Key Ratio Analysis

TVS MOTOR COMPANY LIMITED HERO MOTOCORP LIMITE

Particulars
2015-16 2016-17 2017-18 2018-19 2015-16
COGS 341.1 464.1 522.2 511.2 706.4
Gross Margin 326.4 399.6 427.6 407.9 515.1
Operating Expenses 171.7 210.0 234.2 228.1 368.6
Operating EBITA 154.8 189.5 193.4 179.8 146.6
Total EBITA 159.7 193.6 198.6 190.0 150.5
Tax on Income 44.9 52.7 51.5 44.2 38.8
Operating EBIT or Operating Income 136.5 170.3 173.9 155.6 104.3
Total EBIT 118.1 156.2 153.0 141.6 118.6
Net fixed assets 333.6 382.5 381.6 408.0 626.5
Net worth (or) Share capital (or) Owners Equity 377.3 467.1 575.0 667.6 472.9

Profitability ratios
Net Margin (Return On Sales) 13% 12% 12%
Tax Rate 32% 31% 29%
Average Capital Deployed 563.0 740.7 881.6
EBIAT 106.4 105.5 100.8
ROC/ROCE 19% 14% 11%
RoE 27% 22% 18%
Activity ratios (times)
Asset Turnover 1.17 1.05 0.87
Avg credit sales (per day) 2.37 2.60 2.52
ACP/DSO (days) 124.45 68.41 69.93
AR turnover 2.93 5.34 5.22
Inventory Holding Period (days) 67.28 80.98 84.41
Inventory turnover 5.43 4.51 4.32
FA Turnover 2.14 2.72 2.79
Liquidity ratios
Current ratio 1.30 1.42 1.65
Quick ratio 0.92 0.97 1.16
Leverage ratios
TA/E 1.75 1.74 1.69
TA/TL 2.34 2.35 2.45
Total Debt ratio (market) 0.43 0.43 0.41
Interest coverage ratio (times) 18.83 13.35 12.83
ACP / DPO (days) - - -
AP / CoGS - - -
DuPont analysis
RoE 27% 22% 18%

RoS 13% 12% 12%

Asset Turnover 1.17 1.05 0.87
Equity Multiplier 1.75 1.74 1.69
Check 0% 0% 0%
Other Ratios & Cash flow Ratios
Return On Assets 14% 11% 10%
Earnings Per Share 11.75 13.95 14.11
Operating Cash margin 14.6% 9.4% 15.9%
Current liability cover 55.5% 34.7% 61.0%
Capital expenditure cover 1.78 4.03 2.88
Long-term debt cover 6.03 1.95 1.22
Cash interest cover 10.81 9.85 11.22
Number of days in a year 365
 Values in Crs Horizo
HERO MOTOCORP LIMITED BAJAJ AUTO LIMITED TVS MOTOR COMPANY LIMITED
2016-17 2017-18 2018-19 2015-16 2016-17 2017-18 2018-19 2015-16 2016-17 2017-18
868.1 976.2 8.9 327.3 397.4 455.4 464.9 36% 13%
611.2 815.7 13.4 415.7 488.6 499.8 557.4 22% 7%
408.5 510.1 5.4 265.9 277.9 281.7 296.7 22% 12%
202.7 305.6 8.0 149.8 210.7 218.1 260.7 22% 2%
214.4 308.2 8.0 179.7 301.3 252.9 292.1 21% 3%
38.6 74.5 1.6 50.7 83.5 78.1 -1.9 17% -2%
150.7 252.8 7.2 121.4 172.5 192.2 227.0 25% 2%
81.7 169.7 6.9 150.3 261.8 226.1 255.1 32% -2%
942.5 1,181.2 1,362.5 427.6 340.4 363.7 441.2 15% 0%
717.1 1,057.8 1,491.3 748.0 970.0 1,059.2 1,388.9 24% 23%

6% 8% 24% 20% 16% 25%

32% 35% 23% 32% 34% -1%
1,031.8 1,226.8 1,560.6 1,020.2 1,120.7 1,419.9
55.9 110.2 5.3 178.5 148.2 257.0
5% 9% 0% 17% 13% 18%
14% 16% 0% 21% 15% 21%

0.95 0.99 0.01 0.78 0.78 0.77

4.05 4.91 0.06 2.43 2.62 2.80
83.09 71.78 5,814.86 56.87 60.11 67.27
4.39 5.09 0.06 6.42 6.07 5.43
53.99 68.86 9,569.13 87.83 74.24 89.87
6.76 5.30 0.04 4.16 4.92 4.06
2.08 2.53 2.77 2.17 3.19 2.99

0.93 0.97 1.19 2.57 4.86 5.09

0.74 0.70 0.76 2.08 4.15 4.24

2.60 2.05 1.52 1.32 1.21 1.08

1.62 1.96 2.92 4.52 6.60 7.35
0.62 0.51 0.34 0.23 0.16 0.13
3.74 5.90 35.37 261.41 409.00 141.87
- - - 83.09 62.81 62.85
- - - 0.23 0.17 0.17

