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FINANCIAL ANALYSIS
At
1
DECLARATION
I Deepika Roll no. 701 Class MBA IIIrd semester of the P.D.M College of
Engineering (Dept. of Management Studies) hereby declare that the project
entitled FINANCIAL ANALYSIS AND INTERPRETATION is an original
work & the same has not been submitted to any other institute for the award
of any other degree. The interim report was presented to the supervisor on
25 Aug. and pre-submission presentation was made on 16 Aug. The feasible
suggestions have been duly incorporated in consultation with supervisor.
Countersigned
Forwarded By: -
2
ACKNOWLEDGEMENT
I would like to pay my thanks to Mr. A.K Mohanty (HRD Manager) who
always provided me the adequate information and has directed their
subordinates (Mr. A.K Mohta, MR. V.S Yadav & Mr. S.K Jajoo) to help in
the project.
Without the guidance of my teacher Dr. SHRUTI, it could have been very
difficult to known my defaults and they help me mending them.
Almost all the branch employees of HSIL have been cordial and helping
towards my problems. Such a working atmosphere has made the training a
memorable experience. I am highly grateful to all the personnel of HSIL
Company.
Lastly, I would again like to thank everybody for his or her support.
DEEPIKA
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TABLE OF CONTENTS
I INTRODUCTION
II COMPANY PROFILE
IV OBJECTIVE OF STUDY
V RESEARCH METHODOLGY
VII FINDINGS
VIII LIMITATIONS
X CONCLUSIONS
4
EXECUTIVE SUMMARY
1. To gather all information about company profile and board of directors of the Company.
I searched the detail about financial position & status of the company.
2. Financial Analysis of HSIL from previous year balance sheet.:-ratio analysis of the
company like current ratio, Quick ratio, debtors ratio, turnover ratio etc.
3. How to analysis the excise duty:-I learned that how to calculate excise duty and how to
pay duty with license. I learned the insurance rate charge on export. The rate is
(0.280900%) charge.
4. Learn how to analysis TDS (Tax Deduct At Source).:-TDS charge by different rate on
different company and non companies.
5. I learned different section of TDS like 194c for contractors & rate of TDS(basic
2%,surcharge 10%, E.Case 2%,h.cess 1%),194h for commission/brokerage& rate of
TDS(basic 10%,surcharge 10%, E.Case 2%,h.cess 1%),194I for Rent company & rate
of TDS(Basic20%, surcharge 10%, E.Case 2%,h.cess 1%)
6. I Learn how to do entry of import clearing bill in the company accounting software.
7. I Learn how to Bank Reco. Statement of the company and I came to know what are the
reasons for difference between bank account and bank book of the company.
8. Learn how to analysis central sales act .I learned different rates of inter state sale and
intra state sale. I also learned about different sale form like form C, form F, form H and
form I.
5
CHAPTER – I
6
INTRODUCTION
CHAPTER – II
7
8
Company History - HSIL Ltd.
9
YEAR EVENTS 1960 - The company was incorporated in 8th February at
Calcutta. The name of the company was changed with effect from 3rd May
1969 from Hindustan Twyfords Ltd to Hindustan Sanitaryware & Ind Ltd.
The main object of the company is to manufacture Vitreous China
Sanitaryware, Glass products, refractories and Plaster of Paris.
- 10,000 No. of equity shares to promoters and 1,04,000 No. of equity shares
to foreign collaborators issued for cash. 1,00,000 No. of equity shares
allotted to directors etc. 20,000 pref. and 1,85,000 No. of equity shares
offered to the public.
1981 - Associated Glass Industries, Ltd. was merged with the company with
effect from 29th June, and their glass unit at Hyderabad was taken
possession of by the company from that date. Immediately thereafter, work
was taken up for extensive repairs to furnace, plant and machinery and gas
producers and updating of the I.S. Glass forming machines.
- Associated Glass Industries, Ltd. was merged with the company with effect
from 29th June.
1984 - Capacity was increased by using electric booster of 90 TPD with the
booster installations, the furnace had been successfully operated on green
glass.
- The amber glass furnace was commissioned at the Hyderabad Unit. Also, a
plant for substantial reduction of ash and tar from coal gas and thereby
prolong the life of the furnace, was introduced.
- During the year, a 2.9 MW Sulzer Autostar DG set and 2 centrifugal air
compressors were ordered.
