Balance Sheet

CE = NCL + E
Mar '17 Mar '18 Mar '19 Mar '20
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 239.93 239.93 239.93 239.93
Preference Share Capital
Total Share Capital 239.93 239.93 239.93 239.93
Reserves and Surplus 20,772.54 22,082.68 22,603.68 24,156.29
Total Reserves and Surplus 2449.88 2669.71 3111.39 3640.33
Money Received Against Share Warrants
Total Shareholders Funds 2475.12 2694.95 3136.66 3677.54
NON-CURRENT LIABILITIES
Long Term Borrowings 351.74 234.01 133.94 78.38
Other Long Term Liabilities 1.56 1.56 1.56 15.28
Long Term Provisions 24.55 25.88 25.28 30.98
Total Non-Current Liabilities 546.49 420.11 307.04 265.43
CURRENT LIABILITIES
Short Term Borrowings 177.30 239.04 195.86 309.27
Trade Payables 388.06 414.75 464.09 537.85
Other Current Liabilities 320.57 271.65 283.49 301.63
Short Term Provisions 60.41 67.21 70.40 92.85
Total Current Liabilities 946.34 992.65 1013.84 1241.60
Total Capital And Liabilities 3967.95 4107.71 4457.54 5184.57
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1899.69 1816.44 1706.35 1798.91
Intangible Assets 46.28 38.17 33.75 42.06
Capital Work-In-Progress 62.33 42.02 35.72 69.77
Fixed Assets 2040.84 1927.84 1806.06 1925.16
Non-Current Investments 98.01 146.28 231.86 410.47
Deferred Tax Assets [Net] 0.00 0.00 0.00 0.00
Long Term Loans And Advances 95.31 110.45 116.96 98.98
Other Non-Current Assets 22.14 15.97 17.11 37.85
Total Non-Current Assets 2256.30 2200.54 2171.99 2472.46
CURRENT ASSETS
Current Investments 113.57 69.35 90.38 238.25
Inventories 873.54 873.17 1055.55 1266.96
Trade Receivables 501.98 594.38 632.06 839.13
Cash And Cash Equivalents 17.53 131.03 259.81 152.40
Short Term Loans And Advances 2.03 2.14 2.12 3.22
OtherCurrentAssets 203.00 237.10 245.63 212.15
Total Current Assets 1711.65 1907.17 2285.55 2712.11
Total Assets 3967.95 4107.71 4457.54 5184.57
 Profit and Loss

Mar '21 Mar '17 Mar '18 Mar '19

INCOME
239.93 Revenue From Operations [Gross] 3094.70 3168.04 3579.65
Less: Excise/Sevice Tax/Other Levies 56.01 25.81 0.00
239.93 Revenue From Operations [Net] 3038.69 3142.23 3579.65
24,800.23 Other Operating Revenues
4727.35 Total Operating Revenues 3102.21 3193.40 3633.15
Other Income 20.65 39.54 54.59
4752.72 Total Revenue 3122.86 3232.94 3687.74
EXPENSES
9.13 Cost Of Materials Consumed 947.31 923.20 1098.02
10.40 Changes In Inventories Of FG,WIP And Stock-In -1.73 20.98 -106.14
37.29 Employee Benefit Expenses 674.93 712.78 752.24
191.82 Finance Costs( INTERST ) 23.34 24.02 18.49
Depreciation And Amortisation Expenses 171.00 174.36 171.88
147.45 Other Expenses 887.97 926.50 1027.99
609.76 Total Expenses 2864.66 2950.14 3130.35
206.08 EBIDTA 614.38 649.48 915.63
102.28 Profit/Loss Before Exceptional, ExtraOrdinary 258.20 282.80 557.39
1065.57 Profit/Loss Before Tax 258.20 282.80 557.39
6010.11 Tax Expenses-Continued Operations
Current Tax 56.95 60.01 119.90
Deferred Tax 13.00 -9.98 -12.40
1839.75 Total Tax Expenses 69.91 49.69 102.48
28.85 Profit/Loss After Tax And Before ExtraOrdinar 188.29 233.11 454.91
180.85 Profit/Loss From Continuing Operations 188.29 233.11 454.91
2050.60 Profit Loss From Discontinuing Operations
474.01 Net Profit Loss From Discontinuing Operations
0.00 Profit/Loss For The Period 188.29 233.11 454.91
138.95
68.78 OTHER ADDITIONAL INFORMATION
2732.34 EARNINGS PER SHARE
Basic EPS (Rs.) 14.92 18.47 36.01
393.83 Diluted EPS (Rs.) 14.92 18.47 36.01
1517.09 VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
774.46 Imported Raw Materials 0.00 0.00 0.00
306.90 Indigenous Raw Materials 0.00 0.00 0.00
20.92 STORES, SPARES AND LOOSE TOOLS
264.57 Imported Stores And Spares 0.00 0.00 0.00
3277.77 Indigenous Stores And Spares 0.00 0.00 0.00
6010.11 DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend
Preference Share Dividend 0.00 12.62 12.64
Tax On Dividend 0.00 2.56 2.60
Equity Dividend Rate (%) 50.00 50.00 150.00
 Cash flows

