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INCOME:
Sales Turnover
Excise Duty
NET SALES
Other Income
TOTAL INCOME
EXPENDITURE:
Manufacturing Expenses
Material Consumed
Personal Expenses
Selling Expenses
Administrative Expenses
Expenses Capitalised
Provisions Made
TOTAL EXPENDITURE
Operating Profit
EBITDA
Depreciation
Other Write-offs
EBIT
Interest
EBT
Taxes
Profit and Loss for the Year
Non Recurring Items
Other Non Cash Adjustments
Other Adjustments
REPORTED PAT
KEY ITEMS
Preference Dividend
Equity Dividend
Equity Dividend (%)
Shares in Issue (Lakhs)
EPS - Annualised (Rs)
Rs (in Crores)
Mar'14
Mar'13
Mar'12
Mar'11
Mar'10
12Months 12Months 12Months 12Months 12Months
9978.48
0
9978.48
0
10895.2
8899.39
0
8899.39
0
9554.85
7001.99
0
7001.99
0
7272.39
5232.96
0
5232.96
0
5520.14
4316.89
0
4316.89
0
4573.37
0
0
1005.01
0
588.21
0
1516.34
3109.55
911.87
1828.59
54.56
0
1774.04
7473.4
257.7
-293.96
551.66
0
0
0
551.66
0
0
791.83
0
466.59
0
706.44
1964.86
1124.69
1780.15
41.28
0
1738.87
6516.29
1032.42
222.04
810.38
0
0
0
810.38
0
0
714.68
8.27
658.33
0
256.36
1637.63
927.59
1197.99
35.6
0
1162.39
4693.13
906.03
102.57
803.46
-0.32
0
0
803.14
0
0
688.2
16.35
619.57
0
-3.26
1320.85
638.68
925.86
30.55
0
895.31
3270.16
898.57
286.56
612.01
-0.38
0
0
611.63
0
0
511.59
10.8
394.79
0
30.95
948.13
489.37
745.86
27.61
0
718.25
2910.33
687.29
175.54
511.75
-0.5
0
0
511.25
0
107.08
19.91
5378.16
10.26
0
136.57
39.01
3500.59
23.15
0
87.98
25.13
3500.59
22.94
0
61.16
18.34
3333.89
18.35
0
67.11
23.39
2868.23
17.82
Return on Equity
7.72%
14.06%
17.94%
16.73%
19.65%
DPS
1.991
3.901
2.513
1.834
2.340
Average DPS
2.516
Dividend Payout
19.41%
16.85%
10.96%
10.00%
13.13%
Rs (in Crores)
Mar'14
Mar'13
Mar'12
Mar'11
Mar'10
12 Months 12 Months 12 Months 12 Months 12 Months
537.82
350.06
350.06
333.39
286.82
6604.67
5413.95
3941.45
3125.79
2106.23
7142.49
5764.01
4477.33
3655.92
2601.69
5160.93
8413.66
3880.95
1691.66
1561.92
110027.69 97207.15
77166.8
64209.62 51344.28
122331.11 111384.82 85525.08
69557.2
55507.88
1144.81
1112.12
0
0
1144.81
1112.12
0
0
36612.07
34343.1
0
0
0
0
6372.72
9821.41
80733.88
68163.8
87106.6
77985.21
2532.38
2055.61
0
0
2532.38
2055.61
84574.22
75929.6
0
0
122331.11 111384.82
924.45
519.29
219.34
1.48
23027.65
0
0
5551.2
58402.44
63953.63
1611.63
251.21
1862.84
62090.79
0
85525.08
888
484.4
206.85
0.15
18768.91
0
0
5408.81
46256.95
51665.76
1114.58
166.64
1281.22
50384.55
0
69557.2
828.95
421.89
198.42
0.22
15694.23
0
0
5114.52
36370.55
41485.07
2078.7
0
2078.7
39406.38
0
55507.88
117345.95
81430.09
65025.86
52064.78
102506.9
BSE
Date
Dena Close
11/28/2014
60.1
28693.99
11/27/2014
58.5
28438.91
11/26/2014
59
28386.19
11/25/2014
58.65
28338.05
11/24/2014
60.2
28499.54
11/21/2014
60.25
28334.63
11/20/2014
59.95
28067.56
11/19/2014
59.6
28032.85
11/18/2014
62.05
28163.29
11/17/2014
62.05
28177.88
11/14/2014
62.1
28046.66
11/13/2014
62
27940.64
11/12/2014
62.25
28008.9
11/11/2014
62.6
27910.06
11/10/2014
61.35
27874.73
11/7/2014
64.75
27868.63
11/5/2014
65.5
27915.88
11/3/2014
64.85
27860.38
10/31/2014
63.85
27865.83
10/30/2014
62.85
27346.33
10/29/2014
62.35
27098.17
10/28/2014
63
26880.82
10/27/2014
63.65
26752.9
10/23/2014
61.65
26851.05
10/22/2014
61.05
26787.23
10/21/2014
60.65
26575.65
