities and concerns
highlighted by the USFDA seem to be serious. Thus it may take time for the company
to come out of the USFDA qualms and this may impact the overall growth.

Get more info at www.equitymaster.com

242

GLAXOSMITHKLINE PHARMACEUTICALS LTD.

PHARMACEUTICALS

Chairman: D. S. Parekh

Yr of Inc

B. Code

1924
500660
SHAREHOLDING

BL. Code
GLAX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 50.7%
: 10.2%
: 23.8%
: 15.4%
: 102,036

Price

3,254.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

1.3

SEC: A. A. Nadkarni (GM & Admin)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

3.1

(FY15)
63
4,334
699
7,680
-6,981

15
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,338
1,916
312.9
66.3
68.4
50.00
2.4
236.9
84.70
6.8
32.1
31.1
9.0
75.4
180,157
4.7
2,955
5,632.2
627.9
1,194.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

26,505
1,746
28,251
8,261
178
3
9,826
0
0
-1,482
2,725
5,619
31.2
27.7
21.2

25,627
1,770
27,397
5,282
199
0
6,853
0
0
262
2,298
4,817
20.6
33.5
18.8

33,045
1,999
35,044
6,331
254
0
8,076
0
0
-519
2,793
4,764
19.2
34.6
14.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

26,467
8,364
68.3
3.2
39
16
1,332
847
19,204
20,068
41
30,017
3,276.3
0.0
0.9
18.7
28.0
41.5
0.7
8.1

26,239
8,889
67.7
3.0
49
14
1,620
847
19,033
19,897
36
31,295
NM
0.0
0.8
15.4
24.2
35.7
0.4
12.3

25,870
11,065
44.8
2.3
41
11
2,383
847
17,426
18,290
26
32,157
NM
0.0
1.0
14.8
26.0
41.3
0.2
13.1

INCOME DATA

BALANCE SHEET DATA

3,002
2,005
302.6
56.9
59.2
50.00
2.0
234.9
84.70
8.3
44.0
42.3
10.7
87.9
212,038
5.0
3,621
5,090.8
719.3
956.9

Regd off: Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
ajay.a.nadkarni@gsk.com
Web site: www.gsk-india.com
Telephone: (022) 2495 9415 Fax: (022) 2498 1526
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

3,550
2,352
390.1
56.2
59.2
62.50
2.1
215.9
84.70
7.6
52.5
49.8
13.7
111.1
249,933
4.7
4,930
7,095.7
1,058.6
1,023.0

P/E

P/CF

57.9

54.9

(` )

Yield
1.9

AUD: Price Waterhouse & Co.

Mkt cap

Vol.

275,677.3

0.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE159A01016

4,000
3,500
3,000

Close
100 DMA

2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

15
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,509
6,203
`m
1,147
1,258
%
17.6
20.3
`m
914
1,087
%
14.0
17.5

Jun 15
6,283
1,100
17.5
957
15.2

Sep 15
7,001
1,289
18.4
1,039
14.8

`
`
`
`

m
m
m
m

3,136
-1,097
-4,406
-2,367

KEY DATA
Parameters
Unit
FY13
Pharmaceuticals
% of sales
100%
Raw material costs
% of sales
42.2%
SG&A expenses
% of sales
16.2%
Staff costs
% of sales
11.4%
* For 15 months, company has changed accounting year from
NOTES

2,813
1,890
-4,941
-239

3,376
1,800
-4,956
220

FY14
FY15
100%
100%
45.8%
45.8%
20.5%
20.1%
14.3%
15.0%
Dec ending to March

GSK Pharma is one of the leading MNC pharma companies in the Indian market.
GSK pharma is subsidiary of Glaxosmithkline Plc, with parent companys holding of
approx 75%. The company derives revenues from its core business of
pharmaceuticals. Large part of the companys revenues come from anti-infectives,
dermatology, pain and vitamins therapies. The company is also increasing its focus
in the respiratory segment and has launched some products in this segment. The
company has some revenues coming from the vaccine business too.
GSK Pharma recently changed its reporting of financial results. In accordance to it,
the company will release full year results in March instead of Dec earlier. Therefore,
the recent reported numbers are for 15-months period and thus not comparable.
However, on like to like basis, the net sales for the company have grown by 7% YoY,
while net profits were down by 11% YoY, for the period ending March 2015.

GSK Pharma has a strong product pipeline and brand building ability as shown in the
past. The company has developed strong portfolio, and its brands viz; Augmentin,
Zinetac, Betnesol, Cobadex, and Zenvit are the some of its flagship brands. In order
to enhance its focus on key therapies, the parent company has entered into
agreement with Novartis AG. As per the deal, GSK has bought OTC business from
Novartis. This diversification also includes diversification of vaccine business except
influenza. As the part of the deal, GSK divested the Oncology portfolio of Novartis.

Get more info at www.equitymaster.com

243

GLENMARK PHARMACEUTICALS LIMITED

PHARMACEUTICALS

Chairman: Glenn Saldanha (MD)

Yr of Inc

B. Code

1977
532296
SHAREHOLDING

BL. Code

GLEN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 48.3%
:
0.0%
:
6.9%
: 34.4%
: 10.5%
: 56,727

MISCELLANEOUS
Price

882.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.8

SEC: Sanjay Kumar Chowdhary

% ch 12-m
7.5

FX Transaction (FY15)
`m
29,720
`m
4,680
`m
31,299
`m
10,856
`m
20,443
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

551
301
185.1
23.2
27.9
2.00
0.5
102.0
270.85
2.3
18.4
15.3
4.2
8.6
115,355
0.0
7,830
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

50,123
108
50,231
10,153
1,270
1,600
7,390
0
0
0
1,107
6,283
20.3
15.0
12.5

60,052
115
60,167
10,908
2,168
1,886
6,969
0
0
0
1,513
5,456
18.2
21.7
9.1

66,298
219
66,516
10,225
2,600
1,902
5,943
0
0
0
1,190
4,752
15.4
20.0
7.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,268
22,014
30.4
1.7
61
119
27,682
271
19,338
27,630
19,203
71,710
5.6
0.7
0.7
11.0
22.7
19.2
11.9
1.7

47,627
29,492
30.2
1.6
57
131
30,357
271
21,415
29,833
24,287
86,336
4.7
0.8
0.7
8.5
18.3
16.4
11.7
1.0

53,233
37,113
24.3
1.4
70
138
32,704
271
-9,455
30,003
25,744
96,875
4.1
0.9
0.7
6.9
15.8
14.1
44.8
7.1

INCOME DATA

BALANCE SHEET DATA

612
464
221.4
20.1
28.1
2.00
0.4
110.0
271.22
2.4
26.7
19.1
4.9
9.9
145,889
0.0
10,262
NM
NM
NM

Regd off: B/2, Mahalaxmi Chambers, 22, Bhulabhai Desai Road, Mumbai - 400 026
E-Mail:
complianceofficer@glenmarkpharma.com
Web site: www.glenmarkpharma.com
Telephone: (022) 4018 9999 Fax: (022) 4018 9986
Tr agent: Karvy Computer, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

879
752
244.4
17.5
27.1
2.00
0.2
110.6
271.29
3.3
46.6
30.1
7.4
11.4
221,284
9.5
12,024
6,961.1
1,262.5
499.0

P/E

P/CF

50.4

32.6

(` )

AUD: Walker, Chandiok & Co.

Yield

Mkt cap

0.2

Vol.

239,336.8

205.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE935A01035

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic Formulations
Export formulations
API
Raw material costs
R&D costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
17,013
17,758
`m
2,657
2,814
%
15.6
15.8
`m
1,148
1,977
%
6.7
11.1

Jun 15
16,477
3,596
21.8
1,782
10.8

Sep 15
18,746
4,019
21.4
2,004
10.7

FY14
24.2%
66.0%
8.7%
31.2%
10.0%

FY15
26.7%
65.1%
8.2%
29.2%
10.4%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

6,479
-4,641
1,952
2,851

FY13
26.3%
66.0%
7.7%
32.9%
8.2%

8,537
-3,681
-980
1,896

4,817
-5,400
1,992
-571

Glenmark generates its revenues across various global markets. Apart from India, the
company derives its revenues from developed markets like US and Europe and other
semi regulated markets in Africa, Asia and CIS. The company derives major portion
of its revenues from sale of drugs in therapies such as, dermatology, anti-infective,
respiratory, cardiac, diabetes, gynecology, CNS, and oncology. Large portion of
business revenues come from the sale of formulations. The formulations business
has six manufacturing facilities; four in India and two overseas. These facilities are
approved by several regulatory bodies. Glenmark has also invested on various R&D
compounds. The company has some programs in advanced stages too. In fact,
companys first molecule Crofelemer received USFDA approval last year.

The net sales of Glenmark grew by 10% YoY for FY15. The companys modest
performance was largely attributable to lower approvals from US markets and
disruptions in various emerging markets. Consequently, even the operating margins
declined by 180 bps during the year. There was also some impact of forex loss which
impacted the overall performance. Net profits declined by 123% YoY, due to onetime
exceptional expense.
In FY15, Glenmark received private equity funding of U$ 150 m (approx Rs 10 bn)
from Temasek and the company allocated 10.8 m equity shares at the rate of Rs 875
to the private equity investor. By the end of fiscal 2016, company expects net debt
position to be around Rs 2 bn (D/E of 0.8 times). Glenmark has established itself as
a player that targets niche and high entry barrier products. The company has made
several filings in high entry barrier segments such as oncology injectables and
respiratory. This will be important growth driver for the company.

Get more info at www.equitymaster.com

244

IPCA LABORATORIES LIMITED

PHARMACEUTICALS

Chairman: Premchand Godha (MD)

Yr of Inc

B. Code

1949
524494
SHAREHOLDING

BL. Code
IPCA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 45.9%
:
0.0%
: 11.4%
: 25.3%
: 17.4%
: 36,892

MISCELLANEOUS
Price

759.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.0

SEC: Harish P. Kamath (VP - Legal)

% ch 12-m
6.6

FX Transaction (FY15)
`m
16,624
`m
5,247
`m
16,749
`m
6,956
`m
9,793
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

567
320
222.9
25.6
32.5
4.00
0.9
123.1
126.20
ESOS
2.0
17.3
13.6
3.6
15.6
55,970
10.9
3,918
2,578.7
359.1
296.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

28,131
143
28,274
5,601
867
334
4,543
0
-8
0
1,299
3,236
19.9
28.6
11.5

32,818
223
33,040
7,383
1,031
269
6,306
0
3
0
1,524
4,785
22.5
24.2
14.6

31,418
358
31,776
5,333
1,796
284
3,611
0
-49
0
1,019
2,542
17.0
28.2
8.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

13,972
6,337
27.1
2.2
96
54
12,098
252
15,051
15,538
3,662
26,970
14.6
0.2
1.0
13.2
20.8
25.4
59.2
15.0

16,014
7,915
24.7
2.0
94
50
14,841
252
19,098
19,597
2,940
32,106
24.5
0.2
1.0
15.7
24.4
29.2
60.4
16.1

16,140
9,044
22.6
1.8
108
41
20,332
252
21,564
22,084
5,032
38,124
13.7
0.2
0.8
7.4
11.5
14.2
52.9
16.7

INCOME DATA

BALANCE SHEET DATA

907
541
260.0
37.9
46.1
5.00
0.7
155.3
126.20
2.8
19.1
15.7
4.7
13.2
91,356
11.7
4,980
2,798.5
424.7
408.1

Regd off: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai - 400 067
E-Mail:
investors@ipca.com
Web site: www.ipca.com
Telephone: (022) 6647 4444 Fax: (022) 2868 6613
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

899
591
249.0
20.1
34.4
1.00
0.1
175.0
126.20
3.0
37.0
21.7
4.3
5.0
94,057
13.0
5,651
2,414.4
434.3
195.4

P/E

37.7

P/CF
22.1

(` )

AUD: Natvarlal Vepari & Co.

Yield

Mkt cap

0.1

Vol.

95,804.0

29.8

ADJUSTED DAILY SHARE PRICE DATA

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic formulations
Export formulations
Export APIs
Raw material costs
Staff costs

ISIN

INE571A01020

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,407
6,279
`m
1,211
337
%
16.4
5.4
`m
527
-147
%
7.1
-2.3

Jun 15
7,580
822
10.8
305
4.0

Sep 15
7,492
892
11.9
356
4.7

FY14
30.0%
45.5%
18.9%
35.1%
15.4%

FY15
36.9%
40.5%
16.8%
41.1%
18.0%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

3,888
-2,599
-829
460

FY13
32.1%
43.6%
19.1%
39.0%
13.9%

5,223
-3,690
-1,361
172

4,553
-6,764
2,505
294

Ipca Laboratories is an integrated pharmaceutical company with presence in

intermediates, APIs and formulations. The company manufacturers over 350
formulations and 80 APIs for various therapeutic segments. It is a leading player in
the anti-malaria field in both the domestic as well as the international markets. Ipca
Labs has a strong focus on exports, catering to the US, Europe and the semiregulated markets of the CIS, Africa and Asia. On the international front, the company
supplies its drugs to 110 countries in both the developed and emerging markets. The
contribution of exports to the total sales was 57.3% in FY15.
While the company has robust portfolio, Ipca is going through tough phase owing to
regulatory challenges. Consequently, Ipcas sales declined by 4.4% YoY for FY15.
While the domestic business was impacted due to poor malaria season, regulatory
woes impacted the international segment. Both domestic and export segment
witnessed decent growth during the quarter. Poor sales growth impacted the
operating margins too. Consequently, the operating margins plunged by 800 bps. Net
profits were down by 46.4% YoY.

Ipcas growth drivers will be the domestic market, ramp up of its US as well as the
Europe business and increasing revenue from its institutional business. Owing to
regulatory issues the company is taking various steps. Going forward as the company
comes out of compliance challenges, one could expect pick up in the growth. Given
the company has strong base and with its ability to manufacture at lower costs, will
drive companys growth in long run.

Get more info at www.equitymaster.com

245

LUPIN LIMITED
PHARMACEUTICALS

Chairman: D. B. Gupta

Yr of Inc

B. Code

1983
500257
SHAREHOLDING

BL. Code
LUPN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 46.6%
:
0.2%
: 11.3%
: 31.9%
: 10.1%
: 98,259

Price

1,761.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.8

SEC: R. V. Satam

% ch 12-m
18.7

FX Transaction (FY15)
`m
58,482
`m
11,057
`m
62,593
`m
16,592
`m
46,001
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

639
507
215.4
29.4
36.8
4.00
0.7
116.3
447.53
2.7
19.5
15.6
4.9
13.6
256,435
0.0
12,666
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

96,413
279
96,692
22,700
3,322
410
19,246
-263
0
0
5,842
13,142
23.5
30.4
13.6

112,866
1,165
114,031
30,028
2,610
267
28,317
-331
0
0
9,622
18,364
26.6
34.0
16.3

127,700
2,398
130,098
36,196
4,347
98
34,148
-412
0
0
9,704
24,032
28.3
28.4
18.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

51,431
30,069
22.2
1.7
74
83
28,036
895
49,554
52,042
2,471
89,139
47.9
0.0
1.1
15.2
25.3
35.6
44.8
8.7

61,005
26,296
30.8
2.3
69
80
30,019
897
67,922
69,316
1,510
102,060
107.3
0.0
1.1
18.3
26.5
39.9
50.7
8.6

78,324
37,292
32.1
2.1
72
76
32,961
899
88,016
88,741
1,018
131,377
349.1
0.0
1.0
18.4
27.1
37.7
45.8
8.7

INCOME DATA

BALANCE SHEET DATA

1,003
606
251.7
41.0
46.8
6.00
0.7
154.6
448.38
ESOP
3.2
19.6
17.2
5.2
14.6
360,767
0.0
14,647
NM
NM
NM

Regd off: 159, C.S.T. Road, Kalina, Santacruz (E), Mumbai - 400 098
E-Mail:
rajvardhansatam@lupinpharma.com
Web site: www.lupinworld.com
Telephone: (022) 6640 2323 Fax: (022) 2652 8806
Tr agent: In-house

2,037
904
284.1
53.5
63.1
7.50
0.5
197.4
449.49
ESOP
5.2
27.5
23.3
7.4
14.0
660,975
14.2
17,473
8,994.2
1,230.7
1,692.7

P/E

32.9

P/CF
27.9

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.4

Vol.

791,574.4

119.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE326A01037

2,500
Close

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic revenues
Formulation exports
API exports
Raw material costs
SG&A expenses

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
31,776
30,782
`m
8,696
7,757
%
27.4
25.2
`m
6,015
5,470
%
18.9
17.8

Jun 15
31,502
8,169
25.9
5,250
16.7

Sep 15
33,213
6,695
20.2
4,088
12.3

FY14
24.0%
66.6%
7.9%
33.8%
26.6%

FY15
26.7%
67.2%
6.1%
32.6%
25.4%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

12,510
-5,219
-6,628
663

FY13
26.8%
62.1%
8.0%
36.8%
27.2%

20,039
-8,585
-8,571
2,883

27,331
-10,545
-1,969
14,817

Lupin is a leading pharmaceutical company with a strong presence in domestic, US

and other global markets Apart Lupin has emerged as one of the fastest growing Top
5 company in the US (by prescriptions). This geography is major contributor to the
companys sales. In US, company derives sales from branded and generic segments.
Since last couple of years company is also focusing on the oral contraceptives
segment in this market.

Lupin witnessed topline growth of 13.1% YoY during FY15. The growth was led by
both domestic and exports. The year gone by was quite challenging for the company.
In US, lower approvals had hit the sales of the generic business. On the other hand,
companys key brands in its branded portfolio faced sharp competition from the
generic launches. Inspite of this, the operating margins expanded by 170 bps. Some
improvement was attributed to forex gain. The net profits surged by 30.9% YoY
helped by forex gain and lower interest.
Going forward, Lupins growth will be driven by increasing scale of its US business.
The company had recently acquired a company Gavis in US, for the consideration of
US $ 880 m. Gavis has robust portfolio and has multiple filings in US which are
pending for approval. This acquisition is expected to supplement the companys
growth going foward. Lupin is also working towards respiratory pipeline for the global
markets. Indian and Japan are other key markets for the companys growth going
forward. Over and above, even Lupin is facing some challenges on its Goa facility.
The company had received 483s and it continues to work with USFDA to resolve the
issues.

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246

MERCK LIMITED
PHARMACEUTICALS

Chairman: S. N. Talwar

Yr of Inc

B. Code

1967
500126
SHAREHOLDING

BL. Code

EMER.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 51.8%
: 18.2%
:
1.0%
: 29.1%
: 28,591

Price

751.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Vikas R. Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
677
1,981
824
2,311
-1,487

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,873
202
7,075
1,055
89
0
1,168
0
0
0
384
784
15.3
32.9
11.4

7,978
215
8,192
769
101
0
883
0
0
0
324
559
9.6
36.7
7.0

8,675
203
8,878
589
127
0
666
0
0
0
233
432
6.8
35.1
5.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,585
971
52.6
4.7
70
34
769
166
4,668
4,837
0
5,943
NM
0.0
1.2
13.2
16.2
24.1
10.6
22.4

4,777
1,120
45.8
4.3
69
38
941
166
5,062
5,230
0
6,483
NM
0.0
1.2
8.6
10.7
16.9
8.9
23.7

4,986
1,352
41.9
3.7
75
44
1,373
166
5,374
5,543
0
7,082
NM
0.0
1.2
6.1
7.8
12.0
7.8
22.8

INCOME DATA

BALANCE SHEET DATA

689
523
480.6
33.7
39.7
8.50
1.4
315.1
16.60
1.3
18.0
15.2
1.9
25.3
10,056
1.5
1,010
5,332.8
674.9
373.5

-11.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

714
555
414.0
47.2
52.6
2.50
0.4
291.4
16.60
1.5
13.4
12.1
2.2
5.3
10,533
1.3
853
5,382.0
668.0
613.9

-0.6

Regd off: Shiv Sagar Estate 'A', Dr. Annie Besant Road, Worli, Mumbai - 400 018
E-Mail:
vikas.r.gupta@merckgroup.com
Web site: www.merck.co.in
Telephone: (022) 6660 9111 Fax: (022) 2495 0307
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

919
536
522.6
26.0
33.7
6.00
0.8
333.9
16.60
1.4
27.9
21.6
2.2
23.0
12,075
1.5
1,136
5,726.0
749.6
285.3

P/E

P/CF

28.9

22.3

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.8

Vol.

12,470.8

3.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE199A01012

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Pharmaceutical
Chemicals
Raw material costs
SG&A expenses
Staff costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,141
1,988
`m
4
129
%
0.2
6.5
`m
11
96
%
0.5
4.8

Jun 15
2,473
264
10.7
169
6.8

Sep 15
2,560
191
7.5
125
4.9

FY14
69.0%
31.0%
45.5%
34.7%
13.6%

FY15
68.0%
32.0%
48.0%
35.3%
13.6%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

543
-818
0
-276

FY13
67.8%
32.2%
43.5%
28.7%
12.4%

5
70
-48
27

50
106
-166
-11

Merck, the Indian arm of Merck KgaA (Germany), is a relatively smaller player among
MNC pharma majors in the country. Merck has two business segments namely
Pharmaceuticals and Chemicals. The pharmaceutical business (68% of total sales),
comprises of Merck Serono (contributing approx 69% to Pharma business and 47%
to total sales) and Consumer Healthcare (contributing approx 31% to Pharma
business and 21% to total sales). The Merck Sereno division deals with vitamins,
nutritional supplements, dermatologicals, cardiologicals etc. The Consumer
Healthcare division deals with cough and cold, women and children healthcare etc.
The Chemicals business (32% of sales) consists of bulk drugs and pigments.
Mercks topline in CY14 grew by 8.7% YoY. In the pharmaceutical segment, Merck
Sereno grew by 25% YoY which was much higher than the market growth. On the
other hand, the consumer healthcare business witnessed decline in the sales in the
range of 15%-17%. Sales from the chemicals business grew by 13.5% YoY. The
operating margins declined by 320ps, consequently, the operating profits were also
down by 40.4% YoY for the year.

The company has been taking various steps to improve its sales productivity.
Towards the same the company has recently moved a drug from Merck Sereno to
Consumer Healthcare. This drug caters to Vitamin B category. Further, the company
is also built on its Multi-Channel Marketing (MCM), to cater larger market size through
media and in online space.
Depreciating rupee has kept the margins at bay. Going forward, the companys
endeavor is to sustain operational growth in line with that of the industry. While the
company has been undertaking steps to launch new products.

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247

NOVARTIS INDIA LIMITED

PHARMACEUTICALS

MNC

Chairman: C. Snook

Yr of Inc

B. Code

1947
500672
SHAREHOLDING

BL. Code
NOIN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

:
0.0%
: 75.0%
:
2.0%
:
1.6%
: 21.5%
: 41,647

Price

798.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Girish Tekchandani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
80
1,244
149
1,645
-1,497

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

9,034
832
9,866
900
36
2
1,694
0
84
0
581
1,197
10.0
34.3
13.3

8,622
951
9,574
-13
37
3
899
0
396
0
310
985
-0.2
34.5
11.4

8,734
1,076
9,810
-39
40
2
996
0
165
-63
306
791
-0.4
30.7
9.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,335
2,122
90.9
4.9
45
33
102
160
8,841
9,002
0
11,412
771.1
0.0
0.8
10.5
13.3
19.8
0.6
19.4

10,610
2,122
98.5
5.0
44
33
79
160
9,452
9,614
0
12,021
334.0
0.0
0.7
8.2
10.2
13.5
0.9
21.8

10,685
2,064
98.7
5.2
42
35
85
160
9,859
10,020
0
12,418
475.1
0.0
0.7
6.4
7.9
11.0
0.9
14.2

INCOME DATA

BALANCE SHEET DATA

605
361
269.8
30.8
32.0
10.00
2.1
300.8
31.96
1.8
15.7
15.1
1.6
32.4
15,433
1.3
1,742
6,663.3
1,346.1
761.4

18.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

934
565
282.7
37.5
38.6
10.00
1.3
281.7
31.96
2.7
20.0
19.4
2.7
26.7
23,954
1.4
1,623
6,555.6
1,177.8
868.9

-5.2

Regd off: Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Mumbai-18
E-Mail:
girish.tekchandani@novartis.com
Web site: www.novartis.in
Telephone: (022) 2495 8400 Fax: (022) 2495 0221
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

760
438
273.3
24.8
26.0
10.00
1.7
313.5
31.96
2.2
24.2
23.0
1.9
40.4
19,147
1.2
2,000
7,236.0
1,657.2
655.4

P/E

P/CF

338.7

322.4

(` )

AUD: Lovelock and Lewes

Yield

Mkt cap

1.3

Vol.

267,948.7

20.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE234A01025

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Pharmaceuticals
OTC
Animal healthcare
Raw material costs
Staff costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,222
2,076
`m
-179
174
%
-8.1
8.4
`m
35
521
%
1.6
25.1

Jun 15
2,241
12
0.5
135
6.0

Sep 15
2,244
116
5.2
191
8.5

FY14
67.3%
14.6%
12.0%
45.3%
20.2%

FY15
68.0%
15.0%
11.0%
40.4%
22.9%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

74
-161
-373
-460

FY13
70.3%
12.2%
10.6%
41.1%
18.0%

-46
222
-378
-202

-596
7,189
-377
6,217

Novartis India is a 75% subsidiary of Novartis AG - Switzerland, a global leader in the

life sciences business. Novartis has a countrywide presence in the healthcare
business with pharmaceuticals contributing 68% to total revenues (FY15). Generics
(6%), consumer healthcare i.e. OTC (15%) and animal health (11%) make up the
rest. Company generates large part of its revenues from the sales of Pain,
respiratory, Anti diabetes and vaccine segments.

Novartis India reported poor performance during FY15. The sales increased
marginally by 1.3% YoY during FY15. The pharmaceutical sales increased by 3.3%
YoY, while the generic sales declined by 7.6% YoY during the said period.
To mitigate the DPCO impact, several cost containment measures were undertaken
by the Company during the year, which resulted in an increase in the operating profit
over the last year.
Pharmaceutical business which is the major contributor to sales is facing growth
pressures. The company has recently divested its Animal Health business to Eli Lilly.
The transaction, except in respect of the Companys Animal Health Division in India,
closed during early Jan 2015. Also the company has recently divested its OTC
business to GSK, this diversification also includes diversification of vaccine business
except influenza. As the part of the deal, Novartis has acquired the Oncology portfolio
of GSK. This transaction was closed during March 2015.

The divestment of the OTC and Animal Health Divisions provides the Companys
management with an enhanced ability to focus on and drive forward the growth of the
retained Pharma and Generics businesses.

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248

SANOFI INDIA LIMITED

PHARMACEUTICALS

Chairman: Vijay Mallya

Yr of Inc

B. Code

1956
500674
SHAREHOLDING

BL. Code
AVPH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 60.4%
: 14.4%
: 14.6%
: 10.5%
: 15,184

Price

4,239.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-4.7

SEC: K. Subramani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

20.1

(FY15)
4,788
7,298
5,495
8,045
-2,550

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,399
2,196
683.0
76.7
115.7
33.00
1.4
522.8
23.03
3.4
30.0
19.9
4.4
43.0
52,911
3.2
2,138
4,971.7
675.7
558.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,730
412
16,142
3,118
899
14
2,617
0
0
0
851
1,767
19.8
32.5
11.2

18,089
579
18,667
3,979
923
4
3,631
0
0
254
1,233
2,652
22.0
34.0
14.7

19,775
643
20,418
3,389
966
5
3,061
0
0
666
1,090
2,636
17.1
35.6
13.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,287
3,866
28.1
2.1
63
23
7,428
230
11,665
12,041
0
16,313
187.9
0.0
1.0
10.9
14.7
21.9
15.6
27.5

9,471
4,689
26.4
2.0
69
24
8,348
230
13,099
13,467
0
18,783
865.5
0.0
1.0
14.1
19.7
28.9
23.0
30.2

12,628
6,558
30.7
1.9
88
21
8,582
230
14,559
14,858
0
22,276
638.6
0.0
0.9
11.9
17.7
25.1
24.2
36.9

INCOME DATA

BALANCE SHEET DATA

2,862
2,450
785.4
115.1
155.2
45.00
1.7
584.8
23.03
3.4
23.1
17.1
4.5
39.1
61,168
3.3
2,421
5,496.4
735.7
805.8

Regd off: Aventis House, 54/A, Mathuradas Vasanji Road, Andheri (E), Mumbai-93
E-Mail:
k.subramani@sanofi.com
Web site: www.sanofiindialtd.com
Telephone: (022) 2827 8000 Fax: (022) 2837 0939
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

3,800
2,500
858.7
114.5
156.4
45.00
1.4
645.2
23.03
3.7
27.5
20.1
4.9
39.3
72,545
3.4
2,882
5,735.2
836.0
764.5

P/E

37.0

P/CF
27.1

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.1

Vol.

97,642.6

0.1

ADJUSTED DAILY SHARE PRICE DATA

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic formulations
Export formulations
Raw material costs
SG&A expenses
Staff costs

ISIN

INE058A01010

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
5,119
4,889
`m
561
829
%
11.0
17.0
`m
259
484
%
5.1
9.9

Jun 15
5,497
1,214
22.1
642
11.7

Sep 15
5,858
1,419
24.2
725
12.4

FY14
75.0%
25.0%
48.0%
20.5%
14.2%

FY15
74.0%
26.0%
53.0%
20.0%
16.0%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

2,898
-54
-897
1,946

FY13
83.0%
17.0%
49.2%
20.9%
14.3%

2,726
-3,354
-1,050
-1,678

2,650
613
-1,217
2,046

Sanofi India, the 60% subsidiary of Sanofi-Aventis SA, France, is one of the leading
pharma MNCs in India with a turnover of over Rs 19.77 bn (CY14). Sanofi India has
relatively few but very strong brands in the country. Domestic sales constituted 74%
of total sales in 2014 and exports constituted the remaining 26%. Over the years, it
has progressively transformed itself into a company catering to the chronic (diabetes,
cardiovascular) and critical-care therapeutic segments. Apart from catering to the
Indian markets, the company supplies bulk drugs to its parent. The parent merged
with another France based pharma company, Sanofi, thus making it part of one of the
largest pharma conglomerates in the world.
Aventis clocked net sales growth of 9.7% YoY during CY14, while operating profits
declined by 15.7% YoY. Operating margins too witnessed sharp plunge of 500 bps
and stood at 16% for the year. Owing to the poor operating performance, even profits
declined by 17.8% YoY.

Among the MNC companies Sanofi has seen better growth. This is largely because
of better product basket. The company derives considerable part of revenues from
chronic segment. Further the companys products were even not severely battered
when the Indian regulator had introduced the pricing policy couple of years back.
However, Indian regulatory body is taking various steps to bring more drugs can
come under pricing control. In that case, it would be detrimental to companys growth.

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249

SUN PHARMACEUTICAL INDUSTRIES LIMITED

PHARMACEUTICALS

Chairman: Israel Makov

Yr of Inc

B. Code

1993
524715
SHAREHOLDING

BL. Code
SUN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 63.7%
:
0.0%
:
5.1%
: 23.0%
:
8.3%
: 133,026

Price

758.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-1.3

SEC: Sunil R. Ajmera

% ch 12-m
-11.2

FX Transaction (FY15)
`m
46,235
`m
12,229
`m
48,706
`m
25,564
`m
23,142
12
31/03/14

12
31/03/15

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

848
554
109.1
28.8
32.1
5.00
0.7
144.7
1,035.58
6.4
24.3
21.9
4.8
17.4
725,942
14.0
15,345
8,071.3
1,096.1
2,130.8

653
493
77.6
15.2
17.1
1.50
0.3
89.4
2,071.16
B1:1
7.4
37.8
33.4
6.4
9.9
1,186,775
14.0
20,744
11,486.0
1,481.7
2,243.9

1,074
570
132.5
21.9
27.7
3.00
0.4
123.7
2,071.16
6.2
37.5
29.7
6.6
13.7
1,703,011
30.0
44,299
9,144.5
1,476.6
1,513.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

112,999
2,763
115,761
48,962
3,362
432
47,932
-4,863
0
-4,783
8,456
29,831
43.3
17.6
26.4

160,804
2,647
163,451
72,873
4,092
442
70,986
-7,375
0
-25,174
7,022
31,415
45.3
9.9
19.5

274,334
3,403
277,737
80,741
11,947
5,790
66,407
-9,363
-126
-2,378
9,147
45,394
29.4
13.8
16.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

115,030
28,413
76.7
4.0
83
78
50,771
1,036
136,274
149,897
1,153
205,827
112.1
0.0
0.5
14.7
19.9
25.6
17.0
4.7

186,865
59,896
79.0
3.1
71
50
58,242
2,071
163,019
185,250
487
293,708
161.6
0.0
0.5
10.8
17.0
20.9
14.1
3.6

291,219
163,530
46.5
1.8
75
71
110,201
2,071
222,763
256,232
13,684
490,279
12.5
0.1
0.6
10.4
17.7
22.4
16.9
4.5

INCOME DATA

BALANCE SHEET DATA

Regd off: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390 020
E-Mail:
sunil.ajmera@sunpharma.com
Web site: www.sunpharma.com
Telephone: (022) 6696 9696 Fax: (022) 2821 2010
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78
P/E

P/CF

34.6

27.4

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.4

Vol.

1,571,596.2

680.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE044A01036

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic Formulations
International formulations
API
Raw material costs
R&D expenses

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
42,953
61,571
`m
16,489
5,952
%
38.4
9.7
`m
14,251
8,921
%
33.2
14.5

Jun 15
67,576
16,487
24.4
11,641
17.2

Sep 15
68,376
16,703
24.4
11,067
16.2

FY14
23.0%
72.7%
4.0%
17.3%
6.1%

FY15
24.5%
72.1%
3.4%
24.6%
6.7%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

33,566
-26,351
-6,650
565

FY13
26.2%
68.0%
5.3%
18.4%
5.9%

39,592
-23,668
5,066
20,990

53,219
-26,710
-10,875
15,635

Sun Pharma is a leading domestic pharma company with a 9% market share in the
domestic market and a strong presence in the lifestyle therapeutic segments such as
cardiology, neurology and diabetology. Among the international markets, Sun Pharma
has strong presence in US market and is ranked 5th largest pharmaceutical company
this market. It is also largest generic dermatology company and the 3rd largest
branded dermatology company in the US. Sun's success is largely attributable to its
ability to make niche launches. With its recent acquisition of Ranbaxy, company
targets to increase its presence in other global markets. Over and above, the
company has been expanding its operations through acquisitions almost every year.
Sun pharma witnessed a healthy growth of 70.6% YoY in FY15. This was on back of
strong consolidation of Ranbaxy operations during the year. However, given Sun
Pharmas margins are superior compared to Ranbaxy the overall operating margins
for the year declined to 28%, compared to Sun Pharmas average margins of 45%.
Over and above, the companys performance was also impacted due to corrective
measures at its Halol facility. The company received Warning letter recently on this
facility.

Sun Pharma has established itself as a player that targets niche and high entry
barrier products. In spite of these large acquisitions, the company's debt position is
quite comfortable. However, just like other pharma companies, even Sun is
undergoing a challenging phase due to issues at its Halol facility. We believe Sun
Pharma should be able to come out of these issues gradually.

Get more info at www.equitymaster.com

250

TORRENT PHARMACEUTICALS LIMITED

PHARMACEUTICALS

Chairman: Sudhir Mehta

Yr of Inc

B. Code

1973
500420
SHAREHOLDING

BL. Code
TORP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
5

71.5%
0.0%
7.0%
12.6%
8.8%
26,511

Price

1,442.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.4

SEC: Mahesh Agarwal

% ch 12-m
38.2

FX Transaction (FY15)
`m
14,136
`m
2,801
`m
14,659
`m
5,184
`m
9,475
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

767
597
379.5
51.1
60.9
23.00
3.4
168.1
84.61
1.8
13.3
11.2
4.1
45.0
57,704
9.6
6,233
3,354.0
651.0
452.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

32,111
434
32,545
6,922
827
338
6,191
-22
0
-375
1,467
4,328
21.6
23.7
13.5

41,847
381
42,229
9,515
870
586
8,440
0
0
0
1,801
6,639
22.7
21.3
15.9

46,535
286
46,820
12,772
1,907
1,752
9,398
0
0
0
1,888
7,509
27.4
20.1
16.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

25,609
17,107
26.5
1.5
105
78
11,051
423
13,634
14,219
4,545
37,839
19.3
0.3
0.8
12.3
30.4
32.7
37.7
7.6

34,045
21,746
29.4
1.6
88
96
14,095
846
17,272
19,024
7,445
50,698
15.4
0.4
0.8
14.3
34.9
34.1
37.4
8.2

40,587
28,310
26.4
1.4
84
125
34,951
846
22,943
24,906
21,852
79,111
6.4
0.9
0.6
11.7
30.2
23.8
30.4
6.0

INCOME DATA

BALANCE SHEET DATA

578
334
247.3
39.2
44.4
10.00
2.2
112.4
169.22
B1:1
1.8
11.6
10.3
4.1
25.5
77,190
9.5
7,411
4,386.5
776.8
695.9

Regd off: Torrent House, Off Ashram Road, Ahmedabad - 380 009
E-Mail:
maheshagrawal@torrentpharma.com
Web site: www.torrentpharma.com
Telephone: (079) 2658 5090 Fax: (079) 2658 2100
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,232
523
275.0
44.4
55.6
11.25
1.3
147.2
169.22
3.2
19.8
15.8
6.0
25.4
148,465
11.0
8,418
4,212.4
762.0
679.8

P/E

P/CF

32.5

25.9

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.8

Vol.

244,149.1

11.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE685A01028

1,800
1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
India formulations
International sales
Contract manufacturing
Raw material costs
Staff costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
12,170
11,680
`m
2,730
2,400
%
22.4
20.5
`m
1,980
1,670
%
16.3
14.3

Jun 15
11,540
1,620
14.0
1,300
11.3

Sep 15
19,470
9,090
46.7
4,490
23.1

FY14
28.0%
63.0%
8.0%
29.7%
17.7%

FY15
34.4%
59.7%
5.9%
30.9%
18.4%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales
% of sales
NOTES

1,535
-2,417
197
-685

FY13
32.0%
57.0%
9.0%
28.8%
19.4%

5,994
-3,558
864
3,300

8,102
-21,623
12,123
-1,399

Torrent Pharma is one of the leading pharmaceutical companies with its presence in
India and International markets. The Company is now among the top 15 companies
in the domestic market and ranks among the top 5 in Cardiology & CNS therapies
and among the top 10 in Nutraceuticals and Gastrointestinal therapies. It also
increasing its focus in therapies like Dermatology, Pain/Woundcare and Diabetes
which are identified future growth drivers for the India Business. In the international
segment, Torrent largely focused on emerging or some European countries. Lately,
the company has been focusing towards generic market like US and UK. The
company also derives some part of its sales from contract manufacturing deals with
the MNC players, the major one being Novo Nordisk.
The companys consolidated topline registered growth of 11.2% during FY15. This
was largely due to higher revenues realized from a product in a US market. Large
protion of this was non-recurring in nature. Owing to better product mix companys
margins have improved in last few quarters. The net profits grew by 13.1% YoY.

Going forward, Torrent Pharma foresees the US generics market as a key growth
driver especially with many blockbuster drugs going off patent. Even though the
company was a late entrant in this market, it has been able to build a decent market
share in its existing products. For the upcoming years also the company has filed
ANDAs (abbreviated new drug applications) for some of the big expiring blockbuster
drugs. Torrent Pharma targets to launch around 4-5 drugs per annum and couple of
them could be these blockbuster opportunities. This would be important driver for the
company's margin expansion going forward.

Get more info at www.equitymaster.com

251

POWER
Central institutions like NTPC and the State Electricity Boards
(SEBs) continue to dominate the power sector in India. India
has adopted a blend of thermal, hydel and nuclear sources
with a view to increasing the availability of electricity. Thermal
plants at account for about 60% of the total power generation
capacity in India, followed by hydro-electricity (15% share).
The rest comes from nuclear and other renewable energy
sources (RES).
Average transmission and distribution losses (T&D) exceed
25% of total power generation compared. Indias T&D losses
are almost 2.5 times the world average. The T&D losses are
due to variety of reasons viz., substantial energy sold at low
voltage, sparsely distributed loads over large rural areas,
inadequate investment in distribution system, improper billing
and high pilferage.
Lack of coal supply was a major hurdle in the power sector till
some time back. Majority of power generation takes place
through thermal power plants which uses coal as its raw
material. However, with e-coal auctions coming in the picture,
this problem seems to have been resolved considerably.
Major players in the generation space were sitting on
sufficient inventories of coal as at the end of the previous
fiscal year. Further, big bang efforts are underway to shift to
renewable source of energy in order to reduce the carbon
emission. The government has laid down an ambitious plan
to generate 100 GW of solar power capacity by 2022 from the
3.3GW at present. This will be a mammoth task to achieve
given that land acquisition remains cumbersome.
Presently, major concern for the power generators is the offtake of electricity. Power generators sell power to SEBs or
DISCOMs. SEBs are facing financial crisis and are minting
losses to the extent of Rs 700 billion annually. The SEBs do
not have enough resources to purchase power from the
generators. Hence a situation has risen wherein there is
excess of power but no takers for the same.
The government recently introduced Ujwal Discom
Assurance Yojana (UDAY) scheme to rescue SEBs. Beneath
the scheme, 75% of the loans on the SEBs books will be
transferred in the books of their respective state
governments. Transferring such huge quantum of loans will
provide some relief to the SEBs in terms of finance costs.
However, SEBs situation will improve substantially only if
there are regular tariff hikes. Most political parties intend to
gain vote bank from farmers by offering them free of cost
power. The fear of losing vote bank makes the state
government reluctant to increase the power tariffs. This
perception needs to be changed in order to revive the sector.
FY15
Average PLFs declined for all thermal power generation
utilities across sectors. Nevertheless, the Central Public
Sector Undertakings continued to be the best performers,
followed by private sector. SEBs and IPPs were the worst
performers during FY15. Key reason for the declining PLFs
was shortage of demand from the SEBs.
Energy deficit (difference between requirement and
availability) was the lowest ever as numbers improved
tremendously during the year with the same standing at about
3.6% (5% in FY14).
As far as the T&D space is concerned, the year gone by saw
a major development that of the southern grid getting
connected to the central grid in synchronous mode thereby
achieving the goal of One nation - one grid - one frequency.
Nevertheless, the country continues to reel under the

pressure of higher T&D losses (about 27%) and with the

government going slow with the reforms process in these
segments. Financial turnaround of the distribution sector is
essential for commercial viability of the entire sector.
KEY POINTS
Supply: The addition to total installed capacity during FY15
was 26 gigawatt (GW), a growth of 10.8% over the previous
years installed capacity. The capacity addition during the first
three years of 12th plan stood at 61 GW which has not only
exceeded the capacity addition of the entire 11th plan, but also
constitutes 68.9% of the total 12th plan target of 89 GW.
Hence, sufficient capacity is being built to meet the demand
requirements.
Demand: The long-term average demand growth rate is
expected to remain in the higher single digit growth levels given
the much lower per capita power consumption in India as
compared to the global average.
Barriers to entry: Barriers to entry are high, especially in the
transmission and distribution segments, which are largely state
monopolies. Also, entering the power generation business
requires heavy investment initially. The other barriers are fuel
linkages, payment guarantees from state governments that buy
power and retail distribution license.
Bargaining power of suppliers: Not very high since the tariff
structure is mainly regulated.
Bargaining power of customers: Bargaining power of
customers is low, as power is in short supply. However, the
government is a big buyer and payments from it can be erratic,
as has been seen in the past.
Competition: Getting intense, but despite there being enough
room for many players, shortage of inputs such as and natural
gas and regulatory hurdles has dissuaded new entrants.
PROSPECTS
Recognising that electricity is one of the key drivers for rapid
economic growth and poverty alleviation, the government and
the industry has set itself the target of providing electricity
access to all households over the next few years. As per
government reports, about one third of the households do not
have access to electricity. Hence, meeting the target of
providing universal access is a daunting task requiring
significant addition to generation capacity and expansion of
the transmission and distribution network.
The target for power capacity addition during the 12th Plan
period is 88 GW. A capacity of around 61 GW has already
been added. However, a significant amount of capacity is
stranded owing to the non-availability of gas. However,
recently government has taken steps to revive the stranded
gas based power projects. Rising demand and falling
domestic production has pushed the share of imported gas to
40% of the current consumption in India. The US has turned
into a net energy exporter on the back of huge quantities of
shale gas and oil becoming available commercially.
Restoration of the financial health of SEBs and improvement
of their operating performances continue to remain the critical
issue for the sector. As such, effective implementation of the
restructuring package remains the key. While the power
distribution space has been a loss-making business in India
on an overall basis, the investments in T&D are expected to
improve with the privatisation coming in.

252

POWER
GLOBAL COMPARISON
Unit

NTPC*

Huaneng Power

Korea Electric

AES Corp.

Revenues

US$ m

12,188

19,312

52,363

17,146

EBIDTA margin

21.3

20.2

0.2

18.0

Net profit margins

12.4

10.8

4.9

4.5

Generation capacity

MW

44,398

80,128

72,305

34,732

Revenue per MW

US$ m

0.3

0.2

0.7

0.5

Employees

Nos.

22,496

37,737

40,259

18,500

Employee per MW

Nos.

0.5

0.5

0.6

0.5

Price/Earnings (Trailing 12-m)

10.1

5.8

2.5

10.1

* Year ended March 2015: For others, figures are for year ended December 2014
Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

Huaneng Power (China)

Huaneng Power International Inc. develops, constructs, operates and manages large thermal power plants in China. The company
is one of the largest independent power producers in China and has a total generation capacity of 80,128 MW (as of July 2015). In
addition, it also operates a power company in Singapore. The company was incorporated in June 1994. Over the last few years, it
has continuously expanded the scale of its operations and increased its profitability through project development and asset
acquisitions. The companys power plants are located in 18 provinces in China.

Korea Electric Power Corp. (South Korea)

Korea Electric Power Corporation (KEPCO) engages in the generation, transmission, and distribution of electricity and
development of electric power resources in the Republic of Korea. As of December 2014, it operated 607 generation units,
including nuclear, thermal, hydroelectric, and internal combustion units with a total installed generating capacity of 72,305
megawatts. It provides electricity primarily to industrial, commercial, residential, educational, and agricultural customers. The
company was founded in 1961 and is headquartered in Seoul, South Korea. KEPCO is responsible for majority of Korea's
electricity generation. The Korean government owns a 51% share of KEPCO.

AES Corp. (US)

The AES Corporation, through its subsidiaries, engages in the ownership and operation of electric power generation and
distribution businesses worldwide. It operates in two segments: Generation and Utilities. In the generation segment the company
owns and sells power to the wholesale customers while the utilities segment is engaged in transmission, distribution and selling of
electricity to the end customers. As of December 2014, the company owned and operated a portfolio of electricity generation and
distribution facilities with total capacity of approximately 34,732 megawatts operated through 102 plants across the globe. The
company has operations in over twenty countries. AES Corporation was formed in 1981 and is based in Arlington, US.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

253

CESC LIMITED
POWER

Chairman: Sanjiv Goenka

Yr of Inc

B. Code

1978
500084
SHAREHOLDING

BL. Code

CESC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOENKA R.P.
F.V.
10

: 52.5%
:
0.0%
: 16.2%
: 22.9%
:
8.4%
: 33,867

Price

516.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.3

SEC: Subhasis Mitra (VP)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-18.4

(FY15)
0
1,340
1
1,381
-1,380

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

342
251
604.8
36.8
65.9
7.00
2.4
411.7
124.94
0.5
8.1
4.5
0.7
19.0
37,038
10.2
13,074
7,425.2
1,284.6
451.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

75,567
1,437
77,004
12,661
3,645
4,304
6,149
-215
0
418
1,758
4,594
16.8
28.6
6.1

101,109
1,734
102,842
16,226
4,714
5,660
7,585
-813
0
0
1,856
4,916
16.0
24.5
4.9

110,666
1,490
112,156
18,945
5,889
9,565
4,981
-1,004
0
0
1,992
1,985
17.1
40.0
1.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

39,828
37,290
3.4
1.1
21
78
160,223
1,256
30,849
51,436
78,113
213,136
2.4
1.5
0.4
4.2
8.9
8.2
0.0
2.5

39,917
52,673
-12.6
0.8
19
55
198,228
1,256
47,270
56,350
91,323
249,763
2.3
1.6
0.4
4.2
8.7
8.4
0.0
1.6

50,537
63,755
-11.9
0.8
22
56
212,789
1,332
52,470
60,290
101,225
279,381
1.5
1.7
0.4
4.1
3.3
8.4
0.0
1.2

BALANCE SHEET DATA

P/E

828
441
834.8
15.0
59.4
9.00
1.4
454.8
132.56
IS
0.8
42.4
10.7
1.4
60.1
84,116
9.7
28,892
11,372.6
2,969.0
204.0

P/CF

34.5

8.7

(` )

AUD: Lovelock & Lewes

Yield

Mkt cap

1.7

Vol.

68,427.5

78.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE486A01013

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

525
266
809.3
39.4
77.1
8.00
2.0
451.0
124.94
0.5
10.1
5.1
0.9
20.3
49,414
10.0
29,601
10,155.5
2,973.2
493.8

Regd off: CESC House, Chowringhee Square, Kolkata - 700 001

E-Mail:
secretarial@rp-sg.in
Web site: www.cesc.co.in
Telephone: (033) 2225 6040 Fax: (033) 2225 5155
Tr agent: Link Intime India, 59C, 3rd Floor, Chowringhee Road, Kolkata-20

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Generation capacity
Debt / Equity
Electricity business
Retail business
BPO business

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
12,490
14,160
`m
2,990
4,490
%
23.9
31.7
`m
1,110
2,440
%
8.9
17.2

Jun 15
17,040
3,860
22.7
1,520
8.9

Sep 15
17,720
4,380
24.7
1,950
11.0

FY14
1,225
2.6
54.5
14.0
31.0

FY15
1,125
2.8
56.7
14.7
27.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
MW
times
% of sales
% of sales
% of sales
NOTES

18,141
-39,407
19,236
-2,030

FY13
1,225
2.4
69.1
17.6
-

22,511
-31,803
8,225
-1,067

8,895
-24,405
13,309
-2,202

CESC is a licensed power distributor in Kolkata and Howrah. The company is an

integrated player with a presence in power generation and distribution of electricity.
The company purchases power from the state and national power grid during peak
periods to meet customer demand. Conversely during lean periods, it exports its
surplus power. CESCs PLF averaged to 86.52% in the year gone by as compared to
89% in the previous year. However, it is distinctively superior to the national average
PLF of 64.5% during FY15.
Over the next decade, the company is looking to add 7 GW of capacity.

Further, CESC also has presence in other key businesses namely retail (through
Spencers), real estate (through CESC Properties Limited) and BPO (through
Firstsource Solutions). Spencers continues to be loss-making venture for the past
few years. Its BPO and real estate business operation formed around 27.14% and
14.7% of the companys consolidated revenues in FY15.

In FY15, CESCs revenues grew by 9%, largely driven by its power and retail
business. As for the profit before tax, the same de-grew by 34% YoY. Going forward,
it seems that the companys BPO business and the power business will be the key
growth drivers, especially at the profitability level. As for the retail business, while it
continues to gradually improve its operational performance, aggressive expansion in
this space is likely to keep profitability under pressure.

Get more info at www.equitymaster.com

254

NTPC LIMITED
POWER

Chairman: Arun Roy Choudhury (MD)

Yr of Inc

B. Code

1975
532555
SHAREHOLDING

BL. Code

NTPC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 75.0%
:
0.0%
: 11.6%
: 10.7%
:
2.8%
: 743,802

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

Price

130.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Government

12
31/03/13

-1.5

SEC: A. K. Rastogi

% ch 12-m
-2.6

FX Transaction (FY15)
`m
0
`m
27,884
`m
34
`m
36,706
` m -36,671
12
31/03/14

P/E

10.8

163
111
95.7
13.8
19.6
5.75
4.2
105.5
8,245.46
1.4
9.9
7.0
1.3
41.6
1,128,391
23.4
40,560
33,711.4
1,732.5
4,871.0

165
143
97.8
12.1
18.9
2.50
1.6
99.6
8,245.46
1.6
12.7
8.1
1.5
20.6
1,267,327
22.5
36,698
35,838.4
1,631.3
4,439.2

720,981
31,812
752,793
181,653
38,232
24,805
150,427
46
0
15,683
40,247
125,908
25.2
26.8
17.5

789,217
27,774
816,991
196,814
47,700
32,031
144,858
2
0
0
30,824
114,036
24.9
21.3
14.4

806,220
20,789
827,010
178,305
55,646
35,704
107,744
-60
-3,182
0
4,638
99,863
22.1
4.3
12.4

`m
444,603
`m
266,985
%
24.6
x
1.7
Days
23
Days
31
`m
1,183,867
`m
82,455
`m
699,573
`m
812,410
`m
645,877
`m
1,787,106
x
7.1
x
0.8
x
0.4
%
8.4
%
15.5
%
13.1
%
0.0
%
1.6

443,864
296,599
18.7
1.5
28
31
1,380,323
82,455
753,262
870,035
755,423
2,000,399
5.5
0.9
0.4
7.3
13.1
10.9
0.0
3.3

417,916
359,463
7.3
1.2
36
42
1,594,071
82,455
734,509
820,940
933,629
2,195,762
4.0
1.1
0.4
6.2
12.2
8.0
0.0
3.5

P/CF
6.9

(` )

AUD: O. P. Bagla & Co.

Yield

Mkt cap

1.9

Vol.

1,073,558.9

163.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE733E01010

180
160

12
31/03/15

175
136
87.4
15.3
19.9
5.75
3.7
98.5
8,245.46
1.8
10.2
7.8
1.6
37.7
1,284,230
23.9
36,072
30,210.8
1,511.5
5,275.8

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: NTPC Bhawan, Scope Comlx 7, Institutional Area, Lodi Rd, New Delhi-03
E-Mail:
akrastogi@ntpc.co.in
Web site: www.ntpc.co.in
Telephone: (011) 2436 0071 Fax: (011) 2436 0241
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

140
120
100
80
60
40

Close
100 DMA

20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Generation capacity
Share of India's capacity
Debt / Equity
PLF

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
188,581
193,146
`m
46,597
46,491
%
24.7
24.1
`m
30,740
29,440
%
16.3
15.2

Jun 15
170,846
34,377
20.1
21,304
12.5

Sep 15
178,985
40,307
22.5
28,983
16.2

FY14
37,107
15.0%
0.8
81.5

FY15
38,202
14.1%
1.1
80.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
MW
%
times
%

165,078
-168,452
9,881
6,507

FY13
35,882
16.0%
0.7
83.0

164,694
-155,094
-26,476
-16,876

147,459
-158,345
-14,745
-25,632

NOTES

NTPC is India's largest power generating company with an installed capacity of

around 38,202 MW (standalone; about 14.1% of India's total installed capacity;
44,398 MW on a consolidated basis). NTPC however contributes to around 25% of
the country's annual power generation. This displays its strong operating
performance, a consistent feat for many years. The companys plant load factor stood
at 80.23% in FY15, as compared to all India average of 64.46%. Of its owned
capacity built, 87% is coal-based, operated through 18 coal-based power stations,
and balance is based on gas or liquid fuel. During the period between FY11 and
FY15, the companys sales and profits grew at average annual rate of 7% and 1.3%
respectively.
In FY15 however, NTPCs revenues grew by 2.2% YoY, while profits declined by
12.4% YoY. Growth in volumes remained flat during the year. NTPC added a total of
1,290 MW of capacity during the year. It achieved a record capex of Rs 232.4 bn in
FY15, a figure higher by 7% on a YoY basis. Recent reforms in the mining space have
boosted the coal supplies. This in turn has benefited NTPC which was sitting on an
adequate inventory of coal in the previous fiscal year. Therefore, availability of fuel
will not be a concern for the company going forward.

Currently, the company has over 23.5 GW (including that of JVs and subsidiaries) of
capacity under construction; of this, hydro and solar formed nearly 4.5%. The long
term plan is to reach a capacity level of 128 GW by 2032, with about 28% capacity
generating electricity from non-fossil fuel. The company plans to take up a
multipronged strategy to achieve the same. This includes green field and brown field
projects, as well as acquisitions.

Get more info at www.equitymaster.com

255

POWER GRID CORPORATION OF INDIA LTD.

POWER

Chairman: R. N. Nayak (MD)

Yr of Inc

B. Code

1989
532898
SHAREHOLDING

BL. Code

PGRD.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Government
F.V.
10

: 57.9%
:
0.0%
:
8.2%
: 26.9%
:
7.1%
: 804,569

Price

130.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

0.2

SEC: Divya Tandon

% ch 12-m
-3.5

FX Transaction (FY15)
`m
0
`m
37,318
`m
380
`m
41,565
` m -41,184
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

125
100
28.4
9.3
16.7
2.75
2.4
57.0
4,629.73
3.9
12.1
6.7
2.0
29.5
519,919
9.3
9,747
14,083.6
1,042.8
4,613.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

131,639
5,632
137,271
112,139
34,278
25,994
57,498
0
316
0
14,688
43,126
85.2
25.5
32.8

156,754
4,707
161,461
132,639
40,794
32,537
64,015
0
-424
0
18,116
45,476
84.6
28.3
29.0

176,585
5,745
182,330
159,023
51,733
40,812
72,223
0
-472
-51
21,237
50,463
90.1
29.4
28.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
72,293
`m
157,026
%
-64.4
x
0.5
Days
15
Days
41
`m
820,401
`m
46,297
`m
172,580
`m
264,031
`m
640,301
`m
1,133,841
x
3.2
x
2.4
x
0.1
%
6.1
%
16.3
%
9.3
%
0.0
%
11.8

97,720
199,783
-65.1
0.5
17
38
1,066,428
52,316
240,602
346,979
777,721
1,414,897
3.0
2.2
0.1
5.5
13.1
8.5
0.0
30.5

88,838
227,902
-78.8
0.4
15
46
1,316,671
52,316
332,071
384,387
904,925
1,607,643
2.8
2.4
0.1
5.7
13.1
8.7
0.0
21.1

BALANCE SHEET DATA

P/E

13.5

159
144
33.8
9.6
19.5
1.31
0.9
73.5
5,231.59
4.5
15.7
7.7
2.1
13.6
791,016
9.0
11,244
19,548.9
1,244.8
5,586.5

P/CF
6.7

(` )

AUD: S. K. Mehta & Co.

Yield

Mkt cap

1.0

Vol.

680,105.4

51.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE752E01010

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

117
87
30.0
8.7
16.5
2.58
2.5
66.3
5,231.59
FPO
3.4
11.7
6.2
1.5
29.7
532,053
9.0
10,336
17,450.1
1,150.6
5,062.4

Regd off: B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi - 110 016
E-Mail:
dtandon@powergridindia.com
Web site: www.powergridindia.com
Telephone: (0124) 257 1968 Fax: (0124) 257 1969
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
43,536
47,032
`m
37,401
40,584
%
85.9
86.3
`m
12,289
14,125
%
28.2
30.0

Jun 15
47,176
41,375
87.7
13,665
29.0

Sep 15
49,180
43,186
87.8
14,480
29.4

FY14
94.2
2.2
106,804
12.3
99.9

FY15
96.2
2.4
115,637
13.5
99.9

Parameters
Transmission charges
Debt/Equity
Length of transmission lines
Circuit km per employee
Transmission network availability

`
`
`
`

m
m
m
m

116,897
-220,840
99,619
-4,325

KEY DATA
Unit
FY13
% of sales
91.3
times
2.4
km
100,200
km
10.7
%
99.9
NOTES

150,824
-264,990
137,121
22,955

158,001
-241,847
63,988
-19,858

Power Grid Corporation of India Limited (PGCIL) commenced operations in FY92 as

part of the GOI's initiative to consolidate all the interstate and inter-regional electric
power transmission assets of the country. It is currently India's principal electric power
transmission company, owning and operating most of the country's interstate and
inter-regional electric power transmission systems. Being the nodal government
agency responsible for planning and developing the nationwide transmission
network, PGCIL will continue to be the biggest contributor to planned capex.
Considering its superior performance over the years, PGCIL has been entrusted with
more than half of total transmission capex target of the 12th 5-year plan. The
company also has a presence in the telecom sector, as it has created a network using
its overhead transmission infrastructure.
PGCILs revenues grew by 12.9% YoY in FY15, while its profits rose by 10.9% YoY.
The companys transmission division grew at a strong pace. However, contraction
was seen in the consultancy and telecom division in the year gone by. The company
has marginally upped its massive capex plan of spending Rs 1.1 trillion during the
12th five year plan (FY13 - FY17) - which averages to Rs 220 billion per year. Capex
in FY15 stood at over Rs 224.5 billion, thereby meeting the intended targeted for the
year comfortably.

