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ASHOK LEYLAND LIMITED

Rs. Million Rs. Million Rs. Million Rs. Lacs Rs. Lacs
2005-06 2006-07 2007-08 2008-09 2009-10
PBT 4523 6045 6381 20845 54477
PAT 3273 4413 4693 19000 42367
Net Current Assets 8239 9419 6033 102867 117893
Net Current Liabilities 11468 17558 19267 186886 296075
Sales 52477 71682 88336 676147 787259
Dividend % 120 150 150 100 150
Investments 3682 2211 6099 26356 32615
EPS 2.74 3.38 3.53 1.43 3.18

Ratios:

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Per share ratios
Adjusted EPS (Rs) 2.79 1.37 3.34 3.05 2.4
Adjusted cash EPS (Rs) 4.32 2.71 4.68 4.19 3.44
Reported EPS (Rs) 3.18 1.43 3.53 3.33 2.68
Reported cash EPS (Rs) 4.72 2.77 4.86 4.47 3.71
Dividend per share 1.5 1 1.5 1.5 1.2
Operating profit per share (Rs) 5.72 3.56 6.05 5.18 4.42
Book value (excl rev res) per
share (Rs) 17.42 15.78 15.82 13.95 11.31
Book value (incl rev res) per
share (Rs.) 27.45 26.04 15.99 14.13 11.5
Net operating income per share
(Rs) 55.9 46.37 59.93 55.59 43.88
Free reserves per share (Rs) 16.1 14.43 14.69 12.79 10.01
Profitability ratios
Operating margin (%) 10.23 7.66 10.09 9.32 10.08
Gross profit margin (%) 7.49 4.77 7.86 7.27 7.73
Net profit margin (%) 5.66 3.04 5.83 5.94 6.05
Adjusted cash margin (%) 7.69 5.77 7.73 7.46 7.76

Adjusted return on net worth (%) 15.99 8.65 21.12 21.84 21.24

Reported return on net worth (%) 18.27 9.05 22.3 23.88 23.69
Return on long term funds (%) 12.89 8.78 23.15 25.51 26.32
Leverage ratios
Long term debt / Equity 0.98 0.93 0.41 0.25 0.24
Total debt/equity 0.98 0.93 0.41 0.34 0.49

Owners fund as % of total source 50.46 51.8 70.55 74.5 66.74


Fixed assets turnover ratio 1.25 1.26 2.77 2.86 2.56
Liquidity ratios
Current ratio 1.22 1.29 1.09 1.29 1.37
Current ratio (inc. st loans) 1.22 1.29 1.08 1.12 1.12
Quick ratio 0.72 0.72 0.59 0.73 0.79
Inventory turnover ratio 5.11 5.36 7.9 8.29 7.16
Payout ratios

Dividend payout ratio (net profit) 54.92 81.91 49.8 51.31 55.66
Dividend payout ratio (cash
profit) 37.06 42.24 36.11 38.23 40.16
Earning retention ratio 37.24 14.36 47.42 43.88 37.92
Cash earnings retention ratio 59.53 56.79 62.45 59.16 56.6
Coverage ratios
Adjusted cash flow time total
debt 3.97 5.45 1.43 1.16 1.65
Financial charges coverage ratio 7.83 3.41 10.46 23.55 15.2
Fin. charges cov.ratio (post tax) 7.16 3.34 8.74 19.61 12.82
Component ratios
Material cost component (%
earnings) 74.42 73.82 74.66 75.69 78.32
Selling cost Component 7.68 6.98 2.44 2.31 2.18
Exports as percent of total sales 8.66 15.93 10.19 8.94 8.81
Import comp. in raw mat.
consumed 7.65 5.37 3.7 3.35 2.6
Long term assets / total Assets 0.47 0.5 0.49 0.42 0.39
Bonus component in equity
capital (%) 4.68 4.68 4.68 4.7 5.1

Balance sheet
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Sources of funds
Owner's fund
Equity share capital 133.03 133.03 133.03 132.39 122.16
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 2,190.10 1,976.00 1,993.57 1,739.23 1,266.35
Loan funds
Secured loans 788.12 304.41 190.24 360.22 184.69
Unsecured loans 1,492.33 1,657.57 697.26 280.18 507.24
Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44
Uses of funds
Fixed assets
Gross block 6,018.63 4,953.27 2,942.44 2,620.20 2,138.50
Less : revaluation reserve 1,333.17 1,364.86 22.38 22.96 23.95