10/20/2014
59.3
26429.85
10/17/2014
58.65
26108.53
10/16/2014
57.85
25999.34
10/14/2014
59.15
26349.33
10/13/2014
58.7
26384.07
10/10/2014
58.1
26297.38
10/9/2014
59.35
26637.28
10/8/2014
57.35
26246.79
10/7/2014
57.7
26271.97
10/1/2014
58.4
26567.99
9/30/2014
57.9
26630.51
9/29/2014
58.7
26597.11
9/26/2014
58.9
26626.32
9/25/2014
57.2
26468.36
9/24/2014
59.3
26744.69
9/23/2014
60.5
26775.69
Close
Returns
BSE
Dena
SUMMARY OUTPUT
0.89%
0.19%
0.17%
-0.57%
0.58%
0.95%
0.12%
-0.46%
-0.05%
0.47%
0.38%
-0.24%
0.35%
0.13%
0.02%
-0.17%
0.20%
-0.02%
1.88%
0.91%
0.81%
0.48%
-0.37%
0.24%
0.79%
0.55%
1.22%
0.42%
-1.34%
-0.13%
0.33%
-1.28%
1.48%
-0.10%
-1.12%
-0.24%
0.13%
-0.11%
0.60%
-1.04%
-0.12%
2.70%
-0.85%
0.59%
-2.61%
-0.08%
0.50%
0.59%
-4.03%
0.00%
-0.08%
0.16%
-0.40%
-0.56%
2.02%
-5.39%
-1.15%
1.00%
1.55%
1.58%
0.80%
-1.04%
-1.03%
3.19%
0.98%
0.66%
2.25%
1.10%
1.37%
-2.22%
0.76%
1.03%
-2.13%
3.43%
-0.61%
-1.21%
0.86%
-1.37%
-0.34%
2.93%
-3.61%
-2.00%
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total
Intercept
Beta
WACC
Rf
Rp
Ke
9/22/2014
62.1
27206.74
9/19/2014
62.6
27090.42
9/18/2014
64.35
27112.21
9/17/2014
63.15
26631.29
9/16/2014
63.8
26492.51
9/15/2014
65.6
26816.56
9/12/2014
64.1
27061.04
9/11/2014
63.2
26995.87
9/10/2014
60.9
27057.41
9/9/2014
59.75
27265.32
9/8/2014
59.95
27319.85
9/5/2014
59.5
27026.7
9/4/2014
59.25
27085.93
9/3/2014
60.65
27139.94
9/2/2014
60.85
27019.39
9/1/2014
59.65
26867.55
8/28/2014
58.45
26638.11
8/27/2014
60.25
26560.15
8/26/2014
60.15
26442.81
8/25/2014
60.8
26437.02
8/22/2014
62.15
26419.55
8/21/2014
61.55
26360.11
8/20/2014
60.1
26314.29
8/19/2014
63.3
26420.67
8/18/2014
62.85
26390.96
8/14/2014
60.75
26103.23
8/13/2014
59.95
25918.95
8/12/2014
63.1
25880.77
8/11/2014
61.7
25519.24
8/8/2014
64.2
25329.14
8/7/2014
66.65
25589.01
8/6/2014
68.3
25665.27
8/5/2014
69.25
25908.01
8/4/2014
69.2
25723.16
8/1/2014
68.5
25480.84
7/31/2014
68.5
25894.97
7/30/2014
68.2
26087.42
7/28/2014
67.25
25991.23
7/25/2014
68.35
26126.75
7/24/2014
70.65
26271.85
7/23/2014
71.15
26147.33
7/22/2014
72.65
26025.8
7/21/2014
73.05
25715.17
7/18/2014
74.85
25641.56
-1.60%
0.43%
-0.08%
1.79%
0.52%
-1.22%
-0.91%
0.24%
-0.23%
-0.77%
-0.20%
1.08%
-0.22%
-0.20%
0.45%
0.56%
0.86%
0.29%
0.44%
0.02%
0.07%
0.23%
0.17%
-0.40%
0.11%
1.10%
0.71%
0.15%
1.41%
0.75%
-1.02%
-0.30%
-0.94%
0.72%
0.95%
-1.61%
-0.74%
0.37%
-0.52%
-0.55%
0.48%
0.47%
1.20%
0.29%
-2.61%
-0.80%
-2.76%
1.88%
-1.02%
-2.78%
2.31%
1.41%
3.71%
1.91%
-0.33%
0.75%
0.42%
-2.34%
-0.33%
1.99%
2.03%
-3.03%
0.17%
-1.07%
-2.20%
0.97%
2.38%
-5.19%
0.71%
3.40%
1.33%
-5.12%
2.24%
-3.97%
-3.75%
-2.45%
-1.38%
0.07%
1.02%
0.00%
0.44%
1.40%
-1.62%
-3.31%
-0.71%
-2.09%
-0.55%
-2.43%
7/17/2014
75.95
25561.16
7/16/2014
75.9
25549.72
7/15/2014
73
25228.65
7/14/2014
72
25006.98
7/11/2014
73.35
25024.35
7/10/2014
76.65
25372.75
7/9/2014
74.75
25444.81
7/8/2014
78.5
25582.11
7/7/2014
83.7
26100.08
7/4/2014
84.25
25962.06
7/3/2014
84.45
25823.75
7/2/2014
83.95
25841.21
7/1/2014
83.4
25516.35
6/30/2014
85.2
25413.78
6/27/2014
80.65
25099.92
6/26/2014
82.05
25062.67
6/25/2014
83.15
25313.74
6/24/2014
83.55
25368.9
6/23/2014
83.2
25031.32
6/20/2014
82.95
25105.51
6/19/2014
84.95
25201.8
6/18/2014
84.05
25246.25
6/17/2014
84.6
25521.19
6/16/2014
81.1
25190.48
