Indigo Balance Sheets

(Rs. Lacs)
31/3/2018 31/3/2017

I. Liabilities & Shareholders Equity

Shareholders Equity 70,774 37,792

Share Capital 3844.07 3,615
Other Equity 66930.39 34,177

Non-Controlling Interest - -

Non-Current Liabilities 79,288 66,459

Long-Term Borrowings 52,372 46,642
Other Non-Current Liabilities 26,916 19,817

Total 150,062 104,251

II. Assets

Non-Current Assets 64,978 57,634

A. Core Non-Current Assets 46,113 38,190
Tangible & Intangible Fixed Assets 45,818 37,957
Capital Work in Progress 294 233
B. Non-Core Non-Current Assets 18,865 19,443
Other Investments 15,028 15,797
All Other Non-Current Assets 3,838 3,646

Net Working Capital (I) +(II) 85,086 46,618

Operating Current Assets (A) 10,575 6,864

Inventories of Goods & Materials 1,832 1,632
Receivables 2,263 1,587
All Other Current Assets 6,479 3,645

Operating Current Liabilities (B) 45,757 33,523

Trade Creditors 10,002 7,746

provisions,deferred taxes & incentives 6,599 6,052
Other Current Liabilities 29,157 19,726

Net Operating Working Capital (I) = (A) - (B) (35,182) (26,660)

Financial Current Assets (C ) 135,742 87,600
Other Bank Balances 59099.73 44,794
Cash & Equivalents 6,706 1,531
Short-Term Investments 63,440 37,134
Other Financial Current Assets 6,495 4,141

Financial Current Liabilities (D) 15,473 14,323

Short-Term Borrowings 13,359 12,318

Current Maturities of Long-Term Debt 2,114 2,005
Other Financial Current Liabilities - -

Net Financial Working Capital (II) = (C) - (D) 120,269 73,278

Total 150,064 104,251

2 0

Statement of Profit & Loss

31/3/2018 31/3/2017

A. Revenue from Operations 230,209 185,805

Gross Sales 230,209 184,401
Other Operating Revenue - 1,404

B. Cost of Goods Sold (Refer Additional

Info) 114,955 95,904
Aircraft fuel Expenses 77,601 63,415
Aircraft and Engine rentals 36,102 31,254
Purchase of stock-in-trade 1,239 1,238
Changes of inventory stock-in-trade 13 (3)

C. Gross Profit (A)-(B) 115,254 89,901

D. All other Operating Expenses (Income) 90,058 73,040

Employee Benefits 24,550 20,482
Depreciation and Amortization Expenses 4,369 4,573
Other Expenses 61,139 47,986

E. Operating Profit 25,196 16,861

F. Finance Costs 3,398 3,308

G. Core Profit ( E) - (F) 21,798 13,553

H. Net Non-Core Income 9,469 7,891

i. Non-Core Income 9,469 7,891

Other Income 9,469 7,891
Exceptional Income (Net) 0 -

ii. Non-Core Expense - -

Exceptional Expenses (Net) - -

J. Profit Before Tax (G) + (H) - (I) 31,267 21,443

Income Taxes 8,843 4,852

Profit After Tax 22,424 16,592

Less: Non-Controlling Interest in Profit 0 -
Consolidated Profit After Tax for the Year 22,424 16,592

Add: Other Comprehensive Income (Net of Tax &

Non-Controlling Interest) 3 (22)

Net Comprehensive Income After Tax 22,426 16,570

Average Tax Rate 28.28% 22.62%

Details of Inventories 31/3/2018 31/3/2017

Raw Materials/Fuels 518 724

WIP - -
Loose tools 28 23
Finished Goods - -
Stock in Trade 65 78
Stores & Spares 1,221 807

Total 1,832 1,632

Finished Products 65 78

Intensity Ratios

Raw Materials 0.23% 0.39%

WIP 0.00% 0.00%
Loose Tool 0.01% 0.01%
Finished Goods 0.00% 0.00%
Stock in Trade 0.03% 0.04%
Stores & Spares 0.53% 0.43%
Finished Product 0.03% 0.04%

