Total Income - Annual

4,000 35%
31% 30%
3,500
25%
3,000 21% 20%
18%
2,500 16% 17%
15%
12%
2,000 9% 10%
3,480
5%
1,500 2,980
2,668
0% 2,294 0%
1,000 2,110 2,101
1,782 -5%
1,535 1,355
500 -10%
-12%
- -15%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Sales Sales YoY

(INR Crores/10 Millions) JK LAKSHMI CEMENT LTD

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Sales 1225 1491 1322 1718 2055 2057
Operating Profit 306 422 191 328 412 283
Operating Profit Margin (OPM%) 25% 28% 14% 19% 20% 14%
Other Income 39 44 33 63 55 44
Interest 50 55 60 80 84 77
Profit before tax (PBT) 227 331 79 143 235 115
Tax% 21% 27% 25% 24% 25% 19%
Net Profit after tax (PAT) 179 241 59 109 176 93
Net Profit Margin (NPM%) 15% 16% 4% 6% 9% 5%
Cash Profit Margin (CPM%) 4% -15% -11% 1% -8% -8%
10Yr Cash profit Margin (10yr CPM%) -19% -14% -9% -9% -9% -7%
Cash from Operating Activity (CFO) 312 357 174 378 332 355
Capex (NFA+WIP+Dep) 215 262 370 648 492
Total Debt (D) 703 922 997 1070 1337 1631
Cash + Investments (CI +NCI) 416 701 617 543 419 483

Self-Sustainable Growth Rate (SSGR) 0% -3% -4%

PBT/Avg. NFA (<10%,>25%) 32% 6% 11% 17% 8%
ROE on Avg Equity (<7%, >25%) 23% 24% 6% 10% 14% 7%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 12% 13% 3% 5% 7% 3%
Incremental ROE 3Yr Rolling 17% 13% 10% 10%
Profit/Mcap 103% 26% 9% 13% 16% 7%

Net Fixed Asset Turnover (High is better) 1.2 1.4 1.0 1.3 1.4 1.3
Receivables days (Low is better) 7.0 7.1 7.7 8.1 8.9 0.1
Inventory Turnover (High is better) 37.8 38.0 50.2 45.2 38.9 47.9
Net Fixed Assets (NFA) 1013.1 1063.0 1381.0 1329.3 1434.6 1571.5
Capital Work in Progress (CWIP) 97.0 182.0 40.9 294.1 688.1 908.4
Share Capital 61.2 61.2 61.2 61.2 58.9 58.9
Dividend Paid (Div) Without DDT 24.5 30.6 15.3 24.5 29.4 23.5
Dividend Payout (Div/PAT) 14% 13% 26% 23% 17% 25%
Price to earning 1.0 3.8 11.0 7.4 6.2 15.2
Mcap 173.1 912.5 653.1 807.2 1097.1 1416.0
Cash + Investments (CI +NCI) 415.6 700.9 616.5 542.8 419.1 482.9

Total Debt (D) 702.7 921.7 997.0 1069.6 1337.0 1631.3

Total Equity (E) 784.6 990.0 1031.3 1112.6 1223.6 1289.1
Debt to Equity ratio (D/E) 90% 93% 97% 96% 109% 127%
Cost of funds 12.5%
Interest outgo (Rs. Cr.) 49.5 55.0 60.5 79.7 83.5 77.2
Interest Coverage (OP/Int.Out) 3.6 4.4 1.0 1.4 2.1 1.2

Cash from Operating Activity (CFO) 311.7 356.6 174.5 377.8 332.3 354.5
Cash from Investing Activity (CFI) -265.6 -585.7 -317.5 -353.6 -488.4 -515.6
Cash from Financing Activity (CFF) -67.0 122.9 13.9 -24.8 79.1 183.6
Net Cash Flow (CFO+CFI+CFF) -20.9 -106.3 -129.1 -0.5 -77.0 22.6

Total Retained Earnings (RE) in 10 Yrs 670.9

Total increase in Mcap in 10yrs (B) 3,523.0
Value created per INR of RE (B/A) 5.3
Mar-15 Mar-16 Mar-17 Mar-18 Last 4 Quarters Growth Trends 10Yr 7Yr
2307 2620 2910 3412 3509 Sales Growth
327 261 365 411 381 OPM
14% 10% 13% 12% 11%
-13 49 70 68 67
91 197 189 197 194
112 -50 74 103 74
14% 87% -11% 18% 13%
96 -7 82 84 64
4% 0% 3% 2% 2%
-2% 9% -2% 11%
-4% -4% -1% -1%
352 298 363 456
576 231 192 169
1899 1915 2171 2020
438 449 818 806