6/13/2014
83.6
25228.17
6/12/2014
87.65
25576.21
6/11/2014
89.5
25473.89
6/10/2014
91.35
25583.69
6/9/2014
92.4
25580.21
6/6/2014
92.65
25396.46
6/5/2014
90.2
25019.51
6/4/2014
88.9
24805.83
6/3/2014
84.95
24858.59
6/2/2014
86.05
24684.85
5/30/2014
82.1
24217.34
5/29/2014
82.9
24234.15
5/28/2014
83.95
24556.09
5/27/2014
84.35
24549.51
5/26/2014
85.4
24716.88
5/23/2014
83.7
24693.35
5/22/2014
79.7
24374.4
5/21/2014
79.9
24298.02
5/20/2014
80.05
24376.88
5/19/2014
78.55
24363.05
0.31%
0.04%
1.26%
0.88%
-0.07%
-1.38%
-0.28%
-0.54%
-2.00%
0.53%
0.53%
-0.07%
1.27%
0.40%
1.24%
0.15%
-1.00%
-0.22%
1.34%
-0.30%
-0.38%
-0.18%
-1.08%
1.30%
-0.15%
-1.37%
0.40%
-0.43%
0.01%
0.72%
1.50%
0.86%
-0.21%
0.70%
1.91%
-0.07%
-1.32%
0.03%
-0.68%
0.10%
1.30%
0.31%
-0.32%
0.06%
-1.46%
0.07%
3.90%
1.38%
-1.86%
-4.40%
2.51%
-4.89%
-6.41%
-0.65%
-0.24%
0.59%
0.66%
-2.14%
5.49%
-1.72%
-1.33%
-0.48%
0.42%
0.30%
-2.38%
1.07%
-0.65%
4.23%
-3.04%
-4.73%
-2.09%
-2.05%
-1.14%
-0.27%
2.68%
1.45%
4.54%
-1.29%
4.70%
-0.97%
-1.26%
-0.48%
-1.24%
2.01%
4.90%
-0.25%
-0.19%
1.89%
5/16/2014
69.35
24121.74
5/15/2014
66.7
23905.6
5/14/2014
66.55
23815.12
5/13/2014
63.9
23871.23
5/12/2014
63.05
23551
5/9/2014
62.95
22994.23
5/8/2014
61.45
22344.04
5/7/2014
61.95
22323.9
5/6/2014
62.65
22508.42
5/5/2014
63.8
22445.12
5/2/2014
63.5
22403.89
4/30/2014
63.5
22417.8
4/29/2014
63.1
22466.19
4/28/2014
63.95
22631.61
4/25/2014
63.2
22688.07
4/23/2014
61.8
22876.54
4/22/2014
61.65
22758.37
4/21/2014
62.5
22764.83
4/17/2014
60.1
22628.84
4/16/2014
58.6
22277.23
4/15/2014
61.35
22484.93
4/11/2014
62.95
22628.96
4/10/2014
62.8
22715.33
4/9/2014
61.8
22702.34
4/7/2014
60.25
22343.45
4/4/2014
60.9
22359.5
4/3/2014
60
22509.07
4/2/2014
61.5
22551.49
4/1/2014
59.4
22446.44
3/31/2014
60.55
22386.27
3/28/2014
60.1
22339.97
3/27/2014
58.1
22214.37
3/26/2014
57.35
22095.3
3/25/2014
56.15
22055.21
3/24/2014
55.9
22055.48
3/22/2014
56.55
21755.32
3/21/2014
56.45
21753.75
3/20/2014
55.2
21740.09
3/19/2014
55.85
21832.86
3/18/2014
55.95
21832.61
3/14/2014
54.45
21809.8
3/13/2014
55.25
21774.61
3/12/2014
55.2
21856.22
3/11/2014
55.9
21826.42
1.00%
0.90%
0.38%
-0.24%
1.35%
2.39%
2.87%
0.09%
-0.82%
0.28%
0.18%
-0.06%
-0.22%
-0.73%
-0.25%
-0.83%
0.52%
-0.03%
0.60%
1.57%
-0.93%
-0.64%
-0.38%
0.06%
1.59%
-0.07%
-0.67%
-0.19%
0.47%
0.27%
0.21%
0.56%
0.54%
0.18%
0.00%
1.37%
0.01%
0.06%
-0.43%
0.00%
0.10%
0.16%
-0.37%
0.14%
12.46%
3.90%
0.23%
4.06%
1.34%
0.16%
2.41%
-0.81%
-1.12%
-1.82%
0.47%
0.00%
0.63%
-1.34%
1.18%
2.24%
0.24%
-1.37%
3.92%
2.53%
-4.59%
-2.57%
0.24%
1.61%
2.54%
-1.07%
1.49%
-2.47%
3.47%
-1.92%
0.75%
3.38%
1.30%
2.11%
0.45%
-1.16%
0.18%
2.24%
-1.17%
-0.18%
2.72%
-1.46%
0.09%
-1.26%
3/10/2014
56.45
21934.83
3/7/2014
56.15
21919.79
3/6/2014
55.05
21513.87
3/5/2014
54.15
21276.86
3/4/2014
53
21209.73
3/3/2014
52
20946.65
2/28/2014
51.65
21120.12
2/26/2014
51.4
20986.99
2/25/2014
51.7
20852.47
2/24/2014
51.7
20811.44
2/21/2014
51.7
20700.75
2/20/2014
51.9
20536.64
2/19/2014
52.5
20722.97
2/18/2014
52.5
20634.21
2/17/2014
52.05
20464.06
2/14/2014
51.7
20366.82
2/13/2014
52.2
20193.35
2/12/2014
53.1
20448.49
2/11/2014
53
20363.37
2/10/2014
52.95
20334.27
2/7/2014
54.4
20376.56
2/6/2014
53.5
20310.74
2/5/2014
53.45
20261.03
2/4/2014
53.35
20211.93
2/3/2014
52.8
