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Regression Statistics
Multiple R 0.291012
R Square 0.084688
Adjusted R 0.069174
Standard E 25.21473
Observatio 61
ANOVA
df SS MS F Significance F
Regression 1 3470.669 3470.669 5.458892 0.022885
Residual 59 37511.18 635.7827
Total 60 40981.85
Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
Intercept 0.459973 3.269182 0.1407 0.888586 -6.081644 7.00159 -6.081644 7.00159
X Variable 0.871585 0.373042 2.336427 0.022885 0.12513 1.61804 0.12513 1.61804
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.334262
R Square 0.111731
Adjusted R 0.096676
Standard E 24.83945
Observatio 61
ANOVA
df SS MS F Significance F
Regression 1 4578.959 4578.959 7.42135 0.008467
Residual 59 36402.89 616.9981
Total 60 40981.85
2. Regression Output
SUMMARY OUTPUT
SENSEX ret-Vs-BHUSSTEEL ret
Regression Statistics
Multiple R 0.29
R Square 0.08
Adjusted R Squar 0.07
Standard Error 25.21
Observations 61.00
ANOVA
df SS MS F Significance F
Regression 1 3470.67 3470.67 5.46 0.02
Residual 59 37511.18 635.78
Total 60 40981.85
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.46 3.27 0.14 0.89 -6.08 7.00 -6.08 7.00
X Variable 1 0.87 0.37 2.34 0.02 0.13 1.62 0.13 1.62
SUMMARY OUTPUT
BSE 500 ret-Vs-BHUSSTEEL ret
Regression Statistics
Multiple R 0.33
R Square 0.11
Adjusted R Squar 0.10
Standard Error 24.84
Observations 61.00
ANOVA
df SS MS F Significance F
Regression 1 4578.96 4578.96 7.42 0.01
Residual 59 36402.89 617.00
Total 60 40981.85
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.43 3.21 0.14 0.89 -5.99 6.86 -5.99 6.86
X Variable 1 0.91 0.33 2.72 0.01 0.24 1.58 0.24 1.58
method:4 primium for total ris Stock BSE Sensex BSE 500
risk free rate of r Rf 0.67 0.67 0.67
market ret p.m Rm 1.38 1.35
standerd deviatio σ 26.13 8.73 9.62
monthly rate of reRf+σi/σm*(Rm-Rf) 2.80 1.29
Annualized Rate of Return R 33.54 15.47
Method 5: Premium for Business And Financial Risk
year total asset PBT int PBIT ROI debt funds shareholdersD/E
Mar-01 1102.68 49.76 67.34 117.1 10.62 613.75 488.92 1.26
Mar-02 1051.67 50.13 71.29 121.42 11.55 594.53 457.12 1.30
Mar-03 1280.77 63.59 66.49 130.08 10.16 777.82 502.95 1.55
Mar-04 1519.3 103.94 66.22 170.16 11.20 930.6 588.68 1.58
Mar-05 2048.06 165.65 79.39 245.04 11.96 1,317.47 730.59 1.80
Mar-06 2929.45 159.66 75.38 235.04 8.02 2,036.18 893.27 2.28
Mar-07 4456.49 372.35 85.82 458.17 10.28 3,241.98 1,214.50 2.67
Mar-08 7343.47 538.95 107.8 646.75 8.81 5,718.13 1,625.32 3.52
Mar-09 10494.75 560.78 117.27 678.05 6.46 8,066.25 2,428.50 3.32
Mar-10 15395.76 1151.36 210.01 1361.37 8.84 11,404.11 3,991.67 2.86
Mean 9.79 2.21
Range 3.52
4.Decomposition of total risk based on beta Stock BSE Sensex BSE 500
