Financial Analysis
Equity Share Data FY06 FY07 FY08 FY09E FY10E FY11E
No. of shares
m
280.8
571.2
573.3
573.3
573.3
573.3
Face value
Rs
5.0
5.0
5.0
5.0
5.0
5.0
Sales / Share
Rs
166.7
243.2
292.2
358.2
443.8
544.7
DPS
Rs
44.1
11.4
33.2
24.3
28.8
35.4
Cons. EPS
Rs
87.5
67.5
81.3
97.3
115.3
141.4
Cons. Fully Diluted EPS
Rs
42.9
67.3
81.3
97.3
115.3
141.4
Cons. CEPS
Rs
50.7
76.5
92.0
109.7
129.5
157.5
Cons. FCF / Share
Rs
2.9
6.4
4.2
22.3
35.9
58.6
Adj. Book Value / Share
Rs
122.0
197.0
241.5
310.6
392.5
492.9
Income Data FY06 FY07 FY08 FY09E FY10E FY11E
Net Sales
Rs m
95,210.0
138,930.0
166,920.0
204,582.5
253,499.7
311,131.8
% Growth
%
33.5
45.9
20.1
22.6
23.9
22.7
Other Income
Rs m
1,390.0
3,720.0
7,040.0
9,525.0
10,147.8
13,076.1
Total Revenues
Rs m
96,600.0
142,650.0
173,960.0
214,107.5
263,647.5
324,208.0
Interest
Rs m
0.0
0.0
0.0
0.0
0.0
0.0
Operating Profit
Rs m
30,910.0
43,910.0
52,380.0
62,972.5
76,414.4
93,475.8
Depreciation
Rs m
4,370.0
5,140.0
5,980.0
6,879.7
7,855.2
8,881.5
Profit before tax
Rs m
27,920.0
42,470.0
53,440.0
65,617.8
78,707.0
97,670.5
Extraordinary items
Rs m
0.0
60.0
0.0
0.0
0.0
0.0
Tax
Rs m
3,130.0
3,860.0
6,850.0
9,842.7
12,593.1
16,604.0
Profit after tax
Rs m
24,580.0
38,560.0
46,590.0
55,775.1
66,113.9
81,066.5
Op. profit margin
%
32.5
31.6
31.4
30.8
30.1
30.0
Effective tax rate
%
11.2
9.1
12.8
15.0
16.0
17.0
Cons. Net profit margin
%
26.0
27.8
27.9
27.3
26.1
26.1
Balance Sheet Data FY06 FY07 FY08 FY09E FY10E FY11E
Net fixed assets
Rs m
22,260
37,710
47,770
43,334
44,351
44,803
Investments
Rs m
7,550
250
720
900
1,125
1,406
Current assets
Rs m
63,990
96,130
131,370
177,104
232,765
302,557
Total assets
Rs m
93,800
134,090
179,860
221,337
278,241
348,766
Networth
Rs m
69,660
112,550
137,950
177,420
224,198
281,557
Current liabilities
Rs m
23,460
21,500
41,910
43,917
54,042
67,210
Long term debt
Rs m
0
0
0
0
0
0
Short term debt
Rs m
680
40
0
0
0
0
Total liabilities
Rs m
93,800
134,090
179,860
221,337
278,241
348,766
Current ratio
x
2.7
4.5
3.1
4.0
4.3
4.5
D/E ratio
x
0.0
0.0
0.0
0.0
0.0
0.0
RONW
%
40.0
42.3
37.2
35.4
32.9
32.1
ROA
%
26.2
28.8
25.9
25.2
23.8
23.2
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