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256

TATA POWER CO. LIMITED

POWER

Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1919
500400
SHAREHOLDING

BL. Code

TTPW.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 33.0%
:
0.0%
: 22.6%
: 26.0%
: 18.5%
: 242,972

Price
62.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.1

SEC: H. M. Mistry

% ch 12-m
-27.2

FX Transaction (FY15)
`m
0
`m
10,106
`m
4,192
`m
11,086
`m
-6,894
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

112
89
139.2
-0.4
8.3
1.15
1.1
45.3
2,372.90
0.7
-278.5
12.1
2.2
-319.4
237,883
6.0
13,230
55,467.6
2,222.0
-143.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

330,254
3,692
333,946
64,509
20,517
26,417
21,267
-2,081
360
-8,500
11,900
-854
19.5
56.0
-0.3

358,731
2,273
361,004
69,173
27,296
34,399
9,751
-2,720
869
0
10,499
-2,600
19.3
107.7
-0.7

343,669
4,167
347,836
69,405
21,742
36,993
14,837
-2,894
482
0
10,748
1,678
20.2
72.4
0.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

121,501
166,426
-13.6
0.7
22
37
379,867
2,373
92,026
107,385
315,993
672,814
1.8
2.9
0.5
3.8
-0.8
8.8
0.0
7.0

133,609
217,267
-23.3
0.6
21
46
404,502
2,373
74,747
107,106
304,699
713,983
1.3
2.8
0.5
4.5
-2.4
10.3
0.0
4.5

149,164
211,111
-18.0
0.7
20
59
417,638
2,705
96,112
125,421
326,184
754,429
1.4
2.6
0.5
5.1
1.3
10.9
0.0
2.9

BALANCE SHEET DATA

P/E

99.9

114
75
127.1
0.6
8.7
1.30
1.4
46.4
2,704.63
0.7
151.6
10.9
2.0
209.5
254,506
12.5
15,457
27,493.5
1,236.5
134.3

P/CF
7.2

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.1

Vol.

167,687.1

349.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE245A01021

120
100

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

96
71
151.2
-1.1
10.4
1.25
1.5
45.1
2,372.90
0.6
-76.4
8.0
1.9
-114.1
198,493
6.1
13,494
58,349.2
2,194.8
-422.9

Regd off: Bombay House, 24, Homi Mody Street, Mumbai - 400 001
E-Mail:
investorcomplaints@tatapower.com
Web site: www.tatapower.com
Telephone: (022) 6665 8282 Fax: (022) 6665 8801
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

80
60
40

Close
100 DMA

20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Parameters
Generation capacity
Share of India's capacity
Debt / Equity
Thermal

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
88,066
82,396
`m
14,100
19,127
%
16.0
23.2
`m
-2,233
2,582
%
-2.5
3.1

Jun 15
92,346
19,946
21.6
3,580
3.9

Sep 15
95,412
24,199
25.4
7,469
7.8

FY14
FY14
8,584
3.5
2.8
89.1

FY15
FY15
8,726
3.2
2.6
87.2

`
`
`
`

m
m
m
m

32,858
-42,863
-5,929
-15,933

KEY DATA
Unit
FY13
Units
FY13
MW
8,521
%
3.8
times
2.9
% of total capacity 89.7
NOTES

64,831
-37,418
-32,654
-5,242

59,809
-38,749
-22,347
-1,288

Tata Power is amongst the largest private players in the power sector with a
generation capacity of about 8,726 MW, contributing to nearly 3.2% of the country's
total installed capacity. Thermal power forms about 87% of its total capacity, with
renewable and hydropower contributing to the balance. Apart from power generation,
the company also operates in the areas of transmission, distribution and power
trading. Further, the company owns stakes in Indonesian coal mines, a business
which it had ventured into post winning the bid of the 400 MW Mundra UMPP.

However, company has entered into contract with Bakri brothers for divesting its
holding in Arutmin mines and associated infrastructure for US$ 501 million. The deal
is taking longer than expected due to legal tussle with the lenders. However the
company expects to seal the deal in the next fiscal year. Indonesian government
changed the policy to link the export price of its coal with the international index in
September 2011. This led to an increase in the cost of the generation of power for
Mundra UMPP to approximately Rs 2.85/- unit against a fixed price sale agreement
at Rs 2.26/- unit for 25 years with state discoms. This has made the entire project
financially unviable. However the company had appealed to APTEL for increase in
the compensatory tariffs. APTEL ruled the decision in the favour of the company.
However the Supreme Court has stayed APTELs order to allow compensatory tariff
for the Mundra UMPP.
Tata Power reported a 4.2% YoY fall in revenues during FY15. The fall was led by the
companys coal division, wherein revenues from the coal business declined on the
back of falling realisations. Tata Power reported a profit at the net level as compared
to a net loss incurred in FY14. During FY14, the companys consolidated losses stood
at Rs 2.6 billion. However, company posted a net profit of Rs 1.67 billion in FY15.

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257

TORRENT POWER LIMITED

POWER

Chairman: Sudhir Mehta

Yr of Inc

B. Code

2004
532779
SHAREHOLDING

BL. Code

TOPO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Torrent Group
F.V.
10

: 53.4%
:
0.0%
: 22.7%
:
1.7%
: 22.1%
: 72,340

Price

177.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Srinivas Kotra

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
3,007
165
3,197
-3,031

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

82,210
1,435
83,645
13,508
4,272
4,376
6,295
-2
0
0
2,426
3,867
16.4
38.5
4.7

86,811
2,506
89,317
12,833
5,544
7,046
2,749
-26
0
0
1,670
1,053
14.8
60.7
1.2

104,225
3,398
107,623
21,064
7,205
9,623
7,634
-30
0
-230
3,777
3,597
20.2
49.5
3.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

28,566
37,411
-10.8
0.8
11
34
139,113
4,725
49,453
61,030
60,169
172,784
2.4
1.0
0.5
4.8
6.3
8.8
0.0
3.5

41,063
22,819
21.0
1.8
12
34
147,243
4,725
49,960
62,053
87,446
191,255
1.4
1.4
0.5
4.2
1.7
6.5
0.0
3.4

41,464
27,741
13.2
1.5
9
31
153,113
4,725
52,430
65,557
82,559
196,325
1.8
1.3
0.5
6.7
5.5
11.5
0.0
2.9

BALANCE SHEET DATA

P/E

23.3

187
92
220.6
7.6
22.9
1.50
1.1
138.8
472.45
0.6
18.3
6.1
1.0
19.7
65,883
6.8
3,484
15,248.7
509.7
526.2

P/CF
7.8

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.8

Vol.

83,907.1

96.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE813H01021

250
Close

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

152
70
183.7
2.2
14.0
0.50
0.4
131.3
472.45
0.6
49.9
8.0
0.8
22.4
52,513
6.8
2,715
12,766.4
399.2
154.8

14.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

218
137
174.0
8.2
17.2
2.00
1.1
129.2
472.45
1.0
21.7
10.3
1.4
24.4
83,860
7.1
2,502
11,616.5
353.5
546.4

-3.2

Regd off: Torrent House, Off Ashram Road, Ahmedabad - 380 009
E-Mail:
rajivshah@torrentpower.com
Web site: www.torrentpower.com
Telephone: (079) 2658 3060 Fax: (079) 2658 2326
Tr agent: Sharepro Serv,13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

200

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Generation capacity
Share of India's capacity
Debt / Equity
Finance cost

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
25,428
26,160
`m
5,681
7,143
%
22.3
27.3
`m
688
1,742
%
2.7
6.7

Jun 15
30,030
7,621
25.4
1,735
5.8

Sep 15
31,063
7,790
25.1
2,452
7.9

FY14
1,697
0.7%
1.4
8.1

FY15
3,253
1.2%
1.3
6.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
MW
%
times
% of sales

15,679
-37,252
20,904
-669

FY13
1,697
0.8%
1.0
5.3

13,555
-8,853
4,374
9,076

22,327
-11,391
-12,055
-1,119

NOTES

Promoted by the Torrent Group, Torrent Power is an India based company engaged
in the electricity generation, transmission and distribution. The company has been
involved in the power sector for quite a few years. It entered the power sector much
before the liberalization, when it took-over an ailing power cable company in 1989
(now known as Torrent Cables) and successfully turned it around. Torrents foray into
power generation took place when the company acquired two of Indias oldest utilities
The Surat Electricity Company Ltd and The Ahmedabad Electricity Company Ltd.
Torrent turned them into first rate power utilities in terms of operational efficiencies
and reliability of power supply. As of date, the company has generation capacity of
3,250 MW. It distributes power to more than 2.9 million customers annually in
Ahmedabad, Gandhinagar, Surat, Bhiwandi (Maharashtra) and Agra.

In FY15, Torrent Power commissioned 1,200 MW combined cycle gas based DGEN
power project at Dahej SEZ. However the plant is yet to be allocated domestic gas.
Honble Gujarat Electricity Regulatory Commission (GERC) vide its orders dated 31
March 2015 in relation to tariff determination for FY 2015-16 has allowed an average
increase of 15 paise per kWh (2.36%) in tariff for Ahmedabad and Surat Distribution.

The key challenges for the company are related to the fuel supply situation, a trend
which is impacting power generation companies across the board. While the option
of using liquefied natural gas as a substitute does remain, long term buyers are
unwilling to off-take power at higher costs thereby impacting the companies in terms
of lower capacity utilisation of the power plants and shutdowns. Recently,
government has taken steps to revive the gas based stranded projects. However the
success of the steps taken by the government would depend a lot on the ability of
discoms to buy such power at the target purchase price.

Get more info at www.equitymaster.com

258

RETAIL
India is the 5th largest retail market in the world. Retailing in
India accounts for over 10% of the countrys Gross Domestic
Product (GDP) and around 8% of the employment. The
current market size of Indian retail industry is about US$600
billion (Source: IBEF). By 2020, the Indian retail market is
expected to nearly double to US$1 trillion. Retailing has
played a major role over the world in increasing productivity
across a wide range of consumer goods and services. In the
developed countries, the organised retail industry accounts
for almost an average of 80% plus of the total retail trade. In
contrast, in India organised retail trade accounts for merely
8% of the total retail trade. This highlights a lot of scope for
further penetration of organized retail in India.
The sector can be broadly divided into two segments: Value
retailing, which is typically a low margin-high volume business
(primarily food and groceries) and Lifestyle retailing, a high
margin-low volume business (apparel, footwear, etc).
Transition from traditional retail to organised retail is taking
place due to changing consumer expectations, growing
middle class, higher disposable income, preference for luxury
goods, change in the demographic mix, etc. The convenience
of shopping with online stores (online shopping), multiplicity
of choice under one roof (Shop-in-Shop), and the increase of
mall culture etc. are factors appreciated by the new
generation. These factors are expected to drive organized
retail growth in India over the long run.
The overall retail market in India is expected to grow at 12%
growth rate per annum, driven by growing urbanization, rising
income. Modern trade is going to expand as twice as fast at
20% per annum and traditional trade is expected to grow at
10%.
FY15
With economic growth gaining momentum in 2015, retail
sector witnessed improvement in consumer sentiment and
business confidence. The growth can be attributed to
decreasing inflationary pressures, the easing of monetary
stance by the Reserve Bank of India and a more stable
political and policy environment. While the consumer
confidence and off-take in volume terms was muted in the
first quarter of the year, it saw improvement in the latter part
of the fiscal with the easing of inflation amongst other factors.
During the year, the government approved a proposal to
scrap the distinctions among different types of overseas
investments by shifting to a single composite limit. This meant
that portfolio investment up to 49% will not require
government approval or have to comply with sectoral
conditions as long as it does not result in a transfer of
ownership and/or control of Indian entities to foreigners.
Indias direct selling industry increased 6.5% in FY15 to Rs
79.5 billion while e-commerce sales were recorded at US$14
billion.
The year saw emergence of online market places across a
whole range of categories with aggressive discounting
strategies funded by overseas investors.
KEY POINTS
Supply: The retail industry is now leveraging the digital retail
channels (e-commerce), which allows them to spend less on
real estate while reaching out to more customers in Tier II and
Tier III cities.
Demand: Growing urbanization, increasing disposable
incomes, changing demographic profile, changing consumer

tastes and preferences are some of the factors that are driving
the growth in the organised retail market in India.
Barriers to entry: Lack of quality retail real estate supply, nonsupportive FDI policy, economic backdrop, regulatory issues
are some of the factors acting as an impediment to the spread
of organised retail in India.
Bargaining power of suppliers: The bargaining power of
suppliers varies depending upon the target segment, the format
followed, and products on offer. The unorganised sector has a
dominant position, still contributing about more than 90% to the
total retail market. There are few players who enjoy an edge
over others on account of being established players and
enjoying brand distinction. Since it is a capital intensive
industry, access to capital also plays an important part for
expansion in the space.
Bargaining power of customers: High due to wide availability
of choice and cheaper options available across various
channels. With FDI coming in, this is expected to become
stronger.
Competition: With India being an attractive retail market, there
is a high level of competition. Competition is characterised by
many factors, including assortment, products, price, quality,
service, location, reputation, credit etc. Aggressive ecommerce and digital retailing coupled with new entrants such
as business houses and international players are intensifying
the competition at a rapid pace.
PROSPECTS
Retail industry has been on a growth trajectory over the past
few years. Further, India's e-commerce market is expected to
reach US$ 220 billion in terms of gross merchandise value
(GMV) and 530 million shoppers by 2025.
A significant new trend emerging in retail sector is the
increase in sales during discount seasons. It has been
observed of late that sales numbers in discount seasons are
significantly higher than at other times. This is prompting
retailers to start discounts earlier and have longer than usual
sale season.
E-commerce is probably said to create a revolution in the
retail industry in the years to come. With the rapid expansion
of e-commerce, there can be seen a trend of ever increasing
choice of products at lowest rates. All of this will also lead to a
further competition in the industry.
There is also an upward trend seen in modern retailing.
Driven by western culture and urbanisation, it has become a
part of day to day lifestyle. There are more than 500
operational shopping malls in India having thousands of
brands across food, fashion and lifestyle which are offering
best of national & international brands to better educated
consumers. The current size of modern retail is around US$
46.5 billion, which is 9% of total retail market. By 2020, it is
likely to be pegged at US$ 150 billion.
The new buzz word in retail is omni-channel. Omni-channel
offers a seamless experience to the customers across
various channels, whether brick & mortar, online etc. The
strategic objective here is to merge various channels
(departmental stores, online stores) and link them to a
multichannel retailer.
With rising incomes, favorable demographics, entry of foreign
players and increasing urbanisation, the long-term outlook for
the retail industry in India is positive.
259

RETAIL
GLOBAL COMPARISON
FY15/CY14
Stores / Locations
Revenues
EBDITA

Unit
No
US$ m
US$ m

Shoppers Stop
147
490
29

Walmart
11,500
4,85,651
27,147

Carrefour
10,860
81,202
4,095

Metro Ag
2,068
64,368
772

Net profit
Return on equity
Return on asset

US$ m
%
%

6
9.6
2.6

16,363
20.1
8.2

1,485
14.4
2.7

776
12.3
2.4

* Year ended March 2015. For others, figures are for year ended December 2014 Source: Equitymaster Research, Company Annual Reports,
Yahoo Finance

Wal-Mart
Wal-Mart Stores, Inc. opened its first store in 1962 and today is the world's largest retailer. From its humble beginnings as a small
discount retailer in Rogers, Ark., Walmart has opened thousands of stores in the U.S. and expanded internationally. Walmart
operates over 11,500 retail units under 65 banners in 28 countries and e-commerce websites in 11 countries. It employs 2.2 million
associates around the world 1.3 million in the US alone. It primarily operates retail stores worldwide through its stores namely
Wal-Mart Supercenters, Walmart Discount Stores, Walmart Neighbourhood Markets, Walmart Express and Sam's Club.
With more than 6,290 stores internationally, it leverages its global resources to meet local needs. Walmart International is currently
the fastest growing part of its business and is led by President & CEO David Cheesewright.

Carrefour Group
Carrefour is a French international hypermarket chain with a global network of outlets. Over the past 40 years the Carrefour group
has grown to become one of the worlds leading distribution groups. Carrefour is the worlds second-largest retailer and the largest
in Europe. Spread over 33 countries, the Group has presence in three major markets: Europe, Latin America and Asia. It was the
first retailing company to get into the markets of Brazil in 1975 and China in 1995. It has around 10,860 stores worldwide that are
either owned by the company or franchises. The group currently operates a network of hypermarkets, supermarkets, hard discount
stores, drive, e-commerce, convenience stores and cash & carry. The Company operates convenience stores and owns Dia
France SAS, among others. The Group was the first international retailer to establish a presence in Asia in 1989, when it entered in
Taiwan through a joint venture with Uni President Enterprises Corporation.

The Metro AG
The Metro Group (METRO AG) is a diversified retail and wholesale / cash and carry group based in Germany. The company
employs more than 2,20,000 staff at over 2,068 outlets spread across countries in Europe, Africa and Asia. The companys
operative business is divided into the business segments of wholesale, food retail, non-food specialty stores and department stores
under the brand names of METRO Cash & Carry, Real Hypermarkets, Media Markt, Saturn and Redcoon. During FY15, the
company sold one of its segments Galeria Kaufhof to Hudsons Bay Company. METRO Cash & Carry is a leading international
player in self-service wholesale trade. Media-Saturn is number one among consumer electronics stores in Europe. Real is one of
the leading hypermarket companies in Germany. Metro AG has interest in realty business too. Metro Properties is the real estate
entity of Metro AG with 2,200 retail locations in 33 countries.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

260

SHOPPERS STOP LIMITED

RETAIL

Chairman: Chandru L. Raheja

Yr of Inc

B. Code

1997
532638
SHAREHOLDING

BL. Code

SHOP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
5

67.3%
0.0%
14.9%
2.9%
15.0%
8,134

Price

375.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.7

SEC: Prashant Mehta

% ch 12-m
-24.1

FX Transaction (FY15)
`m
0
`m
347
`m
597
`m
399
`m
198
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

494
288
382.9
-1.4
8.2
0.75
0.2
60.4
82.98
ESOP
1.0
-287.5
47.9
6.5
-55.1
32,453
6.1
2,359
5,249.8
389.8
-18.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,772
69
31,841
961
791
547
-307
430
0
-7
228
-113
3.0
-74.3
-0.4

37,783
62
37,845
1,334
981
653
-239
421
0
-7
258
-83
3.5
-108.0
-0.2

42,789
133
42,922
2,680
1,253
781
778
-66
0
0
288
424
6.3
37.0
1.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,156
8,591
-10.8
0.6
42
4
6,740
415
4,594
5,009
1,663
15,371
0.4
0.3
2.1
2.8
-2.3
9.9
0.0
1.3

6,089
9,525
-9.1
0.6
43
5
7,944
416
4,489
4,905
3,220
17,771
0.6
0.7
2.1
3.2
-1.7
10.2
0.0
1.1

7,303
10,562
-7.6
0.7
43
9
8,287
417
4,867
5,284
3,619
19,830
2.0
0.7
2.2
6.1
8.0
16.8
0.0
0.8

BALANCE SHEET DATA

P/E

624
341
513.2
5.1
20.1
0.75
0.2
63.4
83.37
ESOP
0.9
94.8
24.0
7.6
14.7
40,189
4.3
3,157
9,893.5
729.8
98.0

P/CF

73.8

18.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.2

Vol.

31,301.3

0.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE498B01024

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

444
318
454.0
-1.0
10.8
0.75
0.2
58.9
83.22
ESOP
0.8
-382.8
35.3
6.5
-75.4
31,694
6.8
2,918
5,539.2
427.8
-12.1

Regd off: Eureka Towers, B Wing, 9th Floor, Mindspace, Malad (West), Mumbai -04
E-Mail:
investor@shoppersstop.com
Web site: www.shoppersstop.com
Telephone: (022) 4249 7000 Fax: (022) 2880 8877
Tr agent: Karvy Computershare, e17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Footfalls
Revenues per sq ft
Average billing size
Average selling unit price

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,644
8,157
`m
536
491
%
7.0
6.0
`m
138
103
%
1.8
1.3

Jun 15
7,112
327
4.6
24
0.3

Sep 15
8,943
610
6.8
128
1.4

FY14
46.8
8,228
2,667
1,087

FY15
46.7
8,237
2,754
1,121

`
`
`
`

m
m
m
m

KEY DATA
Unit
m
`
`
`

869
-1,216
472
125

FY13
40.2
7,837
2,481
1,062

884
-2,083
1,182
-17

1,107
-1,617
455
-56

NOTES

Shoppers Stop is the pioneer of pan-nation one-stop retail outlets. The total area of
operations of Shoppers Stop, (72 departmental stores in FY15) and its various
formats total to 4.16 m sq feet across different cities in India. While the group primarily
caters to the lifestyle retailing segment, it has forayed into specialty retailing and
through associates it has ventured into formats like large hypermarkets,
entertainment zones, F&B concepts and airport retailing. Its list of stores includes the
flagship Shoppers Stop, Home Stop, book store- Crossword, HyperCity, Mothercare
and others.
Shoppers Stop posted a net sales growth of 13% YoY in FY15. The companys
operating margins saw a big jump during the year from 3.5% in the previous year to
6.3% this year. On the back of this improvement, the company turned in a net profit
of Rs 424 million compared to a net loss during the previous year.
India has always been regarded as a country of retailers. However, the countrys US$
550 billion retail market is still dominated by traditional retail with a share of 90% &
modern retails share at 9%. The highly disruptive online retail is less than 1% but
growing at a very fast pace. Retail continues to grow at 16% plus growth rate, driven
by growing urbanisation, rising income, younger demographics and rising aspirations
of the middle class. Improving infrastructure and availability of real estate for malls,
growth in services sector, fast adoption of technology and communication channels
are further aiding this growth. The company estimates that by 2020 the Indian retail
market will reach a size of US$ 1.1 trillion.

Get more info at www.equitymaster.com

261

TITAN COMPANY LIMITED

RETAIL

Chairman: Hans Raj Verma

Yr of Inc

B. Code

1984
500114
SHAREHOLDING

BL. Code
TITN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 53.1%
:
0.0%
:
2.4%
: 21.7%
: 22.9%
: 121,929

Price

359.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.4

SEC: A. R. Rajaram

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-3.1

(FY15)
3,582
4,923
3,590
5,061
-1,471

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

312
208
114.0
8.2
8.8
2.10
0.8
22.2
887.79
2.3
31.8
29.5
11.7
25.7
230,648
6.9
4,898
14,776.4
715.0
1,058.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

101,233
1,009
102,242
10,125
562
507
10,065
0
4
0
2,816
7,254
10.0
28.0
7.2

109,274
1,202
110,476
10,443
676
871
10,099
0
2
0
2,751
7,349
9.6
27.2
6.7

119,134
708
119,842
11,484
896
807
10,489
0
0
0
2,326
8,163
9.6
22.2
6.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

51,941
38,491
13.3
1.3
133
6
5,057
888
18,789
19,699
0
58,843
20.9
0.0
1.7
13.2
36.8
53.7
1.9
28.7

52,332
35,141
15.7
1.5
129
5
6,471
888
23,957
25,227
0
61,114
12.6
0.0
1.8
13.5
29.1
43.5
2.0
9.5

48,474
26,936
18.1
1.8
124
6
7,543
888
29,620
30,839
0
48,474
14.0
0.0
2.5
18.5
26.5
36.6
3.0
4.1

BALANCE SHEET DATA

P/E

39.1

422
384
134.2
9.2
10.2
2.30
0.6
34.7
887.79
3.0
43.8
39.5
11.6
25.0
357,691
7.6
6,325
15,762.6
836.9
1,080.0

P/CF
35.2

(` )

CASHFLOW

Parameters
Time product sales
Jewellery sales
Eyeware

Mkt cap

0.6

Vol.

319,208.5

162.6

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Deloitte Haskins & Sells

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

302
200
123.1
8.3
9.0
2.10
0.8
28.4
887.79
2.0
30.3
27.8
8.8
25.4
222,835
7.4
5,404
14,840.9
734.0
998.2

Regd off: 3, SIPCOT Industrial Complex, Hosur - 635 126

E-Mail:
arrajaram@titan.co.in
Web site: www.titan.co.in
Telephone: (080) 6660 9610 Fax: (080) 2526 3001
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Road, Mumbai-11
ISIN

INE280A01028

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
29,225
24,962
`m
2,758
2,701
%
9.4
10.8
`m
1,907
2,151
%
6.5
8.6

Jun 15
27,086
2,227
8.2
1,511
5.6

Sep 15
26,735
2,028
7.6
1,454
5.4

FY14
16.4
79.1
3.8

FY15
16.2
78.1
4.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

5,530
-1,418
-2,356
1,756

FY13
16.7
80.2
3.3

-5,547
-2,717
4,974
-3,290

5,026
-1,187
-10,047
-6,207

NOTES

Titan is India's largest watchmaker with a share of 65% of the domestic organised
watch market. The company has diversified into related areas of organized branded
jewellery which now accounts for almost 80% of its sales. Titan has also recently
forayed into prescription eyewear. Titan is capitalizing on the brand value that has
been created over the years to grow in other retail segments. It has also ventured into
newer categories such as helmets, fragrances and footwear.

For FY15, Titan's performance has been subdued. The sales increased by 9.1% YoY
and operating profit increased by 9.5% YoY. Net profit for the full year increased by
10.1% YoY. The Jewellery segment contributed 78% to the sales; followed by
Watches (13.7%) and other segments (8.2%). Titan has been trying to gradually shift
its focus from pure gold to the higher margin yielding stone studded jewellery
segment.
As Titans products come under discretionary spends, consumers tend to defer their
purchases with lesser disposable income in their hands. Off late things have been
weak on this front. The poor retail sentiment is the major factor highlighted by the
management for the anemic topline performance of the companys various business
segments. Going forward, the company is counting on stimulating demand for all its
product categories through innovative advertising campaigns and new product
launches. The companys retail presence as at the end of the September 2015
quarter was 1,246 stores strong with a retail area crossing 1.65 million sq. ft.
nationally for all its brands put together.

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262

TRENT LIMITED
RETAIL

Chairman: N. N. Tata

Yr of Inc

B. Code

1952
500251
SHAREHOLDING

BL. Code

TREN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
10

: 32.6%
:
0.0%
: 19.7%
: 19.3%
: 28.4%
: 36,361

Price

1,521.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: M. M. Surti

% ch 12-m
0.3

FX Transaction (FY15)
`m
0
`m
683
`m
252
`m
776
`m
-524
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,320
682
22,003
-245
448
160
-170
0
0
177
275
-268
-1.1
-161.5
-1.3

23,330
614
23,944
94
536
131
41
1
0
-26
202
-186
0.4
495.6
-0.8

22,843
972
23,815
720
743
107
841
1
0
1,152
701
1,293
3.2
83.3
5.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,888
5,006
18.2
1.8
57
4
9,485
332
11,303
12,316
3,250
22,092
-0.1
0.3
1.0
-0.5
-2.2
1.1
0.0
1.9

7,555
4,697
12.2
1.6
56
3
8,576
332
8,846
9,908
3,250
19,362
1.3
0.3
1.2
-0.3
-1.9
1.1
0.0
2.8

6,276
6,068
0.9
1.0
53
3
7,606
332
12,957
14,220
1,125
22,065
8.8
0.1
1.0
6.3
9.1
13.7
0.0
3.0

INCOME DATA

BALANCE SHEET DATA

1,266
910
702.1
-5.6
10.6
7.00
0.6
298.2
33.23
1.5
-194.9
103.1
3.6
-125.4
36,161
6.4
1,980
3,667.6
311.3
-29.2

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,318
875
641.6
-8.1
5.4
7.00
0.6
370.6
33.23
CCPS,PP
1.7
-135.8
203.3
3.0
-86.7
36,437
6.4
1,739
3,327.7
271.4
-41.9

8.5

Regd off: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001
E-Mail:
mmsurti@trent-tata.com
Web site: www.mywestside.com
Telephone: (022) 6700 9000 Fax: (022) 6700 8100
Tr agent: TSR Darashaw, Moosa Patrawala Indl. Est., E.Moses Road, Mumbai-11

1,579
959
687.4
38.9
61.3
10.00
0.8
427.9
33.23
1.8
32.6
20.7
3.0
25.7
42,167
3.6
2,079
6,411.3
583.5
363.0

P/E

P/CF

39.1

24.8

(` )

Yield
0.7

AUD: N. M. Raiji & Co.

Mkt cap

Vol.

50,549.5

1.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE849A01012

1,800
1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-13

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Westside stores
Star Bazar Hypermarkets
Landmark Stores

Dec-14
No. of months
Year ending

Dec-15
12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,464
3,324
`m
266
-76
%
7.7
-2.3
`m
291
121
%
8.4
3.6

Jun 15
3,498
314
9.0
161
4.6

Sep 15
3,857
240
6.2
134
3.5

FY14
80
16
15

FY15
85
17
6

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos
nos
nos

313
-2,759
1,472
-974

FY13
70
15
19

-456
-492
-505
-1,454

-101
-3,040
3,099
-43

NOTES

Trent Ltd, a Tata Group company, is one of the oldest retail players with presence in
the lifestyle and value retailing business. The company operates in many formats
namely Westside, Star Bazaar, a hypermarket chain, Landmark, books and music
chain, and others including Sisley, Fashion Yatra, Zara and Treasury. The company
has tied up with global retailers like Tesco and Inditex to further the growth of its
format stores Star Bazaar and Zara respectively.
Trents topline declined by 2% YoY during FY15. An increase in operating margins
along with extraordinary income during the year helped the company post a positive
bottomline of Rs 1,293 million compared to a loss in FY14. The company has had to
undertake a significant restructuring exercise with respect to its Landmark business.
This was done due to the evolving environment for retailing of categories handled by
the Landmark business (including books, music, gaming etc.). It involved significant
rationalization of the store portfolio, restructuring of the product offer and material
changes to look and feel of the 5 retained stores.

The company is looking at an improving economic scenario translating into positive

consumption triggers over time. It also feels that the hiring by various sectors and
improved absorption of youth into the organized workforce should serve as an
important consumption trigger. On the other hand, escalating costs imply continued
challenges for the company. Securing properties at acceptable rentals and valuations
in the real estate space continues to be a challenge for the retail business. For Trent,
the intent going forward is to continue scaling up its presence and in doing so across
various formats.

Get more info at www.equitymaster.com

263

SOFTWARE
The global IT sourcing grew by 9%-10% in FY15. This was 2x
faster than the growth in total IT spend. Indian IT-BPM
industry, grew by 13% in FY15 as per NASSCOM. The
growth projection for FY16 is 12%-14%. The growth will be
driven by new digital technologies. The adoption of these
technologies will bring disruption to the industrys traditional
business model.

KEY POINTS
Supply: Abundant supply across segments, mainly lower-end,
such as ADM. Lower supply in higher-end areas like
IT/Business Consulting, but competition is very tough.

Indian IT companies had a good year in terms of financial

performance, driven by factors like such as digitisation, and
non-linear models, and the depreciation of the Indian rupee.
Indian IT firms continue to move up the value chain by
providing more end-to-end solutions and engaging more
closely with clients. The drive towards internal cost
optimisation to improve profitability gathered steam in FY15.
The industry is unlikely to add employees in the same
numbers as it did before.

Barriers to entry: Low, particularly in the ADM & BPO

segments as these are prone to relatively easy
commoditization. Its high in value-added services like
IT/Business Consulting and R&D where in-domain expertise
creates a barrier. The size of a particular company/scalability
and brand-image also creates barriers to entry; as such firms
have built up long-term relationships with major clients.

Indias IT industry can be divided into six main components,

viz. Software Products, IT services, Engineering and R&D
services, ITES/BPO (IT-enabled services/Business Process
Outsourcing), Hardware, and e-commerce. Export revenues
continue to drive growth with IT Services. This accounts for
about Rs 68 bn of total revenues followed by BPM at Rs 26
bn, Engineering services at Rs 18 bn, e-commerce at Rs 14
bn, hardware at Rs 14 bn and Software Products at Rs 6 bn.
The growth in e-commerce (33% YoY) was unprecedented
and has given a boost to the BPM industry. The Indian IT
sector will benefit significantly from the governments
schemes like Digital India, Make in India, and Start Up India.
The Indian software sectors value proposition remains
unmatched in the world. Entry level wages remain 8x-10x
lower than in developed nations. The number of global
delivery centers (GDC) have increased to about 640 in FY15
in about 78 countries. About 27% of incremental GDCs were
set up in India. Indias global market share grew to 55% by
the end of FY15.
Increasing competition, pressure on billing rates of traditional
services and increasing commoditization of lower-end
services are among the key reasons forcing the Indian
software industry to make a fast move up in the software
value chain. The new digital technologies like social media,
mobility, analytics, and cloud computing (SMAC) will
permanently change the way Indian IT firms do business.
The new Indian government is emphasizing on better
technology enabled delivery mechanisms for a multitude of
government projects. Further, with the new digital India and
start up Indian initiatives being launched, the domestic market
for software services looks bright.
FY15
The Indian IT/ITES industry earned revenue of over US$ 146
bn during FY15. Out of this, exports accounted about 67% of
the industrys revenue.
In terms of growth by industry verticals, BFSI, Telecom/HiTech, Manufacturing, and Retail are the most important at
41%, 18%, 16%, and 10% shares respectively.
The USA accounts for about 62% of the export revenue
followed by the UK and Continental Europe, with 17% and
11% respectively. Other regions such as Asia Pacific are
catching up, with a contribution of 8%.
At the end of FY15, Indias share in the global outsourcing
market stood at 55%.

Demand: The global downturn had put considerable pressure

on global IT spending but the situation is now improving.

Competition: Competition is global in nature and stretches

across boundaries and geographies. It is expected to intensify
due to the attempted replication of the Indian offshoring model
by MNC IT majors as well as small startups.
Substitution of IT services and products: IT continues to be
a driving force towards all aspects connected with our lives.
While a particular technology may become obsolete and a
particular company specializing in it may suffer, the obsolete
technology can only get substituted by a newer technology
offered by the same/different player in the IT/ITES industry.
PROSPECTS
As per NASSCOM, the Indian IT/ITES industry is expected to
maintain a growth of 12-14% in FY2016. NASSCOM has also
envisaged the Indian IT/ITES industry to achieve a revenue
target of USD 225 bn by 2020.
As the global sourcing industry continues to grow and as
Indian IT companies continue to increase market share,
outlook for the sector remains robust.
Emerging protectionist policies in the developed world are
expected to affect the Indian IT companies. Due to US
restrictions on visas as well as rising visa costs, most Indian
IT companies are increasingly subcontracting onsite jobs to
local employees in the US. This has adversely affected
margins of Indian IT companies.
Indian IT companies are increasingly adopting the global
delivery model. They are setting up development centers in
Latin America, South East Asia and Eastern European
countries to take advantage of low cost and also cater to the
local market. In the US, such centers will help mitigate the
risks of the new immigration bill and increase the probability
of winning projects in highly regulated sectors such as
healthcare, government services, utilities etc.
ADM services, which used to provide major chunk of
revenues to the domestic IT players, are getting affected due
to the falling billing rates. Hence, the companies are now
venturing into new high value services such as the new digital
services. Large Indian companies like Infosys, TCS, Wipro,
Tech Mahindra, HCL Technologies, and Mindtree will benefit
the most from this trend.
Billing rates are expected to remain under pressure due to
commoditization of traditional services. Therefore, companies
are expected to preserve their margins through effective cost
containment measures like shifting more wore work offshore,
improving employee utilisation and the increasing use of
automation software.

264

SOFTWARE
GLOBAL COMPARISON
FY15/CY14
Revenues
EBIDTA
EBIDTA margin
Net profit
Net profit margin
Return on capital employed
Return on equity
Price to earnings (TTM)
Price to sales (TTM)

Unit
US$ m
US$ m
%
US$ m
%
%
%
x
x

Infosys
8,060
2,248
27.9
1,870
23.2
50.9%
24.4%
20.5
4.8

Wipro
7,098
1,557
21.9
1,309
18.4
20.2%
23.2%
16.0
2.9

TCS
14,308
3,701
25.9
3,001
21.0
34%
38.4%
24.1
5.0

*IBM
92,793
18,532
20.0
12,022
13.0
27.1%
100.1%
11.6
1.5

*Cognizant
10,263
2,085
20.3
1,439
14.0
12.1%
18.6%
25.5
3.6

~Microsoft
93,580
18,161
19.4
12,193
13.0
64.7%
15.2%
37.5
4.8

* Year ended December 2014.- ~ Year ended June 2015. - For others, year ended March 2015. - Source: Equitymaster Research, Company
Annual Reports.

IBM Corp.
IBM Corp., founded in 1911, is headquartered in Armonk, New York, USA and has a dominating global presence in the field of IT
Solutions, services and products. It was formerly known as Computing Tabulating Recording Company. It changed its name to
International Business Machines Corporation in 1924. IBM operates in about 170 countries around the world. The companys
global services segment provides consulting services for application and systems integration, client relationship management,
financial management and supply chain management. IBM also provides system and component design services, outsourcing of
clients design teams, technology and manufacturing consulting services, apart from data storage products, including disks, tapes,
and storage area networks. The company is focusing on services as the key engine for growth. IBM has also been concentrating
on offshoring in a big way by setting up units in low-cost destinations across the world, including in India. The company generated
revenue and earned net profit of US$ 92.79 bn and US$ 12 bn respectively in 2014 (IBM has a December year ending).

Cognizant
Cognizant, founded in 1994, is an Indian origin, US based IT services and consulting company. It was originally formed as the IT
development and maintenance services arm of The Dun & Bradstreet Company and Satyam Computer Services Ltd. The company
was spun off as an independent organization two years later. Cognizant provides a range of IT Services in verticals like financial
services, healthcare, manufacturing, retail, logistics, media and entertainment. Out of these, financial services contributed 41.8% of
revenue, healthcare contributed 26.2%, manufacturing/retail/logistics contributed 20.4% and all other verticals combined
contributed 11.6% to revenue. The company generated revenue and net profit of US$ 10.26 bn and US$ 1.44 bn respectively in
the year ended December 2014.

Microsoft Corp.
Microsoft Corporation was founded in 1975 by Bill Gates and Paul Allen. The Company is headquartered in Redmond,
Washington. Microsoft engages in the development, manufacturing, licensing, and support of software products for computing
devices. It operates three divisions - platforms and services, business services, and entertainment and devices. The Company also
offers operating systems for servers, personal computers, server applications and developer tools, training and certification
services. Its products provide messaging and collaboration, database management, e-commerce, and mobile information access
capabilities. It also offers consulting services and online communication and information services, including email and instant
messaging, online search and premium content. Going forward the company sees a lot of traction building in the entertainment and
healthcare domains and in BRIC geographies. With the acquisition of Nokia's devices and services division to form Microsoft
Mobile Oy, the company re-entered the smartphone hardware market. For the year ended June 2015, the company generated
revenue and net profit of US$ 93.58 bn and US$ 12.19 bn respectively.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

265

CYIENT LIMITED
SOFTWARE

MISCELLANEOUS

Chairman: B.V.R. Mohan Reddy

Yr of Inc

B. Code

1991
532175
SHAREHOLDING

BL. Code
INFE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 22.3%
:
0.0%
: 12.1%
: 37.1%
: 28.6%
: 10,280

Price

475.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.9

SEC: Sudheendhra Putty

% ch 12-m
-10.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

211
140
167.8
20.7
26.4
4.50
2.6
118.5
111.60
1.0
8.5
6.6
1.5
21.7
19,591
0.0
11,406
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,731
381
19,112
3,424
636
3
3,166
0
129
-18
967
2,311
18.3
30.5
12.3

22,064
169
22,234
4,102
720
14
3,538
0
152
0
1,030
2,660
18.6
29.1
12.1

27,359
1,218
28,577
4,008
713
58
4,456
22
150
0
1,096
3,532
14.7
24.6
12.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

11,194
2,449
46.7
4.6
0
77
3,413
558
12,371
13,225
0
16,100
1,092.8
0.0
1.2
14.4
17.5
24.8
0.0
0.0

14,448
3,235
50.8
4.5
0
79
3,413
560
14,497
15,885
0
19,553
259.2
0.0
1.1
13.7
16.7
23.3
0.0
0.0

15,703
6,120
35.0
2.6
8
71
3,718
562
17,149
18,441
467
25,786
78.4
0.0
1.1
13.9
19.2
24.8
0.0
0.0

BALANCE SHEET DATA

P/E

593
265
243.5
31.4
37.8
5.00
1.2
164.1
112.36
ESOP
1.8
13.6
11.4
2.6
15.9
48,191
5.0
16,756
5,420.9
3,320.0
699.8

P/CF

15.1

12.6

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.1

Vol.

53,410.3

16.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE136B01020

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

389
157
197.1
23.8
30.2
5.00
1.8
141.9
111.96
1.4
11.5
9.0
1.9
21.0
30,565
0.0
13,678
NM
NM
NM

Regd off: 4th Flr, A Wing, No: 11, Software Units Layout, Madhapur, Hyderabad -81
E-Mail:
sudheendhra.putty@cyient.com
Web site: www.cyient.com
Telephone: (040) 2312 4006 Fax: (040) 6662 4368
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Export sales
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,118
7,300
`m
1,201
945
%
16.9
12.9
`m
1,008
937
%
14.2
12.8

Jun 15
7,263
966
13.3
748
10.3

Sep 15
7,716
1,232
16.0
985
12.8

FY14
21552
20.8
18.4

FY15
18330
21.0
15.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs M
%
%

1,402
-733
-419
250

FY13
25913
17.5
17.2

2,272
-176
-427
1,668

3,617
-5,282
-319
-1,984

NOTES

Based in Hyderabad, Cyient is involved in providing IT services in two broad

categories: engineering services and data and network operation services. In the
engineering division, the company designs services for manufacturing firms in
aerospace, defense, energy, railways, mining, and semi-conductor industries, among
others. It also develops software for power plants, chemical plants, and upstream oil
and gas firms. The data and network division develops software for utilities and
telecom firms to help them manage their vast networks.

Since incorporation in 1991, Cyient has stayed away from providing services to
traditional sectors like banking and financial services. Instead, it focused on providing
design and process engineering services for firms in the aerospace, defense, railway,
nuclear energy, mining, and heavy machinery sectors, among others. In other words,
the company did not follow the typical sector-based approach. Instead, it chose a
service-line approach, focusing on high value services (like design and network
engineering) that are always in demand across many sectors.The US, Europe, and
Asia Pacific regions contribute 57%, 28%, and 15% respectively to the topline. In
terms of segmental revenues, the profile is better. The biggest vertical, Aerospace,
contributes 35%, but all other verticals each have a contribution lower than 20%.
During FY15, consolidated revenues posted a growth of 24% YoY. In US dollars, the
companys revenue was US$446.9 million, which is an increase of 23% over the last
financial year. Despite significant cross-currency movements during the year, the
companys revenues in constant currency increased by 24.3% YoY. The companys
operating margin has come down to 14.7%, compared to 18.6% last year. However,
net profits grew by 32.8% YoY to Rs 3533 million.

Get more info at www.equitymaster.com

266

HCL TECHNOLOGIES LIMITED

SOFTWARE

Chairman: Shiv Nadar (CSO)

Yr of Inc

B. Code

1991
532281
SHAREHOLDING

BL. Code
HCLT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
2

44.5%
17.1%
3.6%
29.1%
5.8%
89,311

Price

842.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/06/13

-4.3

SEC: Manish Anand

% ch 12-m
8.3

FX Transaction (FY15)
` m 146,845
`m
1,428
` m 150,923
`m
20,863
` m 130,060
12
30/06/14

12
30/06/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

809
473
367.1
58.0
67.1
6.00
0.9
188.9
696.87
ESOP
1.7
11.1
9.5
3.4
10.3
446,519
85.5
125,742
2,991.8
1,470.6
472.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

255,811
3,511
259,322
56,612
6,368
1,056
52,699
-43
-2
0
12,253
40,401
22.1
23.3
15.8

321,437
6,774
328,211
80,353
6,809
1,145
79,173
-183
201
0
14,096
65,095
25.0
17.8
20.3

367,012
11,395
378,407
84,726
4,038
912
91,171
-248
399
0
18,151
73,171
23.1
19.9
19.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

126,335
74,739
20.2
1.7
3
64
72,464
1,394
113,347
131,640
7,967
223,993
50.9
0.1
1.1
18.5
30.7
38.5
44.5
0.5

193,296
92,418
31.4
2.1
1
65
79,749
1,400
172,789
195,498
2,006
299,797
70.1
0.0
1.1
22.1
33.3
40.7
44.3
0.4

230,468
99,451
35.7
2.3
2
65
88,268
2,812
223,879
242,244
1,679
352,447
100.9
0.0
1.0
21.0
30.2
37.8
40.0
0.4

INCOME DATA

BALANCE SHEET DATA

Regd off: 806, Siddharth, 96, Nehru Place, New Delhi - 110 019
E-Mail:
manishanand@hcl.com
Web site: www.hcltech.com
Telephone: (020) 2520 917 Fax: (0120) 2526 907
Tr agent: Alankit Assignments, 205-208, Anarkali Mrkt, Jhandewalan Extn., Delhi-55

1,589
1,058
756
720
459.2
261.0
93.0
52.0
102.7
54.9
10.00
30.00
0.9
3.4
279.3
172.3
699.98
1,405.98
ESOP ESOP,B1:1
2.6
3.4
12.6
17.1
11.4
16.2
4.2
5.2
10.8
57.6
820,622 1,250,057
91.7
106.1
149,064
177,264
3,505.7
3,458.9
1,625.7
1,670.6
709.9
689.6

P/E

20.1

P/CF
18.2

(` )

AUD: S. R Batliboi & Co.

Yield

Mkt cap

1.2

Vol.

1,310,367.5

50.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE860A01027

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/06/13

12
30/06/14

12
30/06/15

INTERIMRESULTS
Dec 14
Mar 15
`m
42,476
43,860
`m
18,219
17,489
%
42.9
39.9
`m
16,203
15,647
%
38.1
35.7

Jun 15
44,655
15,730
35.2
14,352
32.1

Sep 15
43,497
15,774
36.3
14,046
32.3

FY14
26.2
57.4
12.8
3.6

FY15
34.8
17.8
42.3
5.1

Parameters
Infrastructure Management Ser.
Application Ser.
Engineering and R&D Services
BPO

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues

44,917
-23,539
-20,862
516

FY13
29.2
49.0
17.5
4.3

64,568
-48,401
-13,080
3,087

55,392
-20,135
-31,403
3,854

NOTES

HCL Tech is India's fourth largest software services firm. It provides end-to-end
software services across industries and geographies via its global delivery model. Its
employee base as of FY15 end was 106,107. Its revenue and profit grew at 24.8%
CAGR and 42.2% CAGR respectively between FY10 and FY15.
HCL Techs topline grew by 14.2% YoY during FY15 while the bottomline grew by
12.4% YoY. The bottomline growth good was despite an operating margin contraction
from 22.5% in FY14 to 21.7% in FY15. The companys topline growth was largely
driven by the retail, media, and telecom verticals.

The company has established itself in the Infrastructure management space. This
segment contributes about 35% of the revenue. However, the company faces a
challenge of building its capabilities in the digital space where the competition is
intense. Historically, the company has not been very strong in traditional application
development services. Only time will tell if the company manages to make a
successful transition in the times to come.

Get more info at www.equitymaster.com

267

HEXAWARE TECHNOLOGIES LIMITED

SOFTWARE

Chairman: Atul K. Nishar

Yr of Inc

B. Code

1990
532129
SHAREHOLDING

BL. Code
HEXT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
: 71.4%
:
4.3%
: 13.8%
: 10.5%
: 83,493

Price

237.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.6

SEC: Gunjan Methi

% ch 12-m
12.2

FX Transaction (FY15)
`m
0
`m
73
`m
1,100
`m
1,209
`m
-109
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

142
75
65.7
11.0
12.1
5.40
5.0
40.6
296.55
ESOP
1.7
9.8
8.9
2.7
48.9
32,176
9.1
10,606
2,148.2
1,169.4
361.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,482
438
19,920
3,927
324
2
4,040
0
0
0
763
3,277
20.2
18.9
16.8

22,854
373
23,226
4,810
386
2
4,795
0
0
0
1,004
3,791
21.0
20.9
16.6

25,817
228
26,045
4,468
440
9
4,247
0
0
-66
980
3,202
17.3
23.1
12.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,118
3,272
30.0
2.8
0
68
5,199
593
10,887
12,039
0
15,785
2,525.8
0.0
1.2
20.8
27.2
33.6
0.0
0.5

11,242
5,830
23.7
1.9
0
52
5,371
600
10,152
11,992
0
18,312
2,398.5
0.0
1.2
20.7
31.6
40.0
0.0
0.2

10,140
4,311
22.6
2.4
0
52
5,489
602
11,008
12,906
0
17,655
472.9
0.0
1.5
18.2
24.8
32.5
0.0
0.3

BALANCE SHEET DATA

P/E

22.3

231
125
85.8
10.6
12.1
9.45
5.3
42.9
300.93
ESOP
2.1
16.7
14.7
4.1
88.8
53,475
10.0
14,596
2,577.6
1,457.3
319.6

P/CF
19.6

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

4.0

Vol.

71,440.7

76.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE093A01033

350
Close

300

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

139
73
76.2
12.6
13.9
11.10
10.5
40.0
299.88
ESOP
1.4
8.4
7.6
2.7
87.8
31,787
8.9
12,219
2,581.1
1,380.0
428.2

Regd off: 152, Millennium Business Park, Sector 3, TTC IndI. Area, Navi Mumbai-10
E-Mail:
gunjanm@hexaware.com
Web site: www.hexaware.com
Telephone: (022) 4159 9595 Fax: (022) 4159 9578
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
BFSI
Travel & Transportation
Healthcare & Insurance
Others

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,118
7,134
`m
1,418
1,271
%
19.9
17.8
`m
1,087
968
%
15.3
13.6

Jun 15
7,722
1,323
17.1
926
12.0

Sep 15
8,184
1,461
17.9
1,116
13.6

FY14
35.5
16.3
19.1
29.1

FY15
37.5
18.4
14.2
29.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues

2,199
-2,484
-1,897
-2,182

FY13
30.5
20.5
16.3
32.7

3,358
-1,162
-1,255
941

4,129
1,193
-5,353
-31

NOTES

Hexaware is a provider of IT and process outsourcing services focusing extensively

on managing large IT applications real time and on providing high value services
around business intelligence and analytics solutions as well as packaged enterprise
applications such as SAP, CRM, Oracle, and PeopleSoft. It delivers services to
industries like Banking and Financial, Insurance, Travel Transportation and Logistics
and some emerging businesses like Life Sciences, Healthcare etc. The company
follows a December year-end. Its revenues and profits went through ups and downs
over the last several years. From CY10 to CY14 the companys topline and
bottomline grew at a CAGR of 25.1% and 31.3% respectively during this period.

At the end of December 2014, the company achieved a revenue growth of 12.1% YoY
in rupee terms, which stood at Rs 26.04 bn. North America took the lead by
contributing to 64.6% of the total revenue followed by Europe, which contributed
28.3%. Operating profit fell by 11.4% YoY to Rs 4.25 bn. The net profit decreased by
15.6% YoY to Rs 3.2 bn, largely due high employee expenses and a higher tax rate.
In CY14, Hexaware added 44 new clients during the year and the total active clients
at the end of the year, stood at 236. Despite the short-term headwinds the company
is facing, the long-term growth outlook remains positive.

Get more info at www.equitymaster.com

268

INFOSYS LTD.
SOFTWARE

Chairman: K. V. Kamath

Yr of Inc

B. Code

1981
500209
SHAREHOLDING

BL. Code
INFY.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 15.9%
:
0.0%
: 13.6%
: 58.2%
: 12.2%
: 376,380

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

1,029.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-8.4

SEC: N. R. Ravikrishnan

% ch 12-m
5.8

FX Transaction (FY15)
`m
0
`m
0
` m 461,580
` m 220,450
` m 241,130
12
31/03/14

12
31/03/15

3,005
2,125
706.2
165.0
184.2
42.00
1.6
664.9
571.41
3.6
15.5
13.9
3.9
25.5
1,465,667
156.7
225,650
2,575.3
1,440.1
601.8

3,836
2,212
877.4
186.5
209.5
63.00
2.1
779.3
571.41
3.4
16.2
14.4
3.9
33.8
1,727,944
160.4
288,310
3,125.4
1,797.4
664.3

2,335
1,447
466.6
108.3
117.2
59.50
3.1
444.0
1,142.81
B1:1
4.1
17.5
16.1
4.3
55.0
2,161,054
176.2
298,020
3,026.3
1,691.5
702.2

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

403,520
23,650
427,170
115,330
10,990
0
127,990
0
0
0
33,700
94,290
28.6
26.3
23.4

501,330
26,640
527,970
133,810
13,170
0
147,280
0
0
0
40,720
106,560
26.7
27.6
21.3

533,190
34,300
567,490
148,700
10,170
0
172,830
0
0
0
49,110
123,720
27.9
28.4
23.2

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

353,430
80,990
67.5
4.4
0
64
82,790
2,860
373,780
379,940
0
463,310
NM
0.0
0.9
20.4
24.8
33.7
0.0
0.0

430,780
120,310
61.9
3.6
0
61
93,390
2,860
438,110
445,300
0
569,660
NM
0.0
0.9
18.7
23.9
33.1
0.0
0.0

472,420
155,030
59.5
3.0
0
66
121,220
5,720
497,720
507,360
0
662,890
NM
0.0
0.8
18.7
24.4
34.1
0.0
0.0

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Electronics City, Hosur Road, Bangalore - 560 100.

E-Mail:
ravikrishnan_nr@infosys.com
Web site: www.infosys.com
Telephone: (080) 4116 7750 Fax: (080) 2852 0754
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
P/E

P/CF

19.1

17.7

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

5.8

Vol.

2,364,375.8

371.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE009A01021

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
137,960
134,110
`m
36,890
34,480
%
26.7
25.7
`m
32,500
30,970
%
23.6
23.1

Jun 15
143,540
34,470
24.0
30,300
21.1

Sep 15
156,350
39,920
25.5
33,980
21.7

FY14
35.1
33.2
7.1
5.2
19.4

FY15
34.5
32.5
8.0
4.8
20.2

Parameters
Application Dev. & Maintenance
Consulting & Package implem.
Infrastructure Management Ser
Products Paltforms & Solutions
Others

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues
% of revenues
NOTES

73,730
-30,200
-32,100
11,430

FY13
36.8
31.4
6.9
5.0
19.9

98,250
-25,770
-31,440
41,040

83,530
10,880
-49,350
45,060

Infosys is Indias second largest software firm and is recognized globally for its worldclass management practices and work ethics. It offers services like software
development & maintenance, consulting & package implementation, infrastructure
management services and testing. Infosys offers all these services through its highly
integrated and globally recognized delivery model. Its revenue and profit grew at
18.6% CAGR and 14.6% CAGR respectively between FY10 and FY15.

Infosys topline registered a growth of 6.4% YoY during FY15. In US$ terms the
topline grew by 5.6% YoY. Despite a dull growth in revenue, the operating
performance was strong. The operating margin improved to 26% in FY15 from 24.1%
in FY14. Infosys reported a 14.8% YoY growth in its operating profit and a 16.1% YoY
growth in its net profit during FY15.
FY15 was a historic year for Infosys. Visionary founder N.R. Narayana Murthy found
a worthy successor in Dr. Vishal Sikka. Dr. Sikka has taken over as CEO and has
embarked on a two-pronged strategy. First, will be to continue with the operational
improvements started by Mr. Murthy and second, to transform the Infosys into the
next generation software company. This, renew and new strategy is long-term in
nature keeping 2020 in mind.

Get more info at www.equitymaster.com

269

MINDTREE LIMITED
SOFTWARE

Chairman: Subroto Bagchi

Yr of Inc

B. Code

1999
532819
SHAREHOLDING

BL. Code
MINT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 14.6%
:
1.9%
: 10.5%
: 35.6%
: 37.4%
: 51,800

Price

1,418.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.6

SEC: Rajesh S. Narang

% ch 12-m
21.7

FX Transaction (FY15)
`m
0
`m
339
`m
34,483
`m
16,827
`m
17,656
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

923
483
568.6
81.7
96.7
12.00
1.7
316.2
41.54
ESOP
1.2
8.6
7.3
2.2
14.7
29,203
11.6
14,274
2,037.6
1,231.5
292.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

23,618
350
23,968
4,524
624
10
4,240
0
0
0
847
3,393
19.2
20.0
14.4

30,316
496
30,812
6,100
809
4
5,783
0
0
0
1,275
4,508
20.1
22.0
14.9

35,474
835
36,309
7,092
1,018
1
6,908
0
0
0
1,545
5,363
20.0
22.4
15.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

11,497
3,684
33.1
3.1
0
70
3,160
415
12,414
13,137
32
16,910
425.0
0.0
1.4
20.1
25.8
32.3
0.0
1.0

14,688
4,394
34.0
3.3
0
72
3,932
417
15,784
16,405
27
20,994
1,446.8
0.0
1.4
21.5
27.5
35.2
0.0
1.0

18,526
6,064
35.1
3.1
0
72
5,909
837
19,122
20,124
23
26,549
6,909.0
0.0
1.3
20.2
26.6
34.3
0.0
1.0

INCOME DATA

BALANCE SHEET DATA

1,725
783
727.2
108.1
127.5
25.00
2.0
393.5
41.69
ESOP
1.7
11.6
9.8
3.2
23.1
52,279
12.9
17,820
2,345.4
1,378.6
348.8

Regd off: Global Village, RVCE Post, Mysore Road, Bangalore - 560 059
E-Mail:
rajesh_narang@mindtree.com
Web site: www.mindtree.com
Telephone: 080-3395 5118 Fax: (080) 6706 4100
Tr agent: Link Intime India, C13 Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

1,560
748
423.7
64.1
76.2
17.00
1.5
240.3
83.73
BI
2.7
18.0
15.1
4.8
26.5
96,624
15.4
20,747
2,304.7
1,347.9
348.4

P/E

P/CF

22.6

19.0

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

1.2

Vol.

121,378.1

5.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE018I01017

1,800
1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
United States
Europe
India
Rest of the world

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,117
9,036
`m
1,866
1,758
%
20.5
19.5
`m
1,338
1,399
%
14.7
15.5

Jun 15
9,816
1,729
17.6
1,180
12.0

Sep 15
11,693
2,164
18.5
1,518
13.0

FY14
58.0
28.0
5.0
9.0

FY15
62.0
25.0
4.0
9.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues

2,664
-1,919
-125
620

FY13
57.0
29.0
6.0
8.0

3,219
-2,244
-1,113
-138

5,983
-2,098
-1,376
2,509

NOTES

Mindtree is a mid-sized Indian IT services company. Mindtree's business comprises

of consulting, application development & maintenance, data warehousing, business
intelligence, package implementation, testing, R&D services, and software product
development. The company's revenues and net profit grew at compounded annual
average rates of 22.4% and 20.1% respectively during FY10 to FY15.

During FY15, Mindtree saw a topline growth of 17.5% YoY. In US$ terms, the topline
was up by 16.4% YoY. The growth was driven by the retail, CPG, media, financial,
and manufacturing verticals. The companys operating profit grew by 14.8% YoY. The
operating margin fell to 17.1% in FY15 compared to 17.5% in FY14. The companys
net profit was up by 19% YoY in FY15. This was primarily because of the good
operating performance.
For FY16, the management stated that new digital technologies are driving growth.
One-third of the companys revenue is driven by providing digital services. Mindtrees
global delivery model is helping the company win deals through personalized and
differentiated services. The management expects to maintain industry leading growth
rates.