- With effect from 30th June, "Krishna Ceramics Ltd." (KCL) was
amalgamated with the company. As per the scheme of amalgamation, 8
equity shares of Rs. 10 each of KCL were to be exchanged for 1 equity
12
shares of the Company.
1989 - The performance of the Bhadurgarh and Bibinagar units would have
been better but for shortage of power at the Bhadurgarh unit and industrial
unrest for 23 days at Bibinagar unit.
- Also, a new casting shop with floor area of 97,000 sq. ft. incorporating
modern facilities was commissioned in early 1989.
- During the year, the Hyderabad Unit, was permitted an increase in its
licensed capacity by 40%. The Company proposed to rebuild the existing
furnaces and equip the present machines for higher speeds. Also necessary
infrastructures were proposed to be furnished for high speed operations and
increased production capacity of 48,000 tpa.
- A 300 KVA DG set was transferred to the 2nd unit of AP plants from the
glass division.
- However, Glass unit of 2.9 MW DG set was commissioned and with this
the production was streamlined in the second half.
- At the unit no. 1 in Bhadurgarh and one more shuttle kiln was installed.
With these, the company hoped to increase the installed capacity upto
18,000 TPA shortly.
13
1992 - New luxury bathroom suite was well received in the market.
- Out of the total issue, 7,79,624 debentures were offered to the equity
shareholders of the company in the proportion of one debenture for every
two equity shares held (all were taken up) and 38,900 debentures were
offered to the employees of the company (only 5,400 debentures were taken
up).
- Part A of Rs. 45 each debenture was to be converted into one equity share
of Rs. 10 at a premium of Rs. 35 on allotment.
14
- Soma Plumbing Fixtures, Ltd. and Ceramic Services, Ltd. are subsidiaries
of the Company Amal Ceramics, Ltd. is also a subsidiairy of the company.
- 15,25,198 No. of equity shares allotted at a prem. of Rs. 86.12 per share on
conversion of debentures.
- During the year, the company proposed to add a new 250 tonnes per day
plant to its glass division.
1996 - New Colours and designs were introduced during the year.
- Production was constrained because of one of the glass furnaces was under
planned shutdown for ten weeks.
2000 - The Company's container glass division has been renamed as "AGI
Glaspac." The modernisation and expansion programme of the division has
been completed. The new state-of-the-art furnace is energy efficient and
environment friendly.
- The Company has achieved the ISO 14001 certification for environment
friendliness. The Company's unit at Bahadurgarh is the first sanitaryware
15
plant in India to have achieved such recognition.
2001 - The Company, the largest sanitaryware producer in the country, has
put the proposal to spin off its glass division into a separate company on the
backburner.
2004
2009
Goals
1. Profitability - its ability to earn income and sustain growth in both the
short- and long-term. A company's degree of profitability is usually based on
the income statement, which reports on the company's results of operations;
2. Solvency - its ability to pay its obligation to creditors and other third
parties in the long-term;
16
3. Liquidity - its ability to maintain positive cash flow, while satisfying
immediate obligations;
Both 2 and 3 are based on the company's balance sheet, which indicates the
financial condition of a business as of a given point in time.
4. Stability - the firm's ability to remain in business in the long run, without
having to sustain significant losses in the conduct of its business. Assessing
a company's stability requires the use of both the income statement and the
balance sheet, as well as other financial and non-financial indicators. etc.
Overview and
Following are the most important tools and techniques of financial statement
analysis:
18
Horizontal Analysis or Trend Analysis:
Trend Percentage:
Vertical Analysis:
2. RATIOS ANALYSIS:
The ratios analysis is the most powerful tool of financial statement analysis.
Ratios simply means one number expressed in terms of another. A ratio is a
statistical yardstick by means of which relationship between two or various
figures can be compared or measured. Ratios can be found out by dividing
one number by another number. Ratios show how one number is related to
another.
Profitability Ratios:
with which the resources of a firm have been employed. These ratios are
also called turnover ratios because they indicate the speed with which assets
19
are being turned over into sales. Following are the most important activity
ratios:
Liquidity Ratios:
Current ratio
Liquid / Acid test / Quick ratio
Activity Ratios:
Activity ratios are calculated to measure the efficiency
Average collection period
20
Creditors / Payable turnover ratio
Working capital turnover ratio
Fixed assets turnover ratio
Over and under trading
Long term solvency or leverage ratios convey a firm's ability to meet the
interest costs and payment schedules of its long term obligations. Following
are some of the most important long term solvency or leverage ratios.
