Britannia Industries Limited

Britannia Industries Limited is one of the oldest existing companies in India. Founded in
1982, it is an Indian food and beverage company. It is headquartered in Kolkata. It is a part of
Wadia Group headed by Nusli Wadia. Britannia Industries Limited sells bakery and dairy
products through Britannia and Tiger brands throughout India and in more than 60 countries
across the world. The At present, 90% of Britannia's annual revenue of Rs 22 billion comes
from biscuits. Britannia is one of India's 100 Most Trusted brands listed in The Brand Trust
Report. Britannia has an estimated market share of 38%.

Financial Statements
Balance sheet

BALANCE SHEET OF MAR 20 MAR 19 MAR 18

BRITANNIA INDUSTRIES (in Rs.
Cr.)

  12 12 12
months months months

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 24.05 24.03 24.01

TOTAL SHARE CAPITAL 24.05 24.03 24.01

Reserves and Surplus 4,344.3 4,209.2 3,382.2

7 9 2

TOTAL RESERVES AND 4,344.3 4,209.2 3,382.2

SURPLUS 7 9 2

TOTAL SHAREHOLDERS 4,402.8 4,253.2 3,406.2

FUNDS 3 5 3

Minority Interest 35.65 32.68 13.14

NON-CURRENT LIABILITIES
Long Term Borrowings 766.06 61.92 84.57

Deferred Tax Liabilities [Net] 12.69 3.87 0.00

Other Long-Term Liabilities 46.54 27.24 27.14

Long Term Provisions 13.16 11.45 8.87

TOTAL NON-CURRENT 838.45 104.48 120.58

LIABILITIES

CURRENT LIABILITIES

Short Term Borrowings 747.99 76.10 93.65

Trade Payables 1,116.2 1,140.5 994.09

8 1

Other Current Liabilities 509.77 438.29 381.26

Short Term Provisions 191.26 196.51 178.97

TOTAL CURRENT LIABILITIES 2,565.3 1,851.4 1,647.9

0 1 7

TOTAL CAPITAL AND 7,842.2 6,241.8 5,187.9

LIABILITIES 3 2 2

ASSETS

NON-CURRENT ASSETS

Tangible Assets 1,730.8 1,550.3 1,209.4

4 1 3

Intangible Assets 8.37 7.62 7.97

Capital Work-In-Progress 39.55 101.24 202.82

FIXED ASSETS 1,778.7 1,659.1 1,420.2

6 7 2

Non-Current Investments 1,884.4 726.40 222.48

6
Deferred Tax Assets [Net] 19.56 13.75 22.57

Long Term Loans And Advances 202.95 19.02 134.24

Other Non-Current Assets 142.56 166.77 108.93

TOTAL NON-CURRENT 4,167.2 2,715.4 2,036.6

ASSETS 6 8 4

CURRENT ASSETS

Current Investments 1,008.7 749.88 856.80

7

Inventories 740.96 781.38 652.79

Trade Receivables 320.36 394.24 304.60

Cash and Cash Equivalents 122.85 109.82 186.42

Short Term Loans and Advances 1,110.1 1,203.9 844.34

1 2

Other Current Assets 371.92 287.10 306.33

TOTAL CURRENT ASSETS 3,674.9 3,526.3 3,151.2

7 4 8

TOTAL ASSETS 7,842.2 6,241.8 5,187.9

3 2 2

OTHER ADDITIONAL
INFORMATION

CONTINGENT LIABILITIES,
COMMITMENTS

Contingent Liabilities 277.65 287.84 242.47

BONUS DETAILS

Bonus Equity Share Capital 21.94 21.94 21.94

NON-CURRENT INVESTMENTS
 Non-Current Investments Quoted 0.00 0.00 0.00
Market Value

Non-Current Investments 1,882.9 725.36 220.47

Unquoted Book Value 8

CURRENT INVESTMENTS

Current Investments Quoted 0.00 0.00 0.00

Market Value

Current Investments Unquoted 1,008.7 749.88 856.80

Book Value 7

Source : Dion Global Solutions Limited

Income Statement
PROFIT & LOSS ACCOUNT MAR 20 MAR 19 MAR 18  
OF BRITANNIA
INDUSTRIES (in Rs. Cr.)

