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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)

2009

2010

INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Consumption of Row Material & Provision
Operating and Other expences
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
Less:
Mat Credit entitilement
PROFIT AFTER TAX

31,390.50
(3,329.58)
28,060.92

47,552.14
(5,159.00)
42,393.14

(7,182.48) (10,495.74)
(17,521.20) (25,235.93)
3,357.24
6,661.47
(889.83) (2,434.50)
(1,694.69)
(914.61)
37.47
37.04
810.19
3,349.40
810.19
810.19

3,349.40
(44.48)
3,304.92
(390.95)

(79.93)
730.26

383.00
3,296.97

Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate

25.60%

51.08%
24.76%

62.44%

59.53%

0.13%
0.00%

-1.15%
0.09%
11.83%

10
2011

2012

2013

76,524.10 101,711.52
(8,716.56)
67,807.54 101,711.52
(17,057.94) (21,505.61)
(38,758.17) (61,255.87)
11,991.43
18,950.04
(34.21)
(2,933.88) (3,757.21)
219.53
616.19
9,242.87
15,809.02
(340.11)
9,242.87
15,468.91

2014

156,305.18

2015

240,201.99

2016

369,130.41

2017

567,261.17

(37,768.91) (58,041.37) (89,195.08) (137,070.54)


(93,530.05) (143,732.30) (220,880.61) (339,438.29)
25,006.23
38,428.32
59,054.72
90,752.34
0.00
0.00
0.00
0.00
(6,337.21)
(9,738.71) (14,965.96) (22,998.94)
449.56
690.87
1,061.69
1,631.56
19,118.58
29,380.48
45,150.45
69,384.95

871,738.61
(210,643.15)
(521,631.80)
139,463.67
0.00
(35,343.63)
2,507.29
106,627.33

19,118.58

29,380.48

45,150.45

69,384.95

106,627.33

9,242.87

15,468.91

19,118.58

29,380.48

45,150.45

69,384.95

106,627.33

(2,349.49)
306.69

(4,901.76)

(6,058.26)

(9,310.03)

(14,307.19)

(21,986.58)

(33,787.87)

7,200.07

10,567.15

13,060.32

20,070.45

30,843.26

47,398.38

72,839.46

59.95%
25.16%

50.00%
21.14%

53.68%
24.16%

53.68%
24.16%

53.68%
24.16%

53.68%
24.16%

53.68%
24.16%

57.16%

60.23%

59.84%

59.84%

59.84%

59.84%

59.84%

492.68%
0.32%
25.42%

180.69%
0.61%
31.69%

-27.04%
0.29%
31.69%

53.68%
0.29%
31.69%

53.68%
0.29%
31.69%

53.68%
0.29%
31.69%

53.68%
0.29%
31.69%

#REF!

Column1

Column2

Column3

Column4

Column18 Column19 Column20 Column21 Column22 Column23

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

5,817
3,906
9,723

6,362
9,412
15,774

8,245

859

8,245

859

17,967

16,633

17,098
(6,444)
10,654
872
11,526
22

22,755
(8,723)
14,032
247
14,279
8

11,548

3
14,291

301
553
117
1
2,386
3,358

704
706
295
2
3,620
5,327

3,980

6,628

286
4,266
(908)
7,327

387
7,015
(1,688)
4,030

Total
check

1
2

3
4

17,967

16,633

5,416

5,211

19.30%
6.04%
3.11%

12.29%
2.16%
0.58%

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)
WIP
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

Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover

Average receivables collection period


Average inventory processing period
Average payment period
Cash Conversion Cycle
Debtors as % of sales
Other Receivables
Loans and Advances as % of Sales
inventory as a % of COGS
Other Payables
creditors as % of COGS
Others Creditors 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

0.42%

0.70%

8.50%
7.70%

8.54%
6.72%

55.41%

63.15%

Interest coverage ratio

2011

2012

2013

2014

2015

2016

2017

6,453
12,716
19,169

6,508
23,447
29,955

6,508
36,508
43,016

6,508
56,578
63,086

6,508
87,421
93,929

6,508
134,820
141,328

6,508
207,659
214,167

0
564
706
386
31,611

0
564
706
386
44,672

0
564
706
386
64,742

0
564
706
386
95,585

0
564
706
386
142,984

0
564
706
386
215,823

26,233

41,875

65,914

102,855

159,625

246,865

5,510

5,510

5,510

5,510

5,510

5,510

2,164
20,848

15
1,093
32,851

15
1,093
48,493

15
1,093
72,532

15
1,093
109,473

15
1,093
166,243

15
1,093
253,483

888
1,422
446
86
6,972
9,815

9,227
1,206
1,842
641
1
1,237
14,154

9,227
(1,391)
2,695
938
1
11,153
22,623

9,227
(1,481)
4,142
1,442
1
17,140
30,470

9,227
(1,619)
6,365
2,215
1
26,339
42,528

9,227
(1,831)
9,781
3,405
1
40,477
61,059

9,227
(2,158)
15,030
5,232
1
62,203
89,535

10,960
4,329
104
15,393
(1,239)

22,012
4,329
104
26,445
(3,822)

33,826
4,329
104
38,260
(7,790)

51,982
4,329
104
56,416
(13,888)

79,884
4,329
104
84,317
(23,259)

122,762
4,329
104
127,195
(37,660)

19,169

29,043
(11,028)
18,015
357
18,372
4

26,233
26,233

307

10,848
645
11,493
(1,679)

19,169

31,611

44,672

64,742

95,585

142,984

215,823

7,182

14,303

26,233
21,980

41,875
33,777

65,914
51,907

102,855
79,768

159,625
122,584

26,233

(6,337)
41,875

(9,739)
65,914

(14,966)
102,855

(22,999)
159,625

(35,344)
246,865

14.06%
4.05%
1.41%
0

14.06%
4.05%
1.41%
0

14.06%
4.05%
1.41%
0

14.06%
4.05%
1.41%
0

14.06%
4.05%
1.41%
0

0
0

0
0

0
0

0
0

0
0

10.59%
4.33%
0.53%

14.06%
3.69%
1.41%

0.66%

0.63%

0.60%

0.60%

0.60%

0.60%

0.60%

10.28%
8.34%

1.22%
8.56%

7.14%
7.83%

7.14%
7.83%

7.14%
7.83%

7.14%
7.83%

7.14%
7.83%

63.60%

50.96%

58.28%

58.28%

58.28%

58.28%

58.28%

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

2013

2014

13,060

20,070

6,337

9,739

19,398

29,809

(297)
(9,916)
(853)
11,052
19,383

(504)
(5,986)
(1,447)
11,815
33,687

19,383

33,687

(21,980)

(33,777)

(21,980)

(33,777)

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

0
(2,597)
1,206

0
(90)
(1,391)

(1,391)

(1,481)

2015

2016

2017

30,843

47,398

72,839

14,966

22,999

35,344

45,809

70,397

108,183

(774)
(9,200)
(2,223)
18,156
51,769

(1,189)
(14,138)
(3,416)
27,902
79,556

(1,827)
(21,726)
(5,250)
42,878
122,258

51,769

79,556

122,258

(51,907)

(79,768)

(122,584)

(51,907)

(79,768)

(122,584)

0
(138)
(1,481)

0
(212)
(1,619)

0
(326)
(1,831)

(1,619)

(1,831)

(2,158)