Finished Product T/o Ratio 3544.4013856813 2394.394329897

31/3/2016

27,232
3,604
23,628

62,151
47,935
14,216

89,383

70,112
47,794
47,556
237
22,318
14,978
7,340

19,271

5,847
763
1,571
3,513

28,504

7,412
4,711
16,381

(22,657)
 50,228
29,133
8,054
9,861
3,180

8,300

5,925
2,376
-
211.58214
41,928

89,383
(0)

(Rs. Lacs)
31/3/2016

161,399
160,425
974

73,997
47,793
25,068
1,148
(11)

87,402

61,277
17,880
5,055
38,342

26,125

3,041

23,084
 5,151

5,151
5,151
-

-
-

28,235

8,373

19,862
-
19,862

(13)

19,849

29.66%

31/3/2016

17,279
18,485

31,768
56,619
4,717

128,867

88,387

10.71%
11.45%
0.00%
19.68%
35.08%
2.92%
 54.76%

1.826052577
Summary Du-Pont 31/3/2018 31/3/2017 3/31/2016
I. Return on Equity

Net Profit Margin 9.74% 8.93% 12.31%

Total Asset Turnover Ratio 1.53 1.78 1.81
Total Leverage Ratio 2.12 2.76 3.28
ROE 31.68% 43.90% 72.94%

II. Return on Equity

Return on Investment (Return on Assets) 16.79% 16.17% 29.23%

Total Leverage Ratio 2.12 2.76 3.28

1/(Degree of Financial Leverage) (Degree of

Financial Leverage = PBIT/PAT) 89.00% 98.41% 76.03%
ROE 0.32 0.44 0.73
ROE (%) 31.68 43.90 72.94
Relevant Information from Cash Flow Statement 31/3/2018 31/3/2017 3/31/2016

Cash generated from operating activites 46,406 42,062 36,918

Deduct: income tax 7,375 4,241 5,761
Net Cash Inflow from Operating Activities after
39,031 37,821 31,157
Exceptional Operating Items (Post-Tax)

Net Cash Inflow/(Outflow) from Investing Activities (41,596) (30,379) (13,428)

Net Cash Outflow from Financing Activities 7,660 (14,012) (12,200)
Ratio 31/3/2018 31/3/2017
Gross Profit Margin 0.5006501704 0.4838446759
Product Gross Value Added Margin
Operating Profit Margin 0.1094499964 0.0907429832
Core Profit Margin 0.0946888363 0.0729404483
Net Profit Margin 0.0974060643 0.089297274

Net Cash Profit Margin 0.1695 0.203

Return on Equity 0.3168337844 0.4390315411
Return on Assets 0.1679058174 0.1617293671
Comprehensive Return on Equity (Comprehensive Income/Equity) 0.3168692492 0.4384568163

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 1.534067685 1.782276685

Non-Current Asset Turnover Ratio (Sales/Non-Current Assets) 3.5428756854 3.2239039976
Core Assets 4.9923278987 4.865244472
Fixed Assets 5.0243946569 4.8951135541
Non-Core Assets 12.2026769585 9.5562629126

Net Working Capital Turnover Ratio 2.7055901309 3.9856964967

Net Operating Working Capital Turnover Ratio -6.5432982239 -6.9695108983
Net Financial Working Capital Turnover Ratio 1.9141200995 2.5356302414

Total Asset Intensity Ratio 65.19% 56.11%

Non Current Asset Intensity Ratio 28.23% 31.02%
Core Assets 20.03% 20.55%
Fixed Assets 19.90% 20.43%
Non-Core Assets 8.19% 21.93%

Net Working Capital Intensity Ratio 0.3696051329 0.2508971771

Operating Net Working Capital Intensity Ratio -0.1528281252 -0.1434820914
Financial Net Working Capital Intensity Ratio 0.5224332581 0.3943792686