14% 16% 0% 21% 15% 21%

6% 8% 24% 20% 16% 25%

0.95 0.99 0.01 0.78 0.78 0.77
 2.60 2.05 1.52 1.32 1.21 1.08 ###
0% 0% 0% 0% 0% 0%

5% 8% 0% 15% 12% 18%

169.12 185.14 169.48 132.3 140.6 161.6
14.7% 15.7% 2310.8% 19.7% 9.3% 20.5%
31.7% 40.9% 94.8% 88.6% 68.2% 156.2%
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - #VALUE! #VALUE! #VALUE!
6.73 6.96 12.03 356.63 135.12 446.66
 Horizontal Analysis - % growth YOY
OMPANY LIMITED HERO MOTOCORP LIMITED BAJAJ AUTO LIMITED TVS MOTOR COMPANY LIMITED
2018-19 2015-16 2016-17 2017-18 2018-19 2015-16 2016-17 2017-18 2018-19 2015-16 2016-17
-2% 23% 12% -99% 21% 15% 2% 100% 136%
-5% 19% 33% -98% 18% 2% 12% 100% 122%
-3% 11% 25% -99% 5% 1% 5% 100% 122%
-7% 38% 51% -97% 41% 4% 20% 100% 122%
-4% 42% 44% -97% 68% -16% 15% 100% 121%
-14% -1% 93% -98% 65% -7% -102% 100% 117%
-11% 45% 68% -97% 42% 11% 18% 100% 125%
-7% -31% 108% -96% 74% -14% 13% 100% 132%
7% 50% 25% 15% -20% 7% 21% 100% 115%
16% 52% 48% 41% 30% 9% 31% 100% 124%
 Trend Analysis
MOTOR COMPANY LIMITED HERO MOTOCORP LIMITED BAJAJ AUTO LIMITED
2017-18 2018-19 2015-16 2016-17 2017-18 2018-19 2015-16 2016-17 2017-18 2018-19
153% 150% 100% 123% 138% 1% 100% 121% 139% 142%
131% 125% 100% 119% 158% 3% 100% 118% 120% 134%
136% 133% 100% 111% 138% 1% 100% 105% 106% 112%
125% 116% 100% 138% 209% 5% 100% 141% 146% 174%
124% 119% 100% 142% 205% 5% 100% 168% 141% 163%
115% 99% 100% 99% 192% 4% 100% 165% 154% -4%
127% 114% 100% 145% 242% 7% 100% 142% 158% 187%
130% 120% 100% 69% 143% 6% 100% 174% 150% 170%
114% 122% 100% 150% 189% 217% 100% 80% 85% 103%
152% 177% 100% 152% 224% 315% 100% 130% 142% 186%
 Balance Sheet Value in Crs
BALAJI AMINE DEEPAK NITRITE
Particulars
2016-17 2017-18 2018-19 2019-20 2016-17 2017-18
Property, plant and equipment 308.54 316.06 318.35 363.40 591.81 584.68
Capital work-in-progress 25.08 66.49 63.24 44.63 31.92 349.31
Investment property - - - - 2.80 2.67
Other intangible assets - - - - 0.01 5.85
Intangible assets under development - - - - - -
Financial assets
i. Investments 30.15 66.00 66.00 66.00 -
ii. Loans 27.82 - 32.66 46.35 80.52 170.06
iii. Others (Bank deposits) 2.46 39.25 119.39 162.11 - -
Non-Current Income tax assets (net) - - - - - -
Other non-current assets 2.35 0.98 1.61 27.34 5.91 0.01
Total Non - Current Assets 396.41 488.77 601.25 709.82 712.97 1112.58
Inventories 81.97 89.10 142.62 93.82 121.01 135.82
Financial assets
i. Investments 0.01 0.00 47.50 83.78 113.91
ii. Trade receivables 121.80 172.68 167.22 190.85 313.18 360.33
iii. Cash and cash equivalents 0.06 1.91 13.91 2.83 6.49 14.49
iv. Bank balances other than (iii) above 3.40 5.20 6.62 4.43 - -
vi. Loans - - - - 53.82 61.55
v. Other financial assets - - - - - -
Current tax assets (Net) 40.11 54.14 53.27 40.05 - -
Other Current Assets 11.64 7.55 12.55 14.94 2.84 6.17
Total Current Assets 258.98 330.59 396.18 394.42 581.12 692.27
Total Assets 655.39 819.36 997.43 1104.24 1294.09 1804.85
Equity share capital 6.48 6.48 6.48 6.48 23.25 26.14
Other Equity 370.79 460.58 568.52 661.16 449.60 690.95
Total Equity 377.27 467.06 575.00 667.64 472.85 717.09
Financial Liabilities
i. Borrowings 15.01 6.10 158.92 238.30
ii. Other Financial Liabilities 5.96 39.67 119.94 163.95 2.90 2.86
Provisions - - - - 4.81 7.80
Deferred tax liabilities (Net) 58.26 50.22 45.75 49.99 56.64 65.72
Other Non Current Liabilities - - - - -
Total Non Current Liabilities 79.23 95.99 165.69 213.94 223.27 314.68
Financial Liabilities
i. Borrowings 66.21 99.68 94.83 102.36 268.51 376.62
ii. Trade Payables 51.43 71.84 83.41 56.19 133.10 150.20
Micro and Small Enterprises - - - - - -
Others - - - - -
iii. Other Financial Liabilities 22.14 9.83 - - -
Other Current Liabilities 43.00 53.25 56.36 43.47 176.11 242.15
Provisions 16.11 21.71 21.97 20.64 20.25 4.10
Total Current Liabilities 198.90 256.31 256.57 222.66 597.97 773.07
Total Liabilities 278.12 352.30 422.26 436.60 821.24 1087.76
Total equity and liabilities 655.39 819.36 997.26 1104.24 1294.09 1804.85

