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Indian GDP

Per capital Income of Middle class Population


Govt initiative for food industries in Non metro
desposable income
urbanisation
growth of nucler family
India remains low at less than 1/3rd of the level seen in other asian countries
2005
2015
14.5m
64m

rising middle-class and desposable income


Changing food habits
New economic centers in tier II/III cities
Increasing presence of organised foodmarkets
Domino's Pizza
Stores (2011)
Cities
Market shares
Dunkin ' Donuts

378
90
70% in delivery

50% over all

2020
100m

INCOME

STATEMENT (in INR mn)

Q4 09

Q4 10

INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Increase/(Decrease) in Inventories
Consumption of Row Material & Provision
Purchase of Traded Goods
Staff Cost
Rent
Operating and Other expences
Others
PROFIT BEFORE INT, DEP,TAX AND EXC ITEMS
Less : Interest
Less : Depreciation/Amortisation
Add: Other Income
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS
(Less) : Prior period items (Net)
PROFIT BEFORE TAX
Less: Provision for Taxation:
Current Tax
Deferred Tax (Refer Note B - 8 in Schedule M)
Fringe Benefit Tax
Excess (Tax) Provision for earlier years
PROFIT AFTER TAX
Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend
Tax on Dividend (includes tax on proposed div)
Transfer to General Reserve
Balance carried to Balance Sheet
Per share data
EPS (Rs.) Basic and Diluted - before exc item

7,399.93

12,405.54

7,399.93

12,405.54

(4.72)
(1,728.80)
(199.35)
(1,565.25)
(755.67)

(22.86)
(2,570.95)
(526.63)
(2,449.74)
(1,109.86)

(1,989.40)
1,156.74
(290.55)
(484.15)
25.37
407.41

(3,798.78)
1,926.72
(199.29)
(692.30)
6.35
1,041.48

407.41

1,041.48

407.41

1,041.48

(25.96)

(1.08)

381.45

1,040.40

381.45

1,040.40

381.45

1,040.40

EPS (Rs.) Basic and Diluted - after exc item


DPS (Rs)
No of shares - eop
Key Figures
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
Purchases
Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate
Dividend Payout Ratio
Divident Tax Rate
Minority Interest as % of PAT

10
Q1 11

Q2 11

Q3 11

Q4 11

Y 11

13,550.87

16,330.28

18,563.90

19,362.50

13,550.87

16,330.28

18,563.90

19,362.50

10.88
(2,697.22)
(634.97)
(2,509.59)
(1,198.61)

7.05
(3,466.83)
(590.10)
(3,251.74)
(1,267.85)

117.72
(4,076.87)
(778.80)
(3,836.75)
(1,400.68)

(4,011.35)
2,510.01
(23.56)
(629.89)
14.43
1,870.99

(4,796.52)
2,964.29
(9.28)
(694.80)
34.26
2,294.47

(5,369.97)
3,218.55
(1.37)
(778.98)
70.69
2,508.89

(110.38)
(4,212.24) (17,057.94)
(625.98)
(3,955.32)
(1,488.23)
(38,758.17)
(5,671.54)
3,298.81
11,991.43
(34.21)
(830.68) (2,933.88)
100.17
219.53
2,568.30
9,242.87

1,870.99

2,294.47

2,508.89

2,568.30

9,242.87

1,870.99

2,294.47

2,508.89

2,568.30

(343.00)

(450.96)

(613.31)

(635.54)

76,524.10
(8,716.56)
67,807.54

Q1 12

Q2 12

21,686.40

24,031.96

21,686.40

24,031.96

70.80
(4,695.10)
(900.00)
(4,207.00)
(1,636.80)

70.97
(5,114.75)
(1,306.59)
(4,752.28)
(1,845.18)

(6,181.80)
4,136.50

(6,727.97)
4,356.16

(868.60)
128.80
3,396.70
3,396.70

(931.45)
146.52
3,571.23
(92.30)
3,478.93

9,242.87

3,396.70

3,478.93

(2,349.49)
306.69

(1,077.30)

(1,111.89)

1,527.99

1,843.51

1,895.58

1,932.76

7,200.07

2,319.40

2,367.04

1,527.99

1,843.51

1,895.58

1,932.76

2,319.40

2,367.04

1,527.99

1,843.51

1,895.58

1,932.76

7,200.07
(4,030.23)
3,169.84

2,319.40

2,367.04

Q3 12

Q4 12

Y 12

27,697.62

28,295.54

101,711.52

27,697.62

28,295.54

101,711.52

127.54
(5,778.32)
(1,391.89)
(5,221.75)
(1,968.59)

(90.96)
(5,917.44)
(1,186.12)
(5,482.25)
(2,257.68)

178.35
(21,505.61)
(4,784.60)
(19,663.28)
(7,708.25)

(8,233.34)
5,231.27

(8,134.98)
5,226.11

(29,278.09)
18,950.04

(953.99)
148.44
4,425.72
(86.97)
4,338.75

(1,003.17)
192.43
4,415.37
(160.84)
4,254.53

(3,757.21)
616.19
15,809.02
(340.11)
15,468.91

4,338.75

4,254.53

15,468.91

(1,391.28)

(1,321.29)

(4,901.76)