2
Total Risk σ 683.03
Beta β 0.87 0.91
2
Beta Sq. β 0.7597 0.8251
2
Variance of Market Ret σ 76.15 92.49
2 2
Systematic Risk β *σ 57.84 76.32
Unsystematic Risk σi2-(β2)(σm2) 625.19 606.71
Total Risk 683.03 683.03
Decomposition of Total Risk Based on RSQ Stock BSE Sensex BSE 500
RSQ 0.08 0.11
Total Risk σi 2 683.03
Systematic Risk (RSQ*Var) 57.84 76.32
Unsystematic Risk (1-RSQ)(Var) 625.19 606.71
FY Price on first trading day of apr Price on last trading day of march DPS DY Cap G/L TSR P+DPS ln ret
Application Of Funds
Gross Block 871.86 880.17 890 1,338.46 1,657.81 1,795.91 2,693.73 2,927.09 3,281.86 3,685.89
Less: Accum. Depreciation 197.73 257.74 361.44 464.32 610.81 775.83 970.27 1,168.07 1,395.89 1,606.57
Net Block 674.13 622.43 528.56 874.14 1,047.00 1,020.08 1,723.46 1,759.02 1,885.97 2,079.32
Capital Work in Progress 68.33 109.31 411.72 190.64 385.7 1,295.22 1,892.11 4,567.97 7,400.13 11,109.33
Investments 19.1 19 19 19 18.99 19.17 20.85 58.46 107.73 370.04
Inventories 170.45 158.96 257.38 394.11 581.67 474.78 756.34 1,129.63 1,230.36 1,962.67
Sundry Debtors 250.25 290.72 250.19 350.66 339.44 404.48 538.9 617.38 619.82 733.92
Cash and Bank Balance 14.41 13.8 9.23 10.77 10.69 11.5 16.14 21.38 124.29 100.42
Total Current Assets 435.11 463.48 516.8 755.54 931.8 890.76 1,311.38 1,768.39 1,974.47 2,797.01
Loans and Advances 35.42 43.57 57.08 90.84 130.94 241.73 368.5 645.51 771.85 957.39
Fixed Deposits 0.35 0.6 0.24 0.54 6.7 70.02 84 6.25 0.08 19.77
Total CA, Loans & Advances 470.88 507.65 574.12 846.92 1,069.44 1,202.51 1,763.88 2,420.15 2,746.40 3,774.17
Deffered Credit 0 0 0 0 0 0 0 0 0 0
Current Liabilities 129.82 206.52 251.58 406.17 464.96 593.49 926.02 1,442.82 1,617.77 1,900.65
Provisions 7.84 6.08 4.98 5.23 8.11 14.04 17.79 19.31 27.71 36.45
Total CL & Provisions 137.66 212.6 256.56 411.4 473.07 607.53 943.81 1,462.13 1,645.48 1,937.10
Net Current Assets 333.22 295.05 317.56 435.52 596.37 594.98 820.07 958.02 1,100.92 1,837.07
Miscellaneous Expenses 7.9 5.88 3.93 0 0 0 0 0 0 0
Total Assets 1,102.68 1,051.67 1,280.77 1,519.30 2,048.06 2,929.45 4,456.49 7,343.47 10,494.75 15,395.76
Contingent Liabilities 397.34 570.55 367.14 548.26 930.37 1,931.44 1,551.57 2,545.91 2,424.34 4,047.07
Book Value (Rs) 147.98 138.35 124.27 145.45 180.5 215.56 285.96 382.68 477.51 931.21
PROFIT & LOSS A/c
Bhushan Steel Ltd. Rs. In Crs
Mar '01 Mar '02 Mar '03 Mar '04 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
INCOME
Sales Turnover 1,058.38 1,139.19 1,262.56 1,745.31 2,867.90 3,070.38 4,202.05 4,672.73 5,409.55 6,003.07
Excise Duty 133.95 143.42 131.23 180.63 192.91 276.39 372.45 492.5 423.83 381.3