20209.26
1/31/2014
53.85
20513.85
1/30/2014
53.25
20498.25
1/29/2014
54.7
20647.3
1/28/2014
55.1
20683.51
1/27/2014
55.25
20707.45
1/24/2014
57.9
21133.56
1/23/2014
59.3
21373.66
1/22/2014
59.85
21337.67
1/21/2014
60.15
21251.12
1/20/2014
59.4
21205.05
1/17/2014
59.3
21063.62
1/16/2014
60.3
21265.18
1/15/2014
60.45
21289.49
1/14/2014
60.35
21032.88
1/13/2014
60.6
21134.21
1/10/2014
61.45
20758.49
1/9/2014
61.5
20713.37
1/8/2014
61.9
20729.38
1/7/2014
61.4
20693.24
-0.50%
0.07%
1.87%
1.11%
0.32%
1.25%
-0.82%
0.63%
0.64%
0.20%
0.53%
0.80%
-0.90%
0.43%
0.83%
0.48%
0.86%
-1.26%
0.42%
0.14%
-0.21%
0.32%
0.25%
0.24%
0.01%
-1.50%
0.08%
-0.72%
-0.18%
-0.12%
-2.04%
-1.13%
0.17%
0.41%
0.22%
0.67%
-0.95%
-0.11%
1.21%
-0.48%
1.79%
0.22%
-0.08%
0.17%
-0.98%
0.53%
1.98%
1.65%
2.15%
1.90%
0.68%
0.49%
-0.58%
0.00%
0.00%
-0.39%
-1.15%
0.00%
0.86%
0.67%
-0.96%
-1.71%
0.19%
0.09%
-2.70%
1.67%
0.09%
0.19%
1.04%
-1.97%
1.12%
-2.69%
-0.73%
-0.27%
-4.68%
-2.39%
-0.92%
-0.50%
1.25%
0.17%
-1.67%
-0.25%
0.17%
-0.41%
-1.39%
-0.08%
-0.65%
0.81%
1/6/2014
62.7
20787.3
1/3/2014
62.05
20851.33
1/2/2014
61.15
20888.33
1/1/2014
61.85
21140.48
12/31/2013
60.75
21170.68
12/30/2013
62
21143.01
12/27/2013
63.25
21193.58
12/26/2013
61.6
21074.59
12/24/2013
59
21032.71
12/23/2013
57.65
21101.03
12/20/2013
56.8
21079.72
12/19/2013
56.15
20708.62
12/18/2013
56.75
20859.86
12/17/2013
56.05
20594.99
12/16/2013
56.2
20659.52
12/13/2013
56.05
20715.58
12/12/2013
56.05
20925.61
12/11/2013
55.6
21171.41
12/10/2013
55.1
21255.26
12/9/2013
56.3
21326.42
12/6/2013
55.85
20996.53
12/5/2013
55.4
20957.81
12/4/2013
54.65
20708.71
12/3/2013
55.7
20854.92
12/2/2013
55.4
20898.01
11/29/2013
54.05
20791.93
11/28/2013
53.25
20534.91
11/27/2013
53.25
20420.26
11/26/2013
54.3
20425.02
11/25/2013
55.2
20605.08
11/22/2013
54.3
20217.39
11/21/2013
55.75
20229.05
11/20/2013
56.55
20635.13
11/19/2013
56.75
20890.82
11/18/2013
56.6
20850.74
11/14/2013
55.15
20399.42
11/13/2013
54.1
20194.4
11/12/2013
54.55
20281.91
11/11/2013
55.6
20490.96
11/8/2013
59.55
20666.15
11/7/2013
58.95
20822.77
11/6/2013
62.3
20894.94
11/5/2013
62.75
20974.79
11/3/2013
60.25
21239.36
-0.45%
-0.31%
-0.18%
-1.20%
-0.14%
0.13%
-0.24%
0.56%
0.20%
-0.32%
0.10%
1.78%
-0.73%
1.28%
-0.31%
-0.27%
-1.01%
-1.17%
-0.40%
-0.33%
1.56%
0.18%
1.20%
-0.70%
-0.21%
0.51%
1.24%
0.56%
-0.02%
-0.88%
1.90%
-0.06%
-1.99%
-1.23%
0.19%
2.19%
1.01%
-0.43%
-1.03%
-0.85%
-0.76%
-0.35%
-0.38%
-1.25%
-2.10%
1.04%
1.46%
-1.14%
1.79%
-2.04%
-2.00%
2.64%
4.31%
2.31%
1.49%
1.15%
-1.06%
1.24%
-0.27%
0.27%
0.00%
0.81%
0.90%
-2.15%
0.80%
0.81%
1.36%
-1.90%
0.54%
2.47%
1.49%
0.00%
-1.95%
-1.64%
1.64%
-2.64%
-1.42%
-0.35%
0.26%
2.60%
1.92%
-0.83%
-1.91%
-6.86%
1.01%
-5.53%
-0.72%
4.07%
11/1/2013
57.35
21196.81
10/31/2013
53.8
21164.52
10/30/2013
50.4
21033.97
10/29/2013
51.15
20929.01
10/28/2013
48.65
20570.28
10/25/2013
50.45
20683.52
10/24/2013
51.7
20725.43
10/23/2013
51.9
20767.88
10/22/2013
51.55
20864.97
10/21/2013
51.05
20893.89
10/18/2013
50.25
20882.89
10/17/2013
49
20415.51
10/15/2013
49.15
20547.62
10/14/2013
50.95
20607.54
10/11/2013
49.8
20528.59
10/10/2013
49.05
20272.91
10/9/2013
48.75
20249.26
10/8/2013
48.55
19983.61
10/7/2013
48.6
19895.1
10/4/2013
48
19915.95
10/3/2013
48.05
19902.07
10/1/2013
46.7
19517.15
