FINANCIAL MANAGEMENT II PROJECT

ON

B L KASHYAP AND SONS LIMITED

NAME : PARAMITA MUKHOPADHYAY

SECTION –C

ROLL NO -9202183

ABOUT THE COMPANY

Founded in 1978 as a partnership firm, BLK owes its success to B L Kashyap, a veteran
construction professional. It was his vision to create an organization that would be admired and
sought out for its professionalism and quality of work. This inspiration is still alive in our work
ethic and forms the foundation of our success.

Incorporated as a limited company in 1989, BLK is now promoted by his sons Vinod Kashyap,
Vineet Kashyap and Vikram Kashyap, and managed by a team of management and industry
professionals.

Today, BLK is one of India's most respected construction and infra- structure development
companies with a pan India presence. Our service portfolio extends across the construction of
factories and manufacturing facilities, IT campuses, commercial & residential complexes, malls
and hotels.

B.L. Kashyap and Sons Ltd (BLK) is a construction and infrastructure development company with
a pan India presence. The company`s service portfolio extends across the construction of
factories and manufacturing facilities, IT campuses, commercial and residential complexes,
malls and hotels. The company's operations extend over North, South and Western India and
are coordinated through the corporate office at New Delhi and regional offices at Bangalore
and Pune.

Balance sheet
   Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Sources of funds
Owner's fund
Equity share capital 10.27 10.27 10.27 10.27 4.85
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 466.61 390.98 285.23 233.92 11.47
Loan funds
Secured loans 124.38 107.74 93.18 19.47 19.60
Unsecured loans 140.00 10.00 - - 0.50
Total 741.26 518.99 388.68 263.67 36.41
Uses of funds
Fixed assets
Gross block 172.51 164.05 92.10 55.71 29.07
Less : revaluation reserve - - - - -
Less : accumulated depreciation 56.04 37.65 22.14 12.95 8.81
Net block 116.47 126.40 69.95 42.76 20.26
Capital work-in-progress - - - - -
Investments 14.24 67.29 145.42 140.50 1.61
Net current assets
Current assets, loans & advances 1,011.74 839.07 465.11 229.06 111.61
Less : current liabilities & provisions 402.76 516.92 296.53 155.01 97.07
Total net current assets 608.98 322.14 168.58 74.04 14.55
Miscellaneous expenses not written 1.58 3.16 4.73 6.36 -
Total 741.26 518.99 388.68 263.67 36.41
Notes:
Book value of unquoted investments 13.99 67.05 145.13 4.95 0.84
Market value of quoted investments 0.37 0.53 0.70 135.93 0.88
Contingent liabilities 83.65 104.85 75.50 25.00 25.00
Number of equity sharesoutstanding (Lacs) 205.44 205.44 102.72 102.72 48.48

Income Statement
31-Mar- 31-Mar- 31-Mar-
     
09(12) 08(12) 07(12)
Profit / Loss A/C Rs mn %OI Rs mn %OI Rs mn %OI
   Net Sales (OI) 14620.66 100.00 15427.44 100.00 8080.97 100.00
   Material Cost 0.00 0.00 0.00 0.00 0.00 0.00
   Increase Decrease Inventories 7407.06 50.66 7685.85 49.82 4182.59 51.76
   Personnel Expenses 637.66 4.36 525.92 3.41 281.54 3.48
   Manufacturing Expenses 4513.39 30.87 4708.40 30.52 2210.86 27.36
Gross Profit 2062.55 14.11 2507.27 16.25 1405.99 17.40
   Administration Selling and
719.44 4.92 664.89 4.31 482.40 5.97
Distribution Expenses
EBITDA 1343.11 9.19 1842.38 11.94 923.59 11.43
   Depreciation Depletion and
188.42 1.29 155.83 1.01 99.49 1.23
Amortisation
EBIT 1154.69 7.90 1686.55 10.93 824.10 10.20
   Interest Expense 189.76 1.30 161.08 1.04 49.78 0.62
   Other Income 204.11 1.40 218.74 1.42 79.54 0.98
Pretax Income 1169.04 8.00 1744.21 11.31 853.86 10.57
   Provision for Tax 388.70 2.66 590.58 3.83 298.74 3.70
   Extra Ordinary and Prior Period
0.00 0.00 0.00 0.00 0.00 0.00
Items Net
Net Profit 780.34 5.34 1153.63 7.48 555.10 6.87
Adjusted Net Profit 780.34 5.34 1153.63 7.48 555.10 6.87
Dividend - Preference 0.00 0.00 0.00 0.00 0.00 0.00
Dividend - Equity 20.54 0.14 82.18 0.53 35.95 0.44

