Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 330,180.00 296,091.00 388,494.00 446,339.00 408,392.00

Excise Duty 24,798.00 19,547.00 13,059.00 11,879.00 11,330.00

Net Sales 305,382.00 276,544.00 375,435.00 434,460.00 397,062.00

Other Income 9,443.00 8,246.00 8,613.00 8,998.00 7,867.00

Stock Adjustments 5,218.00 -2,571.00 -1,483.00 560 4,954.00

Total Income 320,043.00 282,219.00 382,565.00 444,018.00 409,883.00

Expenditure
Raw Materials 223,076.00 191,649.00 297,785.00 368,517.00 341,489.00
Power & Fuel Cost 11,251.00 10,675.00 13,261.00 10,855.00 7,993.00
Employee Cost 8,388.00 7,724.00 6,262.00 5,572.00 5,179.00
Other Manufacturing Expenses 3,636.00 2,582.00 3,136.00 2,605.00 2,619.00
Miscellaneous Expenses 18,055.00 17,086.00 16,144.00 12,669.00 11,691.00
Total Expenses 264,406.00 229,716.00 336,588.00 400,218.00 368,971.00

Operating Profit 46,194.00 44,257.00 37,364.00 34,802.00 33,045.00

PBDIT 55,637.00 52,503.00 45,977.00 43,800.00 40,912.00
Interest 3,849.00 3,608.00 3,316.00 3,836.00 3,463.00
PBDT 51,788.00 48,895.00 42,661.00 39,964.00 37,449.00
Depreciation 11,646.00 12,916.00 11,547.00 11,201.00 11,232.00
Profit Before Tax 40,142.00 35,979.00 31,114.00 28,763.00 26,217.00
PBT (Post Extra-ord Items) 40,142.00 35,979.00 31,114.00 28,763.00 26,217.00
Tax 10,201.00 8,264.00 7,474.00 6,215.00 5,331.00
Reported Net Profit 29,941.00 27,715.00 23,640.00 22,548.00 20,886.00
Minority Interest -68 85 74 55 7
Share Of P/L Of Associates 108 0 0 0 0
Net P/L After Minority Interest & Share Of
29,901.00 27,630.00 23,566.00 22,496.00 20,879.00
Associates
Total Value Addition 41,330.00 38,067.00 38,803.00 31,701.00 27,482.00
Equity Dividend 0 3,095.00 2,944.00 2,793.00 2,628.00
Corporate Dividend Tax 0 605 615 475 447

Per share data (annualised)

Shares in issue (lakhs) 29,589.24 29,480.22 29,433.34 29,395.47 29,363.09

Earning Per Share (Rs) 101.19 94.01 80.32 76.71 71.13
Book Value (Rs) 888.29 823.63 739.48 672.97 614.27
 -----------------
-- in Rs. Cr.
Standalone Balance Sheet
-----------------
--
Mar 17 16-Mar 15-Mar 14-Mar 13-Mar

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 3,251.00 3,240.00 3,236.00 3,232.00 3,229.00

Total Share Capital 3,251.00 3,240.00 3,236.00 3,232.00 3,229.00
Revaluation Reserves 0 0 0 0 1,055.00
Reserves and Surplus 285,062.00 236,936.00 212,923.00 193,842.00 175,711.00
Total Reserves and Surplus 285,062.00 236,936.00 212,923.00 193,842.00 176,766.00
Total Shareholders Funds 288,313.00 240,176.00 216,159.00 197,074.00 179,995.00
Equity Share Application Money 0 8 17 17 25

NON-CURRENT LIABILITIES

Long Term Borrowings 78,723.00 77,866.00 76,227.00 62,711.00 43,012.00

Deferred Tax Liabilities [Net] 24,766.00 13,159.00 12,677.00 12,215.00 12,193.00
Long Term Provisions 2,118.00 1,489.00 1,404.00 0 0
Total Non-Current Liabilities 105,607.00 92,514.00 90,308.00 74,926.00 55,205.00
CURRENT LIABILITIES
Short Term Borrowings 22,580.00 14,490.00 12,914.00 22,770.00 11,511.00
Trade Payables 68,161.00 54,521.00 54,470.00 57,862.00 45,787.00
Other Current Liabilities 60,817.00 54,841.00 19,063.00 10,767.00 21,640.00
Short Term Provisions 1,268.00 1,170.00 4,854.00 4,167.00 4,348.00
Total Current Liabilities 152,826.00 125,022.00 91,301.00 95,566.00 83,286.00
Total Capital And Liabilities 546,746.00 457,720.00 397,785.00 367,583.00 318,511.00
ASSETS