Earning per share 11.75 13.95 14.11 169.12

Dividends paid 118.78 156.78 166.28 1,737.34
Capital expenditure 71.04 22.07 50.70 - #VALUE!
 Value in Crs % CAGR
DEEPAK NITRITE NAVIN FLUORINE TVSM HMSI BAL BALAJI AMINE
2018-19 2019-20 2016-17 2017-18 2018-19 2019-20 CAGR 2016-17
585.07 706.45 410.52 275.53 279.60 359.06 6% 6% -4% 2%
28.92 89.88 16.83 20.08 39.33 38.85 21% 41% 32% 165%
562.87 562.86 44.07 44.07 42.37 0%
4.30 3.29 0.29 0.74 0.74 0.95 590% 49%
- - - - - - 0%
- - - -
- - 212.35 188.71 204.93 86.09 30% -26% 119%
1.36 1.06 50.22 10.96 7.16 15.07 19% -76% -33%
- - - 2.24 1.95 1.77 304% 1498%
- - - - - 113.79
11.30 23.39 - 31.04 40.58 9.59 127% 58% -59%
1193.82 1386.93 690.21 573.37 618.36 667.54 21% 25% -1% 23%
232.51 233.09 98.89 92.37 92.86 136.06 5% 24% 11% 9%
- - - -
- - 79.88 207.60 188.35 67.54 -5%
344.45 365.97 128.97 147.13 167.46 209.33 16% 5% 18% 42%
5.58 3.73 29.71 136.26 127.01 169.15 270% -17% 79% 3336%
- - - 8.26 9.69 94.92 9% 53%
- - 37.01 10.96 7.16 6.67 -44%
- - 2.08 2.24 1.95 5.90 42%
- - - - - - 0% 35%
51.38 56.80 - 31.04 40.58 44.29 9% 171% -35%
633.92 659.59 376.54 635.86 635.06 733.86 15% 4% 25% 28%
1827.74 2046.52 1066.75 1209.23 1253.42 1401.40 19% 17% 10% 25%
27.28 27.28 9.79 9.86 9.89 9.90 0% 5% 0% 0%
1030.56 1464.05 738.25 960.12 1049.32 1379.04 21% 48% 23% 24%
1057.84 1491.33 748.04 969.98 1059.21 1388.94 21% 47% 23% 24%
- - - -
81.59 - - - - - -100% -59%
- 10.52 - 17.51 23.36 7.11
10.73 13.29 7.41 8.81 8.63 10.28 40% 12%
76.59 45.41 32.01 23.91 29.53 - -5% -7% -14%
- - 19.40 - - 13.52 -11%
168.91 69.22 58.82 50.23 61.52 30.91 39% -32% -19% 21%
- - - -
184.43 177.55 - - - - 16% 51%
- - - - - -
- - 6.51 4.86 6.84 8.88 11%
85.56 84.01 61.02 83.36 -1%
- - - 17.51 23.36 31.75 -56%
409.50 297.02 143.21 36.40 23.20 25.20 0% 19% -44% 24%
7.06 11.40 14.62 2.01 2.36 2.83 9% -17% -42% 35%
600.99 485.97 249.90 144.79 116.78 152.02 4% -7% -15% 29%
769.90 555.19 308.72 195.02 178.30 182.93 16% -12% -16% 27%
1827.74 2046.52 1056.76 1165.00 1237.51 1571.87 19% 17% 14% 25%