Mar '20 Mar '21 Mar '17

Net Profit Before Tax

4307.29 5085.19 Net Cash From Operating Activities 271.14
0.00 0.00 Net Cash (used in)/from -145.55
4307.29 5085.19 Investing Activities
Net Cash (used in)/from Financing Activities -156.39
4367.43 5139.16 Net (decrease)/increase In Cash and Cash Equivalents
64.69 62.24 Opening Cash & Cash Equivalents 155.31
4432.12 5201.40 Closing Cash & Cash Equivalents 124.51

1431.10 1555.53
-155.05 -170.73
870.79 948.84
15.79 8.14 Additional Information Required
178.69 187.72 2016
1101.18 1094.26 Outstanding Shares 25288000
3647.15 3821.44 Market Price 96.7
1184.10 1773.50 MV of equity 244.53496
784.97 1379.96
784.97 1379.96
Common Size (in Rs. Cr.)
137.98 244.98 Mar '16
-5.47 -5.79
132.51 239.19 TOTAL OPERATING REVENUES 99.34%
652.46 1140.77 Other Income 0.66%
652.46 1140.77 100%
COGS 30%
OPEX 91%
652.46 1140.77 PBDITA -0.21263841
Dep 5%
Amort 0%
PBIT -0.26739591
51.64 90.08 Interest 1%
51.64 90.08 PBT -0.27486983
less Tax 2%
0.00 0.00 Pat -0.29725636
0.00 0.00

0.00 0.00 Common size  (in Rs. Cr.)

0.00 0.00 Mar '16
Equity 2475.12
NCL 546.49
101.08 101.48 CL 946.34
20.77 0.00 3967.95
250.00 400.00 NCA 2256.3
CA 1711.65
3967.95
 Common size
Mar '16
Equity 62.38%
NCL 13.8%
CL 23.8%
100.0%
NCA 56.86%
CA 43.14%
100.00%
Cash flows Balance sheet

Mar '18 Mar '19 Mar '20 Mar '21 Equity

NCL
CL
323.86 495.65 554.35 1,096.06
-119.34 -122.98 -498.13 -559.56 NCA
CA
-130.43 -222.83 -132.59 -307.38
Wc
124.51 198.6 348.44 272.07
198.6 348.44 272.07 501.19 PAT
DA
Int *(1-t)
Less increase in WC
less CAPEX
Information Required FCFF
2017 2018 2019 2020 TV
25288000 25288000 28085000 28085000
591.8 752 656 328.35 ((FCFF*(1+G))/(WaCC-G)
1496.54384 1901.6576 1842.376 922.170975 i
Ke
Kd
on Size (in Rs. Cr.) D/D+E
Mar '17 Mar '18 Mar '19 Mar '20 E/D+E
WaCC
98.78% 98.52% 98.54% 98.80% G
1.22% 1.48% 1.46% 1.20%
100% 100% 100% 100% PV of FCFF
29% 27% 29% 27% PV of TV
91% 84% 82% 73% VOF
-0.197145632 -0.112806217 -0.10723762 0.00063444 less Debt
5% 5% 4% 4% VOE
0% 0% 0% 0%
-0.251077966 -0.159414709 -0.147554669 -0.03545584
1% 1% 0% 0%
-0.258507736 -0.16442862 -0.151117298 -0.0370208
2% 3% 3% 5%
-0.273877647 -0.192217998 -0.181014954 -0.0830065

n size  (in Rs. Cr.)