Get more info at www.equitymaster.com

270

MPHASIS LIMITED
SOFTWARE

Chairman: Friedrich Froeschl

Yr of Inc

B. Code

1992
526299
SHAREHOLDING

BL. Code
MBFL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 60.5%
:
4.7%
: 26.2%
:
8.6%
: 29,984

Price

477.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.6

SEC: A. Sivaram Nair

% ch 12-m
20.2

FX Transaction (FY15)
`m
0
`m
79
`m
24,581
`m
5,309
`m
19,272
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

513
335
275.8
35.4
42.3
17.00
4.0
234.8
210.13
ESOP
1.5
12.0
10.0
1.8
48.0
89,095
37.1
35,568
1,564.2
959.9
200.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

57,963
1,405
59,368
10,326
1,448
330
9,952
0
0
0
2,514
7,438
17.8
25.3
12.8

25,938
522
26,460
4,376
504
111
4,283
0
0
-64
1,191
3,027
16.9
27.8
11.7

57,948
1,967
59,916
8,701
981
279
9,408
0
0
-32
2,630
6,746
15.0
28.0
11.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

31,266
15,503
27.2
2.0
0
41
2,385
2,101
42,897
49,345
4,982
70,957
31.1
0.1
0.8
10.9
15.1
18.9
0.0
0.1

32,694
13,836
72.7
2.4
0
109
2,238
2,101
45,164
51,150
4,314
69,901
39.4
0.1
0.4
4.5
5.9
7.8
0.0
0.2

39,479
15,168
42.0
2.6
0
39
1,760
2,102
48,284
54,798
3,094
74,167
34.7
0.1
0.8
9.5
12.3
16.7
0.0
0.1

BALANCE SHEET DATA

P/E

477
331
275.4
32.1
36.7
16.00
4.0
260.4
210.41
ESOP
1.5
12.6
11.0
1.6
49.9
85,006
33.3
35,869
1,740.1
1,077.1
202.6

P/CF

14.9

13.0

(` )

Yield
3.3

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

100,383.9

10.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE356A01018

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

445
365
123.4
14.4
16.8
7.00
1.7
243.4
210.13
ESOP
3.3
28.1
24.1
1.7
48.6
85,103
36.1
16,274
719.1
451.2
83.9

Regd off: Bagmane Technology Park, Byrasandra, C.V.Raman Nagar, Bangalore-93

E-Mail:
sivaram.nair@mphasis.com
Web site: www.mphasis.com
Telephone: (080) 4004 1045 Fax: (080) 4004 4003
Tr agent: Integrated Enterp., 30, Ramana Residency, Malleswaram, Bangalore-03

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,108
14,290
`m
2,066
2,016
%
14.6
14.1
`m
1,651
1,777
%
11.7
12.4

Jun 15
14,964
2,116
14.1
1,742
11.6

Sep 15
15,575
2,345
15.1
1,900
12.2

FY14
49.4
18.3
32.3

FY15
53.0
14.0
33.0

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Application Services
% of revenues
BPO Services
% of revenues
ITO Services
% of revenues
* 5 month period ending 31 March 2014

7,556
-5,428
-3,175
-1,047

FY13
59.0
17.0
24.0

1,975
2,202
-4,287
-111

6,165
-3,664
-1,863
637

NOTES

Mphasis is a mid-size player in the Indian software sector. The company has carved
a niche due to its broad range of quality offerings, in the banking, financial services,
and insurance (BFSI) segment. It also caters to clients in the healthcare, telecom,
transportation, retail, and government sectors. Hewlett Packard (HP) holds majority
stake in Mphasis.
For the year ended March 2015, the company registered revenues of Rs 57.9 bn. The
operating profit margin for this period was Rs 9.4 bn. The net profit came in at Rs 6.75
bn. These numbers are not comparable on a YoY basis as last year; the company
had changed its financial year-end to March. The segmental break-up of revenues
was as follows: BFS Rs 23.7 bn, Insurance Rs 8.1 bn, Media & Entertainment
Rs 9.6 bn, Others Rs 16.5 bn.
The company commenced a transformational journey in 2011, which was based on
the following tenets- accelerating the growth of direct (non HP) business; retaining
footprint of HP Enterprise Services (HP ES); expanding to other areas in HP beyond
HP ES; identifying strategic verticals and countries of focus and strengthening those
areas; maintaining a good balance of business between developed and emerging
countries; future-proofing the organization by investing in IP and surround IP led
offerings to drive non linear growth. The company remains committed to traverse on
the announced path. In FY15, the company did well to re-position itself for taking
advantage of the new wave of digital technologies that is disrupting the IT landscape.
Its dependence on HP reduced in FY15. HP contributed 34% to the topline in FY15.

Get more info at www.equitymaster.com

271

TATA ELXSI LIMITED

SOFTWARE

Chairman: S. Ramadorai

Yr of Inc

B. Code

1992
500408
SHAREHOLDING

BL. Code
TTEX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
10

: 45.1%
:
0.0%
:
3.8%
:
3.5%
: 47.7%
: 56,376

Price

1,847.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.7

SEC: G. Vaidyanathan

% ch 12-m
208.9

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
272
7,016
2,635
4,381

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

254
183
199.6
6.8
14.5
5.00
2.3
62.7
31.14
1.1
31.9
15.1
3.5
73.1
6,804
0.0
3,515
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,217
48
6,265
710
237
39
482
0
9
-159
119
213
11.4
24.6
3.4

7,748
125
7,873
1,365
350
18
1,122
0
0
0
399
723
17.6
35.6
9.3

8,494
34
8,528
1,773
255
0
1,551
0
0
0
531
1,020
20.9
34.2
12.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,904
1,606
4.8
1.2
0
83
1,204
311
1,633
1,952
0
3,634
13.3
0.0
1.7
6.9
10.9
19.0
0.0
3.6

2,383
1,408
12.6
1.7
0
73
1,095
311
2,035
2,357
0
3,884
62.3
0.0
2.0
19.1
30.7
48.4
0.0
1.5

3,283
1,713
18.5
1.9
0
66
1,011
311
2,511
2,834
0
4,655
NM
0.0
1.8
21.9
36.0
54.7
0.0
3.2

INCOME DATA

BALANCE SHEET DATA

669
156
248.8
23.2
34.4
9.00
2.2
75.7
31.14
1.7
17.8
12.0
5.4
38.8
12,841
0.0
4,030
NM
NM
NM

Regd off: ITPB Road, Whitefield, Bangalore - 560 048

E-Mail:
gvnathan@tataelxsi.co.in
Web site: www.tataelxsi.com
Telephone: (080) 2297 9316 Fax: (080) 2841 1474
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd., Mumbai-11

1,488
535
272.8
32.8
41.0
11.00
1.1
91.0
31.14
3.7
30.9
24.7
11.1
33.6
31,490
0.0
4,606
NM
NM
NM

P/E

P/CF

56.4

45.1

(` )

Yield
0.6

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

57,529.6

135.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE670A01012

2,500
Close

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,215
2,313
`m
504
474
%
22.8
20.5
`m
278
298
%
12.5
12.9

Jun 15
2,435
560
23.0
357
14.7

Sep 15
2,637
613
23.2
381
14.5

FY14
88
12

FY15
92
8

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Software Devel. and Services
% of revenues
Systems Integration and Support % of revenues

379
-320
-109
-50

FY13
89
11

1,288
-237
-786
265

1,430
-275
-321
834

NOTES

Tata Elxsi Ltd (TEL) provides customized design solutions to companies across the
globe. The company has two primary business segments: Software Development
and Services (SDS), and Systems Integration and Support (SIS). SDS comprises of
the Embedded Product Design division, the Industrial Design division, and the Visual
Computing Labs division. The Embedded Product Design division provides
technology consulting, new product development, system integration, and testing
services for leading product companies, service providers and aspiring start-ups. The
Industrial Design division helps customers develop their brands and products. The
Visual Computing Labs division provides Animation, Visual Effects (VFX) and 3D
stereoscopic content for feature films, etc. The SIS division implements and
integrates complete systems and solutions for High-Performance Computing, etc.
During FY15, the companys consolidated top-line grew by 9.6% YoY. The operating
profit grew significantly by 36.1% YoY due to good control over fixed costs. The main
segment, Software Development and Services registered a revenue growth of 15%
YoY during the year while the profit from this segment grew by 28% YoY. The topline
and bottomline for the Systems Integration and Support segment, was Rs 675.5 m
and Rs 59.4 m. Net profit for the company, which came in at Rs 1020.2 m, witnessed
an increase of 41.2% YoY.

Going forward, Tata Elxsi intends to continue to leverage its technology capabilities,
user centric design, creative experience to position itself as a complete solutions and
service provider. The management will also continue to focus on increasing the share
of software sales and support services in the SIS segment, for improved margins.
The company is present in many niche segments, and the business offers decent
long-term growth prospects.

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272

TCS LIMITED
SOFTWARE

Chairman: Cyrus Mistry

Yr of Inc

B. Code

1960
532540
SHAREHOLDING

BL. Code
TCS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 73.9%
:
0.0%
:
6.7%
: 14.9%
:
4.5%
: 616,828

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

2,365.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-4.2

SEC: Suprakash Mukhopadhyay

% ch 12-m
-5.8

FX Transaction (FY15)
`m
4,696
`m
5,706
` m 718,183
` m 253,161
` m 465,022
12
31/03/14

12
31/03/15

1,591
1,059
321.8
71.1
76.6
22.00
1.7
196.9
1,957.22
4.1
18.6
17.3
6.7
30.9
2,593,121
276.2
240,400
2,280.6
870.4
503.9

2,370
1,368
417.7
97.8
104.7
32.00
1.7
251.2
1,958.72
4.5
19.1
17.8
7.4
32.7
3,661,337
300.5
298,600
2,722.8
993.8
637.8

2,834
2,001
483.2
101.4
110.5
79.00
3.3
258.5
1,958.72
5.0
23.8
21.9
9.4
77.9
4,734,716
319.7
387,012
2,960.9
1,210.7
621.0

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

629,895
11,782
641,677
180,399
10,799
485
180,897
-1,584
0
0
40,140
139,173
28.6
22.2
22.1

818,094
16,367
834,461
251,528
13,492
385
254,019
-1,680
0
0
60,700
191,639
30.7
23.9
23.4

946,484
32,299
978,783
244,817
17,987
1,042
258,087
-2,075
0
4,898
62,388
198,522
25.9
24.2
21.0

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

313,985
116,647
31.3
2.7
0
82
81,419
1,957
372,906
385,457
1,310
519,570
374.1
0.0
1.2
26.9
36.1
46.5
0.2
0.6

428,977
156,703
33.3
2.7
0
81
104,440
1,959
473,233
491,948
1,273
671,378
660.4
0.0
1.2
28.6
39.0
51.2
0.3
0.8

488,130
203,182
30.1
2.4
0
79
123,113
1,959
490,418
506,348
1,143
736,609
248.7
0.0
1.3
27.1
39.2
51.6
0.5
0.6

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 9th Floor, Nirmal Building., Nariman Point, Mumbai - 400 021
E-Mail:
investor.relations@tcs.com
Web site: www.tcs.com
Telephone: (022) 6778 9595 Fax: (022) 6778 9660
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11
P/E

P/CF

23.3

21.4

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

3.3

Vol.

4,633,767.6

86.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE467B01029

3,000
Close

2,500

100 DMA

2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
245,011
242,198
`m
69,872
42,390
%
28.5
17.5
`m
53,276
37,127
%
21.7
15.3

Jun 15
256,681
71,384
27.8
56,841
22.1

Sep 15
271,655
77,688
28.6
60,847
22.4

FY14
41.6
15.5
11.9
12.0
19.0

FY15
40.2
15.6
13.8
11.7
18.7

Parameters
Application Dev. & Maintenance
Enterprise Solutions
Infrastructure services
Business Process Outsourcing
Others

`
`
`
`

m
m
m
m

116,150
-60,857
-57,295
-1,521

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues
% of revenues
NOTES

FY13
42.8
15.2
11.5
12.5
18.0

147,514
-96,671
-56,732
-3,735

193,688
-17,013
-171,676
3,940

Tata Consultancy Services (TCS) is the largest software company in Asia, having a
wide range of offerings and catering to industries like banking and financial services,
manufacturing, telecom, and retail. The company was one of the pioneers of the
acclaimed global delivery model. It has the largest employee base (319,656 at the
end of FY15) in the Indian software industry. It has grown its revenue and net profit
between FY10 and FY15 at a compounded annual growth rate (CAGR) of 25.8% and
23.2% respectively.

TCS grew its sales by 15.7% YoY during FY15. In constant currency terms, the
growth was 17% YoY. The depreciation of the rupee against the US$ helped the
companys topline while the US$ appreciation against other currencies was a drag on
the topline. Growth was broad based across services, verticals, and geographies.
TCSs operating margins fell to 24% in FY15 compared to 29.1% in FY14, largely due
to a one-time employee bonus of Rs 26.279 bn. TCS reported a 3.6% YoY growth in
net profits. The net margin fell to 21% in FY15 compared to 23.4% in FY14.
TCS had as good year in FY15. The company approved the merger of subsidiary
CMC with itself. The merger will not have a significant impact on the companys
financials. The companys deal pipeline and competitive position in the global
outsourcing industry improved during the year. Volume growth has been good and
utilisation continued to increase. The management remains confident that they can
achieve industry-leading growth going forward, without compromising on margins.
The long-term growth story for TCS firmly remains intact on the back of healthy broad
based growth.

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273

WIPRO LIMITED
SOFTWARE

MISCELLANEOUS

Chairman: Azim Hasham Premji

Yr of Inc

B. Code

1945
507685
SHAREHOLDING

BL. Code
WIPR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 73.5%
:
0.0%
:
3.5%
: 12.0%
: 11.0%
: 210,471

Price

565.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

1.5

SEC: V. Ramachandran

% ch 12-m
2.1

FX Transaction (FY15)
`m
0
`m
8,873
` m 367,665
` m 203,181
` m 164,484
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

611
315
176.2
32.2
36.5
8.00
1.7
130.4
2,464.51
2.6
14.4
12.7
3.6
24.8
1,140,822
133.4
206,815
3,254.5
1,550.0
595.6

673
482
190.2
35.1
39.8
12.00
2.1
150.2
2,469.04
3.0
16.5
14.5
3.8
34.2
1,425,377
140.0
225,115
3,353.6
1,608.0
618.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

374,300
14,405
388,705
76,574
9,397
2,894
78,688
-322
0
0
16,865
61,501
20.5
21.4
16.4

434,238
19,219
453,457
96,352
10,594
3,834
101,143
-438
0
0
21,234
79,471
22.2
21.0
18.3

469,510
24,497
494,007
102,992
11,749
3,499
112,241
-531
0
0
25,101
86,609
21.9
22.4
18.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

300,635
165,554
36.1
1.8
3
75
49,747
4,924
252,696
265,646
853
436,739
28.2
0.0
0.9
14.7
23.2
30.5
2.2
5.7

346,451
155,980
43.9
2.2
2
72
51,766
4,930
305,545
321,287
10,909
496,882
27.4
0.0
0.9
16.8
24.7
31.5
0.0
3.5

432,190
194,480
50.6
2.2
4
71
54,275
4,937
348,979
370,920
12,707
583,768
33.1
0.0
0.8
15.4
23.3
30.0
0.0
1.9

BALANCE SHEET DATA

P/E

P/CF

16.1

14.2

(` )

AUD: BSR & Co.

Yield

Mkt cap

2.1

Vol.

1,395,355.4

38.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE075A01022

800
700

12
31/03/15

453
295
152.1
25.0
28.8
7.00
1.9
107.9
2,461.32
ESOP
2.5
15.0
13.0
3.5
28.0
920,534
140.0
179,940
2,673.6
1,285.3
439.3

INCOME DATA

Regd off: Doddakannelli, Sarjapur Road, Bangalore - 560 035

E-Mail:
ramachandran.venkatesan@wipro.com
Web site: www.wipro.com
Telephone: (080) 2844 0011 Fax: (080) 2844 0051
Tr agent: Karvy Computershare, 17-24, Vittal Rao Nagar, Madhapur, Hyderabad-81

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
120,851
121,714
`m
27,578
27,678
%
22.8
22.7
`m
21,928
22,720
%
18.1
18.7

Jun 15
123,706
27,233
22.0
21,877
17.7

Sep 15
125,668
27,765
22.1
22,354
17.8

FY14
24.0
8.9
20.0
47.1

FY15
26.7
9.5
16.1
47.7

Parameters
Global Infrastructure Services
BPO
ADM
Others

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of revenues
% of revenues
% of revenues
% of revenues

63,941
-45,981
-11,404
7,172

FY13
23.6
8.7
21.7
46.0

67,900
-2,773
-35,695
29,363

78,404
-25,957
-8,297
44,150

NOTES

Wipro is India's third largest software services firm. It provides end-to-end software
services across industries and geographies via the global delivery model. Its
employee base as of FY15 end was 158,217. Its revenue and profit grew at 16.6%
CAGR and 13.3% CAGR respectively between FY10 and FY15.
Wipros topline grew by 8.1% YoY during FY15 while the bottom-line grew by 9% YoY.
The bottomline growth was hampered by a minor contraction in operating margins
from 19.7% in FY14 to 19.4% in FY15. The companys topline growth was largely
driven by the energy, healthcare, and telecom verticals. The company has engaged
in a major productivity enhancement drive by relying on automation to relive
employees of mundane daily tasks. This will free up time that can be utilised for
productive activities.
Wipro continued to win large deals in FY15. However, revenue growth continues to
lag the industry average. This is expected to change going forward as the company
has begun making small but strategic acquisitions in the digital space. The long-term
fundamental prospects for the company remain firmly intact.

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274

ZENSAR TECHNOLOGIES LIMITED

SOFTWARE

Chairman: H. V. Goenka

Yr of Inc

B. Code

1963
504067
SHAREHOLDING

BL. Code
ZENT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOENKA R.P.
F.V.
10

: 45.3%
:
2.3%
:
0.5%
: 13.0%
: 38.8%
: 25,534

Price

982.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.0

SEC: Nilesh Limaye

% ch 12-m
66.2

FX Transaction (FY15)
`m
0
`m
89
`m
8,512
`m
512
`m
8,000
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

303
179
488.5
40.0
47.7
8.00
3.3
167.3
43.58
ESOP
0.5
6.0
5.0
1.4
20.0
10,481
0.0
10,246
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,288
34
21,322
3,003
332
100
2,606
0
0
0
861
1,745
14.1
33.0
8.2

23,350
303
23,653
3,582
383
103
3,399
0
0
0
1,023
2,375
15.3
30.1
10.2

26,558
270
26,827
3,917
415
112
3,659
0
0
0
1,013
2,646
14.7
27.7
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,035
3,582
20.9
2.2
18
58
3,993
436
6,723
7,289
1,335
12,572
27.2
0.2
1.7
14.7
23.9
31.4
0.0
0.2

10,015
4,294
24.5
2.3
20
56
4,236
438
8,625
9,455
746
14,859
34.1
0.1
1.6
16.7
25.1
34.3
0.0
0.2

11,240
5,339
22.2
2.1
17
62
5,488
443
10,749
11,570
15
17,345
33.8
0.0
1.5
15.9
22.9
32.5
0.0
0.3

INCOME DATA

BALANCE SHEET DATA

430
181
533.5
54.3
63.0
10.00
3.3
216.0
43.77
ESOP
0.6
5.6
4.8
1.4
18.4
13,365
0.0
11,327
NM
NM
NM

Regd off: MIDC, Off Nagar Rd., Zensar Knowledge Park, Kharadi, Plot 4, Pune-14
E-Mail:
investor@zensar.com
Web site: www.zensar.com
Telephone: (020) 66074000 Fax: (020) 6607 4433
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

775
332
599.1
59.7
69.1
11.00
2.0
261.0
44.33
0.9
9.3
8.0
2.1
18.4
24,528
0.0
12,944
NM
NM
NM

P/E

17.8

P/CF
15.4

(` )

AUD: Price Waterhouse

Yield

Mkt cap

1.1

Vol.

47,089.1

20.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE520A01019

1,200
Close

1,000

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net Profit Margin
ROE
Net Sales Growth

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,199
6,681
`m
1,055
1,032
%
14.7
15.4
`m
695
718
%
9.7
10.7

Jun 15
7,060
1,092
15.5
761
10.8

Sep 15
7,587
1,182
15.6
913
12.0

FY14
10.2
28.4
40.9

FY15
10
25.2
8.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%

1,060
-247
-1,139
-326

FY13
8.2
26.8
20.6

2,095
-1,284
-774
36

3,206
-1,820
-874
512

NOTES

Zensar Technologies, an RPG group company, is among the top 15 software

companies in India by revenues. The company has expertise in enterprise
applications, business intelligence, data analytics, customer relationship
management (CRM), and business process outsourcing (BPO). It derives its
revenues mainly from the manufacturing, retail, insurance, and healthcare industries.
The US is the largest contributor to revenues while the global networking giant Cisco
is its largest customer. Zensar's primary service lines are application development
and maintenance (ADM) and Infrastructure Management Services (IMS). ADM
contributes about two-thirds of the revenues.
It can now afford to bid for larger contracts between US$10-20 million compared to
the smaller contracts between US$1-5 million in the past. The company is now able
to garner large and complex IT infrastructure projects double the size that it used to
deliver.

To compete with large IT firms as it further scales, the management intends to focus
on niche areas like multi-vendor support (MVS). This means that the company will be
able to provide IT infrastructure support to clients, irrespective of the type of software
or hardware they are using. Going forward, the management's thrust on services
rather than software products is likely to lend further support to the revenue growth
and margins of the company.
During FY15, the company reported a return on equity of 25.2% in 2014-15, which
was considerably higher than the prevailing cost of capital in India. The company has
cash and cash equivalents of Rs 2.9 billion at the close of the year. Total income grew
13.7% YoY to Rs 26.82 billion, comprising income from Software Development and
Allied Services of Rs 26.27 billion. Net profits grew 11.4%.

Get more info at www.equitymaster.com

275

STEEL
Being a core sector, steel industry tracks the overall
economic growth in the long term. Also, steel demand, being
derived from other sectors like automobiles, consumer
durables and infrastructure, its fortune is dependent on the
growth of these user industries. The Indian steel sector
enjoys advantages of domestic availability of raw materials
and cheap labour. Iron ore is also available in abundant
quantities. This provides a major cost advantage to the
domestic steel industry.
The Indian steel industry is largely iron-based through the
blast furnace (BF) or the direct reduced iron (DRI) route. The
Indian steel industry is highly consolidated. About 60% of the
crude steel capacity is resident with integrated steel
producers (ISP). But the changing ratio of hot metal to crude
steel production indicates the increasing presence of
secondary steel producers (non integrated steel producers)
manufacturing steel through scrap route, enhancing their
dependence on imported raw material.
India continues to hold its position as the 3rd largest steel
making nation in the world during the current calendar year.
During FY 15, domestic crude steel production was 88.1 MT,
registering a growth of around 7.9% over the previous year.
Further, finished steel production registered a growth of 3.3%
in FY15. Due to adverse Global conditions, there has been a
large inflow of imports, which surged by more than 70%,
while overall domestic consumption registered a growth of
3.1% only. In the case of carbon steel, the consumption
growth remained almost flat at 0.5%. This has also
manifested in a series of price cuts for the domestic steel
industry during the year, leading to a squeeze on margins
earned by steel producers.
China in the last decade built substantial steelmaking
capacity to meet its manufacturing growth and consumption
requirements. This resulted in, China's share of global steel
production to double to 50%. The global steel capacity
utilisation continues to remain at around 75%, while,
utilisation levels in China remained lower than the global
average and around 70% of the total global excess capacity
resides in China. This, coupled with declining domestic steel
consumption led to rise in steel exports from China. Chinese
steel exports surged to an all-time high of over 100 MT in FY
2015 creating a cascading effect on other steel producing
nations.
Steel prices are now increasingly aligning to global export
prices as markets strike a balance between imports and
domestic demand. Chinas waning demand and resultant rise
in exports poses a risk to leveraging improving domestic
demand in South Asia and Europe. Further, movement of
currencies against USD would also have a significant impact
on the movement of global steel and raw material prices.
FY15
Indian steel industry faced several challenges during the
year. On the other hand the finished steel imports surge by
70% especially from the surplus economies of China, Korea,
Japan and Russia. Korea & Japan enjoy reduced the import
tariffs under the Free Trade Agreement (FTA) with India. At
the same time finished steel exports from India also
decreased by 8.1% YOY to 5.5 MT. Resultant steel trade
dynamics, subdued demand and declining raw material prices
have driven global steel prices lower and impacted
profitability of steel companies.
During the FY 15, the performance of the Indian companies
operations were adversely impacted by the regulatory
uncertainties in the mining sector. For the first time, several of

its critical mines remained closed for varying periods, causing

immense stress on operations. This led to supply and
production disruptions and impacted the cost structure.
World crude steel production grew at 1% reaching 1,665 MT
in 2014, as per World Steel Association (WSA). The global
steel industry continues to face problems of large surplus
capacity.
KEY POINTS
Supply: With trade barriers having been lowered over the
years, imports play an important role in the domestic markets.
Demand: The demand is derived from sectors that include
infrastructure, consumer durables and automobiles.
Barriers to entry: High capital costs, technology, economies
of scale, government policy
Bargaining power of suppliers: Low for fully integrated
players who have their own mines for raw materials. High, for
non integrated players who have to depend on outside
suppliers for sourcing raw materials.
Bargaining power of customers: High, presence of a large
number of suppliers and access to global markets.
Competition: High, presence of a large number of players in
the unorganized sector, Imports from China, Russia and FTA
Countries such as Japan, South Korea.
PROSPECTS
Global economic growth indicators are moderately positive,
but the volatility in energy prices, currency adjustments,
swings in capital flows can potentially impact emerging
economies. The IMF forecasts the world economy to expand
expand at 3.5% this year and 3.8% in 2016, terming global
growth prospects as moderate and uneven in its latest April
2015 World Economic Outlook. The growth in advanced
economies, aided by fall in oil prices, is projected to
strengthen, for the third year in a row, to 2.4% in CY 2015
compared to 1.8% in CY 2014.
The global steel demand in CY 2015 is expected to increase
by 0.5% to 1,544 MnT, while in CY 2016 it is projected to
grow by 1.4% to 1,566 MnT. Steel demand in the developed
economies is projected to grow by 0.2% in CY 2015 and by
1.8% in CY 2016. Chinese steel demand is projected to
record a negative growth of 0.5% in CY 2015 as well as in CY
2016.
Indian steel demand is expected to reflect improving macroeconomic environment. Steel end use sectors are expected
to perform better compared to the previous financial year.
Infrastructure projects like dedicated freight corridor etc., are
gaining momentum and the steady decline in stalled projects
coupled with a hike in import duty in both flat and long
products should stimulate steel demand. Recent weakness in
Indian rupee has also helped competitiveness of domestic
steel players. However, steel prices are expected to remain
under pressure from Chinese exports and increased domestic
competitiveness.
Indian economy is among a few economies globally for which
economic growth forecast has been raised by the IMF. The
IMF has raised its India GDP growth estimates for FY 201516 to 7.5%. In 2015-16, steel demand is expected to grow by
6% to 7%. However, a much sharper than expected increase
in inflation and higher than budgeted fiscal consolidation are
the key downside risks to the outlook.
276

STEEL
GLOBAL COMPARISON
FY14/CY13
Production
Revenues
EBDITA
EBDITA margin
Net profit
Net profit margin
Return on equity
Debt to equity

Unit
MTPA
US$ m
US$ m
%
US$ m
%
%
x

Tata Steel*
24.2
21,089
2,015
9.6
(593)
N.A
-12.5
2.3

Arcelor Mittal
93.1
79,282
3,034
3.8
-1,086
N.A
-2.36
0.41

Posco
37.7
58,917
2,286
3.9
513
0.9
1.5
0.4

Nucor Corp
21.1
21,105
1,360
6.4
714
3.4
9.26
0.56

* Year ended March 2014. For others, figures are for year ended December 2013
Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

Posco
Founded in 1987, Pohang Iron and Steel Company (POSCO) based in Pohang, South Korea is one of the leading steel
manufacturing companies engaged in the production and marketing of steel products, including hot-rolled and cold-rolled products,
plates, wire rods, silicon steel sheets and stainless steel products. The company primarily operates in Asia. It is headquartered in
Kyongsang buk do, South Korea. Approximately 70% of the companys steel remains in Korea and is used in the countrys
shipbuilding, automotive and home appliance industries while the rest is exported worldwide. Posco produced approximately
37.7 million tons of crude steel in 2014 as compared to approximately 38.3 million tons in 2013.
Domestic sales accounted for 44.6% of total revenue from steel products produced and export sales and overseas sales to
customers abroad accounted for 55.4%. Poscos major export market is Asia, with Asia other than China and Japan accounting for
28.3%, China accounting for 26.6%, and Japan accounting for 11.7% of total steel export revenue from steel products produced
and exported by Posco in 2014.
In 2014, Posco earned revenue of USD 58.9 bn and net profit of 513 million.

ArcelorMittal
ArcelorMittal is the worlds largest steel producer. It was created in 2006 by the merger of Arcelor SA and Mittal Steel. ArcelorMittal
is the largest steel producer in the Americas, Africa and Europe and is the sixth largest steel producer in the CIS region.
ArcelorMittal has steel-making operations in 19 countries on four continents, including 56 integrated and mini-mill steel-making
facilities. It also has a workforce in the region of 222,000. The company produces a range of finished and semi-finished carbon
steel products. ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household
appliances and packaging. The company also leads in R&D and technology and holds sizeable captive supplies of raw materials
and operates extensive distribution networks.
For the financial year ended December 2014, ArcelorMittal had sales of US $79.2 billion, steel shipments of 85.1 MT, crude steel
production of 93.1 MT. ArcelorMittal registered a loss of US $ 1.14 billion.

Nucor Corporation
Nucor Corporation is the largest steel producer in the United States having production capacity in excess of 27 thousand tonnes.
But more than a steel maker, they are the worlds foremost steel recycler and one of the largest recyclers of any kind. Nucor was
among the first steel companies in the United States to use electric arc furnace (EAF) to melt recycled steel. Nucor revolutionized
the sheet steel industry by pioneering thin slab casting technology in Crawfordsville, Indiana. Thin slab casting was a revolutionary
process that substantially reduced the capital investment and costs to produce sheet steel. Forbes magazine described this
accomplishment as the most substantial, technological and industrial innovation in the past 50 years.
Net sales for 2014 increased 11% from the prior year. The average sales price per ton increased 3% from $803 in 2013 to $830 in
2014, while total tons shipped to outside customers increased 7% in 2014 as compared to 2013. In 2014, Nucor recorded gross
margins of $1.91 billion (9%) compared to $1.41 billion (7%) in 2013. The year-over-year dollar and gross margin percentage
increases were primarily the result of the 3% increase in the average sales price per ton and 7% increase in tons shipped to
outside customers, Nucor reported net earnings of US$ 713 m in 2014 compared to net earnings of US$ 488 m in 2013.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

277

JSW STEEL LIMITED

STEEL & RELATED

Chairman: Sajjan Jindal (MD)

Yr of Inc

B. Code

1994
500228
SHAREHOLDING

BL. Code
JSTL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

JINDAL O.P.
F.V.
10

: 36.2%
:
2.4%
:
3.2%
: 21.4%
: 36.9%
: 827,548

Price

942.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.9

SEC: Lancy Varghese

% ch 12-m
-14.1

FX Transaction (FY15)
`m
78,817
` m 172,950
`m
80,936
` m 183,190
` m -102,255
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

894
566
1,712.5
43.2
143.4
10.00
1.4
764.8
223.12
0.4
16.9
5.1
1.0
23.2
162,855
9.6
9,803
39,909.8
1,023.9
1,006.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

382,097
697
382,794
65,039
22,375
19,675
23,687
343
-2,253
-3,694
8,453
9,631
17.0
35.7
2.5

512,196
858
513,054
91,655
31,826
30,479
30,208
504
135
-17,128
9,201
4,520
17.9
30.5
0.9

529,715
1,114
530,830
94,023
34,345
34,930
25,862
748
21
-471
8,194
17,966
17.7
31.7
3.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

119,336
186,651
-17.6
0.6
52
20
393,004
2,842
159,026
170,647
173,932
577,280
2.2
1.0
0.7
5.1
5.6
11.0
18.2
32.9

154,503
257,389
-20.1
0.6
58
16
548,838
3,028
165,370
211,739
267,026
776,399
2.0
1.3
0.7
4.5
2.1
9.2
15.7
31.6

188,173
252,549
-12.2
0.7
76
17
588,562
3,028
176,535
222,896
336,766
859,192
1.7
1.5
0.6
6.2
8.1
10.9
14.9
32.6

INCOME DATA

BALANCE SHEET DATA

1,047
452
2,119.1
18.7
150.4
11.00
1.5
876.0
241.70
A
0.4
40.1
5.0
0.9
58.8
181,070
11.1
12,982
46,148.0
1,169.7
407.2

Regd off: JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051
E-Mail:
jswsl.investor@jsw.in
Web site: www.jsw.in
Telephone: (022) 4286 1000 Fax: (022) 4286 3000
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,365
880
2,191.6
74.3
216.4
11.00
1.0
922.2
241.70
0.5
15.1
5.2
1.2
14.8
271,381
11.4
15,328
46,498.9
1,345.5
1,577.0

P/E

P/CF

12.7

4.4

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.2

Vol.

227,869.4

160.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE019A01020

1,600
1,400
1,200

Close
100 DMA

1,000
800
600
400
200
0
Dec-12
CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
132,230
125,997
`m
23,179
17,138
%
17.5
13.6
`m
3,289
883
%
2.5
0.7

Jun 15
115,762
16,455
14.2
-1,061
-0.9

Sep 15
109,069
17,402
16.0
1,184
1.1

FY14
2.0
9.1
0.7
11.0
1.6

FY15
7.9
10.3
3.0
11.0
1.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

58,442
-54,334
-7,909
-3,801

FY13
6.9
10.5
2.8
10.0
1.2

25,935
-56,713
33,005
2,227

69,025
-63,969
-1,691
3,365

JSW Steel, the flagship company of the JSW Group, is the second largest private
sector steel manufacturer in terms of installed capacity in India. JSW Steel has
integrated steel manufacturing facilities, from raw material processing plants to value
added product capacities with an installed capacity of 14.3 MTPA, its facilities are
located across six locations in South and West India. JSW Steel is one of the lowest
cost steel producers in the world. It has established a strong presence in the global
value-added steel segment with the acquisition of steel mill in US and a service
center in UK. JSW Steel has recently acquired a majority stake in Ispat Industries Ltd
which will enable it to become the largest steel producer in India. Subsequently it has
decided to merge its loss-making subsidiary JSW Ispat with itself to achieve better
operational synergy and bring down cost.
JSW Steel reported a 1.7% increase in net sales and a 62.3% increase in net profits
for the financial year ended March 2015. On a consolidated basis, JSW Steel
reported a 3.4% YoY increase in sales and 343.3% increase in net sales. Standalone
operating profit margins stood at 17.7% while consolidated operating profit margins
stood at 16.6%.

Get more info at www.equitymaster.com

278

STEEL AUTHORITY OF INDIA LIMITED

STEEL & RELATED

Chairman: C. S. Verma

Yr of Inc

B. Code

1973
500113
SHAREHOLDING

BL. Code
SAIL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 80.0%
:
0.0%
: 10.8%
:
5.9%
:
3.3%
: 382,428

Price
43.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.1

SEC: M. C. Jain

% ch 12-m

12
31/03/14

75
38
113.6
6.4
10.9
2.00
3.6
104.8
4,130.53
0.5
8.8
5.2
0.5
31.1
232,342
97.9
97,082
4,794.6
991.7
270.9

113
65
111.2
5.2
9.8
2.00
2.2
107.0
4,130.53
0.8
17.0
9.1
0.8
38.3
367,824
93.4
98,662
4,922.4
1,056.9
231.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

449,745
10,510
460,255
49,703
15,266
8,461
36,486
0
480
-2,293
11,383
23,291
11.1
31.2
5.2

469,377
8,257
477,634
41,970
18,358
10,471
21,399
0
1,495
10,563
6,935
26,521
8.9
32.4
5.7

459,520
9,830
469,349
49,875
18,830
15,349
25,526
0
-885
0
3,060
21,582
10.9
12.0
4.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

243,376
231,963
2.5
1.0
131
37
545,449
41,305
367,973
416,443
141,549
865,043
5.3
0.3
0.5
3.7
5.6
7.7
2.6
32.7

274,398
287,675
-2.8
1.0
119
43
621,335
41,305
382,042
432,846
141,330
938,685
3.0
0.3
0.5
3.9
6.1
7.7
3.2
33.2

290,010
348,013
-12.6
0.8
139
26
670,638
41,305
389,017
442,029
144,381
1,013,189
2.7
0.3
0.5
3.6
4.9
6.8
3.4
28.4

4.5

(` )

AUD: S. K. Mittal & Co.

Yield

Mkt cap

4.6

Vol.

180,297.6

472.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE114A01011

120
Close

100

12
31/03/15

102
60
108.9
5.6
9.3
2.00
2.5
100.8
4,130.53
0.7
14.3
8.7
0.8
35.5
334,160
101.9
87,557
4,414.5
859.4
228.6

P/CF

8.4

FX Transaction (FY15)
`m
15,677
` m 130,625
`m
15,677
` m 136,325
` m -120,647

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-44.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Ispat Bhawan, Lodi Road, New Delhi - 110 003
E-Mail:
secy.sail@sailex.com
Web site: www.sail.co.in
Telephone: (011) 2436 7481 Fax: (011) 2436 7015
Tr agent: MCS Ltd., F-65, 1st Floor, Okhla Indl. Area, Phase-I, New Delhi-20

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
111,073
115,851
`m
12,081
9,298
%
10.9
8.0
`m
5,791
3,342
%
5.2
2.9

Jun 15
95,028
-817
-0.9
-3,216
-3.4

Sep 15
92,569
25,936
28.0
25,861
27.9

FY14
6.2
6.6
5.0
2.0
0.6

FY15
4.9
5.6
4.19
2.0
0.69

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

28,229
-83,167
30,085
-24,852

FY13
5.7
7.1
4.6
2.0
0.5

63,128
-74,885
10,173
-1,584

32,054
-53,956
22,620
718

Steel Authority of India Limited (SAIL) is the leading steel-making company in India.
It is a fully integrated iron and steel maker, producing both basic and special steels
for domestic construction, engineering, power, railway, automotive and defence
industries and for sale in export markets. SAIL is also among the seven Maharatnas
of the country's Central Public Sector Enterprises. The company has the distinction
of being Indias second largest producer of iron ore and of having the countrys
second largest mines network. This gives SAIL a competitive edge in terms of captive
availability of iron ore, limestone, and dolomite which are inputs for steel making.
For the full year ended March 2015, the company reported a decline of 2.1% YoY and
18.6% YoY in consolidated sales and net profits respectively. Operating profit margins
stood at 11.4%. For the full year, crude steel production stood at 13.9 million tonnes
(MT) and saleable steel volumes stood at 12.8 million tonnes (MT).

SAIL incurred capex of Rs 68.4 bn in FY15. Sail is expanding its crude steel capacity
from 13.9 MT to 21.4 MT by FY 2017. For FY 16, management expects capex to be
in the range of Rs 65 bn. The ongoing expansion is expected to not only increase
SAILs capacity but also improve its technological efficiency.

Get more info at www.equitymaster.com

279

TATA STEEL LTD.

STEEL & RELATED

Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1907
500470
SHAREHOLDING

BL. Code
TISC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
10

: 31.4%
:
0.0%
: 24.7%
: 20.6%
: 23.3%
: 939,623

Price

226.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.7

SEC: A. Anjeneyan

% ch 12-m

FX Transaction (FY15)
`m
8,838
`m
92,843
`m
9,884
` m 103,132
` m -93,248
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

482
300
1,387.0
-72.7
-15.3
8.00
2.0
351.8
971.22
GDR
0.3
-5.4
-25.6
1.1
-11.0
379,747
80.6
189,120
16,704.1
2,345.1
-875.1

425
199
1,530.2
37.0
97.2
10.00
3.2
417.3
971.22
0.2
8.4
3.2
0.7
27.0
302,826
80.4
203,034
18,486.3
2,525.6
447.2

574
315
1,436.4
-40.4
20.8
8.00
1.8
322.8
971.22
0.3
-11.0
21.4
1.4
-19.8
431,562
80.0
214,076
17,438.0
2,676.0
-490.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,347,115
4,792
1,351,907
123,212
55,753
39,681
32,569
2,145
903
-73,899
32,294
-70,576
9.1
99.2
-5.2

1,486,136
5,168
1,491,304
164,110
58,412
43,368
67,498
-699
8
-276
30,582
35,949
11.0
45.3
2.4

1,395,037
7,962
1,402,999
125,358
59,436
48,478
25,406
133
167
-39,287
25,674
-39,255
9.0
101.1
-2.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
542,248
`m
522,854
%
1.4
x
1.0
Days
65
Days
38
`m
692,132
`m
9,714
`m
288,043
`m
341,722
`m
468,576
`m
1,468,763
x
1.8
x
1.4
x
0.9
%
-2.1
%
-20.7
%
0.2
%
1.7
%
6.2

579,894
641,231
-4.1
0.9
66
39
859,806
9,714
310,562
405,320
523,664
1,716,445
2.6
1.3
0.9
4.6
8.9
11.8
1.4
6.6

535,947
458,261
5.6
1.2
66
35
833,709
9,714
209,373
313,494
656,752
1,589,455
1.5
2.1
0.9
0.6
-12.5
3.6
0.6
6.7

P/CF
10.9

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

3.5

Vol.

220,321.3

906.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE081A01012

700
Close

600

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-47.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001
E-Mail:
cosec@tatasteel.com
Web site: www.tatasteel.com
Telephone: (022) 6665 7279 Fax: (022) 6665 7724
Tr agent: TSR Darashaw, Moosa Patrawala Indl. Est., E.Moses Road, Mumbai-11

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
336,332
336,662
`m
31,032
15,710
%
9.2
4.7
`m
1,571
-8,631
%
0.5
-2.6

Jun 15
303,003
28,023
9.2
6,045
2.0

Sep 15
293,047
18,500
6.3
20,925
7.1

FY14
10.0
9.7
2.4
10.0
1.9

FY15
-11.3
2.9
-2.7
8
2.49

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

140,353
-132,969
-17,804
-8,440

FY13
-19.6
-0.2
-5.3
8.0
1.9

131,459
-164,511
10,146
-12,178

118,798
-84,221
-26,172
2,415

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel
Group is among the top-ten global steel companies with an annual crude steel
capacity of nearly 30 million tonnes (MT) per annum. It is now the world's secondmost geographically-diversified steel producer.

It is among the lowest cost producers of steel in the world. Its captive raw material
resources and the state-of-the-art 9.7 MT per annum plant at Jamshedpur, in
Jharkhand, give it a competitive edge. In coming years, the company plans to
continue to increase its capacity significantly through both brownfield and Greenfield
developments. The first phase of the 6 MT per annum Greenfield project in
Kalinganagar, with stage-wise commissioning expected to start in FY 16.

Tata Steel Europe (erstwhile Corus) has a crude steel production capacity of 18 MT
per annum. Tata Steel Europe has manufacturing operations in Mainland Europe,
plants in UK, Netherlands, Germany, France and Belgium. Tata Steel Thailand has a
manufacturing capacity of 1.7 MT. NatSteel Asia produces about 2 MT of steel
products annually across its regional operations in seven countries.
Tata Steel reported a 6.1% YoY decline in net sales on a consolidated basis for FY15.
Net profit on a consolidated basis has decreased by 208% YoY. Standalone operating
profit margins stood at 22.7% while consolidated operating profit margins stood at
9.2%.

Get more info at www.equitymaster.com

280

TELECOM
India's teledensity has improved from under 4% in March
2001 to around 79.38% by the end of March 2015. The
mobile subscriber base (GSM and CDMA combined) has
grown from under 2 m at the end of FY00 to touch almost
996.5 m at the end of March 2015. Tariff reduction and
decline in handset costs has helped the segment to gain in
scale. The cellular segment is playing an important role in the
industry by making itself available in the rural areas where the
teledensity is far lower (48.37%) than that in urban India
(148.61%).
The fixed line segment continues to decline in terms of the
subscriber base. It has declined to 26.59 m subscribers in
March 2015 from 28.49 m in March 2014.
As far as wireless broadband connections (>= 512 kbps) are
concerned, Indias internet users have risen considerably
from 50 million in 2007 to 100 million in 2010 and more than
300 million in 2014, with close to 60% users accessing
internet via mobiles (as per Internet & Mobile Association of
India. This makes India the worlds second-largest internet
market after China. Consumption of data services continues
to grow at an exponential pace.
FY15
After the fall in mobile subscriber base in FY13 due to the
cancellation of spectrum licenses of some of the operators in
February 2012, the sector continues to bounce back in terms
of subscriber additions. The industry added about 63.5 m
wireless subscribers in FY15. At the end of March 2015, the
countrys total telecom subscriber base (fixed plus mobile)
stood at about 996.5 m. The tele-density level stood at about
79.38% by the end of the fiscal.

1,025
1,000
975
950
925
900
875
850

Total subscriber base

12

Net adds (RHS)

9
6
3
Apr-14

Jul-14

Oct-14

Jan-15

Subscribers (m)

Subscribers (m)

TELECOM MARKET IN FY12

INDIA'S WIRELESS MARKET

Net adds (RHS)

300

725

200

450

100

175

(100)

FY09 FY10 FY11 FY12 FY13 FY14 FY15

(100)

Subscribers (m)

Subscribers (m)

Wireless subscriber base

1,000

In March, 2015, the Department of Telecommunications

(DoT) concluded the auction process for 800 MHz, 900 MHz,
1,800 MHz, and 2,100 MHz spectrum. Of the 470.75 MHz
that was put up for auction in 22 circles, 418.05 MHz was
sold for a consideration of Rs 1,098,749 million. The licences
are valid for a period of 20 years from the date of allotment.
In February 2015, the sector regulator, Telecom Regulatory
Authority of India (TRAI) came out with final regulation on
termination rates for the industry effective from March 01,
2015. Mobile termination charge has been reduced from Rs
0.20 per min to Rs 0.14 per min. Fixed line termination rates
have been reduced from Rs 0.20 per min to zero. Termination

charge on international incoming calls has been increased

from Rs 0.40 per min to Rs 0.53 per min. The cap on carriage
charge has been reduced from Rs 0.65 per min to Rs 0.35
per min.
KEY POINTS
Supply - Intense competition has resulted in prompt service to
the subscribers.
Demand - Given the low tariff environment and relatively low
rural and semi urban penetration levels, demand will continue
to remain higher in the foreseeable future across all the
segments.
Barriers to entry Complex regulations, high capital
investments, well-established players who have a nationwide
network, license fee, continuously evolving technology and
lowest tariffs in the world.
Bargaining power of suppliers - Improved competitive
scenario,
mobile
number
portability
(MNP),
and
commoditisation of telecom services has led to reduced
bargaining power for services providers.
Bargaining power of customers - A wide variety of choices
available to customers both in fixed as well as mobile
telephony has resulted in increased bargaining power for the
customers.
Competition Competition is expected to increase when
Reliance Jio Infocomm (RJio) enters the industry in 2016.
Reduced tariffs have hurt all incumbent operators.
PROSPECTS
The fixed line business continues to remain muted despite
the low penetration levels in the country. The increasing
demand for data based services such as the Internet is the
major catalyst in the growth of the sector. The scale of the
mobile opportunity in India is therefore immense.
Increasing choice and one of the lowest tariffs in the world
have made the cellular services in India attractive for the
average consumer. The teledensity in urban areas is nearly
150%. Therefore, the main driver for future growth would be
the rural areas where wireless tele-density is around 48.37%.
The government successfully concluded the auction process
for 800 MHz, 900 MHz, 1,800 MHz, and 2,100 MHz
spectrum. Out of the 470.75 MHz that was put up for auction
in 22 circles, 418.05 MHz was sold for a consideration of Rs
1,098,749 million. Operator will use the spectrum to roll-out
high speed 3G and 4G services.
The operators competitive position improved during FY15.
Due to reducing competition, tariffs remained stable.
However, operators did not see better realizations. In fact,
realisations fell due to the aggressive push for subscriber
additions. While operators succeeded in achieving good
growth in subscriber additions, they will be tested with the
imminent entry of RJio.
Balance sheets of operators came under additional pressure
due to the debt taken for the spectrum auctions. Additionally,
capex requirements have increased significantly in recent
times as operators have been improving capacity and
efficiency of their networks to accommodate the exponential
growth in data consumption.

281

TELECOM
GLOBAL COMPARISON
Unit
Revenues
EBIDTA margin (%)
Profit after tax
Net profit margin (%)
Return on capital employed
Return on equity
Total subscribers (June 2015)
EBIDTA per subscriber per year
Price/Earnings (TTM)
EV/Subscriber (TTM)

US$ m
%
US$ m
%
%
%
m
US$
x
US$

Bharti
Airtel
13,928
34.1
784
5.6
6.4
7.8
324
14.6
26.2
89.4

China
Mobile*
102,632
36.4
17,505
17.1
24.6
12.7
817
45.7
16.4
2,104

Verizon
Communications*
127,079
28.4
9,625
7.6
8.3
70.4
110
330
19.1
197,015

Vodafone
62,074
4.7
8,698
14.0
6.2
8.7
446
6.5
10.2
19,490

* Year ended December 2014. For others, figures are for year ended March 2015
Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

China Mobile (China)

The company was incorporated in 1997 under the name China Telecom (Hong Kong) Limited and changed its name to China
Mobile (Hong Kong) Limited in 2000. Further, it changed its name to China Mobile Limited in May 2006. It provides mobile
telecommunications services in mainland China. The company provides various voice-related services, including local calls,
domestic long distance calls, international long distance calls. As at the end of June 2015, it had approximately 817.2 million
subscribers and is the world's largest mobile telecommunications company. The company is headquartered in Hong Kong.

Verizon Communications (US)

Verizon Communications Inc. is one of the worlds leading providers of integrated telecommunication services. Its services include
wire line voice and data services, wireless services, internet services, and published directory information. The company provides
integrated communications, information and entertainment products and services to consumers, businesses and governmental
agencies and has a presence in over 150 countries around the world. It also provides network services to the federal government
including business phone lines, data services, telecommunications equipment and payphones. At the end of June 2015, the
company serviced around 109.5 m wireless subscribers.

Vodafone (UK)
Vodafone Group Plc is a British multinational telecom firm which provides an extensive range of mobile telecommunications
services, including voice and data communications, with a significant presence in Continental Europe, the United Kingdom, the
United States and the Far East through the company's subsidiary undertakings, associated undertakings and investments. It is the
worlds second largest telecom company and the largest 4G service provider in Europe. The Group's mobile subsidiaries operate
under the brand name 'Vodafone'. During the last few years, Vodafone has also entered into arrangements with network operators
in countries where the group does not hold an equity stake. Under the terms of these Partner Network Agreements, the group and
its partner networks co-operate in the development and marketing of global services under dual brand logos. As of March 31,
2015, the company had 446 m customers (Groups proportionate share) worldwide.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

282

BHARTI AIRTEL LIMITED

TELECOM

Chairman: Sunil B. Mittal (MD)

Yr of Inc

B. Code

1995
532454
SHAREHOLDING

BL. Code
BRTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 43.7%
: 21.7%
:
7.2%
: 17.7%
:
9.7%
: 260,508

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

310.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-7.4

SEC: Mukesh Bhavnani

% ch 12-m
-12.5

FX Transaction (FY15)
`m
0
`m
37,221
`m
37,274
`m
67,393
` m -30,119
12
31/03/14

P/E

24.0

374
267
214.8
6.9
46.1
1.80
0.6
149.5
3,997.40
PA
1.5
46.2
7.0
2.1
26.0
1,280,767
0.0
46,228
NM
NM
NM

420
304
230.5
13.0
51.8
2.22
0.6
155.0
3,997.40
1.6
27.9
7.0
2.3
17.1
1,447,059
0.0
47,123
NM
NM
NM

769,470
5,103
774,573
236,085
148,148
45,187
47,853
88
0
0
25,184
22,757
30.7
52.6
3.0

858,635
10,408
869,043
283,519
156,496
58,788
78,643
-2,467
0
0
48,449
27,727
33.0
61.6
3.2

921,351
24,788
946,139
310,905
155,311
73,252
107,130
-1,248
0
0
54,047
51,835
33.7
50.4
5.6

`m
196,906
`m
420,547
%
-29.1
x
0.5
Days
1
Days
32
`m
638,277
`m
18,988
`m
437,955
`m
503,217
`m
569,137
`m
1,533,762
x
2.1
x
1.1
x
0.5
%
4.4
%
4.5
%
8.7
%
0.0
%
3.3

223,857
568,050
-40.1
0.4
1
27
596,429
19,987
543,846
597,560
549,919
1,769,145
2.3
0.9
0.5
4.9
4.6
11.8
0.0
1.9

222,010
634,435
-44.8
0.3
1
27
579,157
19,987
511,539
619,564
452,283
1,898,316
2.5
0.7
0.5
6.6
8.4
16.7
0.0
4.0

P/CF
6.0

(` )

CASHFLOW

Mkt cap

0.7

Vol.

1,242,791.7

172.9

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: S. R. Batliboi & Assoc.

Yield

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

370
239
202.6
6.0
45.0
1.00
0.3
132.5
3,797.53
1.5
50.8
6.8
2.3
16.7
1,156,158
0.0
38,823
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, New Delhi -70
E-Mail:
compliance.officer@bharti.in
Web site: www.airtel.com
Telephone: (011) 4666 6100 Fax: (011) 4666 6137
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE397D01024

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
232,281
230,398
`m
78,969
82,937
%
34.0
36.0
`m
17,286
14,022
%
7.4
6.1

Jun 15
236,808
82,690
34.9
3,355
1.4

Sep 15
238,519
81,426
34.1
8,631
3.6

FY14
205.5
2.33
283.6
174,659

FY15
226.0
1.78
310.9
209,786

Parameters
Mobile subscribers (India)
Net Debt/EBITDA
Mobile subs (total on network)
Capex

`
`
`
`

m
m
m
m

227,699
-186,761
-45,655
-6,341

KEY DATA
Unit
FY13
m
188.2
times
2.57
m
271.2
m
137,442

262,326
-249,733
27,744
38,264

276,018
-220,481
-96,570
-40,990

NOTES

Bharti Airtel is the largest mobile services operator with 30.7% revenue market share
of the Indian wireless market at the end of FY15. The company, apart from being the
largest player in the mobile segment with subscribers in all the 22-telecom circles of
the country, also provides varied services like fixed line, broadband, and retail
internet access. During the period FY10 to FY15, the company grew its sales at
CAGR of 17.1%.

Bharti grew its net sales by 7.3% YoY during FY15 driven by growth in data volumes.
The average revenue per user (ARPU) for the Indian mobile business declined during
FY15 by 7.1% YoY due to falling realisations. Data realisations fell 6% YoY and voice
realisations fell 3% YoY. The aggregate minutes of usage (MoU) grew by 5% YoY
while the data consumption per customer grew 41% YoY.
The African business remained in the red despite investments of over Rs 600 bn. The
company is in the process of selling its tower assets as well as exiting a few countries
in the continent. However, the acquisition of this business can be deemed a failure.

Bharti has a pan-India 2G, 3G, and 4G footprint along with its operations in Sri Lanka,
Bangladesh, and Africa. The company is the third largest mobile operator (in terms of
subscriber base) in the world. Going forward, the companys performance will be
determined by the data segment. With the entry of Reliance Jio in this space, the
competition will only intensify going forward.

Get more info at www.equitymaster.com

283

IDEA CELLULAR LIMITED

TELECOM

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

1995
532822
SHAREHOLDING

BL. Code
IDEA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 42.9%
:
0.0%
:
4.5%
: 21.6%
: 30.9%
: 266,634

BIRLA ADITYA
Price

133.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.4

SEC: Pankaj Kapdeo

% ch 12-m
-8.4

FX Transaction (FY15)
`m
0
`m
13,196
`m
4,855
`m
17,647
` m -12,792
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

124
71
67.6
3.1
13.5
0.30
0.3
43.2
3,314.32
ESOS
1.4
32.0
7.2
2.3
9.8
323,478
9.7
11,225
22,991.4
1,151.8
1,037.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

224,074
1,165
225,239
59,543
34,778
10,157
15,773
0
0
0
5,664
10,109
26.6
35.9
4.5

264,320
2,721
267,041
82,468
45,194
9,552
30,443
0
0
0
10,764
19,678
31.2
35.4
7.4

315,269
4,875
320,144
107,938
53,036
10,452
49,325
0
0
0
17,396
31,929
34.2
35.3
10.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

32,890
80,412
-21.2
0.4
1
16
300,350
33,143
109,583
143,034
118,047
363,781
2.6
0.8
0.6
5.6
7.1
9.9
0.0
5.7

24,942
86,673
-23.4
0.3
1
11
410,153
33,196
131,652
165,250
181,284
465,575
4.2
1.1
0.6
6.3
11.9
11.5
0.0
5.1

154,656
173,961
-6.1
0.9
1
11
406,741
35,978
193,521
230,273
166,032
604,668
5.7
0.7
0.5
7.0
13.9
15.1
0.0
4.2

BALANCE SHEET DATA

P/E

187
143
87.6
8.9
23.6
0.60
0.4
64.0
3,597.84
1.9
18.6
7.0
2.6
6.8
594,723
10.9
15,299
28,990.2
1,406.8
2,936.0

P/CF

15.0

5.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.4

Vol.

480,491.5

301.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE669E01016

250
Close

200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

188
101
79.6
5.9
19.5
0.40
0.3
49.8
3,319.63
ESOS
1.8
24.4
7.4
2.9
6.7
480,516
10.5
13,121
25,161.3
1,249.0
1,873.2

Regd off: Suman Tower, Plot No. 18, Sector-11, Gandhinagar - 382 011
E-Mail:
pankaj.kapdeo@idea.adityabirla.com
Web site: www.ideacellular.com
Telephone: (079) 6671 4000 Fax: (079) 2323 2251
Tr agent: Bigshare Services, Ansa Indl. Estate, Sakinaka, Andheri, Mumbai-72

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
80,175
84,225
`m
27,526
30,645
%
34.3
36.4
`m
7,671
9,418
%
9.6
11.2

Jun 15
87,984
32,284
36.7
9,308
10.6

Sep 15
86,891
30,570
35.2
8,093
9.3

FY14
135.8
2.61
173
587.8
68,421

FY15
157.8
1.31
179
683.4
61,628

Parameters
Mobile subscribers
Net Debt/EBITDA
Avg. Revenue per Subscriber
Total minutes on network
Capex

`
`
`
`

m
m
m
m

KEY DATA
Unit
m
%
Rs/month
bn
m
NOTES

62,971
-34,109
-19,653
9,209

FY13
121.6
2.17
159
532.1
34,987

82,192
-65,642
-24,661
-8,111

104,179
-57,256
80,280
127,202

Idea Cellular is the third largest mobile services operator with a little over 18%
revenue market share of the Indian wireless market at the end of FY15. The company
had a subscriber base of over 157.8 m at the end of FY15. The company provides
services in all the 22-telecom circles. Apart from pan-India 2G services, Idea has the
ability to offer 3G services to 76% of its own subscribers and 4G services to 57% of
its subscriber base. The company has also spent Rs 410 bn to win spectrum at the
last two auctions which can be used to provide high-speed data services. During the
period FY10 to FY15, the company grew its sales and profits at a CAGR of 20.5%
and 27.3% respectively.
Idea grew its net sales by 19.3% YoY during FY15 boosted by a growth in data
volumes. The total minutes on the network grew by 16.3% YoY, the subscriber base
grew by 16.2% YoY while the rate per minute (RPM) fell by 7.1% YoY. The average
revenue per user (ARPU) increased during FY15 by 3.5% YoY.
Ideas growth will be led by data usage and increased penetration in smaller cities.
The Company will begin its 4G roll out in FY16. In FY15, the company retained its
position as the fastest growing telecom company in India. However, had to take on a
lot of debt recently for renewing its licenses. The focus will now shift to the speed with
which the company can scale up its presence in the data segment in the face of stiff
competition.

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284

RELIANCE COMMUNICATIONS LIMITED

TELECOM

Chairman: Anil D. Ambani

Yr of Inc

B. Code

1997
532712
SHAREHOLDING

BL. Code

RLCM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

ANIL AMBANI
F.V.
5

67.9%
0.0%
9.4%
8.3%
14.6%

Price
76.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.7

SEC: Prakash Shenoy

% ch 12-m
-20.7

FX Transaction (FY15)
`m
0
`m
1,810
`m
1,563
`m
21,870
` m -20,307
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

92
47
99.6
3.3
21.9
0.25
0.4
164.0
2,064.03
0.7
21.3
3.2
0.4
7.7
142,934
18.7
11,890
11,022.9
637.4
360.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

205,610
12,170
217,780
59,420
38,450
24,990
8,150
-730
10
0
710
6,720
28.9
8.7
3.3

212,380
10,830
223,210
65,870
45,350
30,190
1,160
-920
20
0
-10,210
10,470
31.0
-880.2
4.9

217,700
3,280
220,980
71,900
38,170
27,550
9,460
910
30
0
3,260
7,140
33.0
34.5
3.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

122,610
234,390
-54.4
0.5
9
69
692,520
10,320
307,130
338,500
286,780
901,820
1.3
0.8
0.2
3.5
2.0
5.2
0.0
0.6

133,770
255,380
-57.3
0.5
7
67
664,430
10,210
289,560
320,530
279,130
903,520
1.0
0.9
0.2
4.5
3.3
5.1
0.0
0.9

187,900
209,230
-9.8
0.9
7
82
724,940
12,440
337,060
374,240
303,560
912,840
1.3
0.8
0.2
3.8
1.9
5.6
0.0
0.8

BALANCE SHEET DATA

P/E

72
57
87.5
2.9
18.2
0.00
0.0
150.4
2,488.98
PA
0.7
22.5
3.5
0.4
0.0
160,664
6.8
9,980
32,185.1
1,475.5
1,055.6

P/CF

26.5

4.2

(` )

AUD: B. S. R & Co.

Yield

Mkt cap

0.0

Vol.

189,161.7

2,643.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE330H01018

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

165
55
102.9
5.1
27.0
0.00
0.0
155.3
2,064.03
1.1
21.6
4.1
0.7
0.0
226,114
14.2
10,250
14,989.1
723.4
738.9

Regd off: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai -710
E-Mail:
rcom.investors@relianceada.com
Web site: www.rcom.co.in
Telephone: (022) 3038 6286 Fax: (022) 3037 6622
Tr agent: Karvy Comp,Madhura Est.,Municipal 1-9/13/C, Madhapur, Hyderabad-81

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
54,350
56,940
`m
17,840
21,860
%
32.8
38.4
`m
2,010
2,280
%
3.7
4.0

Jun 15
54,930
18,150
33.0
1,770
3.2

Sep 15
53,240
17,450
32.8
1,260
2.4

FY14
111.0
15.6
128

FY15
109.5
15.1
147

Parameters
Mobile subscribers
Market share (overall)
Avg. Revenue per Subscriber

`
`
`
`

m
m
m
m

KEY DATA
Unit
m
%
Rs/month

38,250
-20,690
-15,760
1,800

FY13
123.0
14.2
117

68,390
-21,000
-49,670
-2,280

31,570
-30,740
8,210
9,040

NOTES

Reliance Communications (RCom) has a dual license and provides both CDMA as
well as GSM services. The company enjoys a subscriber market share of 15.1% in
the overall Indian wireless market at the end of FY15 with a mobile subscriber base
of 109.5 m. The CDMA voice revenue stood at about 24% of total revenue at the end
of FY15. RComs data subscribers stood at 33.7 m at the end of FY15.

