Documente Academic
Documente Profesional
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Ambuja
(ALL FIG IN CRORES)
Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
2007-06
305.97
304.74
304.52
304.48
303.37
305.97
304.74
304.52
304.48
303.37
1.34
0.24
0.34
1.14
7,022.79
6,165.92
5,368.01
4,356.77
3,187.21
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
Investments
625.95
727.01
332.39
1,288.94
1,133.12
Inventories
901.86
683.24
939.75
581.6
408.82
Sundry Debtors
128.18
152.2
224.6
145.68
89.95
198.4
116.64
123.73
114.94
172.36
1,228.44
952.08
1,288.08
842.22
671.13
422.61
292.65
351.82
237.04
313.03
Fixed Deposits
1,549.77
764.04
728.11
535.85
205.74
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
929.06
Provisions
1,096.57
674.04
470.56
493.55
168.68
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
Deffered Credit
RATIOS
2007-06
LIQUIDITY RATIO
Current Ratio
Current Assets
Current Liabilities
Quick Ratio
Current Assets
Inventories
Current Liabilities
Prepaid Expenses
581.6
1575.25
0
408.82
1097.74
0
CASH RATIO
CASH
MARKETABLE SECURITIES
CURRENT LIABILITIES
SOLVENCY RATIOS
Debt Equity Ratio
Long Term Debt
Share Holders Fund
DEBT-Asset RATIO
TOTAL ASSET
Total DEBT
PROPRIETARY RATIO
SHARE HOLDER'S FUND
TOTAL ASSET
PROFITABILITY RATIO
Net Profit Margin
PAT
Sales
NOPAT
EBIT
NET SALES
ROI
EBIT
NET SALES
ROE
PAT
NET WORTH
ACTIVITY RATIO
INVENTORY TURNOVER RATIO
COGS
AVERAGE INVENTORY
LEVERAGE
DOL
% CHANGE IN EBIT
% CHANGE IN NET SALES
DFL
% CHANGE IN EPS
% CHANGE IN EBIT
DCL
DOL
DFL
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
2011-10
2010-09
2009-08
2008-07
2007-06
8,286.20
7,763.93
7,089.89
6,469.68
7,022.59
914.68
680.72
907.8
798.29
796.31
7,371.52
7,083.21
6,182.09
5,671.39
6,226.28
214.58
180.41
468.18
965.04
111.07
54.28
-49.44
62.62
58.79
-10.92
7,640.38
7,214.18
6,712.89
6,695.22
6,326.43
1,475.20
1,642.09
1,251.08
953.32
1,007.07
1,697.34
1,422.75
1,325.69
1,004.20
1,239.87
344.91
274.29
266.94
209.46
235.98
227.03
161.66
145.61
124.5
185.59
1,591.44
1,426.15
1,276.80
1,254.41
1,273.55
Miscellaneous Expenses
241.12
202.19
215.64
140.63
122.96
-11.36
-19.33
-21.19
-9.47
-10.82
Total Expenses
5,565.68
5,109.80
4,460.57
3,677.05
4,054.20
Operating Profit
1,860.12
1,923.97
1,784.14
2,053.13
2,161.16
PBDIT
2,074.70
2,104.38
2,252.32
3,018.17
2,272.23
48.69
22.43
32.06
75.85
113.23
2,026.01
2,081.95
2,220.26
2,942.32
2,159.00
Interest
PBDT
Depreciation
387.19
296.99
259.76
236.34
326.12
0.61
1.57
1.72
0.47
1.07
1,638.21
1,783.39
1,958.78
2,705.51
1,831.81
Extra-ordinary items
64.22
26.52
11.28
-194.92
10.17
1,702.43
1,809.91
1,970.06
2,510.59
1,841.98
435.55
585.14
567.79
741.49
338.73
1,263.61
1,218.37
1,402.27
1,769.10
1,503.25
4,090.48
3,467.71
3,209.49
2,723.73
3,047.13
Preference Dividend
397.22
365.59
334.97
532.65
461.24
65.27
62.13
56.92
90.52
64.69
15,298.59
15,237.11
15,225.99
15,223.75
15,168.29
8.26
9.21
11.62
9.91
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
DPS
130
120
110
175
165