9/30/2013
45.6
19379.77
9/27/2013
47.25
19727.27
9/26/2013
47
19893.85
9/25/2013
47.6
19856.24
9/24/2013
47.95
19920.21
9/23/2013
47.8
19900.96
9/20/2013
49.9
20263.71
9/19/2013
54
20646.64
9/18/2013
49.8
19962.16
9/17/2013
49.5
19804.03
9/16/2013
50.75
19742.47
9/13/2013
51.5
19732.76
9/12/2013
51.05
19781.88
9/11/2013
51.7
19997.45
9/10/2013
48.05
19997.1
9/6/2013
47.4
19270.06
9/5/2013
47.65
18979.76
9/4/2013
44.05
18567.55
9/3/2013
42.9
18234.66
9/2/2013
45.05
18886.13
8/30/2013
43.75
18619.72
8/29/2013
43.1
18401.04
0.20%
0.15%
0.62%
0.50%
1.73%
-0.55%
-0.20%
-0.20%
-0.47%
-0.14%
0.05%
2.26%
-0.65%
-0.29%
0.38%
1.25%
0.12%
1.32%
0.44%
-0.10%
0.07%
1.95%
0.71%
-1.78%
-0.84%
0.19%
-0.32%
0.10%
-1.81%
-1.87%
3.37%
0.80%
0.31%
0.05%
-0.25%
-1.08%
0.00%
3.70%
1.52%
2.20%
1.81%
-3.51%
1.42%
1.18%
4.93%
6.39%
6.53%
-1.48%
5.01%
-3.63%
-2.45%
-0.39%
0.68%
0.97%
1.58%
2.52%
-0.31%
-3.60%
2.28%
1.52%
0.61%
0.41%
-0.10%
1.24%
-0.10%
2.85%
2.38%
-3.55%
0.53%
-1.27%
-0.73%
0.31%
-4.30%
-7.90%
8.10%
0.60%
-2.49%
-1.47%
0.88%
-1.27%
7.32%
1.36%
-0.53%
7.86%
2.65%
-4.89%
2.93%
1.50%
8/28/2013
43.3
17996.15
8/27/2013
44.3
17968.08
8/26/2013
46.9
18558.13
8/23/2013
46.35
18519.44
8/22/2013
45.95
18312.94
8/21/2013
45.2
17905.91
8/20/2013
45.6
18246.04
8/19/2013
44.6
18307.52
8/16/2013
46
18598.18
8/14/2013
49.35
19367.59
8/13/2013
47.75
19229.84
8/12/2013
46.85
18946.98
8/8/2013
46.3
18789.34
8/7/2013
47.15
18664.88
8/6/2013
45.25
18733.04
8/5/2013
47.65
19182.26
8/2/2013
46.65
19164.02
8/1/2013
49.45
19317.19
7/31/2013
53.5
19345.7
7/30/2013
55.55
19328.54
7/29/2013
57.9
19593.28
7/26/2013
59.45
19748.19
7/25/2013
61.2
19804.76
7/24/2013
63.8
20090.68
7/23/2013
67.65
20302.13
7/22/2013
67.35
20159.12
7/19/2013
67.6
20149.85
7/18/2013
68.8
20128.41
7/17/2013
66.25
19948.73
7/16/2013
67.15
19851.23
7/15/2013
71.4
20034.48
7/12/2013
69.05
19958.47
7/11/2013
69.6
19676.06
7/10/2013
68.75
19294.12
7/9/2013
70.6
19439.48
7/8/2013
67.7
19324.77
7/5/2013
68.3
19495.82
7/4/2013
68.6
19410.84
7/3/2013
67.55
19177.76
7/2/2013
70.8
19463.82
7/1/2013
72.4
19577.39
6/28/2013
69.75
19395.81
6/27/2013
66.3
18875.95
6/26/2013
68.55
18552.12
2.22%
0.16%
-3.23%
0.21%
1.12%
2.25%
-1.88%
-0.34%
-1.58%
-4.05%
0.71%
1.48%
0.84%
0.66%
-0.36%
-2.37%
0.10%
-0.80%
-0.15%
0.09%
-1.36%
-0.79%
-0.29%
-1.43%
-1.05%
0.71%
0.05%
0.11%
0.90%
0.49%
-0.92%
0.38%
1.43%
1.96%
-0.75%
0.59%
-0.88%
0.44%
1.21%
-1.48%
-0.58%
0.93%
2.72%
1.73%
-0.46%
-2.28%
-5.70%
1.18%
0.87%
1.65%
-0.88%
2.22%
-3.09%
-7.03%
3.30%
1.90%
1.18%
-1.82%
4.11%
-5.17%
2.12%
-5.83%
-7.87%
-3.76%
-4.14%
-2.64%
-2.90%
-4.16%
-5.86%
0.44%
-0.37%
-1.76%
3.78%
-1.35%
-6.14%
3.35%
-0.79%
1.23%
-2.66%
4.19%
-0.88%
-0.44%
1.54%
-4.70%
-2.23%
3.73%
5.07%
-3.34%
6/25/2013
69.75
18629.15
6/24/2013
70.65
18540.89
6/21/2013
74.25
18774.24
6/20/2013
78.7
18719.29
6/19/2013
86.4
19245.7
6/18/2013
85.7
19223.28
6/17/2013
85.5
19325.87
6/14/2013
84.35
19177.93
6/13/2013
82.65
18827.16
6/12/2013
83.55
19041.13
6/11/2013
82.1
19143
6/10/2013
83.1
19441.07
6/7/2013
84.1
19429.23
6/6/2013
85.5
19519.49
6/5/2013
84.3
19568.22
6/4/2013
82.85
19545.78
6/3/2013
84.4
19610.48
5/31/2013
84.5
19760.3
5/30/2013
86.75
20215.4
5/29/2013
87
20147.64
5/28/2013
89.15
20160.82
5/27/2013
88.55
20030.77
5/24/2013
