Financial Analysis
Equity Share Data FY07 FY08 FY09 FY10E FY11E FY12E
No. of shares
m
571.2
573.3
572.8
573.3
573.3
573.3
Face value
Rs
5.0
5.0
5.0
5.0
5.0
5.0
Sales / Share
Rs
243.2
292.2
379.8
399.7
475.3
570.2
DPS
Rs
11.4
33.2
23.5
23.0
26.7
31.2
Cons. EPS
Rs
67.5
81.3
104.5
114.9
133.3
156.0
Cons. Fully Diluted EPS
Rs
67.3
81.3
104.4
114.9
133.3
156.0
Cons. CEPS
Rs
76.5
92.0
118.2
130.1
150.1
174.5
Cons. FCF / Share
Rs
-25.4
13.2
-7.6
-0.0
-0.0
0.0
Adj. Book Value / Share
Rs
197.0
241.5
319.6
407.9
510.4
630.3
Income Data FY07 FY08 FY09 FY10E FY11E FY12E
Net Sales
Rs m
138,930.0
166,920.0
216,930.0
228,286.4
271,522.9
325,682.7
% Growth
%
45.9
20.1
30.0
5.2
18.9
19.9
Other Income
Rs m
3,720.0
7,040.0
4,730.0
10,376.5
11,378.2
12,480.0
Total Revenues
Rs m
142,650.0
173,960.0
221,660.0
238,662.9
282,901.0
338,162.7
Interest
Rs m
0.0
0.0
0.0
0.0
0.0
0.0
Operating Profit
Rs m
43,910.0
52,380.0
71,950.0
76,476.0
88,923.7
104,218.5
Depreciation
Rs m
5,140.0
5,980.0
7,610.0
8,467.2
9,341.2
10,214.7
Profit before tax
Rs m
42,470.0
53,440.0
69,070.0
78,385.2
90,960.7
106,483.7
Extraordinary items
Rs m
60.0
0.0
0.0
0.0
0.0
0.0
Tax
Rs m
3,860.0
6,850.0
9,190.0
12,541.6
14,553.7
17,037.4
Profit after tax
Rs m
38,560.0
46,590.0
59,880.0
65,843.6
76,407.0
89,446.3
Op. profit margin
%
31.6
31.4
33.2
33.5
32.8
32.0
Effective tax rate
%
9.1
12.8
13.3
16.0
16.0
16.0
Cons. Net profit margin
%
27.8
27.9
27.6
28.8
28.1
27.5
Balance Sheet Data FY07 FY08 FY09 FY10E FY11E FY12E
Net fixed assets
Rs m
37,710
47,770
53,540
53,063
51,867
49,795
Investments
Rs m
250
720
0
0
0
0
Current assets
Rs m
96,130
131,370
167,720
221,961
289,046
368,795
Total assets
Rs m
134,090
179,860
221,260
275,024
340,914
418,589
Networth
Rs m
112,550
137,950
182,540
232,989
291,524
360,049
Current liabilities
Rs m
21,500
41,910
38,720
42,035
49,389
58,541
Long term debt
Rs m
0
0
0
0
0
0
Short term debt
Rs m
40
0
0
0
0
0
Total liabilities
Rs m
134,090
179,860
221,260
275,024
340,914
418,589
Current ratio
x
4.5
3.1
4.3
5.3
5.9
6.3
D/E ratio
x
0.0
0.0
0.0
0.0
0.0
0.0
RONW
%
42.3
37.2
37.4
31.7
29.1
27.5
ROA
%
28.8
25.9
27.1
23.9
22.4
21.4
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