RComs standalone net sales fell by 3.4% YoY during FY15 largely due to a decline
in the subscriber base. The company is still witnessing the trend of higher ARPU
customers joining the companys network and lower ARPU subscribers leaving the
companys network. However, the companys operating profit per minute was flat on
a YoY basis. The company reported a loss of Rs 1.54 bn in FY15 compared to a profit
of Rs 7.3 bn in FY14.
RCom completed the biggest QIP in the history of corporate India of 48.08 bn during
the year. Going forward, the company will continue to focus on high value customers
as lower ARPU subscribers leave the companys network. However, performance is
expected to remain under pressure in the short term due to higher interest expenses
increased competition concerning data pricing. The company has signed multiple
deals with Reliance Jio Infocomm to share its tower and optic fibre infrastructure for
the latters 4G service rollout.

Get more info at www.equitymaster.com

285

TEXTILES
The Indian textile sector had all the tailwinds the businesses
needed, over the last two to three years, to grow and become
more profitable. Right from higher export demand to lower
cotton prices to falling interest rates to favourable exchange
rates, the companies had everything going in their favour.
The industry realized export earnings worth US$ 41.4 billion
in FY15, a growth of 5.4% YoY, as per The Cotton Textiles
Export Promotion Council (Texprocil).
As per the Ministry of Textiles, the Indian textile industry
contributed about 14% to industrial production, 4% to the
countrys GDP and 27% to the countrys export earnings in
2015. The industry is the second largest employer after
agriculture, providing employment to over 45 million people
directly and 60 million people indirectly. The Indian Textile
Industry contributes approximately 5 per cent to Indias gross
domestic product (GDP), and 14 per cent to overall Index of
Industrial Production (IIP).
According to the Ministry of Textiles, the domestic textile and
apparel industry in India is estimated to reach US$ 223 bn by
2021 from US$ 108 bn in 2015. Apparel exports from India is
expected to increase to US$ 82 bn by 2021 from US$ 15 bn
in 2014. Total cloth production in India is expected to grow to
112 bn square metres by FY17 from 64 bn square metres in
FY14.
India enjoys a significant lead in terms of <labour cost per
hour>http://www.equitymaster.com/5MinWrapUp/detail.asp?d
ate=10/19/2010&story=1&title=Indias-biggest-boon-turningbane over developed countries like US and newly
industrialised economies like Hong Kong, Taiwan, South
Korea and China.
As per data from National Bureau of Statistics, due to steep
wage inflation, the average monthly wage cost in China stood
at US$ 230 per month in 2013 as against US$ 80 per month
in India. Also, India is rich in traditional workers adept at
value-adding tasks, which could give Indian companies
significant margin advantage. However, India's inflexible labor
laws have been a hindrance to investments in this segment.
Unlike in home textiles, garment capacities are highly
fragmented and leading Indian textile companies have been
slow to ramp up their apparel capacities, despite strong order
flows from overseas buyers who are trying to diversify out of
China.
The textile industry aims to double its workforce over the next
3 years. As a thumb rule, for every Rs1 lac invested in the
industry, an average of 7 additional jobs is created.
The sector witnessed a spurt in foreign investment during the
last five years. It attracted Foreign Direct Investment (FDI)
worth US$ 1.6 billion during April 2000 to May 2015.
FY15
Textile exports did remarkably well in an otherwise dull
exports scenario in FY15. A weaker rupee and firm overseas
demand helped the sector add US$ 41 bn to overall exports
of US$ 310 bn, second only to engineering goods.
Readymade garments, which accounts for nearly half of all
textile exports at US$ 14.9 bn, grew 15.5%.
Most companies in the sector timed their expansion plans
FY04 onwards, so as to avail themselves of the funding under
TUF (Technology Upgradation Fund, offering loans at 6%
subsidy). This led to the capex-spending phase in the textile
sector peaking in the last four fiscals.

trends are temporary in nature, pressure on margins could

increase the debt levels for players in the sector.
KEY POINTS
Supply: Despite some pick-up in demand from both global and
domestic markets, most new capacities in the apparel and
home textile segments are not operating at full capacities.
Demand: High for premium and branded products due to
increasing per capita disposable income.
Barriers to entry: Superior technology, skilled and unskilled
labour, distribution network, access to global customers
Bargaining power of suppliers: Because of over supply in
the unorganised market like that of denim, suppliers have little
bargaining power. However, premium products and branded
players continue to garner higher margins.
Bargaining power of customers: Domestic customers - Low
for premium and branded product segments. Global
customers- High due to presence of alternate low cost sourcing
destinations
Competition: High. Very fragmented industry. Competition
from other low cost producing nations is likely to intensify.
PROSPECTS
The Trans-Pacific-Partnership (TPP) a duty free trade
agreement between 12 nations may impact the Indian textile
and garment export sector negatively and put Indian textile
exports of around US$ 40 bn at risk over the medium term.
The TPP member nations led by the US account for 40% of
world trade and the deal gives them duty free access to each
other, and makes imports from other countries uncompetitive.
The key nations out of the 12 countries which India exports
textile and apparels to are US, Japan and Canada. The value
of India's textile and apparel exports to these three countries
stood at US$ 11.5bn in FY15 which is likely to reduce due to
the TPP. India exported US$ 41.4 bn of textiles (including raw
cotton) out of which US$ 18 bn was apparels in FY15. US is a
key destination for textile and apparel exports, and US import
duties range between 15% to 50%, depending upon woven or
knit textile, or type of raw material used, which can lead to
loss of export sales for India, especially detrimental to
companies which are exporting majorly to the US. Companies
with superior geographic diversification are better placed.
A slew of measures have been recommended for reforms in
labour laws particularly for textile sector pending lengthy
legislative amendments of labour laws.
India and China are currently competing in the same
categories (premium segment) of apparels and home textiles
and given Indias established presence in the high end
segment, India could gain significant market share in US
apparel imports. However, the ongoing economic slowdown
in the US could result in lower orders from US retailers that,
in turn, may result in lower capacity utilisation and impact
profitability of textile companies in India.
As per the 12th Five Year Plan, the Integrated Skill
Development Scheme aims to train over 2,675,000 people
within the next 5 years (this would cover over 270,000 people
during the first two years and the rest during the remaining
three years). This scheme would cover all sub-sectors of the
textile sector, such as textiles and apparel, handicrafts,
handlooms, jute and sericulture.

Relatively lower cost of cotton helped the margins of export

dependant textile industry in FY15. However, since these
286

TEXTILE
GLOBAL COMPARISON
FY15 / CY14
Total revenue
EBIDTA
EBIDTA margin
Net profit margin
No. of employees
Current ratio
Debt / Equity
ROA
ROE
Cash per share
Price to earnings (TTM)*

Unit
US$ m
US$ m
%
%
x
x
%
%
Rs / US$
x

Raymond
816
79
9.6
2.1
9,200
1.4
1.2
2.6
7.7
61.9
23.5

Arvind Ltd.
1,203
171
14.2
4.2
4,000
1.0
1.4
4.4
14.1
21.6
22.9

VF Corp.
12,540
2,110
16.8
8.3
59,000
1.8
50.5
10.7
18.6
1.3
22.9

GAP Inc.
16,120
2,370
14.7
6.4
141,000
1.6
67.1
14.2
37.5
2.6
9.5

VF Corporation (1,547)
V.F. Corporation is the worlds largest designer and manufacturer of various apparel and footwear products primarily in the United
States and Europe. Together with its subsidiaries, the company engages in the design, manufacture, and marketing of branded
apparel and related products in the US and internationally. VF Corp. offers its product lines under various brands, including
Wrangler, Lee, JanSport, Kipling, Harley-Davidson and Nautica amongst others. It sells its products through specialty stores,
department stores, national chains, mass merchants, as well as through licensees, distributors, and company-operated retail
stores. The company had earlier licensed several of its brands to Arvind Ltd. (India). VF Corp. has stated a new long-term revenue
growth target of 8% to 10% per annum fueled by both organic growth and acquisitions, while maintaining its operating margin at
12%. It is also targeting profit growth of 10% to 11% per annum and dividend payout of 40%. In its five-year growth plan, published
in 2011, the management targeted an additional US$ 5 billion from organically generated revenues plus carefully selected
acquisitions. VF Corp expects international revenues will comprise a third of its total revenues by 2016, while its direct-to-consumer
business is expected to account for 22% of total revenues in the same period. The company has about 6,000,000 square feet of
retail space that it owns or leases for its retail stores. As of December 2014, the company hired 59,000 employees and operated
698 stores globally.

GAP Inc. (974)

Founded in 1969, Gap Inc. operates as a specialty retailing company primarily in the US. It operates retail and outlet stores that
sell casual apparel, accessories, and personal care products for men, women, and children under the Gap, Old Navy, Banana
Republic, and Forth & Towne brands. The company is headquartered in San Francisco, California and provides a range of
products, including denim, khakis, and T-shirts, fashion apparel, shoes, accessories, intimate apparel, and personal care products.
The company also offers products through gap.com, bananarepublic.com, and oldnavy.com web sites in the US. In 1992, Gap
became the second-largest selling apparel brand in the world. At the end of January 2015, the company operated approximately
3,280 stores in the US, Canada, UK, France, and Japan and 400 franchise stores in 90 countries worldwide . GAP had 1,41,000
employees all over the world and had 39.6 m square feet of retailing space at the end of March 2015.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance

287

ARVIND LIMITED
TEXTILES

Chairman: Sanjay S. Lalbhai (MD)

Yr of Inc

B. Code

1931
500101
SHAREHOLDING

BL. Code
ARMI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 43.8%
:
0.0%
: 14.2%
: 23.0%
: 19.0%
: 187,884

LALBHAI

Price

300.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.8

SEC: R. V. Bhimani

% ch 12-m
12.4

FX Transaction (FY15)
`m
19,787
`m
6,217
`m
19,791
`m
7,186
`m
12,605
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

108
59
205.1
9.6
17.5
1.65
2.0
87.4
258.04
A
0.4
8.7
4.8
1.0
17.1
21,546
0.0
5,656
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

52,925
806
53,731
6,874
2,043
3,153
2,483
3
0
0
3
2,484
13.0
0.1
4.7

68,621
694
69,315
9,107
2,252
3,312
4,237
13
0
-164
548
3,539
13.3
12.9
5.2

78,514
932
79,446
10,061
2,124
3,946
4,923
35
0
-543
1,004
3,411
12.8
20.4
4.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

28,845
29,342
-0.9
1.0
97
52
29,021
2,580
16,037
22,540
10,051
62,334
1.8
1.3
0.8
9.0
11.0
13.6
27.3
8.6

36,425
33,188
4.7
1.1
87
54
5,334
2,582
19,151
25,830
13,455
73,632
2.3
1.3
0.9
9.3
13.7
15.6
27.1
5.5

39,914
37,223
3.4
1.1
86
54
33,082
2,582
21,490
27,239
13,941
79,757
2.2
1.4
1.0
9.2
12.5
15.5
25.2
7.9

BALANCE SHEET DATA

P/E

22.7

341
168
304.0
13.2
21.4
2.55
1.0
105.5
258.24
ESOS
0.8
19.3
11.9
2.4
19.3
65,812
0.0
8,023
NM
NM
NM

P/CF
14.0

(` )

AUD: Sorab S. Engineer & Co.

Yield

Mkt cap

0.8

Vol.

77,576.2

228.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE034A01011

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

175
65
265.8
13.7
22.4
2.35
2.0
100.0
258.18
ESOS
0.5
8.8
5.4
1.2
17.1
31,007
0.0
6,793
NM
NM
NM

Regd off: Naroda Road, Ahmedabad - 380 025

E-Mail:
rv.bhimani@arvind.com
Web site: www.arvind.com
Telephone: (079) 3013 8000 Fax: (079) 3013 8668
Tr agent: Sharepro Services, 416-420, Devnandan Mall, Ellisbridge, Ahmedabad-06

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Textile sales share
EBIDTA margin
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
20,737
20,405
`m
2,890
2,563
%
13.9
12.6
`m
1,114
921
%
5.4
4.5

Jun 15
18,769
2,280
12.1
607
3.2

Sep 15
20,964
2,594
12.4
948
4.5

FY14
69.0
14.2
5.0
1.3
15.6

FY15
70.0
14.2
4.2
1.4
15.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
(%)
%
%
x
%
NOTES

4,900
-3,308
-387
1,205

FY13
69.4
14.5
4.7
1.3
13.6

3,883
-5,734
1,472
-380

5,584
-5,874
-485
-775

Arvind Limited is among the leading vertically integrated textile companies, operating
in India for almost eight decades. It is among the largest denim manufacturers in the
world. It also manufactures a range of cotton shirting, denim, knits, jeans and shirts
garments. Arvind has been marketing branded apparel in India under various brands
through its subsidiary Arvind Lifestyle Brands Limited.
The company has significantly ramped up woven capacity from 70 million metre in
FY12 to 112 million metre in FY15, which has reduced its dependence on the denim
business. Across the value chain its capacity utilisation stood at 95-97%. The sales
have grown at a CAGR of 18% over past 5 years, primarily on the back of higher
utilisation of installed capacity, coupled with an improvement in realization rates. The
brand and retail (B&R) segment has been the growth engine for the company,
growing at 27% per annum. This segment contributed around 30% of total revenues
of Arvind in FY15, of which brands contributed around 70% while the remaining 30%
came from retail.

The companys brand portfolio comprises around 31 brands, of which 11 are

company owned, 12 are licensed, two are joint ventures and six exclusive retail
brands. Of these 31 brands, its top four brands (power brands) like Arrow, Tommy
Hilfiger, US Polo & Flying Machine contribute around 80% of overall brand revenue.

Exports have been a major thrust area for Arvind, which has grown at a CAGR of 15%
from FY10 to FY15. In FY15, almost 42% of denim revenue came from exports while
woven contributed around 22% and garments consisted of complete 100% exports.
Also, Arvind aspires to expand in asset light and high margin garment business where
its current capacity as on FY15 stood at 15 million pieces.

Get more info at www.equitymaster.com

288

PAGE INDUSTRIES LTD.

TEXTILES

Chairman: Pradeep Jaipuria

Yr of Inc

B. Code

1995
532827
SHAREHOLDING

BL. Code

PAGE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
0.0%
: 51.8%
:
7.5%
: 32.6%
:
8.1%
: 10,480

Price

12,692.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.5

SEC: C Murugesh

% ch 12-m
18.0

FX Transaction (FY15)
`m
102
`m
624
`m
102
`m
1,712
`m
-1,610
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

3,610
2,625
785.9
100.9
111.1
50.00
1.6
191.5
11.15
4.0
30.9
28.1
16.3
49.5
34,760
13.8
1,436
633.5
103.8
81.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

8,763
80
8,843
1,771
114
80
1,657
0
0
0
532
1,125
20.2
32.1
12.8

11,880
65
11,945
2,551
139
142
2,335
0
0
0
797
1,538
21.5
34.1
12.9

15,434
86
15,520
3,190
176
167
2,933
0
0
0
973
1,960
20.7
33.2
12.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,102
1,882
13.9
1.6
98
24
1,422
112
2,024
2,135
291
4,718
21.7
0.1
1.9
25.5
52.7
71.6
0.1
3.2

4,592
2,878
14.4
1.6
111
22
1,764
112
2,779
2,890
333
6,856
17.5
0.1
1.7
24.5
53.2
76.8
0.3
4.9

5,578
3,122
15.9
1.8
105
21
2,174
112
3,756
3,868
345
8,244
18.6
0.1
1.9
25.8
50.7
73.6
0.7
4.0

INCOME DATA

BALANCE SHEET DATA

6,750
3,310
1,065.5
137.9
150.4
60.00
1.2
259.2
11.15
4.7
36.5
33.4
19.4
43.5
56,085
16.6
1,881
717.2
113.6
92.8

Regd off: Abbaiah Reddy Industrial Area, Hongasandra, Begur Hobli, Bangalore -08
E-Mail:
gargi.das@jockeyindia.com
Web site: www.jockeyindia.com
Telephone: (080) 4047 6868 Fax: (080) 2573 2226
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

14,744
5,550
1,384.2
175.8
191.6
72.00
0.7
346.9
11.15
7.3
57.7
53.0
29.3
41.0
113,139
18.7
2,585
824.6
138.1
104.7

P/E

72.2

P/CF
66.2

(` )

AUD: Haribhakti & Co.

Yield

Mkt cap

0.6

Vol.

141,521.9

1.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE761H01022




&ORVH



'0$








'HF

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Advertising
Royalty
COGS
Exports

'HF

'HF

No. of months
Year ending

'HF

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,830
3,797
`m
778
767
%
20.3
20.2
`m
447
471
%
11.7
12.4

Jun 15
4,465
1,014
22.7
632
14.1

Sep 15
4,614
1,014
22.0
603
13.1

FY14
4.4
4.9
46.9
0.3

FY15
4.6
5.5
46.2
0.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales
% of sales

871
-419
-438
14

FY13
3.3
4.9
48.0
0.1

748
-489
-270
-11

1,670
-531
-1,129
9

NOTES

Established in 1995, Page Industries (PIL) manufactures high quality innerwear. The
company is the sole licensee for the 'Jockey' brand in India. Based in Bangalore, PIL
carries out everything from fabric knitting to marketing the garments. PIL's product
range comprises of inner wear, casual wear and relax wear. In July 2012, the
company entered into a license & distribution agreement with UK-based Speedo
International. Speedo products consisting of swimwear, apparel, water shorts,
equipment and footwear. The company's promoters, the Genomal family, have been
licensees for the Jockey and Speedo brands in the Philippines since 1959 and 1988
respectively.
PIL reported a strong revenue growth of 30% in FY15. New products and distribution
expansion seem to be driving factors behind this growth. Speedo contributed to about
Rs 235 million to the topline, forming a very small proportion of revenues. Operating
margins came in at 20.7% as compared to 21.5% in previous year. Net profits grew
by 28% YoY on the back of a lower tax outgo and a strong operating performance.

Over the past five years, PILs revenues grew at an annual rate of 33%. Strong
distribution and brand building efforts have led to this feat. At the end of FY15, the
companys Jockey branded products were available in 1,200 cities and towns, with
its products sold through 30,000 retail outlets viz. exclusive brand outlets (EBOs),
large format stores, multi brand outlets, traditional hosiery stores and multipurpose
stores. The total number of EBOs stood at 193, with 59 opening in the year FY15. At
the end of the year, PIL has an installed capacity of 194 m pieces per annum, spread
across thirteen locations in the state of Karnataka. Construction of a new unit at
Tiptur, Karnataka is ongoing.

Get more info at www.equitymaster.com

289

RAYMOND LIMITED
TEXTILES

SINGHANIA V.

Chairman: Gautam Hari Singhania (MD)

Yr of Inc

B. Code

1925
500330
SHAREHOLDING

BL. Code

RYMD.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 40.2%
:
0.0%
: 12.8%
:
8.2%
: 38.8%
: 108,613

Price

408.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.4

SEC: Thomas Fernandes

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-26.2

(FY15)
1,841
2,933
1,845
3,358
-1,512

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

489
259
662.9
4.7
35.5
1.00
0.3
224.6
61.38
0.6
79.9
10.5
1.7
21.4
22,956
9.2
5,280
4,437.5
575.8
31.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

40,692
739
41,430
3,714
1,890
1,906
656
15
155
-290
250
287
9.1
38.0
0.7

45,480
727
46,206
4,800
1,958
1,968
1,600
-26
154
-354
298
1,076
10.6
18.6
2.4

53,326
952
54,278
4,268
1,619
2,004
1,597
-68
37
0
439
1,128
8.0
27.5
2.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

22,972
18,446
11.1
1.2
85
66
14,810
614
24,028
13,789
8,165
41,830
1.3
0.6
1.0
5.2
2.1
11.1
3.8
7.5

25,977
16,491
20.9
1.6
88
68
14,303
614
25,103
14,661
11,178
44,424
1.8
0.8
1.0
6.9
7.3
12.9
2.7
7.0

27,073
19,309
14.6
1.4
79
63
14,702
614
24,980
15,414
9,503
46,681
1.8
0.6
1.1
6.7
7.3
14.3
3.5
5.5

BALANCE SHEET DATA

P/E

580
291
868.8
18.4
44.8
3.00
0.7
251.1
61.38
0.5
23.7
9.7
1.7
16.3
26,719
0.0
6,627
NM
NM
NM

P/CF

22.2

9.1

(` )

AUD: Dalal & Shah

Yield

Mkt cap

0.7

Vol.

25,076.8

10.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE301A01014

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

323
176
741.0
17.5
49.4
2.00
0.8
238.9
61.38
0.3
14.2
5.0
1.0
11.4
15,317
0.0
5,542
NM
NM
NM

Regd off: Plot No. 156/H. No. 2, Village Zadgaon, Ratnagiri - 415 612
E-Mail:
thomas.fernandes@raymond.in
Web site: www.raymond.in
Telephone: (02352) 232 514 Fax: (02352) 232 513
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Worsted fabric capacity
EBIDTA margin
Net margins
Debt to equity
ROCE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
13,826
14,116
`m
1,432
974
%
10.4
6.9
`m
561
179
%
4.1
1.3

Jun 15
11,217
474
4.2
-138
-1.2

Sep 15
14,926
1,376
9.2
414
2.8

FY14
38.0
11.96
2.05
1.3
9.89

FY15
38.0
9.67
2.15
1.22
10.61

`
`
`
`

m
m
m
m

KEY DATA
Unit
m metres
%
%
x
%
NOTES

3,256
-1,616
-1,606
35

FY13
38.0
10.66
0.28
1.27
7.29

1,918
-546
-1,187
184

3,801
-1,399
-2,500
-98

Raymond is India's largest and world's third largest integrated manufacturer of wool
and wool blended fabrics. Its fabric capacity stands at 38 m meters (mm) and the
company commanded over 60% market share in worsted suiting in India. It is also the
domestic market leader in files and tools with around 80% market share. It has a
widespread distribution network across the country, which it can leverage to sell
some of its well-recognized brands.

In FY15, the company registered a net sales growth of 17.3% YoY. Operating profit
for the year declined 5.5% YoY while net profit for the year grew 4.8% YoY. The
operating profit and net profit margin for the year stood 9.7% and 2.2% YoY
respectively, versus around 12% and 2% respectively last year.
Over last few years, the company has taken initiatives in B2C shirting segment,
increasing mix of outsourcing, sharpen the product portfolio, opening retail stores and
export segment. Going forward, it plans to monetize non core assets as well.

Get more info at www.equitymaster.com

290

BONUS COMPANIES

This page has been intentionally left blank

291

ABBOTT INDIA LIMITED

PHARMACEUTICALS

Chairman: Munir Shaikh

Yr of Inc

B. Code

1944
500488
SHAREHOLDING

BL. Code
ABOT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 75.0%
:
7.9%
:
0.1%
: 17.1%
: 18,270

Price

5,305.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.3

SEC: Krupa Anandpara

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

50.0

(FY15)
122
2,264
337
2,713
-2,376

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,807
1,375
777.7
68.1
77.3
17.00
1.1
304.4
21.25
2.0
23.4
20.6
5.2
25.0
33,809
2.7
2,062
6,196.8
773.2
542.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,527
223
16,750
2,018
195
0
2,046
0
0
104
703
1,447
12.2
34.4
8.8

22,969
482
23,451
2,683
219
1
2,946
0
0
0
961
1,985
11.7
32.6
8.6

22,886
476
23,362
2,084
149
5
2,405
0
0
0
115
2,290
9.1
4.8
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,739
2,296
32.9
3.4
58
31
1,092
213
6,200
6,469
0
9,071
10,231.0
0.0
1.8
16.0
22.4
33.2
0.7
10.7

9,965
30,612
-89.9
0.3
57
17
995
213
7,610
7,879
0
11,392
3,682.9
0.0
2.0
17.4
25.2
37.4
0.6
15.9

12,261
3,969
36.2
3.1
61
21
1,000
213
9,107
9,375
0
13,736
482.0
0.0
1.7
16.7
24.4
25.7
0.5
9.9

BALANCE SHEET DATA

P/E

4,119
3,700
1,077.0
107.7
114.8
31.00
0.8
441.2
21.25
3.6
36.3
34.1
8.9
28.8
83,079
2.9
3,054
7,982.7
1,065.2
798.6

P/CF

49.2

46.2

(` )

Yield
0.6

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

112,741.9

0.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE358A01014

7,000
Close

6,000

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,793
1,300
1,080.9
93.4
103.7
23.00
1.5
370.8
21.25
1.4
16.6
14.9
4.2
24.6
32,858
2.8
2,997
8,304.0
1,083.7
717.5

Regd off: 3-4, Corporate Park, Sion Trombay Road, Mumbai - 400 071
E-Mail:
investor.relations@abbott.co.in
Web site: www.abbott.co.in
Telephone: (022) 6797 8888 Fax: (022) 6797 8727
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

292

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,735
6,007
`m
859
679
%
15.0
11.3
`m
645
498
%
11.3
8.3

Jun 15
6,331
958
15.1
686
10.8

Sep 15
6,451
863
13.4
617
9.6

`
`
`
`

m
m
m
m

1,014
-585
-420
8

1,545
-1,431
-424
-309

2,148
-1,867
-576
-295

ADANI ENTERPRISES LIMITED

DIVERSIFIED

Chairman: Gautam S. Adani

Yr of Inc

B. Code

1993
512599
SHAREHOLDING

BL. Code

ADEX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Adani Group
F.V.
1

: 66.4%
:
8.6%
:
0.8%
: 20.5%
:
3.7%
: 47,972

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

BALANCE SHEET DATA

75.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

12
31/03/13

325
152
422.4
14.7
35.6
1.40
0.6
194.5
1,099.81
0.6
16.2
6.7
1.2
9.5
262,085
0.7
6,413
660,857.6
9,122.9
22,944.2

-5.0

Regd off: Adani House, Near Mithakhali Six Rd, Navrangpura, Ahmedabad - 09
E-Mail:
parthiv.parikh@adani.in
Web site: www.adani.in
Telephone: (079) 2555 5555 Fax: (079) 2656 5500
Tr agent: Sharepro Serv., 416-420, Devnandan Mall, Ellisbridge, Ahmedabad-06

SEC: Parthiv Parikh

% ch 12-m

P/E

-83.0

1.0

FX Transaction (FY15)
`m
0
`m
90,670
`m
0
`m
90,841
` m -90,841
12
31/03/14

464,583
8,933
473,516
60,044
22,979
34,929
11,069
3,954
0
8,983
7,877
16,130
12.9
71.2
3.5

550,669
11,590
562,259
93,809
32,231
57,030
16,137
-4,249
0
0
-10,319
22,208
17.0
-63.9
4.0

645,819
9,380
655,199
123,704
35,219
70,563
27,302
-3,500
0
-668
3,654
19,481
19.2
13.4
3.0

279,474
338,895
-12.8
0.8
29
71
779,261
1,100
158,762
213,959
488,501
1,119,192
1.3
2.3
0.4
4.6
7.5
8.4
0.0
16.3

269,015
367,153
-17.8
0.7
26
67
840,597
1,100
177,788
237,572
495,842
1,182,537
1.3
2.1
0.5
6.7
9.3
9.4
0.0
14.3

327,252
428,750
-15.7
0.8
23
87
885,500
1,100
191,840
257,278
554,868
1,308,586
1.4
2.2
0.5
6.9
7.6
11.5
0.0
14.0

0.4

(` )

Yield
1.9

AUD: Dharmesh Parikh & Co.

Mkt cap

Vol.

20,100.9

950.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE423A01024

900

12
31/03/15

373
729
126
348
500.7
587.2
20.2
17.7
49.5
49.7
1.40
1.40
0.6
0.3
216.0
233.9
1,099.81
1,099.81
0.5
0.9
12.3
30.4
5.0
10.8
1.2
2.3
6.9
7.9
274,183
592,083
1.0
0.5
8,285
11,504
550,668.8 1,180,655.9
8,284.6
21,030.3
22,207.7
35,613.3

P/CF

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

293

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
178,498
161,409
`m
35,021
27,420
%
19.6
17.0
`m
6,681
6,966
%
3.7
4.3

Jun 15
112,748
6,573
5.8
3,797
3.4

Sep 15
113,899
2,992
2.6
2,629
2.3

`
`
`
`

m
m
m
m

76,662
-146,214
71,990
2,439

82,277
-82,689
-11,085
-11,497

84,566
-116,854
34,452
2,164

ADANI PORTS & SEZ

Regd off: 'Adani House', Nr. Mithakali Six Roads, Ahmedabad

E-Mail:
NA
Web site: www.adaniports.com
Telephone: 91-79-26565555 Fax:
Tr agent: M/s Link Intime India Private Limited

MISCELLANEOUS
Chairman:

Yr of Inc

B. Code

1988
532921
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 49.8%
:
6.4%
: 14.4%
: 23.9%
:
5.5%
: 308,354

Price

243.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
2,547
0
4,622
-4,622

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

35,766
2,644
38,411
23,760
4,220
5,418
16,766
0
-156
0
378
16,232
66.4
2.3
45.4

48,296
6,848
55,144
29,192
6,495
9,768
19,777
0
-14
0
2,367
17,396
60.4
12.0
36.0

61,520
6,856
68,376
39,023
9,117
11,751
25,012
0
-102
0
1,767
23,143
63.4
7.1
37.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

50,235
30,124
56.2
1.7
10
73
142,933
4,035
58,022
63,963
102,575
210,596
4.1
1.6
0.2
10.3
25.4
13.2
0.0
23.6

54,452
26,999
56.8
2.0
13
70
151,475
4,168
80,903
87,681
112,884
246,772
3.0
1.3
0.2
11.0
19.8
14.7
0.0
3.7

67,909
54,350
22.0
1.2
15
76
192,027
4,168
97,971
107,679
138,498
320,822
3.1
1.3
0.2
10.9
21.5
14.9
0.0
4.1

BALANCE SHEET DATA

358
175
29.7
11.2
15.6
1.10
0.4
52.0
2,070.05
9.0
23.8
17.1
5.1
9.8
551,461
1.2
2,372
50,467.4
1,945.5
18,985.5

P/CF

(` )

Yield
0.0

AUD:

Mkt cap

Vol.

247.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE742F01042

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

193
118
23.3
8.4
11.5
1.00
0.6
42.4
2,070.05
IS
6.7
18.5
13.5
3.7
11.9
321,738
1.0
1,616
46,935.0
1,570.6
16,906.1

P/E

-8.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

162
110
17.9
8.1
10.2
1.00
0.7
31.9
2,003.39
7.6
16.8
13.3
4.3
12.3
272,661
1.2
1,308
30,284.8
1,107.1
13,744.5

-11.3

SEC: Ms Dipti Shah

% ch 12-m

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

294

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,537
9,603
`m
6,248
6,408
%
65.5
66.7
`m
5,942
5,545
%
62.3
57.7

Jun 15
10,651
7,519
70.6
6,191
58.1

Sep 15
15,597
12,083
77.5
10,370
66.5

`
`
`
`

m
m
m
m

13,791
-46,898
41,377
3,811

11,319
-25,100
7,725
-6,056

30,650
-24,931
-2,366
3,353

ADANI POWER LIMITED

POWER

Chairman: Gautam S. Adani

Yr of Inc

B. Code

1996
533096
SHAREHOLDING

BL. Code

ADAN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 70.5%
:
4.5%
:
0.6%
:
7.6%
: 16.8%
: 296,711

Price
26.5

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

70
37
28.3
-9.6
-4.2
0.00
0.0
17.9
2,393.27
A
1.9
-5.6
-12.7
3.0
0.0
127,801
0.0
1,490
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

INCOME DATA

BALANCE SHEET DATA

% ch 1-m
-3.6

SEC: Rajesh Shah

% ch 12-m
-39.3

FX Transaction (FY15)
`m
0
`m
53,579
`m
0
`m
57,188
` m -57,188
12
31/03/14

Regd off: Shikhar , Mithakhali Six Rd, Navrangpura, Ahmedabad-09

E-Mail:
rajesh.shah@adani.com
Web site: www.adanipower.com
Telephone: (079) 2555 7150 Fax: (079) 2555 5604
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
P/E

93.1

60
45
65.5
0.3
6.6
0.00
0.0
19.9
2,871.90
0.8
184.5
7.9
2.6
0.0
150,488
1.4
3,280
130,902.2
2,280.7
567.2

67,794
1,907
69,700
9,596
12,897
17,029
-18,423
0
0
241
4,768
-22,950
14.2
-25.9
-33.9

154,639
2,314
156,953
46,275
22,185
40,100
-13,695
0
0
0
-10,790
-2,906
29.9
78.8
-1.9

188,237
2,414
190,651
65,050
18,182
48,635
647
0
0
169
0
816
34.6
0.0
0.4

50,524
156,142
-155.8
0.3
84
41
480,582
23,933
15,403
42,934
331,916
546,879
-0.1
7.7
0.1
-1.1
-53.5
-0.3
0.0
55.8

71,042
182,890
-72.3
0.4
30
36
500,174
28,719
33,117
65,434
331,315
587,389
0.7
5.1
0.3
6.3
-4.4
6.7
0.0
34.1

101,921
174,407
-38.5
0.6
32
68
452,641
28,719
15,403
57,246
350,897
584,742
1.0
6.1
0.3
8.5
1.4
12.1
0.0
28.5

4.0

(` )

Yield
0.0

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

75,962.3

1,348.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE814H01011

80
70

12
31/03/15

62
30
53.8
-1.0
6.7
0.00
0.0
22.8
2,871.90
PA
0.9
-45.4
6.8
2.0
0.0
131,964
0.0
2,478
NM
NM
NM

P/CF

60

Close
100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

295

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
55,041
46,676
`m
17,590
12,046
%
32.0
25.8
`m
-4,091
1,863
%
-7.4
4.0

Jun 15
59,141
15,959
27.0
-4,176
-7.1

Sep 15
57,506
17,907
31.1
-3,691
-6.4

`
`
`
`

m
m
m
m

30,005
-40,645
8,606
-2,034

32,378
-46,997
16,310
1,691

61,234
-47,369
-14,439
-573

ADVANTA LIMITED
BEVERAGES, FOOD & TOBACCO
Chairman: Jaidev R. Shroff

Yr of Inc

B. Code

1994
532840
SHAREHOLDING

BL. Code
ADVI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

59.3%
6.0%
0.0%
21.9%
12.8%
4,282

MISCELLANEOUS
Price

400.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pushpalatha K

% ch 12-m
7.5

FX Transaction (FY15)
`m
429
`m
171
`m
796
`m
340
`m
456
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,642
88
10,730
1,641
324
680
725
0
0
-47
84
594
15.4
11.6
5.6

12,551
75
12,626
1,870
368
930
647
0
0
-167
35
445
14.9
5.4
3.5

15,126
65
15,191
2,437
395
1,198
909
0
0
-89
-15
835
16.1
-1.7
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,475
5,455
19.0
1.4
102
86
7,290
169
5,075
5,666
4,496
15,746
2.1
0.8
0.7
8.1
10.5
13.4
1.7
0.6

11,736
9,621
16.8
1.2
143
119
7,629
169
5,475
6,215
4,622
20,648
1.7
0.7
0.6
6.7
7.2
13.0
4.6
1.3

12,693
9,191
23.1
1.4
123
142
7,423
169
6,312
7,483
4,638
21,557
1.8
0.6
0.7
9.4
11.2
16.7
2.8
1.1

INCOME DATA

BALANCE SHEET DATA

235
80
148.8
5.3
9.6
0.00
0.0
73.7
84.34
FV2
1.1
29.9
16.3
2.1
0.0
13,279
0.6
1,687
19,610.6
2,635.8
695.0

P/E

40.4

395
96
179.3
9.9
14.6
0.00
0.0
88.7
84.37
ESOP
1.4
24.8
16.8
2.8
0.0
20,717
0.7
2,087
22,676.9
3,129.6
1,252.5

P/CF
27.4

(` )

Yield
0.0

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

33,764.9

3.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE517H01028

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,007
230
631.2
35.2
54.4
0.00
0.0
336.0
16.86
ESOP
1.0
17.6
11.4
1.8
0.0
10,428
0.6
1,470
16,892.2
2,334.0
942.4

-23.2

Regd off: Krishnama House, #8-2-418, No. 7, Banjara Hills, Hyderabad-500 034
E-Mail:
investor@advantaindia.com
Web site: www.advantaseeds.com
Telephone: (040) 6628 4000 Fax: (040) 2335 0856
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

296

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,943
3,102
`m
697
559
%
14.1
18.0
`m
311
305
%
6.3
9.8

Jun 15
3,061
536
17.5
251
8.2

Sep 15
3,080
438
14.2
545
17.7

`
`
`
`

m
m
m
m

1,664
-498
-1,185
-19

-864
-723
1,668
81

-1,093
-121
-23
-1,237

AIA ENGINEERING LIMITED

CAPITAL GOODS

Chairman: Rajendra S. Shah

Yr of Inc

B. Code

1989
532683
SHAREHOLDING

BL. Code
AIAE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 61.7%
:
0.0%
:
7.5%
: 24.5%
:
6.3%
: 13,816

Price

865.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.3

SEC: S. N. Jetheliya

% ch 12-m
-17.5

FX Transaction (FY15)
`m
14,553
`m
2,514
`m
15,108
`m
2,546
`m
12,562
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

394
300
185.7
22.4
26.0
4.00
1.2
150.3
94.32
1.9
15.5
13.3
2.3
17.9
32,729
0.0
809
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

17,513
213
17,726
3,102
345
63
2,907
-8
0
0
791
2,108
17.7
27.2
12.0

20,801
334
21,135
5,021
381
64
4,911
-8
0
-311
1,342
3,250
24.1
27.3
15.6

21,836
832
22,669
5,848
698
39
5,943
0
0
0
1,634
4,309
26.8
27.5
19.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,083
2,933
63.7
4.8
84
71
4,087
189
12,611
14,178
1,063
18,447
46.9
0.1
0.9
11.8
14.9
19.4
59.0
10.7

17,223
3,731
64.9
4.6
62
76
4,884
189
16,248
17,388
867
22,329
78.2
0.0
0.9
14.8
18.7
25.5
59.1
7.9

19,063
3,688
70.4
5.2
77
66
5,979
189
19,631
20,836
551
25,488
151.8
0.0
0.9
17.1
20.7
28.0
66.6
11.5

BALANCE SHEET DATA

P/E

18.9

1,361
536
231.5
45.7
53.1
8.00
0.8
220.9
94.32
4.1
20.8
17.9
4.3
17.5
89,453
0.0
981
NM
NM
NM

P/CF
16.3

(` )

Yield
0.9

AUD: Talati & Talati

Mkt cap

Vol.

81,662.3

6.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE212H01026

1,400
Close

1,200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

586
275
220.5
34.5
38.5
6.00
1.4
184.4
94.32
2.0
12.5
11.2
2.3
17.4
40,624
0.0
888
NM
NM
NM

Regd off: 115, GVMM Estate, Odhav Road, Ahmedabad - 382 410
E-Mail:
snj@aiaengineering.com
Web site: www.aiaengineering.com
Telephone: (079) 2290 1078 Fax: (079) 2290 1077
Tr agent: Link Intime India, C-13, Pannalal Silk Mills Cpd, LBS Marg, Mumbai-78

100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

297

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,143
6,048
`m
1,523
1,579
%
29.6
26.1
`m
1,150
1,127
%
22.4
18.6

Jun 15
5,271
1,459
27.7
1,028
19.5

Sep 15
4,882
1,434
29.4
935
19.1

`
`
`
`

m
m
m
m

1,631
-1,071
735
1,295

4,517
-4,199
-912
-594

3,058
-2,555
-833
-330

AJANTA PHARMA LTD.

PHARMACEUTICALS

MISCELLANEOUS

Chairman: Mannalal B. Agrawal

Yr of Inc

B. Code

1979
532331
SHAREHOLDING

BL. Code
AJPH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 73.8%
:
0.0%
:
1.6%
:
7.6%
: 17.0%
: 20,968

Price

1,260.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-15.0

SEC: Gaurang Shah

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

22.2

(FY15)
8,062
653
8,494
1,247
7,247

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

9,308
56
9,364
2,245
342
191
1,768
0
0
0
647
1,121
24.1
36.6
12.0

12,083
137
12,221
3,688
439
87
3,299
0
0
0
960
2,339
30.5
29.1
19.4

14,806
168
14,974
5,052
516
59
4,645
0
0
-85
1,462
3,099
34.1
31.5
20.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,690
2,223
15.8
1.7
58
59
2,851
118
3,774
3,934
733
7,182
10.2
0.2
1.3
18.3
28.5
42.0
54.4
5.6

5,201
2,754
20.2
1.9
47
61
3,729
177
5,650
5,933
523
9,494
38.8
0.1
1.3
25.6
39.4
52.4
54.7
5.0

6,334
2,496
25.9
2.5
39
64
4,583
177
8,186
8,411
333
11,464
79.5
0.0
1.3
27.5
36.8
52.8
54.5
4.4

INCOME DATA

BALANCE SHEET DATA

P/E

35.8

779
299
166.9
34.9
40.8
6.00
1.1
94.8
88.71
FV2
3.2
15.4
13.2
5.7
17.2
47,797
0.0
2,006
NM
NM
NM

P/CF
30.7

(` )

Yield
0.5

AUD: Kapoor & Parekh Assoc.

Mkt cap

Vol.

110,865.4

29.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE031B01049

1,800

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

698
1,177
231
625
392.4
340.8
47.3
66.0
61.7
78.3
6.25
10.00
1.3
1.1
165.9
167.3
23.72
35.46
FV5 B1:2,ESOS
1.2
2.6
9.8
13.7
7.5
11.5
2.8
5.4
13.2
15.2
11,021
31,951
0.0
0.0
1,232
1,570
NM
NM
NM
NM
NM
NM

Regd off: Ajanta House, Charkop, Kandivli (W), Mumbai - 400 067
E-Mail:
deodatta.pandit@ajantapharma.com
Web site: www.ajantapharma.com
Telephone: (022) 66061000 Fax: (022) 6606 1200
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

298

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,626
3,688
`m
1,314
1,407
%
36.2
38.2
`m
821
908
%
22.6
24.6

Jun 15
3,914
1,225
31.3
838
21.4

Sep 15
4,377
1,538
35.1
1,000
22.8

`
`
`
`

m
m
m
m

2,343
-1,037
-1,045
261

2,124
-1,878
-201
45

2,794
-1,584
-1,052
159

ALEMBIC PHARMACEUTICALS LTD.

PHARMACEUTICALS

Chairman: Chirayu R. Amin (MD)

Yr of Inc

B. Code

2010
533573
SHAREHOLDING

BL. Code
ALPH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 74.1%
:
0.0%
:
2.9%
:
9.1%
: 13.9%
: 49,328

MISCELLANEOUS
Price

668.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.1

SEC: Rajkumar Baheti

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

57.0

(FY15)
8,085
2,050
8,284
3,147
5,137

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

113
48
80.6
8.8
10.6
2.50
3.1
26.7
188.52
1.0
9.1
7.6
3.0
28.5
15,119
0.0
1,938
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,204
39
15,243
2,520
350
146
2,064
0
0
0
411
1,653
16.6
19.9
10.9

18,632
32
18,664
3,577
405
98
3,106
0
0
0
751
2,355
19.2
24.2
12.6

20,561
23
20,584
4,030
444
18
3,591
0
2
0
764
2,829
19.6
21.3
13.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,322
4,416
12.5
1.4
64
56
3,765
377
4,582
5,029
705
10,478
15.2
0.1
1.5
17.2
32.9
38.5
30.6
10.2

7,015
4,474
13.6
1.6
61
54
4,176
377
6,235
6,756
522
12,173
32.7
0.1
1.5
20.2
34.9
44.0
40.3
9.5

8,907
6,841
10.1
1.3
68
64
5,947
377
8,374
8,846
188
16,412
202.7
0.0
1.3
17.3
32.0
40.0
39.3
10.0

BALANCE SHEET DATA

P/E

495
228
109.1
15.0
17.4
3.50
1.0
46.9
188.52
3.3
24.1
20.8
7.7
23.3
68,122
0.0
3,068
NM
NM
NM

P/CF

44.6

38.5

(` )

Yield
0.5

AUD: K. S. Aiyar & Co.

Mkt cap

Vol.

126,044.5

9.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE901L01018

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

310
103
98.8
12.5
14.6
3.00
1.5
35.8
188.52
2.1
16.5
14.1
5.8
24.0
38,939
0.0
2,470
NM
NM
NM

Regd off: Alembic Road, ,Vadodara,Gujarat - 390 003

E-Mail:
apl.investors@alembic.co.in
Web site: www.alembic-india.com
Telephone: (0265) 2282 550 Fax: (0265) 2282 506
Tr agent: Link Intime India, B-102-103, Shangrila Complex, Akota, Vadodara-20

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

299

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,471
5,118
`m
1,083
1,016
%
19.8
19.8
`m
781
707
%
14.3
13.8

Jun 15
5,030
981
19.5
703
14.0

Sep 15
5,833
1,021
17.5
699
12.0

`
`
`
`

m
m
m
m

2,648
-670
-2,288
-310

2,400
-811
-1,511
79

1,718
-2,556
867
29

ALLAHABAD BANK
BANKING

Chairman: Rakesh Sethi (MD)

Yr of Inc

B. Code

1865
532480
SHAREHOLDING

BL. Code
ALBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 58.9%
:
0.0%
: 17.9%
:
8.1%
: 15.1%
: 216,693

Price
69.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-11.4

SEC: Dina Nath Kumar

% ch 12-m

2.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

195
103
349.2
24.2
56.3
6.00
4.0
231.6
500.03
0.4
6.2
2.4
0.6
24.8
74,529
22.6
20,007
7,740.9
886.9
537.2

142
65
344.8
21.8
52.5
2.50
2.4
221.1
544.61
PI
0.3
4.7
1.6
0.5
11.5
56,258
24.6
22,450
7,642.0
913.8
483.7

150
88
345.6
11.4
46.2
1.63
1.4
225.9
571.38
PI
0.3
10.5
1.9
0.5
14.3
67,966
24.2
23,072
8,150.3
952.2
267.9

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

174,612
15,651
125,685
48,927
30,677
18,250
10.5
18,325
15,576
0
0
226
3,683
12,119
6.9

187,756
22,742
134,346
53,410
35,839
17,571
9.4
23,812
16,501
0
0
77
4,694
11,884
6.3

197,491
21,246
135,373
62,117
38,570
23,547
11.9
28,572
16,221
0
0
179
9,910
6,490
3.3

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,294,898
1,787,339
72.4
9.8
6.7
2.4
12,578
5,000
69,918
115,782
101,044
586,760
2,048,185
16.3
0.6
10.5
11.0
3.2

1,380,076
1,908,349
72.3
10.1
6.7
2.5
13,163
5,446
71,225
120,413
121,390
643,762
2,209,519
16.9
0.5
9.9
10.3
4.2

1,498,771
1,933,760
77.5
10.0
6.7
2.8
14,133
5,714
77,786
129,067
143,285
569,528
2,276,797
16.1
0.3
5.0
10.5
4.0

P/CF
6.1

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

300

2.3

AUD: N. K. Bhargava & Co.

Mkt cap

Vol.

39,739.5

175.9

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-44.7

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 2, Netaji Subhas Road, Kolkata - 700 001

E-Mail:
investors.grievance@allahabadbank.in
Web site: www.allahabadbank.in
Telephone: (033) 2242 0878 Fax: (033) 2262 3279
Tr agent: MCS Ltd., 77/2A, Hazra Road, 3rd & 5th Floor, Kolkata-29

ISIN

INE428A01015

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
49,411
48,249
`m
16,071
14,569
%
32.5
30.2
`m
1,641
2,026
%
3.3
4.2

Jun 15
49,180
15,871
32.3
1,469
3.0

Sep 15
48,518
16,215
33.4
1,771
3.7

`
`
`
`

m
m
m
m

-10,305
-1,223
1,347
-10,181

282
-1,425
13,429
12,285

11,276
-1,982
18,964
28,258

ALSTOM PROJECT LIMITED

CAPITAL GOODS

Chairman: Rathindra Nath Basu

Yr of Inc

B. Code

1992
532309
SHAREHOLDING

BL. Code
ABBP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 68.6%
: 14.8%
:
1.2%
: 15.5%
: 47,548

MNC

Price

585.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.5

SEC: Pradeep Puhan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-3.2

(FY15)
5,233
4,198
8,202
7,008
1,194

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

433
297
414.4
27.3
35.5
10.00
2.7
119.3
67.23
0.9
13.4
10.3
3.1
36.6
24,539
4.6
5,099
6,023.4
1,102.4
397.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

27,858
982
28,841
2,412
551
25
2,819
0
0
0
983
1,836
8.7
34.9
6.6

26,053
909
26,962
1,772
611
40
2,031
0
0
1,169
893
2,307
6.8
44.0
8.9

21,243
1,247
22,490
1,670
731
10
2,176
0
0
486
893
1,769
7.9
41.0
8.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

21,531
18,639
10.4
1.2
12
144
4,821
672
7,200
8,022
0
27,219
114.2
0.0
1.0
6.8
22.9
35.4
22.1
17.8

25,689
21,209
17.2
1.2
7
157
4,684
672
8,401
9,305
0
31,169
52.3
0.0
0.8
7.5
24.8
34.8
19.4
15.4

25,356
20,339
23.6
1.2
9
166
4,464
672
9,326
9,785
0
30,688
210.2
0.0
0.7
5.8
18.1
27.3
24.6
19.8

BALANCE SHEET DATA

P/E

770
376
316.0
26.3
37.2
10.00
1.7
145.5
67.23
1.8
21.8
15.4
3.9
38.0
38,536
3.5
5,026
6,111.3
1,445.9
508.9

P/CF

22.3

15.8

(` )

Yield
1.7

AUD: S. N. Dhawan & Co.

Mkt cap

Vol.

39,376.6

2.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE878A01011

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

422
285
387.5
34.3
43.4
14.00
4.0
138.4
67.23
0.9
10.3
8.1
2.6
40.8
23,766
4.6
5,676
5,614.9
1,223.2
497.1

Regd off: 5th Floor, 16, Marine Lines Cross Road No. 1, Churchgate, Mumbai - 20
E-Mail:
pradeepta.puhanopower.alstom.com
Web site: www.alstom.com/lndia
Telephone: (022) 6639 9260 Fax: (022) 6639 9259
Tr agent: Karvy Computershare, 7, Andheri Indl. Estate., Mumbai-53

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

301

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,905
8,084
`m
214
798
%
5.5
9.9
`m
149
719
%
3.8
8.9

Jun 15
4,264
-40
-0.9
81
1.9

Sep 15
5,373
-1,132
-21.1
-553
-10.3

`
`
`
`

m
m
m
m

319
-665
-802
-1,148

2,232
248
-827
1,652

1,892
3,672
-1,113
4,452

AMTEK AUTO LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Arvind Dham (MD)

Yr of Inc

B. Code

1985
520077
SHAREHOLDING

BL. Code

AMTK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 49.0%
:
0.0%
:
5.1%
: 35.2%
: 10.8%
: 45,834

MISCELLANEOUS
Price
49.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

15.3

SEC: Rajeev Raj Kumar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

272
60
701.5
38.5
83.1
0.50
0.3
354.6
220.32
PI
0.2
4.3
2.0
0.5
1.3
36,584
0.0
21,108
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

74,388
1,834
76,222
18,467
5,275
5,050
9,975
-1,155
0
-233
2,768
5,819
24.8
27.8
7.8

102,702
3,024
105,726
21,815
7,554
7,412
9,873
-1,507
170
-845
3,501
4,190
21.2
35.5
4.1

154,546
2,521
157,066
32,002
9,831
11,027
13,665
-1,454
526
-121
4,133
8,482
20.7
30.2
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

64,845
40,369
32.9
1.6
88
82
96,087
441
49,981
61,758
64,953
184,609
3.0
1.1
0.4
5.9
9.4
10.8
2.0
1.4

70,616
60,905
9.5
1.2
85
72
179,888
437
49,233
70,499
110,353
263,385
2.3
1.6
0.4
4.4
5.9
8.4
2.8
1.1

85,086
81,810
2.1
1.0
81
66
200,404
441
56,847
78,131
114,809
300,855
2.2
1.5
0.5
6.5
10.9
12.3
1.6
0.6

0.6

(` )

Yield
1.0

AUD: Manoj Mohan & Assoc.

Mkt cap

Vol.

10,806.7

3,385.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE130C01021

300
Close

250

12
31/03/15

169
86
337.3
26.4
50.3
0.50
0.4
280.0
220.55
BB
0.4
4.8
2.5
0.5
1.9
28,120
0.0
4,795
NM
NM
NM

P/CF

1.3

(FY15)
2,833
1,127
1,524
3,291
-1,766

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-76.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

116
59
469.8
19.2
53.7
0.50
0.6
322.5
218.62
BB
0.2
4.6
1.6
0.3
2.6
19,129
0.0
10,087
NM
NM
NM

Regd off: Plot No. 16, Industrial Estate, Rozka Meo, Sohna, Gurgaon - 122 103
E-Mail:
rajeev.raj@amtek.com
Web site: www.amtek.com
Telephone: (011) 4164 9800 Fax: (011) 2905 4554
Tr agent: Beetal Financial, Beetal House, 3rd Flr, 99, Madangir, New Delhi-62

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

302

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,189
9,547
`m
3,516
2,550
%
31.4
26.7
`m
708
-504
%
6.3
-5.3

Jun 15
8,663
6,086
70.2
1,576
18.2

Sep 15
8,338
5,907
70.8
1,586
19.0

`
`
`
`

m
m
m
m

13,743
-29,603
14,117
-1,743

27,525
-74,512
53,163
6,176

21,965
-34,346
2,854
-9,527

ATLANTA LIMITED
CAPITAL GOODS

MISCELLANEOUS

Chairman: Rajhoo Bbarot (M.D)

Yr of Inc

B. Code

1984
532759
SHAREHOLDING

BL. Code
ATLT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 74.9%
:
0.0%
:
3.0%
:
0.1%
: 22.0%
: 15,236

Price
26.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.1

SEC: Narayan Joshi

% ch 12-m

4.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

66
32
34.5
-0.5
1.8
0.00
0.0
70.1
81.50
1.4
-103.3
28.0
0.7
0.0
4,010
0.0
86
NM
NM
NM

53
25
44.2
6.6
7.1
0.24
0.6
79.5
81.50
0.9
5.9
5.5
0.5
3.6
3,174
0.0
79
NM
NM
NM

86
72
66.3
5.9
7.3
0.30
0.4
89.0
81.50
1.2
13.3
10.8
0.9
5.1
6,443
0.0
105
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,810
28
2,838
966
182
667
146
0
-133
0
52
-39
34.4
35.6
-1.4

3,599
21
3,620
1,103
39
624
461
-1
-5
0
-84
540
30.6
-18.3
15.0

5,406
23
5,429
1,149
114
498
560
-1
-5
0
71
483
21.3
12.7
8.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,391
3,180
-28.1
0.8
211
35
10,003
163
5,072
5,711
3,688
13,876
1.2
0.6
0.2
4.5
-0.7
7.2
0.0
0.0

3,393
2,781
17.0
1.2
187
63
506
188
5,648
6,481
5,579
16,737
1.7
0.9
0.2
7.0
8.3
8.9
0.0
0.0

4,721
3,283
26.6
1.4
118
146
381
188
6,018
7,257
6,864
19,709
2.1
0.9
0.3
5.0
6.7
7.5
0.0
0.0

P/CF
3.7

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

303

1.1

AUD: Ajay B. Garg.

Mkt cap

Vol.

2,184.2

11.3

ADJUSTED DAILY SHARE PRICE DATA

100
90
80
70
60
50
40
30
20
10
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-57.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 101, Shree Ambashanti Chambers, And. Kurla Rd, Andheri (E),Mumbai-59
E-Mail:
investors@atlantainfra.com
Web site: www.atlantainfra.com
Telephone: (022) 2925 2929 Fax: (022) 2925 2900
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE285H01022

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
860
2,178
`m
481
199
%
55.9
9.2
`m
401
46
%
46.6
2.1

Jun 15
70
148
211.4
79
112.4

Sep 15
268
123
45.8
11
4.0

`
`
`
`

m
m
m
m

903
-1,508
444
-161

-3,715
2,489
1,413
188

2,186
-2,254
-66
-134

ATUL LIMITED
CHEMICALS & PESTICIDES

Chairman: S. S. Lalbhai (MD)

Yr of Inc

B. Code

1947
500027
SHAREHOLDING

BL. Code
ATLP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

LALBHAI

F.V.
10

: 50.6%
:
0.0%
:
6.3%
:
1.5%
: 41.7%
: 29,094

Price

1,582.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.1

SEC: T. R. Gopi Kannan (President Fin&CS)

% ch 12-m
27.3

FX Transaction (FY15)
`m
11,634
`m
3,928
`m
11,634
`m
4,114
`m
7,520
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

472
187
688.8
40.4
57.7
6.00
1.8
254.3
29.66
0.5
8.2
5.7
1.3
14.9
9,773
2.7
1,346
7,521.6
495.5
441.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

20,429
166
20,595
2,491
514
334
1,810
-1
-82
54
583
1,198
12.2
32.2
5.9

24,578
363
24,940
3,637
583
334
3,083
3
-13
0
881
2,192
14.8
28.6
8.9

26,564
103
26,666
4,155
603
257
3,398
2
1
0
994
2,407
15.6
29.2
9.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,524
6,070
12.0
1.4
65
63
5,721
297
5,966
7,542
1,644
15,639
6.4
0.2
1.3
9.8
15.9
23.0
45.5
16.1

10,326
6,726
14.6
1.5
64
65
6,294
297
7,916
9,486
1,195
18,178
10.2
0.1
1.4
13.9
23.1
31.9
42.5
17.2

10,409
6,383
15.2
1.6
57
61
6,257
297
9,926
10,390
586
18,231
14.2
0.1
1.5
14.6
23.2
33.3
43.8
14.8

BALANCE SHEET DATA

P/E

19.5

1,324
1,034
895.6
81.1
101.5
8.50
0.7
350.3
29.66
1.3
14.5
11.6
3.4
10.5
34,975
2.8
1,633
9,659.6
593.8
875.1

P/CF
15.6

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

304

0.5

AUD: Dalal & Shah

Mkt cap

Vol.

46,928.1

2.3

ADJUSTED DAILY SHARE PRICE DATA

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

485
280
828.6
73.9
93.5
7.50
2.0
319.8
29.66
0.5
5.2
4.1
1.2
10.1
11,348
2.8
1,497
8,901.7
542.1
793.9

Regd off: Ashoka Chambers, 3rd Floor, Rasala Marg, Ellisbridge, Ahmedabad -06
E-Mail:
sec@atul.co.in
Web site: www.atul.co.in
Telephone: (079) 2646 1294 Fax: (079) 2640 4111
Tr agent: Sharepro Serv., Devnandan Mall, Opp. Sanyas Ashram, Ahmedabad-06
ISIN

INE100A01010

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,271
6,190
`m
942
807
%
15.0
13.0
`m
537
449
%
8.6
7.2

Jun 15
5,874
984
16.8
601
10.2

Sep 15
6,450
1,273
19.7
845
13.1

`
`
`
`

m
m
m
m

1,871
-1,157
-778
-64

1,517
-831
-605
82

3,063
-1,652
-1,253
158

AUSTIN ENGINEERING COMPANY LTD.

CAPITAL GOODS

Chairman: N. C. Vadgama

Yr of Inc

B. Code

1977
522005
SHAREHOLDING

BL. Code
AUST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

34.7%
0.0%
0.1%
0.1%
65.1%
5,959

Price
62.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.0

SEC: Kaushik Shah

% ch 12-m

7.1

FX Transaction (FY15)
`m
479
`m
1
`m
479
`m
5
`m
474
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

76
42
255.4
9.1
15.3
1.50
2.5
153.2
3.48
0.2
6.5
3.8
0.4
16.5
205
0.0
156
NM
NM
NM

60
35
259.5
10.1
16.7
1.50
3.2
161.1
3.48
0.2
4.7
2.9
0.3
14.8
166
0.0
155
NM
NM
NM

89
70
291.1
8.8
12.9
1.50
1.9
167.8
3.48
0.3
9.0
6.1
0.5
17.0
276
0.0
181
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

889
8
897
68
22
12
42
0
0
0
11
32
7.6
25.1
3.6

903
14
917
61
23
7
45
0
0
0
10
35
6.7
21.4
3.9

1,013
2
1,015
67
14
10
45
0
0
0
14
31
6.6
31.6
3.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

726
353
42.0
2.1
177
93
142
35
495
533
2
891
4.5
0.0
1.0
4.9
5.9
10.2
43.4
0.1

766
336
47.6
2.3
176
107
132
35
522
561
2
921
7.1
0.0
1.0
4.6
6.3
9.3
42.8
0.8

831
360
46.5
2.3
172
97
123
35
546
584
1
979
5.6
0.0
1.0
4.1
5.3
9.3
47.3
0.1

P/CF
4.9

(` )

Yield
2.4

AUD: Dhirubhai Dand & Co.