47.9
42.47
37.26
30.62
23.01
2.596448
EPS
PAT/no of shares
13.56138 13.81089
14.7926
19.8254 14.98013
(It shows no. of times the interest charges are covered by funds that are ordinarly availablefor repaying, but here we can see conservativ
Guj.Ambuja
TREND ANALYSIS
YEAR
CURRENT RATIO
YEAR
Quick Ratio
2011-10
2010-09
2011-10
2010-09
YEAR
Net Profit Margin
YEAR
Gross Profit Margin
2011-10
2010-09
2011-10
2010-09
YEAR
Debt Equity Ratio
YEAR
ROE
2010-09
0.05
0
2011-10
YEAR
ROI
CURRENT RATIO
CURRENT RATIO
1.4
1.2
1
0.8
CURRENT RATIO
0.6
0.4
0.2
0
2010-09
2009-08
2008-07
2007-06
Quick Ratio
QUICK RATIO
0.9
0.8
0.7
0.6
0.5
Quick Ratio
0.4
0.3
0.2
0.1
0
2010-09
2009-08
2008-07
2007-06
NPM
0.3
0.25
0.2
Net Profit Margin
0.15
0.1
0.05
0
0
2010-09
2009-08
2008-07
2007-06
GPM
0.66
0.64
0.62
0.6
0.58
Gross Profit Margin
0.56
0.54
0.52
0.5
0.48
2010-09
2009-08
2008-07
2007-06
D/E RATIO
0.3
0.25
0.2
Debt Equity Ratio
0.15
0.1
0.05
0
2010-09
2009-08
2008-07
2007-06
ROE
ROE
ROE
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
0.05
0
2010-09
2009-08
2008-07
2007-06
ROI
ROI
0.6
0.5
0.4
ROI
0.3
0.2
0.1
0
2010-09
2009-08
2008-07
2007-06
RENT RATIO
CURRENT RATIO
UICK RATIO
QUICK RATIO
2008-07 2007-06
NPM
NPM
2008-07 2007-06
GPM
GPM
2008-07 2007-06
D/E RATIO
D/E RATIO
2008-07 2007-06
ROE
ROE
2008-07 2007-06
ROI
ROI
2008-07 2007-06
Guj. Ambuja
COMMON SIZE ANALYSIS
Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
Balance Sheet
Sources Of Funds
Total Share Capital
2011-10
2010-09
2009-08
2008-07
2007-06
305.97
305.97
1.34
0
7022.79
0
7330.1
0
65.03
65.03
7395.13
304.74
304.74
0.24
0
6165.92
0
6470.9
100
65.7
165.7
6636.6
304.52
304.52
0.34
0
5368.01
0
5672.87
100
188.67
288.67
5961.54
304.48
304.48
0
0
4356.77
0
4661.25
100
230.42
330.42
4991.67
303.37
303.37
1.14
0
3187.21
0
3491.72
317.77
547.61
865.38
4357.1
8778.82
3151.07
5627.75
930.7
625.95
901.86
128.18
198.4
1228.44
422.61
1549.77
3200.82
0
1893.98
1096.57
2990.55
210.27
0.46
7395.13
754.38
47.9
6224.13
2784.09
3440.04
2714.43
727.01
683.24
152.2
116.64
952.08
292.65
764.04
2008.77
0
1582.32
674.04
2256.36
-247.59
2.71
6636.6
647.12
42.47
5706.94
2514.19
3192.75
1947.22
332.39
939.75
224.6
123.73
1288.08
351.82
728.11
2368.01
0
1412.55
470.56
1883.11
484.9
4.28
5961.54
1224.42
37.26
5231.05
2271.19
2959.86
696.79
1288.94
581.6
145.68
114.94
842.22
237.04
535.85
1615.11
0
1081.7
493.55
1575.25
39.86
6.22
4991.67
1193.08
30.62
4542.5
2053.32
2489.18
634.93
1133.12
408.82
89.95
172.36
671.13
313.03
205.74
1189.9
0
929.06
168.68
1097.74
92.16
7.71
4357.1
506.71
23.01
2011-10
2010-09
2009-08
2008-07
2007-06
4.137453
0.01812
0
94.96506
0
99.12064
0
0.879362
0.879362
100
4.591809
0.003616
0
92.90781
0
97.50324
1.506796
0.989965
2.49676
100
5.108076
0.005703
0
90.04402
0
95.15779
1.677419
3.164786
4.842205
100
6.099762
0
0
87.28081
0
93.38057
2.003338
4.61609
6.619428
100
6.962659
0.026164
0
73.1498
0
80.13862
7.293154
12.56822
19.86138
100
118.7108
42.61007
76.10076
12.58531
8.464354
12.19532
1.733303
