(Amt in millions) FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06 LTM 12/06

Revenue 9,108.03 11,313.15 12,832.23 10,678.34 9,539.44 10,417.44

Growth 24% 13% -17% -11% 9.2%

Opening Stock
Raw Materials 216.57 373.20 351.63 523.64 236.36
Work in Process - 2.47 2.70 17.00 19.51
Packing Materials 20.14 24.47 33.16 20.51 26.88
Finished Goods 301.89 309.65 228.18 330.12 203.32
538.60 709.79 615.67 891.27 486.07

Add: Purchases
Raw Materials 2,636.98 5,657.74 6,027.64 3,806.49 2,519.98
Packing Materials 191.76 233.83 204.75 203.17 197.31
Finished Goods 5,172.46 3,982.14 5,362.14 4,896.98 5,690.85
8,001.20 9,873.71 11,594.53 8,906.64 8,408.14

Less: Closing Stock

Raw Materials 373.20 351.63 523.64 236.36 299.08
Work in Process 2.47 2.70 17.00 19.51 16.79
Packing Materials 24.47 33.16 20.51 26.88 22.76
Finished Goods 309.65 228.18 330.12 203.32 195.01
709.79 615.67 891.27 486.07 533.64
Material consumption 7,830.01 9,967.83 11,318.93 9,311.84 8,360.57 9,189.57
Consumption of stores & spares parts 13.22 9.18 10.50 11.04 6.19 6.19
Processing Charges 182.13 199.26 190.60 153.87 143.89 143.89
Power and Fuel 38.35 23.87 6.45 4.89 0.64 0.64
Excise Duty - 5.70 0.12 - - -

Gross profit 1,044.32 1,107.31 1,305.63 1,196.70 1,028.15 1,077.15

Growth 6% 18% -8% -14% 4.8%
Margin 11% 10% 10% 11% 11% 10%

Selling, general and admin exp

Salaries, wages & bonus 117.92 131.67 150.70 152.48 138.54 148.54
Cont to Provident & Other Funds 20.12 19.06 22.11 14.66 18.92 18.92
Workmen and Staff Welfare Expenses 12.06 18.06 19.23 16.25 14.69 14.69
Rent* 50.53 60.55 59.19 62.96 29.86 29.86
Rates and Taxes 46.47 33.33 68.68 38.87 37.20 37.20
Insurance 5.01 5.69 8.35 7.30 4.36 4.36
Repairs and Maintenance -
– Buildings 0.68 0.34 0.20 0.20 0.07 0.07
– Machinery 2.07 3.83 2.58 2.44 2.52 2.52
– Others 4.50 7.08 8.55 5.43 1.54 1.54
Printing and Stationery 4.52 5.86 4.41 4.90 6.34 6.34
Communication Expenses 18.43 23.37 20.74 16.60 18.93 18.93
Travelling 49.82 46.16 49.91 49.20 42.45 42.45
Auditors’ Remuneration 1.54 1.69 2.04 2.65 2.37 2.37
Outward Freight 166.42 179.81 217.30 228.38 184.21 184.21
Brokerage / Commission 36.62 18.19 21.52 27.37 15.64 15.64
Distribution Expenses 72.22 135.21 110.80 105.43 83.71 83.71
Discounts and Quality Rebates 21.91 24.38 33.43 39.70 28.37 28.37
Legal Charges 1.34 1.68 5.24 1.88 1.29 1.29
Professional Charges 5.56 25.59 21.17 21.27 28.26 28.26
Advertisement and Sales Promotion 330.20 268.65 276.32 133.95 124.49 124.49
Miscellaneous Expenses 44.31 25.29 31.84 31.79 27.15 47.15
Bad debts / Advances written off 2.52 - 2.45 - - -
Provision for Doubtful advances 5.00 4.64 0.82 0.82
Provision for Doubtful Debts 1.07 4.56 5.41 73.51 0.36 0.36
Production and Farm Expenses (Net) 2.71 3.39 4.87 3.79 1.14 1.14
Royalty 3.74 5.18 6.94 7.11 2.11 2.11
Deduct: Recovery of Costs (1.08) (0.71) (0.54) (0.79) (0.25) (0.25)
Total 1,021.21 1,047.91 1,158.44 1,051.97 815.09 845.09

EBITDA 23.11 59.40 147.19 144.73 213.06 232.06

Growth 157% 148% -2% 47% 9%
Margin 0.3% 0.5% 1.1% 1.4% 2.2% 2.2%
Depreciation 18.96 14.14 26.88 31.44 25.29 25.29
EBIT 4.15 45.26 120.31 113.29 187.77 206.77
Growth 991% 166% -6% 66% 10%
Margin 0.0% 0.4% 0.9% 1.1% 2.0% 2.0%
Interest expense 45.89 83.98 58.15 66.09 39.75 25.75
Interest income 1.94 4.31 4.75 7.94 0.35 0.35
EBT (39.80) (34.41) 66.91 55.14 148.37 181.37
Tax - - 6.09 - 22.12 32.12
Net income (39.80) (34.41) 60.82 55.14 126.25 149.25
Outstanding shares 24.37 24.37 24.37 24.37 24.37 24.37
EPS (INR 1.63) (INR 1.41) INR 2.50 INR 2.26 INR 5.18 INR 6.12

