Balance sheet of Grasim

Balance Sheet of ------------------- in Rs. Cr. -------------------

Grasim Industries
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 91.67 91.67 91.67 91.67 91.67

Equity Share Capital 91.67 91.67 91.67 91.67 91.67

Share Application Money 0.02 0.02 0.02 0.02 0.02

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 4,231.96 4,886.11 6,134.46 8,045.42 9,382.53

Revaluation Reserves 4.70 4.28 3.89 3.60 3.36

Networth 4,328.35 4,982.08 6,230.04 8,140.71 9,477.58

Secured Loans 1,439.02 1,331.08 2,291.00 2,350.40 2,205.00

Unsecured Loans 569.32 648.59 660.56 851.47 1,189.95

Total Debt 2,008.34 1,979.67 2,951.56 3,201.87 3,394.95

Total Liabilities 6,336.69 6,961.75 9,181.60 11,342.58 12,872.53

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 5,897.04 6,114.12 6,770.97 7,588.40 11,031.19

Less: Accum. Depreciation 2,848.17 3,109.49 3,380.53 3,564.89 3,972.54

Net Block 3,048.87 3,004.63 3,390.44 4,023.51 7,058.65

Capital Work in Progress 145.94 293.64 1,192.35 3,026.31 1,248.27

Investments 2,982.02 3,481.71 4,274.70 4,080.79 4,609.10

Page 1 of 7
 Balance sheet of Grasim

Inventories 678.59 750.73 824.14 978.44 1,378.24

Sundry Debtors 522.01 413.45 576.48 711.98 559.93

Cash and Bank Balance 70.88 100.04 116.13 127.22 113.15

Total Current Assets 1,271.48 1,264.22 1,516.75 1,817.64 2,051.32

Loans and Advances 630.21 755.85 886.38 1,193.09 1,099.39

Fixed Deposits 15.82 55.54 0.25 0.25 0.23

Total CA, Loans & Advances 1,917.51 2,075.61 2,403.38 3,010.98 3,150.94

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 1,477.24 1,589.62 1,896.07 2,258.80 2,603.55

Provisions 280.41 304.22 183.20 540.21 590.88

Total CL & Provisions 1,757.65 1,893.84 2,079.27 2,799.01 3,194.43

Net Current Assets 159.86 181.77 324.11 211.97 -43.49

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 6,336.69 6,961.75 9,181.60 11,342.58 12,872.53

Contingent Liabilities 325.98 645.36 3,540.02 1,188.35 761.68

Book Value (Rs) 471.64 542.99 679.16 887.61 1,033.46

Page 2 of 7
 Balance sheet of Grasim

Profit & Loss account ------------------- in Rs. Cr. -------------------

of Grasim Industries
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Income

7,211.1
Sales Turnover 7,632.90 9,646.76 11,589.11 12,129.97
1

Excise Duty 971.80 986.69 1,003.52 1,347.14 1,251.99

6,239.3
Net Sales 6,646.21 8,643.24 10,241.97 10,877.98
1

Other Income 99.14 153.38 254.60 546.94 237.75

Stock Adjustments 100.67 -43.48 -17.30 140.85 16.87

6,439.1
Total Income 6,756.11 8,880.54 10,929.76 11,132.60
2

Expenditure

2,293.0
Raw Materials 2,463.95 2,983.10 3,409.55 3,648.91
3

1,035.7
Power & Fuel Cost 1,074.81 1,196.14 1,476.51 1,928.47
4

Employee Cost 374.63 411.14 469.40 557.67 605.12

Other Manufacturing Expenses 62.94 71.07 75.82 194.93 247.78

Selling and Admin Expenses 883.30 1,088.20 1,438.26 1,619.56 1,822.88

Miscellaneous Expenses 74.93 69.15 82.78 40.40 80.85

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

4,724.5
Total Expenses 5,178.32 6,245.50 7,298.62 8,334.01
7

Page 3 of 7
 Balance sheet of Grasim

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

1,615.4
Operating Profit 1,424.41 2,380.44 3,084.20 2,560.84
1

1,714.5
PBDIT 1,577.79 2,635.04 3,631.14 2,798.59
5

Interest 138.76 97.32 111.84 107.00 142.14

1,575.7
PBDT 1,480.47 2,523.20 3,524.14 2,656.45
9

Depreciation 284.57 291.64 317.91 353.27 456.97

Other Written Off 0.00 0.00 0.00 0.00 0.00

1,291.2
Profit Before Tax 1,188.83 2,205.29 3,170.87 2,199.48
2

Extra-ordinary items 12.49 17.20 21.07 24.06 48.36

1,303.7
PBT (Post Extra-ord Items) 1,206.03 2,226.36 3,194.93 2,247.84
1

Tax 418.00 342.82 690.55 962.33 599.88

Reported Net Profit 885.71 863.21 1,535.81 2,047.57 1,647.96

2,431.5
Total Value Addition 2,714.37 3,262.40 3,889.07 4,685.10
4

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 146.68 183.35 252.10 275.02 275.02

