FY12 FY13 FY14 FY15

Purchase of Assets (232.72) (240.98) (215.44) (267.04)

Capital Expenditure as % of Sales -4.35% -3.87% -3.01% -3.38%
Capital work in progress 26.76 92.57 21.71 50.30
CWIP as % of total CE -11% -38% -10% -19%
Gross Assets before current year depreciation
Depreciation as % of Net Assets 6.29% 7.11% 5.52% 6.13%
Depreciation Expense 103.24 112.4 97.49 114.98
Net Assets 1641.23 1581.88 1766.90 1877.13
 FY16 FY17E FY18E FY19E FY20E FY21E

(216.96)
-2.54%
44.80 0.00 0.00 0.00 0.00 0.00
-21%
1994.68 1994.68 1994.68 1994.68 1994.68
6.86%
133.75 0.00 0.00 0.00 0.00 0.00
1949.88 1994.68 1994.68 1994.68 1994.68 1994.68
 Blue Nos- Projected numbers
Consolidated statement of profit and loss accounts Red No - Actual growth as well as %age to sales

FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E FY20E FY21E

Gross sales/Revenue 5347.07 6229.5 7153.87 7906.37 8543.13 8,543.1 8,543.1 8,543.1 8,543.1 8,543.1 `
%chg 16.5% 14.8% 10.5% 8.1%
less: Excise 41.65 53 59 79 89 - - - - -
% to sales 0.8% 0.9% 0.8% 1.0% 1.0%
Net sales 5,305.42 6,176.12 7,094.43 7,827.20 8,454.02 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
%chg 16.4% 14.9% 10.3% 8.0% 1.1% 0.0% 0.0% 0.0% 0.0%
Less:
Raw material consumed
+/- change in stock (103.05) (1.99) (43.45) (25.91) (70.53)
Raw material consumed 2,278.80 2,422.11 2,739.04 3,002.63 2,947.88
Purchased of goods 509.43 599.22 704.44 743.35 919.65
Cost of Goods Sold 2,685.18 3,019.34 3,400.03 3,720.07 3,797.00 - - - - -
% to sales 50.61% 48.89% 47.93% 47.53% 44.91%
Employee expenses 387.42 471.23 607.67 689.56 794.82 - - - - -
% to sales 7.30% 7.63% 8.57% 8.81% 9.40%
Selling & Administrative 918.17 1,135.97 1,353.04 1,456.92 1,461.68 - - - - -
% to sales 17.31% 18.39% 19.07% 18.61% 17.29%
Labor & Related Expense 0 - - - - - - - - -
% to sales 0.00% 0.00% 0.00% 0.00% 0.00%
Expenses (Other) 424.48 519.78 577.26 644.24 880.74 - - - - -
% to sales 8.00% 8.42% 8.14% 8.23% 10.42%