  12 12 12
months months months

INCOME  

REVENUE FROM 11,443.9 10,973.4 9,905.63  

OPERATIONS [GROSS] 9 6

Less: Excise/Service 0.00 0.00 76.11  

Tax/Other Levies

REVENUE FROM 11,443.9 10,973.4 9,829.52  

OPERATIONS [NET] 9 6

TOTAL OPERATING 11,599.5 11,054.6 9,913.99  

REVENUES 5 7

Other Income 279.40 206.45 166.37  

TOTAL REVENUE 11,878.9 11,261.1 10,080.3  

5 2 6

EXPENSES  

Cost of Materials Consumed 5,901.16 5,513.01 4,906.08  

Operating and Direct 0.00 0.00 0.00  
Expenses

Employee Benefit Expenses 486.69 441.82 401.60  

Finance Costs 76.90 9.09 7.59  

Depreciation and Amortisation 184.81 161.88 142.07  

Expenses

Other Expenses 2,342.21 2,317.97 1,903.64  

TOTAL EXPENSES 10,018.0 9,492.22 8,562.00  

8

PROFIT/LOSS BEFORE 1,860.87 1,768.90 1,518.36  

EXCEPTIONAL,
EXTRAORDINARY ITEMS
AND TAX

Exceptional Items -17.01 0.00 0.00  

PROFIT/LOSS BEFORE TAX 1,843.86 1,768.90 1,518.36  

TAX EXPENSES-  
CONTINUED OPERATIONS

Current Tax 447.69 599.78 513.68  

Less: MAT Credit Entitlement 0.00 0.00 0.00  

Deferred Tax 3.01 12.69 0.54  

Other Direct Taxes 0.00 0.00 0.00  

TOTAL TAX EXPENSES 450.70 612.47 514.22  

PROFIT/LOSS AFTER TAX 1,393.16 1,156.43 1,004.14  

AND BEFORE
EXTRAORDINARY ITEMS

PROFIT/LOSS FROM 1,393.16 1,156.43 1,004.14  

CONTINUING OPERATIONS

PROFIT/LOSS FOR THE 1,393.16 1,156.43 1,004.14  

PERIOD
 Minority Interest 9.03 3.66 0.27  

CONSOLIDATED 1,402.63 1,159.12 1,004.23  

PROFIT/LOSS AFTER MI
AND ASSOCIATES

OTHER ADDITIONAL  
INFORMATION

EARNINGS PER SHARE  

Basic EPS (Rs.) 58.00 48.00 84.00  

Diluted EPS (Rs.) 58.00 48.00 84.00  

Source : Dion Global Solutions Limited

Cash Flow Statement

CASH FLOW OF BRITANNIA MAR 20 MAR 19 MAR 18  

INDUSTRIES (in Rs. Cr.)

  12 12 12  
months months months

NET PROFIT/LOSS BEFORE 1,843.8 1,768.9 1,518.3  

EXTRAORDINARY ITEMS AND 6 0 6
TAX

Net Cash Flow from Operating 1,484.5 1,155.7 1,248.7  

Activities 3 8 7

Net Cash Flow from Investing - -855.53 -956.26  

Activities 1,531.6
2

Net Cash Flow from Financing 57.94 -352.68 -231.75  

Activities

Foreign Exchange Gains / Losses 5.69 3.31 0.00  

Adjustments on Amalgamation 0.00 0.00 0.00  

Merger Demerger Others
 NET INC/DEC IN CASH AND 16.54 -49.12 60.76  
CASH EQUIVALENTS

Cash and Cash Equivalents Begin 58.72 107.84 47.34  

of Year

Cash and Cash Equivalents End 75.26 58.72 108.10  

of Year

Source : Dion Global Solutions Limited

Financial Statement Analysis

1. Ratio analysis

A. Liquidity Ratio

LIQUIDITY RATIO 2020 2019 2018

Current Ratio 1.45 1.94 2.03
Quick Ratio 1.16 1.49 1.59
Absolute Quick
Ratio 0.048 0.059 0.113

Interpretation
a. Current Ratio: The current ratio measures the company's ability to pay short-
term and long-term obligations. The current ratio of Britannia declined during
FY 2019 and further declined during FY 2020. A decline in this ratio is
attributable to an increase in short-term debt of the company. Regardless of
the reasons, a decline in this ratio means a reduced ability to generate cash.
Acceptable current ratios vary from industry to industry and are generally
between 1 and 3 for healthy businesses. This means that Britannia would be
able to pay off its obligation if it came due at that point.
 b. Quick Ratio: The quick ratio is an indicator of a company's short-term liquidity
position and measures a company's ability to meet its short-term obligations with
its most liquid assets. The quick ratio is more conservative than the Current Ratio
because it excludes inventories from current assets. The quick ratio of Britannia
declined during FY 2019 and further declined during FY 2020. A low or
decreasing quick ratio generally suggests that a company is over-leveraged,
struggling to maintain or grow sales, paying bills too quickly or collecting
receivables too slowly.