Mkt cap

Vol.

218.6

0.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE759F01012

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-28.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Village Patla, Taluka Bhesan, Dist Junagadh - 362 030
E-Mail:
info@aecbearings.com
Web site: www.aec-bearings.com
Telephone: (02873) 522 223 Fax: (02873) 266 1505
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

305

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
223
271
`m
16
10
%
7.3
3.7
`m
6
7
%
2.9
2.5

Jun 15
211
12
5.6
6
2.7

Sep 15
201
-3
-1.4
-5
-2.7

`
`
`
`

m
m
m
m

46
-17
-28
1

37
-10
-32
-5

-12
-8
24
4

BALLARPUR INDUSTRIES LIMITED

PAPER

Chairman: Gautam Thapar

Yr of Inc

B. Code

1945
500102
SHAREHOLDING

BL. Code
BILT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

THAPAR

F.V.
2

: 49.4%
:
0.0%
: 14.3%
: 16.9%
: 19.4%
: 82,669

Price
16.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Akhil Mahajan

% ch 12-m
3.5

FX Transaction (FY15)
`m
0
`m
252
`m
0
`m
261
`m
-261
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

48,063
369
48,432
7,431
3,640
2,447
1,713
-360
0
0
122
1,231
15.5
7.1
2.6

49,127
172
49,299
8,491
4,517
3,374
772
-157
0
0
-164
779
17.3
-21.2
1.6

52,846
340
53,186
8,914
4,956
4,003
296
-119
0
0
-321
498
16.9
-108.7
0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

22,345
32,197
-20.5
0.7
79
33
72,606
1,311
16,999
39,318
24,628
106,163
1.7
0.6
0.5
3.5
3.1
5.9
0.4
2.8

23,260
39,257
-32.6
0.6
89
34
85,563
1,311
16,766
36,791
33,661
118,031
1.2
0.9
0.4
3.5
2.1
5.7
0.0
0.3

28,671
42,969
-27.1
0.7
101
33
84,477
1,311
15,962
35,924
36,237
122,987
1.1
1.0
0.4
3.7
1.4
5.8
0.0
0.5

INCOME DATA

BALANCE SHEET DATA

24
13
74.9
1.2
8.1
0.30
1.6
56.1
655.52
0.2
15.7
2.3
0.3
25.3
12,225
2.1
3,643
23,427.5
1,737.4
371.4

P/E

21.5

22
9
80.6
0.8
8.3
0.20
1.3
54.8
655.52
0.2
20.2
1.8
0.3
26.3
10,062
1.7
3,965
30,529.1
2,290.8
287.5

P/CF
2.0

(` )

Yield
1.2

AUD: K. K. Mankeshwar & Co.

Mkt cap

Vol.

10,685.0

589.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE294A01037

25
Close

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

38
18
73.3
1.9
7.4
0.50
1.8
60.0
655.52
0.4
14.9
3.8
0.5
26.6
18,355
2.2
2,989
21,718.5
1,350.6
556.2

-6.0

Regd off: P.O. Ballarpur Paper Mills, District Chandrapur, Ballarpur - 442 901
E-Mail:
sectdiv@bilt.com
Web site: www.bilt.com
Telephone: (0124) 280 4242 Fax: (0124) 280 4261
Tr agent: RCMC Share Registry, B-106, Sector - 2, Noida (U.P.)-201 301

20

100 DMA

15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

306

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
12,104
12,491
`m
1,761
2,208
%
14.5
17.7
`m
-506
301
%
-4.2
2.4

Jun 15
12,505
2,046
16.4
-20
-0.2

Sep 15
11,512
1,825
15.8
-297
-2.6

`
`
`
`

m
m
m
m

6,095
-15,859
10,405
641

9,388
-13,865
5,427
950

9,708
-8,184
-1,152
372

BANCO PRODUCTS INDIA LTD.

CAPITAL GOODS

Chairman: Vimal K. Patel

Yr of Inc

B. Code

1962
500039
SHAREHOLDING

BL. Code

BNCO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 30.3%
: 37.6%
:
3.4%
:
3.7%
: 25.0%
: 12,092

Price

136.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.7

SEC: Dinesh Kavthekar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-14.1

(FY15)
1,263
1,201
1,284
1,278
6

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

76
40
143.2
8.6
12.6
1.80
3.1
66.1
71.52
0.4
6.8
4.6
0.9
21.0
4,173
0.0
1,378
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,241
88
10,330
1,191
289
165
826
0
0
0
213
613
11.6
25.7
6.0

11,618
86
11,704
1,648
324
193
1,217
0
0
0
319
898
14.2
26.2
7.7

11,288
571
11,859
979
338
84
1,128
0
0
0
252
877
8.7
22.3
7.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,920
3,075
18.0
1.6
93
69
2,411
143
3,594
4,725
518
8,578
6.0
0.1
1.2
9.1
13.0
18.9
12.5
10.8

5,471
3,026
21.0
1.8
86
67
2,558
143
4,364
5,887
283
9,462
7.3
0.0
1.2
11.5
15.3
22.9
12.6
8.2

5,495
1,676
33.8
3.3
83
57
2,372
143
5,011
6,198
78
8,219
14.5
0.0
1.4
11.7
14.1
19.3
11.2
10.6

BALANCE SHEET DATA

P/E

11.6

174
61
157.8
12.3
17.0
3.00
2.5
86.7
71.52
0.7
9.6
6.9
1.4
24.5
8,418
0.0
1,620
NM
NM
NM

P/CF
8.4

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

307

2.2

AUD: Shah & Co.

Mkt cap

Vol.

10,146.9

61.1

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

77
33
162.4
12.6
17.1
2.00
3.6
82.3
71.52
0.3
4.4
3.2
0.7
15.9
3,923
0.0
1,575
NM
NM
NM

Regd off: Bil, Near Bhaili Railway Station, Padra Road, Dist. Vadodara - 391 410
E-Mail:
investor@bancoindia.com
Web site: www.bancoindia.com
Telephone: (0265) 2680 220 / 22 Fax: (0265) 2680 433
Tr agent: Link Intime India, B-102/103, Shangrila Complex, Akota, Vadodara-20
ISIN

INE213C01025

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,438
2,507
`m
216
24
%
8.9
0.9
`m
117
-26
%
4.8
-1.0

Jun 15
3,189
447
14.0
279
8.8

Sep 15
3,921
415
10.6
249
6.4

`
`
`
`

m
m
m
m

975
-1,038
-97
-160

1,307
-421
-818
67

848
881
-1,365
364

BAYER CROPSCIENCE LIMITED

CHEMICALS & PESTICIDES
Chairman: Vijay Mallya

Yr of Inc

B. Code

1958
506285
SHAREHOLDING

BL. Code
BAYE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

: 22.4%
: 46.6%
: 11.2%
:
8.2%
: 11.6%
: 19,963

Price

3,400.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Rajiv Wani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
6,287
8,222
6,534
8,689
-2,155

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

27,253
689
27,942
3,599
366
37
3,885
0
0
11,747
4,015
11,617
13.2
103.3
42.6

32,452
909
33,361
4,193
646
48
4,408
0
0
0
1,513
2,895
12.9
34.3
8.9

37,233
879
38,112
5,155
253
46
5,735
0
0
0
1,905
3,830
13.8
33.2
10.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

19,922
4,360
57.1
4.6
67
43
3,457
395
18,918
19,313
0
24,150
106.0
0.0
1.1
48.3
60.2
81.1
16.8
23.0

18,529
5,946
38.8
3.1
62
46
4,446
366
17,057
17,423
0
23,869
92.8
0.0
1.4
12.3
16.6
25.6
15.3
23.0

23,697
6,780
45.4
3.5
55
56
3,224
366
19,963
20,329
0
27,736
125.7
0.0
1.3
14.0
18.8
28.4
16.9
22.1

BALANCE SHEET DATA

P/E

3,629
1,385
1,016.7
104.6
111.5
21.00
0.8
555.1
36.62
2.5
24.0
22.5
4.5
20.1
91,795
0.0
2,269
NM
NM
NM

P/CF

32.5

30.5

(` )

Yield
0.6

AUD: Price Waterhouse

Mkt cap

Vol.

124,520.8

0.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE462A01022

4,500

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

1,829
1,065
886.2
79.1
96.7
5.50
0.4
475.8
36.62
BB
1.6
18.3
15.0
3.0
7.0
52,995
1.2
2,040
26,665.6
1,676.3
2,378.8

13.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,342
749
689.9
294.1
303.4
5.00
0.5
488.9
39.50
1.5
3.6
3.4
2.1
1.7
41,293
1.2
1,810
23,076.2
1,532.6
9,836.6

-0.1

Regd off: Olympia, Central Avenue, Hiranandani Gardens, Powai, Mumbai - 76

E-Mail:
shirin.balsara@bayercropscience.com
Web site: www.bayer.co.in
Telephone: (022) 2571 1393 Fax: (022) 2570 0147
Tr agent: TSR Darashaw, Patrawala Indl Estate, 20, Dr. E.Moses Rd., Mumbai-11

4,000

Close

3,500

100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

308

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,120
5,696
`m
727
506
%
10.2
8.9
`m
550
434
%
7.7
7.6

Jun 15
13,987
1,421
10.2
1,069
7.6

Sep 15
11,746
2,140
18.2
1,501
12.8

`
`
`
`

m
m
m
m

1,383
4,270
-213
5,440

2,815
-2,897
-4,796
-4,878

2,004
4,852
-415
6,441

BEML LIMITED
CAPITAL GOODS

Chairman: P. Dwarakanath (MD)

Yr of Inc

B. Code

1964
500048
SHAREHOLDING

BL. Code

BEML.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 54.0%
:
0.0%
: 23.6%
:
3.5%
: 18.9%
: 67,922

GOVERNMENT
Price

1,051.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.2

SEC: M. E. V Selvamm

% ch 12-m
34.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

644
136
672.7
-20.0
-7.7
2.50
0.6
499.5
41.64
0.6
-19.5
-50.3
0.8
-12.5
16,240
11.0
7,452
2,545.4
677.2
-75.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

28,013
1,043
29,056
-485
510
1,415
-1,367
0
13
101
-420
-833
-1.7
30.8
-3.0

29,037
637
29,674
851
543
1,107
-162
3
100
159
39
61
2.9
-24.2
0.2

28,021
597
28,618
638
530
708
-2
1
55
2
-5
59
2.3
215.0
0.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

41,491
20,887
73.6
2.0
322
112
6,878
418
20,365
20,798
4,981
52,220
0.0
0.2
0.5
1.1
-4.0
0.6
0.0
0.0

36,868
17,081
68.1
2.2
272
123
6,861
418
20,331
20,810
4,652
47,697
0.9
0.2
0.6
2.4
0.3
4.7
0.0
0.0

35,908
16,262
70.1
2.2
251
129
4,680
418
20,223
20,767
4,139
45,984
1.0
0.2
0.6
1.7
0.3
3.1
0.0
0.0

BALANCE SHEET DATA

P/E

1,134
966
672.9
1.4
14.2
1.00
0.1
498.7
41.64
1.6
735.7
74.2
2.1
70.1
43,722
9.6
7,750
2,919.1
807.3
6.2

P/CF

741.1

74.7

(` )

Yield
0.1

AUD: Padmanabhan Ramani

Mkt cap

Vol.

44,043.2

27.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE258A01016

1,800

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

304
126
697.3
1.5
14.5
1.00
0.5
499.8
41.64
0.3
146.5
14.8
0.4
68.2
8,953
10.3
7,227
2,811.5
699.7
5.9

Regd off: BEML Soudha, 23/1, 4th Main, S. R. Nagar, Bangalore - 560 027
E-Mail:
medappak@cs.beml.co.in
Web site: www.bemlindia.com
Telephone: (080) 2296 3142 Fax: (080) 2296 3142
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

309

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,769
12,793
`m
54
1,631
%
0.9
12.7
`m
-114
1,689
%
-2.0
13.2

Jun 15
5,903
-574
-9.7
-749
-12.7

Sep 15
6,212
470
7.6
302
4.9

`
`
`
`

m
m
m
m

-1,362
-1,317
1,521
-1,158

3,935
-279
-4,266
-610

5,478
-360
-3,839
1,280

BGR ENERGY SYSTEMS LIMITED

ENERGY SOURCES

Chairman: B. G. Raghupathy (md)

Yr of Inc

B. Code

532930
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 75.0%
:
0.0%
:
2.4%
:
2.3%
: 20.3%
: 109,280

MISCELLANEOUS
Price
112.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. Ramesh Kumar

% ch 12-m

FX Transaction (FY15)
`m
0
`m
726
`m
10,491
`m
839
`m
9,652
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,133
119
31,252
4,268
203
1,749
2,436
8
0
0
823
1,621
13.7
33.8
5.2

33,009
58
33,067
3,699
212
1,818
1,726
61
0
0
826
961
11.2
47.9
2.9

33,663
71
33,734
2,892
270
2,069
624
55
0
0
377
302
8.6
60.4
0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

51,382
37,630
44.2
1.4
5
335
5,752
722
11,487
12,233
138
65,755
2.4
0.0
0.5
5.1
13.3
33.9
0.0
7.2

43,113
37,876
15.9
1.1
7
305
5,971
722
12,469
12,939
78
68,580
1.9
0.0
0.5
4.1
7.4
27.7
0.0
0.9

55,386
38,203
51.0
1.4
6
262
5,791
722
12,193
13,215
3,518
67,919
1.3
0.3
0.5
3.5
2.3
16.4
0.0
2.2

BALANCE SHEET DATA

216
70
457.4
13.3
16.3
3.00
2.1
179.3
72.16
0.3
10.7
8.8
0.8
22.5
10,319
0.0
2,039
NM
NM
NM

143
108
466.5
4.2
7.9
0.00
0.0
183.1
72.16
0.3
30.0
15.8
0.7
0.0
9,056
0.0
1,788
NM
NM
NM

P/CF

(` )

Yield
0.0

AUD: Manohar Chowdhary & Assoc.

Mkt cap

Vol.

ISIN

43.6

INE661I01014

ADJUSTED DAILY SHARE PRICE DATA

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-32.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

369
176
431.4
22.5
25.3
7.00
2.6
169.5
72.16
0.6
12.1
10.8
1.6
31.2
19,667
2.4
2,120
12,875.4
876.8
670.3

2.8

Regd off: A-5 Pannamgadu Indl. Estate, Nellore District, Sullurpet Taluk, A.P. -01
E-Mail:
investors@bgrenergy.com
Web site: www.bgrcorp.com
Telephone: (044) 2432 6171 Fax: (044) 2436 4656
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

310

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
9,886
10,476
`m
773
890
%
7.8
8.5
`m
145
188
%
1.5
1.8

Jun 15
8,941
776
8.7
114
1.3

Sep 15
8,333
767
9.2
84
1.0

`
`
`
`

m
m
m
m

727
-1,797
2,229
1,158

1,989
-431
-4,210
-2,652

1,483
-114
-1,302
67

CANARA BANK
BANKING

Chairman: R. K. Dubey (MD)

Yr of Inc

B. Code

1906
532483
SHAREHOLDING

BL. Code

CNBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 67.7%
:
0.0%
: 13.1%
:
9.0%
:
8.9%
: 145,041

Price

247.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-11.1

SEC: B. Nagesh Babu

% ch 12-m

12
31/03/14

457
190
857.9
57.0
122.5
11.00
3.4
654.2
461.26
PA
0.4
5.7
2.3
0.5
19.3
149,218
48.8
37,065
8,109.6
759.6
539.0

498
250
922.0
60.3
157.7
10.50
2.8
683.8
475.19
PA
0.4
6.2
2.8
0.5
17.4
177,721
54.0
43,133
8,116.0
799.0
530.6

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

340,699
33,077
261,978
78,721
51,804
26,918
7.9
22,280
38,143
0
-251
0
8,196
29,697
8.7

395,702
41,437
306,055
89,646
61,163
28,484
7.2
37,500
33,248
0
-421
0
6,525
26,302
6.6

438,134
47,335
341,331
96,803
72,660
24,142
5.5
34,644
37,563
0
-664
0
8,253
28,647
6.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,424,358
3,556,846
68.2
10.0
7.1
1.9
28,840
4,430
109,203
251,764
203,551
1,275,335
4,193,243
14.9
0.7
11.8
12.4
2.2

3,013,260
4,206,037
71.6
9.4
6.8
1.9
66,620
4,613
115,873
301,763
273,097
1,354,454
5,010,896
14.8
0.5
8.7
10.6
2.0

3,302,939
4,737,250
69.7
9.7
6.8
1.8
69,700
4,752
123,814
324,917
257,628
1,554,065
5,585,576
15.4
0.5
8.8
10.6
2.7

4.1

(` )

Yield
4.2

AUD: P. Chopra & Co.

Mkt cap

Vol.

117,562.0

221.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE476A01014

600
Close

500

12
31/03/15

550
306
769.1
67.0
152.2
13.00
3.0
568.3
443.00
0.6
6.4
3.6
0.8
19.4
189,604
42.7
32,854
7,980.2
769.6
695.6

P/CF

3.2

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-38.5

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 112, Secretarial Dept, C & MD Secretarial, J. C. Road, Bangalore - 02

E-Mail:
hosecretarial@canarabank.com
Web site: www.canarabank.com
Telephone: (080) 2210 0250 Fax: (080) 2224 8831
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

311

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
110,517
111,034
`m
23,805
24,861
%
21.5
22.4
`m
6,560
6,130
%
5.9
5.5

Jun 15
111,397
25,165
22.6
4,788
4.3

Sep 15
112,675
26,465
23.5
5,289
4.7

`
`
`
`

m
m
m
m

80,104
-4,559
-10,428
65,117

142,443
-4,960
-37,715
99,769

63,438
-10,375
-14,639
38,423

CASTEX TECHNOLOGIES
AUTO ANCILLARIES,FORGINGS
Chairman: Sanjay Chhabra

Yr of Inc

B. Code

1982
532282
SHAREHOLDING

BL. Code
AMTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 71.1%
:
0.0%
:
7.9%
:
8.6%
: 12.4%
: 21,386

MISCELLANEOUS
Price
18.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-14.6

SEC: Vishal Wason

% ch 12-m

1.9

FX Transaction (FY15)
`m
0
`m
790
`m
0
`m
1,309
`m
-1,309
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

152
67
68.2
5.6
11.0
0.10
0.1
72.9
276.78
1.6
19.4
10.0
1.5
1.8
30,307
0.0
660
NM
NM
NM

126
49
82.8
7.6
15.2
0.10
0.1
82.2
277.53
FCCB
1.1
11.6
5.8
1.1
1.3
24,339
0.0
989
NM
NM
NM

138
55
135.2
9.6
19.8
0.10
0.1
98.4
277.96
FCCB
0.7
10.0
4.9
1.0
1.0
26,733
0.0
3,322
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,877
0
18,877
5,653
1,470
1,798
2,385
0
0
-128
694
1,563
29.9
29.1
8.3

22,981
526
23,507
6,986
2,125
2,379
3,009
0
0
0
906
2,103
30.4
30.1
9.2

37,573
399
37,973
9,989
2,831
3,610
3,948
0
1
0
1,276
2,674
26.6
32.3
7.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

19,008
6,140
68.2
3.1
105
79
27,516
554
18,555
20,168
25,116
53,552
2.3
1.2
0.4
6.3
7.8
9.0
0.0
1.6

17,751
7,538
44.4
2.4
94
67
51,082
555
18,521
22,816
37,585
70,963
2.3
1.6
0.3
6.3
9.2
8.9
0.0
3.4

27,374
19,159
21.9
1.4
99
72
62,865
556
20,202
27,362
44,450
95,875
2.1
1.6
0.4
6.6
9.8
10.5
0.0
0.4

P/CF
0.9

(` )

Yield
0.5

AUD: Manoj Mohan & Assoc.

Mkt cap

Vol.

5,072.8

2,121.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE068D01021

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-76.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Old Manesar Road, Village Narsinghpur, Mohammadpur, Gurgaon- 01

E-Mail:
shuchita.bhartiya@amtek.com
Web site: www.amtek.com
Telephone: (011) 4164 9800 Fax: (011) 2905 4554
Tr agent: Beetal House, 3rd Floor, 99 Madangir, Harsukhdas Mandir, New Delhi-62

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

312

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,214
7,428
`m
2,755
2,008
%
33.5
27.0
`m
549
34
%
6.7
0.5

Jun 15
6,539
1,110
17.0
-1,056
-16.1

Sep 15
5,314
977
18.4
-1,239
-23.3

`
`
`
`

m
m
m
m

2,472
-8,632
7,725
1,565

10,023
-18,648
8,975
350

6,455
-17,523
7,182
-3,886

CENTURY TEXTILES AND INDUSTRIES LTD.

DIVERSIFIED

Chairman: B. K. Birla

Yr of Inc

B. Code

1897
500040
SHAREHOLDING

BL. Code
CNTY.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA B.K.
F.V.
10

: 40.2%
:
0.0%
: 14.6%
: 10.3%
: 34.9%
: 73,480

Price

538.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.1

SEC: D. K. Agrawal (Exec. Pres-Corp. Fin)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

4.7

(FY15)
5,256
5,635
5,257
5,828
-571

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

449
261
639.4
-3.7
34.5
5.50
1.5
194.0
93.05
0.6
-95.8
10.3
1.8
-148.4
33,033
13.0
4,929
4,586.4
380.0
-26.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

59,495
269
59,764
5,778
3,560
3,200
-712
0
0
0
-367
-345
9.7
51.6
-0.6

66,751
191
66,942
7,264
3,546
3,628
280
0
0
0
253
27
10.9
90.3
0.0

75,593
200
75,793
6,801
2,492
4,846
-337
0
0
0
-492
155
9.0
146.0
0.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

19,329
25,111
-9.7
0.8
74
25
59,436
930
17,119
18,050
31,482
82,617
0.8
1.7
0.7
3.5
-1.9
5.0
5.4
7.4

22,614
38,254
-23.4
0.6
71
29
66,056
930
16,520
17,474
28,104
92,916
1.1
1.6
0.7
3.9
0.2
8.6
6.6
7.8

25,054
35,672
-14.0
0.7
69
32
66,493
1,015
18,545
20,643
35,673
100,776
0.9
1.7
0.8
5.0
0.8
8.0
7.0
7.5

BALANCE SHEET DATA

P/E

641
335
744.5
1.5
26.1
5.50
1.1
203.3
101.53
0.7
320.0
18.7
2.4
360.5
49,562
12.9
6,163
5,837.7
475.9
12.0

P/CF

352.7

20.6

(` )

Yield
1.0

AUD: Dalal & Shah

Mkt cap

Vol.

54,633.0

132.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE055A01016

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

363
199
717.4
0.3
38.4
5.50
2.0
187.8
93.05
0.4
960.4
7.3
1.5
1,881.5
26,124
13.0
5,015
5,154.5
387.2
2.1

Regd off: Century Bhavan, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
investorrelations@centurytext.com
Web site: www.centurytextind.com
Telephone: (022) 2495 7000 Fax: (022) 2430 9491
Tr agent: Link Intime India, C13 Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

313

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
18,476
21,055
`m
962
2,103
%
5.2
10.0
`m
-636
118
%
-3.4
0.6

Jun 15
20,339
1,715
8.4
-290
-1.4

Sep 15
19,512
1,730
8.9
-243
-1.2

`
`
`
`

m
m
m
m

4,939
-8,729
3,836
46

5,912
-7,582
1,855
185

3,801
-5,093
1,475
183

CHENNAI PETROLEUM CORPORATION LIMITED

ENERGY SOURCES

Chairman: S. Venkataramana (MD)

Yr of Inc

B. Code

1965
500110
SHAREHOLDING

BL. Code

CHPC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 51.9%
: 15.4%
: 14.9%
:
1.4%
: 16.5%
: 62,727

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

Price

195.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

GOVERNMENT

12
31/03/13

1.2

SEC: P. Shankar

% ch 12-m

P/E

143.0

FX Transaction (FY15)
`m
0
` m 401,021
`m
0
` m 401,825
` m -401,825
12
31/03/14

126
52
3,313.6
-20.4
5.8
0.00
0.0
115.7
148.91
0.0
-4.4
15.5
0.8
0.0
13,253
1.7
2,919
292,314.2
1,729.0
-1,800.1

83
62
2,811.5
-2.6
12.6
0.00
0.0
111.1
148.91
0.0
-27.6
5.8
0.7
0.0
10,774
1.6
3,387
257,161.9
2,080.5
-239.5

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

428,833
238
429,070
-8,684
3,745
4,779
-16,971
0
-6
0
692
-17,668
-2.0
-4.1
-4.1

493,426
274
493,700
5,858
3,896
5,680
-3,444
0
135
0
-271
-3,039
1.2
7.9
-0.6

418,660
367
419,027
-1,448
2,261
4,037
-7,379
0
-45
0
-7,034
-390
-0.3
95.3
-0.1

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

92,594
101,911
-2.2
0.9
54
22
47,413
1,490
18,773
20,263
11,428
141,011
-2.6
0.6
3.0
-9.1
-87.2
-38.5
0.0
87.2

91,881
94,753
-0.6
1.0
50
16
46,360
1,490
15,734
17,225
20,000
139,423
0.4
1.2
3.5
1.9
-17.6
6.4
0.0
85.2

59,427
82,491
-5.5
0.7
33
16
48,592
1,490
15,061
16,551
10,000
109,546
-0.8
0.6
3.8
3.3
-2.4
-12.8
0.0
95.8

P/CF
15.5

(` )

Yield
0.0

AUD: S. Venkatram & Co.

Mkt cap

Vol.

29,037.5

177.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE178A01016

300
Close

250

12
31/03/15

162
107
2,879.8
-118.7
-93.5
0.00
0.0
136.1
148.91
0.0
-1.1
-1.4
1.0
0.0
20,014
1.7
3,154
251,514.8
1,850.0
-10,362.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 536, Anna Salai, Teynampet, Chennai - 600 018

E-Mail:
shankarp@cpcl.co.in
Web site: www.cpcl.co.in
Telephone: (044) 2434 9833 Fax: (044) 2434 1753
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

314

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
94,363
88,240
`m
-5,013
4,488
%
-5.3
5.1
`m
-6,494
3,289
%
-6.9
3.7

Jun 15
90,534
10,610
11.7
9,235
10.2

Sep 15
59,824
6,178
10.3
4,524
7.6

`
`
`
`

m
m
m
m

-13,501
-3,933
17,456
23

11,406
-2,793
-8,562
51

10,768
-4,766
-6,063
-61

CREDIT ANALYSIS & RESEARCH LTD.

RATING AGENCIES

Chairman: A. K. Bansal

Yr of Inc

B. Code

1993
534804
SHAREHOLDING

BL. Code
CREI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
0.0%
:
0.0%
: 49.7%
: 25.7%
: 24.6%
: 40,414

Price

1,261.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Navin K. Jain

% ch 12-m
-5.0

FX Transaction (FY15)
`m
0
`m
0
`m
8
`m
10
`m
-2
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,030
289
2,319
1,346
33
0
1,602
-1
0
0
466
1,136
66.3
29.1
55.9

2,356
358
2,714
1,479
29
0
1,808
-2
0
0
509
1,297
62.8
28.2
55.0

2,606
437
3,042
1,596
51
13
1,969
0
0
0
591
1,378
61.2
30.0
52.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,952
751
108.4
3.9
0
40
513
286
3,957
4,242
0
5,083
NM
0.0
0.4
22.3
26.8
37.7
0.0
0.0

3,188
868
98.5
3.7
0
23
516
290
4,549
4,854
0
5,811
NM
0.0
0.4
22.3
26.7
37.2
0.0
0.0

1,817
783
39.7
2.3
0
22
567
290
3,232
3,589
0
4,455
152.4
0.0
0.6
31.2
38.4
55.2
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

819
415
81.3
44.7
45.7
28.00
4.5
167.4
28.99
PA
7.6
13.8
13.5
3.7
62.6
17,888
0.6
632
3,966.2
1,064.6
2,182.7

P/E

26.5

1,625
1,446
89.9
47.5
49.3
14.00
0.9
123.8
28.99
17.1
32.3
31.1
12.4
29.5
44,510
0.7
747
3,977.9
1,140.6
2,104.0

P/CF
25.6

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

315

1.1

AUD: Khimji Kunverji & Co.

Mkt cap

Vol.

36,579.6

0.7

ADJUSTED DAILY SHARE PRICE DATA

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
May-13

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

986
758
71.1
39.8
40.9
20.00
2.3
148.6
28.55
IPO
12.3
21.9
21.3
5.9
50.3
24,898
0.6
524
3,593.5
926.5
2,010.4

-0.9

Regd off: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Sion (E), Mumbai-22
E-Mail:
investor.relations@careratings.com
Web site: www.careratings.com
Telephone: (022) 6754 3456 Fax: (022) 6754 3457
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE752H01013

Close
100 DMA

Aug-14
No. of months
Year ending

Nov-15
12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
624
778
`m
384
520
%
61.6
66.8
`m
262
351
%
42.0
45.1

Jun 15
484
242
49.9
175
36.1

Sep 15
782
557
71.3
379
48.4

`
`
`
`

m
m
m
m

828
-867
-397
-436

1,069
-459
-622
-13

1,073
1,565
-2,761
-124

CROMPTON GREAVES LIMITED

CAPITAL GOODS

Chairman: G. Thapar

Yr of Inc

B. Code

1947
500093
SHAREHOLDING

BL. Code

CROM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

THAPAR

F.V.
2

: 40.8%
:
1.8%
: 22.2%
: 20.0%
: 15.1%
: 117,401

Price

186.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

10.7

SEC: M Bhosale

% ch 12-m
5.1

FX Transaction (FY15)
`m
9,385
`m
7,950
`m
10,246
`m
8,552
`m
1,694
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

149
88
188.5
-0.6
2.6
0.80
0.7
55.5
641.49
0.6
-210.3
45.6
2.1
-142.0
75,984
9.6
17,405
12,631.3
1,817.7
-37.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

120,944
1,000
121,944
3,832
2,029
955
1,848
11
-4
-1,207
1,009
-361
3.2
54.6
-0.3

136,315
1,890
138,205
7,045
2,621
1,366
4,947
7
-150
0
2,361
2,443
5.2
47.7
1.8

140,131
1,670
141,802
6,677
2,620
1,443
4,284
14
16
0
2,220
2,094
4.8
51.8
1.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

64,568
46,615
14.8
1.4
49
95
20,871
1,283
30,227
35,615
15,550
101,528
2.9
0.4
1.2
0.6
-1.0
3.1
6.9
6.3

68,881
53,989
10.9
1.3
45
96
23,003
1,254
30,469
36,446
16,323
110,162
4.6
0.4
1.2
3.5
6.7
11.7
6.6
6.2

73,856
49,332
17.5
1.5
38
97
20,433
1,254
31,957
38,159
19,039
109,916
4.0
0.5
1.3
3.2
5.5
10.1
6.7
5.7

BALANCE SHEET DATA

P/E

231
150
223.6
3.3
7.5
0.80
0.4
60.9
626.75
0.9
57.0
25.3
3.1
24.0
119,302
9.4
19,936
14,831.9
2,110.0
221.6

P/CF

55.8

24.8

(` )

Yield
0.4

AUD: Sharp & Tannan

Mkt cap

Vol.

116,856.8

200.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE067A01029

250
Close

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

165
72
217.5
3.9
8.1
1.20
1.0
58.2
626.75
BB
0.5
30.3
14.6
2.0
30.8
74,051
9.4
19,521
14,450.9
2,069.4
259.0

Regd off: 6th Floor, CG House, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
cginvestors@dfssl.com
Web site: www.cgglobal.com
Telephone: (022) 6671 2151 Fax: (022) 6671 2230
Tr agent: Link Intime India, C-13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai- 78

200

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

316

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
33,332
38,081
`m
1,533
1,459
%
4.6
3.8
`m
68
392
%
0.2
1.0

Jun 15
31,658
1,297
4.1
140
0.4

Sep 15
32,161
1,910
5.9
525
1.6

`
`
`
`

m
m
m
m

4,251
-11,378
7,985
858

3,196
-978
99
2,316

-6,801
4,284
1,260
-1,257

DCB BANK LTD.

BANKING

Chairman: Nasser Munjee

Yr of Inc

B. Code

1995
532772
SHAREHOLDING

BL. Code

DCBA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
0.9%
: 15.5%
: 23.2%
: 15.0%
: 45.5%
: 184,073

Price
76.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.7

SEC: H. V. Barve (VP & CS)

% ch 12-m
-27.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

53
37
36.6
4.1
14.1
0.00
0.0
40.1
250.11
1.2
11.0
8.9
1.1
0.0
11,192
0.0
1,379
NM
NM
N.A.

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

9,161
1,170
6,317
2,844
2,753
91
1.0
240
1,021
0
0
0
0
1,021
11.1

11,283
1,387
7,599
3,684
3,191
493
4.4
366
1,514
0
0
0
0
1,514
13.4

14,224
1,657
9,142
5,082
3,965
1,117
7.9
694
2,080
0
0
0
169
1,912
13.4

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

65,861
83,638
78.7
10.8
6.4
2.6
2,395
2,501
5,217
10,031
15,256
33,587
112,788
9.9
0.9
10.2
13.6
0.8

81,402
103,252
78.8
10.7
6.4
3.0
2,386
2,503
6,673
11,540
8,602
36,342
129,231
9.7
1.2
13.1
13.7
0.9

104,651
126,091
83.0
10.5
6.7
3.2
2,367
2,820
10,203
15,886
11,638
44,706
161,323
8.7
1.2
12.0
15.0
1.0

BALANCE SHEET DATA

P/E

127
59
50.4
6.8
19.0
0.00
0.0
56.3
282.01
PP
1.8
13.7
10.1
1.7
0.0
26,227
0.0
1,960
NM
NM
N.A.

P/CF

10.3

11.2

(` )

Yield
0.0

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

21,393.2

216.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE503A01015

160
140

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

62
38
45.1
6.0
17.3
0.00
0.0
46.1
250.32
ESOP
1.1
8.2
6.6
1.1
0.0
12,466
0.0
1,571
NM
NM
N.A.

Regd off: 601-602 Peninsula Bus. Pk, Senapati Bapat Mg, Lower Parel, Mumbai-13
E-Mail:
barve@dcbbank.com
Web site: www.dcbbank.com
Telephone: (022) 6618 7013 Fax: (022) 6658 9970
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

120

Close
100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

317

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,565
3,788
`m
1,219
1,297
%
34.2
34.2
`m
425
629
%
11.9
16.6

Jun 15
4,043
1,404
34.7
469
11.6

Sep 15
4,162
1,500
36.0
369
8.9

`
`
`
`

m
m
m
m

553
-713
4,428
4,267

4,898
-188
-6,647
-1,937

-4,957
-288
5,541
296

DENA BANK
BANKING

Chairman: Ashwani Kumar (MD)

Yr of Inc

B. Code

1938
532121
SHAREHOLDING

BL. Code

DENA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 58.0%
:
0.0%
: 17.0%
:
7.2%
: 17.8%
: 236,995

GOVERNMENT
Price
40.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.4

SEC: R. Jothi Kalingaraayan

% ch 12-m
-32.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

128
80
254.2
23.1
46.4
4.70
4.5
164.7
350.06
0.4
4.5
2.4
0.6
20.3
36,406
11.1
7,918
8,022.5
713.8
730.5

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

88,994
6,555
65,163
23,831
12,997
10,834
12.2
7,064
10,324
0
0
0
2,220
8,104
9.1

99,785
9,167
74,734
25,051
16,478
8,573
8.6
15,163
2,577
0
0
0
-2,940
5,517
5.5

107,635
7,213
83,156
24,479
18,389
6,090
5.7
12,626
677
0
0
0
-1,978
2,655
2.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

657,812
972,072
67.7
10.4
6.4
2.2
11,121
3,501
38,829
57,640
84,137
343,431
1,134,404
18.3
0.7
14.1
11.0
1.4

775,538
1,100,277
70.5
9.5
6.5
2.1
11,448
5,378
40,902
71,425
51,609
366,121
1,248,635
16.1
0.4
7.7
11.1
2.4

789,343
1,159,361
68.1
10.1
6.9
2.0
11,536
5,612
43,267
74,401
34,360
364,991
1,299,206
16.0
0.2
3.6
10.9
3.8

BALANCE SHEET DATA

P/E

94
47
191.8
4.7
11.5
0.90
1.3
132.6
561.15
PI
0.4
14.9
2.6
0.5
19.0
39,617
13.6
11,167
7,895.8
819.2
194.7

P/CF

33.9

8.6

(` )

Yield
2.2

AUD: S. P. Sharma

Mkt cap

Vol.

22,922.6

115.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE077A01010

140
Close

120

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

98
42
185.5
10.3
7.2
2.20
3.1
132.8
537.82
PI
0.4
6.8
1.8
0.5
21.4
37,701
13.0
10,050
7,685.8
774.1
424.9

Regd off: Dena Corporate Centre, C-10, G Block, BKC Bandra (East), Mumbai - 51
E-Mail:
investorgrievance@denabank.co.in
Web site: www.denabank.com
Telephone: (022) 2654 5320 Fax: (022) 2654 5317
Tr agent: Sharepro Serv.,13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

318

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
26,711
27,064
`m
6,023
6,087
%
22.5
22.5
`m
766
558
%
2.9
2.1

Jun 15
27,688
6,282
22.7
152
0.5

Sep 15
26,803
6,569
24.5
388
1.4

`
`
`
`

m
m
m
m

38,436
-817
5,083
42,702

-45,440
-1,068
12,021
-34,487

35,109
-1,297
-782
33,030

DISA INDIA LTD.

CAPITAL GOODS

Chairman: Viraj Naidu (MD)

Yr of Inc

B. Code

1984
500068
SHAREHOLDING

BL. Code
DISA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

0.0%
75.0%
14.2%
0.0%
10.8%
2,625

Price

4,775.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Mohan (VP - Finance & Admin.)

% ch 12-m
14.1

FX Transaction (FY15)
`m
187
`m
234
`m
235
`m
318
`m
-84
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,525
36
1,561
269
32
1
273
0
0
0
84
188
17.7
30.9
12.4

1,745
40
1,784
301
38
0
303
0
0
0
108
195
17.3
35.6
11.2

1,838
93
1,930
233
39
4
283
0
0
0
104
179
12.7
36.7
9.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

988
615
24.5
1.6
76
30
225
15
599
616
0
1,232
546.0
0.0
1.2
15.3
30.6
44.4
14.8
16.1

1,163
614
31.5
1.9
60
31
229
15
790
806
0
1,426
1,515.0
0.0
1.2
13.7
24.2
37.6
13.8
8.8

1,224
471
40.9
2.6
73
23
200
15
964
980
0
1,452
81.7
0.0
1.3
12.6
18.2
29.2
10.1
12.7

INCOME DATA

BALANCE SHEET DATA

3,150
2,331
1,155.3
129.1
154.3
2.50
0.1
533.8
1.51
2.4
21.2
17.8
5.1
1.9
4,138
0.3
249
5,664.0
807.1
633.1

P/E

5,800
4,702
1,217.0
118.4
144.3
2.50
0.0
649.2
1.51
4.3
44.3
36.4
8.1
2.1
7,929
0.3
323
6,208.4
1,089.5
604.1

P/CF

40.3

33.1

(` )

Yield
0.1

AUD: M. K. Dandeker & Co.

Mkt cap

Vol.

7,210.3

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE131C01011

7,000
Close

6,000

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

3,944
1,456
1,009.7
124.8
146.0
2.50
0.1
407.6
1.51
2.7
21.6
18.5
6.6
2.0
4,077
0.0
211
NM
NM
NM

1.4

Regd off: 5th Floor, Kushal Garden Arcade, 1 A, Peenya Indust. Area, Bangalore-58
E-Mail:
investor.relations@noricangroup.com
Web site: www.disagroup.com
Telephone: (080) 4020 1406 Fax: (080) 2839 1661
Tr agent: Integrated Enter.,Ramana Rsdncy, 4 Cross, Malleswaram, Bangalore-03

100 DMA

5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

319

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
878
196
`m
219
1
%
24.9
0.5
`m
161
4
%
18.3
2.0

Jun 15
273
6
2.1
11
4.1

Sep 15
460
54
11.6
38
8.3

`
`
`
`

m
m
m
m

183
190
-351
22

194
-213
-5
-24

-100
63
-8
-44

DREDGING CORPORATION OF INDIA LIMITED

SHIPPING

Chairman: D. K Mohanty (MD)

Yr of Inc

B. Code

1975
523618
SHAREHOLDING

BL. Code

DRDG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Central Government
F.V.
10

: 78.6%
:
0.0%
:
9.8%
:
0.6%
: 11.0%
: 49,127

Price

350.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. Aswini Sreekanth

% ch 12-m
-16.4

FX Transaction (FY15)
`m
0
`m
491
`m
0
`m
707
`m
-707
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,349
31
6,380
1,101
902
15
216
0
0
0
11
205
17.3
5.0
3.2

7,704
23
7,727
1,859
1,383
110
388
0
0
0
13
375
24.1
3.3
4.9

7,350
88
7,438
1,732
921
257
642
0
0
11
30
624
23.6
4.6
8.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,399
3,439
93.9
2.7
67
272
10,304
280
11,723
13,957
7,201
24,654
15.7
0.5
0.3
0.9
1.5
1.1
0.0
8.7

8,456
4,132
56.1
2.0
54
173
21,878
280
11,794
14,234
12,556
30,984
4.5
0.9
0.2
1.6
2.6
1.9
0.0
4.6

8,369
3,702
63.5
2.3
54
185
18,724
280
12,063
14,743
9,231
27,748
3.5
0.6
0.3
3.2
4.2
3.8
0.0
6.7

INCOME DATA

BALANCE SHEET DATA

332
152
275.2
13.4
62.8
3.00
1.2
508.5
27.99
0.9
18.1
3.9
0.5
22.4
6,783
0.6
979
12,861.6
1,634.9
626.7

P/E

567
236
262.6
22.3
55.2
3.00
0.7
526.7
27.99
1.5
18.0
7.3
0.8
13.5
11,238
0.6
974
12,985.2
1,720.3
1,102.7

P/CF

15.7

6.3

(` )

Yield
0.9

AUD: G. R. Kumar & Co.

Mkt cap

Vol.

9,808.4

2.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE506A01018

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

292
182
226.8
7.3
39.5
2.00
0.8
498.6
27.99
1.0
32.3
6.0
0.5
27.3
6,631
0.6
870
10,240.6
1,403.5
330.8

4.4

Regd off: Core:2, 1st Flr., Scope Minar, Plot No.2A-2B, Laxminagar, New Delhi - 92
E-Mail:
sreekanth@dci.gov.in
Web site: www.dredge-india.com
Telephone: (011) 2244 8528 Fax: (011) 2244 8527
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

320

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,852
1,915
`m
348
667
%
18.8
34.8
`m
73
408
%
3.9
21.3

Jun 15
1,675
464
27.7
167
10.0

Sep 15
1,599
450
28.1
173
10.8

`
`
`
`

m
m
m
m

-368
-5,303
5,172
-500

2,677
-7,329
4,934
282

2,120
-88
-1,419
613

ELGI EQUIPMENTS LIMITED

CAPITAL GOODS

Chairman: Jairam Varadaraj (MD)

Yr of Inc

B. Code

1966
522074
SHAREHOLDING

BL. Code
ELGE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 31.9%
:
0.0%
: 11.5%
: 14.0%
: 42.7%
: 20,376

L.G. BALAKRISHNAN
Price

127.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: R. Syam Kumar

% ch 12-m
-20.2

FX Transaction (FY15)
`m
1,628
`m
796
`m
1,628
`m
889
`m
739
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

100
70
72.2
3.8
4.9
1.00
1.2
27.4
158.45
1.2
22.3
17.1
3.1
26.3
13,429
2.1
1,633
5,564.0
794.0
292.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

11,445
162
11,608
995
182
45
931
0
0
0
329
602
8.7
35.3
5.3

13,504
91
13,595
993
262
97
725
0
0
0
269
456
7.4
37.2
3.4

13,143
100
13,243
1,107
366
158
684
0
0
0
203
481
8.4
29.7
3.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,332
3,823
21.9
1.7
74
72
3,726
159
3,991
4,336
2,198
10,549
21.9
0.5
1.1
6.1
13.9
14.9
12.2
6.8

6,484
4,696
13.2
1.4
68
66
4,772
159
4,275
4,636
2,145
11,758
8.5
0.5
1.1
4.7
9.8
12.1
12.2
6.1

6,786
4,932
14.1
1.4
74
68
4,643
159
4,558
4,934
1,598
11,757
5.3
0.3
1.1
5.4
9.7
12.9
12.4
6.1

BALANCE SHEET DATA

P/E

42.0

175
96
82.9
3.0
5.3
1.00
0.7
31.1
158.45
1.6
44.6
25.4
4.4
32.9
21,470
2.0
2,499
6,637.7
1,261.9
242.9

P/CF
23.9

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

321

0.8

AUD: RJC Associates

Mkt cap

Vol.

20,202.4

12.6

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

110
74
85.2
2.9
4.5
1.00
1.1
29.3
158.45
1.1
31.9
20.3
3.1
34.8
14,538
2.0
2,328
6,642.4
1,145.3
224.1

Regd off: Elgi Industrial Complex, Trichy Road, Singanallur, Coimbatore - 641 005
E-Mail:
investor@elgi.com
Web site: www.elgi.com
Telephone: (0422) 2589 136 Fax: (0422) 2573 697
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78
ISIN

INE285A01027

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,209
3,503
`m
146
229
%
4.5
6.5
`m
-59
51
%
-1.9
1.4

Jun 15
3,265
310
9.5
137
4.2

Sep 15
3,248
237
7.3
97
3.0

`
`
`
`

m
m
m
m

-708
-2,587
2,542
-753

975
-1,222
204
-43

780
-168
-517
96

ENGINEERS INDIA LIMITED

CONSTRUCTION

GOVERNMENT

Chairman: A. K. Purwaha (MD)

Yr of Inc

B. Code

1965
532178
SHAREHOLDING

BL. Code
ENGI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 69.4%
:
0.0%
: 11.7%
:
9.0%
:
9.9%
: 136,269

Price

210.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

11.1

SEC: Rajan Kapur

% ch 12-m
-7.5

FX Transaction (FY15)
`m
0
`m
0
`m
430
`m
1,075
`m
-646
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

266
150
75.1
18.8
19.1
6.00
2.9
68.1
336.94
2.8
11.1
10.9
3.1
32.0
70,084
3.4
5,809
7,504.6
1,723.6
1,876.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

25,290
3,168
28,458
5,973
111
0
9,029
0
-47
0
2,661
6,322
23.6
29.5
25.0

18,465
2,320
20,785
4,898
148
0
7,070
0
-19
0
2,224
4,827
26.5
31.5
26.1

17,412
2,731
20,144
2,322
202
0
4,852
0
-94
0
1,630
3,127
13.3
33.6
18.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

33,277
15,852
68.9
2.1
0
50
1,891
1,685
21,011
22,952
0
39,073
NM
0.0
0.6
16.2
27.5
39.1
0.0
0.0

32,628
12,707
107.9
2.6
0
70
2,527
1,685
23,214
25,217
0
38,168
NM
0.0
0.5
12.6
19.1
28.0
0.0
0.0

33,995
13,338
118.6
2.5
0
92
2,914
1,685
24,317
26,317
0
39,881
NM
0.0
0.4
7.8
11.9
18.1
0.0
0.0

BALANCE SHEET DATA

P/E

22.7

331
187
51.7
9.3
9.9
5.00
1.9
78.1
336.94
5.0
27.9
26.2
3.3
53.9
87,301
3.2
6,009
5,455.0
1,882.5
979.7

P/CF
21.3

(` )

Yield
2.4

AUD: M. Verma & Assoc.

Mkt cap

Vol.

70,980.6

44.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE510A01028

350
Close

300

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

235
121
54.8
14.3
14.8
6.50
3.7
74.8
336.94
3.2
12.4
12.1
2.4
45.4
59,992
3.4
6,035
5,500.4
1,797.7
1,438.0

Regd off: Engineers India Bhavan, 1, Bhikaiji Cama Place, New Delhi - 110 066
E-Mail:
company.secretary@eil.co.in
Web site: www.engineersindia.com
Telephone: (011) 2676 2121 Fax: (011) 2617 8210
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

322

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,983
4,885
`m
358
942
%
9.0
19.3
`m
599
1,089
%
15.0
22.3

Jun 15
3,905
284
7.3
568
14.5

Sep 15
4,505
536
11.9
695
15.4

`
`
`
`

m
m
m
m

3,421
-658
-2,741
22

852
1,673
-2,562
-37

646
1,741
-2,396
-9

FEDERAL BANK LIMITED

BANKING

Chairman: Abraham Koshy

Yr of Inc

B. Code

1931
500469
SHAREHOLDING

BL. Code
FED.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 25.5%
: 41.0%
: 33.0%
: 82,469

Price
55.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.8

SEC: G. K. Ganapathy

% ch 12-m

12
31/03/14

100
44
81.9
9.9
28.6
2.00
2.8
80.2
855.31
FV2
0.9
7.3
5.5
0.9
20.1
61,689
10.5
7,954
6,693.1
759.9
811.8

154
87
87.4
12.3
36.7
2.20
1.8
89.9
856.65
PI
1.4
9.8
8.9
1.3
17.8
103,312
11.0
9,131
6,818.8
831.5
963.3

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

62,463
6,646
42,089
20,374
12,236
8,138
13.0
2,635
12,099
0
0
25
3,597
8,527
13.7

70,057
6,852
47,278
22,779
14,935
7,844
11.2
2,679
12,018
0
0
208
3,728
8,498
12.1

74,878
8,785
50,563
24,314
16,752
7,562
10.1
1,074
15,274
0
0
457
5,153
10,578
14.1

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

443,274
576,112
76.9
10.6
6.7
3.0
4,145
1,711
28,880
62,639
52,391
208,545
709,930
10.0
1.2
13.6
14.7
1.0

437,038
597,290
73.2
11.6
7.0
3.2
4,365
1,711
31,700
68,607
57,675
238,386
746,448
9.5
1.1
12.4
15.1
0.7

515,292
708,227
72.8
10.7
6.5
3.0
4,727
1,713
35,365
77,003
23,930
241,898
829,083
9.5
1.3
13.7
15.5
0.7

4.5

(` )

Yield
4.0

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

47,159.1

264.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE171A01029

90

12
31/03/15

571
390
365.2
49.8
127.0
9.00
1.9
366.2
171.05
1.3
9.6
7.4
1.3
18.1
82,224
10.1
6,527
6,209.7
648.9
847.7

P/CF

3.0

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-20.2

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Federal Towers, P. O. Box No. 103, Aluva - 683 101
E-Mail:
secretarial@federalbank.co.in
Web site: www.federalbank.co.in
Telephone: (0484) 262 3620 Fax: (0484) 262 2672
Tr agent: Integrated Enterprises, Kences Tower, North Usman Rd., Chennai-17

80

Close

70

100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

323

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
18,701
19,083
`m
5,872
6,232
%
31.4
32.7
`m
2,647
2,805
%
14.2
14.7

Jun 15
19,132
6,048
31.6
1,414
7.4

Sep 15
19,023
6,083
32.0
1,613
8.5

`
`
`
`

m
m
m
m

28,803
-34,867
7,946
1,882

11,966
-7,375
3,485
8,077

51,583
-13,643
-35,437
2,503

FINOLEX CABLES LIMITED

CAPITAL GOODS

Chairman: D. P. Chhabria

Yr of Inc

B. Code

1967
500144
SHAREHOLDING

BL. Code

FNXC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

CHHABRIA P.P.
F.V.
2

: 35.9%
:
0.0%
: 11.7%
: 12.7%
: 39.8%
: 37,614

Price

245.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. G. D'Silva (Asst. VP - Legal)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
540
1,541
540
1,561
-1,022

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,707
242
22,949
2,297
466
134
1,938
0
0
-230
255
1,453
10.1
13.2
6.4

23,590
484
24,074
2,482
484
145
2,336
0
0
104
363
2,077
10.5
15.6
8.8

24,491
585
25,076
2,598
640
137
2,406
0
0
225
645
1,987
10.6
26.8
8.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,032
2,420
20.3
2.9
53
24
4,478
306
8,603
9,243
1,452
14,041
15.5
0.2
1.6
11.3
15.7
17.2
2.1
6.1

8,001
2,991
21.2
2.7
55
22
5,065
306
10,394
11,034
1,267
15,640
17.1
0.1
1.5
14.2
18.8
21.0
2.1
9.9

9,141
2,823
25.8
3.2
47
18
4,704
306
12,008
12,648
512
16,338
18.6
0.0
1.5
13.0
15.7
21.0
2.2
6.3

BALANCE SHEET DATA

P/E

306
261
160.1
13.0
17.2
1.80
0.6
82.7
152.94
1.8
21.8
16.5
3.4
13.9
43,389
1.5
940
15,996.7
613.7
1,297.6

P/CF

18.9

14.3

(` )

Yield
0.7

AUD: B. K. Khare & Co.

Mkt cap

Vol.

37,554.4

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE235A01022

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

116
46
154.2
13.6
16.7
1.60
2.0
72.1
152.94
0.5
5.9
4.8
1.1
11.8
12,312
1.5
848
15,259.0
548.7
1,343.3

-7.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
31
148.5
9.5
12.5
1.20
2.5
60.4
152.94
0.3
5.0
3.8
0.8
12.6
7,265
1.6
846
14,094.8
525.1
901.7

0.6

Regd off: 26/27, Mumbai - Pune Road, Pimpri, Pune - 411 018
E-Mail:
Dsilva_RG@finolex.com
Web site: www.finolex.com
Telephone: (020) 2750 6230 Fax: (020) 2747 2239
Tr agent: Sharepro Serv., 3,Chintamani Apts, Lane-13, Bhandarkar Rd, Pune-04

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

324

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,821
6,582
`m
616
613
%
10.6
9.3
`m
382
243
%
6.6
3.7

Jun 15
5,883
730
12.4
480
8.2

Sep 15
6,054
755
12.5
649
10.7

`
`
`
`

m
m
m
m

1,490
-325
-456
709

2,244
-672
-611
962

1,831
312
-401
1,743

FLUIDOMAT LTD.
ENGINEERING

MISCELLANEOUS

Chairman: Ashok Jain

Yr of Inc

B. Code

1971
522017
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

53.3%
0.0%
0.0%
0.8%
45.9%
6,764

Price

216.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.6

SEC: Ritu Tiwari

% ch 12-m

FX Transaction (FY15)
`m
11
`m
0
`m
11
`m
1
`m
10
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

67
29
61.3
10.4
11.3
2.50
5.2
34.2
4.93
0.8
4.6
4.2
1.4
24.0
235
0.0
49
NM
NM
NM

100
42
55.7
11.6
12.6
2.75
3.9
42.6
4.93
1.3
6.1
5.6
1.7
23.8
348
0.0
53
NM
NM
NM

315
83
55.0
10.8
12.3
2.75
1.4
49.6
4.93
3.6
18.4
16.2
4.0
25.4
982
0.0
59
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

302
4
306
78
5
0
77
0
0
0
26
51
25.8
33.2
17.0

274
8
282
82
5
0
85
0
0
0
28
57
29.9
32.8
20.8

271
11
282
76
7
0
79
0
0
0
26
53
27.9
32.7
19.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

172
58
37.7
3.0
37
96
62
49
118
169
0
236
385.0
0.0
1.3
21.8
30.4
45.7
5.6
0.0

212
61
55.1
3.5
51
90
67
49
160
210
0
281
NM
0.0
1.0
20.3
27.2
40.4
8.5
0.1

234
62
63.4
3.8
69
105
80
49
194
245
0
317
NM
0.0
0.9
16.8
21.8
32.4
3.9
0.0

P/CF

(` )

Yield
0.0

AUD: J.P. Saraf & Co.

Mkt cap

Vol.
4.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE459C01016

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-1.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 117,1st Floor 'Navneet Darshan', 16/2, Old Palasia, Indore-452 018 (M.P)
E-Mail:
info@fluidomat.com
Web site: www.fluidomat.com
Telephone: 0731 2564820 Fax: 07272-258581
Tr agent: Ankit Cons. Pvt. Ltd. Plot No. 60, Electronic Cmplx, Pardeshipura, Indore

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

325

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
61
68
`m
16
18
%
26.8
26.9
`m
12
13
%
19.2
19.1

Jun 15
47
8
17.1
6
12.9

Sep 15
48
10
20.2
7
13.7

`
`
`
`

m
m
m
m

54
-8
-14
32

61
-4
-13
44

28
-14
-16
-2

FORCE MOTORS LIMITED

AUTOMOBILES/VEHICLES
Chairman: Abhay Firodia

Yr of Inc

B. Code

1958
500033
SHAREHOLDING

BL. Code

FORC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

FIRODIA

F.V.
10

: 59.4%
:
0.0%
:
0.7%
:
5.8%
: 34.1%
: 18,200

Price

2,872.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-13.9

SEC: Aparna. G. Lambore

% ch 12-m
130.1

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
556
5,287
556
5,328
-4,772

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

566
329
1,497.0
10.9
64.2
3.00
0.7
875.9
13.18
0.3
40.9
7.0
0.5
27.4
5,898
0.0
2,623
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,730
437
20,167
542
702
83
195
-1
0
0
50
144
2.7
25.4
0.7

20,220
599
20,819
970
848
92
630
-1
0
0
-150
778
4.8
-23.8
3.8

23,641
658
24,299
1,474
813
66
1,253
-1
0
0
237
1,015
6.2
18.9
4.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,239
4,594
18.5
1.8
71
20
8,106
132
11,410
11,545
420
17,106
3.4
0.0
1.2
1.3
1.2
2.3
1.8
21.5

8,489
4,943
17.5
1.7
68
24
8,491
132
12,143
12,277
204
17,749
7.9
0.0
1.1
4.9
6.3
5.8
2.4
19.3

9,970
5,943
17.0
1.7
61
17
8,773
132
13,053
13,187
107
19,749
20.1
0.0
1.2
5.5
7.7
9.9
2.4
22.4

BALANCE SHEET DATA

P/E

1,494
340
1,793.7
77.0
138.7
5.00
0.5
1,000.6
13.18
0.5
11.9
6.6
0.9
6.5
12,089
0.0
2,777
NM
NM
NM

P/CF

37.3

20.7

(` )

Yield
0.2

AUD: P. G. Bhagwat

Mkt cap

Vol.

37,859.6

150.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE451A01017

4,000
3,500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

437
225
1,534.1
59.1
123.4
3.00
0.9
931.5
13.18
0.2
5.6
2.7
0.4
5.1
4,363
0.0
2,406
NM
NM
NM

Regd off: Mumbai-Pune Road, Akurdi, Pune - 411 035

E-Mail:
compliance-officer@forcemotors.com
Web site: www.forcemotors.com
Telephone: (020) 2747 6381 Fax: (020) 2747 3017
Tr agent: Link Intime India, 202, A-Wing, 2nd Floor, Akshay Complex, Pune-01

3,000

Close
100 DMA

2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

326

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,169
7,029
`m
149
596
%
2.9
8.5
`m
100
463
%
1.9
6.6

Jun 15
6,400
547
8.6
358
5.6

Sep 15
7,632
646
8.5
425
5.6

`
`
`
`

m
m
m
m

860
-3,041
-161
-2,343

1,162
-996
-302
-135

2,262
-962
-446
854

FOSECO INDIA LIMITED

CHEMICALS & PESTICIDES
Chairman: Pradeep Mallick

Yr of Inc

B. Code

1958
500150
SHAREHOLDING

BL. Code

FSCO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MNC

F.V.
10

0.0%
75.0%
0.0%
0.0%
25.0%
6,758

Price

1,301.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Mahendra K. Dutia

% ch 12-m
3.7

FX Transaction (FY15)
`m
107
`m
246
`m
162
`m
445
`m
-282
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,467
17
2,484
357
47
5
323
0
0
0
104
218
14.5
32.4
8.8

2,269
26
2,295
300
51
3
271
0
0
0
93
178
13.2
34.3
7.9

2,634
34
2,667
392
47
2
377
0
0
0
132
246
14.9
34.8
9.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

973
415
22.6
2.3
14
99
313
64
831
895
80
1,409
71.1
0.1
1.8
15.8
24.4
33.5
4.4
8.0

1,057
495
24.8
2.1
19
103
278
64
826
890
58
1,467
105.3
0.1
1.5
12.3
20.0
28.9
4.6
8.0

1,168
481
26.1
2.4
19
101
267
64
915
979
36
1,519
223.0
0.0
1.7
16.3
25.1
37.4
4.1
9.3

INCOME DATA

BALANCE SHEET DATA

600
410
355.1
27.9
35.9
24.50
4.9
139.2
6.39
1.4
18.1
14.1
3.6
87.9
3,227
0.2
240
10,084.8
1,066.7
792.0

P/E

1,390
490
412.2
38.5
45.8
21.00
2.2
153.2
6.39
2.3
24.4
20.5
6.1
54.6
6,006
0.2
251
11,705.2
1,116.9
1,092.9

P/CF

33.8

28.4

(` )

Yield
1.6

AUD: BSR & Assoc.

Mkt cap

Vol.

