Regression Statistics: Summary Output

SUMMARY OUTPUT
Regression Statistics
Adjusted R Square 0.164175778

Standard Error 15.11714794
Observations 153
Coefficients P-value
Intercept 24.727088 7.252738E-36
DER -12.3059902 1.222463E-07
Company Industry Year ROCE DER
Bajaj Auto Ltd. Automotive 2010 43.38 0.46
Hero Motocorp Ltd. Automotive 2010 60.4 0.02
Mahindra & Mahindra Ltd. Automotive 2010 21.1 0.37
Maruti Suzuki India Ltd. Automotive 2010 21.51 0.08
Ultratech Cement Ltd. Cement 2010 18.26 0.35
I T C Ltd. Cigarettes & FMCG 2010 28.91 0.01
I T C Ltd. Cigarettes & FMCG 2011 33.22 0.01
Reliance Industries Ltd. Conglomerate 2010 8.56 0.49
Nestle India Ltd. Consumer Food 2011 114.33 0.01
Titan Company Ltd. Diamond & Jewellery 2010 33.04 0.1
Larsen & Toubro Ltd. Infrastructure 2010 19.83 0.37
Oil & Natural Gas Corpn. Ltd. Oil & Gas 2012 19.8 0.04
Asian Paints Ltd. Paints & Varnishes 2010 54.62 0.04
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2010 16.45 0.01
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2015 -7.49 0.3
N T P C Ltd. Power 2010 8.39 0.61
N T P C Ltd. Power 2011 6.65 0.64
N T P C Ltd. Power 2012 6.71 0.69
N T P C Ltd. Power 2013 6.56 0.72
N T P C Ltd. Power 2014 5.66 0.78
N T P C Ltd. Power 2015 4.57 1.06
N T P C Ltd. Power 2016 4.71 1.03
N T P C Ltd. Power 2017 4.63 1.11
N T P C Ltd. Power 2018 4.15 1.2
Power Grid Corpn. Of India Ltd. Power 2010 4.39 2.13
H C L Technologies Ltd. Software 2010 20.16 0.28
Tata Consultancy Services Ltd. Software 2010 39.16 0.01
Tech Mahindra Ltd. Software 2010 23.51 0.48
Tata Steel Ltd. Steel 2010 8.43 0.68
Bharti Airtel Ltd. Telecommunications 2010 24.62 0.14
SUMMARY OUTPUT
Multiple R 0.767963056
R Square 0.5897672554
Observations 153
ANOVA
Coefficients P-value
Intercept 27.7186366 3.246238E-27
DER -3.876790419 0.203289244
1 -15.31323402 0.000466576
2 3.3851313039 0.677353754
3 -17.54231713 7.532692E-05
4 23.1792931 5.71E-07
5 1.8400918428 0.677023481
6 -14.77681566 0.000666733
7 -13.53351724 0.046096547
8 10.20453316 0.022485725
9 -19.87749691 5.677525E-06
10 -16.35721733 0.003691508
11 0.9841318057 0.754598091
12 -19.35838212 1.921892E-05
13 -16.22941675 0.000203564
Company Industry Year ROCE DER 1 2 3
Bajaj Auto Ltd. Automotive 2010 43.38 0.46 0 0 0
Hero Motocorp Ltd. Automotive 2010 60.4 0.02 0 0 0
Mahindra & Mahindra Ltd. Automotive 2010 21.1 0.37 0 0 0
Maruti Suzuki India Ltd. Automotive 2010 21.51 0.08 0 0 0
Ultratech Cement Ltd. Cement 2010 18.26 0.35 1 0 0
I T C Ltd. Cigarettes & FMCG 2010 28.91 0.01 0 1 0
I T C Ltd. Cigarettes & FMCG 2011 33.22 0.01 0 1 0
Reliance Industries Ltd. Conglomerate 2010 8.56 0.49 0 0 1
Nestle India Ltd. Consumer Food 2011 114.33 0.01 0 0 0
Titan Company Ltd. Diamond & Jewellery 2010 33.04 0.1 0 0 0
Larsen & Toubro Ltd. Infrastructure 2010 19.83 0.37 0 0 0
Oil & Natural Gas Corpn. Ltd. Oil & Gas 2012 19.8 0.04 0 0 0
Asian Paints Ltd. Paints & Varnishes 2010 54.62 0.04 0 0 0
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2010 16.45 0.01 0 0 0
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2015 -7.49 0.3 0 0 0
N T P C Ltd. Power 2010 8.39 0.61 0 0 0
N T P C Ltd. Power 2011 6.65 0.64 0 0 0
N T P C Ltd. Power 2012 6.71 0.69 0 0 0
N T P C Ltd. Power 2013 6.56 0.72 0 0 0
N T P C Ltd. Power 2014 5.66 0.78 0 0 0
N T P C Ltd. Power 2015 4.57 1.06 0 0 0
N T P C Ltd. Power 2016 4.71 1.03 0 0 0
N T P C Ltd. Power 2017 4.63 1.11 0 0 0
N T P C Ltd. Power 2018 4.15 1.2 0 0 0
Power Grid Corpn. Of India Ltd. Power 2010 4.39 2.13 0 0 0
H C L Technologies Ltd. Software 2010 20.16 0.28 0 0 0
Tata Consultancy Services Ltd. Software 2010 39.16 0.01 0 0 0
Tech Mahindra Ltd. Software 2010 23.51 0.48 0 0 0
Tata Steel Ltd. Steel 2010 8.43 0.68 0 0 0
Bharti Airtel Ltd. Telecommunications 2010 24.62 0.14 0 0 0
4 5 6 7 8 9 10 11 12 13
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
1 0 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 1 0 0 0 0 0 0 0
0 0 0 1 0 0 0 0 0 0
0 0 0 1 0 0 0 0 0 0
0 0 0 1 0 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 1 0 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 1 0 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 1 0 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 1 0 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 1 0
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
0 0 0 0 0 0 0 0 0 1
SUMMARY OUTPUT
Multiple R 0.580481808
R Square 0.3369591294
Observations 153
ANOVA
df SS MS F Significance F
Regression 1 8190.95267935 8190.9526793 76.73860059 3.705253E-15
Residual 151 16117.4929582 106.73836396
Total 152 24308.4456375
Coefficients Standard Error t Stat P-value Lower 95%