c. Absolute Quick Ratio: Absolute Quick Ratio is an even more rigorous liquidity
ratio than quick ratio. It measures the availability of cash and cash equivalents to meet
the short-term commitment of the firm. The absolute quick ratio of Britannia
declined during FY 2019 and further declined during FY 2020. The company’s
absolute quick ratio for FY 2020 is less than 1. This represents that the company’s
day-to-day cash management in a very poor light. It also shows an increase in
current liabilities of the company which led to a decrease in the ratio.

B. Long Term Solvency Ratio

Long term solvency ratio 2020 2019 2018

Debt-Equity Ratio 0.35 0.04 0.06
Debt Ratio 0.2 0.03 0.04
Shareholder's Equity Ratio 0.0139 0.0155 0.0199
Fixed Asset to Long-Term Ratio
Interest Coverage Ratio 24.98 195.60 201.05
Fixed Charge Coverage Ratio

Interpretation
a. Debt-Equity Ratio: The debt-to-equity ratio is a financial ratio indicating the relative
proportion of shareholders' equity and debt used to finance a company's assets. The
Debt-Equity ratio of Britannia increased during FY 2019 and further increased during
FY 2020. An increase in this ratio suggests that the company has been aggressive in
financing its growth with debt. The company has increased its debt component for FY
2020 which lead to increase in this ratio. Generally, an idea debt-equity ratio should
be between 1 to 1.5. The ratio for Britannia is very low. A low debt-to-equity ratio
indicates a lower amount of financing by debt via lenders, versus funding through
equity via shareholders.
b. Debt Ratio: Debt Ratio is a financial ratio that indicates the percentage of a
company's assets that are provided via debt. The Debt ratio of Britannia increased
during FY 2019 and further increased during FY 2020. This is due to increase in long
 term borrowings of the company. The debt ratio of Britannia is 0.2 for FY2020 which
suggests that for every 1 unit of asset, 0.2 units of asset will be funded by debt. The
firm's debt ratio is 0.2 which is under limits. The firm has 5 times of assets in
comparison to its liabilities. So, the bank can think of approving their loan as the
existing debt in the firm is not very high. Hence it will be easier for the company to
borrow money from the market.
c. Shareholder’s Equity Ratio: The shareholder equity ratio indicates how much of a
company's assets have been generated by issuing equity shares rather than by taking
on debt. The Shareholder’s equity ratio of Britannia declined during FY 2019 and
further declined during FY 2020. This shows that more of company’s assets have
been funded by debt or other methods of funding rather than equity. The shareholder’s
equity ratio for FY 2020 is 0.013895 which shows that for every Re 1 of Tangible
assets, Re 0.013 is funded by equity. Since the company’s shareholder’s equity ratio is
low, the shareholder’s will not be in a strong position at the time of liquidation.
d. Fixed Assets to long term ratio:
e. Interest Coverage Ratio: The interest coverage ratio is used to determine how easily
a company can pay its interest expenses on outstanding debt. The interest coverage
ratio of Britannia declined during FY 2018-19 and further had a rapid decline during
FY 2019-2020. This is due to decrease in the operating profit of the company during
FY 2019-2020. Moreover, it is also because of the high increase in borrowings of the
company which led to increase in interest. An interest coverage ratio of 21.56 times in
FY 2019-20 suggests that the company will be able to pay its interest obligation 10
times. A decrease in this ratio suggests decrease in operational efficiency of the
company. However, it is not very low suggesting that the company is still
operationally efficient and will have no problem paying its interest expenses during
that particular year.
f. Fixed Charge Coverage Ratio:

C. Profitability Ratios

Profitability Ratios 2020 2019 2018

Gross Profit Margin 39.47 40.21 37.87
Operating Profit Margin 19.34 17.67 16.7
Net Profit Margin 13.51 10.71 10.11
Return on Capital Employed 37.12 44.36 47.48
Return on Shareholder's Fund
Return on Equity 31.29 29.37 33.08
Return on Investment
Earnings per Share 58 48 84
Dividend per Share 35 15 25
Dividend Payout Ratio 28.44 26.74 27.86
Retention Ratio 71.56 73.26 72.14
Dividend Yield 1.30 0.49 0.50
a. Gross Profit Margin: Gross profit margin is a ratio that indicates the
performance of a company's sales and production. The gross profit ratio of
Britannia increased during FY 2018-19 and had a slight decline during FY 2019-
2020. This is because the increase in total revenue of the company was higher in
FY 2018-19 as compared to FY 2019-20.
b. Operating Profit Margin: Operating Profit margin measures how much profit a
company makes on a dollar of sales after paying for variable costs of production,
such as wages and raw materials, but before paying interest or tax. The Operating
Profit margin of Britannia increased during FY 2018-19 and further increased
during FY 2019-20. This has occurred because of increase in the revenue of the
company which led to increase in EBIT. Generally, a 20% operating profit margin
is considered as good. Hence, the operating profit margin of Britannia is good.
c. Net Profit Margin: Net profit margin is the percentage of revenue left after all
expenses have been deducted from sales. The measurement reveals the amount of
profit that a business can extract from its total sales i.e., how much the company
has earned for the owners of the company. The Net Profit margin of Britannia
increased during FY 2018-19 and further increased during FY 2019-20. This
increase in the margin has occurred because of increase in Minority interest in FY
2019-20 and because of the increase in total revenue of the company.
d. Return on Capital Employed: Return on capital employed (ROCE) is a financial
ratio that can be used in assessing a company's profitability and capital efficiency.
In other words, the ratio can help to understand how well a company is generating
profits from its capital. The ROCE of Britannia declined during FY 2018-19 and
further declined during FY 2019-2020. A decrease in ROCE suggests that the
company is using poor use of its capital resources. However, the overall ratio for
FY 2020 is 41% which is good for the company.
e. Return on Equity: The return on equity is a measure of the profitability of a
business in relation to the equity. Because shareholder's equity can be calculated
by taking all assets and subtracting all liabilities, ROE can also be thought of as a
return on assets minus liabilities. The return on equity of Britannia decreased
during FY 2018-19 and had an increase during FY 2019-2020. This shows that the
company was not very efficient in generating profit for FY 2019. However, its
efficiency increased in FY 2020. A rising ROE suggests that a company is
increasing its profit generation without needing as much capital. It also indicates
how well a company's management deploys shareholder capital. Its ROE is very
impressive, and given only modest debt, this suggests the business is high quality.
f. Return on Investment:
g. Earnings per Share: Earnings per share or EPS is an important financial
measure, which indicates the profitability of a company. The EPS of Britannia
decreased at a great extent during FY 2019 and had an increase during FY 2020.
 Britannia is insulated to certain extent from coronavirus like pandemic during the
FY 2020 leading to increase in its revenue and hence increase in its EPS.
h. Dividend per share: Dividend per Share is the number of declared dividends
issued by a company for every ordinary share outstanding. The DPS of Britannia
decreased at a great extent during FY 2019 and had a sharp increase during FY
2020. This could be due to increase in tax expenses in FY 2019 which led to
decrease in profits. The company could also decrease its DPS in FY 2019 because
it chose to pay down its debt further. The DPS in FY 2020 increased because of an
increase in the company's net profits out of which dividends are paid. If the
company is performing well and cash flows are improving, there is more room to
pay shareholders higher dividends.
i. Dividend Payout Ratio: The dividend payout ratio is the ratio of the total amount
of dividends paid out to shareholders relative to the net income of the company.
The amount that is not paid to shareholders is retained by the company to pay off
debt or to reinvest in core operations. The DPR of Britannia decreased during FY
2019 and had an increase during FY 2020. Since Britannia is a growing company,
it is retaining more of its profit for future growth because of which its DPR is less.
j. Retention Ratio: The retention ratio refers to the percentage of net income that is
retained to grow the business, rather than being paid out as dividends. The
retention ratio of Britannia increased during FY 2019 and had a slight decrease
during FY 2020. The sudden reduction in the retention ratio in FY 2020 can
reflect a recognition by management that there are no further profitable
investment opportunities for the business. The high retention level in FY 2020
means that most earnings are retained for further growth of the business.
k. Dividend Yield: Dividend yield is the financial ratio that measures the quantum
of cash dividends paid out to shareholders relative to the market value per share.
The dividend yield of Britannia had a slight decrease during FY 2018-19 and had
a substantial increase during FY 2019-2020. The dividend yield of Britannia is
very low. If a stock has a low dividend yield, this implies that the stock's market
price is considerably higher than the dividend payments a shareholder gets from
owning the stock. This may indicate an overvalued stock or larger dividends in the
future.