185.14 169.48 132.30 140.60 161.60

1,697.50 1,897.35 144.68 1,591.52 1,736.20
#VALUE! #VALUE! - #VALUE! #VALUE! #VALUE!
 Horizontal Analysis - % growth YOY 3 Yrs Cummulati
BALAJI AMINE DEEPAK NITRITE NAVIN FLUORINE BALAJI AMINE
2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
1% 14% -1% 0% 21% -33% 1% 28% 102% 103% 118%
-5% -29% 994% -92% 211% 19% 96% -1% 265% 252% 178%
0% 0% 0% 0% 0% 0% -4%
58412% -27% -23% 155% 0% 0%
0%

0% 0% -11% 9% -58% 219% 219% 219%

111% -99% -22% -78% -35% 110% #VALUE! 117% 167%
204% 36% -13% -9% 1598% 4860% 6600%

65% 1595% -100% 217208% 107% 31% -76% 41% 69% 1162%
23% 18% 56% 7% 16% -17% 8% 8% 123% 152% 179%
60% -34% 12% 71% 0% -7% 1% 47% 109% 174% 114%

36% 160% -9% -64%

-3% 14% 15% -4% 6% 14% 14% 25% 142% 137% 157%
626% -80% 123% -61% -33% 359% -7% 33% 3436% 24954% 5084%
27% -33% #VALUE! 17% 880% 153% 195% 130%
14% -70% -35% -7%
8% -13% 203%
-2% -25% 135% 133% 100%
66% 19% 117% 732% 11% 31% 9% 65% 108% 128%
20% 0% 19% -8% 4% 69% 0% 16% 128% 153% 152%
22% 11% 39% 1% 12% 13% 4% 12% 125% 152% 168%
0% 0% 12% 4% 0% 1% 0% 0% 100% 100% 100%
23% 16% 54% 49% 42% 30% 9% 31% 124% 153% 178%
23% 16% 52% 48% 41% 30% 9% 31% 124% 152% 177%

-100% 41% 0% 0%
33% -70%
62% 38% 24% 19% -2% 19%
-9% 9% 16% 17% -41% -25% 24% 86% 79% 86%

73% 29% 41% -46% -59% -15% 22% -50% 121% 209% 270%

-5% 8% 151% 143% 155%

-25% 41% 30%

-2% -27% 37%
33% 36% 44%
6% -23% 38% 69% -27% -75% -36% 9% 124% 131% 101%
1% -6% -80% 72% 61% -86% 17% 20% 135% 136% 128%
0% -13% 29% -22% -19% -42% -19% 30% 129% 129% 112%
20% 3% 32% -29% -28% -37% -9% 3% 127% 152% 157%
22% 11% 39% 1% 12% 10% 6% 27% 125% 152% 168%
 3 Yrs CummulativeTrend Vertical Analysis
DEEPAK NITRITE NAVIN FLUORINE BALAJI AMINE DEEPAK NITRITE
2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18
99% 99% 119% 67% 68% 87% 39% 32% 33% 32% 32%
1094% 91% 282% 119% 234% 231% 8% 6% 4% 19% 2%
0% 31%
58512% 43000% 32900% 255% 255% 328% 0% 0%

97% 41% 8% 7% 6%
211% 2% 1% 22% 14% 30% 3% 4% 9% 0%
5% 12% 15%

0% 191% 396% 0% 0% 2% 0% 1%
156% 167% 195% 83% 90% 97% 60% 60% 64% 62% 65%
112% 192% 193% 93% 94% 138% 11% 14% 8% 8% 13%

136% 260% 236% 85% 0% 0% 4% 6%

115% 110% 117% 114% 130% 162% 21% 17% 17% 20% 19%
223% 86% 57% 459% 427% 569% 0% 1% 0% 1% 0%
1% 1% 0%
114% 30% 19% 18%
108% 94% 284%
7% 5% 4%
217% 1809% 2000% #VALUE! #VALUE! #VALUE! 1% 1% 1% 0% 3%
119% 109% 114% 169% 169% 195% 40% 40% 36% 38% 35%
139% 141% 158% 113% 117% 131% 100% 100% 100% 100% 100%
112% 117% 117% 101% 101% 101% 1% 1% 1% 1% 1%
154% 229% 326% 130% 142% 187% 56% 57% 60% 38% 56%
152% 224% 315% 130% 142% 186% 57% 58% 60% 40% 58%

1% 0% 0% 13% 4%
5% 12% 15% 0%
162% 223% 276% 119% 116% 139% 0% 1%
116% 135% 80% 75% 92% 6% 5% 5% 4% 4%
70%
141% 76% 31% 85% 105% 53% 12% 17% 19% 17% 9%