C. Working Capital Analysis Ratios

Current Ratio 2.3896223183 1.9743310376

Quick Ratio 2.3596978664 1.9402321317

Total Operating Current Asset Turnover Ratio 21.7699013867 27.0704789656

Total Operating Current Liability Turnover Ratio 5.0311147817 5.5425397871
Inventory Turnover Ratio (Revenue/Inventory) 125.6413465264 113.8859944836
Debtors Turnover Ratio (Revenue/Receivables) 101.7205532112 117.0779196229
Creditors Turnover Ratio (Revenue/Creditors) 23.0172963018 23.9874050148
Inventory Holding Period 2.9050946212 3.2049595006
Debtors Holding/Collection Period 3.5882620422 3.1175818735
Creditors Holding/Payment Period 15.857640064 15.2163187212

Total Operating Current Asset Intensity Ratio 0.0459349807 0.0369406098

Total Operating Current Liability Intensity Ratio 0.1987631059 0.1804227012

Inventory Intensity Ratio 0.80% 0.88%

Debtors Intensity Ratio 0.98% 0.85%
Other Operating Current Asset Intensity Ratio 2.81% 1.96%
Creditors Intensity Ratio 4.34% 4.17%
Other Operating Current Liability Intensity Ratio 15.53% 13.87%

D. Liquidity Analysis Ratios

Liquidity Ratio (Financial Current Assets)/Current Liabilities 2.2169183467 1.8308763241
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT) 1.5490745489 2.2431541176
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations) -0.0657235882 0.1967705516

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio 1.1202911333 1.7585552498

Debt-Asset Ratio 0.5283666548 0.6374914006
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) 2.1202911333 2.7585552498
Total Debt Ratio (NCL+FCL)/Total Assets 0.6314679669 0.7748761193
Degree of Financial Leverage (Op. Pft/PAT) 1.1236466352 1.0161898471
Interest Coverage Ratio (PBIT/Finance Cost) 7.4147286023 5.0971945099
Retention Ratio 0.9 0.2599042229

F. Market Price Based Ratios

Price to Earnings Ratio

Price to Book Ratio
Dividend Yield

Additional info
Basic earnings per share 60 45.94
Dividend per share 6 34
31/3/2016
0.541525482 1.680549456 -5.76808061

0.1618659684 1.87070132
0.143023483 2.174838795
0.1230589962 0.81087903

0.193 -3.35
0.7293524786 -12.2197757 dupont
0.292282277 0.617645028 dupont
0.7288868472 -12.1587567 dupont

1.8057061531 -24.8209
2.3020252802 31.89716878
3.3769950851 12.70834268
3.3938486882 12.92811028
7.2317641123 264.6414046

8.3752186572 -128.010637
-7.1235011985 42.62126744
3.8494069638 -62.1510142

55.38% 9.078160932
43.44% -2.79263465
29.61% -0.52321616
29.47% -0.52564015 -9.0365379
13.83% -13.7335025

0.1193998677 11.87079558
-0.1403804073 -0.93460337
0.2597802751 12.80539895

1.5236115255 41.52912807
1.5028850078 41.94657346

27.6051601758 -530.057758
5.6623372113 -51.1425005
211.5821425762 1175.535204
102.7273763 -1535.73664
21.7745538485 -97.0108713
1.7250983261 -29.9864879
3.5530937628 47.06801687
16.7626855889 64.13213428

0.0362251113 0.899437092
0.1766055187 1.834040465

0.47% -0.08215476
0.97% 0.128953471
2.18% 0.852638382
4.59% 0.175704477
13.07% 1.658335988

1.3647513345 38.60420226
1.1926207138 -69.4079569
0.5690118894 -26.249414
0
0
0
2.2822916116 -63.8264117
0.6953348092 -10.9124746
3.2822916116 -63.8264117
0.7881950679 -14.3408152
1.3153525822 10.74567881
8.5904786332 231.7534092
0.7416465725