Total assets 2,272.50 2,810.28 2,594.19 2,419.41 1,805.43

Goodwill 63.47 63.47 63.47 63.47 -
Investment 0.13 5.15 0.15 0.15 0.11
Cash & bank 15.50 83.85 56.76 61.66 36.02
Misc exp 37.01 422.93 355.26 260.90 6.14
P&L 123.85 246.45 181.10 181.53 162.59
Sales promotion material at cost - 3.31 1.66 0.63 2.09
Deferred tax asset (56.84) (58.23) 33.46 54.91 61.17
Loans & adv - Secured & unsecured 29.09 29.18 18.44 30.99 26.56
Loans & adv - recoverable in cash 321.65 228.38 122.59 313.88 109.04
Operating assets 1,738.64 1,785.79 1,761.30 1,451.29 1,401.71
Return on operating assets 0.2% 2.5% 6.8% 7.8% 13.4% 14.8%

Fixed assets excluding Goodwill 526.75 570.67 503.42 440.24 337.68

Current assets excl cash and invests. 1,148.42 1,220.12 1,799.24 1,011.11 1,061.32
Current liab excl debt 571.70 841.41 1,258.40 717.83 667.89
Capital invested 1,103.47 949.38 1,044.26 733.52 731.11
Return on capital invested 0.4% 4.8% 12% 15% 26% 28%

Cash 15.63 89.00 56.91 61.81 36.13 160.67

Debt 602.30 468.88 426.54 413.30 3.00 170.00
Capex - Purchase of fixed assets 23.33 26.36 26.80 13.61 8.17 25.00
Shareholders fund 1,051.43 1,051.43 1,055.38 1,026.58 964.98 964.98

FCF1 (44.17) (46.63) 60.90 72.97 143.37 149.54

FCF1/share (INR 1.81) (INR 1.91) INR 2.50 INR 2.99 INR 5.88 INR 6.14

TBV 987.96 987.96 991.91 963.11 964.98 964.98

TBV/share INR 40.54 INR 40.54 INR 40.70 INR 39.52 INR 39.60 INR 39.60

Net debt/EBITDA 25.4 6.4 2.5 2.4 (0.2) 0.0

EBIT/Interest expense 0.1 0.5 2.1 1.7 4.7

Dividend per share - - - - -

Growth 0% 0% 0% 0%

Price INR 76.50 INR 76.50

M cap 1,864.25 1,864.25
EV 1,831.12 1,873.58
Adj Price INR 75.02 INR 69.91

EV/Sales 0.2 0.2

EV/EBITDA 8.6 8.1
EV/EBIT 9.8 9.1

PE 14.8 12.5
P/FCF1 13.0 12.5
P/TBV 1.9 1.9

Inventories / (Sales - GP) 9% 6% 8% 5% 6%

Days 33 22 28 19 21

AR/Sales 3% 3% 5% 3% 4%
Days 9 12 19 10 15

AP/cost of goods sold 5% 7% 9% 6% 7%

Days 19 26 34 23 25

Cash convertion cycle (CCC) 23 9 13 6 11

No of CCC in a year 16 42 28 58 34
REVENUE(as reported in AR) FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06 12m 12/05 12m 12/06
Branded foods 4,198.01 4,944.78 5,522.37 5,103.05 4,869.52 3,603.00 3,928.00
Growth 18% 12% -8% -5% 9%
%age on total sales 46% 44% 43% 48% 51% 52% 50%
Bulk and processed 4,750.20 6,191.55 7,081.20 5,319.70 4,509.65 4,464.00 4,864.00
Growth 30% 14% -25% -15% 9%
%age on total sales 52% 55% 55% 50% 47% 64% 62%
Others 159.82 176.82 228.66 255.59 160.27 (1,092.00) (939.00)
Growth 11% 29% 12% -37%
%age on total sales 2% 2% 2% 2% 2%
Total 9,108.03 11,313.15 12,832.23 10,678.34 9,539.44 6,975.00 7,853.00
Growth 24% 13% -17% -11% 13%

EBITDA
Branded foods 44.91 57.67 125.88 174.43 170.96
Growth 28% 118% 39% -2%
Margin 1% 1% 2% 3% 4%
Bulk and processed 40.23 90.44 119.60 (21.00) 87.44
Growth 125% 32% -118% -516%
Margin 1% 1% 2% 0% 2%
Others 11.67 19.10 41.76 44.85 46.82
Growth 64% 119% 7% 4%
Margin 7% 11% 18% 18% 29%
Corporate exp (14.11) (47.49) (108.50) (27.93) (78.57)
Total 82.70 119.72 178.74 170.35 226.65
Growth 45% 49% -5% 33%
Margin 1% 1% 1% 2% 2%