Total expenditure 4,415.25 5,146.32 5,938.00 6,510.79 6,934.24 - - - - -

% to sales 83.22% 83.33% 83.70% 83.18% 82.02% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA 890.17 1,029.80 1,156.43 1,316.41 1,519.78 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
%chg 15.7% 12.3% 13.8% 15.4% 462.1% 0.0% 0.0% 0.0% 0.0%
EBITDA Margin (%) 16.78% 16.67% 16.30% 16.82% 17.98% 100.00% 100.00% 100.00% 100.00% 100.00%
Less: Depreciation / Amortisazation 103.24 112.40 97.49 114.98 133.75 - - - - -
EBIT 786.93 917.40 1,058.94 1,201.43 1,386.03 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
%chg 16.58% 15.43% 13.46% 15.37% 516.37% 0.00% 0.00% 0.00% 0.00%
EBIT Margin 14.83% 14.85% 14.93% 15.35% 16.39% 100.00% 100.00% 100.00% 100.00% 100.00%
Less: Interest and finance charges 53.84 58.90 54.15 40.12 48.02 - - - - -
Average effective interest rate 5.3% 5.8% 5.6% 6.3%
EBT 733.09 858.50 1,004.79 1,161.31 1,338.01 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
%chg 17.11% 17.04% 15.58% 15.22% 538.50% 0.00% 0.00% 0.00% 0.00%
add: Other non operating income 57.4 94.50 131.46 158.05 219.23
0.65 0.39 0.20 0.39
PBT 790.49 953.00 1,136.25 1,319.36 1,557.24 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
Less: Extraordinary & exceptional item 4.58 0.72
790.49 948.42 1,135.53 1,319.36 1,557.24
Less: Tax 146.38 182.63 219.08 250.89 301.79 - - - - -
Effective Tax rate 18.5% 19.2% 19.3% 19.0% 19.4%
Net profit 644.11 765.79 916.45 1,068.47 1,255.45 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
%chg 18.9% 19.7% 16.6% 17.5% 580.5% 0.0% 0.0% 0.0% 0.0%
Net Profit Margin 12.05% 12.29% 12.81% 13.51% 14.70% 100.00% 100.00% 100.00% 100.00% 100.00%

Share of profit from Associates - - - - - -

Profit and Loss from Minority Interest - - - - -
Profit and Loss available for shareholders 644.11 765.79 916.45 1,068.47 1,255.45 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13

EPS (Rs) 4.39 5.26 6.08 7.14 48.57 48.57 48.57 48.57 48.57
Face Value per share (Rs) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Consolidated Balance sheet

FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E FY20E FY21E

Share capital 174.21 174.29 174.38 175.65 175.91

Share Premium Reserve 175.91 175.91 175.91 175.91 175.91
Reserves and Surplus 1,542.70 1,950.09 2,481.58 3,178.49 3,984.16 12,527.29 21,070.42 29,613.55 38,156.68 46,699.81
Total net worth 1,716.91 2,124.38 2,655.96 3,354.14 4,160.07 12,703.20 21,246.33 29,789.46 38,332.59 46,875.72
Preference share issued by subsidiary company
Hybrid perpectual secutirities
Minority interest 3.3 12.06 15.91 18.16 21.68
Long term borrowings 727.18 539.93 260.40 210.57 341.45 341.45 341.45 341.45 341.45 341.45
Short term borrowings 347.14 611.42 447.74 522.99 449.74
Long-Term Provisions 657.57 49.31 40.89 46.21 50.88
Deffered tax Assets/liabilities 27.4 36.21 44.83 58.71 76.54
Total funds deployed 3,479.50 3,373.31 3,465.73 4,210.78 5,100.36 13,044.65 21,587.78 30,130.91 38,674.04 47,217.17

Gross assets including goodwill 1,994.68 1,994.68 1,994.68 1,994.68 1,994.68

Less: Depreciation/ Amortization - - - - -
Net Assets 1,641.23 1,581.88 1,766.90 1,877.13 1,949.88 1,994.68 1,994.68 1,994.68 1,994.68 1,994.68
Capital work in progress 26.76 92.57 21.71 50.30 44.80 - - - - -
CWIP as % of total CE -11% -38% -10% -19% -21%
Investment 89.28 130.47 424.69 1,407.40 1,787.31 1,787.31 1,787.31 1,787.31 1,787.31 1,787.31
Other assets+ long term loans and adnvances 504.57 328.45 42.61 40.88 47.68
Current assets
Cash and bank balance 448.43 512.81 519.38 276.04 220.40 8,526.12 17,069.25 25,612.38 34,155.51 42,698.64
Current Investment 393.24 501.41 651.78 405.97 736.54 736.54 736.54 736.54 736.54 736.54
Inventories 823.92 843.86 972.29 973.27 1,096.50 - - - - -
Trade Receivables 461.68 484.13 675.30 710.84 809.70 - - - - -
Loans and advances and other assets 233.2 260.83 237.12 364.45 427.67 - - - - -
Total current assets 2,360.47 2,603.04 3,055.87 2,730.57 3,290.81 9,262.66 17,805.79 26,348.92 34,892.05 43,435.18