2.682847
16.61147
5.714707
20.95663
43.28281
0
25.61118
14.82827
40.43945
2.843358
0.00622
100
93.78492
41.95055
51.83437
40.90091
10.95456
10.29503
2.293343
1.757526
14.3459
4.409637
11.51252
30.26806
0
23.84233
10.15641
33.99873
-3.73068
0.040834
100
95.72929
42.1735
53.55579
32.66304
5.575573
15.76354
3.767483
2.07547
21.6065
5.901495
12.21345
39.72145
0
23.69438
7.893262
31.58764
8.133804
0.071794
100
104.7956
45.4996
59.29599
13.95906
25.82182
11.65141
2.918462
2.302636
16.87251
4.748711
10.73488
32.35611
0
21.6701
9.887473
31.55757
0.79853
0.124608
100
104.2551
47.12584
57.12928
14.57231
26.00629
9.382846
2.064447
3.955842
15.40314
7.184366
4.721948
27.30945
0
21.3229
3.871382
25.19428
2.115168
0.176953
100
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Income Statement
Income
Sales Turnover
2011-10
2010-09
2009-08
2008-07
2007-06
8286.2
914.68
7371.52
214.58
54.28
7640.38
7763.93
680.72
7083.21
180.41
-49.44
7214.18
7089.89
907.8
6182.09
468.18
62.62
6712.89
6469.68
798.29
5671.39
965.04
58.79
6695.22
7022.59
796.31
6226.28
111.07
-10.92
6326.43
1475.2
1697.34
344.91
227.03
1591.44
241.12
-11.36
5565.68
1860.12
2074.7
48.69
2026.01
387.19
0.61
1638.21
64.22
1702.43
435.55
1263.61
4090.48
0
397.22
65.27
1642.09
1422.75
274.29
161.66
1426.15
202.19
-19.33
5109.8
1923.97
2104.38
22.43
2081.95
296.99
1.57
1783.39
26.52
1809.91
585.14
1218.37
3467.71
0
365.59
62.13
1251.08
1325.69
266.94
145.61
1276.8
215.64
-21.19
4460.57
1784.14
2252.32
32.06
2220.26
259.76
1.72
1958.78
11.28
1970.06
567.79
1402.27
3209.49
0
334.97
56.92
953.32
1004.2
209.46
124.5
1254.41
140.63
-9.47
3677.05
2053.13
3018.17
75.85
2942.32
236.34
0.47
2705.51
-194.92
2510.59
741.49
1769.1
2723.73
0
532.65
90.52
1007.07
1239.87
235.98
185.59
1273.55
122.96
-10.82
4054.2
2161.16
2272.23
113.23
2159
326.12
1.07
1831.81
10.17
1841.98
338.73
1503.25
3047.13
0
461.24
64.69
2011-10
2010-09
2009-08
2008-07
2007-06
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
12.4083
100
2.910933
0.736347
103.6473
0
20.01215
23.02564
4.678954
3.079826
21.58903
3.270967
-0.15411
75.50247
25.23387
28.14481
0.660515
27.48429
5.252512
0.008275
22.2235
0.871191
23.09469
5.908551
17.14178
55.49032
0
5.388577
0.885435
9.610332
100
2.547009
-0.69799
101.849
0
23.18285
20.08623
3.872397
2.282299
20.13423
2.854497
-0.2729
72.13961
27.1624
29.70941
0.316664
29.39275
4.192873
0.022165
25.17771
0.374407
25.55212
8.260944
17.20082
48.95676
0
5.16136
0.877145
14.68435
100
7.573167
1.012926
108.5861
0
20.23717
21.44404
4.317957
2.355352
20.65321
3.488141
-0.34276
72.15311
28.85982
36.43299
0.518595
35.91439
4.201815
0.027822
31.68475
0.182463
31.86722
9.184434
22.68278
51.91594
0
5.418394
0.920724
14.07574
100
17.01593
1.036607
118.0525
0
16.80928
17.70642
3.693274
2.195229
22.11821
2.479639
-0.16698
64.83508
36.20153
53.21747
1.337415
51.88005
4.167232
0.008287
47.70453
-3.4369
44.26763
13.07422
31.19341
48.02579
0
9.391877
1.596081
12.7895
100
1.78389
-0.17539
101.6085
0
16.17451
19.9135