D. Turnover/ Efficiency Ratio

Turnover Ratio 2020 2019 2018

Inventory turnover Ratio 17.34 14.58 15.65
Inventory Conversion Period 21 25 23
Debtors Turnover Ratio 37.04 36.07 52.59
Debtors Conversion Period 10 10 7
 Creditors Turnover Ratio
Assets Turnover Ratio 1.74 2.05 2.16
Working Capital Turnover Ratio 11.03 6.96 6.65
Operating Expense Ratio
Operating Cycle

a. Inventory Turnover Ratio: Inventory turnover is a ratio showing how many times a
company has sold and replaced inventory during a given period. The inventory turnover
ratio of Britannia had a slight decrease during FY 2018-19 and then an increase
during FY 2019-2020. This is due to increase in inventory in FY 2019 and
decrease in the same during FY 2020. The ratio for FY 2020 is 17.34 which
suggests that the company has been able to convert its inventory into sales 17.34
times a year. It is high which further suggests that the company is optimally
utilizing its inventory.
b. Inventory Conversion Period: Inventory conversion period is the number of days
withing which inventory is converted into sales. The inventory conversion period of
Britannia had a slight increase during FY 2019 and then a decrease during FY
2020. The period is high for the company which would increase the time to
complete the cash conversion cycle. It means, there will be more liquidity risk in
that level of inventory.
c. Debtors Turnover Ratio: Debtor's Turnover Ratio is an accounting measure used
to measure how effective a company is in extending credit as well as collecting
debts. The debtor’s turnover ratio of Britannia decreased at a great extent during
FY 2019 and then slightly increased during FY 2020. This is due to increase in
Trade receivables in FY 2019 and decrease in the same in FY 2020. The two main
causes of a declining ratio are changes to the company's credit policy and
increasing problems with collecting receivables on time. The debtor’s turnover
ratio even though declined is still high which suggests that the company has been
efficient in converting its debtors to cash.
d. Debtors Conversion Period: Debtor’s conversion period is the average number of days
debtors is converted into cash. The debtor’s conversion period of Britannia increased
during FY 2019 and remained unchanged during FY 2020. The increase in the
period occurred due to increase in Trade receivables for FY 2019. The period for
the company is low suggesting that the company can easily convert its debtors
into cash and hence is efficient.
e. Creditors Turnover Ratio:
f. Assets Turnover Ratio: The asset turnover ratio measures the value of a company's sales
or revenues relative to the value of its assets. The asset turnover ratio of Britannia
slightly decreased during FY 2019 and further decreased during FY 2020. This is
due to increase in the total assets of the company during FY 2019 and 2020. The
asset turnover ratio for FY 2020 is 1.74 which means that for every Re 1 worth of
 asset, Re 1.74 worth of revenue is generated. The ratio for FY 2020 is low which
suggests that the company is failing to employ its assets to generate revenue.
g. Working Capital Turnover Ratio: The working capital turnover ratio indicates how
effectively a company uses the available funds for streamlined production of goods or
services. In other words, it shows the number of times a company is able to convert its
working capital into sales. The working capital turnover ratio of Britannia increased
during FY 2019 and further had a rapid increase during FY 2020. This is due to
increase in current assets of the company. The working capital ratio for FY 2020
is high suggesting that the company is operationally efficient in converting its
working capital into cash.
h. Operating Expense Ratio:
i. Operating Cycle:

2. Cash Flow Statement Analysis

A. Net Profit: The net profit increased by 17% in FY 2019 and by 4% in FY 2020.
Hence it can be seen that that percentage increase in net profit for FY 2020 was
much less than that of FY 2019. This can be due to high increase in the finance
cost of the company during FY 2020.
B. Cash from Operating Activity: The cash flow from operating activities
decreased by 7% in FY 2019 and increased by 28% in FY 2020. Hence it can be
seen that there is a significant increase in cash flow from operating activities in
FY 2020. The decrease in FY 2019 is due to decrease in the short term borrowings
of the firm whereas the increase in the cash flow from operating activities during
FY 2020 is due to the significant increase in long term borrowings i.e., the current
liabilities of the company. Moreover, it can also be due to the increase in fixed
assets which has led to an increase in depreciation and amortization expenses in
FY 2020.
C. Cash from Investing Activity: The cash flow from investing activity decreased
by 11% in FY 2019 and increased by 79% during FY 2020. Hence it can be seen
that there is a huge increase in cash flow from investing activity in 2020. This is
due to a high increase in long term investment which would further lead to an
increase in dividend received.
D. Cash from Financing Activity: The cash flow from financing activity increased
by 52% in FY 2019 and decreased by 112% in FY 2020. Hence it can be seen that
there is a huge decrease in cash flow from financing activity during FY 2020.
E. Net increase/decrease in cash and cash equivalents: The net cash and cash
equivalents decreased by 181% in FY 2019 and by 134% in FY 2020.
 3. Comparative Statement Analysis