87.65
19704.33
5/23/2013
87.15
19674.33
5/22/2013
90.3
20062.24
5/21/2013
93.35
20111.61
5/20/2013
95.35
20223.98
5/17/2013
94.95
20286.12
5/16/2013
95.1
20247.33
5/15/2013
94.9
20212.96
5/14/2013
91
19722.29
5/13/2013
90.55
19691.67
5/11/2013
93.9
20122.32
5/10/2013
93.05
20082.62
5/9/2013
91.85
19939.04
5/8/2013
91.1
19990.18
5/7/2013
91.8
19888.95
5/6/2013
91.8
19673.64
5/3/2013
91
19575.64
5/2/2013
93.15
19735.77
4/30/2013
91
19504.18
4/29/2013
92.9
19387.5
4/26/2013
92.8
19286.72
4/25/2013
95.6
19406.85
-0.41%
0.47%
-1.25%
0.29%
-2.77%
0.12%
-0.53%
0.77%
1.85%
-1.13%
-0.53%
-1.55%
0.06%
-0.46%
-0.25%
0.11%
-0.33%
-0.76%
-2.28%
0.34%
-0.07%
0.65%
1.64%
0.15%
-1.95%
-0.25%
-0.56%
-0.31%
0.19%
0.17%
2.46%
0.16%
-2.16%
0.20%
0.72%
-0.26%
0.51%
1.09%
0.50%
-0.81%
1.18%
0.60%
0.52%
-0.62%
-1.74%
-1.28%
-4.97%
-5.82%
-9.33%
0.81%
0.23%
1.35%
2.04%
-1.08%
1.75%
-1.21%
-1.20%
-1.65%
1.41%
1.74%
-1.85%
-0.12%
-2.63%
-0.29%
-2.44%
0.68%
1.02%
0.57%
-3.55%
-3.32%
-2.12%
0.42%
-0.16%
0.21%
4.20%
0.50%
-3.63%
0.91%
1.30%
0.82%
-0.77%
0.00%
0.88%
-2.34%
2.34%
-2.07%
0.11%
-2.97%
4/23/2013
95.05
19179.36
4/22/2013
96.05
19169.83
4/18/2013
94.75
19016.46
4/17/2013
93.25
18731.16
4/16/2013
93.45
18744.93
4/15/2013
90.6
18357.8
4/12/2013
88.5
18242.56
4/11/2013
86.6
18542.2
4/10/2013
87.6
18414.45
4/9/2013
86.75
18226.48
4/8/2013
89.25
18437.78
4/5/2013
89.95
18450.23
4/4/2013
90.8
18509.7
4/3/2013
92.75
18801.64
4/2/2013
94.35
19040.95
4/1/2013
91.85
18864.75
3/28/2013
89.4
18835.77
3/26/2013
89.25
18704.53
3/25/2013
90.85
18681.42
3/22/2013
91.4
18735.6
3/21/2013
89.85
18792.87
3/20/2013
89.5
18884.19
3/19/2013
91.75
19008.1
3/18/2013
94.6
19293.2
3/15/2013
94.05
19427.56
3/14/2013
95.75
19570.44
3/13/2013
93.1
19362.55
3/12/2013
96.1
19564.92
3/11/2013
97.05
19646.21
3/8/2013
95.85
19683.23
3/7/2013
94.1
19413.54
3/6/2013
93.8
19252.61
3/5/2013
92.5
19143.17
3/4/2013
88.55
18877.96
3/1/2013
90
18918.52
2/28/2013
89
18861.54
2/27/2013
95.65
19152.41
2/26/2013
95.1
19015.14
2/25/2013
98
19331.69
2/22/2013
99.3
19317.01
2/21/2013
99.5
19325.36
2/20/2013
103.05
19642.75
2/19/2013
104
19635.72
2/18/2013
102.25
19501.08
1.18%
0.05%
0.80%
1.51%
-0.07%
2.09%
0.63%
-1.63%
0.69%
1.03%
-1.15%
-0.07%
-0.32%
-1.56%
-1.26%
0.93%
0.15%
0.70%
0.12%
-0.29%
-0.31%
-0.48%
-0.65%
-1.49%
-0.69%
-0.73%
1.07%
-1.04%
-0.41%
-0.19%
1.38%
0.83%
0.57%
1.40%
-0.21%
0.30%
-1.53%
0.72%
-1.65%
0.08%
-0.04%
-1.63%
0.04%
0.69%
0.58%
-1.05%
1.36%
1.60%
-0.21%
3.10%
2.35%
2.17%
-1.15%
0.98%
-2.84%
-0.78%
-0.94%
-2.12%
-1.71%
2.69%
2.70%
0.17%
-1.78%
-0.60%
1.71%
0.39%
-2.48%
-3.06%
0.58%
-1.79%
2.81%
-3.17%
-0.98%
1.24%
1.84%
0.32%
1.40%
4.36%
-1.62%
1.12%
-7.21%
0.58%
-3.00%
-1.32%
-0.20%
-3.51%
-0.92%
1.70%
2/15/2013
101
19468.15
2/14/2013
100.15
19497.18
2/13/2013
100.55
19608.08
2/12/2013
103.2
19561.04
2/11/2013
104.45
19460.57
2/8/2013
103.3
19484.77
2/7/2013
104.5
19580.32
2/6/2013
105.4
19639.72
2/5/2013
106.25
19659.82
2/4/2013
104.25
19751.19
2/1/2013
107.5
19781.19
1/31/2013
111
19894.98
1/30/2013
110.45
20005
1/29/2013
112.45
19990.9
1/28/2013
113.9
20103.35
1/25/2013
115
20103.53
1/24/2013
111.05
19923.78
1/23/2013
114.5
20026.61
1/22/2013
117.3
19981.57
1/21/2013
119.7
20101.82
1/18/2013
119.25
20039.04
1/17/2013
118.75
19964.03