-2% -4% -4% -5%

5% -2% 3% 4%
7% -1% 6% 6%
3% 0% 2% 2%
9% 5% 4% 4%
2% 0% 2% 2%

0.9 1.0 1.0 1.2

11.2 13.4 11.2 10.4
57.4 55.1 61.1 56.1
2582.5 2728.8 2826.3 2793.5
361.5 283.1 205.1 228.1
58.9 58.9 58.9 58.9
23.5 2.9 8.8 8.8
25% -45% 11% 11%
44.4 -623.2 66.4 59.5 57.8
4246.1 4087.9 5443.4 4996.3 3696.0
438.1 449.4 818.2 805.7

1899.2 1914.7 2170.6 2020.4

1330.7 1304.1 1381.7 1453.2
143% 147% 157% 139%

90.7 196.7 188.7 197.5

1.1 0.0 0.4 0.4

351.5 297.6 362.9 456.5

-406.2 -70.0 -415.6 -88.8
33.5 -231.1 49.9 -365.0
-21.1 -3.5 -2.8 2.6
5Yr 3Yr TTM
JK LAKSHMI CEMENT LTD

PROFIT & LOSS 15 'Data Sheet'!A15:A999

16 Mar-09 Mar-10 Mar-11 Mar-12
Sales 17 1224.53 1490.50 1322.24 1718.10
Raw Material Cost 18 176.35 236.51 291.30 366.93
Change in Inventory 19 -6.07 2.92 35.06 -0.58
Power and Fuel 20 306.27 289.95 391.93 413.63
Other Mfr. Exp 21 108.02 124.33 73.67 90.87
Employee Cost 22 53.75 64.36 80.29 98.39
Selling and admin 23 237.07 314.95 329.17 407.99
Other Expenses 24 30.80 41.60 0.11 11.74
Other Income 25 39.10 44.16 33.05 63.40
Depreciation 26 69.11 80.03 84.61 168.97
Interest 27 49.51 54.98 60.48 79.66
Profit before tax 28 226.68 330.87 78.79 142.74
Tax 29 48.09 89.74 19.66 33.96
Net profit 30 178.59 241.13 59.13 108.78
Dividend Amount 31 24.48 30.59 15.30 24.48

Quarters 40 'Data Sheet'!A40:A999

41 Jun-16 Sep-16 Dec-16 Mar-17
Sales 42 777.23 655.57 670.89 806.72
Expenses 43 659.72 561.88 588.24 735.16
Other Income 44 10.41 17.92 15.19 26.29
Depreciation 45 41.19 41.19 44.31 45.68
Interest 46 46.32 47.09 48.61 46.63
Profit before tax 47 40.41 23.33 4.92 5.54
Tax 48 11.77 -1.58 -2.68 -15.31
Net profit 49 28.64 24.91 7.60 20.85
Operating Profit 50 117.51 93.69 82.65 71.56

BALANCE SHEET 55 'Data Sheet'!A55:A999

Report Date 56 Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 57 61.19 61.19 61.19 61.19
Reserves 58 723.44 928.79 970.15 1051.40
Borrowings 59 702.67 921.73 996.99 1069.63
Other Liabilities 60 419.72 498.41 447.94 631.29
Total 61 1907.02 2410.12 2476.27 2813.51
Net Block 62 1013.09 1062.99 1381.04 1329.33
Capital Work in Progress 63 97.04 181.95 40.90 294.05
Investments 64 88.91 480.53 527.76 453.75
Other Assets 65 707.98 684.65 526.57 736.38
Total 61 1907.02 2410.12 2476.27 2813.51
Receivables 67 23.32 28.98 27.95 38.24
Inventory 68 66.02 74.77 119.92 120.09
Cash & Bank 69 326.67 220.39 88.75 89.03
No. of Equity Shares 70 61190062 122358924 122408924 122401924
New Bonus Shares 71 0.00 0.00 0.00 0.00
Face value 7 5.00 0.00 0.00 0.00