Absolute
BALANCE SHEET OF BRITANNIA INDUSTRIES (in Rs.
Mar-20 Mar-19 Mar-18 change in
Cr.)
2019

12 12 12
 
months months months
     
EQUITIES AND LIABILITIES

     
SHAREHOLDER'S FUNDS

Equity Share Capital 24.05 24.03 24.01

0.02

TOTAL SHARE CAPITAL 24.05 24.03 24.01

0.02

Reserves and Surplus 4,344.37 4,209.29 3,382.22

827.07

TOTAL RESERVES AND SURPLUS 4,344.37 4,209.29 3,382.22

827.07

TOTAL SHAREHOLDERS FUNDS 4,402.83 4,253.25 3,406.23

847.02
Minority Interest 35.65 32.68 13.14
19.54
     

NON-CURRENT LIABILITIES

0
Long Term Borrowings 766.06 61.92 84.57
-22.65

Deferred Tax Liabilities [Net] 12.69 3.87 0

3.87

Other Long-Term Liabilities 46.54 27.24 27.14

0.1

Long Term Provisions 13.16 11.45 8.87

2.58

TOTAL NON-CURRENT LIABILITIES 838.45 104.48 120.58

-16.1
     
CURRENT LIABILITIES
0

Short Term Borrowings 747.99 76.1 93.65

-17.55

Trade Payables 1,116.28 1,140.51 994.09

146.42

Other Current Liabilities 509.77 438.29 381.26

57.03

Short Term Provisions 191.26 196.51 178.97

17.54

TOTAL CURRENT LIABILITIES 2,565.30 1,851.41 1,647.97

203.44
TOTAL CAPITAL AND LIABILITIES 7,842.23 6,241.82 5,187.92

1053.9
ASSETS       0
     
NON-CURRENT ASSETS
0
Tangible Assets 1,730.84 1,550.31 1,209.43
340.88
Intangible Assets 8.37 7.62 7.97
-0.35

Capital Work-In-Progress 39.55 101.24 202.82

-101.58
FIXED ASSETS 1,778.76 1,659.17 1,420.22
238.95

Non-Current Investments 1,884.46 726.4 222.48

503.92

Deferred Tax Assets [Net] 19.56 13.75 22.57

-8.82

Long Term Loans And Advances 202.95 19.02 134.24

-115.22

Other Non-Current Assets 142.56 166.77 108.93

57.84

TOTAL NON-CURRENT ASSETS 4,167.26 2,715.48 2,036.64

678.84
     
CURRENT ASSETS
0

Current Investments 1,008.77 749.88 856.8

-106.92
Inventories 740.96 781.38 652.79
128.59
Trade Receivables 320.36 394.24 304.6
89.64

Cash and Cash Equivalents 122.85 109.82 186.42

-76.6

Short Term Loans and Advances 1,110.11 1,203.92 844.34

359.58

Other Current Assets 371.92 287.1 306.33

-19.23

TOTAL CURRENT ASSETS 3,674.97 3,526.34 3,151.28

375.06
TOTAL ASSETS 7,842.23 6,241.82 5,187.92
1053.9
     

OTHER ADDITIONAL INFORMATION

0
     

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 277.65 287.84 242.47

45.37
     
BONUS DETAILS
0

Bonus Equity Share Capital 21.94 21.94 21.94

0
     

NON-CURRENT INVESTMENTS

0
Non-Current Investments Quoted Market Value 0 0 0

Non-Current Investments Unquoted Book Value 1,882.98 725.36 220.47

504.89
     
CURRENT INVESTMENTS
0

Current Investments Quoted Market Value 0 0 0

Current Investments Unquoted Book Value 1,008.77 749.88 856.8

-106.92