1/16/2013
118.45
19817.63
1/15/2013
122.35
19986.82
1/14/2013
123.35
19906.41
1/11/2013
120.15
19663.64
1/10/2013
123.7
19663.55
1/9/2013
124.45
19666.59
1/8/2013
125.8
19742.52
1/7/2013
125.1
19691.42
1/4/2013
126.75
19784.08
1/3/2013
122.85
19764.78
1/2/2013
120.75
19714.24
1/1/2013
120.05
19580.81
0.17%
-0.15%
-0.57%
0.24%
0.51%
-0.12%
-0.49%
-0.30%
-0.10%
-0.46%
-0.15%
-0.57%
-0.55%
0.07%
-0.56%
0.00%
0.90%
-0.51%
0.23%
-0.60%
0.31%
0.38%
0.74%
-0.85%
0.40%
1.23%
0.00%
-0.02%
-0.39%
0.26%
-0.47%
0.10%
0.26%
0.68%
1.23%
0.85%
-0.40%
-2.60%
-1.20%
1.11%
-1.15%
-0.86%
-0.80%
1.90%
-3.07%
-3.20%
0.50%
-1.79%
-1.28%
-0.96%
3.50%
-3.06%
-2.42%
-2.03%
0.38%
0.42%
0.25%
-3.24%
-0.81%
2.63%
-2.91%
-0.60%
-1.08%
0.56%
-1.31%
3.13%
1.72%
0.58%
Regression Statistics
0.5906
0.3488
0.3474
0.0204
471.0000
df
SS
1.0000
469.0000
470.0000
0.1042
0.1945
0.2987
Coefficients
Standard Error
-0.0027
0.0009
1.5468
0.0976
WACC
8.00%
7.50%
19.60%
MS
F
Significance F
0.1042 251.1993
0.0000
0.0004
t Stat
P-value
-2.8923
0.0040
15.8493
0.0000
Upper 95.0%
-0.0009
1.7386
Stable Growth
ROE
12.50%
17.09%
Based on payout = 1
- G/b
S.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Company
Kotak Mahindra
ING Vysya Bank
IndusInd Bank
HDFC Bank
ICICI Bank
Axis Bank
Yes Bank
Lakshmi Vilas
Karur Vysya
City Union Bank
Federal Bank
South Ind Bk
JK Bank
Karnataka Bank
State Bk Travan
Central Bank
IOB
SBI
IDBI Bank
Andhra Bank
Bank of Mah
PNB
Corporation Bk
Bank of Baroda
Allahabad Bank
Vijaya Bank
Punjab & Sind
Indian Bank
Dena Bank
Oriental Bank
Canara Bank
Union Bank
UCO Bank
State Bk Mysore
Bank of India
State B Bikaner
Syndicate Bank
Industry Average
PE
39.89
18.01
18.70
21.19
14.66
2.21
9.22
8.71
9.34
8.41
9.74
5.89
0.63
7.10
6.92
0.00
10.47
13.15
9.36
8.66
9.81
8.06
8.25
6.82
4.22
8.21
4.13
4.73
5.90
5.87
5.00
5.13
5.44
7.46
5.39
3.15
3.52
8.74
PB
4.88
1.70
3.05
4.13
1.96
1.80
2.09
0.71
1.22
1.44
1.18
0.92
1.30
0.72
0.46
0.55
0.44
1.21
0.48
0.43
0.57
3.91
0.46
0.86
0.45
0.61
0.31
0.46
0.51
0.52
0.51
0.51
0.70
0.51
0.56
0.43
0.55
1.16
ROE
13.83
11.45
17.56
21.28
14.02
17.43
25.02
6.23
13.46
18.94
12.61
16.63
22.34
10.54
6.81
-10.45
4.51
10.03
5.42
5.07
7.42
10.17
5.72
13.37
10.93
8.54
8.11
10.55
9.82
9.16
10.38
10.41
16.83
7.07
11.16
14.46
16.73
payout
0.04
0.17
0.13
0.19
0.27
0.15
0.18
0.16
0.27
0.16
0.20
0.21
0.20
0.24
0.04
0.00
0.25
0.21
0.14
0.15
0.25
0.11
0.20
0.20
0.12
0.41
0.20
0.19
0.21
0.20
0.26
0.15
0.07
0.05
0.12
0.14
0.20
risk
1.09
1.20
1.59
1.12
1.79
1.83
1.97
1.05
0.71
0.67
1.41
1.21
0.82
1.85
1.10
1.73
1.53
1.49
2.08
1.51
1.18
1.68
1.35
1.28
1.74
1.43
1.71
1.54
1.61
1.95
1.77
1.95
1.83
0.99
1.79
1.16
1.82
Regression Statis
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.583413971
R Square
0.51373745
Adjusted R Square
0.465454631
Standard Error
4.606693514
Observations
37
ANOVA
df
Regression
Residual
Total
Intercept
PB
ROE
payout
risk
SS
1079.01787
679.092004
1758.10988
MS
269.7544679
21.22162513
F
12.7113
Significance F
0.08657
t Stat
1.783967286
6.550304526
-1.728822695
0.977036832
-1.169024976
P-value
0.0839
0.0000
0.1935
0.3359
0.2510
Lower 95%
-1.031165464
3.62661
-0.544748303
-11.23533909
-6.72234646
4
32
36
Method
P/B Based
Excess Return
DDM Valuation
P/E Based
Current Price(11/12/2014)
Price(Rs.)