12% 10% 9% 21% 10%

9% 8% 5% 8%
75% 105% 136%
98% 71% 97% 0% 0%
1%
138% 233% 169% 25% 16% 18% 6% 6% 4% 13% 22%
20% 35% 56% 14% 16% 19% 3% 2% 2% 0% 0%
129% 101% 81% 58% 47% 61% 31% 26% 20% 43% 33%
132% 94% 68% 63% 58% 59% 43% 42% 40% 60% 42%
139% 141% 158% 110% 117% 149% 100% 100% 100% 100% 100%
Vertical Analysis Average Balance Sheet
DEEPAK NITRITE NAVIN FLUORINE BALAJI AMINE DEEPAK NITRITE
2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
35% 23% 22% 26% 312.30 317.21 340.88 588.25 584.88 645.76
4% 2% 3% 3% 45.79 64.87 53.94 190.62 189.12 59.40
28% 4% 4% 3% 2.73 282.77 562.87
0% 0% 0% 0% 2.93 5.08 3.80

16% 16% 6% 48.08 66.00 66.00

0% 1% 1% 1% 27.82 32.66 39.50 125.29 85.71 1.21
0% 0% 0% 20.85 79.32 140.75
8%
1% 3% 3% 1% 1.66 1.29 14.47
68% 47% 49% 48% 442.59 545.01 655.54 912.78 1,153.20 1,290.38
11% 8% 7% 10% 85.54 115.86 118.22 128.41 184.16 232.80

17% 15% 5% 0.01 0.00 23.75 98.85 113.91 #DIV/0!

18% 12% 13% 15% 147.24 169.95 179.03 336.76 352.39 355.21
0% 11% 10% 12% 0.99 7.91 8.37 10.49 10.04 4.66
1% 1% 7% 4.30 5.91 5.53
1% 1% 0% 57.68 61.55
0% 0% 0%
47.13 53.70 46.66
3% 3% 3% 3% 9.60 10.05 13.74 4.51 28.78 54.09
32% 53% 51% 52% 294.78 363.38 395.30 636.70 663.10 646.76
100% 100% 100% 100% 737.38 908.40 1050.84 1549.47 1816.30 1937.13
1% 1% 1% 1% 6.48 6.48 6.48 24.70 26.71 27.28
72% 82% 85% 88% 415.68 514.55 614.84 570.27 860.75 1247.31
73% 83% 86% 88% 422.16 521.03 621.32 594.97 887.47 1,274.59

10.55 6.10 198.61 159.94 81.59

1% 2% 2% 0% 22.81 79.80 141.94 2.88 2.86 10.52
1% 1% 1% 1% 6.31 9.27 12.01
2% 2% 2% 54.24 47.99 47.87 61.18 71.16 61.00
1%
3% 4% 5% 2% 87.61 130.84 189.82 268.98 241.80 119.07

9% 82.94 97.25 98.59 322.57 280.53 180.99

0% 1% 1%
0% 7% 5% 5%
2% 2% 2% 15.99 9.83
15% 3% 2% 2% 48.13 54.81 49.92 209.13 325.83 353.26
1% 0% 0% 0% 18.91 21.84 21.30 12.17 5.58 9.23
24% 12% 9% 10% 227.60 256.44 239.62 685.52 687.03 543.48
 27% 17% 14% 12% 315.21 387.28 429.43 954.50 928.83 662.55
100% 100% 100% 100% 737.38 908.31 1050.75 1549.47 1816.30 1937.13
e Sheet
NAVIN FLUORINE
2016-17 2017-18 2018-19
343.03 277.57 319.33
18.46 29.71 39.09
44.07 44.07 43.22
0.52 0.74 0.85

200.53 196.82 145.51

30.59 9.06 11.12
2.24 2.10 1.86
113.79
31.04 35.81 25.09
631.79 595.87 642.95
95.63 92.62 114.46

143.74 197.98 127.95

138.05 157.30 188.40
82.99 131.64 148.08
8.26 8.98 52.31
23.99 9.06 6.92
2.16 2.10 3.93

31.04 35.81 42.44

506.20 635.46 684.46
1137.99 1231.33 1327.41
9.83 9.88 9.90
849.19 1004.72 1214.18
859.01 1,014.60 1,224.08