58.06
15
Indigo Balance Sheets
(Rs. Lacs)
31/3/2018 31/3/2017

I. Liabilities & Shareholders Equity

Shareholders Equity 70,774 37,792

Share Capital 3844.07 3,615
Other Equity 66930.39 34,177

Non-Controlling Interest - -

Non-Current Liabilities 79,288 66,459

Long-Term Borrowings 52,372 46,642
Other Non-Current Liabilities 26,916 19,817

Total 150,062 104,251

II. Assets

Non-Current Assets 64,978 57,634

A. Core Non-Current Assets 46,113 38,190
Tangible & Intangible Fixed Assets 45,818 37,957
Capital Work in Progress 294 233
B. Non-Core Non-Current Assets 18,865 19,443
Other Investments 15,028 15,797
All Other Non-Current Assets 3,838 3,646

Net Working Capital (I) +(II) 85,086 46,618

Operating Current Assets (A) 10,575 6,864

Inventories of Goods & Materials 1,832 1,632
Receivables 2,263 1,587
All Other Current Assets 6,479 3,645

Operating Current Liabilities (B) 45,757 33,523

Trade Creditors 10,002 7,746

provisions,deferred taxes & incentives 6,599 6,052
Other Current Liabilities 29,157 19,726

Net Operating Working Capital (I) = (A) - (B) (35,182) (26,660)

Financial Current Assets (C ) 135,742 87,600
Other Bank Balances 59099.73 44,794
Cash & Equivalents 6,706 1,531
Short-Term Investments 63,440 37,134
Other Financial Current Assets 6,495 4,141

Financial Current Liabilities (D) 15,473 14,323

Short-Term Borrowings 13,359 12,318

Current Maturities of Long-Term Debt 2,114 2,005
Other Financial Current Liabilities - -

Net Financial Working Capital (II) = (C) - (D) 120,269 73,278

Total 150,064 104,251

2 0

Statement of Profit & Loss

31/3/2018 31/3/2017

A. Revenue from Operations 230,209 185,805

Gross Sales 230,209 184,401
Other Operating Revenue - 1,404

B. Cost of Goods Sold (Refer Additional

Info) 114,955 95,904
Aircraft fuel Expenses 77,601 63,415
Aircraft and Engine rentals 36,102 31,254
Purchase of stock-in-trade 1,239 1,238
Changes of inventory stock-in-trade 13 (3)

C. Gross Profit (A)-(B) 115,254 89,901

D. All other Operating Expenses (Income) 90,058 73,040

Employee Benefits 24,550 20,482
Depreciation and Amortization Expenses 4,369 4,573
Other Expenses 61,139 47,986

E. Operating Profit 25,196 16,861

F. Finance Costs 3,398 3,308

G. Core Profit ( E) - (F) 21,798 13,553

H. Net Non-Core Income 9,469 7,891

i. Non-Core Income 9,469 7,891

Other Income 9,469 7,891
Exceptional Income (Net) 0 -

ii. Non-Core Expense - -

Exceptional Expenses (Net) - -

J. Profit Before Tax (G) + (H) - (I) 31,267 21,443

Income Taxes 8,843 4,852

Profit After Tax 22,424 16,592

Less: Non-Controlling Interest in Profit 0 -
Consolidated Profit After Tax for the Year 22,424 16,592

Add: Other Comprehensive Income (Net of Tax &

Non-Controlling Interest) 3 (22)

Net Comprehensive Income After Tax 22,426 16,570

Average Tax Rate 28.28% 22.62%

Details of Inventories 31/3/2018 31/3/2017

Raw Materials/Fuels 518 724

WIP - -
Loose tools 28 23
Finished Goods - -
Stock in Trade 65 78
Stores & Spares 1,221 807
less provision for obsolence
Total 1,832 1,632