8,315.0

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE519A01011

1,600
1,400

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

791
502
386.1
34.1
41.4
14.00
2.2
140.0
6.39
1.7
18.9
15.6
4.6
41.0
4,131
0.2
212
10,966.2
943.1
969.8

-1.8

Regd off: Gate No. 922/923, Sanaswadi, Taluka Shirur, Pune - 412 208
E-Mail:
mahendra.dutia@foseco.com
Web site: www.fosecoindia.com
Telephone: (02137) 668 233 Fax: (02137) 668 360
Tr agent: Link Intime India, 202, Akshay Complex, Off Dhole Patil Rd., Pune-01

1,200

Close
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

327

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
643
650
`m
102
108
%
15.9
16.6
`m
68
68
%
10.6
10.5

Jun 15
760
138
18.2
86
11.3

Sep 15
782
137
17.6
89
11.3

`
`
`
`

m
m
m
m

200
-71
-120
9

217
-11
-138
67

253
-11
-221
21

GABRIEL INDIA LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Deepak Chopra

Yr of Inc

B. Code

1961
505714
SHAREHOLDING

BL. Code

GABR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 54.6%
:
0.0%
:
0.3%
:
6.0%
: 39.1%
: 42,438

MISCELLANEOUS
Price
85.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.2

SEC: Sarang Deshpande

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-3.0

(FY15)
528
2,225
528
2,288
-1,760

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
18
83.9
2.7
4.6
0.75
1.8
17.9
143.64
B1:1
0.5
15.4
9.0
2.3
28.3
5,875
0.0
911
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

12,053
41
12,094
826
273
123
471
0
0
-59
31
381
6.9
6.5
3.2

12,866
56
12,922
904
271
90
600
0
0
-42
132
426
7.0
21.9
3.3

14,441
43
14,484
1,165
311
55
842
0
0
-6
235
600
8.1
28.0
4.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,659
2,640
0.2
1.0
34
37
2,618
144
2,420
2,569
164
5,576
4.8
0.1
2.2
9.0
14.8
19.6
3.3
16.3

2,829
2,777
0.4
1.0
33
39
2,797
144
2,703
2,852
96
5,861
7.7
0.0
2.2
8.8
14.9
22.0
2.7
15.6

3,206
2,653
3.8
1.2
28
44
2,708
144
3,106
3,254
58
6,164
16.4
0.0
2.3
10.6
18.4
26.9
3.7
15.4

BALANCE SHEET DATA

P/E

107
30
100.5
4.2
6.3
1.05
1.5
22.7
143.64
0.7
16.3
10.7
3.0
25.1
9,789
2.8
1,076
5,157.5
384.1
214.4

P/CF

20.3

13.4

(` )

Yield
1.2

AUD: BK Khare & Co.

Mkt cap

Vol.

12,209.4

67.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE524A01029

120
Close

100

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

31
16
89.6
3.0
4.9
0.85
3.6
19.9
143.64
0.3
8.0
4.9
1.2
28.7
3,411
2.8
937
4,670.1
340.1
154.6

Regd off: 29 Milestone, Pune Nasik Highway, Kuruli, Khed , Pune - 410 501
E-Mail:
secretarial@gabriel.co.in
Web site: www.gabrielindia.com
Telephone: (02135) 610 700 Fax: (02135) 610 796
Tr agent: Karvy Computershare, 17-24, Vittalraonagar, Madhapur, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

328

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,595
3,484
`m
288
282
%
8.0
8.1
`m
161
130
%
4.5
3.7

Jun 15
3,419
302
8.8
175
5.1

Sep 15
3,752
328
8.7
193
5.1

`
`
`
`

m
m
m
m

1,084
-589
-490
5

685
-362
-317
6

961
-246
-724
-9

GMR INFRASTRUCTURE LIMITED

DIVERSIFIED

Chairman: G. M. Rao

Yr of Inc

B. Code

1996
532754
SHAREHOLDING

BL. Code
GMRI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
1

: 64.8%
:
0.0%
:
8.7%
: 14.0%
: 12.5%
: 440,700

Price
15.0

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

32
17
25.6
0.2
2.9
0.10
0.4
18.7
3,892.43
1.0
107.6
8.4
1.3
44.2
94,781
0.0
6,119
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

INCOME DATA

BALANCE SHEET DATA

% ch 1-m
24.6

Regd off: 25/1, Skip House, Museum Road, Bangalore - 560 025
E-Mail:
sounderarajan.cp@gmrgroup.in
Web site: www.gmrgroup.in
Telephone: (080) 4053 4281 Fax: (080) 2227 9353
Tr agent: Karvy Computershare,Plot 17-24, Vithalrao Ngr, Madhapur,Hyderabad-81

SEC: C. P. Sounderarajan

% ch 12-m

P/E

-21.1

FX Transaction (FY15)
`m
0
`m
0
`m
221
`m
0
`m
221
12
31/03/14

(` )

19
15
25.4
-6.3
-2.1
0.10
0.6
13.8
4,361.30
0.7
-2.7
-8.0
1.2
-1.6
73,488
0.3
6,197
368,361.5
20,586.4
-90,807.1

99,749
2,772
102,521
24,772
10,398
20,990
-3,844
-473
0
7,773
2,574
881
24.8
-67.0
0.9

106,532
3,159
109,691
25,654
14,550
29,719
-15,456
-984
0
18,203
1,663
100
24.1
-10.8
0.1

110,877
3,275
114,151
27,591
18,125
35,719
-22,979
242
-13
-3,041
1,543
-27,333
24.9
-6.7
-24.7

96,441
180,835
-84.6
0.5
10
62
465,135
3,892
61,965
72,782
316,332
637,589
0.8
4.3
0.2
3.4
1.2
6.3
0.0
0.0

92,042
181,858
-84.3
0.5
12
55
344,643
15,259
53,055
76,211
335,993
651,419
0.5
4.4
0.2
4.6
0.1
7.6
0.0
0.0

87,001
161,750
-67.4
0.5
10
53
345,912
15,728
34,897
60,203
386,904
667,429
0.4
6.4
0.2
1.3
-45.4
2.2
0.0
0.0

Yield
0.7

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

65,200.7

2,688.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE776C01039

40
35

12
31/03/15

25
11
27.3
0.0
3.8
0.10
0.6
19.5
3,903.79
CCPS
0.7
702.0
4.8
0.9
390.0
70,268
0.0
5,742
NM
NM
NM

P/CF

30

Close
100 DMA

25
20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

329

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
27,613
29,129
`m
7,315
7,375
%
26.5
25.3
`m
-6,083
-6,237
%
-22.0
-21.4

Jun 15
29,660
8,189
27.6
-4,468
-15.1

Sep 15
30,907
8,759
28.3
-4,501
-14.6

`
`
`
`

m
m
m
m

31,775
-83,333
59,103
7,545

25,901
-54,217
6,336
-21,981

29,148
-31,645
4,483
1,987

GODFREY PHILLIPS INDIA LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: R. A. Shah

Yr of Inc

B. Code

1936
500163
SHAREHOLDING

BL. Code

GDFR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 46.0%
: 25.1%
:
3.1%
: 10.2%
: 15.7%
: 14,468

MODI K.K
Price

1,448.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

46.2

SEC: Sanjay Gupta

% ch 12-m
131.3

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
6,012
1,107
6,106
1,758
4,348

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

3,944
2,714
2,016.9
163.5
252.5
40.00
1.2
1,016.8
10.40
1.7
20.4
13.2
3.3
24.5
34,622
0.0
2,186
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

20,976
294
21,270
3,269
926
269
2,368
2
4
0
674
1,700
15.6
28.5
8.1

24,825
267
25,092
3,876
911
290
2,943
5
3
-354
841
1,755
15.6
28.6
7.1

25,870
318
26,188
3,666
1,082
192
2,711
3
6
0
886
1,833
14.2
32.7
7.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,828
5,459
16.1
1.6
95
14
7,561
104
10,469
10,574
1,661
18,166
9.8
0.2
1.2
10.8
16.1
21.6
16.8
3.7

8,764
6,168
10.5
1.4
87
15
7,505
104
11,737
11,843
971
19,411
11.1
0.1
1.3
10.5
14.8
22.5
19.4
4.7

9,809
6,723
11.9
1.5
105
18
7,355
104
13,021
13,127
313
20,735
15.2
0.0
1.2
9.8
14.0
21.7
23.2
4.3

BALANCE SHEET DATA

P/E

41.1

492
411
2,487.5
176.3
280.3
40.00
8.9
1,262.2
10.40
0.2
2.6
1.6
0.4
22.7
4,697
0.0
2,724
NM
NM
NM

P/CF
25.8

(` )

Yield
2.8

AUD: A. F. Ferguson & Co.

Mkt cap

Vol.

75,342.8

80.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE260B01028

1,800

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

3,660
2,250
2,387.0
168.8
256.3
40.00
1.4
1,138.8
10.40
1.2
17.5
11.5
2.6
23.7
30,732
0.0
2,390
NM
NM
NM

Regd off: Chakala, Andheri (E), Mumbai - 400 099

E-Mail:
gpi@modi.com
Web site: www.godfreyphillips.com
Telephone: (022) 2836 7301 Fax: (022) 2836 3761
Tr agent: Sharepro Serv.,13 AB,Samhita Warehousing., Andheri (E), Mumbai-72

1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

330

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,376
7,841
`m
431
1,166
%
8.0
14.9
`m
106
598
%
2.0
7.6

Jun 15
6,005
1,060
17.7
538
9.0

Sep 15
5,807
852
14.7
497
8.6

`
`
`
`

m
m
m
m

1,909
-856
-1,060
-7

2,958
-1,402
-1,581
-25

635
-323
-306
5

GRAPHITE INDIA LIMITED

CAPITAL GOODS

Chairman: K. K. Bangur

Yr of Inc

B. Code

1963
509488
SHAREHOLDING

BL. Code

CRBN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BANGUR

F.V.
2

: 58.3%
:
4.9%
:
5.0%
: 15.4%
: 16.4%
: 107,677

Price
73.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.1

SEC: B. Shiva

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-16.8

(FY15)
6,973
3,470
7,018
3,695
3,323

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

100
76
99.7
6.9
10.1
3.50
4.0
87.6
195.38
0.9
12.8
8.8
1.0
50.9
17,193
2.4
1,884
8,143.8
787.3
561.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,488
390
19,878
2,709
620
307
2,172
0
3
0
831
1,344
13.9
38.3
6.9

20,093
447
20,540
2,501
581
239
2,128
0
23
0
852
1,299
12.4
40.0
6.5

17,107
351
17,458
1,367
435
158
1,125
0
14
-56
507
576
8.0
45.1
3.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

21,901
10,139
60.4
2.2
229
97
7,154
391
16,677
17,119
1,269
29,518
8.1
0.1
0.7
5.6
7.9
13.5
37.4
27.5

20,333
8,439
59.2
2.4
188
86
6,997
391
17,172
17,593
1,002
27,964
9.9
0.1
0.7
5.5
7.4
12.9
26.3
20.1

18,188
7,217
64.1
2.5
212
92
6,494
391
17,094
17,464
417
25,950
8.1
0.0
0.7
2.8
3.3
6.9
40.8
20.3

BALANCE SHEET DATA

P/E

118
75
87.6
2.9
5.2
2.00
2.1
89.4
195.38
1.1
32.8
18.7
1.1
67.8
18,893
2.1
2,080
8,212.7
998.8
276.5

P/CF

24.8

14.1

(` )

Yield
2.7

AUD: Price Waterhouse

Mkt cap

Vol.

14,262.7

6.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE371A01025

140
Close

120

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

94
57
102.8
6.6
9.6
3.50
4.6
90.0
195.38
0.7
11.3
7.8
0.8
52.6
14,741
2.3
2,028
8,739.9
882.1
565.0

Regd off: 31, Chowringhee Road, Kolkata - 700 016

E-Mail:
investorgrievance@graphiteindia.com
Web site: www.graphiteindia.com
Telephone: (022) 2288 6418 / 21 Fax: (022) 2202 8833
Tr agent: Link Intime India C-13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

331

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,141
4,157
`m
418
361
%
13.3
8.7
`m
204
198
%
6.5
4.8

Jun 15
3,225
333
10.3
163
5.1

Sep 15
3,183
464
14.6
277
8.7

`
`
`
`

m
m
m
m

303
-478
154
-20

5,799
-1,146
-4,534
138

1,707
72
-1,734
11

GREAVES COTTON LIMITED

CAPITAL GOODS

Chairman: Karan Thapar

Yr of Inc

B. Code

1922
501455
SHAREHOLDING

BL. Code

GRVC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

THAPAR

F.V.
2

: 51.5%
:
0.0%
: 32.0%
:
4.0%
: 12.5%
: 40,512

Price

144.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.9

SEC: Monica Chopra

% ch 12-m
4.8

FX Transaction (FY15)
`m
687
`m
697
`m
687
`m
781
`m
-94
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

88
60
78.1
6.1
7.7
1.60
2.2
30.0
244.21
0.9
12.2
9.6
2.5
26.4
18,072
2.2
1,636
8,479.2
727.8
658.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,061
159
19,221
2,406
407
15
2,143
0
0
-34
628
1,480
12.6
29.3
7.8

17,359
290
17,649
1,877
446
49
1,671
0
0
80
517
1,234
10.8
30.9
7.1

16,977
249
17,226
1,991
477
24
1,740
0
0
-630
273
836
11.7
15.7
4.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,667
4,062
18.9
1.9
35
70
3,812
488
6,745
7,333
1
11,919
140.1
0.0
1.6
12.5
20.2
29.0
3.1
4.4

7,987
3,333
26.8
2.4
34
68
3,758
488
7,602
8,196
0
12,031
34.9
0.0
1.4
10.7
15.1
22.0
4.0
5.7

8,003
3,106
28.8
2.6
23
50
3,347
488
7,634
8,231
0
11,607
74.4
0.0
1.5
7.4
10.2
13.8
4.0
4.1

BALANCE SHEET DATA

P/E

149
130
69.5
3.4
5.4
2.50
1.8
33.7
244.21
2.0
40.7
25.9
4.1
73.0
34,006
2.3
1,637
7,359.0
709.4
362.5

P/CF

42.1

26.8

(` )

Yield
1.7

AUD: Walker, Chandiok & Co.

Mkt cap

Vol.

35,215.1

10.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE224A01026

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

82
53
71.1
5.1
6.9
1.30
1.9
33.6
244.21
0.9
13.3
9.8
2.0
25.7
16,423
2.3
1,721
7,524.7
746.0
534.9

Regd off: Industry Manor, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 25

E-Mail:
investorservices@greavescotton.com
Web site: www.greavescotton.com
Telephone: (022) 2439 7575 Fax: (022) 2437 9555
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing., Andheri (E), Mumbai-72

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

332

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,311
3,938
`m
515
453
%
11.9
11.5
`m
424
336
%
9.8
8.5

Jun 15
3,807
696
18.3
433
11.4

Sep 15
4,247
740
17.4
543
12.8

`
`
`
`

m
m
m
m

1,078
-588
-783
-292

1,555
-1,083
-552
-80

2,251
-1,640
-595
16

GUJARAT ALKALIES AND CHEMICALS LTD.

CHEMICALS & PESTICIDES

Chairman: Varesh Sinha (IAS)

Yr of Inc

B. Code

1973
530001
SHAREHOLDING

BL. Code
GALK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 46.3%
:
0.0%
:
2.1%
:
4.2%
: 47.4%
: 52,842

Price

160.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Sanjay S. Bhatt

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,146
187
18,333
4,953
1,515
83
3,542
0
-1
-172
1,015
2,354
27.3
28.7
13.0

18,961
303
19,263
3,735
1,507
64
2,467
0
-2
0
615
1,850
19.7
24.9
9.8

19,481
490
19,971
2,739
981
93
2,155
0
0
0
-124
2,279
14.1
-5.7
11.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,938
5,001
21.7
1.8
31
55
17,644
734
17,396
18,131
1,954
29,039
43.5
0.1
0.6
8.4
13.0
17.2
12.4
7.9

8,018
3,303
24.9
2.4
40
58
16,448
734
18,903
19,637
1,518
28,315
39.8
0.1
0.7
6.8
9.4
12.0
13.3
8.5

8,256
3,909
22.3
2.1
35
57
17,232
734
20,633
21,367
917
29,911
24.1
0.0
0.7
7.9
10.7
10.1
8.8
7.2

BALANCE SHEET DATA

3.6

(` )

Yield
2.8

AUD: Prakash Chandra Jain & Co.

Mkt cap

Vol.

11,809.2

6.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE186A01019

250
Close

12
31/03/15

237
155
265.3
31.0
44.4
4.50
2.3
290.9
73.44
0.7
6.3
4.4
0.7
14.5
14,394
1.4
1,670
13,623.3
1,167.8
1,593.4

P/CF

5.2

(FY15)
1,707
1,404
1,707
1,489
219

`
`
`
`
`
`
%
`
m

INCOME DATA

222
135
258.2
25.2
45.7
4.00
2.2
267.4
73.44
0.7
7.1
3.9
0.7
15.9
13,131
1.5
1,514
12,907.1
1,030.9
1,259.5

P/E

-13.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

217
100
247.1
32.0
52.7
3.50
2.2
246.9
73.44
0.6
4.9
3.0
0.6
10.9
11,622
1.5
1,189
12,057.1
790.0
1,563.8

-1.8

Regd off: P.O. Petrochemicals, Vadodara, Gujarat - 391 346

E-Mail:
investor_relations@gacl.co.in
Web site: www.gacl.com
Telephone: (0265) 223 2681 Fax: (0265) 223 1208
Tr agent: MCS Ltd., Neelam Apts,1st Flr, 88, Sampatrao Colony, Vadodara-07

200

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

333

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,571
4,956
`m
595
527
%
13.0
10.6
`m
259
963
%
5.7
19.4

Jun 15
4,752
777
16.3
440
9.3

Sep 15
4,783
747
15.6
478
10.0

`
`
`
`

m
m
m
m

4,234
-2,176
-1,118
941

2,417
-1,665
-896
-145

2,951
-2,122
-884
-55

GUJARAT FOILS LIMITED

ALUMINIUM

Chairman: Abhay Lodha (MD)

Yr of Inc

B. Code

1992
531410
SHAREHOLDING

BL. Code
GUJF.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

58.9%
0.0%
0.0%
0.0%
41.1%
1,302

Price
45.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Nikita Pedhdiya

% ch 12-m

12
31/03/14

41
21
523.5
11.2
24.8
0.00
0.0
84.3
8.20
0.1
2.7
1.2
0.4
0.0
252
0.4
111
11,792.9
305.2
253.0

95
29
593.4
8.2
19.1
0.00
0.0
93.0
8.20
0.1
7.5
3.2
0.7
0.0
506
0.1
121
32,876.4
815.5
454.1

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,443
0
3,443
424
111
231
82
0
0
0
21
60
12.3
26.1
1.8

4,293
7
4,299
494
111
261
129
0
0
0
37
92
11.5
28.5
2.1

4,866
12
4,878
562
89
342
142
0
0
0
75
67
11.6
52.7
1.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,282
1,776
14.7
1.3
114
113
1,125
82
267
783
626
3,407
1.4
0.8
1.0
8.6
7.7
22.2
2.0
3.4

2,732
2,051
15.9
1.3
130
89
1,444
82
610
692
655
4,176
1.5
0.9
1.0
8.5
13.3
28.9
0.7
1.0

3,972
2,810
23.9
1.4
147
132
1,368
82
681
763
637
5,339
1.4
0.8
0.9
7.7
8.8
34.6
3.1
3.7

P/CF
2.4

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

334

0.0

AUD: H .R. Agarwal & Assoc.

Mkt cap

Vol.

376.0

5.9

ADJUSTED DAILY SHARE PRICE DATA

100
90
80
70
60
50
40
30
20
10
0
Dec-12

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

5.6

FX Transaction (FY15)
`m
150
`m
180
`m
150
`m
181
`m
-31

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-27.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

48
23
419.9
7.4
20.9
0.00
0.0
95.5
8.20
0.1
4.8
1.7
0.4
0.0
292
0.5
82
7,357.5
174.1
129.1

7.9

Regd off: 3436-3439, Chhatral, GIDC, Phase IV,Tal-Kalol, Gandhinagar, Gujarat-29

E-Mail:
shareholders@gujaratfoils.com
Web site: www.gujaratfoils.com
Telephone: (022) 2481 2000 Fax: (022) 2481 2122
Tr agent: Link Intime India, 303, Shoppers Plaza-V, Navrangpura, Ahmedabad-09
ISIN

INE587F01017

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,014
1,395
`m
171
129
%
16.9
9.3
`m
21
31
%
2.1
2.2

Jun 15
1,444
155
10.7
24
1.6

Sep 15
1,372
129
9.4
18
1.3

`
`
`
`

m
m
m
m

329
-6
-266
57

307
-431
147
23

50
-12
47
86

GUJARAT STATE PETRONET LIMITED

ENERGY SOURCES

Chairman: M M Srivastava

Yr of Inc

B. Code

1998
532702
SHAREHOLDING

BL. Code
GSPT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Government state
F.V.
10

: 37.7%
:
0.0%
: 33.3%
:
7.6%
: 21.3%
: 164,278

Price

132.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Reena Desai

% ch 12-m
27.7

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
124
`m
-124
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

11,732
661
12,393
10,720
1,861
1,263
8,257
-6
11
0
2,883
5,379
91.4
34.9
45.8

10,507
569
11,076
9,289
1,839
1,419
6,600
-16
-20
0
2,407
4,158
88.4
36.5
39.6

10,646
553
11,199
9,280
1,892
1,178
6,762
-13
627
0
2,513
4,863
87.2
37.2
45.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,586
5,751
58.3
2.2
24
79
38,681
5,627
24,654
30,347
13,389
54,098
7.5
0.4
0.2
12.3
17.7
21.8
0.0
0.0

9,125
6,308
26.8
1.4
24
87
40,093
5,627
28,142
33,855
10,365
56,248
5.7
0.3
0.2
9.9
12.3
18.1
0.0
0.0

7,801
5,551
21.1
1.4
38
52
41,182
5,630
32,088
37,800
8,879
58,682
6.7
0.2
0.2
10.3
12.9
18.3
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

73
47
18.7
7.4
10.7
1.00
1.7
60.2
562.74
ESOP
3.2
8.1
5.6
1.0
13.5
33,793
0.2
287
43,961.9
1,201.3
17,396.7

P/E

15.3

128
104
18.9
8.6
12.0
1.20
1.0
67.1
562.98
6.2
13.5
9.7
1.7
13.9
65,503
0.2
356
48,171.9
1,609.0
22,004.7

P/CF
11.0

(` )

Yield
0.9

AUD: RMA & Associates

Mkt cap

Vol.

74,397.8

32.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE246F01010

160
140

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

86
61
20.8
9.6
12.9
1.00
1.4
53.9
562.71
ESOP
3.5
7.7
5.7
1.4
10.5
41,190
0.2
247
52,609.9
1,108.1
24,119.3

2.7

Regd off: GSPC Bhavan, Behind Udyog Bhavan, Sector - 11, Gandhinagar - 11
E-Mail:
reena@gspc.in
Web site: www.gujpetronet.com
Telephone: (079) 6670 1001 Fax: (079) 2323 6477
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

120

Close
100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

335

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,431
2,387
`m
2,033
1,998
%
83.6
83.7
`m
888
671
%
36.5
28.1

Jun 15
2,591
2,271
87.6
1,128
43.5

Sep 15
2,528
2,242
88.7
1,085
42.9

`
`
`
`

m
m
m
m

6,921
-3,667
509
3,763

6,439
-7,083
-3,376
-4,020

6,261
-2,010
-4,383
-133

HERITAGE FOODS (INDIA) LTD.

BEVERAGES, FOOD & TOBACCO
Chairman: D. Seetharamaiah

Yr of Inc

B. Code

1992
519552
SHAREHOLDING

BL. Code
HEFI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

40.0%
0.0%
1.4%
3.2%
55.4%
11,067

MISCELLANEOUS
Price

488.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.2

SEC: Umakanta Barik

% ch 12-m
25.3

FX Transaction (FY15)
`m
31
`m
0
`m
31
`m
0
`m
31
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

570
133
1,382.1
43.1
62.1
3.00
0.9
122.2
11.59
0.3
8.2
5.7
2.9
7.0
4,074
0.0
872
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,018
42
16,060
1,011
220
167
666
0
0
-29
137
500
6.3
20.6
3.1

17,220
50
17,270
950
250
132
617
0
0
-5
159
453
5.5
25.8
2.6

20,730
72
20,802
820
340
159
393
0
0
0
109
284
4.0
27.8
1.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,468
2,005
-3.4
0.7
19
3
2,451
116
1,261
1,417
406
4,106
5.0
0.3
3.9
16.2
35.3
44.1
0.2
0.0

1,874
2,411
-3.1
0.8
23
4
2,826
232
1,517
1,788
392
4,918
5.7
0.2
3.5
11.9
25.3
34.1
0.4
0.1

2,137
2,467
-1.6
0.9
25
4
2,897
232
1,717
1,929
557
5,258
3.5
0.3
3.9
8.4
14.7
22.2
0.2
0.0

BALANCE SHEET DATA

P/E

354
295
893.5
12.2
26.9
3.00
0.9
83.2
23.20
0.4
26.5
12.1
3.9
24.5
7,528
0.0
1,107
NM
NM
NM

P/CF

39.9

18.2

(` )

Yield
0.6

AUD: Raju & Prasad

Mkt cap

Vol.

11,321.1

18.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE978A01019

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

272
105
742.3
19.5
30.3
3.00
1.6
77.1
23.20
B1:1
0.3
9.7
6.2
2.4
15.4
4,373
0.0
1,001
NM
NM
NM

Regd off: 6-3-541/C, Panjagutta, Hyderabad - 500 082

E-Mail:
umakanta@heritagefoods.co.in
Web site: www.heritagefoods.co.in
Telephone: (040) 2339 1221 Fax: (040) 2332 0854
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

336

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,108
5,440
`m
184
283
%
3.6
5.2
`m
55
128
%
1.1
2.3

Jun 15
5,785
279
4.8
107
1.9

Sep 15
5,868
352
6.0
153
2.6

`
`
`
`

m
m
m
m

973
-292
-652
29

748
-617
-10
121

516
-475
-79
-38

HONEYWELL AUTOMATION INDIA LTD.

CAPITAL GOODS

Chairman: Madhukar Bhagwat

Yr of Inc

B. Code

1984
517174
SHAREHOLDING

BL. Code

HONE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

0.0%
75.0%
14.0%
0.3%
10.7%
9,942

Price

8,724.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: Sneha Padve

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

22.8

(FY15)
2,993
6,080
8,808
8,109
699

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,972
1,890
1,878.7
96.3
112.2
10.00
0.4
797.7
8.84
1.3
25.2
21.7
3.0
10.4
21,490
2.7
2,973
6,072.1
1,087.0
311.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,607
112
16,719
1,225
140
3
1,193
0
0
0
342
852
7.4
28.6
5.1

17,070
186
17,256
1,185
139
4
1,228
0
0
0
366
862
6.9
29.8
5.0

24,037
224
24,261
1,721
169
4
1,772
0
0
0
630
1,142
7.2
35.6
4.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,560
4,732
29.1
2.0
23
83
721
88
6,963
7,052
0
12,018
351.9
0.0
1.4
7.1
12.1
17.0
17.6
32.9

10,396
5,454
29.0
1.9
24
76
680
88
7,721
7,810
0
13,314
315.8
0.0
1.3
6.5
11.0
15.8
13.1
27.9

11,358
5,844
22.9
1.9
19
52
917
88
8,730
8,819
0
14,765
403.8
0.0
1.6
7.8
12.9
20.1
12.5
25.3

BALANCE SHEET DATA

P/E

67.5

9,500
2,492
2,719.1
129.2
148.3
12.50
0.2
997.6
8.84
2.2
46.4
40.4
6.0
9.7
53,005
2.8
4,285
8,457.7
1,507.8
401.8

P/CF
58.8

(` )

Yield
0.1

AUD: Price Waterhouse & Co.

Mkt cap

Vol.

77,120.6

0.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE671A01010

12,000
Close

10,000

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

2,799
2,201
1,931.0
97.5
113.2
10.00
0.4
883.5
8.84
1.3
25.6
22.1
2.8
10.3
22,100
2.7
3,040
6,291.9
1,120.5
317.6

Regd off: 56 & 57, Hadapsar, Industrial Estate, Pune - 411013

E-Mail:
sneha.padve@honeywell.com
Web site: www.honeywellautomationindia.com
Telephone: (022) 6603 9400 Fax: (022) 6603 9800
Tr agent: TSR Darashaw, H.Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

8,000
6,000
4,000
2,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

337

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,046
4,332
`m
575
97
%
9.5
2.2
`m
491
71
%
8.1
1.6

Jun 15
5,128
574
11.2
372
7.3

Sep 15
5,094
573
11.3
413
8.1

`
`
`
`

m
m
m
m

-173
660
-106
381

1,915
57
-107
1,865

130
-1,398
-108
-1,376

INDIABULLS REAL ESTATE LTD.

CONSTRUCTION

Chairman: Sameer Gehlaut

Yr of Inc

B. Code

2006
532832
SHAREHOLDING

BL. Code
INRL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 37.7%
:
0.0%
:
1.3%
: 29.0%
: 31.9%
: 103,927

Price
57.9

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

82
42
30.7
4.1
4.6
2.00
3.2
159.9
424.01
BB
2.0
15.1
13.5
0.4
48.7
26,331
0.0
558
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

INCOME DATA

BALANCE SHEET DATA

% ch 1-m
-4.6

Regd off: M - 62 & 63, First Floor, Connaught Place, New Delhi - 110 001
E-Mail:
helpdesk@indiabulls.com
Web site: www.indiabulls.com
Telephone: (0124) 668 1199 Fax: (0124) 668 1240
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

SEC: Ravi Telkar

% ch 12-m

P/E

-19.2

9.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
16
`m
-16
12
31/03/14

82
62
61.2
5.8
6.3
0.00
0.0
168.7
424.98
1.2
12.3
11.4
0.4
0.0
30,609
0.0
604
743,200.0
17,254.3
70,865.7

13,006
457
13,463
4,491
204
2,269
2,475
183
0
0
916
1,742
34.5
37.0
13.4

17,362
641
18,003
5,122
210
2,213
3,341
213
0
0
1,315
2,238
29.5
39.4
12.9

26,012
1,354
27,366
5,600
197
3,361
3,397
234
0
0
1,150
2,480
21.5
33.9
9.5

70,412
36,123
263.7
1.9
1,397
203
3,885
848
53,863
67,789
18,280
128,356
2.1
0.3
0.1
3.1
2.6
5.7
0.0
0.0

72,535
39,643
189.4
1.8
987
214
3,925
848
65,119
68,739
24,279
134,717
2.5
0.4
0.1
3.3
3.3
6.2
0.0
0.0

99,670
38,781
234.1
2.6
844
224
1,122
850
68,081
71,703
55,726
168,450
2.0
0.8
0.2
3.5
3.5
5.5
0.0
0.0

9.2

(` )

Yield
0.0

AUD: Sharma Goel & Co.

Mkt cap

24,606.3

Vol.

2,865.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE069I01010

120
Close

100

12
31/03/15

87
45
40.9
5.3
5.8
3.00
4.5
162.1
424.01
1.6
12.5
11.5
0.4
56.8
28,069
0.0
526
NM
NM
NM

P/CF

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

338

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,521
5,942
`m
1,406
1,087
%
21.6
18.3
`m
788
931
%
12.1
15.7

Jun 15
7,382
2,240
30.3
907
12.3

Sep 15
6,057
1,281
21.2
750
12.4

`
`
`
`

m
m
m
m

8,180
-1,013
-3,968
3,199

5,776
-13,503
5,293
-2,435

-28,298
-1,245
33,146
3,603

INDUSIND BANK LIMITED

BANKING

Chairman: R. Seshasayee

Yr of Inc

B. Code

1994
532187
SHAREHOLDING

BL. Code
INBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

HINDUJA

F.V.
10

:
0.0%
: 15.2%
:
7.5%
: 55.6%
: 21.7%
: 100,355

Price

927.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Haresh K. Gajwani

% ch 12-m
19.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

69,832
13,630
47,504
22,329
17,564
4,765
6.8
2,631
15,764
0
0
0
5,152
10,612
15.2

82,535
18,905
53,628
28,907
21,853
7,054
8.5
4,676
21,283
0
0
0
7,203
14,080
17.1

96,920
24,039
62,717
34,203
27,259
6,943
7.2
3,891
27,092
0
0
0
9,155
17,937
18.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

443,206
541,167
81.9
12.7
7.4
3.2
7,561
5,229
59,103
76,303
94,596
196,542
733,065
8.3
1.4
13.9
15.4
0.3

551,018
605,023
91.1
12.0
7.2
3.5
10,165
5,256
67,751
90,430
147,620
215,630
870,259
8.3
1.6
15.6
13.8
0.3

687,882
741,344
92.8
11.2
7.0
3.3
11,576
5,295
78,773
106,445
206,181
248,594
1,091,159
8.9
1.6
16.9
12.1
0.3

INCOME DATA

BALANCE SHEET DATA

521
356
157.1
26.8
73.2
3.50
0.8
172.1
525.45
PP
2.8
16.4
12.3
2.5
13.1
230,462
15.6
8,093
5,294.1
519.1
903.2

P/E

950
473
184.5
34.1
96.0
4.00
0.6
202.6
525.45
3.9
20.8
17.1
3.5
11.7
373,805
19.1
9,805
5,068.8
512.8
938.1

P/CF

18.1

27.3

(` )

Yield
0.4

AUD: B. S. R & Co.

Mkt cap

Vol.

489,902.3

48.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE095A01012

1,200
Close

1,000

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

442
295
133.6
20.3
58.7
3.00
0.8
146.0
522.67
PP,ESOS
2.8
18.2
14.6
2.5
14.8
192,735
11.5
6,615
6,071.3
575.1
922.6

0.1

Regd off: 2401, General Thimmayya Road, Cantonement, Pune - 411 001
E-Mail:
haresh.gajwani@indusind.com
Web site: www.indusind.com
Telephone: (020) 6641 2487 Fax: (020) 6641 2347
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

339

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,370
25,790
`m
8,614
9,251
%
35.3
35.9
`m
4,472
4,953
%
18.4
19.2

Jun 15
27,235
9,807
36.0
5,250
19.3

Sep 15
27,977
10,942
39.1
5,600
20.0

`
`
`
`

m
m
m
m

-4,858
-1,740
19,689
13,091

-41,058
-1,737
42,002
-793

-3,214
-2,762
46,073
40,097

JAIN IRRIGATION SYSTEMS LIMITED

CAPITAL GOODS

Chairman: Bhavarlal. H. Jain

Yr of Inc

B. Code

1988
500219
SHAREHOLDING

BL. Code
JAIR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 30.4%
:
0.0%
:
0.5%
:
3.3%
: 65.9%
: 54,175

Price
62.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.3

SEC: A. V. Ghodgaonkar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-20.0

(FY15)
8,511
4,647
8,511
5,705
2,806

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

104
57
110.4
0.1
3.8
0.50
0.6
47.7
454.91
PI
0.7
1,185.9
21.2
1.7
736.1
36,643
7.9
5,019
6,354.2
635.0
3.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

50,217
668
50,885
7,253
1,696
4,855
1,370
-8
-7
-1,245
80
31
14.4
5.8
0.1

58,281
463
58,744
7,700
2,045
4,677
1,441
0
0
-2,300
-462
-398
13.2
-32.0
-0.7

61,527
410
61,937
6,267
2,441
4,693
-457
0
8
763
-239
554
10.2
52.4
0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

46,446
40,233
12.4
1.2
125
142
26,835
910
19,620
21,680
14,329
78,208
1.3
0.7
0.6
6.2
0.1
13.8
12.2
10.6

48,080
43,454
7.9
1.1
115
113
28,578
925
19,484
21,756
14,977
82,045
1.3
0.7
0.7
5.2
-1.8
10.4
15.8
10.2

49,288
43,783
8.9
1.1
110
116
28,133
925
19,739
21,399
16,957
83,799
0.9
0.8
0.7
6.3
2.6
13.1
13.8
7.6

BALANCE SHEET DATA

P/E

74
59
133.1
1.2
6.5
0.50
0.8
46.3
462.41
0.5
55.6
10.3
1.4
41.7
30,797
9.2
6,658
6,703.0
725.4
60.3

P/CF

50.3

9.3

(` )

Yield
0.8

AUD: Haribhakti & Co.

Mkt cap

Vol.

27,850.1

551.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

IN9175A01010

140
Close

120

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

75
46
126.0
-0.9
3.6
0.50
0.8
47.0
462.41
WC
0.5
-70.4
17.0
1.3
-58.0
28,022
8.3
6,141
6,987.3
736.3
-47.8

Regd off: Jain Plastic Park, N. H. No.6, Bambhori, Jalgaon - 425 001
E-Mail:
jisl@jains.com
Web site: www.jains.com
Telephone: (0257) 225 8011 Fax: (0257) 225 8111
Tr agent: Bigshare Ser.,E-2/3, Ansa Indl,Sakivihar Rd., Sakinaka, And., Mumbai-72

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

340

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
12,919
20,425
`m
1,490
2,818
%
11.5
13.8
`m
62
1,040
%
0.5
5.1

Jun 15
15,874
2,180
13.7
434
2.7

Sep 15
13,157
1,594
12.1
66
0.5

`
`
`
`

m
m
m
m

4,276
-3,418
-1,832
-974

5,738
-2,920
-3,202
-384

6,613
-2,288
-3,255
1,070

JINDAL DRILLING & INDUSTRIES LTD.

CAPITAL GOODS

MISCELLANEOUS

Chairman: D. P. Jindal

Yr of Inc

B. Code

1983
511034
SHAREHOLDING

BL. Code
JNDR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
5

63.7%
0.0%
0.0%
0.1%
36.2%
11,658

Price

131.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

6.4

SEC: Rajeev Ranjan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

9.4

(FY15)
4,266
394
4,292
3,274
1,018

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

320
187
316.8
25.6
29.8
0.50
0.2
247.6
25.68
PI
0.8
9.9
8.5
1.0
2.0
6,510
0.0
498
NM
NM
NM

303
151
153.5
14.1
18.9
0.50
0.2
279.3
28.98
1.5
16.1
12.0
0.8
3.6
6,576
0.0
471
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

8,135
162
8,297
880
107
5
931
0
0
0
272
658
10.8
29.3
8.1

7,495
227
7,722
564
108
8
675
0
0
0
183
492
7.5
27.1
6.6

4,449
302
4,750
437
140
5
594
0
0
0
186
407
9.8
31.4
9.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,081
1,458
32.2
2.8
4
80
617
128
6,082
6,359
0
7,910
187.1
0.0
1.0
8.4
10.4
14.7
99.3
3.5

4,836
1,166
49.0
4.1
4
87
647
145
7,194
7,546
0
8,789
83.3
0.0
0.9
5.7
6.5
9.0
99.1
4.0

4,590
1,599
67.2
2.9
11
104
669
145
7,711
8,094
0
9,776
117.4
0.0
0.5
4.2
5.0
7.4
95.9
8.9

P/CF
7.0

(` )

Yield
0.4

AUD: G. Sanyal & Co.

Mkt cap

Vol.

3,819.6

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE742C01031

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-30.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

238
142
258.6
17.0
20.7
0.50
0.3
260.4
28.98
PI
0.7
11.2
9.2
0.7
2.9
5,508
0.0
562
NM
NM
NM

Regd off: Pipe Nagar, Village - Sukeli, N H 17, B KG Road, Taluka Roha, Raigad-26
E-Mail:
secretarial@jindaldrilling.in
Web site: www.jindal.com
Telephone: (0124) 462 4000 Fax: (0124) 257 4327
Tr agent: Alankit Assignments, Alankit House, 2E/21,Jhandewalan Extn.,Delhi-55

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

341

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,093
1,165
`m
93
146
%
8.5
12.6
`m
74
119
%
6.8
10.2

Jun 15
833
108
12.9
74
8.9

Sep 15
791
87
11.0
60
7.6

`
`
`
`

m
m
m
m

684
-1,695
891
-120

265
-855
591
0

1,418
-1,252
-149
18

JUBILANT FOODWORKS LTD.

BEVERAGES, FOOD & TOBACCO
Chairman: Shyam S. Bhartia

Yr of Inc

B. Code

1995
533155
SHAREHOLDING

BL. Code
JUBI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 48.9%
:
0.7%
:
1.3%
: 46.2%
:
2.9%
: 14,431

MISCELLANEOUS
Price

1,448.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

0.8

SEC: Mona Aggarwal

% ch 12-m
7.4

FX Transaction (FY15)
`m
0
`m
53
`m
0
`m
737
`m
-737
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,397
1,020
216.7
20.1
28.6
0.00
0.0
65.8
65.28
ESOP
5.6
60.2
42.3
18.4
0.0
78,891
0.0
2,715
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,143
79
14,222
2,417
556
1
1,939
0
0
0
628
1,311
17.1
32.4
9.3

17,363
94
17,457
2,496
787
0
1,803
0
0
0
620
1,182
14.4
34.4
6.8

20,928
75
21,003
2,551
1,011
0
1,615
0
0
0
504
1,111
12.2
31.2
5.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,725
1,959
-1.7
0.9
6
2
4,052
653
3,643
4,298
0
6,518
3,232.3
0.0
2.2
20.1
30.5
45.1
0.0
1.2

1,878
2,656
-4.5
0.7
7
2
5,660
654
4,839
5,501
0
8,620
NM
0.0
2.0
13.7
21.5
32.8
0.0
1.0

1,881
3,576
-8.1
0.5
8
2
7,572
656
5,805
6,461
0
10,747
NM
0.0
1.9
10.3
17.2
25.0
0.0
0.3

BALANCE SHEET DATA

P/E

44.8

(` )

Yield
0.2

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

95,017.0

9.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE797F01012

2,500
Close

2,000

100 DMA

1,500

1,698
1,454
319.2
16.9
32.4
2.50
0.2
98.5
65.57

4.9
93.0
48.7
16.0
14.8
103,328
27.1
4,388
771.6
161.8
41.0

P/CF

85.5

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,390
928
265.3
18.1
30.1
0.00
0.0
84.1
65.44
ESOP
4.4
64.1
38.5
13.8
0.0
75,845
25.0
3,411
695.4
136.6
47.4

Regd off: B- 214, Phase - II, District Gautam Budh Ngr, Noida,Uttar Pradesh 05
E-Mail:
investor@jublfood.com
Web site: www.jubilantfoodworks.com
Telephone: (120) 409 0500 Fax: (120) 409 0599
Tr agent: Link Intime India, A-40, Naraina Indl. Area, Phase 2, New Delhi - 28

1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

342

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,544
5,421
`m
727
701
%
13.1
12.9
`m
350
315
%
6.3
5.8

Jun 15
5,707
705
12.4
295
5.2

Sep 15
5,875
637
10.8
239
4.1

`
`
`
`

m
m
m
m

2,087
-1,906
15
196

2,251
-2,328
15
-63

2,761
-2,623
9
147

KARUR VYSYA BANK LIMITED

BANKING

Chairman: K. P. Kumar

Yr of Inc

B. Code

1916
590003
SHAREHOLDING

BL. Code

KARU.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
3.0%
:
0.0%
: 12.4%
: 25.1%
: 59.4%
: 74,641

Price

439.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.3

SEC: R. Kannan

% ch 12-m
-19.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

576
368
395.8
51.3
127.3
14.00
3.0
287.9
107.18
1.2
9.2
7.5
1.6
27.3
50,568
6.7
3,436
6,303.8
510.6
817.7

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

42,424
4,526
30,840
11,585
7,622
3,963
9.3
1,234
7,254
0
0
0
1,751
5,503
13.0

51,160
5,645
38,323
12,837
10,104
2,733
5.3
4,423
3,955
0
0
0
-341
4,296
8.4

53,959
5,808
39,300
14,659
11,035
3,625
6.7
4,805
4,928
87
0
0
72
4,943
9.2

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

294,801
386,530
76.3
11.1
7.3
2.6
3,221
1,072
17,099
30,852
39,993
138,373
467,333
13.8
1.2
17.8
14.4
0.4

339,921
437,577
77.7
11.4
7.9
2.6
3,847
1,072
18,177
33,263
32,933
132,470
515,432
14.1
0.8
12.9
12.6
0.4

361,089
446,903
80.8
11.7
7.9
2.8
4,112
1,216
25,054
42,460
29,008
127,730
531,525
11.2
0.9
11.6
14.6
0.8

BALANCE SHEET DATA

P/E

619
355
443.7
40.6
91.7
13.00
2.7
349.1
121.62
1.1
12.0
6.1
1.4
32.0
59,235
7.2
5,471
7,497.4
760.1
686.9

P/CF

10.7

10.8

(` )

Yield
3.0

AUD: R. K. Kumar & Co

Mkt cap

Vol.

53,432.1

1.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE036D01010

700
Close

600

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

496
298
477.3
40.1
89.9
13.00
3.3
310.4
107.18
0.8
9.9
4.9
1.3
32.4
42,508
7.3
5,279
6,970.0
719.2
585.3

Regd off: Erode Road, P. B. No. 21, Tamil Nadu, Karur - 639 002
E-Mail:
kvb_sig@kvbmail.com
Web site: www.kvb.co.in
Telephone: (04324) 269 440 Fax: (04324) 225 700
Tr agent: SKDC Consultants,Kanapathy Towers, 3rd Flr.,Ganapathy, Coimbatore-06

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

343

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
13,589
13,647
`m
3,374
3,911
%
24.8
28.7
`m
905
1,139
%
6.7
8.3

Jun 15
13,278
3,974
29.9
1,292
9.7

Sep 15
13,563
4,231
31.2
1,346
9.9

`
`
`
`

m
m
m
m

818
-1,330
-1,883
-2,394

11,844
-1,130
-1,891
8,822

-3,090
-1,023
4,822
710

KITEX GARMENT LTD.

MISCELLANEOUS

MISCELLANEOUS

Chairman: Sabu M. Jacob (MD)

Yr of Inc

B. Code

1992
521248
SHAREHOLDING

BL. Code
KITE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 54.2%
:
0.0%
:
0.2%
:
2.4%
: 43.2%
: 16,171

Price

667.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: A Babu

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
4,156
559
4,169
595
3,574

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,170
40
3,210
601
86
115
440
0
0
0
147
294
19.0
33.3
9.3

4,422
133
4,556
951
97
106
882
0
0
0
308
574
21.5
35.0
13.0

5,111
134
5,245
1,687
213
192
1,417
0
0
0
432
985
33.0
30.5
19.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,649
1,514
4.2
1.1
53
58
1,835
48
1,174
1,224
25
2,950
4.8
0.0
1.1
13.8
24.0
44.5
78.2
8.4

2,173
1,767
9.2
1.2
9
44
1,819
48
1,692
1,742
289
4,038
9.3
0.2
1.1
16.8
32.9
48.7
73.6
20.7

3,412
2,187
24.0
1.6
8
45
1,885
48
2,589
2,639
268
5,353
8.4
0.1
1.0
22.0
37.3
55.3
81.3
10.9

BALANCE SHEET DATA

P/E

602
89
107.6
20.7
25.2
1.25
0.4
55.6
47.50
3.2
16.7
13.7
6.2
6.0
16,407
4.0
745
1,286.1
187.5
247.9

P/CF

32.2

26.5

(` )

Yield
0.2

AUD: Rajendran, Mani & Varier

Mkt cap

Vol.

31,725.3

3.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE602G01020

1,200
Close

1,000

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

112
49
93.1
12.1
14.1
1.00
1.2
36.7
47.50
0.9
6.7
5.7
2.2
8.3
3,821
3.7
570
1,195.2
154.0
155.0

31.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

72
45
66.7
6.2
8.0
0.80
1.4
25.8
47.50
0.9
9.5
7.3
2.3
12.9
2,784
3.1
438
1,022.5
141.2
94.8

-5.0

Regd off: No. 9/536 A, Kitex House, Kizhakkambalam, Aluva, Kochi-683 562
E-Mail:
sect@kitexgarments.com
Web site: www.kitexgarments.com
Telephone: (0484) 414 2000 Fax: (0484) 268 0604
Tr agent: Cameo Corp. Sevices, Subramaniam Bldg. 1 Club Hse Rd.,Chennai-02

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

344

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,221
1,580
`m
419
660
%
34.3
41.7
`m
231
416
%
18.9
26.3

Jun 15
1,091
301
27.6
160
14.6

Sep 15
1,343
451
33.6
272
20.2

`
`
`
`

m
m
m
m

244
-48
-153
43

1,154
-716
183
620

1,284
-298
24
1,009

LINDE INDIA LIMITED

INDUSTRIAL GASES

Chairman: Sanjiv Lamba

Yr of Inc

B. Code

1935
523457
SHAREHOLDING

BL. Code
BOC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

:
0.0%
: 75.0%
:
8.4%
:
8.3%
:
8.3%
: 19,183

Price

308.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pawan Marda

% ch 12-m
-28.7

FX Transaction (FY15)
`m
242
`m
984
`m
439
`m
2,112
`m
-1,673
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

13,244
34
13,279
2,032
1,125
404
536
0
0
719
360
895
15.3
67.2
6.8

14,285
83
14,368
2,615
1,290
745
663
0
0
503
393
773
18.3
59.2
5.4

14,914
108
15,022
2,770
1,814
1,029
36
0
0
0
-18
54
18.6
-50.9
0.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,759
8,220
-11.0
0.8
20
85
22,603
853
12,475
13,339
8,504
34,141
2.3
0.6
0.4
3.8
6.7
7.6
10.8
49.8

7,334
9,327
-13.9
0.8
19
74
24,086
853
13,101
14,273
11,157
39,660
1.9
0.8
0.4
3.8
5.4
7.5
5.4
4.6

6,213
8,964
-18.4
0.7
17
75
25,569
853
13,004
13,892
11,024
38,795
1.0
0.8
0.4
2.8
0.4
4.3
1.6
6.6

INCOME DATA

BALANCE SHEET DATA

398
211
167.5
9.1
24.2
1.50
0.5
167.4
85.28
1.8
33.6
12.6
1.8
16.5
25,946
0.8
815
17,025.7
971.6
921.7

P/E

693.0

464
264
174.9
0.6
21.9
1.50
0.4
162.9
85.28
2.1
574.6
16.6
2.2
236.8
31,042
0.8
909
17,924.9
1,092.7
64.9

P/CF
20.0

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

345

0.5

AUD: BSR & Co.

Mkt cap

Vol.

37,434.1

3.7

ADJUSTED DAILY SHARE PRICE DATA

500
450
400
350
300
250
200
150
100
50
0
Dec-12

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

530
271
155.3
10.5
23.7
1.50
0.4
156.4
85.28
2.6
38.2
16.9
2.6
14.3
34,155
0.8
823
16,617.8
1,032.5
1,122.7

-1.4

Regd off: Oxygen House, P-43, Taratala Road, Kolkata - 700 088
E-Mail:
pawan.marda@inde.co
Web site: www.linde.in
Telephone: (033) 6602 1600 Fax: (033) 2401 4206
Tr agent: Link Intime India, 59-C, Chowringhee Road, 3rd floor, Kolkata - 20
ISIN

INE473A01011

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,129
3,721
`m
865
544
%
21.0
14.6
`m
65
239
%
1.6
6.4

Jun 15
3,752
484
12.9
39
1.1

Sep 15
4,048
604
14.9
3
0.1

`
`
`
`

m
m
m
m

963
-1,664
933
232

2,287
-3,852
1,685
120

2,714
-2,643
-84
-12

MAHARASHTRA SEAMLESS LIMITED

STEEL & RELATED

Chairman: D. P. Jindal

Yr of Inc

B. Code

1988
500265
SHAREHOLDING

BL. Code

MHSM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 58.5%
:
0.0%
:
6.9%
: 12.2%
: 22.5%
: 24,747

Price

156.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.2

SEC: D. C. Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

9.4

(FY15)
114
2,699
226
2,709
-2,483

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

399
199
245.2
21.6
27.0
6.00
2.0
399.1
70.53
1.2
13.8
11.1
0.7
27.8
21,092
0.0
446
NM
NM
NM

372
183
152.2
13.2
16.7
5.00
1.8
329.7
89.00
PS
1.8
21.0
16.6
0.8
37.8
24,698
0.0
429
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

17,294
705
17,999
1,717
379
75
1,969
0
-1
0
444
1,524
9.9
22.5
8.8

12,089
639
12,728
900
371
56
1,112
0
48
0
145
1,015
7.4
13.0
8.4

13,547
744
14,291
1,055
307
202
1,290
1
261
0
374
1,177
7.8
29.0
8.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,693
2,947
73.7
5.3
108
67
14,104
353
21,631
28,147
37
32,412
27.3
0.0
0.5
4.9
5.4
7.2
16.1
27.9

16,876
3,635
109.5
4.6
131
102
12,654
341
21,826
27,987
34
32,884
21.0
0.0
0.4
3.3
3.6
4.3
0.6
7.7

14,239
5,414
65.1
2.6
132
80
15,095
1,712
22,253
29,342
4,293
40,259
7.4
0.1
0.3
3.4
4.0
5.2
0.8
19.9

P/CF
7.5

(` )

Yield
3.2

AUD: Kanodia Sanyal & Assoc.

Mkt cap

Vol.

11,059.1

7.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE271B01025

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-41.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

244
151
177.0
14.9
20.3
6.00
3.0
409.9
68.28
BB
1.1
13.3
9.7
0.5
40.4
13,489
0.0
401
NM
NM
NM

Regd off: Pipe Nagar, Sukeli, N.H. 17, B.K.G.Road, Taluka Roha, Distt. Raigad -26
E-Mail:
pradeep@mahaseam.com
Web site: www.jindal.com
Telephone: (02194) 238 511 Fax: (02194) 238 513
Tr agent: Alankit Assignments,Alankit House, 2E/21, Jhandewalan Ext.,New D. -55

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

346

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,496
3,647
`m
356
244
%
10.2
6.7
`m
350
301
%
10.0
8.3

Jun 15
2,382
-165
-6.9
-83
-3.5

Sep 15
2,640
27
1.0
43
1.6

`
`
`
`

m
m
m
m

3,003
-3,094
29
-100

1,089
-633
-263
233

1,044
-6,267
5,271
39

MASTEK LIMITED
SOFTWARE

MISCELLANEOUS

Chairman: Sudhakar Ram (MD)

Yr of Inc

B. Code

1982
523704
SHAREHOLDING

BL. Code
MAST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 51.9%
:
0.0%
:
7.3%
: 14.9%
: 25.9%
: 16,317

Price

163.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Bhagwant Bhargawe

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
0
74
6,317
2,890
3,428

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,834
91
6,925
571
220
4
438
0
0
0
95
343
8.4
21.7
5.0

9,230
113
9,343
795
329
7
572
0
0
0
54
518
8.6
9.5
5.6

10,126
171
10,297
274
373
15
57
0
0
116
-4
177
2.7
-7.4
1.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,051
1,715
34.2
2.4
0
80
2,495
123
4,714
5,329
12
7,416
110.5
0.0
0.9
4.7
6.4
8.3
0.0
0.5

4,055
1,674
25.8
2.4
0
46
2,612
111
4,600
5,602
14
7,537
85.2
0.0
1.2
7.0
9.2
10.3
0.0
0.7

4,722
1,891
28.0
2.5
0
48
2,802
113
4,778
5,959
196
8,317
4.9
0.0
1.2
2.3
3.0
3.1
0.0
0.7

BALANCE SHEET DATA

P/E

514
477
450.0
7.9
24.5
2.50
0.5
264.8
22.50
1.1
62.8
20.2
1.9
31.7
11,143
3.3
6,206
3,113.7
1,908.2
54.5

P/CF

24.9

8.0

(` )

Yield
1.5

AUD: Price Waterhouse

Mkt cap

Vol.

4,411.3

67.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE759A01021

600
Close

500

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

228
103
415.8
23.3
38.1
4.50
2.7
252.3
22.20
BB
0.4
7.1
4.3
0.7
19.3
3,673
3.1
5,648
2,955.6
1,808.5
165.9

-36.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

185
103
277.3
13.9
22.9
3.00
2.1
216.3
24.64
BB
0.5
10.3
6.3
0.7
21.5
3,548
3.2
4,145
2,126.2
1,289.7
106.8

15.7

Regd off: 804/805, President House, Near Ambawadi Circle, Ahmedabad - 380 006
E-Mail:
bhagwant.bhargawe@mastek.com
Web site: www.mastek.com
Telephone: (022) 6695 2222 Fax: (022) 6695 1331
Tr agent: Sharepro Serv.,13 AB,Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

347

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,687
2,761
`m
203
162
%
7.6
5.9
`m
126
91
%
4.7
3.3

Jun 15
1,333
126
9.5
63
4.7

Sep 15
1,316
40
3.1
33
2.5

`
`
`
`

m
m
m
m

803
-90
-427
286

891
-698
-668
-475

590
-243
220
567

MAX INDIA LIMITED

DIVERSIFIED

Chairman: Analjit Singh (MD)

Yr of Inc

B. Code

1982
500271
SHAREHOLDING

BL. Code
MAXI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

Bhai Mohan Singh Group

F.V.
2

: 40.5%
:
0.0%
: 23.4%
: 27.4%
:
8.7%
: 33,801

Price

516.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-2.9

SEC: V. Krishnan

% ch 12-m
31.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
84
`m
-84
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

230
151
436.7
5.2
10.4
3.60
1.9
112.1
266.23
ESOP
0.4
36.3
18.3
1.7
68.7
50,650
0.5
9,568
242,215.4
19,933.1
2,905.2

521
424
555.9
13.7
19.5
5.00
1.1
123.9
266.50
0.8
34.5
24.3
3.8
36.5
125,915
1.5
10,095
100,103.7
6,821.3
2,465.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

105,620
616
106,236
11,510
1,368
845
9,914
-654
0
0
1,419
7,841
10.9
14.3
7.4

116,263
569
116,833
4,487
1,379
932
2,745
-700
0
0
650
1,395
3.9
23.7
1.2

148,154
612
148,766
7,729
1,538
826
5,978
-853
0
0
1,476
3,649
5.2
24.7
2.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,383
36,093
1.2
1.0
2
22
13,610
531
28,345
29,029
3,782
247,240
12.7
0.1
0.4
3.5
27.0
30.8
2.3
1.1

38,400
46,001
-6.5
0.8
5
21
13,334
533
29,197
29,841
4,354
291,174
3.9
0.1
0.4
0.8
4.7
8.7
2.2
0.9

47,319
46,075
0.8
1.0
4
17
8,670
533
32,311
33,020
4,030
355,030
8.2
0.1
0.4
1.3
11.1
16.1
0.0
0.0

BALANCE SHEET DATA

P/E

37.7

P/CF
26.5

(` )

Yield
1.0

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

137,495.5

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE180A01020

700
Close

600

12
31/03/15

267
166
397.8
29.5
34.7
12.20
5.6
109.3
265.52
ESOP
0.5
7.3
6.2
2.0
41.3
57,459
0.0
8,801
NM
NM
NM

INCOME DATA

Regd off: Bhai Mohan Singh Nagar, Tehsil Balachaur, Nawanshahr, Punjab-144 533
E-Mail:
vkrishnan@maxindia.com
Web site: www.maxindia.com
Telephone: (011) 4259 8000 Fax: (011) 2632 4126
Tr agent: Mas Services, T-34, 2nd Flr, Okhla Indl Area Phase II, New Delhi-20

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

348

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,164
388
`m
3,885
-7
%
93.3
-1.7
`m
3,292
-83
%
79.1
-21.3

Jun 15
455
257
56.4
246
54.0

Sep 15
308
117
37.8
27
8.9

`
`
`
`

m
m
m
m

18,873
-17,962
-2,202
-1,290

21,603
-19,084
-2,132
386

25,794
-23,112
-3,876
-1,194

MOTHERSON SUMI SYSTEMS LTD.

AUTO ANCILLARIES,FORGINGS
Chairman: Vivek Chaand Sehgal

Yr of Inc

B. Code

1983
517334
SHAREHOLDING

BL. Code

MOSS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 37.5%
: 28.1%
:
5.8%
: 16.7%
: 12.0%
: 49,643

MISCELLANEOUS
Price

277.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.4

SEC: G. N. Gauba (CFO)

% ch 12-m
0.7

FX Transaction (FY15)
`m
7,923
`m
17,336
`m
8,193
`m
18,333
` m -10,140
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

234
145
430.5
7.6
19.7
2.00
1.1
38.9
587.95
0.4
25.1
9.6
4.9
26.5
111,417
0.0
42,827
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

253,124
3,215
256,339
14,767
7,145
2,495
8,342
-70
8
0
3,835
4,445
5.8
46.0
1.8

304,279
3,106
307,385
23,971
8,172
2,943
15,962
-3,316
-2
0
4,994
7,650
7.9
31.3
2.5

345,852
4,643
350,495
24,264
9,206
3,178
16,523
-4,294
4
1,648
5,256
8,625
7.0
31.8
2.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

67,187
68,693
-0.6
1.0
38
42
56,629
588
17,090
22,890
27,159
128,275
4.3
1.2
2.0
5.4
19.4
21.5
2.4
5.7

80,555
80,494
0.0
1.0
39
39
65,656
882
21,831
29,593
29,834
153,623
6.4
1.0
2.0
6.9
25.9
26.2
2.4
5.3

94,186
84,741
2.7
1.1
40
32
70,843
882
27,174
33,238
40,859
175,708
6.2
1.2
2.0
6.7
25.9
23.0
2.3
5.0

BALANCE SHEET DATA

P/E

518
246
392.2
9.8
20.2
3.00
0.8
37.7
881.92
1.0
39.0
18.9
10.1
30.7
336,805
8.6
63,652
40,215.3
7,401.4
1,002.9

P/CF

28.3

13.7

(` )

Yield
1.1

AUD: Price Waterhouse

Mkt cap

Vol.