CASH FLOW: 80 'Data Sheet'!A80:A999

Report Date 81 Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 82 311.66 356.59 174.49 377.82
Cash from Investing Activity 83 -265.56 -585.74 -317.46 -353.55
Cash from Financing Activity 84 -67.01 122.87 13.92 -24.76
Net Cash Flow 85 -20.91 -106.28 -129.05 -0.49

PRICE: 90 28.28 74.58 53.36 65.95

DERIVED:
Adjusted Equity Shares in Cr 93 12.24 12.24 12.24 12.24

Graph Data:
P/L - Annual - YoY change Mar-09 Mar-10 Mar-11 Mar-12
Sales 1,264 1,535 1,355 1,782
Sales YoY 21% -12% 31%
EPS 14.6 19.7 4.8 8.9
EPS YoY 35% -75% 84%

Capex Calculation
Depreciation 80.03 84.61 168.97
New Assets 134.81 177.00 201.44
214.84 261.61 370.41

SSGR Calculation
SSGR = NFAT*NPM*(1-DPR) – Dep 0%
Dep = Depn rate as % of net fixed assets 9%
DPR=Dividend payout Ratio=Dividend paid/PAT 17%
NPM = Net Profit margin as % of sales 9%
NFAT = Sales/Average net fixed assets 125%
Average net Fixed Assets 1,038.04 1,222.02 1,355.19
Average Equity 887.305 1010.66 1071.965
Return on average equity 8%
No. of Equity Shares 70 611901 1223589 1224089 1224019
PRICE: 90 28.28 74.58 53.36 65.95
Current Price 8
Market Cap 173.0556957 912.5062364 653.1482514 807.1794878
Share Capital 784.63 989.98 1031.34 1112.59
Debt 702.67 921.73 996.99 1069.63
Profit 178.59 241.13 59.13 108.78
Enterprice Price (Equity+debt) 875.73 1834.24 1650.14 1876.81
Book Value 784.63 989.98 1031.34 1112.59

Rolling ROE calcuation

3 year return 159.62 136.35
3 year equity 935.3166667 1044.636667
0.170655215 0.130520659
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 last 4 Qtr
2054.95 2056.60 2307.06 2619.85 2910.41 3412.15 3509.24
469.62 548.50 627.56 710.19 749.20 826.35
-16.83 -2.69 42.51 17.56 -12.76 47.97
406.19 422.02 494.76 546.74 566.95 795.87
104.26 106.94 109.68 125.27 145.92 158.83
113.22 122.95 146.11 194.37 208.39 234.95
516.01 551.34 622.00 709.00 861.24 1032.76
16.44 18.70 22.32 90.55 0.54 0.00 3128.14
55.45 44.27 -12.73 48.60 69.81 68.10 66.95
148.93 135.17 111.90 162.88 172.37 179.27 180.43
83.54 77.19 90.74 196.69 188.65 197.48 193.89
235.36 115.37 111.77 -49.68 74.20 102.71 73.73
59.62 22.37 16.17 -43.12 -7.80 18.75 9.74
175.74 93.00 95.60 -6.56 82.00 83.96 63.99
29.43 23.54 23.54 2.94 8.83 8.83 381.10

Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

901.14 776.65 837.41 896.95 923.44 851.44
780.81 681.22 743.08 795.68 829.57 759.81
10.19 16.92 14.62 26.37 11.00 14.96
43.88 44.68 44.80 45.91 44.56 45.16
49.20 48.87 51.43 47.98 45.14 49.34
37.44 18.80 12.72 33.75 15.17 12.09
9.14 5.57 4.13 -0.09 1.42 4.28
28.30 13.23 8.59 33.84 13.75 7.81
120.33 95.43 94.33 101.27 93.87 91.63

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

58.85 58.85 58.85 58.85 58.85 58.85
1164.77 1230.24 1271.85 1245.24 1322.84 1394.36
1336.95 1631.28 1899.21 1914.65 2170.56 2020.43
612.80 683.04 1020.05 1207.64 1348.89 1405.03
3173.37 3603.41 4249.96 4426.38 4901.14 4878.67
1434.61 1571.54 2582.50 2728.81 2826.34 2793.52
688.06 908.36 361.46 283.09 205.08 228.08
406.46 447.73 422.80 437.61 809.19 794.13
644.24 675.78 883.20 976.87 1060.53 1062.94
3173.37 3603.41 4249.96 4426.38 4901.14 4878.67
50.11 0.81 70.49 96.49 89.50 96.94
 114.84 157.14 223.47 240.55 277.64 317.03
12.65 35.21 15.29 11.76 8.98 11.59
117670066 117670100 117670066 117670066 117670066 117670066
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