Debt-to-equity ratio
Proprietary or Equity ratio
Ratio of fixed assets to shareholders funds
Ratio of current assets to shareholders funds
Interest coverage ratio
Capital gearing ratio
Over and under capitalization
21
CERAMIC DIVISION – 1
C M D
E x e c u tiv e S e c r e ta r y JM D
P r e s id e n t
S r.G M - P ro d .
G M P e rs . H e a d -Q A G M -IT
G M P ro d .
S r .M g r .A /c
M G R -Q A M g r .S to re M g r .P u r c h a s e
D DG GM M P P. E. En ng gr .. D G M D e s ig n
M g r .S p l.P r o j. M g r .P r o d . D y .M g r .G la z i n
g & In s p .
A s s tt.M g r .W a
re H o u se
22
LOCATIONS IN INDIA
FACTORIES
23
The Company has two plants for manufacturing sanitary ware and one for glass
containers. One plant for sanitary ware is located at Bahadurgarh in Haryana in North
India and the other two are in South India Hyderabad (A.P.). The container glass unit is at
Hyderabad. The plant at Bahadurgarh is the first sanitary ware plant in India to obtain the
ISO: 9001:2000 series certification as well as the ISO 14001 certification. The other
plants have received ISO: 9002 certifications.
24
CHAPTER - III
25
FINANCIAL ANALYSIS
“Actually financial statement could not say anything but the financial
analysis is the process that helps to deciding the financial position of a
company.”
Financial Analysis:-
26
Financial analysis means study of the Trading, Profit & loss Account and
Balance Sheet. We make the Profit & Loss and Balance sheet by help of
Trial Balance. Make Trial Balance help journal entry, and base of the journal
entry voucher (bill).
RATIO ANALYSIS
STANDARD COSTING
27
1. Comparative Balance Sheet:-
2. Ratio Analysis:-
This studies the sources of funds and the application of funds. Thus, we
can analyses the changes in working capital components by comparing
the current assets and current liabilities of two periods. These will
show/effect changes in each type of current assets as well as the sources
from which working capital has been obtained.
In fund flow statement, we study the working capital & non fund item
means that fund not generate in business activities. But in cash flow, we
study on cash only activity that effect cash. It means cash related entry
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effects are show by the cash flow statement. We make cash flow on cash
basis for the example, we are purchase on credit, that means we are entry
in the fund flow statement but we make cash so this entry could not done
in cash flow statement. Because we are enter only cash purchase. In cash
flow statement, we includes cash from operating activity, cash from
financing activities and cash from investing activities.
5. Standard Costing:-
29
1. Determination of extent of analysis
5. Approximation of Figures
6. Comparison
7. Study of Trend
8. Interpretation
30
In the study of every analysis, first of all important of analysis is depends on
the extent of their statement where it is defined as the important of objective
to be analysis. Financial analysis determined the extent of every analysis like
as if we analysis the liquidity of a company we needs to follow the current
assets or liquid assets and current liabilities.
For the study of financial statement, we need trading and profit & loss
statement and balance sheet. These statements are the factor that provides
the information for the profit and loss of a company and also gives
information about financial position.
5. Approximation of figures:-
Financial analysis takes financial statement for the comparison and trend
analysis where the figures are showed in the large amount that increase
problem to determine the real picture so financial analysis shows them in
approximation figure to make easily analysis. Like as amount shows in lakhs
or crore.
6. Comparison:-
Financial statement are used in the form of comparative form where two or
more years statement show in the collection way and absolute increase or
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decrease are setup in their percentage of change statements helpful in taking
decision about the changes which is required in future for a company.
7. Study of trend:-
8. Interpretation:-
After the showing the financial comparative and trend statement it interprets
the strength and weakness of the company. Financial analysis assists to
maintain the strong position and represent the factors those helping the
company to grow up in the future period.
9. Reporting:-
1. External Analysis:-
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External analysis is related with the outsider relative financial institution
which is interested with the company financial position .Example of
financial investors, banks, creditors, stock exchange, tax authorities and
researchers. This analysis is used to analysis the limited objective study.