244,335.9

260.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE775A01035

450

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

260
116
345.0
8.7
17.9
2.50
1.3
33.6
881.92
B1:2
0.5
21.7
10.5
5.6
28.8
165,713
0.0
51,064
NM
NM
NM

Regd off: 2nd Floor, F-7, B-1, Mohan Cooperative Industrial Estate, New Delhi-44
E-Mail:
investorrelations@motherson.com
Web site: www.motherson.com
Telephone: (0120) 247 6100 Fax: (0120) 252 1966
Tr agent: Karvy Computershare, Plot 17-24,Vithalrao Ngr, Madhapur, Hyderabad-81

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

349

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
91,494
94,743
`m
6,933
7,565
%
7.6
8.0
`m
2,632
3,053
%
2.9
3.2

Jun 15
93,848
7,324
7.8
2,903
3.1

Sep 15
91,976
8,006
8.7
2,893
3.1

`
`
`
`

m
m
m
m

14,860
-10,790
-2,558
1,512

26,950
-13,723
-10,801
2,426

33,897
-28,529
4,945
10,313

NAVIN FLUORINE INTERNATIONAL LTD.

CHEMICALS & PESTICIDES
Chairman: H. A. Mafatlal

Yr of Inc

B. Code

1998
532504
SHAREHOLDING

BL. Code
NAFL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 38.8%
:
0.0%
: 13.2%
:
8.0%
: 40.0%
: 94,061

Price

1,652.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: N. B. Mankad

% ch 12-m
185.6

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,500
142
5,642
827
208
61
700
-7
0
0
259
434
15.0
37.0
7.9

4,862
308
5,171
660
218
55
694
-23
0
133
148
657
13.6
21.3
13.5

5,915
295
6,210
722
201
33
783
-37
0
0
200
546
12.2
25.6
9.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,792
1,579
22.1
1.8
51
49
2,586
98
3,343
5,042
2
7,256
12.4
0.0
0.8
6.8
8.6
14.9
35.1
26.7

3,516
1,530
40.8
2.3
49
68
2,532
98
3,917
5,553
3
7,794
13.6
0.0
0.6
9.1
11.8
15.5
22.2
24.2

3,111
1,641
24.8
1.9
47
74
2,933
98
4,261
5,877
275
8,519
24.5
0.0
0.7
6.8
9.3
12.7
28.7
29.7

BALANCE SHEET DATA

P/E

29.7

882
335
605.4
55.8
76.4
16.00
2.6
601.5
9.77
1.0
10.9
8.0
1.0
28.7
5,944
0.6
741
9,227.9
1,155.7
851.2

P/CF
21.7

(` )

Yield
1.0

AUD: Deloitte Haskins & Sells

Mkt cap

Vol.

16,197.0

5.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE048G01018

2,500
Close

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

364
148
498.2
67.3
89.7
16.00
6.3
569.0
9.76
0.5
3.8
2.9
0.4
23.8
2,499
0.6
591
8,326.0
1,011.5
1,125.3

(FY15)
1,700
1,757
1,933
1,831
101

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

438
210
563.5
44.4
65.8
15.00
4.6
516.5
9.76
0.6
7.3
4.9
0.6
33.7
3,162
0.6
535
9,259.4
901.2
730.3

-3.9

Regd off: 2nd Floor Sunteck Centre 37/40 Subhash Road, Vile Parle (E) Mumbai-57
E-Mail:
mankad@mafatlals.com
Web site: www.nfil.in
Telephone: (022) 6650 9999 Fax: (022) 6650 9800
Tr agent: Sharepro Serv.,13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

350

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,459
1,460
`m
188
183
%
12.9
12.6
`m
142
166
%
9.7
11.4

Jun 15
1,504
256
17.0
181
12.1

Sep 15
1,511
317
21.0
232
15.4

`
`
`
`

m
m
m
m

727
406
-1,001
131

735
-257
-486
-9

10
34
-213
-169

NHPC LTD.
POWER

Chairman: G. Sai Prasad

Yr of Inc

B. Code

1975
533098
SHAREHOLDING

BL. Code

NHPC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

86.0%
0.0%
3.9%
1.9%
8.3%

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

18.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

5.3

SEC: Vijay Gupta

% ch 12-m

P/E

-3.4

8.3

FX Transaction (FY15)
`m
0
`m
88
`m
0
`m
1,970
`m
-1,970
12
31/03/14

22
15
6.7
1.1
2.5
0.30
1.6
25.5
11,070.67
BB
2.8
16.9
7.6
0.7
27.3
205,914
9.8
11,326
7,538.1
1,151.2
1,238.8

21
19
7.4
2.3
3.8
0.60
3.0
27.8
11,070.67
2.7
9.0
5.3
0.7
26.7
223,351
9.2
12,247
8,950.2
1,329.6
2,704.8

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

64,062
12,152
76,213
42,730
12,411
5,962
36,508
-2,552
41
2,400
10,223
26,174
66.7
28.0
40.9

74,159
13,221
87,380
43,833
14,994
11,802
30,258
-4,144
-4,972
0
8,954
12,188
59.1
29.6
16.4

82,441
9,132
91,573
58,482
17,153
12,728
37,733
-3,067
-550
0
9,203
24,914
70.9
24.4
30.2

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

152,320
76,639
118.1
2.0
4
128
434,992
123,007
154,022
297,951
188,059
623,361
7.1
0.6
0.1
5.2
8.8
8.7
0.0
0.3

134,075
72,928
82.5
1.8
4
119
445,108
110,707
146,579
282,460
193,090
614,011
3.6
0.7
0.1
3.9
4.3
6.9
0.0
0.1

142,862
71,122
87.0
2.0
4
129
442,936
110,707
167,545
307,575
187,245
632,679
4.0
0.6
0.1
5.9
8.1
9.5
0.0
0.1

P/CF
4.9

(` )

Yield
3.2

AUD: S. N. Nanda & Co.

Mkt cap

Vol.

207,021.5

339.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE848E01016

35
Close

30

12
31/03/15

29
15
5.2
2.1
3.1
0.60
2.7
24.2
12,300.74
4.2
10.4
7.0
0.9
28.2
271,231
10.4
9,515
6,153.9
914.0
2,514.3

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: NHPC Office Complex, Sector - 33, Faridabad - 121 003
E-Mail:
companysecretary@nhpc.nic.in
Web site: www.nhpcindia.com
Telephone: (0129) 227 8421 Fax: (0129) 227 7941
Tr agent: Karvy Computershare, 17-24,Vithalrao Nagar, Madhapur,Hyderabad-81

100 DMA

25
20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

351

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,770
14,716
`m
5,711
13,940
%
48.5
94.7
`m
1,798
6,445
%
15.3
43.8

Jun 15
20,074
13,878
69.1
7,672
38.2

Sep 15
23,460
17,304
73.8
11,809
50.3

`
`
`
`

m
m
m
m

28,457
-13,296
-13,445
1,716

38,244
-10,754
-45,363
-17,873

40,606
-7,670
-24,944
7,992

NIIT TECHNOLOGIES LTD.

SOFTWARE

Chairman: Rajendra S. Pawar (MD)

Yr of Inc

B. Code

2004
532541
SHAREHOLDING

BL. Code
NITT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 31.3%
:
0.0%
: 15.9%
: 33.3%
: 19.7%
: 46,893

MISCELLANEOUS
Price

589.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.2

SEC: Onkarnath Banerjee

% ch 12-m
58.3

FX Transaction (FY15)
`m
0
`m
31
`m
10,743
`m
3,688
`m
7,055
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

285
166
264.4
33.1
39.2
8.00
3.5
152.6
59.63
ESOP
0.9
6.8
5.8
1.5
24.2
13,447
7.4
8,911
2,141.4
1,210.4
267.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,765
304
16,069
2,701
364
38
2,602
8
0
0
638
1,972
17.1
24.5
12.5

20,214
228
20,441
3,327
567
53
2,935
-52
0
0
750
2,132
16.5
25.6
10.5

23,050
302
23,352
3,542
619
42
3,184
-76
0
0
802
2,305
15.4
25.2
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,426
3,914
28.6
2.2
0
77
4,234
596
8,096
9,099
64
13,262
68.8
0.0
1.2
15.2
21.7
28.9
0.0
0.5

10,237
3,935
31.2
2.6
1
82
4,661
602
9,770
10,941
60
15,388
56.3
0.0
1.3
14.2
19.5
26.7
0.0
0.2

11,417
4,224
31.2
2.7
1
89
5,820
607
11,556
13,239
53
18,015
77.5
0.0
1.3
13.0
17.4
23.7
0.0
0.1

BALANCE SHEET DATA

P/E

477
234
379.7
38.0
48.2
9.00
2.5
218.1
60.70
ESOP
0.9
9.4
7.4
1.6
23.7
21,588
0.0
12,930
NM
NM
NM

P/CF

15.6

12.3

(` )

Yield
1.5

AUD: Price Waterhouse

Mkt cap

Vol.

35,995.3

26.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE591G01017

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

325
227
335.6
35.4
44.8
8.50
3.1
181.6
60.24
ESOP
0.8
7.8
6.2
1.5
24.0
16,626
0.0
11,151
NM
NM
NM

Regd off: 8, Balaji Estate, First Floor, Guru Ravi, Das Marg, Kalkaji,New Delhi-20
E-Mail:
investors@niit-tech.com
Web site: www.niit-tech.com
Telephone: (011) 4167 5000 Fax: (011) 4140 7120
Tr agent: Alankit Assignments, Alankit House, 2E/21, Jhandewalan Extn., Delhi-55

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

352

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,322
3,631
`m
665
436
%
20.0
12.0
`m
443
388
%
13.3
10.7

Jun 15
3,726
647
17.4
412
11.1

Sep 15
3,726
647
17.4
412
11.1

`
`
`
`

m
m
m
m

1,643
-985
-168
490

2,351
-1,133
-914
304

1,453
-997
-526
-70

NITIN FIRE PROTECTION INDUSTRIES LTD.

CAPITAL GOODS

Chairman: Nitin M. Shah (MD)

Yr of Inc

B. Code

1995
532854
SHAREHOLDING

BL. Code
NIFP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 71.9%
:
0.0%
:
1.7%
: 14.6%
: 11.9%
: 13,948

Price
43.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

6.2

SEC: Abhishek Shrivastava

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

36.6

(FY15)
3,504
3,518
3,504
3,536
-32

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

83
45
32.0
2.6
2.8
0.20
0.3
14.4
220.55
2.0
24.8
22.9
4.5
7.7
14,148
0.0
194
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,047
182
7,229
806
47
254
687
0
-44
-24
49
570
11.4
7.1
8.1

10,161
19
10,180
1,126
95
305
744
0
0
-49
30
665
11.1
4.1
6.5

11,403
113
11,517
1,133
122
414
710
0
0
0
39
671
9.9
5.5
5.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,140
4,362
11.0
1.2
73
137
1,822
441
2,688
3,175
1
7,555
3.7
0.0
0.9
10.9
18.0
27.5
32.7
22.2

6,556
5,033
15.0
1.3
64
108
1,994
438
3,228
3,711
0
8,761
3.4
0.0
1.2
11.1
17.9
27.0
32.4
32.6

8,853
6,573
20.0
1.3
78
149
2,144
585
3,745
4,374
0
11,260
2.7
0.0
1.0
9.6
15.3
25.7
30.7
30.9

BALANCE SHEET DATA

P/E

44
32
39.0
2.3
2.7
0.20
0.5
15.0
292.27
1.0
16.5
13.9
2.5
8.7
11,062
0.0
313
NM
NM
NM

P/CF

19.0

16.1

(` )

Yield
0.5

AUD: Haribhakti & Co.

Mkt cap

Vol.

12,743.0

251.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE489H01020

70
Close

60

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

70
49
46.4
3.0
3.5
0.20
0.3
16.9
219.21
BB
1.3
19.5
17.1
3.5
6.6
12,999
0.0
258
NM
NM
NM

Regd off: 501, Delta, Technology Street, Hiranandani Gardens, Powai, Mumbai-76
E-Mail:
cs@nitinfire.com
Web site: www.nitinfire.com
Telephone: (022) 4045 7000 Fax: (022) 2570 1110
Tr agent: Bigshare Services, E-2, Ansa Indl.Est., Saki Naka, And(.E), Mumbai-76

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

353

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
972
1,121
`m
108
78
%
11.1
7.0
`m
51
26
%
5.3
2.3

Jun 15
3,379
381
11.3
208
6.1

Sep 15
4,456
541
12.1
393
8.8

`
`
`
`

m
m
m
m

402
-255
251
398

10
-257
21
-226

-154
-284
688
251

NMDC LIMITED
MINING/MINERALS

Chairman: C. S. Verma (MD)

Yr of Inc

B. Code

1958
526371
SHAREHOLDING

BL. Code
NAMI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
1

: 80.0%
:
0.0%
: 11.2%
:
6.2%
:
2.6%
: 191,586

Price
87.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.8

SEC: Kumar Raghavan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

149
93
30.4
16.1
16.4
8.50
7.0
75.5
3,964.72
4.0
7.5
7.3
1.6
52.9
478,938
5.7
7,064
21,289.2
1,247.1
11,248.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

112,619
20,165
132,784
89,262
1,302
15
108,110
0
0
-515
34,942
72,654
79.3
32.3
64.5

107,043
22,390
129,433
73,717
1,388
132
94,587
0
-50
19
31,218
63,337
68.9
33.0
59.2

120,582
20,891
141,473
77,719
1,507
19
97,085
0
-421
443
33,397
63,710
64.5
34.4
52.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

231,987
21,051
187.3
11.0
15
24
26,830
3,965
240,099
244,064
0
266,484
7,305.7
0.0
0.4
27.3
29.8
44.1
0.0
1.0

254,709
31,285
208.7
8.1
22
37
45,138
3,965
271,221
275,186
0
307,960
717.6
0.0
0.3
20.6
23.0
34.4
0.0
1.7

238,369
13,480
186.5
17.7
21
44
66,633
3,965
295,504
299,468
0
314,439
5,248.8
0.0
0.4
20.3
21.3
32.4
0.0
2.1

5.3

(` )

Yield
9.8

AUD: Venugopal & Chenoy

Mkt cap

Vol.

344,732.4

166.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE584A01023

250
Close

12
31/03/15

305
136
28.4
18.3
18.7
4.50
2.0
61.6
3,964.72
7.8
12.0
11.8
3.6
24.6
874,221
5.9
5,291
19,010.6
893.1
12,264.3

P/CF

5.4

(FY15)
0
2,566
0
2,708
-2,708

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-37.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

203
128
27.0
16.0
16.3
7.00
4.2
69.4
3,964.72
6.1
10.4
10.2
2.4
43.8
657,549
5.8
5,801
18,529.1
1,004.1
10,963.7

Regd off: Khanij Bhavan, 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 28
E-Mail:
phprasad@nmdc.co.in
Web site: www.nmdc.co.in
Telephone: (040) 2353 8757 Fax: (040) 2353 8759
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

200

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

354

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
29,461
28,286
`m
19,482
13,659
%
66.1
48.3
`m
15,930
13,471
%
54.1
47.6

Jun 15
18,064
11,027
61.0
10,101
55.9

Sep 15
16,022
8,870
55.4
8,102
50.6

`
`
`
`

m
m
m
m

45,946
-7,372
-19,124
19,449

30,969
6,592
-25,477
12,083

37,335
34,436
-58,007
13,764

OIL INDIA LTD.

ENERGY SOURCES

Chairman: S.K.Srivastava

Yr of Inc

B. Code

1959
533106
SHAREHOLDING

BL. Code
OILI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 67.6%
:
0.0%
:
8.4%
:
9.8%
: 14.2%
: 112,961

Price

373.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.1

SEC: S. R. Krishnan

% ch 12-m

8.6

FX Transaction (FY15)
`m
0
`m
424
`m
2
`m
3,585
`m
-3,582
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

617
431
165.8
59.8
73.9
30.00
5.7
320.2
601.14
B3:2
3.2
8.8
7.1
1.6
50.2
314,997
8.1
13,106
12,342.9
1,622.9
4,447.8

630
415
161.2
49.7
63.4
21.50
4.1
344.0
601.14
3.2
10.5
8.2
1.5
43.2
314,005
7.8
14,745
12,402.2
1,887.2
3,827.4

508
450
166.0
43.4
57.8
10.00
2.1
357.7
601.14
2.9
11.0
8.3
1.3
23.0
288,036
7.8
16,013
12,719.4
2,041.2
3,324.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

99,681
15,301
114,982
46,091
8,482
30
52,880
0
0
0
16,960
35,921
46.2
32.1
36.0

96,898
15,887
112,785
36,462
8,216
708
43,425
0
679
0
14,201
29,903
37.6
32.7
30.9

99,784
12,585
112,369
36,324
8,648
3,490
36,771
0
1,235
0
11,922
26,084
36.4
32.4
26.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

154,918
41,109
114.2
3.8
24
33
70,190
6,011
186,085
192,488
0
254,280
1,740.5
0.0
0.4
14.1
18.7
27.5
0.0
1.4

154,501
110,823
45.1
1.4
37
18
87,000
6,011
176,993
206,812
15,153
353,442
62.4
0.1
0.3
8.7
14.5
20.2
0.0
0.6

146,898
47,137
100.0
3.1
38
88
93,482
6,011
187,421
215,015
83,994
370,648
11.5
0.4
0.3
8.0
12.1
13.9
0.0
0.4

P/CF
6.5

(` )

Yield
2.7

AUD: Saha Ganguli & Associates

Mkt cap

Vol.

224,435.6

16.5

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE274J01014

700
Close

600

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-36.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: P O Duliajan, Dibrugarh ,Assam - 786 602

E-Mail:
investors@oilindia.in
Web site: www.oil-india.com
Telephone: (0374) 280 0427 Fax: (0374) 280 0433
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

355

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
21,948
27,130
`m
6,519
8,233
%
29.7
30.3
`m
4,983
5,517
%
22.7
20.3

Jun 15
28,826
12,172
42.2
7,754
26.9

Sep 15
25,314
9,040
35.7
6,748
26.7

`
`
`
`

m
m
m
m

14,364
4,346
-6,868
11,843

26,360
-98,568
69,713
-2,495

17,536
-19,283
-26,031
-27,779

ONMOBILE GLOBAL LTD.

TELECOM

Chairman: H. H. Haight IV

Yr of Inc

B. Code

2000
532944
SHAREHOLDING

BL. Code

ONMO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
4.1%
: 44.6%
:
0.3%
:
6.1%
: 44.9%
: 45,961

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

BALANCE SHEET DATA

114.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

12
31/03/13

64
29
63.5
4.1
12.8
1.50
3.2
79.6
114.15
ESOP,BB
0.7
11.3
3.6
0.6
36.3
5,319
1.7
2,891
4,358.6
1,737.1
283.5

12.9

Regd off: 26, Bannerghatta Road, JP Nagar Phase III, Bangalore - 560 076
E-Mail:
investors@onmobile.com
Web site: www.onmobile.com
Telephone: (080) 4180 2500 Fax: (080) 4180 2810
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

SEC: P. V. Varaprasad

% ch 12-m

P/E

65.6

FX Transaction (FY15)
`m
0
`m
40
`m
1,973
`m
886
`m
1,086
12
31/03/14

98
26
77.6
-3.0
10.2
1.50
2.4
60.1
109.22
ESOP,BB
0.8
-21.1
6.1
1.0
-50.7
6,810
1.1
2,785
7,397.8
2,432.2
-282.2

7,253
220
7,473
1,494
986
27
701
0
0
0
229
472
20.6
32.7
6.5

8,653
154
8,807
1,306
1,367
37
57
0
0
-1,195
182
-1,320
15.1
319.5
-15.2

8,471
214
8,684
1,227
1,437
27
-23
0
0
-33
267
-323
14.5
-1,140.6
-3.8

6,339
3,746
35.8
1.7
0
90
3,530
1,142
7,903
9,090
3
13,018
27.0
0.0
0.6
3.8
5.2
8.0
0.0
3.5

5,255
3,783
17.0
1.4
0
86
3,786
1,142
6,382
7,670
443
11,990
2.5
0.1
0.7
-10.7
-17.2
-13.6
0.0
1.2

6,315
3,609
32.0
1.8
0
93
2,492
1,092
5,496
6,569
185
10,398
0.1
0.0
0.8
-2.9
-4.9
-0.4
0.0
0.5

11.7

(` )

Yield
1.3

AUD: Deloitte Haskins and Sells

Mkt cap

Vol.

13,070.2

304.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE809I01019

160
140

12
31/03/15

42
19
75.8
-11.6
0.4
1.50
4.9
67.1
114.23
ESOP
0.4
-2.6
73.4
0.5
-13.0
3,478
1.7
3,517
5,120.2
2,080.8
-780.8

P/CF

120

Close
100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

356

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,268
2,140
`m
465
327
%
20.5
15.3
`m
74
-113
%
3.3
-5.3

Jun 15
2,018
351
17.4
-2
-0.1

Sep 15
2,070
393
19.0
13
0.6

`
`
`
`

m
m
m
m

516
-52
-583
-119

861
-1,878
194
-823

1,147
922
-1,076
993

ORBIT EXPORTS

Regd off: E27-29, Adi Marzaban Street, Ballard Estate, Mumbai

E-Mail:
investors@orbitexports.com
Web site: www.orbitexports.com
Telephone: Fax:
Tr agent: Link intime India Pvt Ltd

TEXTILES

Chairman: Mr Pankaj Seth

Yr of Inc

B. Code

1983
512626
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

53.1%
0.0%
1.8%
0.0%
45.1%
6,842

Price

357.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.0

SEC: Ms. Neha Poddar

% ch 12-m
-7.6

FX Transaction (FY15)
`m
957
`m
91
`m
957
`m
216
`m
741
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

79
41
90.9
10.9
12.7
1.25
2.1
36.4
13.30
IS
0.7
5.5
4.7
1.7
11.5
800
0.0
46
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,210
13
1,223
236
25
13
211
0
0
0
66
145
19.5
31.4
11.9

1,331
22
1,354
318
35
16
289
0
3
0
89
204
23.9
30.7
15.3

1,582
10
1,592
437
48
13
386
0
10
0
117
279
27.6
30.4
17.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

450
266
15.2
1.7
47
49
338
133
314
484
83
876
16.9
0.2
1.4
18.0
29.9
39.5
53.5
1.6

638
360
20.9
1.8
68
69
697
139
502
712
218
1,352
19.4
0.3
1.0
16.2
28.6
33.1
58.8
14.4

755
337
26.4
2.2
67
67
785
143
732
950
209
1,573
31.4
0.2
1.0
18.5
29.3
35.3
60.5
5.8

BALANCE SHEET DATA

124
65
96.1
14.7
17.2
3.25
3.4
51.4
13.85
IS
1.0
6.4
5.5
1.8
22.1
1,308
0.0
66
NM
NM
NM

484
91
110.6
19.5
22.9
5.00
1.7
66.5
14.30
IS
2.6
14.7
12.6
4.3
25.7
4,107
0.3
115
5,512.5
401.0
971.1

P/CF

(` )

Yield
0.0

AUD: M/s. Krishna R. Moondra &

Mkt cap

Vol.
2.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE231G01010

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

P/E

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

357

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
321
425
`m
94
120
%
29.2
28.3
`m
56
63
%
17.6
14.8

Jun 15
437
132
30.3
86
19.6

Sep 15
414
143
34.6
85
20.6

`
`
`
`

m
m
m
m

161
-90
-55
16

174
-327
187
34

228
-146
-67
14

PC JEWELLER LIMITED
GEMS & JEWELLERY

Chairman: Padam Chand Gupta

Yr of Inc

B. Code

2005
534809
SHAREHOLDING

BL. Code
PCJE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 70.6%
:
0.0%
:
2.4%
: 13.0%
: 14.1%
: 21,210

MISCELLANEOUS
Price

376.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Vijay Panwar

% ch 12-m
65.5

FX Transaction (FY15)
`m
18,098
`m
10,973
`m
18,110
`m
10,980
`m
7,130
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

40,184
206
40,390
4,818
100
1,275
3,649
0
0
0
739
2,910
12.0
20.2
7.2

53,248
472
53,721
5,715
123
1,471
4,593
0
100
0
1,131
3,563
10.7
24.6
6.7

63,613
592
64,205
7,243
230
2,210
5,395
0
0
0
1,611
3,784
11.4
29.9
5.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

32,716
20,440
30.5
1.6
156
61
638
1,791
12,097
13,888
12
34,352
3.9
0.0
1.2
12.2
21.0
35.4
25.7
22.9

40,386
25,481
28.0
1.6
163
43
850
1,791
15,031
16,822
4
42,325
4.1
0.0
1.3
11.9
21.2
36.6
24.8
22.4

45,448
27,301
28.5
1.7
185
45
896
1,791
18,115
19,906
4
47,240
3.4
0.0
1.3
12.7
19.0
38.2
28.5
17.3

INCOME DATA

BALANCE SHEET DATA

126
66
297.3
19.9
20.6
3.00
3.1
93.9
179.10
0.3
4.8
4.7
1.0
15.1
17,171
2.2
447
24,281.0
204.0
1,624.7

P/E

17.8

367
255
355.2
21.1
22.4
3.20
1.0
111.1
179.10
0.9
14.7
13.9
2.8
15.1
55,722
2.4
557
26,028.2
228.0
1,548.4

P/CF
16.8

(` )

CASHFLOW

Get more info at www.equitymaster.com

358

Mkt cap

0.8

Vol.

67,431.2

ISIN

266.5

INE785M01013

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Walker, Chandiok & Co.

Yield

500
450
400
350
300
250
200
150
100
50
0
May-13

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

195
103
224.4
16.2
16.8
1.00
0.7
77.5
179.10
IPO
0.7
9.2
8.8
1.9
6.2
26,641
1.6
353
24,881.9
218.6
1,802.0

-15.9

Regd off: 24/2708, Bank Street, Karol Bagh, New Delhi - 110 005
E-Mail:
investors@pcjewellers.com
Web site: www.pcjeweller.com
Telephone: (011) 4710 4810 Fax: (011) 2872 0811
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

Close
100 DMA

May-14

May-15

No. of months
Year ending

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
18,217
20,202
`m
2,038
2,066
%
11.2
10.2
`m
1,093
1,201
%
6.0
5.9

Jun 15
15,107
1,612
10.7
825
5.5

Sep 15
16,696
1,886
11.3
932
5.6

`
`
`
`

m
m
m
m

5,200
-5,921
1,405
685

-8,097
2,462
5,948
313

3,338
2,131
-5,658
-189

PFIZER LIMITED
PHARMACEUTICALS

Chairman: R. A. Shah

Yr of Inc

B. Code

1950
500680
SHAREHOLDING

BL. Code
PFIZ.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 63.9%
:
7.5%
:
4.9%
: 23.7%
: 85,207

Price

2,404.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.5

SEC: Prajeet Nair

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

22.4

(FY15)
9
4,274
117
4,383
-4,266

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,410
999
351.5
168.6
171.3
32.50
2.7
567.8
29.84
3.4
7.1
7.0
2.1
19.3
35,936
2.8
2,111
3,752.6
755.3
1,800.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,488
1,052
11,541
1,827
80
2
2,797
0
0
4,141
1,906
5,032
17.4
68.1
48.0

11,118
1,094
12,212
2,385
80
4
3,396
0
0
0
1,187
2,209
21.5
35.0
19.9

18,533
674
19,207
3,830
1,311
8
3,185
0
0
-1,110
1,377
698
20.7
43.2
3.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

18,044
3,509
138.6
5.1
57
49
259
298
16,646
16,944
0
20,595
1,166.2
0.0
0.5
24.4
29.7
41.0
0.1
8.9

6,860
3,034
34.4
2.3
50
57
232
298
6,286
6,584
0
9,767
944.3
0.0
1.1
22.7
33.5
51.6
0.0
9.4

12,533
6,064
34.9
2.1
76
31
9,569
458
19,273
19,730
0
26,116
414.6
0.0
0.7
2.7
3.5
10.6
0.1
23.1

BALANCE SHEET DATA

P/E

157.6

2,325
1,175
405.1
15.3
43.9
12.50
0.7
431.3
45.75
A
4.3
114.7
39.9
4.1
81.9
80,063
0.0
2,364
NM
NM
NM

P/CF
54.8

(` )

Yield
0.5

AUD: B S R & Co. LLP

Mkt cap

Vol.

110,010.5

2.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE182A01018

3,000
Close

2,500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,779
985
372.6
74.0
76.7
360.00
26.0
220.6
29.84
3.7
18.7
18.0
6.3
486.4
41,239
2.4
1,918
4,600.0
793.4
913.8

Regd off: Pfizer Centre, Patel Estate, S. V. Road, Jogeshwari (W), Mumbai - 02
E-Mail:
prajeet.nair@pfizer.com
Web site: www.pfizerindia.com
Telephone: (022) 6693 2000 Fax: (022) 2678 4569
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

359

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,742
4,631
`m
609
1,248
%
12.8
26.9
`m
228
427
%
4.8
9.2

Jun 15
4,842
1,118
23.1
538
11.1

Sep 15
5,121
1,241
24.2
616
12.0

`
`
`
`

m
m
m
m

-160
6,259
-432
5,667

1,325
1,027
-13,602
-11,251

1,135
322
-14
1,443

POLARIS CONSULTING & SERVICES LTD.

SOFTWARE

Chairman: Arun Jain (MD)

Yr of Inc

B. Code

1993
532254
SHAREHOLDING

BL. Code
POLS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 29.0%
:
0.0%
:
0.7%
: 22.7%
: 47.7%
: 48,761

Price

204.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.1

SEC: Christina Pauline Beulah

% ch 12-m
4.2

FX Transaction (FY15)
`m
0
`m
50
`m
14,769
`m
10,803
`m
3,966
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

172
103
227.0
20.2
25.6
5.00
3.6
134.9
99.51
ESOP
0.6
6.8
5.4
1.0
24.8
13,668
13.1
16,631
1,727.3
1,271.9
153.6

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,586
341
22,928
2,651
537
25
2,431
22
45
0
490
2,008
11.7
20.2
8.9

24,237
324
24,560
2,415
544
20
2,174
0
1
214
397
1,992
10.0
18.3
8.2

18,934
411
19,345
2,251
279
0
2,383
1
0
-69
642
1,673
11.9
26.9
8.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,408
6,611
25.7
1.9
0
66
4,007
498
12,076
13,427
6
20,214
98.6
0.0
1.1
10.1
15.0
18.8
0.0
0.3

13,239
5,084
33.7
2.6
0
55
3,787
498
14,078
15,474
0
20,719
111.0
0.0
1.2
9.7
12.9
15.6
0.0
0.1

8,439
4,405
21.3
1.9
0
46
2,347
500
7,286
8,508
0
12,953
NM
0.0
1.5
12.9
19.7
27.2
0.0
0.3

BALANCE SHEET DATA

P/E

278
133
189.5
16.7
19.5
15.00
7.3
85.2
99.91
ASOP
1.1
12.3
10.5
2.4
89.6
20,517
0.0
14,613
NM
NM
NM

P/CF

12.2

10.5

(` )

Yield
7.3

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

20,416.6

60.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE763A01023

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

207
96
243.5
20.0
25.5
6.25
4.1
155.4
99.55
ESOP
0.6
7.6
6.0
1.0
31.2
15,097
11.8
18,428
2,050.5
1,559.0
168.5

Regd off: Polaris House, 244, Anna Salai, Chennai - 600 006
E-Mail:
shareholder.query@polarisft.com
Web site: www.polarisft.com
Telephone: (044) 3987 4000 Fax: (044) 2852 3280
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

360

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,748
4,670
`m
538
503
%
11.3
10.8
`m
393
371
%
8.3
7.9

Jun 15
4,958
594
12.0
381
7.7

Sep 15
5,177
700
13.5
473
9.1

`
`
`
`

m
m
m
m

1,517
-1,227
-309
-19

3,714
-1,770
-1,719
225

563
219
-747
35

PRAJ INDUSTRIES LIMITED

CAPITAL GOODS

Chairman: Pramod Chaudhari

Yr of Inc

B. Code

1985
522205
SHAREHOLDING

BL. Code
PRAJ.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 33.5%
:
0.0%
: 16.2%
:
6.0%
: 44.3%
: 110,003

Price
81.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.6

SEC: Dattatraya Nimbolkar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

23.9

(FY15)
3,364
537
3,364
826
2,538

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

82
34
51.8
3.8
5.0
1.62
2.8
32.1
177.47
BB
1.1
15.1
11.5
1.8
42.3
10,293
0.0
1,131
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

9,191
312
9,503
849
215
23
923
-35
0
0
208
680
9.2
22.5
7.4

9,858
230
10,089
792
238
14
770
-19
-1
0
204
546
8.0
26.5
5.5

10,119
340
10,459
927
378
25
864
-20
0
0
82
763
9.2
9.4
7.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,162
6,314
31.0
1.5
38
125
2,497
355
5,339
5,705
2
12,458
41.0
0.0
0.7
5.6
11.9
16.0
36.1
4.9

9,224
6,524
27.4
1.4
45
119
2,681
355
5,447
5,825
2
12,758
54.5
0.0
0.8
4.4
9.4
13.1
36.9
4.4

8,859
5,655
31.7
1.6
35
101
2,407
355
5,847
6,222
2
12,156
36.0
0.0
0.8
6.5
12.3
14.0
33.2
5.3

BALANCE SHEET DATA

P/E

71
57
57.0
4.3
6.4
1.62
2.5
35.1
177.47
1.1
14.9
9.9
1.8
37.7
11,340
0.0
1,331
NM
NM
NM

P/CF

19.7

13.2

(` )

Yield
2.0

AUD: B. K. Khare & Co.

Mkt cap

Vol.

15,013.4

106.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE074A01025

140
Close

120

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

57
30
55.5
3.1
4.4
2.22
5.1
32.8
177.47
0.8
14.1
9.8
1.3
72.1
7,711
0.0
1,240
NM
NM
NM

Regd off: Praj House, Bavdhan, Pune- 411 021

E-Mail:
deepakmogal@praj.net
Web site: www.praj.net
Telephone: (020) 2295 1511 Fax: (020) 2295 1718
Tr agent: Link Intime India,C-13,Pannalal Silk Mills Compd.,LBS Mg, Mumbai - 78

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

361

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,193
3,062
`m
188
397
%
8.6
13.0
`m
112
366
%
5.1
12.0

Jun 15
1,925
150
7.8
52
2.7

Sep 15
2,031
105
5.2
48
2.3

`
`
`
`

m
m
m
m

283
255
-585
-47

-35
184
-401
-252

1,497
-801
-402
294

PRICOL LIMITED
AUTO ANCILLARIES,FORGINGS
Chairman: Vijay Mohan (MD)

Yr of Inc

B. Code

BL. Code

1972
526109 PRICOL.BO
SHAREHOLDING

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders

EQUITY SHARE DATA

F.V.
1

: 38.6%
:
0.0%
:
2.1%
:
0.0%
: 59.3%
: 24,996

MISCELLANEOUS
Price
34.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.6

SEC: T. G. Thamizhanban

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,110
1,660
1,110
1,742
-632

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

22
14
117.2
2.0
6.4
0.40
2.2
31.4
90.00
0.2
9.2
2.8
0.6
20.4
1,620
0.0
1,518
NM
NM
NM

69
27
120.6
-3.8
1.0
0.00
0.0
28.7
94.80
IS
0.4
-12.6
46.9
1.7
0.0
4,536
0.0
1,932
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

10,545
47
10,592
724
398
200
173
0
0
0
-3
177
6.9
-2.0
1.7

10,969
45
11,014
521
424
102
40
0
0
516
184
373
4.8
457.2
3.4

11,433
73
11,506
-131
457
134
-650
0
0
241
-49
-360
-1.1
7.5
-3.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,460
3,699
-2.3
0.9
45
63
2,507
90
2,703
2,822
37
6,648
1.9
0.0
1.6
5.7
6.3
13.0
11.7
13.6

3,614
3,405
1.9
1.1
42
62
2,799
95
3,321
3,425
117
7,122
1.4
0.0
1.5
6.7
10.9
18.6
12.4
12.4

4,156
4,234
-0.7
1.0
44
71
2,804
95
2,614
2,719
225
7,402
-3.8
0.1
1.5
-3.0
-13.2
-9.3
9.7
14.5

P/CF
33.5

(` )

Yield
0.0

AUD: Haribhakti & Co.

Mkt cap

Vol.

3,236.6

66.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE605A01026

80
70

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-18.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

32
15
116.1
3.9
8.4
0.80
3.5
36.2
94.50
0.2
5.9
2.7
0.6
20.3
2,183
0.0
1,607
NM
NM
NM

Regd off: CPM Towers, 109, Race Course, Coimbatore - 641 018
E-Mail:
thamizhanban@pricol.co.in
Web site: www.pricol.com
Telephone: (0422) 433 6000 Fax: (0422) 433 6299
Tr agent: Integrated Enterprises, Kences Towers, North Usman Rd.,Chennai-17

60

Close
100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

362

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,518
2,292
`m
28
-82
%
1.1
-3.6
`m
-54
-137
%
-2.1
-6.0

Jun 15
2,301
119
5.2
16
0.7

Sep 15
2,455
120
4.9
28
1.1

`
`
`
`

m
m
m
m

612
-289
-976
-653

620
-180
-382
58

108
-192
23
-62

RADICO KHAITAN LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Lalit K. Khaitan (MD)

Yr of Inc

B. Code

1943
532497
SHAREHOLDING

BL. Code

RADC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

40.5%
0.0%
9.4%
19.6%
30.5%
37,115

MISCELLANEOUS
Price

101.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.3

SEC: Amit Manchanda (Legal Head)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

9.3

(FY15)
2,586
132
2,586
465
2,121

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

156
92
94.7
5.8
8.5
0.80
0.6
54.8
132.90
1.3
21.3
14.6
2.3
13.8
16,480
0.0
787
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

12,584
304
12,888
1,842
353
701
1,093
0
0
0
320
773
14.6
29.3
6.1

14,517
365
14,882
1,935
388
848
1,064
0
0
0
352
713
13.3
33.0
4.9

14,884
450
15,334
1,704
383
900
871
0
0
0
195
676
11.4
22.4
4.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,005
5,977
32.0
1.7
54
126
5,348
266
6,797
7,282
4,140
18,031
2.6
0.6
0.7
8.2
10.6
15.7
16.8
2.0

12,402
7,351
34.8
1.7
53
132
5,786
266
7,328
7,811
4,236
20,157
2.3
0.5
0.7
7.7
9.1
15.9
16.7
0.8

13,200
8,543
31.3
1.5
52
117
5,735
266
7,812
8,293
3,260
20,877
2.0
0.4
0.7
7.5
8.2
15.3
17.4
0.9

BALANCE SHEET DATA

P/E

98
82
111.9
5.1
8.0
0.80
0.9
62.3
133.04
0.8
17.7
11.3
1.4
15.7
11,974
0.0
1,073
NM
NM
NM

P/CF

19.9

12.7

(` )

Yield
0.8

AUD: V. Sankar Aiyar & Co.

Mkt cap

Vol.

13,463.6

75.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE944F01028

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

172
89
109.1
5.4
8.3
0.80
0.6
58.7
133.04
ESOP
1.2
24.3
15.7
2.2
14.9
17,309
0.0
932
NM
NM
NM

Regd off: Bareilly Road, Rampur - 244 901

E-Mail:
manchandaa@radico.co.in
Web site: www.radicokhaitan.com
Telephone: (011) 4097 5400 Fax: (011) 4167 8841
Tr agent: Mas Services., T-34, 2nd Flr, Okhla Indl. Area, Phase - II, New Delhi - 20

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

363

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,125
3,434
`m
460
332
%
11.2
9.7
`m
213
149
%
5.2
4.3

Jun 15
3,947
471
11.9
181
4.6

Sep 15
3,698
502
13.6
186
5.0

`
`
`
`

m
m
m
m

-660
457
153
-50

1,371
-1,413
35
-7

2,506
-829
-1,726
-50

RELIANCE CAPITAL LIMITED

DIVERSIFIED

Chairman: Anil D. Ambani

Yr of Inc

B. Code

1986
500111
SHAREHOLDING

BL. Code
RLCP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

ANIL AMBANI
F.V.
10

54.1%
0.0%
7.7%
19.8%
18.4%

Price

400.6

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

508
282
304.1
33.1
35.3
13.00
3.3
487.4
245.63
1.3
11.9
11.2
0.8
39.3
97,024
18.7
6,070
4,000.0
325.0
434.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

INCOME DATA

BALANCE SHEET DATA

% ch 1-m
-5.0

Regd off: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai-10
E-Mail:
mohan_vellore@relianceinfo.com
Web site: www.reliancecapital.co.in
Telephone: (022) 3047 9800 Fax: (022) 3032 7202
Tr agent: Karvy Computershare, 13 & 13C, Madhapur Village, Hyderabad-81

SEC: V. R. Mohan

% ch 12-m

P/E

-23.0

9.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
20
`m
-20
12
31/03/14

668
335
347.8
39.6
42.3
9.00
1.8
527.4
252.63
ESOP,FS
1.4
12.7
11.9
1.0
22.7
126,744
1.3
6,930
69,627.6
5,491.3
7,931.9

74,700
490
75,190
31,800
560
23,430
8,300
-620
1,310
400
1,270
8,120
42.6
15.3
10.9

74,550
890
75,440
33,200
610
25,010
8,470
-970
1,630
-20
1,640
7,470
44.5
19.4
10.0

87,870
740
88,610
38,670
680
26,420
12,310
-1,300
790
450
2,240
10,010
44.0
18.2
11.4

122,810
143,530
-27.7
0.9
7
41
4,390
2,460
103,360
119,710
136,860
405,880
1.4
1.1
0.2
7.8
6.8
12.8
0.0
0.0

133,610
182,750
-65.9
0.7
8
46
4,830
2,440
106,670
123,910
141,780
455,280
1.3
1.1
0.2
7.1
6.0
12.8
0.0
0.0

154,030
165,550
-13.1
0.9
5
15
5,320
2,530
114,310
133,240
166,970
474,400
1.5
1.3
0.2
7.7
7.5
12.9
0.0
0.0

9.3

(` )

Yield
2.2

AUD: Chaturvedi & Shah

Mkt cap

Vol.

98,940.2

527.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE013A01015

700
Close

600

12
31/03/15

407
290
303.5
30.4
32.9
8.50
2.4
504.5
245.63
1.1
11.5
10.6
0.7
27.9
85,602
18.5
5,990
4,028.0
323.6
403.6

P/CF

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

364

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
21,010
24,690
`m
9,420
10,990
%
44.8
44.5
`m
2,110
4,070
%
10.0
16.5

Jun 15
24,500
9,550
39.0
2,010
8.2

Sep 15
23,350
10,210
43.7
2,500
10.7

`
`
`
`

m
m
m
m

2,910
5,820
-4,190
4,540

14,710
-2,140
-2,760
9,810

-29,780
21,440
-350
-8,690

RELIANCE POWER LTD.

POWER

Chairman: Anil Dhirubhai Ambani

Yr of Inc

B. Code

1995
532939
SHAREHOLDING

BL. Code

RPOL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

75.0%
0.0%
5.4%
5.5%
14.1%

MISCELLANEOUS
Price
48.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Ramaswami Kalidas

% ch 12-m
-24.6

FX Transaction (FY15)
`m
0
`m
0
`m
847
`m
119
`m
728
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

49,266
3,572
52,838
17,129
2,851
5,853
11,996
0
0
0
1,882
10,115
34.8
15.7
20.5

51,748
3,712
55,459
19,159
3,639
6,844
12,388
0
0
0
2,121
10,267
37.0
17.1
19.8

69,034
2,986
72,020
141,629
5,237
10,742
128,636
0
0
0
118,353
10,283
205.2
92.0
14.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

88,341
62,068
53.3
1.4
40
99
392,866
28,051
156,926
185,811
241,860
519,339
3.0
1.3
0.1
3.1
5.4
4.2
0.0
0.0

63,559
70,472
-13.4
0.9
44
76
460,937
27,966
165,884
194,684
262,535
556,259
2.8
1.3
0.1
3.1
5.3
4.2
0.0
0.0

81,503
100,760
-27.9
0.8
55
154
491,643
28,051
177,435
206,320
282,206
620,259
13.0
1.4
0.1
3.4
5.0
28.5
0.0
0.0

INCOME DATA

BALANCE SHEET DATA

83
60
18.4
3.7
5.0
0.00
0.0
69.4
2,805.13
3.9
19.6
14.4
1.0
0.0
200,847
1.8
779
28,370.3
427.1
5,628.7

P/E

64
54
24.6
3.7
5.5
0.00
0.0
73.6
2,805.13
2.4
16.0
10.6
0.8
0.0
164,661
0.0
656
NM
NM
NM

P/CF

13.2

8.8

(` )

Yield
0.0

AUD: Price Waterhouse

Mkt cap

Vol.

135,908.5

1,001.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE614G01033

120
Close

100

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

124
59
17.6
3.6
4.6
0.00
0.0
66.2
2,805.13
5.2
25.3
19.7
1.4
0.0
255,688
1.5
803
32,843.9
535.6
6,743.1

-1.8

Regd off: H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai-10
E-Mail:
reliancepower.investors@relianceada.com
Web site: www.reliancepower.co.in
Telephone: (022) 3032 7648 Fax: (022) 3038 5169
Tr agent: Karvy Computer,Madhura Est.,1-9/13/C, Madhapur Village, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

365

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
17,315
15,849
`m
6,279
6,752
%
36.3
42.6
`m
2,544
2,765
%
14.7
17.4

Jun 15
27,679
11,696
42.3
3,443
12.4

Sep 15
27,660
12,212
44.1
3,456
12.5

`
`
`
`

m
m
m
m

7,054
-89,674
100,756
18,135

23,103
-24,731
-5,858
-7,486

13,991
-36,297
6,954
-15,352

RUCHI SOYA INDUSTRIES LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Kailash Shahra

Yr of Inc

B. Code

1986
500368
SHAREHOLDING

BL. Code
RCSY.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 55.9%
:
0.0%
:
0.1%
: 17.2%
: 26.8%
: 30,556

MISCELLANEOUS
Price
28.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.2

SEC: R. L. Gupta

% ch 12-m
-20.3

FX Transaction (FY15)
`m
41,538
` m 116,594
`m
60,268
` m 117,012
` m -56,745
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

96
57
894.1
8.2
13.1
0.32
0.4
72.5
333.92
ESOP
0.1
9.3
5.8
1.1
3.9
25,478
0.0
1,624
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

298,574
4,498
303,072
6,995
1,657
6,225
3,611
-99
-10
0
768
2,732
2.3
21.3
0.9

284,994
3,208
288,202
5,608
1,769
6,650
396
2
-9
0
387
2
2.0
97.8
0.0

315,624
1,988
317,611
6,739
1,603
5,512
1,612
7
-47
-523
249
800
2.1
15.4
0.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

136,782
129,469
2.4
1.1
44
59
28,744
668
18,666
24,199
11,226
168,222
1.6
0.5
1.8
5.3
11.3
27.5
14.5
32.2

109,791
101,825
2.8
1.1
48
67
28,479
668
18,547
23,674
11,213
140,949
1.1
0.5
2.0
4.7
0.0
20.2
15.7
28.4

120,057
113,239
2.2
1.1
37
78
25,674
688
18,842
22,563
7,203
148,670
1.3
0.3
2.1
4.2
3.5
22.0
13.2
36.9

BALANCE SHEET DATA

P/E

12.0

49
41
944.8
2.4
7.2
0.16
0.4
67.5
334.06
0.0
18.8
6.3
0.7
6.7
15,033
0.0
2,246
NM
NM
NM

P/CF
4.0

(` )

Yield
0.6

AUD: P. D. Kunte & Co.

Mkt cap

Vol.

9,637.6

40.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE619A01027

80
70

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

74
26
853.1
0.0
5.3
0.16
0.3
70.9
334.05
ESOP
0.1
10,194.6
9.4
0.7
3,259.0
16,719
0.0
2,015
NM
NM
NM

Regd off: 614, Tulsiani Chambers, Nariman Point, Mumbai - 400 021
E-Mail:
rl_gupta@ruchigroup.com
Web site: www.ruchisoya.com
Telephone: (022) 2282 4851 Fax: (022) 2283 7525
Tr agent: Sarthak Global Ltd., 170/10, Film Colony, R. N. T. Marg, Indore - 452 001

60

Close
100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

366

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
57,774
97,392
`m
1,006
1,387
%
1.7
1.4
`m
-284
190
%
-0.5
0.2

Jun 15
58,504
1,632
2.8
-1
0.0

Sep 15
56,521
2,210
3.9
71
0.1

`
`
`
`

m
m
m
m

-20,298
787
5,878
-13,633

39,462
1,133
-42,336
-1,741

-2,707
1,045
-32
-1,694

SADBHAV ENGINEERING LTD.

CAPITAL GOODS

Chairman: Vishnubhai M. Patel (MD)

Yr of Inc

B. Code

1988
532710
SHAREHOLDING

BL. Code

SADE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
1

47.9%
0.0%
26.0%
15.6%
10.5%
9,610

MISCELLANEOUS
Price

317.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.0

SEC: Vijay Kalyani

% ch 12-m

FX Transaction (FY15)
`m
0
`m
99
`m
0
`m
145
`m
-145
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

159
103
143.1
0.5
11.8
0.60
0.5
80.2
150.95
ESOP
0.9
264.1
11.1
1.6
120.9
19,782
0.0
532
NM
NM
NM

129
52
180.2
2.9
11.3
0.70
0.8
83.9
151.66
ESOS
0.5
30.9
8.0
1.1
23.9
13,725
0.0
766
NM
NM
NM

385
325
201.0
-10.2
2.6
0.70
0.2
89.6
171.50
1.8
-34.7
139.0
4.0
-6.8
60,840
0.0
1,217
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,596
382
21,978
3,941
1,707
3,042
-426
374
-48
609
435
75
18.2
-101.9
0.3

27,325
299
27,624
4,358
1,267
4,487
-1,098
182
2
1,217
-141
444
15.9
12.9
1.6

34,468
442
34,910
5,524
2,193
6,150
-2,377
872
-23
117
343
-1,755
16.0
-14.4
-5.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,001
11,808
14.8
1.3
17
120
48,393
151
6,517
12,102
40,541
66,461
0.9
3.3
0.3
4.7
0.6
6.7
0.0
0.2

15,242
14,444
2.9
1.1
22
77
60,676
152
6,902
12,731
48,476
78,708
0.8
3.8
0.3
6.3
3.5
7.8
0.0
0.1

19,353
15,868
10.1
1.2
23
72
95,978
172
7,014
15,372
62,555
119,330
0.6
4.1
0.3
3.7
-11.4
6.1
0.0
0.3

P/CF

124.3

(` )

Yield
0.2

AUD: Surana Maloo & Co.

Mkt cap

Vol.

54,427.8

3.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE226H01026

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

24.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Sadbhav House, Police Chowki Ellisbridge, Ahmedabad-380 006

E-Mail:
vijay.kalyani@sadbhaveng.com
Web site: www.sadbhaveng.com
Telephone: (079) 2646 3384 Fax: (079) 2640 0210
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

367

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,223
9,674
`m
734
957
%
10.2
9.9
`m
377
389
%
5.2
4.0

Jun 15
8,293
894
10.8
395
4.8

Sep 15
7,459
690
9.2
262
3.5

`
`
`
`

m
m
m
m

2,122
-10,974
7,531
-1,322

7,864
-14,578
7,229
516

3,850
-13,574
10,367
643

SAVITA OIL TECHNOLOGIES LTD.

BEVERAGES, FOOD & TOBACCO
Chairman: G. N. Mehra (MD)

Yr of Inc

B. Code

524667
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

71.6%
0.0%
9.1%
4.6%
14.8%
9,046

MISCELLANEOUS
Price

561.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.8

SEC: U. C. Rege

% ch 12-m

FX Transaction (FY15)
`m
3,192
`m
10,182
`m
3,316
`m
10,291
`m
-6,976
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

551
423
1,369.2
70.8
88.0
17.50
3.6
350.1
14.60
0.4
6.9
5.5
1.4
24.7
7,110
0.0
284
NM
NM
NM

576
330
1,425.2
61.5
82.0
17.50
3.9
391.1
14.60
0.3
7.4
5.5
1.2
28.5
6,614
0.0
316
NM
NM
NM

601
492
1,266.4
-0.9
22.5
2.50
0.5
387.0
14.60
0.4
-628.1
24.3
1.4
-287.4
7,977
0.4
326
42,020.5
739.8
-28.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,990
134
20,125
1,162
251
105
940
0
0
565
472
1,033
5.8
50.2
5.2

20,808
149
20,957
1,528
300
630
747
0
0
579
429
897
7.3
57.4
4.3

18,489
88
18,577
617
341
406
-42
0
0
0
-29
-13
3.3
69.6
-0.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

8,642
5,275
16.8
1.6
59
82
2,326
146
4,954
5,112
526
11,295
10.0
0.1
1.8
10.1
20.2
28.6
17.1
58.4

12,239
8,684
17.1
1.4
109
93
2,918
146
5,552
5,710
583
15,352
2.2
0.1
1.4
9.9
15.7
31.1
19.0
77.8

8,557
5,116
18.6
1.7
60
92
2,661
146
5,492
5,650
368
8,557
0.9
0.1
2.2
4.6
-0.2
6.1
17.3
55.1

P/CF

(` )

Yield
0.0

AUD: G. M. Kapadia & Co.

Mkt cap

Vol.
0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE035D01012

900

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-23.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 66/67, Nariman Bhavan, Nariman Point, Mumbai - 400 021
E-Mail:
legal@savita.com
Web site: www.savita.com
Telephone: (022) 6624 6200 Fax: (022) 2202 9364
Tr agent: Sharepro Serv.,13 AB Samhita Warehousing, Andheri (E), Mumbai-72

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

368

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,904
4,977
`m
241
252
%
4.9
5.1
`m
124
161
%
2.5
3.2

Jun 15
4,401
-3
-0.1
-45
-1.0

Sep 15
4,207
127
3.0
59
1.4

`
`
`
`

m
m
m
m

777
-536
-239
3

769
-658
-211
-99

1,210
-255
-978
-23

SOBHA LIMITED
CONSTRUCTION

Chairman: R V S Rao

Yr of Inc

B. Code

1995
532784
SHAREHOLDING

BL. Code

SOBH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

:
0.1%
: 60.6%
: 14.0%
: 21.8%
:
3.6%
: 53,348

Price

310.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.6

SEC: Kishore Kayarat (Compliance Officer)

% ch 12-m
-37.1

FX Transaction (FY15)
`m
0
`m
479
`m
0
`m
528
`m
-528
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

472
282
190.1
22.1
28.2
7.00
1.9
217.9
98.06
2.0
17.0
13.4
1.7
31.6
36,969
2.9
1,636
6,476.3
568.1
754.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,645
55
18,701
5,483
594
1,705
3,239
1
0
0
1,069
2,172
29.4
33.0
11.6

21,734
103
21,838
6,026
690
1,734
3,705
14
0
0
1,368
2,350
27.7
36.9
10.8

24,406
149
24,555
6,173
723
1,883
3,716
-59
0
0
1,277
2,380
25.3
34.4
9.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

40,809
25,773
80.6
1.6
372
32
3,301
981
20,386
21,366
526
48,597
2.9
0.0
0.4
8.0
10.2
22.6
0.0
1.8

46,746
30,097
76.6
1.6
408
41
3,758
981
21,933
22,914
789
55,095
3.1
0.0
0.4
7.4
10.3
23.0
0.0
2.5

53,980
33,687
83.2
1.6
408
38
3,675
981
23,337
24,318
2,355
62,362
3.0
0.1
0.4
6.8
9.8
20.8
0.0
2.0

BALANCE SHEET DATA

P/E

581
357
248.9
24.3
31.6
7.00
1.5
248.0
98.06
1.9
19.3
14.8
1.9
28.8
45,990
3.0
1,977
8,012.3
649.1
781.4

P/CF

12.8

9.8

(` )

Yield
2.3

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

30,418.2

8.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE671H01015

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

425
214
221.6
24.0
31.0
7.00
2.2
233.7
98.06
1.4
13.3
10.3
1.4
29.2
31,335
3.4
1,865
6,480.1
555.9
700.8

Regd off: Sarjapur - Marathahalli Outer Ring Road, Bellandur Post, Bangalore - 03
E-Mail:
kishore.kayarat@sobha.com
Web site: www.sobha.com
Telephone: (080) 4205 2798 Fax: (080) 4932 0444
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

369

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,844
5,063
`m
1,488
1,415
%
21.7
27.9
`m
601
615
%
8.8
12.1

Jun 15
4,615
1,282
27.8
426
9.2

Sep 15
4,519
1,181
26.1
401
8.9

`
`
`
`

m
m
m
m

2,542
-1,292
-1,086
163

3,948
-1,265
-2,456
228

-2,164
-599
3,372
609

SUN TV NETWORK LTD.

MEDIA

Chairman: Kalanithi Maran (MD)

Yr of Inc

B. Code

1985
532733
SHAREHOLDING

BL. Code
SUTV.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 75.0%
:
0.0%
:
1.9%
: 16.8%
:
6.3%
: 31,237

MISCELLANEOUS
Price

377.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. Ravi

% ch 12-m
1.5

FX Transaction (FY15)
`m
0
`m
217
`m
1,489
`m
826
`m
663
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,230
722
19,952
14,091
4,417
49
10,347
-25
79
0
3,306
7,096
73.3
31.9
36.9

22,236
866
23,102
15,080
4,782
29
11,134
-88
116
0
3,682
7,480
67.8
33.1
33.6

23,954
989
24,943
16,772
6,153
23
11,586
-141
135
0
3,760
7,820
70.0
32.5
32.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,486
2,868
50.0
4.4
0
111
13,797
1,970
25,884
27,854
0
32,319
213.0
0.0
0.6
22.1
25.5
37.5
0.0
19.2

16,855
3,039
62.1
5.5
0
104
13,751
1,970
28,984
30,954
0
35,636
379.7
0.0
0.6
21.1
24.2
36.2
0.0
1.2

20,035
2,219
74.4
9.0
0
115
11,792
1,970
31,511
33,481
0
37,450
506.9
0.0
0.6
20.9
23.4
34.7
0.0
0.9

INCOME DATA

BALANCE SHEET DATA

457
324
56.4
19.0
31.1
9.50
2.4
78.5
394.08
6.9
20.6
12.6
5.0
50.0
153,987
2.0
2,190
10,943.0
1,077.7
3,681.2

P/E

460
401
60.8
19.8
35.5
11.25
2.6
85.0
394.08
7.1
21.7
12.1
5.1
56.7
169,651
2.0
2,351
11,947.0
1,172.5
3,900.4

P/CF

19.0

10.6

(` )

Yield
3.0

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

148,568.2

72.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE424H01027

600
Close

500

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

494
177
48.8
18.0
29.2
9.50
2.8
70.7
394.08
6.9
18.6
11.5
4.7
52.8
132,155
1.9
1,994
10,036.5
1,040.6
3,703.3

0.7

Regd off: Murasoli Maran Towers,73,MRC Nagar, Chennai - 28

E-Mail:
ravi@sunnetwork.in
Web site: www.suntv.in
Telephone: (044) 4467 6767 Fax: (044) 4067 6161
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

370

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,524
5,486
`m
4,281
4,233
%
77.5
77.2
`m
2,141
2,030
%
38.8
37.0

Jun 15
6,911
4,092
59.2
1,973
28.5

Sep 15
5,681
4,322
76.1
2,184
38.4

`
`
`
`

m
m
m
m

8,690
-4,768
-3,823
100

11,947
-7,860
-4,308
-220

11,623
-5,183
-6,348
91

SUNDARAM CLAYTON LIMITED

AUTO ANCILLARIES,FORGINGS

Chairman: Venus Srinivasan (MD)

Yr of Inc

B. Code

1962
520056
SHAREHOLDING

BL. Code

SUND.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

: 75.0%
:
0.0%
: 14.5%
:
0.0%
: 10.5%
: 15,642

TVS

Price

1,956.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. Raja Prakash

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
5,244
5,816
5,631
6,051
-420

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

82,258
274
82,532
5,219
2,259
1,477
1,757
-98
13
1,062
874
1,860
6.3
49.8
2.3

93,438
279
93,716
5,810
2,139
1,153
2,797
-528
6
407
1,270
1,412
6.2
45.4
1.5

113,397
375
113,772
7,167
2,384
990
4,168
-1,331
43
613
1,372
2,121
6.3
32.9
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

17,740
18,884
-1.4
0.9
38
20
20,251
95
7,855
8,942
9,756
42,833
2.2
1.1
1.9
7.8
20.8
22.5
5.2
5.0

20,238
21,690
-1.6
0.9
33
20
19,628
101
8,787
11,207
6,141
45,552
3.4
0.5
2.1
5.6
12.6
22.1
5.5
5.1

26,550
28,533
-1.7
0.9
39
19
21,393
101
10,481
12,886
6,669
55,250
5.2
0.5
2.1
5.6
16.5
22.9
4.6
5.1

BALANCE SHEET DATA

P/E

2,100
519
5,605.4
104.9
222.7
19.00
1.5
637.0
20.23
0.2
12.5
5.9
2.1
18.1
26,488
2.3
8,421
49,648.5
3,686.9
928.7

P/CF

70.0

32.9

(` )

Yield
1.0

AUD: Sundaram & Srinivasan

Mkt cap

Vol.