3.790064
2.980753
20.45443
1.974855
-0.17378
65.11432
34.71029
36.49418
1.818582
34.6756
5.237798
0.017185
29.42062
0.16334
29.58396
5.440327
24.14363
48.93982
0
7.407955
1.038983
Guj Ambuja
INDEX ANALYSIS(2007-06 BASE YEAR)
Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
YEAR
Current Liabilities
Provisions
Tot. Current Liabilities
Share Capital
2007-06
2008-07
2009-08
2010-09
2011-10
305.97
304.74
304.52
304.48
303.37
305.97
304.74
304.52
304.48
303.37
1.34
0.24
0.34
1.14
7,022.79
6,165.92
5,368.01
4,356.77
3,187.21
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
625.95
727.01
332.39
1,288.94
1,133.12
901.86
683.24
939.75
581.6
408.82
128.18
152.2
224.6
145.68
89.95
198.4
116.64
123.73
114.94
172.36
1,228.44
952.08
1,288.08
842.22
671.13
422.61
292.65
351.82
237.04
313.03
1,549.77
764.04
728.11
535.85
205.74
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
1,893.98
1,582.32
1,412.55
1,081.70
929.06
1,096.57
674.04
470.56
493.55
168.68
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
2007-06 2008-09
100 83.5447
100 61.46803
100 75.44967
2009-08
74.58104
42.91199
62.96868
2010-09
57.11254
45.00853
52.67426
2011-10
49.05332
15.38251
36.70696
100
99.598
Reserves Total
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
100
100
100
100
100
100
87.79872
76.437 62.03759 45.38381
88.27847 77.39144 63.59054 47.63537
100
100
317.77
0
0
0
0
0
254.8055 443.9028 508.104 1330.74
89.74284 80.6144 67.49942 58.9185
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
100
100
100
100
100
0
118.7393
58.79032
69.24824
77.50317
0
175.2223
62.36391
83.24933
104.8549
0
0
113.6527 70.17475
57.93347
86.875
56.08954 74.07066
68.56013 54.6327
Guj. Ambuja
FORECASTING
PROFORMA
Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
2011-10
2010-09
2009-08
2008-07
2007-06
305.97
304.74
304.52
304.48
305.97
304.74
304.52
304.48
1.34
0.24
0.34
7,022.79
6,165.92
5,368.01
4,356.77
AS PROP OF SALES
NO CHANGE
NO CHANGE
1.14
NO CHANGE
0
NO CHANGE
3,187.21 Frm Inc Statement
0
303.37
303.37
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
Investments
625.95
727.01
332.39
1,288.94
1,133.12
Inventories
901.86
683.24
939.75
581.6
408.82
Sundry Debtors
128.18
152.2
224.6
145.68
89.95
198.4
116.64
123.73
114.94
172.36
1,228.44
952.08
1,288.08
842.22
671.13
422.61
292.65
351.82
237.04
313.03
Fixed Deposits
1,549.77
764.04
728.11
535.85
205.74
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
929.06
Provisions
1,096.57
674.04
470.56
493.55
168.68
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
Deffered Credit
EFR
A/S
L/S
S1
NET PROFIT MARGIN
DPR
EFR
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
0.01979
0.03544
0.05523
0.89688
0.00000
0.92894
0.39149
0.10780
0.21488
0.02227
0.15314
0.11268
0.31535
0.00000
0.20975
0.08683
0.29658
0.01877
0.00069
0.89688
((A/S)*(S1)-(L/S)*(S1)-MS1*(1-D)
0.79197
0.256932 (Since EFR is negative, firm doesn't required to raise the firm from external source
-521.08
0.15
0.31
-224.25
YEAR
NET SALES
GROWTH RATE IN NET SALES
