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Particulars 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08

Equity Share Capital


[FV Re. 1 per share] 230.5 227.45 226.42 225.84 225.84 225.84
Reserves and Surplus 313.4 284.55 325.24 583.78 883.21 1279.15
Sales 4700.86 4895.75 5626.73 6573.19 7585.16 8875.6
Total Income 4801.91 5016.54 5868.84 6784.3 7880.42 8962.9
PAT 540.75 648.43 860.66 1207.02 1273.51 1481
Dividend 463 513 679 790 847 927.57
Dividend Per Share 2.01 2.26 3.00 3.50 3.75 4.11

PAT Growth Rate 20% 33% 40% 6% 16%


CAGR 22%

Year 1 2 3 4 5 6
Particulars 2008-09 2009-10 2010-11 2011-12 2012-13 2013--
PAT Growth Rate 22% 22% 28% 34% 40% 4%
Dividend Payout Ratio 60% 57% 54% 51% 48% 48%
Equity Shares 258.10 258.10 258.10 258.10 258.10 258.10
PAT 1811.62 2216.044 2836.537 3800.959 5321.343 5534.19699
Dividend 1086.97 1263.15 1531.73 1938.49 2554.24 2656.41
Dividend Per Share 4.21 4.89 5.93 7.51 9.90 10.29
PV of Dividend 3.84 4.08 4.52 5.22 6.28 85.78
Share Price 109.72

Assumptions:
1. No further share issues after the 2008-09 rights issue
2. Market Return is taken to be the gain of the Mar '08 Sensex value over the
Apr '07 value
Month Godrej Share Price

Mar '07 147.05


Apr '07 139.9
May '07 141.75
Jun '07 140.95
Jul '07 140.15
Aug '07 134.65
Sep '07 141.25
Oct '07 123.2
Nov '07 128.45
Dec '07 137.95
Jan '08 114.85
Feb '08 134.85
Mar '08 123.95
Beta 0.32

TreasuryBill
Price 98.04
3 months due 100
Rate @ 3 months 0.02
Risk Free Rate 0.08
Market Return 0.13
Expected Stock Return 10%

NEW calculations for year-6


Book Equity 258.10
PAT 5534.197
ROE 4%
EPS 21.44
Div Payout Ratio 48%
Dividend div6 10.29208
Plow Back ( 1- Div Payout) 52%
g ( div growth = ROE* Plow back ratio) 2.0800%
r 10%
Price at end of year 5 (div6/r-g) 129.9505
P5 at end of yr-0 80.68902
Sensex Stock Return Market Return

13072.1
13872.37 -0.05 0.06 1.06
14544.46 0.01 0.05 1.05
14650.51 -0.01 0.01 1.01
15550.99 -0.01 0.06 1.06
15318.6 -0.04 -0.02 0.98
17291.1 0.05 0.12 1.12
19837.99 -0.14 0.14 1.14
19363.19 0.04 -0.02 0.98
20286.99 0.07 0.05 1.05
17648.71 -0.18 -0.14 0.86
17578.72 0.16 0.00 1.00
15644.44 -0.08 -0.12 0.88
Share Holders name No of shares held No of shares Allotted
Alpa 352 50
Ameena 280 40
Renu 215 30
Shilpi 60 8

Rights ratio 7

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