Intercept 26.041278872 1.08356053616 24.033063223 1.806289E-53 23.90038113
ROCE2 -15.72324384 1.79487914724 -8.760057111 3.705253E-15 -19.26956412
Upper 95% Lower 95.0% Upper 95.0%
28.182176613 23.90038113 28.182176613
-12.17692355 -19.26956412 -12.17692355
Company Industry Year ROCE DER ROCE1 DER
Bajaj Auto Ltd. Automotive 2010 43.38 0.46 27.17839 0.139355
Hero Motocorp Ltd. Automotive 2010 60.4 0.02 27.17839 0.139355
Mahindra & Mahindra Ltd. Automotive 2010 21.1 0.37 27.17839 0.139355
Maruti Suzuki India Ltd. Automotive 2010 21.51 0.08 27.17839 0.139355
Ultratech Cement Ltd. Cement 2010 18.26 0.35 10.93222 0.38
I T C Ltd. Cigarettes & FMCG 2010 28.91 0.01 31.065 0.01
I T C Ltd. Cigarettes & FMCG 2011 33.22 0.01 31.065 0.01
Reliance Industries Ltd. Conglomerate 2010 8.56 0.49 8.522222 0.426667
Nestle India Ltd. Consumer Food 2011 114.33 0.01 49.9675 0.24
Titan Company Ltd. Diamond & Jewellery 2010 33.04 0.1 28.92875 0.1625
Larsen & Toubro Ltd. Infrastructure 2010 19.83 0.37 11.70556 0.318889
Oil & Natural Gas Corpn. Ltd. Oil & Gas 2012 19.8 0.04 13.92667 0.066667
Asian Paints Ltd. Paints & Varnishes 2010 54.62 0.04 37.82625 0.025
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2010 16.45 0.01 7.177778 0.171111
Sun Pharmaceutical Inds. Ltd. Pharmaceuticals 2015 -7.49 0.3 7.177778 0.171111
N T P C Ltd. Power 2010 8.39 0.61 5.130556 1.607222
N T P C Ltd. Power 2011 6.65 0.64 5.130556 1.607222
N T P C Ltd. Power 2012 6.71 0.69 5.130556 1.607222
N T P C Ltd. Power 2013 6.56 0.72 5.130556 1.607222
N T P C Ltd. Power 2014 5.66 0.78 5.130556 1.607222
N T P C Ltd. Power 2015 4.57 1.06 5.130556 1.607222
N T P C Ltd. Power 2016 4.71 1.03 5.130556 1.607222
N T P C Ltd. Power 2017 4.63 1.11 5.130556 1.607222
N T P C Ltd. Power 2018 4.15 1.2 5.130556 1.607222
Power Grid Corpn. Of India Ltd. Power 2010 4.39 2.13 5.130556 1.607222
H C L Technologies Ltd. Software 2010 20.16 0.28 28.25048 0.116667
Tata Consultancy Services Ltd. Software 2010 39.16 0.01 28.25048 0.116667
Tech Mahindra Ltd. Software 2010 23.51 0.48 28.25048 0.116667
Tata Steel Ltd. Steel 2010 8.43 0.68 6.305556 0.53
Bharti Airtel Ltd. Telecommunications 2010 24.62 0.14 10.17111 0.34
Company Name
Asian Paints Ltd.
Bajaj Auto Ltd.
Bharti Airtel Ltd.
H C L Technologies Ltd.
Hero Motocorp Ltd.
I T C Ltd.
Larsen & Toubro Ltd.
Mahindra & Mahindra Ltd.
Maruti Suzuki India Ltd.
N T P C Ltd.
Nestle India Ltd.
Oil & Natural Gas Corpn. Ltd.
Power Grid Corpn. Of India Ltd.
Reliance Industries Ltd.
Sun Pharmaceutical Inds. Ltd.
Tata Consultancy Services Ltd.
Tata Steel Ltd.
Tech Mahindra Ltd.
Titan Company Ltd.
Ultratech Cement Ltd.
CMIE Expr CMIE Expr CMIE Expr
Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