AVERAGE GROWTH RATE
2011-10
2010-09
2009-08
2008-07
2007-06
7,371.52
7,083.21
6,182.09
5,671.39
6,226.28
-12.72%
87.88
-8.26%
91.76
9.78%
90.22
-8.36898
-3.91%
96.9
-0.08369
-0.06303 -0.0868
PROFORMA
2012-11(PROJECTED)
305.97
305.97
0
0
3870.411291
0
4482.351291
127.3627056
228.0465828
355.4092884
5771.328059
0
5977.600873
2519.196333
3458.40454
10815.36145
0
693.711022
149.0639682
544.6470539
985.4493427
1689.76
725.0915259
2029.230453
0
1349.724659
558.7407121
1908.465371
120.7650817
4.468827531
5771.328059
9111.949537
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
2011-10
2010-09
2009-08
8,286.20
7,763.93
7,089.89
914.68
680.72
907.8
7,371.52
7,083.21
6,182.09
214.58
180.41
468.18
54.28
-49.44
62.62
7,640.38
7,214.18
6,712.89
1,475.20
1,642.09
1,251.08
1,697.34
1,422.75
1,325.69
344.91
274.29
266.94
227.03
161.66
145.61
1,591.44
1,426.15
1,276.80
241.12
202.19
215.64
-11.36
-19.33
-21.19
902.63
1387.5 1135.12
1,860.12
1,923.97
1,784.14
2,074.70
2,104.38
2,252.32
48.69
22.43
32.06
2,026.01
2,081.95
2,220.26
387.19
296.99
259.76
0.61
1.57
1.72
1,638.21
1,783.39
1,958.78
64.22
26.52
11.28
1,702.43
1,809.91
1,970.06
435.55
585.14
567.79
1,263.61
1,218.37
1,402.27
4,090.48
3,467.71
3,209.49
397.22
365.59
334.97
65.27
62.13
56.92
1640.86
8.02
30
2087.38 2089.37
10.58
12.66
33
20
-0.0875 0.08546
2008-07 2007-06 AS % OF SALES
6,469.68
7,022.59
798.29
796.31
5,671.39
6,226.28
965.04
111.07
58.79
-10.92
6,695.22
6,326.43
953.32
1,007.07
1,004.20
1,239.87
209.46
235.98
124.5
185.59
1,254.41
1,273.55
140.63
122.96
-9.47
-10.82
2012-11(PROJECTED)
100.00%
0.12714
100.00%
0.00383
0.171349879
0.181368929
0.036116561
0.022885874
0.186215349
0.024960467
-0.001970786
2447.25 2672.01
0.269805795
0.325835289
113.23 last year rate=0.001356
2,053.13
2,161.16
3,018.17
2,272.23
75.85
2,942.32
2,159.00
236.34
326.12
0.47
1.07
2,705.51
1,831.81
-194.92
10.17
2,510.59
1,841.98
741.49
338.73
1,769.10
1,503.25
2,723.73
3,047.13
532.65
461.24
90.52
64.69
2095.85 2099.39
39.93
47.48
35
40
0.040917363
0.000148689
-0.003184603
0.074171713
0.449576394
0
0.058056323
0.009422159
no change
6434.87
818.11
5705.20
111.45
21.82
5816.65
1102.61
1167.09
232.41
147.27
1198.27
160.62
-12.68
3995.58
1736.17
1858.96
0.00
1858.96
263.30
0.96
1594.70
-20.49
1594.70
477.29
1117.42
2892.97
0.00
373.58
60.63
2099.39
53.23
share price
116.13
105.4
111.2
113.37
122.75
137.25
137.98
137.15
139.5
124.06
117.66
144.85
share price
76.17
86.43
83.6
103.36
94.76
95.19
85.2
87.97
100.35
103.65
102.98
115.65
com ROR
-0.0924
0.055028
0.019514
0.082738
0.118126
0.005319
-0.00602
0.017135
-0.11068
-0.05159
0.23109
com ROR
0.134699
-0.03274
0.236364
-0.0832
0.004538
-0.10495
0.032512
0.14073
0.032885
-0.00646
0.123034
mkt
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76
17705.01
16123.46
15454.92
17193.55
mkt
16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
mkt ROR
0.090994
-0.0159
-0.03306
0.018515
-0.03442
-0.08355
-0.01337
0.076046
-0.08933
-0.04146
0.112497
mkt ROR