Less : accumulated depreciation 1,769.07 1,554.16 1,416.89 1,313.16 1,195.23


Net block 2,916.39 2,034.25 1,503.17 1,284.08 919.33
Capital work-in-progress 619.71 1,043.19 661.08 407.7 198.32
Investments 326.15 263.56 609.9 221.09 368.18
Net current assets
Current assets, loans &
advances 4,107.53 3,195.70 2,759.38 2,544.92 2,183.12
Less : current liabilities &
provisions 3,371.37 2,475.37 2,541.72 1,970.20 1,595.82
Total net current assets 736.15 720.33 217.66 574.72 587.31
Miscellaneous expenses not
written 5.17 9.69 22.29 24.42 7.31
Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44
Notes:
Book value of unquoted
investments 244.01 101.69 365.07 43.22 56.28
Market value of quoted
investments 328.36 193.98 391.84 281.39 469.8
Contingent liabilities 445.03 754.37 1,783.97 1,129.49 946.29
Number of equity
sharesoutstanding (Lacs) 13303.38 13303.38 13303.38 13238.7 12215.87

Profit loss account


Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Income
Operating income 7,436.18 6,168.99 7,972.52 7,358.88 5,359.94

Expenses
Material consumed 5,282.39 4,553.31 5,855.39 5,521.20 3,897.38
Manufacturing expenses  89.98 88.72 102.76 87.13 74.69
Personnel expenses 671.61 566.26 616.17 480.7 403.89
Selling expenses 571.69 430.77 194.63 170.7 117.3
Adminstrative expenses 74.36 65.04 399.76 413.1 326.71
Expenses capitalised -15.25 -8.2 -0.67 -0.13 -0.41
Cost of sales 6,674.79 5,695.90 7,168.04 6,672.71 4,819.56
Operating profit 761.4 473.08 804.48 686.18 540.38
Other recurring income 36.39 62.8 70.3 63.19 42.76
Adjusted PBDIT 797.79 535.88 874.78 749.37 583.14
Financial expenses 101.85 157.3 83.63 31.82 38.37
Depreciation  204.11 178.41 177.36 150.57 126.01
Other write offs - - 0.49 0.3 0.31
Adjusted PBT 491.83 200.17 613.3 566.67 418.45
Tax charges  121.1 18.45 168.84 163.22 124.98
Adjusted PAT 370.73 181.72 444.46 403.45 293.47
Non recurring items 52.95 8.27 24.85 37.83 33.85
Other non cash adjustments - 0.26 - 2.96 -
Reported net profit 423.67 190.25 469.31 444.25 327.32
Earnings before appropriation 905.98 692.53 831 674.62 505.73
Equity dividend 199.55 133.03 199.77 198.58 159.79
Preference dividend - - - - -
Dividend tax 33.14 22.61 33.95 27.85 22.41
Retained earnings 673.28 536.89 597.27 448.19 323.54

Cash flow
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Profit before tax 544.77 208.45 638.15 604.51 452.3

Net cash flow-operating activity 1,090.17 -525.58 1,065.69 499.95 322.02


Net cash used in investing
activity -783.17 -664.18 -809.68 -749.69 -133.59
Net cash used in fin. activity 123.31 459.18 364.52 -289.38 -257.6
Net inc/dec in cash and
equivalent 430.32 -730.58 620.53 -539.12 -69.17
Cash and equivalent begin of
year 85.15 815.73 195.2 850.32 919.49

Cash and equivalent end of year 515.46 85.15 815.73 311.21 850.32

Report card
Attribute Value Date
PE ratio 23.36 nov, 10
EPS (Rs) 3.18 Mar, 10
Sales (Rs crore) 2,713.96 Sep, 10
Face Value (Rs) 1
Net profit margin (%) 5.66 Mar, 10
Last bonus 22:57 3/9/1978
Last dividend (%) 150 29/04/10
Return on average equity 18.27 Mar, 10

Dividend
Dividend
Year Month (%)
2010 Apr 150
2009 May 100
2008 May 150
2007 Mar 150
2006 May 120
2005 Apr 100
2004 Jun 75
2003 May 50
2002 May 45
2001 Apr 40
2000 Apr 35
1999 Jul 10
1998 Jun 10
1997 Jun 50
(Rs. Crores)