17.51 20.44 15.24

8.11 8.72 9.46
27.96 26.72 29.53
19.40 13.52
54.53 55.88 46.22

5.69 5.85 7.86

84.79 72.52 72.19
17.51 20.44 27.56
89.81 29.80 24.20
8.32 2.19 2.60
197.35 130.79 134.40
 251.87 186.66 180.62
1110.88 1201.26 1404.69
Profit & Loss Statement Value in Crs
BALAJI AMINE DEEPAK NITRITE
Particulars
2016-17 2017-18 2018-19 2019-20 2016-17 2017-18
Revenue from Operations 667.53 863.64 949.83 919.05 1,221.56 1,479.23
Other Income 4.91 4.04 5.21 10.26 3.94 11.70
Total Revenue 672.45 867.68 955.04 929.31 1,225.50 1,490.93
Cost of Material Consumed 345.94 460.96 547.85 482.17 706.01 839.93
Purchase of Stock in Trade - - - - - -
Changes in Inventories -4.85 3.11 -25.65 29.00 0.43 3.89
Excise Duty - - - - - 24.25
Total Cost of Material + Excise Duty 341.09 464.07 522.20 511.17 706.44 868.07
Gross Margin 326.44 399.57 427.63 407.88 515.12 611.16
Employee benefit expense 23.19 26.89 29.46 32.70 122.20 132.06
Finance Cost 11.69 9.04 13.02 12.13 32.31 40.34
Depreciation and amortisation expense 18.22 19.28 19.55 24.18 42.28 51.95
Other expenses (Exluding capitalized) 148.50 183.14 204.76 195.41 246.36 276.43
Total Expenses 542.69 702.42 788.99 775.59 1,149.60 1,368.85
PBT 129.76 165.26 166.05 153.72 150.87 122.08
PBT (PBT including exceptional items) 129.76 165.26 166.05 153.72 150.87 122.08
Current Tax 43.00 53.25 56.00 40.00 31.88 25.95
Deferred Tax 1.91 -0.59 -4.47 4.24 6.96 12.68
PAT 84.85 112.60 114.52 109.48 112.04 83.46
 Value in Crs % CAGR Ho
DEEPAK NITRITE NAVIN FLUORINE TVSM HMSI BAL BALAJI AMINE
2018-19 2019-20 2016-17 2017-18 2018-19 2019-20 CAGR 2016-17
1,791.92 22.30 742.95 886.1 955.1 1,022.3 11% -74% 11% 29%
2.60 0.08 29.88 90.6 34.8 31.3 28% -73% 2% -18%
1,794.51 22.37 772.83 976.7 989.9 1,053.6 11% -74% 11% 29%
1,027.85 8.85 302.01 360.8 441.4 487.6 12% -77% 17% 33%
- - 11.60 17.5 12.8 - 0%
-51.67 0.03 -28.04 6.4 1.1 -22.7 -282% -57% -7% -164%
- - 41.71 12.7
976.17 8.88 327.28 397.4 455.4 464.9 14% -77% 12% 36%
815.74 13.42 415.67 488.6 499.8 557.4 8% -70% 10% 22%
158.60 1.75 76.66 90.8 97.0 111.8 12% -76% 13% 16%
42.85 0.20 0.49 0.7 0.5 1.6 1% -82% 48% -23%
52.88 0.78 28.35 38.2 25.9 33.7 10% -74% 6% 6%
351.51 3.70 189.24 187.1 184.7 184.8 10% -75% -1% 23%
1,582.01 15.31 622.02 714.2 763.4 796.9 13% -76% 9% 29%
212.50 7.06 150.81 262.5 226.5 256.7 6% -64% 19% 27%
212.50 7.06 150.81 262.5 226.5 256.7 6% -64% 19% 27%
48.64 1.92 44.27 80.4 72.4 82.6 -2% -61% 23% 24%
25.81 -0.30 6.47 3.2 5.6 -84.4 30% -135% -335% -131%
138.04 5.44 100.07 179.0 148.5 258.6 9% -64% 37% 33%
 Horizontal Analysis - % growth YOY 3 Yrs Cummulativ
BALAJI AMINE DEEPAK NITRITE NAVIN FLUORINE BALAJI AMINE
2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
10% -3% 21% 21% -99% 19% 8% 7% 129% 142% 138%
29% 97% 197% -78% -97% 203% -62% -10% 82% 106% 209%
10% -3% 22% 20% -99% 26% 1% 6% 129% 142% 138%
19% -12% 19% 22% -99% 19% 22% 10% 133% 158% 139%
0% 0% 0% 51% -27%
-925% -213% 810% -1428% -100% -123% -83% -2161% -64% 529% -598%
-70% -100%
13% -2% 23% 12% -99% 21% 15% 2% 136% 153% 150%
7% -5% 19% 33% -98% 18% 2% 12% 122% 131% 125%
10% 11% 8% 20% -99% 18% 7% 15% 116% 127% 141%
44% -7% 25% 6% -100% 35% -29% 240% 77% 111% 104%
1% 24% 23% 2% -99% 35% -32% 30% 106% 107% 133%
12% -5% 12% 27% -99% -1% -1% 0% 123% 138% 132%
12% -2% 19% 16% -99% 15% 7% 4% 129% 145% 143%
0% -7% -19% 74% -97% 74% -14% 13% 127% 128% 118%
0% -7% -19% 74% -97% 74% -14% 13% 127% 128% 118%
5% -29% -19% 87% -96% 82% -10% 14% 124% 130% 93%
658% -195% 82% 104% -101% -51% 78% -1600% -31% -234% 222%
2% -4% -26% 65% -96% 79% -17% 74% 133% 135% 129%
 3 Yrs CummulativeTrend Vertical Analysis - Common Size
DEEPAK NITRITE NAVIN FLUORINE BALAJI AMINE DEEPAK NITRITE
2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19 2016-17 2017-18
121% 147% 2% 119% 129% 138% 100% 100% 100% 100% 100%
297% 66% 2% 303% 116% 105% 1% 0% 1% 0% 1%
122% 146% 2% 126% 128% 136% 101% 100% 101% 100% 101%
119% 146% 1% 119% 146% 161% 52% 53% 58% 58% 57%
0% 0% 0% 151% 111%
910% -12087% 8% -23% -4% 81% -1% 0% -3% 0% 0%
30% 0% 0% 2%
123% 138% 1% 121% 139% 142% 51% 54% 55% 58% 59%
119% 158% 3% 118% 120% 134% 49% 46% 45% 42% 41%
108% 130% 1% 118% 126% 146% 3% 3% 3% 10% 9%
125% 133% 1% 135% 96% 327% 2% 1% 1% 3% 3%
123% 125% 2% 135% 91% 119% 3% 2% 2% 3% 4%
112% 143% 2% 99% 98% 98% 22% 21% 22% 20% 19%
119% 138% 1% 115% 123% 128% 81% 81% 83% 94% 93%
81% 141% 5% 174% 150% 170% 19% 19% 17% 12% 8%
81% 141% 5% 174% 150% 170% 19% 19% 17% 12% 8%
81% 153% 6% 182% 164% 187% 6% 6% 6% 3% 2%
182% 371% -4% 49% 87% -1305% 0% 0% 0% 1% 1%
74% 123% 5% 179% 148% 258% 13% 13% 12% 9% 6%
Analysis - Common Size
DEEPAK NITRITE NAVIN FLUORINE
2018-19 2016-17 2017-18 2018-19
100% 100% 100% 100%
0% 4% 10% 4%
100% 104% 110% 104%
57% 41% 41% 46%
2% 2% 1%
-3% -4% 1% 0%
6% 1% 0%
54% 44% 45% 48%
46% 56% 55% 52%
9% 10% 10% 10%
2% 0% 0% 0%
3% 4% 4% 3%
20% 25% 21% 19%
88% 84% 81% 80%
12% 20% 30% 24%
12% 20% 30% 24%
3% 6% 9% 8%
1% 1% 0% 1%
8% 13% 20% 16%
 Statement of Cash flows
BALAJI AMINE
Particulars
2017-18