0.066844
0.001765
-0.03497
0.044632
0.009457
0.005755
0.116743
-0.00183
-0.02551
0.050603
-0.10636
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.004644
0.002438
-0.00119
0.525036
-0.01414
0.076
0.028671
Interest
Total debt
Kd
EBIT
58.452
343.04
0.170394
1,472.93
Value of firm
equity
debt
Value of firm
WACC(Ko)
49335.33
343.04
49678.37
0.029649
0.172236
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.00345
-0.0018
0.011556
-0.52249
0.14784
0.076
0.038464
Interest
Total debt
Kd
EBIT
58.452
343.04
0.170394
1,626.98
Value of firm
equity
debt
Value of firm
WACC(Ko)
40778.94
343.04
41121.98
0.039565
share price
89.221
80.23
69.47
73.58
74.62
72.49
57.01
47.32
64.56
65.44
59.58
66.86
com ROR
-0.10077
-0.13411
0.059162
0.014134
-0.02854
-0.21355
-0.16997
0.364328
0.013631
-0.08955
0.122189
mkt
8891.61
9708.5
11403.25
14625.25
14493.84
15670.31
15666.64
17126.84
15896.28
16926.22
17464.81
16357.96
mkt ROR
0.091872
0.174564
0.282551
-0.00899
0.08117
-0.00023
0.093204
-0.07185
0.064791
0.03182
-0.06338
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.010701
-0.00546
0.061412
-0.51026
1.044588
0.076
-0.41824
Interest
Total debt
Kd
EBIT
58.452
65.03
0.170394
1,524.38
Value of firm
equity
debt
Value of firm
WACC(Ko)
-3505.03
343.04
-3161.99
-0.4821
Int
avg
total debt
avg
Int
avg
total debt
avg
48.69
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
58.452
65.03
343.04
48.69
58.452
65.03
343.04
Int
avg
total debt
avg
48.69
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
58.452
65.03
343.04
It is not possible, since value of the firm can't be negative. That shows limitation of model.
Walter's Model
2010-2011
Gordon's Model
P=E*(1-b)/(Ke-b*r)
MM model
P0=(1/(1+ke))*(D1+p1)
Value of firm
nP0=(1/(1+ke)(nD1+nP1)
No of shares
in crores
Reported Net
Profit
Earning Per
Share (Rs)
Equity
Dividend
152.99
152.37
152.26
152.24
151.68
1,263.61
1,218.37
1,402.27
1,769.10
1,503.25
8.26
9.21
11.62
9.91
397.22
365.59
334.97
532.65
461.24
DPS
2.596448
r (ROI)
ke
Share price P
Earning Per
Share (Rs)
8.26
9.21
11.62
9.91
DPS
2.596448
Ke
r (ROI)
-20.2474
Note:
-17.136
DPS
Ke
P0
1/(1+ke)
P1
No of shares
in crores
P0
Ke
nP1
ND1
17802.86
397.22
152.99
152.37
152.26
115.65
66.86
0.028671 0.038464
94.9
-0.41824
10213.8 8071.212 P1
365.59
334.97
152.24
151.68
nP0
17692.82 10187.53 14449.46 17692.82 10187.53 14449.46
mkt value of firm
mkt value of firm
when dividend paid
had dividends not been paid
Analysis
There is no preference dividend, hence DPS is calclulated by reported net profit/equity dividend
must be greater than growth (br). That is the company is experiencing super natural growth
RMCP+WIPCP+FGCP+DCP
=
=
avg WIP
237.765
total cost of prod
3,677.55
WIPCP
23.27509
FGCP
avg FG
COGS
FGCP
237.765
3,611.97
23.69772
DCP
=
=
CPP
131.1831
GOC-CPP
-123.318
Analysis
The NOC is coming out to be negative. This means that the firm is sitting on idle cash. The firm has ample
time to repay its obligations. So in order to gain more profits, it can invest more.