NON-CURRENT ASSETS

Tangible Assets 136,882.00 91,477.00 79,778.00 80,368.00 82,962.00

Intangible Assets 16,248.00 39,933.00 34,785.00 29,038.00 26,786.00
Capital Work-In-Progress 128,283.00 97,296.00 65,178.00 32,673.00 13,525.00

Intangible Assets Under Development 5,906.00 9,583.00 10,575.00 9,043.00 5,591.00

Fixed Assets 287,319.00 238,289.00 190,316.00 151,122.00 128,864.00

Non-Current Investments 140,544.00 112,630.00 62,058.00 52,692.00 24,143.00
Long Term Loans And Advances 10,418.00 16,237.00 29,259.00 28,436.00 21,528.00
Other Non-Current Assets 2,184.00 0 0 0 0
Total Non-Current Assets 440,465.00 367,156.00 281,633.00 232,250.00 174,535.00
CURRENT ASSETS
Current Investments 51,906.00 39,429.00 50,515.00 33,370.00 28,366.00
Inventories 34,018.00 28,034.00 36,551.00 42,932.00 42,729.00
Trade Receivables 5,472.00 3,495.00 4,661.00 10,664.00 11,880.00
Cash And Cash Equivalents 1,754.00 6,892.00 11,571.00 36,624.00 49,547.00
Short Term Loans And Advances 8,272.00 11,938.00 12,307.00 11,277.00 10,974.00
OtherCurrentAssets 4,859.00 776 547 466 480
Total Current Assets 106,281.00 90,564.00 116,152.00 135,333.00 143,976.00
Total Assets 546,746.00 457,720.00 397,785.00 367,583.00 318,511.00

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 73,769.00 79,905.00 80,641.00 75,955.00 54,600.00

CIF VALUE OF IMPORTS

Raw Materials 0 146,516.00 241,456.00 302,630.00 281,719.00

Stores, Spares And Loose Tools 0 4,142.00 3,217.00 3,719.00 3,260.00
Capital Goods 0 13,897.00 9,788.00 4,218.00 2,204.00

EXPENDITURE IN FOREIGN EXCHANGE

Expenditure In Foreign Currency 179,949.00 8,013.00 7,785.00 8,222.00 6,397.00

REMITTANCES IN FOREIGN CURRENCIES FOR

DIVIDENDS

Dividend Remittance In Foreign Currency - 1,311.00 622 524 485

EARNINGS IN FOREIGN EXCHANGE

FOB Value Of Goods 139,131.00 137,634.00 209,169.00 261,118.00 227,883.00

Other Earnings - 198 229 248 209
BONUS DETAILS
Bonus Equity Share Capital 2,108.56 2,108.56 2,108.56 2,108.56 2,108.56

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market

15,991.00 30,647.00 16,950.00 18,039.00 5,329.00
Value
Non-Current Investments Unquoted Book
124,851.00 83,583.00 45,920.00 34,781.00 19,065.00
Value

CURRENT INVESTMENTS

Current Investments Quoted Market

10,731.00 9,949.00 19,158.00 21,655.00 15,460.00
Value
Current Investments Unquoted Book
41,175.00 29,870.00 32,165.00 12,780.00 13,486.00
Value

Source : Dion Global Solutions Limited

 -----------------
-- in Rs. Cr.
Cash Flow
-----------------
--
Mar 17 16-Mar 15-Mar 14-Mar 13-Mar

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit/Loss Before Extraordinary

40,777.00 35,701.00 29,468.00 27,818.00 26,284.00
Items And Tax

Net CashFlow From Operating Activities 51,450.00 44,082.00 35,285.00 42,160.00 32,995.00

Net Cash Used In Investing Activities -54,949.00 -42,329.00 -55,998.00 -64,013.00 -14,797.00

Net Cash Used From Financing Activities -1,639.00 -6,432.00 -940 5,530.00 -8,249.00

Net Inc/Dec In Cash And Cash

-5,138.00 -4,679.00 -21,653.00 -16,323.00 9,949.00
Equivalents
Cash And Cash Equivalents Begin of
6,892.00 11,571.00 33,224.00 49,547.00 39,598.00
Year

Cash And Cash Equivalents End Of Year 1,754.00 6,892.00 11,571.00 33,224.00 49,547.00

Source : Dion Global Solutions Limited

Key Financial Ratios

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 11 10.5 10 9.5 9
Operating Profit Per Share (Rs) 133.04 123.87 97.67 95.54 95.36
Net Operating Profit Per Share (Rs) 744.4 719.54 1,017.02 1,207.08 1,115.93
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 64.85 65.07 65.15 65.24 65.3
Profitability Ratios
Operating Profit Margin(%) 17.87 17.21 9.6 7.91 8.54