332.27 354.54 351.52 297.55 362.93 456.47
-488.36 -515.60 -406.17 -70.00 -415.61 -88.82
79.10 183.62 33.52 -231.08 49.90 -365.04
-76.99 22.56 -21.13 -3.53 -2.78 2.61

93.24 120.34 360.85 347.41 462.60 424.60

11.77 11.77 11.77 11.77 11.77 11.77

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

2,110 2,101 2,294 2,668 2,980 3,480
18% 0% 9% 16% 12% 17%
14.9 7.9 8.1 (0.6) 7.0 7.1
68% -47% 3% -107% -1350% 2%

148.93 135.17 111.90 162.88 172.37 179.27

499.29 357.23 464.06 67.94 19.52 -9.82
648.22 492.40 575.96 230.82 191.89 169.45

-3% -4% -2% -4% -4% -5%

10% 11% 8% 7% 6% 6%
20% 21% 21% 27% 21% 13%
7% 6% 6% 3% 2% 2%
129% 137% 129% 112% 104% 108%
1,381.97 1,503.08 2,077.02 2,655.66 2,777.58 2,809.93
1168.105 1256.355 1309.895 1317.395 1342.89 1417.45
8% 8% 8% 7% 7% 7%
 1176701 1176701 1176701 1176701 1176701 1176701 1176701.69
93.24 120.34 360.85 347.41 462.60 424.60
314.1
1097.09686 1416.004823 4246.094914 4087.920023 5443.386282 4996.32703684543 3696.02
1223.62 1289.09 1330.70 1304.09 1381.69 1453.21 1453.21
1336.95 1631.28 1899.21 1914.65 2170.56 2020.43 2020.43
175.74 93.00 95.60 -6.56 82.00 83.96 63.99
2434.05 3047.28 6145.30 6002.57 7613.95 7016.76 5716.45
1223.62 1289.09 1330.70 1304.09 1381.69 1453.21 1453.21

114.55 125.84 121.45 60.68 57.01 53.13

1122.516667 1208.433333 1281.136667 1307.96 1338.826667 1379.66333333333
0.102047483 0.10413483 0.094796027 0.046392856 0.042584552 0.03851181085241
COMPANY NAME JK LAKSHMI CEMENT LTD
LATEST VERSION 2.10 PLEA
CURRENT VERSION 2.10

META
Number of shares 11.77
Face Value 5.00
Current Price 314.10
Market Capitalization 3,696.02

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 1,224.53 1,490.50 1,322.24 1,718.10
Raw Material Cost 176.35 236.51 291.30 366.93
Change in Inventory -6.07 2.92 35.06 -0.58
Power and Fuel 306.27 289.95 391.93 413.63
Other Mfr. Exp 108.02 124.33 73.67 90.87
Employee Cost 53.75 64.36 80.29 98.39
Selling and admin 237.07 314.95 329.17 407.99
Other Expenses 30.80 41.60 0.11 11.74
Other Income 39.10 44.16 33.05 63.40
Depreciation 69.11 80.03 84.61 168.97
Interest 49.51 54.98 60.48 79.66
Profit before tax 226.68 330.87 78.79 142.74
Tax 48.09 89.74 19.66 33.96
Net profit 178.59 241.13 59.13 108.78
Dividend Amount 24.48 30.59 15.30 24.48

Quarters
Report Date Jun-16 Sep-16 Dec-16 Mar-17
Sales 777.23 655.57 670.89 806.72
Expenses 659.72 561.88 588.24 735.16
Other Income 10.41 17.92 15.19 26.29
Depreciation 41.19 41.19 44.31 45.68
Interest 46.32 47.09 48.61 46.63
Profit before tax 40.41 23.33 4.92 5.54
Tax 11.77 -1.58 -2.68 -15.31
Net profit 28.64 24.91 7.60 20.85
Operating Profit 117.51 93.69 82.65 71.56

BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 61.19 61.19 61.19 61.19
Reserves 723.44 928.79 970.15 1,051.40
Borrowings 702.67 921.73 996.99 1,069.63
Other Liabilities 419.72 498.41 447.94 631.29
Total 1,907.02 2,410.12 2,476.27 2,813.51
Net Block 1,013.09 1,062.99 1,381.04 1,329.33
Capital Work in Progress 97.04 181.95 40.90 294.05
Investments 88.91 480.53 527.76 453.75
Other Assets 707.98 684.65 526.57 736.38
Total 1,907.02 2,410.12 2,476.27 2,813.51
Receivables 23.32 28.98 27.95 38.24
Inventory 66.02 74.77 119.92 120.09
Cash & Bank 326.67 220.39 88.75 89.03
No. of Equity Shares 61,190,062.00 ### ### ###
New Bonus Shares
Face value 10.00 5.00 5.00 5.00

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 311.66 356.59 174.49 377.82
Cash from Investing Activity -265.56 -585.74 -317.46 -353.55
Cash from Financing Activity -67.01 122.87 13.92 -24.76
Net Cash Flow -20.91 -106.28 -129.05 -0.49

PRICE: 28.28 74.58 53.36 65.95

DERIVED:
Adjusted Equity Shares in Cr 12.24 12.24 12.24 12.24
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

2,054.95 2,056.60 2,307.06 2,619.85 2,910.41 3,412.15
469.62 548.50 627.56 710.19 749.20 826.35
-16.83 -2.69 42.51 17.56 -12.76 47.97
406.19 422.02 494.76 546.74 566.95 795.87
104.26 106.94 109.68 125.27 145.92 158.83
113.22 122.95 146.11 194.37 208.39 234.95
516.01 551.34 622.00 709.00 861.24 1,032.76
16.44 18.70 22.32 90.55 0.54
55.45 44.27 -12.73 48.60 69.81 68.10
148.93 135.17 111.90 162.88 172.37 179.27
83.54 77.19 90.74 196.69 188.65 197.48
235.36 115.37 111.77 -49.68 74.20 102.71
59.62 22.37 16.17 -43.12 -7.80 18.75
175.74 93.00 95.60 -6.56 82.00 83.96
29.43 23.54 23.54 2.94 8.83 8.83

Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

901.14 776.65 837.41 896.95 923.44 851.44
780.81 681.22 743.08 795.68 829.57 759.81
10.19 16.92 14.62 26.37 11.00 14.96
43.88 44.68 44.80 45.91 44.56 45.16
49.20 48.87 51.43 47.98 45.14 49.34
37.44 18.80 12.72 33.75 15.17 12.09
9.14 5.57 4.13 -0.09 1.42 4.28
 28.30 13.23 8.59 33.84 13.75 7.81
120.33 95.43 94.33 101.27 93.87 91.63

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

58.85 58.85 58.85 58.85 58.85 58.85
1,164.77 1,230.24 1,271.85 1,245.24 1,322.84 1,394.36
1,336.95 1,631.28 1,899.21 1,914.65 2,170.56 2,020.43
612.80 683.04 1,020.05 1,207.64 1,348.89 1,405.03
3,173.37 3,603.41 4,249.96 4,426.38 4,901.14 4,878.67
1,434.61 1,571.54 2,582.50 2,728.81 2,826.34 2,793.52
688.06 908.36 361.46 283.09 205.08 228.08
406.46 447.73 422.80 437.61 809.19 794.13
644.24 675.78 883.20 976.87 1,060.53 1,062.94
3,173.37 3,603.41 4,249.96 4,426.38 4,901.14 4,878.67
50.11 0.81 70.49 96.49 89.50 96.94
114.84 157.14 223.47 240.55 277.64 317.03
12.65 35.21 15.29 11.76 8.98 11.59
### ### ### ### ### ###

5.00 5.00 5.00 5.00 5.00 5.00

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

332.27 354.54 351.52 297.55 362.93 456.47
-488.36 -515.60 -406.17 -70.00 -415.61 -88.82
79.10 183.62 33.52 -231.08 49.90 -365.04
-76.99 22.56 -21.13 -3.53 -2.78 2.61

93.24 120.34 360.85 347.41 462.60 424.60

11.77 11.77 11.77 11.77 11.77 11.77