Less: Current Liabilities

Trade payables 859.16 744.30 1,096.53 1,095.84 1,330.18 - - - - -
Other current liabilities 119.8 431.96 479.42 543.64 356.74 - - - - -
short term provisions 163.85 186.84 270.10 256.02 333.20
Total current liabilities 1,142.81 1,363.10 1,846.05 1,895.50 2,020.12 - - - - -
Net current assets 1,217.66 1,239.94 1,209.82 835.07 1,270.69 9,262.66 17,805.79 26,348.92 34,892.05 43,435.18

Total funds deployed 3,479.50 3,373.31 3,465.73 4,210.78 5,100.36 13,044.65 21,587.78 30,130.91 38,674.04 47,217.17
Balance Sheet Check - (0.00) - - - - - - - -

Turnover ratios in days

Inventory in days 112.00 102.01 104.38 95.49 105.40
Debtor Days 31.76 28.61 34.74 33.15 34.96
Loans and advances 16.04 15.41 12.20 17.00 18.46
Creditors 116.79 89.98 117.71 107.52 127.87
Other Current Liabilities 8.24 25.53 24.67 25.35 15.40

Cash flow statement

FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E FY20E FY21E

PBT 790.49 953.00 1,136.25 1,319.36 1,557.24 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
Add: Depreciation and Amortization 103.24 112.4 97.49 114.98 133.75 - - - - -
Less: Income from non current investment
(Profit)/ Loss on sales of current investments (7.19) (9.56) (17.02) (17.95) (21.53)
(Profit)/ Loss on sales of assets 1.95 4.08 1.12 3.81 (2.67)
Provision for impairment of non current assets -
Interest and income from current investments (48.72) (77.47) (92.12) (116.94) (170.98) - - - - -
Finance costs 53.84 34.94 32.97 40.12 48.02 - - - - -
(Gain) / loss on Financial instruments -0.65 (5.28)
Exchange gain / revaluation of foreign currency loans 0.89 (60.57) 14.55 (3.81) (2.99)
Provision for wealth tax
Exceptional income and expenditure (0.72)
Other non cash expenditure -61.71 0.60 29.48 55.53 61.34
Operating profit before working capital adjustment 832.14 952.14 1,202.00 1,395.10 1,602.18 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
Adjustment for working capital
Trade receivables (107.99) (41.07) (187.02) (142.50) (146.24) 809.70 - - - -
Inventories (115.39) (19.94) (127.86) (0.76) (123.22) 1,096.50 - - - -
Trade payable and other liabilities 182.29 146.94 397.37 24.88 27.79 (2,147.54) - - - -
Loans and advances (35.00) - 475.35 - - - -
Adjustment for working capital net (76.09) 85.93 82.49 (118.38) (241.67) 234.01 - - - -
less: tax paid (135.67) (168.53) (183.42) (229.51) (277.93) - - - - -
Cash flow from Operating activities (!) 620.38 869.54 1,101.07 1,047.21 1,082.58 8,777.14 8,543.13 8,543.13 8,543.13 8,543.13

Purchase of assets (232.72) (240.98) (215.44) (267.04) (216.96) - - - - -

Sales of assets 8.52 17.18 2.39 15.93 11.32
Purchase of investments (3,330.67) (4,701.59) (6,445.50) (6,316.62) (7,215.86)
(0.62) (0.75) (0.90) (0.80) (0.84)
Sale of investments 3275.66 4,330.08 6,455.96 5,595.55 6,653.05
0.61 0.70 0.90 0.71 0.78
Sale/(Purchase) of current Investments - - - -
Acquisition and disposal of subsidiaries
Changes in Other Assets and LT Loands and advances 47.68 - - - -
Inter corporate deposits
Fixed deposit with bank
interest received 48.72 54.17 95.31 95.98 150.11 - - - - -
dividend received
Cash from Investing activities (2) (230.49) (541.14) (107.28) (876.20) (618.34) - - - - -