2,947.47

2,933.24

10,567.15

2,947.47

2,933.24

10,567.15

2,947.47

2,933.24

10,567.15

Q1 13

Q2 13

Q3 13

Q4 13

Y 13

Q1 14

Q2 14

Q3 14

Q4 14

Y 14

Q1 15

Q2 15

Q3 15

Q4 15

Y 15

BALANCE

SHEET (in INR m)

FUNDS EMPLOYED
Shareholders' Funds
Share Capital
Reserves and Surplus
Shareholders' equity
Loan Funds
Secured Loans
Unsecured Loans
Loans
Long term provision
Deferred Tax Liability (Net)
Other long term laibilities
Total
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation/Amortisation
Net Block
Add : Capital Work in Progress
Net Fixed Assets
expenditure during construction period
Long- term loand and advances
Deferred tax assets
Other non current assets
Investments
Total Long Term Assets
Current Assets, Loans and Advances
Current Investments
Cash and Bank Balances
Inventories
Sundry debtors (receivables)
other current assets
Loans and Advances
Total Current Assets
Current Liabilities and Provisions
Current Liabilities
Other current liabilities
Provisions
Total Current Liabilities
Net Current Assets
Profit and loss account

2009

2010

5,816.50
3,906.19
9,722.69

6,362.17
9,411.95
15,774.12

8,244.52

859.05

8,244.52

859.05

17,967.21

16,633.17

17,098.23
(6,444.02)
10,654.21
871.63
11,525.84
21.91

22,755.41
(8,723.44)
14,031.97
247.37
14,279.34
8.36

11,547.75

3.06
14,290.76

300.83
552.91
117.04
1.31
2,386.10
3,358.19

703.94
705.68
294.80
2.40
3,620.46
5,327.28

3,979.76

6,628.17

286.17
4,265.93
(907.74)
7,327.20

386.93
7,015.10
(1,687.82)
4,030.23

Total
check

1
2

3
4

Schedule G
Current Liabilities
Acceptances
Sundry Creditors
Trade (payables)
Others
Investor Education etc
Other Liabilities

Assumptions:

B
A
A
S
E

Fixed Assets
Net Fixed Assets - Opening
Add: Capex
Add: Acquisitions / (Disposals)/WIP addns
Less: Depreciation
Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earned
Interest rate %

Ratio Analysis
Solvency Ratios
Current ratio
Quick ratio
Cash ratio

17,967.21

16,633.17

Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover

Average receivables collection period


Average inventory processing period
Average payment period
Cash Conversion Cycle
Other Receivables
Loans and Advances as % of Sales
Other Payables
Acceptances as % of COGS
Others Creditors as % of COGS
Investor Education etc as % of COGS
Other Liabilities as % of COGS

Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover

Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on total capital
Return on total equity

ROE DuPont Analysis


Profit Margin
Asset Turnover
Leverage
ROE

Financial Risk Ratios


Debt to equity ratio
Debt ratio

Interest coverage ratio

2011

2012

6,453.22
12,715.57
19,168.79

6,507.80
23,447.43
29,955.23

0.00

0.00
564.06
706.18
385.99
31,611.46

19,168.79

29,042.77
(11,027.99)
18,014.78
357.36
18,372.14
4.41

2013

2014

2015

2016

2017

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

26,232.67

0.00

0.00

0.00

0.00

0.00

26,232.67

0.00

0.00

0.00

0.00

0.00

26,232.67

5,510.20
306.69
2,164.36
20,847.60

15.29
1,092.66
32,850.82

0.00

0.00

0.00

0.00

0.00

888.49
1,421.86
446.03
86.00
6,972.19
9,814.57

9,226.70
1,206.06
1,841.60
641.19
1.01
1,236.99
14,153.55

0.00

0.00

0.00

0.00

0.00

10,959.58
4,329.25
104.08
15,392.91
(1,239.36)

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

10,848.22
645.16
11,493.38
(1,678.81)

19,168.79

31,611.46

0.00

0.00

0.00

0.00

0.00

CASH FLOW STATEMENT (in INR mn)


Cash Flow from Operating Activities:
Profit before tax and prior period items
Adjustment for:
Depreciation/Impairment
Impairment of Goodwill
Prior period item (Net)
Profit on sale of investments
Profit on disposal of subsidiaries
Gain on disposal of assets
Interest Expense
Interest Income
Dividend Income
Effect of exchange rates on op cashflows
Operating Profit before Working Capital changes
Adjustment for:
Changes in working capital
Trade Receivables (sundry debtors)
Other Receivables (loans & advances)
Inventories
Trade and other payables
Changes in other current assets
Cash generated from Operations
Income tax paid (net of refund)
Others
Net cash generated from operating activities
Cash Flow from Investing Activities:
Purchase of Fixed Assets
Proceeds from sale of Fixed Assets
Purchase of Investment
Sale of Investment
Interest received
Dividend received
Cash outflow on additional stake in subsidiary
Cash inflow arising on disposal of subsidiary
Net cash used in investing activities
Cash Flow from Financing Activities
Proceeds from long term borrowings
Proceeds from short term borrowings
Repayment of long term borrowings
Repayment of short term borrowings
Interest Paid
Dividend and Dividend tax paid and Provisions

Net cash used in financing activities


Net Inc/(Dec) in Cash and Cash Equivalents
Cash and Cash Equivalents - bop
Net effect of changes in exchange rate
Cash and Cash Equivalents - eop