148,421.3

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE105A01035

2,500
Close

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

575
250
4,618.8
69.8
175.5
19.25
4.7
554.0
20.23
PP
0.1
5.9
2.3
0.7
27.6
8,341
4.8
6,962
19,337.3
1,440.9
292.3

33.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

409
143
4,336.2
98.0
217.1
14.00
5.1
471.4
18.97
0.1
2.8
1.3
0.6
14.3
5,235
3.8
6,056
21,877.1
1,610.6
494.7

7.8

Regd off: Jayalakshmi Estates, 29, Haddows Road, Chennai - 600 006
E-Mail:
r.rajaprakash@scl.co.in
Web site: www.sundaram-clayton.com
Telephone: (044) 2827 2233 Fax: (044) 2825 7121
Tr agent: In house

2,000

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

371

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,352
3,496
`m
294
308
%
8.8
8.8
`m
83
295
%
2.5
8.4

Jun 15
3,451
304
8.8
338
9.8

Sep 15
3,729
391
10.5
135
3.6

`
`
`
`

m
m
m
m

4,594
-1,143
-3,948
-497

5,675
-224
-4,738
712

1,382
-4,613
1,789
-1,442

SUNDARAM FINANCE LIMITED

INVESTMENT & FINANCE
Chairman: S. Viji

Yr of Inc

B. Code

1954
590071
SHAREHOLDING

BL. Code
SNFN.NS

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 35.5%
:
0.7%
:
7.7%
:
5.3%
: 51.0%
: 18,488

Price

1,386.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.3

SEC: P. Viswanathan

% ch 12-m
13.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

559
310
331.6
50.8
167.3
9.00
2.1
235.3
111.10
B1:1
1.3
8.6
6.6
1.8
17.7
48,273
0.0
3,330
NM
NM
N.A.

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

36,840
262
15,155
21,685
12,176
9,509
25.8
1,705
8,066
0
-563
608
2,472
5,640
15.3

40,868
382
17,243
23,625
13,049
10,576
25.9
2,195
8,763
0
-694
700
2,958
5,811
14.2

42,381
561
17,815
24,566
14,032
10,534
24.9
2,496
8,599
0
-684
713
2,869
5,759
13.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

178,129
0
NM
14.6
N.A.
11.0
5,410
1,111
18,845
26,143
80,797
19,627
220,462
3.1
2.6
21.6
17.9
1.0

191,326
0
NM
15.4
N.A.
10.9
5,615
1,111
22,366
30,802
90,461
24,496
239,140
2.9
2.4
18.9
18.2
0.5

209,494
0
NM
14.4
N.A.
10.4
5,174
1,111
25,409
37,498
112,140
27,309
257,855
3.0
2.2
15.4
21.4
0.5

BALANCE SHEET DATA

P/E

1,624
650
381.5
51.8
181.5
10.50
0.9
337.5
111.10
3.0
21.9
15.3
3.4
20.3
126,343
0.0
4,053
NM
NM
N.A.

P/CF

17.9

26.7

(` )

Yield
0.8

AUD: Brahmayya & Co.

Mkt cap

Vol.

154,040.1

2.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE660A01013

1,800

12
31/03/15

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

685
462
367.8
52.3
176.6
10.00
1.7
277.2
111.10
1.6
11.0
8.0
2.1
19.1
63,705
0.0
3,645
NM
NM
N.A.

Regd off: 21, Patullos Road, Chennai - 600 002

E-Mail:
pv@sundaramfinance.in
Web site: www.sundaramfinance.in
Telephone: (044) 2846 0390 Fax: (044) 2846 0129
Tr agent: Cameo Corp. Services,Subramanian Bldg.,1 Club House Rd.,Chennai-02

1,600

Close

1,400

100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

372

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,744
5,778
`m
2,527
2,522
%
44.0
43.7
`m
1,110
907
%
19.3
15.7

Jun 15
5,552
2,459
44.3
990
17.8

Sep 15
5,841
2,584
44.2
1,540
26.4

`
`
`
`

m
m
m
m

-22,103
-4,830
27,125
192

-5,636
-2,278
10,039
2,126

-14,297
4,382
7,644
-2,272

SUNDRAM FASTENERS LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: Suresh Krishna (MD)

Yr of Inc

B. Code

1962
500403
SHAREHOLDING

BL. Code
SNFS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 49.5%
:
0.0%
: 19.3%
:
1.4%
: 29.8%
: 38,825

TVS

Price

149.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.2

SEC: V. G. Jaganathan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-20.1

(FY15)
8,987
3,129
9,159
3,684
5,475

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

57
39
126.2
4.4
8.9
1.40
2.9
33.6
210.13
0.4
10.8
5.4
1.4
31.7
10,065
0.0
3,462
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

26,510
411
26,921
2,661
942
898
1,233
-4
0
143
442
929
10.0
35.8
3.5

27,362
488
27,850
2,896
1,021
676
1,687
0
0
-2
478
1,208
10.6
28.3
4.4

31,561
167
31,728
3,762
1,158
945
1,826
-7
-2
-2
504
1,312
11.9
27.6
4.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,765
9,477
4.9
1.1
61
68
9,411
210
6,337
7,060
3,117
20,695
2.4
0.4
1.3
8.8
13.2
22.3
25.6
11.9

10,577
10,110
1.7
1.0
59
65
10,475
210
7,032
8,014
2,466
21,636
3.5
0.3
1.3
8.7
15.1
22.5
27.8
10.2

12,277
11,530
2.4
1.1
61
57
10,406
210
7,841
8,788
2,030
23,411
2.9
0.2
1.3
9.6
14.9
25.5
28.5
9.9

BALANCE SHEET DATA

P/E

195
164
150.2
6.2
11.8
1.75
1.0
41.8
210.13
1.2
28.7
15.3
4.3
28.0
37,676
2.9
4,411
10,872.0
1,519.6
452.1

P/CF

23.9

12.7

(` )

Yield
1.2

AUD: Sundaram & Srinivasan

Mkt cap

Vol.

31,309.4

8.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE387A01021

250
Close

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

64
30
130.2
5.7
10.6
1.70
3.6
38.1
210.13
0.4
8.2
4.5
1.2
29.6
9,939
0.0
3,885
NM
NM
NM

Regd off: 98A, 7th floor, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004
E-Mail:
vgj@corp.sfl.co.in
Web site: www.sundram.com
Telephone: (044) 2847 8500
Fax: (044) 2847 8510
Tr agent: Integrated Enterprises, Kences Tower, North Usman Rd., Chennai - 17

200

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

373

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,886
6,004
`m
727
566
%
12.4
9.4
`m
448
160
%
7.6
2.7

Jun 15
6,319
858
13.6
423
6.7

Sep 15
6,603
959
14.5
517
7.8

`
`
`
`

m
m
m
m

2,742
-1,057
-1,628
57

4,270
-1,796
-2,438
37

1,063
-1,273
203
-6

SUPREME INDUSTRIES LIMITED

PLASTICS

Chairman: B. L. Taparia

Yr of Inc

B. Code

1942
509930
SHAREHOLDING

BL. Code
SUPI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TAPARIA

F.V.
2

: 49.7%
:
0.0%
:
5.9%
: 21.6%
: 22.7%
: 28,432

Price

641.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

3.9

SEC: O. P. Roongta (Sr. VP - Finance)

% ch 12-m
3.1

FX Transaction (FY15)
`m
813
`m
11,150
`m
819
`m
11,599
` m -10,780
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

238
160
230.5
19.0
24.7
6.00
3.0
54.8
127.03
0.9
10.5
8.0
3.6
31.5
25,279
0.0
1,125
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,279
58
29,337
4,689
725
548
3,474
0
0
93
1,150
2,417
16.0
33.1
8.3

34,040
27
34,067
5,356
817
552
4,014
0
217
0
1,330
2,901
15.7
33.1
8.5

39,622
59
39,682
5,888
1,016
789
4,143
0
91
0
1,400
2,834
14.9
33.8
7.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,084
6,350
-0.9
1.0
39
21
7,732
254
6,675
6,967
1,049
15,321
7.3
0.2
1.9
19.4
34.7
51.3
2.3
18.5

8,140
8,180
-0.1
1.0
50
22
10,608
254
8,498
8,790
2,318
20,324
8.3
0.3
1.7
17.0
33.0
43.1
2.2
25.2

8,949
7,450
3.8
1.2
46
22
11,060
254
10,100
10,392
2,647
21,767
6.3
0.3
1.8
16.6
27.3
38.5
2.1
28.1

BALANCE SHEET DATA

P/E

578
305
311.9
22.3
30.3
8.00
1.8
81.8
127.03
1.4
19.8
14.6
5.4
35.9
56,128
0.0
1,439
NM
NM
NM

P/CF

28.8

21.2

(` )

Yield
1.2

AUD: Chhogmal & Co.

Mkt cap

Vol.

81,508.8

484.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE195A01028

800
700

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

377
215
268.0
22.8
29.3
7.50
2.5
69.2
127.03
1.1
13.0
10.1
4.3
32.8
37,601
0.0
1,275
NM
NM
NM

Regd off: 612, Raheja Chambers, Nariman Point, Mumbai - 400 021
E-Mail:
investor@supreme.co.in
Web site: www.supreme.co.in
Telephone: (022) 2285 1656 Fax: (022) 2285 1657
Tr agent: Bigshare Services, 2/3, Ansa Indl. Estate, Sakinaka, And. (E), Mumbai-72

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

374

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,658
11,518
`m
1,111
2,043
%
10.4
17.7
`m
353
1,022
%
3.3
8.9

Jun 15
12,780
859
6.7
-312
-2.4

Sep 15
7,728
834
10.8
245
3.2

`
`
`
`

m
m
m
m

3,519
-643
-2,874
2

4,058
-3,628
-324
107

3,252
-1,338
-1,903
12

SUVEN LIFE SCIENCES LTD.

PHARMACEUTICALS
Chairman:

Yr of Inc

B. Code

1989
530239
SHAREHOLDING

MISCELLANEOUS

BL. Code
SUVP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 63.4%
:
0.0%
:
0.0%
:
0.0%
: 36.5%
: 37,287

Price

248.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.4

SEC: K. Hanumantha Rao

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

17.9

(FY15)
4,590
602
4,779
855
3,924

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

35
14
22.1
2.6
3.3
0.30
1.2
13.2
116.82
OI
1.1
9.2
7.4
1.8
11.4
2,850
0.0
254
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,579
10
2,589
532
79
135
329
0
0
0
20
308
20.6
6.1
12.0

5,103
30
5,133
2,191
88
105
2,027
0
0
0
586
1,442
42.9
28.9
28.2

5,209
86
5,294
1,595
118
47
1,516
0
0
0
428
1,088
30.6
28.2
20.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,369
1,074
11.4
1.3
76
34
1,657
117
1,026
1,545
642
3,276
3.4
0.4
0.8
13.5
20.0
21.2
84.5
15.1

2,806
1,551
24.6
1.8
56
47
1,921
117
2,125
2,645
377
4,866
20.3
0.1
1.0
31.8
54.5
70.6
90.1
9.4

4,770
1,274
67.1
3.7
57
28
2,790
127
3,074
5,593
615
7,731
33.2
0.1
0.7
14.7
19.4
25.2
88.1
11.6

BALANCE SHEET DATA

P/E

323
72
40.9
8.5
9.5
0.60
0.3
43.9
127.28
IS
4.8
23.1
20.8
4.5
7.0
25,100
0.9
365
5,912.1
414.4
1,234.4

P/CF

26.7

24.1

(` )

Yield
0.2

AUD: Karvy & Company

Mkt cap

Vol.

29,003.0

98.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE495B01038

350
Close

300

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

83
22
43.7
12.3
13.1
0.50
0.9
22.6
116.82
1.2
4.3
4.0
2.3
4.1
6,156
0.0
314
NM
NM
NM

Regd off: SDE Serene Chambers, Rd No.5, Avenue 7, Banjara Hills, Hyderabad 34
E-Mail:
investorservices@suven.com
Web site: www.suven.com
Telephone: (040) 2354 3311 Fax: (040) 2354 1152
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

375

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,288
1,107
`m
460
225
%
35.7
20.3
`m
322
169
%
25.0
15.3

Jun 15
1,010
250
24.8
202
20.0

Sep 15
1,168
307
26.3
247
21.2

`
`
`
`

m
m
m
m

307
-147
26
186

1,212
-355
-382
474

1,430
-1,105
1,791
2,116

SUZLON ENERGY LIMITED

CAPITAL GOODS

Chairman: Tulsi R. Tanti (MD)

Yr of Inc

B. Code

1995
532667
SHAREHOLDING

BL. Code
SUZL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 34.5%
:
0.0%
: 24.4%
: 13.1%
: 28.3%
: 883,400

Price
20.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.2

SEC: Hemal A. Kanuga

% ch 12-m

FX Transaction (FY15)
`m
754
`m
5,853
`m
2,266
`m
10,424
`m
-8,158
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

27
13
106.4
-26.6
-22.4
0.00
0.0
5.1
1,777.37
0.2
-0.8
-0.9
4.0
0.0
35,636
0.0
21,327
NM
NM
NM

15
6
82.0
-14.1
-11.0
0.00
0.0
-1.5
2,488.15
PI
0.1
-0.7
-0.9
-6.8
0.0
25,877
0.0
22,314
NM
NM
NM

31
11
53.8
-24.7
-22.5
0.00
0.0
-19.7
3,707.72
OI
0.4
-0.9
-0.9
-1.1
0.0
78,604
0.0
22,275
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

189,135
1,522
190,657
-12,965
7,405
18,549
-37,397
80
0
-6,430
3,493
-47,240
-6.9
-9.3
-25.0

204,029
715
204,743
-1,411
7,769
20,700
-29,165
282
0
-4,873
1,444
-35,200
-0.7
-5.0
-17.3

199,544
533
200,077
3,157
8,088
20,647
-25,044
-243
0
-63,117
3,173
-91,577
1.6
-12.7
-45.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

148,800
164,398
-8.2
0.9
102
53
123,820
3,555
-8,340
9,021
108,577
292,161
-1.0
12.0
0.6
-9.8
-523.7
-21.4
1.9
5.4

154,702
178,444
-11.6
0.9
72
48
139,479
4,976
-32,788
-3,818
116,409
303,148
-0.4
-30.5
0.7
-4.8
921.9
-11.6
2.2
3.6

146,849
171,576
-12.4
0.9
61
50
61,995
7,415
-107,595
-73,223
107,866
217,315
-0.2
-1.5
0.9
-32.6
125.1
-195.6
0.4
2.9

P/CF

(` )

Yield
0.0

AUD: SNK & Co.

Mkt cap

Vol.

70,785.3

7,733.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE040H01021

40
35

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

47.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 5,Shrimali Society, Nr. Shri Krishna Complex,Navrangpura,Ahmedabad-09

E-Mail:
investors@suzlon.com
Web site: www.suzlon.com
Telephone: (079) 6604 5000 Fax: (079) 2656 5540
Tr agent: Karvy Computershare, 17-24, Vittalrao Nagar, Madhapur, Hyderabad-81

30

Close
100 DMA

25
20
15
10
5
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

376

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
49,772
49,264
`m
3,312
12,197
%
6.7
24.8
`m
-5,072
3,893
%
-10.2
7.9

Jun 15
26,277
2,123
8.1
-2,650
-10.1

Sep 15
17,717
973
5.5
-2,137
-12.1

`
`
`
`

m
m
m
m

5,557
-3,292
-9,012
-6,746

5,679
-4,729
3,600
4,550

11,192
-7,874
-1,988
1,330

SWARAJ ENGINES LTD.

Regd off: Phase-IV, Industrial Area, S.A.S. Nagar (Mohali), Punjab 160 055
E-Mail:
grewal.maninder@mahindraswaraj.com
Web site: www.swarajenterprise.com
Telephone: (0172) 2271 620 Fax: (0172) 2272 731
Tr agent: MCS, Sri Venkatesh Bahvan F -65, Okhla Inds. Area, New Delhi - 20

AUTO ANCILLARIES,FORGINGS
Chairman: G.P. GUPTA

Yr of Inc

B. Code

1983
500407
SHAREHOLDING

BL. Code

SWAR. BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

50.6%
0.0%
10.3%
2.5%
36.6%
9,881

Price

895.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.9

FX Transaction (FY15)
`m
0
`m
73
`m
0
`m
73
`m
-73
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,790
153
4,944
715
72
2
795
0
0
0
241
554
14.9
30.3
11.6

6,083
175
6,258
906
91
0
990
0
0
-12
308
670
14.9
31.1
11.0

5,397
163
5,560
747
132
0
778
0
0
0
260
518
13.8
33.4
9.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,137
996
23.8
2.1
30
7
832
124
1,811
1,937
0
3,009
531.0
0.0
1.6
18.5
28.6
41.1
0.0
3.4

2,453
1,155
21.3
2.1
28
5
858
124
1,973
2,099
0
3,341
2,475.3
0.0
1.8
20.1
31.9
46.6
0.0
0.2

2,309
1,048
23.4
2.2
22
5
886
124
1,995
2,121
0
3,253
7,783.0
0.0
1.7
15.9
24.4
36.7
0.0
1.4

INCOME DATA

BALANCE SHEET DATA

715
382
489.8
53.9
61.3
35.00
6.4
169.0
12.42
1.1
10.2
8.9
3.2
64.9
6,811
0.5
277
12,439.3
566.3
1,370.1

P/E

21.4

828
767
434.5
41.7
52.4
33.00
4.1
170.7
12.42
1.8
19.1
15.2
4.7
79.1
9,905
0.5
308
11,482.8
656.0
1,103.0

P/CF
17.1

(` )

Yield
3.7

AUD: DAVINDER S. JAAJ & CO.

Mkt cap

Vol.

11,115.9

0.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE277A01016

1,200
Close

1,000

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

529
385
385.7
44.6
50.4
33.00
7.2
156.0
12.42
1.2
10.2
9.1
2.9
74.0
5,673
0.5
221
9,356.3
432.2
1,082.0

-5.0

SEC: M.S. GREWAL

% ch 12-m

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

377

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,020
1,043
`m
119
134
%
11.6
12.8
`m
83
83
%
8.1
7.9

Jun 15
1,532
223
14.5
157
10.2

Sep 15
1,532
227
14.8
155
10.1

`
`
`
`

m
m
m
m

475
-284
-189
2

690
-180
-478
31

556
-107
-505
-56

SWELECT ENERGY SYSTEMS LTD.

CAPITAL GOODS

Chairman: V. M. Sivasubramaniam

Yr of Inc

B. Code

1984
532051
SHAREHOLDING

BL. Code

NUPS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

56.2%
8.0%
0.1%
0.0%
35.8%
9,709

MISCELLANEOUS
Price

375.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: J. Bhuvaneswari

% ch 12-m

FX Transaction (FY15)
`m
0
`m
116
`m
0
`m
118
`m
-118
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,765
449
2,213
33
74
40
367
1
-13
6,294
1,439
5,209
1.9
392.4
295.2

1,764
269
2,033
62
100
45
185
-3
0
0
20
162
3.5
10.8
9.2

2,219
268
2,486
73
169
130
42
0
0
-20
25
-4
3.3
60.5
-0.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

5,667
1,202
253.0
4.7
60
56
1,524
101
6,449
6,652
47
8,047
10.1
0.0
0.2
65.2
78.3
99.8
1.0
11.7

5,170
1,089
231.3
4.7
76
90
2,439
101
6,504
6,784
753
8,786
5.1
0.1
0.2
2.4
2.4
3.0
0.0
40.7

5,568
1,038
204.2
5.4
57
91
2,623
101
6,466
6,780
947
9,010
1.3
0.1
0.2
1.4
-0.1
2.0
0.0
5.2

BALANCE SHEET DATA

237
126
174.5
16.0
25.9
9.00
5.0
671.0
10.11
1.0
11.3
7.0
0.3
56.2
1,833
0.2
155
7,638.4
669.3
700.5

688
222
219.4
-0.4
16.4
2.50
0.5
670.6
10.11
2.1
-1,243.1
27.8
0.7
-683.1
4,600
0.2
182
9,360.8
769.6
-15.6

P/CF
22.9

(` )

Yield
0.7

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

3,787.5

2.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE409B01013

700
Close

600

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-11.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

309
131
174.5
515.2
522.6
128.00
58.2
658.0
10.11
1.3
0.4
0.4
0.3
24.8
2,224
0.2
267
9,696.2
1,466.5
28,619.2

1.1

Regd off: Numeric House, 5, Sir P. S. Sivasamy Salai, Mylapore, Chennai - 600 004
E-Mail:
company.secy@numericups.com
Web site: www.swelectes.com
Telephone: (044) 2499 3266 Fax: (044) 2499 8210
Tr agent: Cameo Corp. Sevices, Subramaniam Bldg.,1 Club House Rd, Chennai-02

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

378

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
500
600
`m
0
-24
%
0.1
-4.1
`m
7
-24
%
1.4
-4.0

Jun 15
331
15
4.6
112
33.8

Sep 15
397
48
12.2
0
0.1

`
`
`
`

m
m
m
m

-355
1,743
-1,178
210

-440
119
442
121

-48
-34
147
65

SYNDICATE BANK
BANKING

Chairman: Sudhir Kumar Jain (MD)

Yr of Inc

B. Code

1925
532276
SHAREHOLDING

BL. Code

SBNK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 67.4%
:
0.0%
: 13.2%
:
6.6%
: 12.8%
: 248,557

GOVERNMENT
Price
87.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.6

SEC: R. Ravi

% ch 12-m

2.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

145
84
284.4
33.3
47.5
6.70
5.8
197.1
601.95
0.4
3.4
1.8
0.6
20.1
69,014
26.6
21,797
6,434.9
819.3
753.9

138
61
298.1
27.4
48.4
5.50
5.5
207.5
624.58
PI
0.3
3.6
1.7
0.5
20.1
62,052
27.2
22,286
6,840.5
818.7
629.1

179
93
326.5
23.0
54.5
4.70
3.5
216.1
662.05
PI
0.4
5.9
2.5
0.6
20.4
90,171
29.1
22,294
7,419.2
765.2
523.3

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

171,207
11,744
116,662
54,545
31,774
22,771
13.3
18,862
15,653
0
0
0
-4,404
20,057
11.7

186,213
13,239
130,800
55,413
33,006
22,406
12.0
19,201
16,445
0
0
0
-681
17,126
9.2

216,152
21,099
160,943
55,209
36,211
18,998
8.8
20,121
19,976
0
0
0
4,730
15,245
7.1

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,475,690
1,853,508
79.6
9.2
5.8
2.6
14,340
6,020
54,902
118,671
128,138
469,681
2,164,428
16.7
0.9
16.9
12.6
0.8

1,739,124
2,123,370
81.9
8.3
5.7
2.3
14,689
6,246
59,445
129,584
192,245
566,471
2,529,692
17.9
0.7
13.2
12.0
1.6

2,027,198
2,553,801
79.4
8.0
5.9
1.9
16,084
6,621
65,527
143,092
265,030
705,821
3,043,776
19.7
0.5
10.7
10.9
1.9

P/CF
3.8

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

379

5.4

AUD: Chandiok & Guliani

Mkt cap

Vol.

57,930.3

139.7

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-32.1

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Post Box No 1, Manipal - 576 104

E-Mail:
syndinvest@syndicatebank.co.in
Web site: www.syndicatebank.in
Telephone: (080) 2228 3030 Fax: (080) 2228 3030
Tr agent: Karvy Computershare, 17-24, Vithal Rao Nagar, Madhapur, Hyderabad-81
ISIN

INE667A01018

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
54,935
58,048
`m
13,177
14,231
%
24.0
24.5
`m
3,050
4,169
%
5.6
7.2

Jun 15
58,227
14,121
24.3
3,020
5.2

Sep 15
60,556
15,948
26.3
3,324
5.5

`
`
`
`

m
m
m
m

24,972
-2,127
4,155
27,000

-4,294
-1,823
-9,654
-15,771

84,759
-3,543
7,026
88,242

TITAGARH WAGONS LTD.

Regd off: 1-B, Aster Court, 3 Loudon Street, Kolkata, West Bengal-700 017
E-Mail:
investors@titagarh.biz, corp@titagarh.biz
Web site: www.titagarh.biz
Telephone: (033) 4019 0800 Fax: (033) 4019 0823
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

ENGINEERING

Chairman: J. P. Chowdhary

Yr of Inc

B. Code

1997
532966
SHAREHOLDING

BL. Code
TITW.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 53.1%
:
0.0%
:
2.9%
:
4.7%
: 39.3%
: 23,476

Price

132.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

FX Transaction (FY15)
`m
516
`m
133
`m
575
`m
167
`m
408
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,824
273
8,097
448
146
212
363
11
0
0
138
236
5.7
38.1
3.0

6,241
231
6,472
135
183
136
46
16
0
-113
39
-89
2.2
83.3
-1.4

7,611
181
7,793
494
257
177
243
65
0
-278
63
-33
6.5
25.9
-0.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,131
3,381
47.9
2.1
148
86
2,976
201
5,962
6,763
361
10,858
2.7
0.1
0.7
4.1
3.5
8.2
0.3
13.0

6,811
3,655
50.6
1.9
180
81
3,122
201
5,796
6,625
232
10,822
1.3
0.0
0.6
0.4
-1.3
1.2
6.6
12.8

5,901
2,842
40.2
2.1
108
56
3,926
201
5,631
6,885
427
10,603
2.4
0.1
0.7
1.4
-0.5
2.8
6.8
1.8

BALANCE SHEET DATA

187
70
311.1
-4.5
4.7
4.00
3.1
330.3
20.06
0.4
-28.8
27.6
0.4
-89.8
2,576
0.0
887
NM
NM
NM

873
530
379.4
-1.7
11.1
0.80
0.1
343.2
20.06
1.8
-425.1
62.9
2.0
-48.5
14,070
0.0
753
NM
NM
NM

P/CF
59.3

(` )

Yield
0.6

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

13,259.7

372.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE615H01020

180

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

102.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

393
159
390.0
11.8
19.0
4.00
1.5
337.1
20.06
0.7
23.5
14.5
0.8
34.0
5,533
0.8
769
9,225.8
907.0
278.1

24.1

SEC: Dinesh Arya

% ch 12-m

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

380

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,031
1,185
`m
149
119
%
14.5
10.1
`m
92
88
%
8.9
7.4

Jun 15
1,667
97
5.8
34
2.1

Sep 15
1,992
33
1.7
-38
-1.9

`
`
`
`

m
m
m
m

-396
424
-547
-518

684
-351
-165
168

1,020
-311
-685
24

UNITED BANK OF INDIA

BANKING

Chairman: Archana Bhargava

Yr of Inc

B. Code

1950
533171
SHAREHOLDING

BL. Code
UBOI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 88.0%
:
0.0%
:
5.2%
:
0.3%
:
6.5%
: 78,272

Price
21.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.5

SEC: Bikramjit Shom

% ch 12-m

12
31/03/14

63
23
191.1
-21.9
-173.7
0.00
0.0
80.8
554.75
PA
0.2
-2.0
0.4
0.5
0.0
23,965
16.5
10,143
6,424.2
614.8
-735.5

62
27
121.3
3.0
3.5
0.00
0.0
69.4
839.51
PS
0.4
14.5
1.7
0.6
0.0
37,190
15.2
10,383
6,701.2
683.4
168.5

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

92,515
10,666
67,642
24,873
15,039
9,833
10.6
17,590
2,909
0
0
0
-1,010
3,919
4.2

105,993
12,069
80,365
25,628
17,080
8,549
8.1
67,032
-46,414
0
0
0
-34,280
-12,134
-11.4

101,805
17,469
76,898
24,907
18,096
6,810
6.7
19,739
4,541
0
0
0
1,981
2,560
2.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

689,087
1,006,515
68.5
10.0
6.2
2.2
8,571
3,747
18,625
50,837
49,427
334,634
1,146,151
20.8
0.3
7.7
11.7
2.9

657,675
1,115,097
59.0
11.9
6.8
2.1
9,387
5,548
10,970
44,827
44,602
448,763
1,251,050
25.9
-1.0
-27.1
11.5
7.2

667,630
1,088,176
61.4
10.5
6.7
2.1
8,774
8,395
21,073
58,280
40,617
466,031
1,230,276
19.4
0.2
4.4
11.4
6.2

6.0

(` )

Yield
0.0

AUD: Dinesh Mehta & Co.

Mkt cap

Vol.

15,300.7

25.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE695A01019

90

12
31/03/15

85
50
246.9
10.5
1.0
2.10
3.1
135.7
374.70
0.3
6.4
1.2
0.5
20.1
25,255
15.5
9,325
5,976.8
602.4
253.2

P/CF

3.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-47.9

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 11, Hemanta Basu Sarani, Kolkata, West Bengal - 700 001
E-Mail:
investors@unitedbank.co.in
Web site: www.unitedbankofindia.com
Telephone: (033) 2248 7472 Fax: (033) 2248 9391
Tr agent: Link Intime India, 59C, Chowringhee Road, 3rd floor, Kolkata-20

80

Close

70

100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

381

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
25,086
25,719
`m
1,021
349
%
4.1
1.4
`m
418
1,045
%
1.7
4.1

Jun 15
25,341
1,347
5.3
522
2.1

Sep 15
25,530
2,410
9.4
619
2.4

`
`
`
`

m
m
m
m

17,826
-1,120
407
17,113

11,688
-1,508
8,053
18,233

-25,781
-450
-21,583
-47,813

UNITED BREWERIES LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Dr. Vijay Mallaya

Yr of Inc

B. Code

1915
532478
SHAREHOLDING

BL. Code

UBBW.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 26.9%
: 25.4%
:
3.5%
:
2.4%
: 41.8%
: 56,460

MALLYA V.
Price

892.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Govind Iyengar

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
2,239
58
2,239
175
2,064

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

38,987
392
39,379
4,769
1,704
796
2,660
-5
0
0
934
1,721
12.2
35.1
4.4

7,364
751
8,115
-36,288
151
4,845
-40,533
16
0
26,749
168
-13,937
-492.8
-0.4
-189.3

6,241
592
6,833
-16,977
303
1,986
-18,675
18
0
20,224
1,247
320
-272.0
-6.7
5.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

18,614
14,062
11.7
1.3
48
76
17,090
264
14,102
14,371
7,432
37,401
4.3
0.5
1.0
6.7
12.0
15.8
0.0
1.4

13,754
17,559
-51.7
0.8
27
34
11,203
668
-8,255
1,476
19,341
44,607
-7.4
13.1
0.2
-20.4
-944.5
-42.9
46.3
0.6

22,877
16,138
108.0
1.4
16
57
11,072
668
-7,892
1,838
14,461
37,643
-8.4
7.9
0.2
6.1
17.4
21.8
35.9
0.9

BALANCE SHEET DATA

P/E

25
18
93.4
4.8
9.3
0.00
0.0
27.5
66.82
0.2
4.6
2.3
0.8
0.0
1,460
0.1
604
87,905.6
8,501.4
4,506.2

P/CF

737.6

378.8

(` )

Yield
0.0

AUD: S. R. Batliboi & Associates

Mkt cap

Vol.

235,999.1

10.4

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE696A01025

1,400
Close

1,200

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

44
18
110.2
-208.6
-206.3
0.00
0.0
22.1
66.82
0.3
-0.1
-0.1
1.4
0.0
2,061
0.0
503
NM
NM
NM

8.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,023
458
147.5
6.5
13.0
0.70
0.1
54.4
264.41
5.0
113.8
57.2
13.6
10.8
195,835
2.6
2,442
15,289.2
957.6
674.9

-8.4

Regd off: UB Tower, UB City, 24, Vittal Mallya Road, Bangalore - 560 001
E-Mail:
ublinvestor@ubmail.com
Web site: www.unitedbreweries.com
Telephone: (080) 2227 2806 Fax: (080) 2221 1964
Tr agent: Integrated Enterp.,Ramana Rdnsy, 4th Cross, Malleswaram, Bangalore-03

100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

382

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,004
11,616
`m
1,215
1,220
%
12.1
10.5
`m
399
481
%
4.0
4.1

Jun 15
15,001
2,644
17.6
1,228
8.2

Sep 15
11,326
1,501
13.3
482
4.3

`
`
`
`

m
m
m
m

1,522
-4,317
2,113
-682

360
19,235
-19,927
-332

-1,847
10,817
-8,925
46

UNITED SPIRITS LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Dr. Vijay Mallya

Yr of Inc

B. Code

1898
532432
SHAREHOLDING

BL. Code

MCDO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

27.5%
0.0%
6.2%
46.1%
20.2%
89,114

MALLYA V.
Price

2,980.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-16.2

SEC: V. S. Venkataraman

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,405
2,086
1,473
3,559
-2,086

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,149
561
796.0
-7.7
5.9
2.50
0.2
366.0
130.80
1.7
-175.1
229.6
3.7
-32.3
177,241
6.2
7,529
16,792.7
1,214.3
-163.3

4,080
3,414
630.3
-116.1
-100.8
2.50
0.1
45.4
145.32
5.9
-32.3
-37.2
82.6
-2.2
544,536
6.8
7,779
13,475.6
1,144.4
-2,483.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

104,115
1,563
105,678
10,909
1,784
9,849
838
38
0
-108
1,781
-1,012
10.5
212.4
-1.0

105,009
6,859
111,868
-1,376
2,026
13,226
-9,768
-3
0
-32,357
2,762
-44,891
-1.3
-28.3
-42.7

91,594
811
92,405
330
2,229
6,873
-7,961
-4
0
-8,392
520
-16,877
0.4
-6.5
-18.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

61,240
65,769
-4.4
0.9
88
85
27,957
1,259
42,194
47,873
46,755
164,830
1.1
1.0
0.6
5.4
-2.1
11.2
0.6
1.3

69,866
104,259
-32.8
0.7
102
79
29,081
1,453
17,817
30,323
9,967
148,576
0.3
0.3
0.7
-21.3
-148.0
-71.7
1.0
3.8

48,632
59,229
-11.6
0.8
70
70
19,731
1,453
297
6,595
11,173
78,886
-0.2
1.7
1.2
-12.7
-255.9
-53.4
1.5
2.3

P/CF

(` )

Yield
0.1

AUD: Walker, Chandiok & Co.

Mkt cap

Vol.

433,192.4

26.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE854D01016

4,500

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

8.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

2,816
1,708
722.6
-308.9
-295.0
0.00
0.0
208.7
145.32
PA
3.1
-7.3
-7.7
10.8
0.0
328,757
6.5
8,602
16,155.3
1,323.4
-6,906.3

Regd off: UB Tower, No. 24, Vittal Mallya Road, Bangalore - 560 001
E-Mail:
uslinvestor@ubmail.com
Web site: www.unitedspirits.in
Telephone: (080) 3985 6500 Fax: (080) 3985 6862
Tr agent: Integrated Enterprise, Ramayana Rsdncy, Malleswaram, Bangalore -03

4,000

Close

3,500

100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

383

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
23,182
20,513
`m
2,382
251
%
10.3
1.2
`m
855
-531
%
3.7
-2.6

Jun 15
20,055
2,020
10.1
199
1.0

Sep 15
21,455
11,171
52.1
9,293
43.3

`
`
`
`

m
m
m
m

19,688
-11,210
-9,924
-1,445

-5,519
-2,526
12,356
4,310

-1,963
38,772
-40,019
-3,211

V MART RETAIL

Regd off: 862, Udyog vihar, phaseV, Gurgoan

E-Mail:
info@vmart.co.in
Web site: www.vmart.co.in
Telephone: Fax:
Tr agent: Karvy Computershare Private Limited

RETAIL

Chairman:

Yr of Inc

B. Code

2002
534976
SHAREHOLDING

BL. Code

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

57.6%
0.0%
6.8%
23.1%
12.5%
3,691

Price

450.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.2

SEC: Sudhir Kumar

% ch 12-m
-10.2

FX Transaction (FY15)
`m
0
`m
1
`m
0
`m
1
`m
-1
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

NA
NA
213.5
10.0
14.3
1.00
NM
82.2
17.96
ESOP
0.0
0.0
0.0
0.0
10.0
0
0.0
250
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,835
2
3,837
398
76
58
266
0
0
0
86
180
10.4
32.3
4.7

5,750
7
5,757
522
109
42
378
0
0
0
127
252
9.1
33.5
4.4

7,205
19
7,224
641
46
43
572
0
0
-18
180
374
8.9
31.4
5.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,596
791
21.0
2.0
105
0
488
180
1,282
1,477
20
2,298
5.6
0.0
1.7
10.3
12.2
21.6
0.0
0.0

1,926
1,202
12.6
1.6
106
0
710
180
1,507
1,702
2
2,936
9.9
0.0
2.0
10.0
14.8
24.7
0.0
0.0

2,082
1,161
12.8
1.8
93
0
988
180
1,854
2,049
15
3,290
14.3
0.0
2.2
12.7
18.2
28.9
0.0
0.0

BALANCE SHEET DATA

300
104
320.1
14.0
20.1
1.00
0.5
94.7
17.96
0.6
14.4
10.1
2.1
7.1
3,628
0.0
383
NM
NM
NM

652
277
399.8
20.7
23.3
1.50
0.3
113.7
18.02
ESOP
1.2
22.4
19.9
4.1
7.2
8,366
4.1
489
1,759.5
119.5
91.3

P/CF

(` )

Yield
0.0

AUD: Walker Chandiok & Co. LLP

Mkt cap

Vol.

1.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE665J01013

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

P/E

100 DMA

500
400
300
200
100
0
Jul-13

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

384

Jul-14
No. of months
Year ending

Jul-15
12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,403
1,706
`m
349
67
%
14.5
3.9
`m
241
16
%
10.0
0.9

Jun 15
2,047
211
10.3
112
5.5

Sep 15
1,618
58
3.6
9
0.6

`
`
`
`

m
m
m
m

98
-622
666
143

110
-271
23
-137

399
-191
-199
10

VA TECH WABAG LIMITED

CAPITAL GOODS

Chairman: B. D. Narang

Yr of Inc

B. Code

1995
533269
SHAREHOLDING

BL. Code
VATE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 12.8%
: 18.1%
: 17.9%
: 31.7%
: 19.4%
: 28,629

Price

681.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Rajiv Balakrishnan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
3,120
216
3,120
734
2,386

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

16,189
132
16,321
1,540
109
212
1,352
0
8
0
456
903
9.5
33.7
5.6

22,386
129
22,515
1,885
150
252
1,611
-9
6
51
526
1,134
8.4
32.6
5.1

24,352
78
24,429
2,095
109
392
1,671
-20
16
0
566
1,101
8.6
33.9
4.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

16,401
10,586
35.9
1.5
9
250
988
53
5,527
7,154
26
18,906
7.4
0.0
0.9
5.9
12.6
21.9
11.4
8.9

20,353
13,643
30.0
1.5
6
226
1,199
53
6,466
8,412
450
24,357
7.4
0.1
0.9
5.7
13.5
21.6
14.2
3.1

21,140
13,486
31.4
1.6
7
222
1,919
109
7,360
9,028
693
25,678
5.3
0.1
0.9
5.8
12.2
21.2
12.8
0.9

BALANCE SHEET DATA

P/E

33.5

970
730
448.6
20.3
22.3
4.00
0.5
166.3
54.28
ESOP, B
1.9
41.9
38.1
5.1
19.7
46,146
2.0
2,776
12,175.8
1,388.2
550.5

P/CF
30.5

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

385

0.6

AUD: Walker, Chandiok & Co.

Mkt cap

Vol.

36,904.6

5.6

ADJUSTED DAILY SHARE PRICE DATA

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

820
374
841.9
42.6
48.3
8.00
1.3
316.3
26.59
ESOP
0.7
14.0
12.4
1.9
18.8
15,869
1.5
2,217
14,924.0
1,478.3
755.7

-11.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

589
390
609.7
34.0
38.1
7.00
1.4
269.5
26.55
ESOP
0.8
14.4
12.8
1.8
20.6
12,996
1.5
2,088
10,792.3
1,391.9
602.3

1.2

Regd off: No.11, Murray's Gate Road, Alwarpet, Chennai - 600 018
E-Mail:
companysecretary@wabag.in
Web site: www.wabag.com
Telephone: (044) 4223 2323 Fax: (044) 4223 2324
Tr agent: Karvy Computershare, 17-24, Vittalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE956G01038

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,194
9,077
`m
420
1,147
%
6.8
12.6
`m
175
745
%
2.8
8.2

Jun 15
4,565
123
2.7
-97
-2.1

Sep 15
6,025
432
7.2
121
2.0

`
`
`
`

m
m
m
m

817
-403
-654
-239

1,124
-972
477
629

56
-676
22
-599

VENKY'S (INDIA) LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Anuradha J. Desai

Yr of Inc

B. Code

1996
523261
SHAREHOLDING

BL. Code

VENK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 56.1%
:
0.0%
:
8.8%
:
3.2%
: 31.9%
: 20,089

MISCELLANEOUS
Price

437.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.6

SEC: A. G. Bauskar

% ch 12-m
7.5

FX Transaction (FY15)
`m
21
`m
508
`m
21
`m
643
`m
-622
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

622
322
1,519.1
27.0
43.6
5.00
1.1
359.3
9.39
0.3
17.5
10.8
1.3
18.5
4,430
0.0
860
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,264
175
14,439
611
155
231
399
0
-7
0
138
254
4.3
34.7
1.8

17,361
299
17,660
669
192
426
349
0
-3
105
111
341
3.9
31.8
2.0

17,308
335
17,643
997
322
742
268
0
-6
16
90
187
5.8
33.7
1.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,928
3,512
9.9
1.4
46
27
3,132
94
3,240
3,374
1,465
8,621
2.7
0.4
1.7
5.6
7.5
12.9
0.1
2.0

6,773
5,941
4.8
1.1
42
35
4,689
94
3,472
3,678
2,317
12,244
1.8
0.6
1.4
6.3
9.3
14.6
0.1
2.5

7,722
7,694
0.2
1.0
44
48
4,853
94
3,557
3,714
2,461
14,204
1.4
0.7
1.2
6.5
5.0
16.5
0.1
2.9

BALANCE SHEET DATA

P/E

22.0

419
322
1,843.2
19.9
54.2
5.00
1.3
395.5
9.39
0.2
18.6
6.8
0.9
25.1
3,479
0.0
1,196
NM
NM
NM

P/CF
8.1

(` )

Yield
1.1

AUD: Sudit K. Parekh & Co.

Mkt cap

Vol.

4,106.2

2.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE398A01010

450

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

595
390
1,848.9
36.3
56.8
5.00
1.0
391.7
9.39
0.3
13.6
8.7
1.3
13.8
4,625
0.0
952
NM
NM
NM

Regd off: Venkateshwara House, S. No. 114/ A/2, Pune Sinhagad Road, Pune-30
E-Mail:
corp.shares@venkys.com
Web site: www.venkys.com
Telephone: (020) 425 1530 Fax: (020) 425 1530
Tr agent: Bigshare Services, Ansa Indl. Estate, Saki Naka, Andheri (E), Mumbai-72

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

386

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,504
4,852
`m
451
296
%
10.0
6.1
`m
183
104
%
4.1
2.1

Jun 15
5,583
447
8.0
158
2.8

Sep 15
4,517
235
5.2
36
0.8

`
`
`
`

m
m
m
m

79
-947
850
-18

-557
-2,205
2,525
-237

600
-1,128
517
-12

V-GUARD INDUSTRIES LIMITED

CAPITAL GOODS

Chairman: Kochouseph Chittilappilly

Yr of Inc

B. Code

1996
532953
SHAREHOLDING

BL. Code

VGUA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

66.2%
0.0%
1.2%
18.9%
13.8%
19,116

MISCELLANEOUS
Price

929.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

5.7

SEC: Jayasree K

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

-12.7

(FY15)
16
1,205
16
1,208
-1,192

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

591
180
455.7
21.1
24.9
3.50
0.9
87.5
29.85
0.8
18.3
15.5
4.4
16.6
11,500
1.9
701
7,266.1
374.5
336.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

13,602
36
13,638
1,099
114
200
822
0
0
0
193
629
8.1
23.4
4.6

15,176
48
15,224
1,225
120
211
943
0
0
0
241
701
8.1
25.6
4.6

17,459
45
17,504
1,330
154
206
1,015
0
0
0
307
707
7.6
30.3
4.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,892
3,396
11.0
1.4
67
53
1,470
299
2,315
2,613
320
6,549
5.1
0.1
2.1
12.7
24.1
34.8
0.0
6.4

4,963
3,039
12.7
1.6
61
51
1,697
299
2,859
3,184
310
6,787
5.5
0.1
2.2
13.4
22.0
33.0
0.1
6.2

5,425
2,987
14.0
1.8
55
51
1,636
300
3,453
3,777
212
7,249
5.9
0.1
2.4
12.6
18.7
30.6
0.1
6.9

BALANCE SHEET DATA

P/E

39.4

1,197
458
582.6
23.6
28.7
4.50
0.5
126.0
29.97
1.4
35.1
28.8
6.6
19.1
24,800
1.9
1,097
9,391.7
590.0
380.4

P/CF
32.3

(` )

Yield
0.5

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

27,866.1

0.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE951I01019

1,400
Close

1,200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

570
403
508.4
23.5
27.5
4.50
0.9
106.7
29.85
1.0
20.7
17.7
4.6
19.2
14,524
0.0
859
NM
NM
NM

Regd off: 33/2905 F, Vennala High School Road, Vennala, Kochi-682 028
E-Mail:
jayasree@vguard.in
Web site: www.vguard.in
Telephone: (0484) 300 5000 Fax: (0484) 300 5100
Tr agent: Link Intime India,35, May Flower Avenue, Coimbatore-28

100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

387

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,954
4,416
`m
217
353
%
5.5
8.0
`m
92
201
%
2.3
4.5

Jun 15
4,993
435
8.7
252
5.0

Sep 15
4,334
365
8.4
231
5.3

`
`
`
`

m
m
m
m

105
-254
249
100

1,108
-280
-926
-98

883
-154
-735
-6

VIJAYA BANK
BANKING

Chairman: V. Kannan (MD)

Yr of Inc

B. Code

1980
532401
SHAREHOLDING

BL. Code
VJBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 74.1%
:
0.0%
:
7.9%
:
2.0%
: 16.0%
: 303,047

Price
33.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.7

SEC: K. Renu

% ch 12-m

12
31/03/14

56
33
124.6
4.8
17.2
2.00
4.5
68.5
859.12
PI
0.4
9.3
3.6
0.7
41.3
38,489
12.8
10,398
8,350.1
810.9
324.4

58
39
142.9
5.1
16.9
1.50
3.1
71.7
859.12
0.3
9.5
3.2
0.7
29.3
41,753
13.6
11,656
9,013.4
856.0
322.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

90,519
6,070
71,739
18,780
13,630
5,150
5.7
5,455
5,766
0
0
0
-91
5,856
6.5

107,066
7,099
86,232
20,834
16,896
3,939
3.7
6,558
4,480
0
0
0
320
4,159
3.9

122,735
8,790
99,813
22,923
19,122
3,801
3.1
8,591
3,999
0
0
0
-395
4,394
3.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

697,658
970,172
71.9
9.8
7.1
1.7
4,767
4,955
15,648
43,587
63,918
312,850
1,109,818
23.7
0.5
13.4
11.3
1.3

815,040
1,242,962
65.6
9.5
6.7
1.6
5,290
8,591
26,265
58,879
47,448
425,854
1,373,586
21.9
0.3
7.1
11.0
1.6

866,959
1,263,434
68.6
9.9
7.7
1.7
5,667
8,591
27,944
61,598
72,782
445,221
1,426,431
21.7
0.3
7.1
11.7
1.9

6.6

(` )

Yield
4.4

AUD: Karra & Co.

Mkt cap

Vol.

29,038.3

36.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE705A01016

70
Close

60

12
31/03/15

63
46
182.7
11.8
28.1
2.50
4.6
88.0
495.54
0.3
4.6
2.4
0.6
21.2
27,056
12.6
8,486
7,183.5
673.4
464.7

P/CF

7.3

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-30.6

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 41/2, M. G. Road, Bangalore - 560 001

E-Mail:
sdigc@vijayabank.co.in
Web site: www.vijayabank.com
Telephone: (080) 2558 4514 Fax: (080) 2559 4737
Tr agent: Link Intime India, C13,Pannalal Silk Mills Compd.,LBS Road, Mumbai-78

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

388

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
30,336
31,323
`m
5,548
6,233
%
18.3
19.9
`m
374
968
%
1.2
3.1

Jun 15
30,907
6,622
21.4
1,426
4.6

Sep 15
30,090
6,926
23.0
1,153
3.8

`
`
`
`

m
m
m
m

7,017
-460
-4,138
2,419

29,160
-1,298
267
28,129

-32,120
-1,042
12,104
-21,058

WABCO INDIA LIMITED

AUTO ANCILLARIES,FORGINGS
Chairman: M. Lakshminarayan

Yr of Inc

B. Code

2004
533023
SHAREHOLDING

BL. Code

WABC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
5

:
0.0%
: 75.0%
:
8.7%
:
2.5%
: 13.8%
: 16,162

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

BALANCE SHEET DATA

Price

5,957.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

MISCELLANEOUS

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

12
31/03/13
1,798
1,261
509.2
68.9
80.4
5.00
0.3
342.0
18.97
3.0
22.2
19.0
4.5
7.3
29,006
1.2
1,070
7,976.3
883.6
1,080.0

-8.4

SEC: R. Madhavan

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

2,094
1,250
585.5
61.9
78.9
5.00
0.3
398.1
18.97
2.9
27.0
21.2
4.2
8.1
31,719
1.1
1,253
9,988.3
1,126.3
1,056.5

Regd off: Plot No. 3 (SP), III Main Road, Ambattur Industrial Estate, Chennai-58
E-Mail:
madhavan.rajagopalan@wabco-tvs.co.in
Web site: www.wabcoindia.com
Telephone: (044) 3090 2600 Fax: (044) 3090 2609
Tr agent: Sundaram Clayton, No 22, Railway Colony, Mehta Nagar, Chennai-29

33.8

(FY15)
4,317
1,452
4,924
1,641
3,283

P/E

93.7

9,659
126
9,786
1,941
217
0
1,850
0
0
0
542
1,308
20.1
29.3
13.5

11,107
272
11,379
1,662
322
1
1,611
0
0
0
436
1,175
15.0
27.1
10.6

13,480
203
13,683
2,034
467
4
1,766
0
0
0
560
1,207
15.1
31.7
9.0

4,863
1,183
38.1
4.1
51
72
2,889
95
6,393
6,488
0
7,931
9,248.5
0.0
1.2
16.5
20.2
28.5
20.1
11.7

6,135
1,690
40.0
3.6
37
76
3,176
95
7,457
7,552
0
9,569
1,151.5
0.0
1.2
12.3
15.6
21.3
36.9
14.4

7,470
2,159
39.4
3.5
32
81
3,414
95
8,535
8,630
0
11,135
491.6
0.0
1.2
10.9
14.0
20.5
32.0
10.8

67.5

(` )

Yield
0.1

AUD: S. R. Batliboi & Assoc.

Mkt cap

Vol.

113,018.5

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE342J01019

8,000
7,000

12
31/03/15

5,810
1,910
710.6
63.6
88.2
5.00
0.1
454.9
18.97
5.4
60.7
43.8
8.5
7.9
73,224
1.1
1,435
12,154.7
1,293.5
1,088.0

P/CF

6,000

Close
100 DMA

5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

389

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,182
3,832
`m
476
564
%
15.0
14.7
`m
283
304
%
8.9
7.9

Jun 15
3,850
696
18.1
475
12.3

Sep 15
4,289
651
15.2
483
11.3

`
`
`
`

m
m
m
m

902
-610
-110
181

1,430
-755
-112
563

1,241
-451
-114
676

WELSPUN CORP LIMITED

CAPITAL GOODS

Chairman: B. K. Goenka

Yr of Inc

B. Code

1995
532144
SHAREHOLDING

BL. Code

WGSR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

: 36.0%
:
2.4%
:
8.4%
: 15.3%
: 37.9%
: 63,268

Price

104.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pradeep Joshi

% ch 12-m
37.9

FX Transaction (FY15)
`m
10,204
`m
34,031
`m
10,341
`m
34,803
` m -24,462
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

90,832
1,879
92,711
7,312
3,531
3,583
2,076
219
-38
-2,467
493
-703
8.1
23.7
-0.8

77,047
1,742
78,789
6,697
4,063
2,964
1,412
-247
0
0
432
734
8.7
30.6
1.0

84,505
1,086
85,591
8,422
4,365
2,830
2,313
-1,445
0
0
178
690
10.0
7.7
0.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

77,135
51,138
28.6
1.5
103
71
75,022
1,315
44,399
56,578
49,531
168,914
1.6
0.9
0.5
1.7
-1.2
3.2
23.1
43.1

36,512
22,640
18.0
1.6
61
30
49,231
1,315
24,483
28,492
28,035
88,302
1.5
1.0
0.9
4.2
2.6
7.3
14.7
26.1

49,092
33,707
18.2
1.5
95
49
46,619
1,316
24,626
27,988
26,160
98,155
1.8
0.9
0.9
3.6
2.5
6.8
12.1
40.3

INCOME DATA

BALANCE SHEET DATA

74
27
293.0
2.8
18.2
0.50
1.0
108.4
262.95
0.2
18.0
2.8
0.5
17.9
13,240
0.0
5,295
NM
NM
NM

P/E

39.7

108
52
321.1
2.6
19.2
0.50
0.6
106.3
263.18
OI
0.2
30.4
4.2
0.8
19.1
21,002
0.0
5,909
NM
NM
NM

P/CF
5.4

(` )

Yield
0.5

AUD: MGB & Co.

Mkt cap

Vol.

27,436.5

177.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE191B01025

160
140

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

142
44
345.4
-2.7
10.8
0.50
0.5
215.2
262.95
DC,ESOS
0.3
-34.7
8.6
0.4
-18.7
24,375
0.0
4,625
NM
NM
NM

3.8

Regd off: Village Versamedi, Tal. Anjar, Dist Kutch, Gujarat - 370 110
E-Mail:
pradeep_joshi@welspun.com
Web site: www.welspuncorp.com
Telephone: (022) 6613 6000 Fax: (022) 2490 8020
Tr agent: Link Intime India, C-13 Pannalal Silk Mills Cmpd.,LBS Marg, Mumbai-78

120

Close
100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

390

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
22,497
23,751
`m
1,782
3,847
%
7.9
16.2
`m
175
1,438
%
0.8
6.1

Jun 15
19,441
1,875
9.6
164
0.8

Sep 15
25,033
2,891
11.5
1,011
4.0

`
`
`
`

m
m
m
m

1,025
-1,672
-2,648
-3,294

2,270
-1,222
-5,265
-4,217

9,011
3,377
-11,058
1,330

WELSPUN INDIA LIMITED

TEXTILES

Chairman: B. K. Goenka (MD)

Yr of Inc

B. Code

1985
514162
SHAREHOLDING

BL. Code

WLSP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 73.3%
:
0.0%
:
6.1%
:
1.7%
: 18.9%
: 38,598

Price

801.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shashikant Thorat

% ch 12-m
123.5

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

36,473
492
36,965
5,946
1,449
1,977
3,013
0
0
-31
733
2,248
16.3
24.3
6.2

43,730
1,042
44,772
9,211
6,863
2,352
1,037
83
0
0
199
921
21.1
19.2
2.1

53,025
949
53,975
12,742
3,329
2,829
7,533
-45
0
0
2,090
5,398
24.0
27.7
10.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

16,471
16,398
0.2
1.0
82
28
16,861
1,000
7,105
9,902
10,039
38,579
2.5
1.0
0.9
11.0
22.7
24.9
0.0
4.5

23,348
21,489
4.3
1.1
84
34
23,770
1,004
7,480
11,097
16,795
51,684
1.4
1.5
0.8
6.3
8.3
12.4
0.0
11.1

27,557
24,650
5.5
1.1
76
31
26,049
1,005
11,500
14,318
15,946
56,953
3.7
1.1
0.9
14.4
37.7
34.1
0.3
9.3

BALANCE SHEET DATA

P/E

14.9

407
94
527.8
53.7
86.9
10.05
4.0
142.5
100.46
ESOP
0.5
4.7
2.9
1.8
18.7
25,180
15.6
4,460
3,392.3
285.3
345.3

P/CF
9.2

(` )

Yield

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

391

1.3

AUD: Price Waterhouse & Co.

Mkt cap

Vol.

80,450.5

53.6

ADJUSTED DAILY SHARE PRICE DATA

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

106
47
435.8
9.2
77.6
3.00
3.9
110.6
100.35
ESOP
0.2
8.3
1.0
0.7
32.7
7,662
0.0
3,400
NM
NM
NM

(FY15)
167
4,957
198
5,055
-4,857

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

83
38
364.6
22.5
37.0
4.00
6.6
99.0
100.03
A, ESOS
0.2
2.7
1.6
0.6
17.8
6,052
0.1
2,766
444,793.9
33,734.1
27,417.1

8.6

Regd off: Welspun City, Tal. Anjar, Dist. Kutch, Gujarat - 370 110
E-Mail:
companysecretary_wil@welspun.com
Web site: www.welspunindia.com
Telephone: (022) 2490 8000 Fax: (022) 2490 8020
Tr agent: Link Intime India,C13,Pannalal Silk Mills Cmpd.,LBS Marg, Mumbai-78
ISIN

INE192B01023

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,135
13,459
`m
3,146
3,392
%
22.3
25.2
`m
1,299
1,436
%
9.2
10.7

Jun 15
13,658
3,410
25.0
1,614
11.8

Sep 15
13,885
3,580
25.8
1,632
11.8

`
`
`
`

m
m
m
m

3,709
-1,542
-1,502
664

5,510
-9,671
4,201
39

9,243
-6,071
-3,102
71

ZYDUS WELLNESS LIMITED

BEVERAGES, FOOD & TOBACCO
Chairman: Pankaj R. Patel

Yr of Inc

B. Code

1994
531335
SHAREHOLDING

BL. Code
ZYDS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 72.5%
:
0.0%
:
7.9%
:
7.9%
: 11.7%
: 37,518

MISCELLANEOUS
Price

807.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.4

SEC: Dhaval N. Soni

% ch 12-m
-8.5

FX Transaction (FY15)
`m
1
`m
5
`m
1
`m
5
`m
-5
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

533
320
99.3
24.9
26.0
6.00
1.4
65.7
39.07
4.3
17.2
16.4
6.5
24.1
16,661
0.0
273
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,880
158
4,038
965
45
0
1,078
-19
0
0
88
971
24.9
8.1
25.0

4,036
189
4,225
894
47
0
1,036
-19
0
0
53
965
22.1
5.1
23.9

4,307
276
4,583
998
77
0
1,197
-22
0
0
85
1,090
23.2
7.1
25.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,414
851
40.3
2.8
38
1
943
391
2,175
2,565
0
3,491
NM
0.0
1.1
27.8
37.9
41.3
0.0
0.0

3,034
889
53.1
3.4
25
2
954
391
2,865
3,256
0
4,249
NM
0.0
1.0
22.7
29.6
31.3
0.0
0.1

3,851
896
68.6
4.3
22
1
846
391
3,670
4,060
0
5,079
NM
0.0
0.8
21.5
26.8
28.9
0.0
0.1

BALANCE SHEET DATA

P/E

1,130
840
110.2
27.9
29.9
6.00
0.6
103.9
39.07
8.9
35.3
33.0
9.5
21.5
38,492
0.2
332
20,608.6
1,590.4
5,212.9

P/CF

29.0

27.0

(` )

Yield
0.7

AUD: Dhirubhai Shah & Doshi

Mkt cap

Vol.

31,557.6

1.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE768C01010

1,200
Close

1,000

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

749
420
103.3
24.7
25.9
6.00
1.0
83.3
39.07
5.7
23.7
22.6
7.0
24.3
22,831
0.0
307
NM
NM
NM

Regd off: Sigma Commerce Zone,Sarkhej-Gandhinagar Highway, Ahmedabad-15

E-Mail:
dhavalsoni@zyduscadila.com
Web site: www.zyduswellness.in
Telephone: (079) 6777 5888 Fax: (079) 6777 5811
Tr agent: Link Intime Ind.,303,Shoppers Plaza V, Shoppers Plaza-2, Ahmedabad-09

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Get more info at www.equitymaster.com

392

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,137
975
`m
286
133
%
25.1
13.6
`m
289
202
%
25.4
20.7

Jun 15
1,041
165
15.8
196
18.8

Sep 15
1,053
263
25.0
291
27.6

`
`
`
`

m
m
m
m

687
134
-227
593

911
134
-275
770

693
294
-275
712

THE
NOTES
QUANTUM 200

393