Corporate Dividend Tax 20.90 25.71 35.36 41.42 41.38

Per share data (annualised)

Shares in issue (lakhs) 916.72 916.74 916.74 916.74 916.75

Earning Per Share (Rs) 96.62 94.16 167.53 223.35 179.76

Equity Dividend (%) 160.00 200.00 275.00 300.00 300.00

Book Value (Rs) 471.64 542.99 679.16 887.61 1,033.46

Page 4 of 7
 Balance sheet of Grasim

Key Financial Ratios ------------------- in Rs. Cr. -------------------

of Grasim Industries

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Investment Valuation Ratios

Face Value 10.00 10.00 10.00 10.00 10.00

Dividend Per Share 20.00 27.50 30.00 30.00 30.00

Operating Profit Per Share (Rs) 155.38 259.66 336.43 279.34 292.44

Net Operating Profit Per Share (Rs) 724.99 942.83 1,117.21 1,186.59 898.53

Free Reserves Per Share (Rs) 517.34 657.73 874.72 1,018.33 768.31

Bonus in Equity Capital 32.21 32.21 32.21 32.21 32.20

Profitability Ratios

Operating Profit Margin(%) 21.43 27.54 30.11 23.54 32.54

Page 5 of 7
 Balance sheet of Grasim

Profit Before Interest And Tax

16.82 23.42 26.10 18.95 27.38
Margin(%)

Gross Profit Margin(%) 17.04 23.86 26.66 19.34 28.28

Cash Profit Margin(%) 15.90 19.75 21.35 18.36 24.23

Adjusted Cash Margin(%) 15.90 19.75 21.35 18.36 24.23

Net Profit Margin(%) 12.82 17.44 19.57 14.85 24.58

Adjusted Net Profit Margin(%) 12.82 17.44 19.57 14.85 24.58

Return On Capital Employed(%) 17.52 24.23 26.01 18.04 31.79

Return On Net Worth(%) 17.34 24.66 25.16 17.39 29.31

Adjusted Return on Net Worth(%) 15.65 22.83 23.10 16.68 23.98

Return on Assets Excluding

9.75 679.16 887.61 1,033.46 778.31
Revaluations

Return on Assets Including

9.75 679.59 888.00 1,033.83 778.31
Revaluations

Return on Long Term Funds(%) 18.43 25.35 27.83 18.73 34.07

Liquidity And Solvency Ratios

Current Ratio 0.87 0.85 0.74 0.79 0.57

Quick Ratio 0.68 0.74 0.71 0.54 0.65

Debt Equity Ratio 0.40 0.47 0.39 0.36 0.15

Long Term Debt Equity Ratio 0.33 0.41 0.30 0.31 0.07

Debt Coverage Ratios

Interest Cover 12.53 19.88 27.56 16.34 21.61

Total Debt to Owners Fund 0.40 0.47 0.39 0.36 0.15

Financial Charges Coverage Ratio 15.53 22.73 30.87 19.56 24.53

Financial Charges Coverage Ratio

12.87 17.57 23.44 15.81 21.29
Post Tax

Management Efficiency Ratios

Inventory Turnover Ratio 15.39 17.75 19.40 13.10 25.79

Debtors Turnover Ratio 14.21 17.46 15.90 17.11 18.21

Investments Turnover Ratio 15.39 17.75 19.40 13.10 25.79

Fixed Assets Turnover Ratio 1.09 1.28 1.35 0.99 2.66

Page 6 of 7
 Balance sheet of Grasim

Total Assets Turnover Ratio 0.96 0.94 0.91 0.85 1.01

Asset Turnover Ratio 1.09 1.28 1.35 0.99 2.66

Average Raw Material Holding 55.09 55.77 39.20 72.61 46.83

Average Finished Goods Held 12.47 8.39 12.78 7.87 2.20

Number of Days In Working Capital 9.85 13.50 7.45 -1.44 1.27

Profit & Loss Account Ratios

Material Cost Composition 37.07 34.51 33.28 33.54 31.93

Imported Composition of Raw

30.40 31.28 21.31 25.24 39.97
Materials Consumed

Selling Distribution Cost Composition 13.91 14.49 13.31 14.42 11.44

Expenses as Composition of Total

3.01 3.24 3.77 4.74 8.98
Sales

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 24.21 18.71 15.45 19.19 14.76

Dividend Payout Ratio Cash Profit 18.10 15.50 13.18 15.03 12.64

Earning Retention Ratio 73.19 79.78 83.17 79.99 81.95

Cash Earning Retention Ratio 80.49 83.48 85.84 84.48 85.02

AdjustedCash Flow Times 1.85 1.70 1.43 1.67 0.50

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Earnings Per Share 94.16 167.53 223.35 179.76 228.19

Book Value 542.99 679.16 887.61 1,033.46 778.31

Page 7 of 7