|
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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