Finished Products 65 78

Intensity Ratios

Raw Materials 0.23% 0.39%

WIP 0.00% 0.00%
Loose Tool 0.01% 0.01%
Finished Goods 0.00% 0.00%
Stock in Trade 0.03% 0.04%
Stores & Spares 0.53% 0.43%
Finished Product 0.03% 0.04%

Finished Product T/o Ratio 3544.4013856813 2394.394329897

31/3/2016

27,232
3,604
23,628

62,151
47,935
14,216

89,383

70,112
47,794
47,556
237
22,318
14,978
7,340

19,271

5,847
763
1,571
3,513

28,504

7,412
4,711
16,381

(22,657)
 50,228
29,133
8,054
9,861
3,180

8,300

5,925
2,376
-

41,928

89,383
(0)

(Rs. Lacs)
31/3/2016

161,399
160,425
974

73,997
47,793
25,068
1,148
(11)

87,402

61,277
17,880
5,055
38,342

26,125

3,041

23,084
 5,151

5,151
5,151
-

-
-

28,235

8,373

19,862
-
19,862

(13)

19,849

29.66%

31/3/2016

219
-
81
-
75
497
(108)
763

75

0.14%
0.00%
0.05%
0.00%
0.05%
0.31%
 0.05%

2161.78797214
Ratio 31/3/2018 31/3/2017
Gross Profit Margin 0.5006501704 0.4838446759
Product Gross Value Added Margin
Operating Profit Margin 0.1094499964 0.0907429832
Core Profit Margin 0.0946888363 0.0729404483
Net Profit Margin 0.0974060643 0.089297274

Net Cash Profit Margin

Return on Equity 0.3168337844 0.4390315411
Return on Assets 0.1679058174 0.1617293671
Comprehensive Return on Equity (Comprehensive
Income/Equity) 0.3168692492 0.4384568163

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 1.534067685 1.782276685

Non-Current Asset Turnover Ratio (Sales/Non-Current Assets) 3.5428756854 3.2239039976
Core Assets 4.9923278987 4.865244472
Fixed Assets 5.0243946569 4.8951135541
Non-Core Assets 12.2026769585 9.5562629126

Net Working Capital Turnover Ratio 2.7055901309 3.9856964967

Net Operating Working Capital Turnover Ratio -6.5432982239 -6.9695108983
Net Financial Working Capital Turnover Ratio 1.9141200995 2.5356302414

Total Asset Intensity Ratio 65.19% 56.11%

Non Current Asset Intensity Ratio 28.23% 31.02%
Core Assets 20.03% 20.55%
Fixed Assets 19.90% 20.43%
Non-Core Assets 8.19% 21.93%

Net Working Capital Intensity Ratio

Operating Net Working Capital Intensity Ratio
Financial Net Working Capital Intensity Ratio

C. Working Capital Analysis Ratios

Current Ratio
Quick Ratio

Total Operating Current Asset Turnover Ratio

Total Operating Current Liability Turnover Ratio
Inventory Turnover Ratio (Revenue/Inventory)
Debtors Turnover Ratio (Revenue/Receivables)
Creditors Turnover Ratio (Revenue/Creditors)
Inventory Holding Period
Debtors Holding/Collection Period
Creditors Holding/Payment Period

Total Operating Current Asset Intensity Ratio

Total Operating Current Liability Intensity Ratio

Inventory Intensity Ratio

Debtors Intensity Ratio
Other Operating Current Asset Intensity Ratio
Creditors Intensity Ratio
Other Operating Current Liability Intensity Ratio

D. Liquidity Analysis Ratios

Liquidity Ratio (Financial Current Assets)/Current Liabilities
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT)
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations)

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio
Debt-Asset Ratio
Total Leverage Ratio (Total L.T. Funds/Sh. Funds)
Total Debt Ratio (NCL+FCL)/Total Assets
Degree of Financial Leverage (Op. Pft/PAT)
Interest Coverage Ratio (PBIT/Finance Cost)
Retention Ratio