(%) Times (%)
Mar-10 Mar-10 Mar-11
Return on capital employed Debt to equity ratio (times) Return on capital employed
54.62 0.04 41.97
43.38 0.46 52.01
24.62 0.14 15.47
20.16 0.28 18.03
60.4 0.02 46.76
28.91 0.01 33.22
19.83 0.37 13.78
21.1 0.37 22.36
21.51 0.08 16.59
8.39 0.61 6.65
125.26 0 114.33
20.08 0 20.19
4.39 2.13 4.69
8.56 0.49 10.06
16.45 0.01 22.14
39.16 0.01 43.48
8.43 0.68 9.91
23.51 0.48 15.54
33.04 0.1 42.9
18.26 0.35 12.05

Times (%) Times
Debt to equity ratio (times) Return on capital employed Debt to equity ratio (times)
0.03 40.66 0.07
0.07 51.79 0.02
0.27 9.52 0.31
0.19 26.69 0.16
0.73 42.94 0.4
0.01 35.44 0
0.33 13.83 0.39
0.23 19.22 0.3
0.03 9.8 0.09
0.64 6.71 0.69
0.01 62.9 0.76
0 19.8 0.04
1.9 4.64 2.27
0.46 9.02 0.42
0.01 27.22 0.01
0.01 48.97 0.01
0.58 8.59 0.48
dp 10.41 0.33
0.07 46.97 0.01
0.39 15.03 0.32

(%) Times (%)
36.42 0.02 34.97
40.94 0.01 35.41
7.67 0.26 9.16
38.98 0.06 43.67
35.55 0.18 35.93
36.12 0 35.85
11.03 0.3 12.65
19.69 0.24 19.28
12.92 0.08 12.5
6.56 0.72 5.66
42.49 0.58 34.36
16.13 0 15.59
4.84 2.6 4.25
8.72 0.4 8.19
6.56 0.01 0.54
45.02 0.01 49.26
6.14 0.48 7.33
11.97 0.34 28.77
42.37 0 28.56
13.68 0.36 9.35

Times (%) Times
0.01 33.56 0.01
0.01 30.41 0.01
0.16 14.94 0.28
0.04 34.67 0
0.05 38.76 0
0 33.76 0
0.34 10.58 0.35
0.24 13.77 0.19
0.09 15.77 0.02
0.78 4.57 1.06
0.53 36.55 0.01
0 11.84 0.01
2.41 3.98 2.49
0.46 7.57 0.45
0.33 -7.49 0.3
0 41.79 0.01
0.44 5.54 0.41
0.04 20.36 0
0.32 25.37 0.03
0.3 8.13 0.39

(%) Times (%)
32.72 0.01 27.69
32.16 0.01 24.62
6.02 0.41 4.07
22.24 0.03 28.73
41.44 0 35.74
26.02 0 23.27
8.35 0.34 8.05
13.27 0.13 14.3
19.78 0.01 22.41
4.71 1.03 4.63
38.37 0.01 33.32
10.78 0 8.62
4.17 2.48 4.69
8.13 0.42 8.32
-3.55 0.27 -0.95
41.69 0 32.94
1.26 0.67 4.56
21.5 0.02 17.19
19.81 0.03 15.67
8.2 0.38 8.14

Times (%) Times
0.01 25.76 0
0.01 22.19 0.01
0.59 0.07 0.64
0.02 27.33 0.02
0 33.87 0
0 22.37 0
0.23 7.25 0.22
0.11 13.77 0.1
0.02 19.8 0
1.11 4.15 1.2
0.01 37.42 0.01
0 10.14 0.15
2.39 4.67 2.42
0.37 8.13 0.37
0.29 3.68 0.31
0 32.67 0
0.59 4.99 0.44
0.02 20.12 0.01
0.43 19.11 0.31
0.26 5.55 0.67

Regression Statistics: Summary Output

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Regression Statistics: Summary Output

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SUMMARY OUTPUT

Adjusted R Square 0.164175778

Coefficients Standard Error t Stat P-value Lower 95%

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

Annual Finance Standalone Annual Finance Standalone Annual Finance Standalone

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