134.40
108.42
73.49
89.33
60.60
Grossly Undervalued
Rs Crores
Net Income
Cost of Equity
Return on Equity
Equity Cost
Beginning BV of Equity
Dividend Payout Ratio
Retention Ratio
Retained Earnings
Excess Return
PV of Excess Return
Mar'14
551.66
19.60%
7.72%
1399.99
7142.49
20.00%
80.00%
441.33
-848.33
Sum of ExcessReturn
PV of Terminal Value
Current BookValue
Total Value of Equity
Price Per Share(Rs.)
1
Mar'15
1289.25
19.60%
17.00%
1486.49
7583.82
20.00%
80.00%
1031.40
-197.25
-164.92
Rs. Crs
-745.90
-565.82
7142.49
5830.77
108.42
2
Mar'16
1464.59
19.60%
17.00%
1688.66
8615.22
20.00%
80.00%
1171.67
-224.07
-156.65
3
Mar'17
1663.77
19.60%
17.00%
1918.32
9786.89
20.00%
80.00%
1331.02
-254.54
-148.79
4
Mar'18
1890.04
19.60%
17.00%
2179.21
11117.90
20.00%
80.00%
1512.03
-289.16
-141.32
5
Mar'19
2147.09
19.60%
17.00%
2475.58
12629.94
20.00%
80.00%
1717.67
-328.49
-134.23
6
Mar'20
2780.57
19.60%
17.00%
2812.26
14347.61
20.00%
80.00%
2224.45
-31.69
Yr
Projected Dividend
Growth
Ke
PV of Dividend
Average Dividend
2.516
Terminal Value
73.489
2020
5.816861
12.50%
19.60%
1.987387
60.11094
PE Based Valuation
Current EPS
Expected EPS
PE Multiple
Price Per Share
Rs
10.26
11.799
7.57
PB Based Valuation
Total BV of shares(Crs)
Expected BV(Crs)
PB Multiple
Total Equity Value
No of Shares
Rs.
7142.49
8213.8635
0.88
7228.19988
537816400
89.335
Price per Share
134.399
Cit
Co
Sta
Ka
St
Ba
S
O
Al
P
Sy
St
Kotak Mahindra
HDFC Bank
IndusInd Bank
ING Vysya Bank
ICICI Bank
SBI
IOB
Bank of Mah
Federal Bank
IDBI Bank
Karur Vysya
Yes Bank
Lakshmi Vilas
Andhra Bank
City Union Bank
Corporation Bk
Vijaya Bank
PNB
State Bk Mysore
Karnataka Bank
State Bk Travan
Bank of Baroda
Dena Bank
South Ind Bk
Oriental Bank
UCO Bank
Bank of India
Union Bank
Canara Bank
Indian Bank
Allahabad Bank
Punjab & Sind
Syndicate Bank
State B Bikaner
Axis Bank
JK Bank
Central Bank
PE
39.89
21.19
18.70
18.01
14.66
13.15
10.47
9.81
9.74
9.36
9.34
9.22
8.71
8.66
8.41
8.25
8.21
8.06
7.46
7.10
6.92
6.82
5.90
5.89
5.87
5.44
5.39
5.13
5.00
4.73
4.22
4.13
3.52
3.15
2.21
0.63
0.00
Kotak Mahindra
HDFC Bank
PNB
IndusInd Bank
Yes Bank
ICICI Bank
Axis Bank
ING Vysya Bank
City Union Bank
JK Bank
Karur Vysya
SBI
Federal Bank
South Ind Bk
Bank of Baroda
Karnataka Bank
Lakshmi Vilas
UCO Bank
Vijaya Bank
Bank of Mah
Bank of India
Central Bank
Syndicate Bank
Oriental Bank
Dena Bank
Canara Bank
Union Bank
State Bk Mysore
IDBI Bank
State Bk Travan
Corporation Bk
Indian Bank
Allahabad Bank
IOB
Andhra Bank
State B Bikaner
Punjab & Sind
Average
7.57
Average
PB
4.88
4.13
3.91
3.05
2.09
1.96
1.80
1.70
1.44
1.30
1.22
1.21
1.18
0.92
0.86
0.72
0.71
0.70
0.61
0.57
0.56
0.55
0.55
0.52
0.51
0.51
0.51
0.51
0.48
0.46
0.46
0.46
0.45
0.44
0.43
0.43
0.31
0.88