Net Sales 924.43 995.77 1,131.33 1,564.68 2,674.99 2,793.99 3,829.60 4,180.23 4,985.72 5,621.77
Other Income -3.18 -0.46 3.41 14.6 4.45 4.59 39 22.8 -180.91 117.77
Stock Adjustments 4.02 -4.06 -9.36 64.43 164.55 -75.57 95.17 188.07 -98.17 295.46
Total Income 925.27 991.25 1,125.38 1,643.71 2,843.99 2,723.01 3,963.77 4,391.10 4,706.64 6,035.00
EXPENDITURE
Raw Materials 666.69 721.47 823.7 1,227.92 2,247.41 2,112.06 3,004.82 3,223.83 3,377.06 4,052.78
Power & Fuel Cost 42.63 52.47 58.04 74.53 108.31 126.6 147.7 196.22 203.83 214.98
Employee Cost 9.44 11.85 13.19 16.86 23.61 36.43 51.01 73.87 100.86 140.94
Other Manufacturing Expenses 1.47 1.61 3.03 4.95 4.74 3.85 6.62 12.88 13.2 13.05
Selling and Admin Expenses 25.58 17.46 23.82 42.78 53.11 68.17 111.1 104.06 179.06 204.25
Miscellaneous Expenses 6.44 8.34 8.42 9.59 12.9 16.13 28.89 26.34 60.3 174.15
Preoperative Exp Capitalised -4.05 -5.44 -6.67 -9.88 -15.85 -41.03 -53.46 -104.26 -140.13 -335.66
Total Expenses 748.2 807.76 923.53 1,366.75 2,434.23 2,322.21 3,296.68 3,532.94 3,794.18 4,464.49
Operating Profit 180.25 183.95 198.44 262.36 405.31 396.21 628.09 835.36 1,093.37 1,452.74
PBDIT 177.07 183.49 201.85 276.96 409.76 400.8 667.09 858.16 912.46 1,570.51
Interest 67.34 71.29 66.49 66.22 79.39 75.38 85.82 107.8 117.27 210.01
PBDT 109.73 112.2 135.36 210.74 330.37 325.42 581.27 750.36 795.19 1,360.50
Depreciation 57.95 60.05 69.73 102.87 164.72 165.76 208.92 211.41 234.41 209.14
Other Written Off 2.02 2.02 2.04 3.93 0 0 0 0 0 0
Profit Before Tax 49.76 50.13 63.59 103.94 165.65 159.66 372.35 538.95 560.78 1,151.36
Extra-ordinary items 0 0 0 0 0 -0.11 0 0 0 0
PBT (Post Extra-ord Items) 49.76 50.13 63.59 103.94 165.65 159.55 372.35 538.95 560.78 1,151.36
Tax 4.25 9.97 8.54 13.66 12.3 5.21 59.11 115.2 139.48 305.57
Reported Net Profit 45.51 40.15 55.05 90.3 153.35 154.45 313.26 423.73 421.3 845.8
Total Value Addition 81.51 86.29 99.83 138.82 186.82 210.14 291.85 309.12 417.12 411.72
Preference Dividend 0 0 0 0 0 0 0 0 0 0.23
Equity Dividend 3.3 1.65 2.02 4.05 10.12 10.32 10.62 10.62 10.62 10.62
Corporate Dividend Tax 0.34 0 0.26 0.52 1.32 1.45 1.8 1.8 1.8 1.8
Per share data (annualised)
Shares in issue (lakhs) 330.4 330.4 404.72 404.72 404.72 412.72 424.72 424.72 424.72 424.72
Earning Per Share (Rs) 13.77 12.15 13.6 22.31 37.89 37.42 73.76 99.77 99.2 199.09
Equity Dividend (%) 10 5 5 10 25 25 25 25 25 25
Book Value (Rs) 147.98 138.35 124.27 145.45 180.52 215.56 285.96 382.68 477.51 931.21
Market Price on first trading day of April 23.5 20 15.85 20.05 66.76 217.1 188.15 504.55 669.2 372.55
Market Price on last trading day of March 18.6 15.5 24.25 16.7 206.8 184.3 513.65 662.8 398.3 1679.64