Operating activities

Profit Before Tax 174.88

Profit After tax -
Adjustments to reconcile profit before tax to net cash flows: -
Add: -
i. Depreciation and amortisation 19.29
Tax expense -
ii. Loss on property, plant and equipment sold, demolished, discarded and scrapped -
iii) Provision for doubtful debts and advances -50.88
iv) Exchange rate differences on cash and cash equivalents -
v) Exchange loss/(gain) on trade receivables -
vi) Exchange loss/(gain) on import payables -
vii) Interest adjustment on Government grant -
Employee Stock compensation cost -
viii) Interest expense -
-
Less: -
i) Investment income included in above: -
Interest income on fixed income securities -4.04
Interest income on fixed maturity plans -
Profit on sale of Prperty , Plant and equipment -
Profit on sale of other investments, net -
Gain on valuation and gain on realisation of mutual funds measured at fair value through profit or l -
Dividend income on investments in subsidiaries -
Amortisation of premium/discount on acquisition of fixed income securities -
-
ii) Share of profits of associate -
iii) Provision for doubtful debts and advances written back (net) -
iv) Liabilities no longer required written-back -
v) Government grants -
vi) Exceptional item - NCCD reversal -
vii) Surplus on sale of property, plant and equipment -
-
-
Change in assets and liabilities -
i) (Increase)/decrease in inventories -7.12
ii) (Increase)/decrease in trade receivables -
iii) (Increase)/decrease in loans and other assets -9.94
iv) Increase/(decrease) in liabilities and provisions 47.17
-
Annuity payments (net) to VRS optees -
Net cash from operating activities before income tax -
Income-tax refund/(paid) for earlier years (net) -
Income tax paid -43
Net cash flow from/(used in) operating activities 126.36
Carried forward -
Brought forward -
II. Investing activities
i) Sale of investments -
ii) Purchase of investments -
iii) Sale/(purchase) of liquid mutual funds, etc., net -
iv) Purchase of investment property 1.38
v) (Increase)/decrease in other bank balances 27.82
vi) Purchase of property, plant and equipment (including advances -71.04
vii) Sale proceeds of property, plant and equipment 2.83
viii) Capital expenditure on development of technical know-how -
-
-
ix) Investment income -66
Interest income on fixed income securities 7.9
Dividend income on investments in subsidiaries -
-
(Increase)/decrease in interest receivable -36.79
-
Purchase of intangible assets -
Payments for CWIP -
Payments for intangibles under development -
Adjustments for capital advances 4.04
Payment towards acquisition of subsidiary -
Investments in subsidiaries and associates -
Net cash flow from/(used in) investing activities -129.86
Carried forward -
Brought forward -
III. Financing activities
i) Interest expense -9.04
ii) Deferral of sales tax deferral liability -
iii) Dividend paid -8.58
iv) Corporate dividend tax paid 24.8
Proceeds from issue of equity share capital -
Current Borrowings availed -
Non Current borrowings availed -
Other Bank balances -
Net cash flow from/(used in) financing activities 7.18
Net change in cash and cash equivalents 3.68
Cash and cash equivalents at the beginning of the year 3.45
Add/(Less): Effects of exchange rate differences on cash and cash equivalents -
Cash and cash equivalents at the end of the year 7.13
BALAJI AMINE DEEPAK NITRITE NAVIN FLUORINE
2018-19 2019-20 2017-18 2018-19 2019-20 2017-18 2018-19 2019-20