2. Internal Analysis:-
Internal analysis is maintained through out the company working person for
the extent of analysis. They are used by the company, employees, authorities
and company membership. Internal analysis is prepared with the internal
information which are provides through the company employees and
company authorities. They are used for taking important decision and
analysis the company stability.
1. Horizontal Analysis:-
33
In this type of analysis, we take two or more year financial statement to
revaluation and analysis. We write these data tighter and compare them
with other. Horizontal analysis is maintained with the two or more
financial statement. This analysis defines the comparative and trend
statement of absolute increase and decrease of data for the purpose of
company position.
2. Vertical Analysis:-
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CHAPTER - IV
35
1. To know the earning capacity or profitability:-
2. To know the solvency:-
3. To make comparative study with other firms:-
4. To know the financial strength:-
5. To know the efficiency of management:-
6. To know the trend of the business:-
CHAPTER - V
36
Research Methodology
37
DEFINITION
MEANING OF RESEARCH
TYPES OF RESEARCH
“Analytical Research”
38
uses facts and information already available in the balance sheet of the
company in order to assess the working capital of the company.
Sources of Data
“Primary Data”
The data is said to be primary data when all data’s are collected for the first
time like data collected from quessionnaire,interviews directly .
“Secondary Data”
39
4. Conceptual vs. Empirical: Conceptual research is that related to some
abstract idea(s) or theory. It is generally used by philosophers and
thinkers to develop new concepts or to reinterpret existing ones On
the other hand, empirical research relies on experience or observation
alone, often without due regard for system and theory. It is data-based
research, coming up with conclusions which are capable of being
verified by observation or experiment. Empirical research is
appropriate when proof is sought that certain variables affect other
variables is some way.
OBJECTIVES OF RESEARCH
40
1. To gain familiarity with a phenomenon or to achieve new insights into
it (studies with this object in view are termed a exploratory or
formulate research studies):
MOTIVATION IN RESEARCH
SIGNIFICANCE OF RESEARCH
“The progress is born o inquiry. Doubt is often better than over confidence,
for it leads to inquiry, and inquiry leads to invention.” Research inculcates
scientific and inductive thinking and it promotes the development of logical
habits of thinking and organization.
41
1. The role of research in several fields of applied economics, whether
related to business or to the economy as a whole, has greatly increased
in modern times.
2. Research provides the basis for nearly all government policies in our
economic system.
Ratio Analysis
CHAPTER -VI
42
Method of Financial Analysis
43
1. Comparative Financial Statement:-
When two of more year financial statement are taken with together to
present the comparative study purpose that is known as comparative
financial statement analysis.
4. To help in forecasting
44
Amount as on
Particular Amount as on 31st 31st Working Capital
Mar-09 Mar-10 Increase Decrease
Current Asset
Inventories 1,509,397,161 1,625,779,868 116382707
Sundry debtors 1,027,730,365 1,419,199,170 391468805
Cash and bank balances 797,124,622 247,115,331 550009291
Other current assets 8,322,948 4,498,735 3824213
Loans and advances 421,225,758 673,633,327 252407569
Current liabilities
Acceptances 288,523,589 47,806,441 240717148
Sundry creditor 1029245863 978019089 51226774
Advance against sales/orders 56,288,160 33,372,671 22915489
Unclaimed Dividend 3,621,826 4,437,065 815239
Unclaimed Share Fraction 2006 29,965 29,883 82
Unclaimed Bonus Fraction 2005 33,920 33,846 74
COMMENT
INTERPRETATION
47
For interpretation of ratio analysis is the most important tool.
So the HSIL unit’s financial position analysis by means of following ratios: -
This ratio explains the relationship between current assets and total
investment in assets. A business enterprise should use its current assets
economically and efficiently because it is the management of those assets
that are acquired by a business firm will end up in a loss if there is any
leniency managing the assets to the advantage of business firm. Investment
in fixed assets being inelastic in nature there is no space to make
amendments in this sphere and its impact on profitability remains minimal.
In year 2008-2009
In year 2009-2010
A low ratio of Current Assets to sales implies by and large a more efficient
use of fund Here the efficiency of utilization funds to generates sales was
more, compared too more finished goods buying at warehouse which
impairs firm’s profitability. In year 2009 the current asset to total asset ratio
is 40% that is decrease to 33.52% in year 2010 which shows that company
ratio is good but decrease in 2010 company increase their fixed assets,
48
because increase in fixed assets and our current assets are because decrease
use of fixed asset.