Profit Before Interest And Tax Margin(%) 13.87 12.69 6.84 5.53 5.78

Gross Profit Margin(%) 14.37 13.11 7.02 5.66 5.91

Cash Profit Margin(%) 15.9 15.36 9.23 7.71 8.27
Adjusted Cash Margin(%) 15.9 15.36 9.23 7.71 8.27
Net Profit Margin(%) 12.98 11.75 6.9 5.63 5.82
Adjusted Net Profit Margin(%) 12.53 11.38 6.72 5.5 5.7
Return On Capital Employed(%) 11.16 11.47 10.42 10.97 12.55
Return On Net Worth(%) 10.89 11.41 10.51 11.15 11.73
Adjusted Return on Net Worth(%) 10.89 11.41 10.51 11.15 11.73

Return on Assets Excluding Revaluations 886.77 741.2 668.05 609.78 554.22

Return on Assets Including Revaluations 886.77 741.2 668.05 609.78 557.49

Return on Long Term Funds(%) 11.85 11.99 10.88 11.94 13.21

Liquidity And Solvency Ratios

Current Ratio 0.35 0.47 0.89 1.11 1.43

Quick Ratio 0.21 0.31 0.63 1.03 1.12
Debt Equity Ratio 0.35 0.38 0.41 0.43 0.3
Long Term Debt Equity Ratio 0.27 0.32 0.35 0.32 0.24
Debt Coverage Ratios
Interest Cover 15.98 15.55 13.45 9.68 9.66
Total Debt to Owners Fund 0.35 0.38 0.41 0.43 0.3
Financial Charges Coverage Ratio 19.08 19.45 17.04 12.42 12.78
Financial Charges Coverage Ratio Post
15.65 16.07 14.18 10.6 11.04
Tax

Management Efficiency Ratios

Inventory Turnover Ratio 7.79 8.96 9.32 9.35 8.69

Debtors Turnover Ratio 53.98 57.17 42.95 34.61 23.78
Investments Turnover Ratio 7.79 8.96 9.32 9.35 8.69
Fixed Assets Turnover Ratio 1 1.23 1.93 2.36 2.24
Total Assets Turnover Ratio 0.65 0.8 1.22 1.54 1.74
Asset Turnover Ratio 0.67 0.73 1.12 1.51 1.57

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -109.21 -71.1 16.13 53.44 65.7

Profit & Loss Account Ratios

Material Cost Composition 72.07 69.38 81.38 85.68 86.15

Imported Composition of Raw Materials
-- 91.71 90.96 89.68 90.75
Consumed

Selling Distribution Cost Composition -- -- -- -- --

Expenses as Composition of Total Sales 57.48 59.11 63.63 66.99 63.3

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 11.28 12.95 12.7 12.51

Dividend Payout Ratio Cash Profit -- 8.36 9.43 9.07 8.62
Earning Retention Ratio 100 88.72 87.05 87.3 87.49
Cash Earning Retention Ratio 100 91.64 90.57 90.93 91.38
AdjustedCash Flow Times 2.54 2.5 2.86 2.78 1.79

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

Earnings Per Share 96.65 84.61 70.21 68.02 65.05

Book Value 886.77 741.2 668.05 609.78 554.22

Price/BV (X) 1.49 1.41 1.23 1.52 1.4

 Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
Net Income 29,901.00 27,630.00 23,566.00 22,496.00 20,879.00
Depreciation 11,646.00 12,916.00 11,547.00 11,201.00 11,232.00
Net operating working cap. -7,572.00 -45,283.00 -17,207.00 -2,229.00
CAPEX 60,676.00 60,889.00 50,741.00 33,459.00

Net Borrowing 14,497.00 1,690.00 10,124.00 31,774.00

FCFE 2,940.00 26,630.00 11,703.00 34,241.00

Bejamin Graham
12 month trailing EPS 96.65
P/E 18.1
R.O.R 9.32
RFR 6.28
G 42.26
V 1233.8 UNDERVALUED

G= 42.26065
Avg inc. 0.5 g= 5%
K= 9.32%

Avg div(D) 10
V=D/K-g 231.48148

Avg inc. 65.122 Total V= 930.2154

V=E/K 698.73391
FAIRLY VALUED
P/E 18.02
AVG EPS 76.908 UNDERVALUED
V 1385.8822

P/BV 1.41
Average B 692.004 UNDERVALUED
V 975.72564