179.07 165.85 122.08 212.50 706.03 262.48 226.52 256.71

- - - - - - -
- - - - - - -
- - - - - - -
19.55 24.18 51.95 52.88 77.93 38.17 25.87 33.74
- - - - - -
- - 5.47 4.32 6.32 0.53 0.58 4.34
5.46 -23.63 2.63 0.84 7.82 6.40 1.47 57.65
- - - - -
- - - - -
- - 131.33 10.81 -85.97 1.06 0.62 0.78
- - - - - - - -
- - - - - - - -
- - -1.32 42.85 22.30 0.66 0.47 -1.6
- - - - - - -
- - - - - - -
- - - - - - -
-5.22 -10.26 0.00 -0.80 -0.58 -5.09 -4.16 -4.09
- - - - -
- - -0.17 - 0.04 -12.04 -9.46 -9.16
- - 40.34 -0.44 -0.33 -25.28 -3.67 -8.4
- - -33.42 -13.55 -6.47
- - -0.10 0.00 0.00 -0.78 -0.69 -0.15
- - - - - - - -
- -
- - - - - - - -
- - - - - 0.64 - 0.58
- - - - - -0.03 -0.18 -0.96
- - - - - - - -
- - - - - - - -
- - - - - - - -
- -
- -
- -
-53.52 48.8 -47.54 -44.33 -0.58 -4.59 -0.49 -43.21
- - -56.39 23.93 -29.34 -16.45 -21.09 -39.84
-4.12 10.82 -4.62 17.35 -4.51 -23.47 -6.92 -10.64
-2.49 -17.9 1.76 6.96 6.48 35.52 -35.13 25.3
- -
- - -3.46 - - 0.95
 - - 245.43 326.86 705.61 224.31 160.19 255.53
- - - - -
-49.69 -51.72 -27.8088 -46 -190.39 -49.56 -71.01 -45.60
89.04 146.14 217.62 280.86 515.22 174.75 89.18 209.93
- -
- -

5.22 10.26
- - -55.6472 -71.552 -269.67 -528.69 -271.29 -319.85
- - 8.6196 1.6937 1.01 -15.89 -9.35 -9.24
-0.46 -25.72 -296.6477 -107.7665 -221
-32.66 -13.69 - - - 88.33 -1.22 -83.89
-22.07 -50.7 - - - - - -
3.47 0.087 384.199 177.6999 221.33 0.38 0.39 9.82
- - - - - - - -
- -
- -
- - - - - - - -
- - - - - 12.04 9.47 7.79
- - 0.0001 0.0001 0 0.78 0.69 0.15
- -
-0.008 -0.88 1.3151 0.8966 0.58 3.99 0.95 1.67
- -
- - - - - -
- - - - - -
- - - - - -
0.005 -47.5 - - - -
- - - - - 2.36 8.35 2.89
- - -231.2622 -79 - -15.89 -9.35 -9.24
-46.503 -128.143 -189.4233 -78.0282 -267.75 -452.59 -271.36 -399.90
- - - - -
- - - - -

-13.03 -12.13 -40.1598 -43.7291 -19.86 -0.66 -0.47 -1.6

- - - - - - - -
-10.14 -21.11 -15.6031 -17.6415 -106.01 -35.03 -61.07 -71.41
-5.95 2.16 -3.1932 -3.6447 - - - -
- - 146.2798 - - - - -
- - -43.4612 -79.641 -8.4 - - -
- - -68.6208 -54.5159 -115.91 - - -
- - -0.0011 -2.0312 2.01 - - -
-29.12 -31.08 -24.7594 -201.2034 -248.17 -35.69 -61.54 -73.01
13.417 -13.083 3.44 1.63 -0.70 -487.50 -243.72 -262.98
7.11 20.36 1.2044 1.1865 2.81 22.36 13.62 12.7
- - - - - - - -
20.527 7.277 4.64 2.81 2.11 -465.14 -230.10 -250.28