In year 2008-09
In year 2009-10
In year 2008-09
49
= 3763800854 x 100 = 56.47%
6665884442
In year 2009-10
In year 2008-09
In year 2009-10
= Debtors x 100
Total Sales
In year 2008-09
In year 2009-10
This ratio shows the extent of trade credit granted and the efficiency of
trade credit management. The lower the Debtors to Sales Ratio and shorter
the average collection period the better is the trade credit management. It
means the sales 15.42% in 2009 increase in 2010 to 16.68 we sales 15% or
16% on credit, in this type business that shows normal or average situation.
We are careful for not increase credit sales 15% or 16%. Limit of credit sales
20 to 25%.
7. CURRENT RATIO: -
= Current Assets
Current Liabilities
In year 2008-09
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1936195935
In year 2009-10
Current Ratio is the most important ratio as far as the analysis of working
capital management is concerned. This ratio indicates the extent of
soundness of current financial position of an undertaking and degree of
safety provided to the creditors. The higher the current ratio and larger the
amount of money available per rupee of current liabilities, the more is the
firm’s ability to meet the current obligations and greater is the safety of
funds for short term creditors.
HSI industries current ratio in 2009 is 1.94 times that increase in 2010 are
2.32 times this shows we are very sound position. HSI pay their current
liabilities with in one year. Generally the current ratio of 2:1 is considered as
satisfactory and ideal for business concern. But this standard cannot be
discriminately because a satisfactory position depends upon many other
factors and also the nature of the industry.
8. QUICK RATIO: -
In year 2008-09
Quick ratio is mere the redefined tool. It is a better test for measuring the
financial strength then the current ratio because it excludes the very slow
moving inventories and item of current assets, which cannot be converted in
to cash. A quick ratio of 1:1 is considered to be satisfactory. HSI increase his
current assets, because we are low at ideal level. Yet we are in good position.
In year 2008-09
= 1649722857 x 100 = 24.75%
6665884442
In year 2009-10
In year 2008-09
In year 2009-10
Capital Employed
In year 2008-09
6160957803
In year 2009-10
=970962279 x 100
=9.77%
9942453812
54
This ratio reflects the true earning capacity of the resources employed in the firm. It
measures how efficiently the capital employed in the business is being used. In HSIL
Return on capital employed ratio is decreases from10.73% to 9.77%.This is the only
minus point of HSI because return on capital employed decrease 1% in comparison of
2009.
In year 2008-09
In year 2009-10
This ratio indicates whether stock has been efficiently used or not. It shows the speed
with which the stock is rotated into sales during the year. The higher the ratio better it is,
since it indicates that stock is selling quickly. This ratio is decreased from 7.20 times to
5.34 times. It means sales are not made quickly.
55
CHART: Profit and Sale show the growth of HSIL what a monopoly.
56
EARNING PER SHARE OF HSIL WHAT A RETURN.
57
\\WORKING CAPITAL CHART SHOW INCRASE IN WORKING
CAPITL RAPIDLY.
WORKING
CAPITAL
years 2007 2008 2009 2010
Working capital 15.62 18.42 18.85 16.9
58
CHAPT
ER-VII
59
Findings
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The Financial strength of the company is:
b) Gross Profit ratio of the company also increases from 26.80 to 28.42,
which indicates that profitability position of the company is quite good.
Fixed Assets to sales ratio is increasing 2009, 88.93% to 96.48 in 2010. This
ratio shows how efficiently the fixed assets are being used.
Debt equity ratio signifies the proportion of debt & equity. There should be
proper balance between these two. Debt – equity ratio of company in 2009
1.97 : 1, which decreases to 1.34 : 1 in 2010. It means debt equity ratio of
the company has remained near to standards (2:1) which signifies that the
long - term position of the company is sound. In 2010 company use 1.34 of
debt, it means we pay 63% of liabilities with in one year that shows HSI are
in very sound position.
b) This ratio reflects the true earning capacity of the resources employed in
the firm. It measures how efficiently the capital employed in the business is
being used. In HSIL Return on capital employed ratio is decreases
from10.73% to 9.77%.This is the only minus point of HSI because return on
capital employed decrease 1% in comparison of 2009.
c) Quick ratio is mere the redefined tool. It is a better test for measuring the
financial strength then the current ratio because it excludes the very slow
61
moving inventories and item of current assets, which cannot be converted in
to cash. A quick ratio of 1:1 is considered to be satisfactory. HSI increase his
current assets, because we are low at ideal level. Yet we are in good position.
d) This ratio indicates whether stock has been efficiently used or not. It
shows the speed with which the stock is rotated into sales during the year.