OPERATING

LEVERAGE

ANALYSIS
Annual Annual
Rs. Crore Rs. Crore
Sales PBIT
B L Kashyap & % CHANGE
Year Sons Ltd. B L Kashyap & Sons Ltd. IN PBIT DOL
 Mar-04 157.45 6.47
Mar-05 313.13 21.99 0.988758336 2.39876354 2.4260362
Mar-06 465.52 45.05 0.48666688 1.04865841 2.1547767
Mar-07 808.1 88.39 0.735908232 0.96204215 1.3072855
Mar-08 1542.74 185.59 0.909095409 1.09967199 1.2096331
Mar-09 1462.07 128.41 -0.052290081 -0.30809847 5.8921020

Annual Annual
Rs. Crore Rs. Crore
Sales PBIT
Hindustan
Construction Co. %CHANGE IN % CHANGE
Ltd. Hindustan Construction Co. Ltd. SALES IN PBIT DOL
981.77 100.66
1515.2 122.33 0.543334997 0.21527915 0.3962181
1518.1 188.56 0.00188754 0.54140439 286.83075
1820.2 162.48 0.199017167 -0.13831141 -0.6949723
2649.2 317.56 0.455482425 0.95445593 2.09548356
3123.7 408.49 0.179092872 0.28633958 1.59883298

Annual Annual
%CHANGE IN % CHANGE IN
Rs. Crore Rs. Crore SALES PBIT DOL
Sales PBIT
J M C Projects
(India) Ltd. J M C Projects (India) Ltd.
184.5 5.13

142.42 6.29
500.24 32.49 2.51242803 4.165341812 1.657894978
914.99 56.04 0.829102031 0.724838412 0.874245129
1309 74.82 0.430616728 0.335117773 0.778227484

Annual Annual
Rs. Crore Rs. Crore
Sales PBIT
Nagarjuna Nagarjuna
Construction Co. Construction Co. PERCENTAGE PERCENTAGE
Ltd. Ltd. CHANGE IN SALES CHANGE IN PBIT DOL
758.16 48.83
1188.5 79.3 0.567611058 0.624001638 1.099347219
1840.4 145.99 0.548540177 0.840983607 1.533130375
2871.1 235 0.559980222 0.609699294 1.088787194
3472.9 340.57 0.209637589 0.449234043 2.142907885
4151.4 372.73 0.195362417 0.094429926 0.483357688

Annual Annual
Rs. Crore Rs. Crore
Sales PBIT
Simplex Simplex
Infrastructures Infrastructures PERCENTAGE PERCENTAGE
Ltd. Ltd. CHANGE IN SALES CHANGE IN PBIT DOL
641.4 39.19
999.07 63.74 0.557639539 0.626435315 1.123369618
1344.8 93.8 0.346001782 0.471603389 1.363008556
1717.1 125.43 0.276854434 0.337206823 1.217993219
2830.3 220.33 0.648373664 0.756597305 1.166915541
4682 293.22 0.654228821 0.330821949 0.505667037

FINANCIAL
Annual Annual
LEVERAGE
Rs. Crore Rs. Crore % change in pbit percentage change in PAT DFL
ANALYSIS
PBIT PAT
(MAR05-09)
B L Kashyap & Sons Ltd.

6.47 3.22

21.99 12.05 239.876 274.223 1.143187312

45.05 28.17 104.865 133.775 1.275686375

88.39 55.51 96.2042 97.0536 1.008828985

185.59 115.36 109.967 107.818 0.98045981

-
128.41 78.03 30.8098 -32.3596 1.050299511
Annual Annual

Rs. Crore Rs. Crore

PBIT PAT

Nagarjuna Construction Co. Ltd. %change in pbit %change in pat DFL

48.83 31.57
62.4001
79.3 57.02 6 80.61450744 1.291895766
84.0983
145.99 103.9 6 82.21676605 0.977626263
60.9699
235 115.66 3 11.31857555 0.185641933

340.57 161.95 44.9234 40.02247968 0.890904871

9.44299
372.73 153.86 3 -4.995368941 -0.529002736

Annual Annual

Rs. Crore Rs. Crore

PBIT PAT

Simplex Infrastructures Ltd. % change in pbit % change in pat DFL

39.19 9.7
62.6435 159.587
63.74 25.18 3 6 2.547551599
47.1603 65.3693
93.8 41.64 4 4 1.386108376
33.7206 28.9865
125.43 53.71 8 5 0.859607499
75.6597 67.7155
220.33 90.08 3 1 0.895000666
33.0821 34.1030
293.22 120.8 9 2 1.030857223

