|
Financial Analysis
| Equity Share Data |
| | | FY08 | FY09 | FY10 | FY11E | FY12E | FY13E |  |
| No. of shares |
m |
572.0 |
572.8 |
573.8 |
574.8 |
574.8 |
574.8 |
 |
| Face value |
Rs |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
|
| Sales / Share |
Rs |
291.8 |
378.7 |
396.3 |
441.7 |
525.8 |
626.2 |
|
| DPS |
Rs |
33.3 |
23.5 |
25.0 |
23.1 |
27.5 |
32.4 |
|
| Cons. EPS |
Rs |
81.5 |
104.6 |
109.8 |
111.8 |
137.6 |
161.8 |
|
| Cons. Fully Diluted EPS |
Rs |
81.3 |
104.4 |
109.7 |
111.8 |
137.6 |
161.8 |
|
| Cons. CEPS |
Rs |
92.0 |
117.9 |
125.7 |
129.2 |
155.9 |
182.8 |
|
| Cons. FCF / Share |
Rs |
45.7 |
69.9 |
97.0 |
105.8 |
121.6 |
150.7 |
|
| Adj. Book Value / Share |
Rs |
241.4 |
318.9 |
404.0 |
488.3 |
594.2 |
718.6 |
|
| | Income Data |
| | | FY08 | FY09 | FY10 | FY11E | FY12E | FY13E | |
| Net Sales |
Rs m |
166,920.0 |
216,930.0 |
227,420.0 |
253,880.1 |
302,228.1 |
359,941.8 |
|
| % Growth |
% |
20.1 |
30.0 |
4.8 |
11.6 |
19.0 |
19.1 |
|
| Other Income |
Rs m |
7,040.0 |
4,730.0 |
9,430.0 |
9,049.4 |
14,737.7 |
19,116.3 |
|
| Total Revenues |
Rs m |
173,960.0 |
221,660.0 |
236,850.0 |
262,929.5 |
316,965.8 |
379,058.1 |
|
| Interest |
Rs m |
-6,720.0 |
-8,710.0 |
-7,750.0 |
-9,669.4 |
-13,357.7 |
-17,736.3 |
|
| Operating Profit |
Rs m |
46,400.0 |
64,340.0 |
69,560.0 |
76,669.4 |
90,722.7 |
104,926.3 |
|
| Depreciation |
Rs m |
5,980.0 |
7,610.0 |
9,050.0 |
10,001.8 |
10,523.7 |
12,054.8 |
|
| Profit before tax |
Rs m |
53,440.0 |
69,070.0 |
78,990.0 |
85,718.8 |
105,460.4 |
124,042.6 |
|
| Extraordinary items |
Rs m |
0.0 |
0.0 |
480.0 |
0.0 |
0.0 |
0.0 |
|
| Tax |
Rs m |
6,850.0 |
9,190.0 |
16,810.0 |
21,429.7 |
26,365.1 |
31,010.7 |
|
| Profit after tax |
Rs m |
46,590.0 |
59,880.0 |
62,660.0 |
64,289.1 |
79,095.3 |
93,032.0 |
|
| Op. profit margin |
% |
27.8 |
29.7 |
30.6 |
30.2 |
30.0 |
29.2 |
|
| Effective tax rate |
% |
12.8 |
13.3 |
21.3 |
25.0 |
25.0 |
25.0 |
|
| Cons. Net profit margin |
% |
27.9 |
27.6 |
27.6 |
25.3 |
26.2 |
25.8 |
|
| | Balance Sheet Data |
| | | FY08 | FY09 | FY10 | FY11E | FY12E | FY13E | |
| Net fixed assets |
Rs m |
47,770 |
53,540 |
53,550 |
55,548 |
54,091 |
52,835 |
|
| Investments |
Rs m |
720 |
0 |
37,120 |
37,120 |
37,120 |
37,120 |
|
| Current assets |
Rs m |
130,180 |
166,460 |
182,370 |
238,037 |
305,991 |
390,621 |
|
| Total assets |
Rs m |
178,670 |
220,000 |
273,040 |
330,705 |
397,202 |
480,576 |
|
| Networth |
Rs m |
17,220 |
20,040 |
23,430 |
24,325 |
28,646 |
33,746 |
|
| Current liabilities |
Rs m |
41,910 |
38,720 |
44,550 |
51,989 |
57,654 |
69,477 |
|
| 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 |
59,130 |
58,760 |
67,980 |
76,314 |
86,300 |
103,223 |
|
| Current ratio |
x |
3.1 |
4.3 |
4.1 |
4.6 |
5.3 |
5.6 |
|
| D/E ratio |
x |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| RONW |
% |
37.2 |
37.4 |
30.3 |
25.2 |
25.4 |
24.7 |
|
| ROA |
% |
29.9 |
30.0 |
25.4 |
21.3 |
21.7 |
21.2 |
|
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