2010-11
Balance Sheet
Mar '10
Mar '09
Mar '08
12 mths
12 mths
12 mths
12 mths
Sources Of Funds
Total Share Capital
305.97
304.74
304.52
304.48
305.97
304.74
304.52
304.48
1.34
0.24
0.34
mption)*360
7,022.79
6,165.92
5,368.01
4,356.77
7,330.10
6,470.90
5,672.87
4,661.25
100
100
100
65.03
65.7
188.67
230.42
65.03
165.7
288.67
330.42
Total Liabilities
7,395.13
6,636.60
5,961.54
4,991.67
Application Of Funds
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
3,151.07
2,784.09
2,514.19
2,271.19
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
930.7
2,714.43
1,947.22
696.79
Investments
625.95
727.01
332.39
1,288.94
Inventories
901.86
683.24
939.75
581.6
Sundry Debtors
128.18
152.2
224.6
145.68
198.4
116.64
123.73
114.94
1,228.44
952.08
1,288.08
842.22
422.61
292.65
351.82
237.04
Fixed Deposits
1,549.77
764.04
728.11
535.85
3,200.82
2,008.77
2,368.01
1,615.11
Deffered Credit
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
Provisions
1,096.57
674.04
470.56
493.55
2,990.55
2,256.36
1,883.11
1,575.25
210.27
-247.59
484.9
39.86
0.46
2.71
4.28
6.22
7,395.13
6,636.60
5,961.54
4,991.67
754.38
647.12
1,224.42
1,193.08
47.9
42.47
37.26
30.62
------------------
Mar '07
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
8,286.20
7,763.93
7,131.41
6,556.92
7,147.43
303.37
Income
Sales Turnover
303.37
Excise Duty
914.68
680.72
907.8
788.82
785.49
7,371.52
7,083.21
6,223.61
5,768.10
6,361.94
260.65
180.38
448.92
971.82
95.11
54.28
-49.47
65.24
53.85
-8.67
Total Income
7,686.45
7,214.12
6,737.77
6,793.77
6,448.38
547.61
Expenditure
Raw Materials
1,475.20
1,642.09
1,263.66
985.96
1,016.76
865.38
1.14
0
3,187.21
0
Net Sales
Other Income
Stock Adjustments
3,491.72
317.77
4,357.10
1,697.34
1,422.75
1,325.77
1,004.66
1,241.21
Employee Cost
343.57
274.29
267.69
211.64
237.5
227.03
161.66
145.79
125.04
183.8
1,639.15
1,431.99
1,293.88
1,301.91
1,374.98
244.71
203.93
221.17
146.24
136.11
Miscellaneous Expenses
2,053.32
-11.36
-19.33
-21.19
2,489.18
Total Expenses
5,615.64
5,117.38
4,496.77
3,775.45
4,190.36
Operating Profit
1,810.16
1,916.36
1,792.08
2,046.50
2,162.91
PBDIT
2,070.81
2,096.74
2,241.00
3,018.32
2,258.02
48.69
22.43
32.6
77.09
116.37
2,022.12
2,074.31
2,208.40
2,941.23
2,141.65
634.93
1,133.12
408.82
89.95
Interest
PBDT
172.36
Depreciation
387.21
297.28
260.1
237.18
327.95
671.13
0.61
1.57
1.72
0.47
1.07
313.03
1,634.30
1,775.46
1,946.58
2,703.58
1,812.63
205.74
Extra-ordinary items
27.11
26.52
11.28
7.08
10.15
1,661.41
1,801.98
1,957.86
2,710.66
1,822.78
1,189.90
0
398.44
585.14
568.15
943.49
339.81
929.06
1,262.97
1,216.84
1,389.71
1,767.17
1,483.34
168.68
4,090.48
3,467.71
3,209.49
2,723.73
3,047.13
1,097.74
Preference Dividend
92.16
7.71
4,357.10
506.71
23.01
Tax
397.22
365.59
334.97
532.65
461.24
65.27
62.13
56.92
90.52
64.69
15,298.59
15,237.11
15,225.99
15,223.75
15,168.29
8.26
9.21
11.62
9.91
130
120
110
175
165
47.9
42.47
37.26
30.62
23.01
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
0.050517867
0.039830764
0.037695352
0.078868586
0.052684739
Ambuja
Ultrarech
Binani
ACC
Madras
JK
India
shree
Deccan
Andhra
0.164468039
0.294634718
0.038565046
0.184263721
0.058471169
0.052684739
0.078868586
0.037695352
0.050517867
0.039830764
0.058471169
0.184263721
0.038565046
Mkt Share
0.039830764
0.164468039
Ambuja
Ultrarech
Binani
ACC
0.294634718
Madras
JK
India
shree
0.038565046
Deccan