The higher the ratio better it is, since it indicates that stock is selling quickly.
This ratio is decreased from 7.20 times to 5.34 times. It means sales are not
made quickly in comparison of 2009. we make extra effort to increase the
sale.
62
CHAPTER - VIII
LIMITATIONS
63
Although every effort has been into collect the relevant information
through the sources available still some relevant information could not
be gathered.
64
CHAPTER - IX
65
RECOMMENDATIONS
The company should maintain the same standards in future so that it can
retain its potential customers & it should increase its turnover by dynamic
sales policy and aggressive attitude. Company increase marketing expanses
like advertisement.
The study of Working capital of the company shows that it is going well
but still the company should made efforts to maintain & further improve its
present position.
66
HSIL make wine and bear bottle in is glass factory and try to contract in
this type of company Kingfisher. And also make Tea Cup and plate because
its helpful to send to local customer.
CHAPTER - X
67
68
CONCLUSION REMARKS ABOUT THE ORGANISATION
AS WHOLE:
5. After doing a detailed study of financial analysis & whole study the
Co’s balance sheet and Profit & Loss, financial position of company
have long term planning and have a great future of growth.
69
BIBLIOGRAPHY
70
Website address
chennai@hindware.co.in
Bangalore@hindware.co.in
Mumbai@hindware.co.in
hsikolsale@somanyent.com
marketing.hyd@hindware.co.in
APPENDIX
71
(Amount in Rs.)
Schedule Year ended Year ended
31-Mar-2010 31-Mar-2009
INCOME
Income from operations 14 8,512,287,049 6,665,884,442
Less: Excise duty on sale of goods 469,920,059 508,139,341
8,042,366,990 6,157,745,101
1,189,287,672 721,506,286
(1,189,287,672) (721,506,286)
Other income 15 146,242,989 94,030,169
Increase/(Decrease) in stocks 16 207,585,458 49,065,754
8,396,195,437 6,300,841,024
EXPENDITURE
Goods purchased for resale 1,191,233,846 959,920,163
Personnel cost 17 879,937,259 671,214,885
Manufacturing, administrative
and other expenses 18 4,851,125,812 3,608,907,973
6,922,296,917 5,240,043,021
72
-Provision for Current tax 109,518,858 82,838,503
-Mat Credit (108,569,916) 0
-Income Tax for earlier years 13,491,595 (8,574,158)
-Provision for Fringe Benefit Tax 0 10,358,372
-Provision for Deferred Tax 118,090,237 82,119,339
436,482,887 317,258,012
Balance transferred from last year 1,049,344,350 885,089,688
1,485,827,237 1,202,347,700
Appropriations: 0 0
Transferred to general reserve 60,000,000 50,000,000
Interim dividend Paid on equity shares 0 0
Tax Paid on interim dividend 0 0
Proposed dividend on equity shares 110,051,016 88,040,813
Tax on dividend 18,703,170 14,962,537
Balance carried to balance sheet 1,297,073,051 1,049,344,350
1,485,827,237 1,202,347,700
74
HINDUSTAN SANITARYWARE & INDUSTRIES LIMITED
Consolidated Balance Sheet as at 31 March 2010
(Amount in Rs.)
Schedule As at As at
31-Mar-2010 31-Mar-2009
SOURCES OF FUNDS
Shareholders' fund
Head Office/Branch Office 0 0
Share Capital 1 110,054,841 110,054,841
Share Application Money
Reserves and surplus 2 4,562,848,829 2,279,877,067
4,672,903,670 2,389,931,908
Loan funds
Secured 3 3,137,369,919 4,331,935,800
Unsecured 4 1,788,911,429 375,481,776
4,926,281,348 4,707,417,576
10,140,369,753 7,520,443,982
APPLICATION OF
FUNDS
Fixed assets 5
Gross block 10,358,983,362 6,466,704,742
Less: Depreciation 2,680,012,066 2,241,942,874
Net block 75
7,678,971,296 4,224,761,868
Capital work-in-progress(including
spares) 80,649,663 1,251,510,404
7,759,620,959 5,476,272,272