F. Market Price Based Ratios

Price to Earnings Ratio

Price to Book Ratio
Dividend Yield
31/3/2016
0.541525482 3.473324271 -10.6515405
#DIV/0!
0.1618659684 20.61538262
0.143023483 29.81663597
0.1230589962 9.080669474
#DIV/0!
#DIV/0!
0.7293524786 -27.8334801
0.292282277 3.819003556

0.7288868472 -27.7307964
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.8057061531 -13.9265133
2.3020252802 9.893957391
3.3769950851 2.612066619
3.3938486882 2.641023571
7.2317641123 27.69298072
#DIV/0!
8.3752186572 -32.1175074
-7.1235011985 -6.11538859
3.8494069638 -24.5110715
#DIV/0!
55.38% 16.17979457
43.44% -9.003186
29.61% -2.54557452
29.47% -2.57306823
13.83% -62.6287665
Ratio 31/3/2018
Gross Profit Margin 0.5006501704
Product Gross Value Added Margin
Operating Profit Margin 0.1094499964
Core Profit Margin 0.0946888363
Net Profit Margin 0.0974060643

Net Cash Profit Margin 0.1695

Return on Equity 0.3168337844
Return on Assets 0.1679058174
Comprehensive Return on Equity (Comprehensive 0.3168692492

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 1.534067685

Non-Current Asset Turnover Ratio (Sales/Non-Cur 3.5428756854
Core Assets 4.9923278987
Fixed Assets 5.0243946569
Non-Core Assets 12.2026769585

Net Working Capital Turnover Ratio 2.7055901309

Net Operating Working Capital Turnover Ratio -6.5432982239
Net Financial Working Capital Turnover Ratio 1.9141200995

Total Asset Intensity Ratio 0.6518617202

Non Current Asset Intensity Ratio 0.2822565872
Core Assets 0.2003073557
Fixed Assets 0.1990289514
Non-Core Assets 0.0819492316

Net Working Capital Intensity Ratio 0.3696051329

Operating Net Working Capital Intensity Ratio -0.1528281252
Financial Net Working Capital Intensity Ratio 0.5224332581

C. Working Capital Analysis Ratios

Current Ratio 2.3896223183

Quick Ratio 2.3596978664

Total Operating Current Asset Turnover Ratio 21.7699013867

Total Operating Current Liability Turnover Ratio 5.0311147817
Inventory Turnover Ratio (Revenue/Inventory) 125.6413465264
Debtors Turnover Ratio (Revenue/Receivables) 101.7205532112
Creditors Turnover Ratio (Revenue/Creditors) 23.0172963018
Inventory Holding Period 2.9050946212
Debtors Holding/Collection Period 3.5882620422
Creditors Holding/Payment Period 15.857640064

Total Operating Current Asset Intensity Ratio 0.0459349807

Total Operating Current Liability Intensity Ratio 0.1987631059

Inventory Intensity Ratio 0.0079591633

Debtors Intensity Ratio 0.0098308549
Other Operating Current Asset Intensity Ratio 0.0281449624
Creditors Intensity Ratio 0.0434455892
Other Operating Current Liability Intensity Ratio 0.1553175167

D. Liquidity Analysis Ratios

Liquidity Ratio (Financial Current Assets)/Current L 2.2169183467
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT)
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations)

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio 1.1202911333

Debt-Asset Ratio 0.5283666548
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) 2.1202911333
Total Debt Ratio (NCL+FCL)/Total Assets 0.6314679669
Degree of Financial Leverage (Op. Pft/PAT) 1.1236466352
Interest Coverage Ratio (PBIT/Finance Cost) 7.4147286023
Retention Ratio