EBIT
Branded foods 39.04 54.52 112.75 159.46 156.40 90.00 106.00
Growth 40% 107% 41% -2% 18%
Margin 1% 1% 2% 3% 3% 2% 3%
Bulk and processed 39.62 89.81 118.86 (22.02) 86.61 68.00 88.00
Growth 127% 32% -119% -493% 29%
Margin 1% 1% 2% 0% 2% 2% 2%
Others 5.52 15.69 37.26 38.13 44.59 - -
Growth 184% 137% 2% 17%
Margin 3% 9% 16% 15% 28%
Corporate exp (20.44) (54.44) (117.01) (36.66) (86.24) (51.00) (66.00)
Total 63.74 105.58 151.86 138.91 201.36 107.00 128.00
Growth 66% 44% -9% 45% 20%
Margin 1% 1% 1% 1% 2% 2% 2%

Depreciation
Branded foods 5.87 3.15 13.13 14.97 14.56
Bulk and processed 0.61 0.63 0.74 1.02 0.83
Others 6.15 3.41 4.50 6.72 2.23
Corporate 6.33 6.95 8.51 8.73 7.67
Total 18.96 14.14 26.88 31.44 25.29

Capex
Branded foods 7.35 10.92 3.75 6.92 4.07
Bulk and processed 1.06 1.80 2.51 0.21 0.87
Others 6.93 3.42 10.65 4.66 -
Corporate 7.99 10.22 9.89 1.82 3.23
Total 23.33 26.36 26.80 13.61 8.17

Assets
Branded foods 1,002.83 944.74 761.37 770.28 685.92
Bulk and processed 684.14 662.41 1,279.51 618.83 680.68
Others 190.47 221.90 247.70 243.53 -
Corporate 416.21 658.17 668.38 569.45 227.07
Total 2,293.65 2,487.22 2,956.96 2,202.09 1,593.67

Liabilities
Branded foods 632.52 632.68 519.58 474.78 357.11
Bulk and processed 466.86 404.91 875.57 341.56 220.04
Others 51.90 80.76 98.88 124.54 -
Corporate 214.78 563.89 588.65 416.13 214.93
Total 1,366.06 1,682.24 2,082.68 1,357.01 792.08
Inter-segment adjs
 FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06
Net Profit/ (Loss) before Tax & after Extraord Item 30.79 (115.77) 36.06 (8.32) (20.54)
Interest (Net) (24.27) (62.98) (24.99) 47.12 25.20
Dividend received 11.03 0.65 0.16 -
Interest Received 1.69 4.32 4.36 4.51 0.35
Tax paid - - 0.28 (9.59) (19.27)
Net income 19.24 (174.43) 16.36 33.88 (14.26)
Adjustments:
Depreciation 12.81 14.15 26.88 31.44 25.29
Profit on Disposal of Fixed Assets(Net) 0.47 (5.33) 2.45 (0.67) (4.76)
Profit on Sale of Investments (Net) (0.07) (0.69) (0.62) (0.63) (0.27)
Provision for Doubtful Debts 0.80 4.56 5.41 73.51 0.36
Provision for Dimunition in value of Assets 1.30 0.91 3.64
Provision for Doubtful Advances 5.00 4.64 0.82
Amortisation of Misc. Expenditure 1.80 4.40 67.67 94.36 187.76
(A) 35.05 (157.34) 124.45 237.44 198.58
Changes in working capital
Trade and Other receivables (260.00) (84.21) (198.78) 53.30 27.90
Inventories (151.36) 87.02 (275.48) 403.37 (47.19)
Trade payables (143.38) 264.75 450.49 (525.19) 28.36
Deferred Revenue Expenses (37.00) (15.80) - - -
Extraordinary Items
VSS Expenses 26.49
Assets written off 29.59 (62.40) (89.10) (89.10)
(B) (591.74) 307.84 (86.17) (157.62) (80.03)
Cash from operation (A) + (B) (556.69) 150.50 38.28 79.82 118.55
Purchase of Fixed Assets (27.62) (18.96) (24.37) (13.60) (8.21)

FCF1 7.43 (176.30) 100.08 223.84 190.37

FCF2 (584.31) 131.54 13.91 66.22 110.34

O/S 24.37 24.37 24.37 24.37 24.37

FCF1/share INR 0.30 (INR 7.23) INR 4.11 INR 9.19 INR 7.81
FCF2/share (INR 23.98) INR 5.40 INR 0.57 INR 2.72 INR 4.53

Other investment activities

Sale of Fixed Assets (Net) 1.15 10.88 2.77 7.52 23.63
Investment in Others - (Net) (145.02) (590.02) (479.50) (1,747.09) (189.00)
Diminution in Value of Investments (6.00) - - - -
Sale of Investments 145.07 585.69 485.12 1,747.73 189.26
Extraordinary Item (net) - 5.00 - 288.17

Debt rised/(repaid)
Proceeds from/(Repay of) Long Term Borrowings 576.82 (136.26) (44.61) (3.59) (410.28)
Hedging Costs(net) 1.46 (2.07) 20.90 (12.91) (3.68)
Total 578.28 (138.33) (23.71) (16.50) (413.96)

Amt (returned to)/ received from shareholders

Dividend paid - - (23.63) (9.45) -
Dividend tax paid - - (3.02) (1.23) (3.09)
Total - - (26.65) (10.68) (3.09)