Capital issued 0.07 0.04 0.05 45.50 17.06 - - - -

Issue/redemption of preference share
Non Convertible Debenture Issue & Commecial Paper
Minority contribution (21.68) - - - -
Longterm borrowings 394.14 135.49 (279.52) (49.82) 130.88 - - -
short term borrowings 4.54 (52.09) 211.44 75.25 (449.74) - - - -
Repayment of Term Loan - - (17.11)
Repayment Unsecured Loan -326.05 (0.30) (375.14) - (56.15)
Expenses on issue & Finance Cost -
Finance Costs (52.12) (34.14) (34.33) (25.75) (47.38) - - - - -
Dividend paid (208.59) (243.43) (278.78) (394.79) (350.61) - - - - -
tax on dividend paid (33.90) (39.58) (47.41) (67.16) (71.68) - - - - -
Cash from Finaning activities (3) (221.91) (234.01) (803.69) (416.77) (394.99) (471.42) - - - -

Net cash flow (1+2+3) 167.98 94.39 190.10 (245.76) 69.25 8,305.72 8,543.13 8,543.13 8,543.13 8,543.13

Operning cash balance 280.45 418.42 123.10 313.21 67.75 220.40 8,526.12 17,069.25 25,612.38 34,155.51
Unrealised gain/ ( Loss ) on Foreign Currency (2.78) 0.30 0.32
Adjustment for balancesheet -
Closing cash balance 448.43 512.81 310.42 67.75 137.32 8,526.12 17,069.25 25,612.38 34,155.51 42,698.64

Dividend Yield 37.6% 37.0% 35.6% 43.2% 33.6%

Dividend Distribution Tax 16.3% 16.3% 17.0% 17.0% 20.4%

Ratios
Capital employed 2,336.69 2,010.21 1,619.68 2,315.28 3,080.24 13,044.65 21,587.78 30,130.91 38,674.04 47,217.17
Net worth 1,716.91 2,124.38 2,655.96 3,354.14 4,160.07 12,703.20 21,246.33 29,789.46 38,332.59 46,875.72
DEBT 1,074.32 1,151.35 708.14 733.56 791.19 341.45 341.45 341.45 341.45 341.45
Average capital employed 2,173.45 1,814.95 1,967.48 2,697.76 8,062.45 17,316.22 25,859.35 34,402.48 42,945.61
Average net worth 1,920.65 2,390.17 3,005.05 3,757.11 8,431.64 16,974.77 25,517.90 34,061.03 42,604.16
Average debt 1,112.84 929.75 720.85 762.38 566.32 341.45 341.45 341.45 341.45
EBIT 786.93 917.40 1,058.94 1,201.43 1,386.03 8,543.13 8,543.13 8,543.13 8,543.13 8,543.13
Ratios

per share ratio

EPS 4.39 5.26 6.08 7.14 48.57 48.57 48.57 48.57 48.57
Cash EPS 50.39 58.15 67.38 78.97 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend per share

Profitability ratios
EBITDA MARGINS 16.78% 16.67% 16.30% 16.82% 17.98% 100.00% 100.00% 100.00% 100.00% 100.00%
NET PROFIT MARGING 12.05% 12.29% 12.81% 13.51% 14.70% 100.00% 100.00% 100.00% 100.00% 100.00%
ROCE 42.21% 58.35% 61.06% 51.38% 105.96% 49.34% 33.04% 24.83% 19.89%
RONW 39.87% 38.34% 35.56% 33.42% 101.32% 50.33% 33.48% 25.08% 20.05%
ROA 27.20% 30.55% 28.53% 27.18% 65.49% 39.57% 28.35% 22.09% 18.09%