Annual Annual

Rs. Crore Rs. Crore

 PBIT PAT

Hindustan Construction Co. Ltd. % change in pbit % change in pat DFL

100.66 35.68
21.5279
122.33 74.02 2 107.455157 4.991433363
54.1404
188.56 124.8 4 68.60308025 1.267131935

162.48 36.76 -13.8311 -70.54487179 5.10043751

95.4455
317.56 108.77 9 195.8922742 2.05239726
28.6339
408.49 125.35 6 15.24317367 0.532346006

ROI-ROE
ANALYSIS
Year Annual Annual
Mar05 Rs. Crore Rs. Crore roi (MAR 05-09)
Mar06 PBIT Capital employed
Mar07 B L Kashyap & Sons Ltd. B L Kashyap & Sons Ltd.
Mar08 6.47 19.48 0.332135524
Mar09 21.99 23.84 0.922399329
45.05 246.6 0.182684509
88.39 295.58 0.299039177
185.59 420.16 0.441712681
128.41 625.49 0.205295049

Annual Annual
Rs. Crore Rs. Crore roe
Networth PAT
B L Kashyap & Sons Ltd. B L Kashyap & Sons Ltd.
15.33 3.22 0.210045662
16.32 12.05 0.738357843
244.21 28.17 0.115351542
295.5 55.51 0.1878511
401.24 115.36 0.287508723
476.88 78.03 0.163626069

Annua
l Annual
Rs. Crore Rs. Crore
PBIT Capital employed roi
Hindustan Construction Co. Ltd. Hindustan Construction Co. Ltd.
100.66 474.82 0.211996125
122.33 650.84 0.187957102
188.56 1941.78 0.097106778
162.48 2287.07 0.071042863
317.56 2586.61 0.122770731
408.49 2912.78 0.140240595

Annua
l Annual
Rs. Crore Rs. Crore
Networth PAT roe
Hindustan Construction Co. Ltd. Hindustan Construction Co. Ltd.
163.9 35.68 0.217693716
352.98 74.02 0.209700266
889.81 124.8 0.140254661
904.08 36.76 0.040660119
988.87 108.77 0.109994236
989.66 125.35 0.126659661

Annua
l Annual roi
Rs. Crore Rs. Crore
Capital employed PBIT
Nagarjuna Construction Co. Ltd. Nagarjuna Construction Co. Ltd.
286.88 48.83 0.170210541
548.65 79.3 0.14453659
1285.4 145.99 0.113574657
1174.8 235 0.200039157
1773.9 340.57 0.191987237
1944.9 372.73 0.191642844

Annua
l Annual Roe
Rs. Crore Rs. Crore
Networth PAT
Nagarjuna Construction Co. Ltd. Nagarjuna Construction Co. Ltd.
162.82 31.57 0.193895099
325.49 57.02 0.175182033
945.14 103.9 0.109930804
1033.6 115.66 0.111899072
1567 161.95 0.103353649
1685.6 153.86 0.091281777

working
capital
leverage
Annual ANALYSIS(MAR05-09)
Rs. Crore
Current assets
% change in current
Year BLK roi asset % change in roi working capital leverage
Mar-05 103.47 0.3
WORKING
Mar-06 223.62 0.9 116.1 178 1.53040685
CAPITAL
Mar-07 422.27 0.2 88.83 -80 -0.90349649
64. LEVERAGE
Mar-08 744.49 0.3 76.31 3 0.842465977
47.
Mar-09 770.67 0.4 3.51 5 13.53038142

Current assets
% change in
Nagarjuna Construction Co. Ltd. roi % change in roi CA working capital leverage
405.87 0.17
699.57 0.144 -15.2941 72.36307192 -0.211352521
 1450.69 0.114 -21.1806 107.3688123 -0.197269161
1959.34 0.2 76.21145 35.06262537 2.173580927
2663.97 0.192 -4.05 35.96262007 -0.112616934
3013.83 0.192 -0.15633 13.13303078 -0.011903682

Annual
Rs. Crore
Current assets
% change in
Hindustan Construction roi % change in roi CA working capital leverage
653.98
781.03 0.211
2223.75 0.187 -11.3744 19.42719961 -0.58548879
2440.7 0.097 -48.1283 184.7201772 -0.260547294
2669.98 0.071 -26.8041 9.756042721 -2.747438124