|
Financial Analysis
| Equity Share Data |
| | | FY09 | FY10 | FY11 | FY12E | FY13E | FY14E |  |
| No. of shares |
m |
572.8 |
573.8 |
574.2 |
574.2 |
574.2 |
574.2 |
 |
| Face value |
Rs |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
| Sales / Share |
Rs |
378.7 |
396.3 |
479.0 |
561.3 |
621.9 |
739.6 |
|
| DPS |
Rs |
23.5 |
25.0 |
60.0 |
30.0 |
30.0 |
30.0 |
|
| Cons. EPS |
Rs |
104.6 |
109.8 |
119.5 |
129.3 |
144.2 |
178.6 |
|
| Cons. Fully Diluted EPS |
Rs |
104.4 |
109.2 |
119.4 |
129.3 |
144.1 |
178.6 |
|
| Cons. CEPS |
Rs |
117.9 |
125.7 |
133.9 |
145.4 |
161.3 |
199.5 |
|
| Cons. FCF / Share |
Rs |
69.9 |
97.0 |
60.0 |
87.9 |
132.6 |
156.0 |
|
| Adj. Book Value / Share |
Rs |
318.9 |
404.0 |
452.4 |
551.5 |
661.9 |
798.7 |
|
| | Income Data |
| | | FY09 | FY10 | FY11 | FY12E | FY13E | FY14E | |
| Net Sales |
Rs m |
216,930.0 |
227,420.0 |
275,010.0 |
322,267.5 |
357,071.1 |
424,622.3 |
|
| % Growth |
% |
30.0 |
4.8 |
20.9 |
17.2 |
10.8 |
18.9 |
|
| Other Income |
Rs m |
4,730.0 |
9,430.0 |
12,110.0 |
14,717.3 |
16,595.2 |
21,518.6 |
|
| Total Revenues |
Rs m |
221,660.0 |
236,850.0 |
287,120.0 |
336,984.8 |
373,666.4 |
446,140.9 |
|
| Interest |
Rs m |
-8,710.0 |
-7,750.0 |
-11,330.0 |
-14,357.3 |
-16,235.2 |
-21,158.6 |
|
| Operating Profit |
Rs m |
64,340.0 |
69,560.0 |
81,140.0 |
88,385.8 |
98,359.4 |
120,894.8 |
|
| Depreciation |
Rs m |
7,610.0 |
9,050.0 |
8,540.0 |
9,261.2 |
9,833.1 |
12,012.0 |
|
| Profit before tax |
Rs m |
69,070.0 |
78,990.0 |
93,250.0 |
103,103.1 |
114,954.7 |
142,413.4 |
|
| Extraordinary items |
Rs m |
0.0 |
480.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Tax |
Rs m |
9,190.0 |
16,810.0 |
24,900.0 |
28,868.9 |
32,187.3 |
39,875.8 |
|
| Profit after tax |
Rs m |
59,880.0 |
62,660.0 |
68,350.0 |
74,234.2 |
82,767.3 |
102,537.7 |
|
| Op. profit margin |
% |
29.7 |
30.6 |
29.5 |
27.4 |
27.5 |
28.5 |
|
| Effective tax rate |
% |
13.3 |
21.3 |
26.7 |
28.0 |
28.0 |
28.0 |
|
| Cons. Net profit margin |
% |
27.6 |
27.6 |
24.9 |
23.0 |
23.2 |
24.1 |
|
| | Balance Sheet Data |
| | | FY09 | FY10 | FY11 | FY12E | FY13E | FY14E | |
| Net fixed assets |
Rs m |
53,540 |
53,550 |
57,600 |
68,339 |
69,218 |
69,944 |
|
| Investments |
Rs m |
0 |
37,120 |
1,440 |
1,440 |
1,440 |
1,440 |
|
| Current assets |
Rs m |
166,460 |
182,370 |
250,680 |
302,035 |
371,523 |
461,797 |
|
| Total assets |
Rs m |
221,260 |
275,040 |
312,930 |
375,024 |
445,391 |
536,392 |
|
| Networth |
Rs m |
182,540 |
230,490 |
259,760 |
316,625 |
380,025 |
458,569 |
|
| Current liabilities |
Rs m |
38,720 |
44,550 |
53,170 |
58,399 |
65,366 |
77,823 |
|
| Long term debt |
Rs m |
0 |
0 |
0 |
0 |
0 |
0 |
|
| Short term debt |
Rs m |
0 |
0 |
0 |
0 |
0 |
0 |
|
| Total liabilities |
Rs m |
221,260 |
275,040 |
312,930 |
375,024 |
445,391 |
536,392 |
|
| Current ratio |
x |
4.3 |
4.1 |
4.7 |
5.2 |
5.7 |
5.9 |
|
| D/E ratio |
x |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| RONW |
% |
37.4 |
30.3 |
27.9 |
25.8 |
23.8 |
24.5 |
|
| ROA |
% |
30.0 |
25.4 |
23.5 |
21.8 |
20.3 |
21.0 |
|
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