F. Market Price Based Ratios

Price to Earnings Ratio

Price to Book Ratio
Dividend Yield
31/3/2017 31/3/2016
0.4838446759 0.541525482

0.0907429832 0.1618659684
0.0729404483 0.143023483
0.089297274 0.1230589962

0.203
0.4390315411 0.7293524786
0.1617293671 0.292282277
0.4384568163 0.7288868472

1.782276685 1.8057061531
3.2239039976 2.3020252802
4.865244472 3.3769950851
4.8951135541 3.3938486882
9.5562629126 7.2317641123

3.9856964967 8.3752186572
-6.9695108983 -7.1235011985
2.5356302414 3.8494069638

0.5610801109 0.5537999626
0.3101829337 0.4344000948
0.2055395172 0.2961212483
0.2042853529 0.2946507319
0.2192842569 0.1382788466

0.2508971771 0.1193998677
-0.1434820914 -0.1403804073
0.3943792686 0.2597802751

1.9743310376 1.5236115255
1.9402321317 1.5028850078

27.0704789656 27.6051601758
5.5425397871 5.6623372113
113.8859944836 211.5821425762
117.0779196229 102.7273763
23.9874050148 21.7745538485
3.2049595006 1.7250983261
3.1175818735 3.5530937628
15.2163187212 16.7626855889

0.0369406098 0.0362251113
0.1804227012 0.1766055187

0.008780711 0.0047262968
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1.8308763241 1.3647513345

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0.6374914006 0.6953348092
2.7585552498 3.2822916116
0.7748761193 0.7881950679
1.0161898471 1.3153525822
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Sustainable Growth Rate - DDM 3/31/2018 3/31/2017 3/31/2016

ROE 31.68% 43.90% 72.94%

Retention Ratio 0.9 0.259904223 0.741646573

Sustainable Growth Rate - DDM 0.285146815 0.11410597 0.54092195

Sustainable Growth Rate-Higgins

Net Profit Margin 0.097406064 0.08929727 0.123059

Retention Ratio 0.9 0.25990422 0.74164657
Total Leverage Ratio (Total Assets/Equity) 2.120291133 2.75855525 3.28229161
Total Asset Turnover Ratio 1.534067685 1.78227668 1.80570615

Higgins SGR 0.13787085 0.03726026 0.19889375

Sustainable Growth Rate- Operating Cycle

Inventory Holding Period 2.9050946212 3.204959501 1.725098326

Receivables Collection Period
Gross Operating Cycle Period
Less: Creditors Payment Period
Net Operating Cycle Period
(+) Operating Expenses Period (Gross Op Cycle/2)
3.5882620422 3.117581873 3.553093763
6.493356663 6.32254137 5.27819209
15.857640064 15.21631872 16.76268559
9.364283401 8.89377735 11.4844935
3.2466783317 3.161270687 2.639096044

Operating Cash Cycle (days) 12.61096173 12.055048 14.1235895

Operating Expenses as a % of Sales (%) 0.8905500036 0.909257017 0.838134032

Operating Profit Margin (%) (Pre-Tax) 0.1094499964 0.090742983 0.161865968
Post-Tax Operating Profit Margin (%) 0.078494781 0.070212592 0.113862609
OCC Self-Financing Growth Rate 0.088141913 0.077219741 0.135852507
No. of OCC Cycles in a Year 28.943074109 30.27777235 25.84328855

Annualized Self-Financing Growth Rate

(with No Debt) 10.52901668 8.50828862 25.8968164

Core Expenses as a % of Sales (%) 0.9053111637 0.927059552 0.856976517

Core Profit Margin (%) (Pre-Tax) 0.0946888363 0.072940448 0.143023483
Post-Tax Core Profit Margin (%) 0.0679084487 0.056437839 0.100608096
OCC Self-Financing Growth Rate 0.075011169 0.060878332 0.117398895
No. of OCC Cycles in a Year 28.943074109 30.27777235 25.84328855
Annualized Self-Financing Growth Rate
(with Debt) 7.113123834 4.9854467 16.6140569