Mar '17 Mar '18 Mar '19 Mar '20
2694.95 3136.66 3677.54 4752.72
420.11 307.04 265.43 191.82
992.65 1013.84 1241.6 1065.57
4107.71 4457.54 5184.57 6010.11
2200.54 2171.99 2472.46 2732.34
1907.17 2285.55 2712.11 3277.77
4107.71 4457.54 5184.57 6010.11
ommon size
Mar '17 Mar '18 Mar '19 Mar '20
65.61% 70.37% 70.93% 79.08%
10.2% 6.9% 5.1% 3.2%
24.2% 22.7% 23.9% 17.7%
100.0% 100.0% 100.0% 100.0%
53.57% 48.73% 47.69% 45.46%
46.43% 51.27% 52.31% 54.54%
100.00% 100.00% 100.00% 100.00%
INCOME
Revenue From Operations [Gross] 3094.70 3168.04 3579.65 4307.29 5085.19
Less: Excise/Sevice Tax/Other Levi 56.01 25.81 0.00 0.00 0.00
Revenue From Operations [Net] 3038.69 3142.23 3579.65 4307.29 5085.19
Other Operating Revenues
Total Operating Revenues 3102.21 3193.40 3633.15 4367.43 5139.16
Other Income 20.65 39.54 54.59 64.69 62.24
Total Revenue 3122.86 3232.94 3687.74 4432.12 5201.40
EXPENSES
Cost Of Materials Consumed 947.31 923.20 1098.02 1431.10 1555.53

Changes In Inventories Of FG,WIP -1.73 20.98 -106.14 -155.05 -170.73

Employee Benefit Expenses 674.93 712.78 752.24 870.79 948.84

Finance Costs( INTERST ) 23.34 24.02 18.49 15.79 8.14

Depreciation And Amortisation E 171.00 174.36 171.88 178.69 187.72

Other Expenses 887.97 926.50 1027.99 1101.18 1094.26
Total Expenses 2864.66 2950.14 3130.35 3647.15 3821.44

420.04

Profit/Loss Before Exceptional, E 258.20 282.80 557.39 784.97 1379.96

Profit/Loss Before Tax 258.20 282.80 557.39 784.97 1379.96

Tax Expenses-Continued Operations

Current Tax 56.95 60.01 119.90 137.98 244.98

Deferred Tax 13.00 -9.98 -12.40 -5.47 -5.79

Total Tax Expenses 69.91 49.69 102.48 132.51 239.19

Profit/Loss After Tax And Before 188.29 233.11 454.91 652.46 1140.77
Profit/Loss From Continuing Oper 188.29 233.11 454.91 652.46 1140.77

CL RE = OP RE + PAT -CASH
 REVENUE 3102.21 3193.40 3633.15 4367.43 5139.16
OTHER IN 20.65 39.54 54.59 64.69 62.24
TOTAL IN 3122.86 3232.94 3687.74 4432.12 5201.40

EXPENSES 2670.32 2751.76 2939.98 3452.67 3625.58 EXCEPTIONAL ITEMS ARE ADDED BACK TO EXPENS

EBIDTA 452.54 481.18 747.76 979.45 1575.82 DUPONT ANALYSIS

Analysis of PAT /Sales

D AND A 171.00 174.36 171.88 178.69 187.72 PAT/Sales

PAT/PBT TAX EFFECT
INTEREST
EBIT 281.54 306.82 575.88 800.76 1388.10 PBT/PBIT EFFECT
PBIT/
Sales OPEX EFFECT
INTEREST 23.34 24.02 18.49 15.79 8.14
PBIT/Sales
Expenses/
PBT 258.20 282.80 557.39 784.97 1379.96 Sales
COGS/
258.20 282.80 557.39 784.97 1379.96 SALES 0.302792953
EB /
TAX 69.91 49.69 102.48 132.51 239.19 SALES
EC/Sales

Software
PAT 188.29 233.11 454.91 652.46 1140.77 exp/Sales

Dep/Sales

Other
exp/Sales

EXCEPTION 0.00 0.00 0.00 0.00 0.00

Analysis of Sales/Ta
Sales/
ID NCA
Sales/CA

Analysis of TA/Equity
CL RE = OP RE + PAT -CASH DIVIDEND -STOCK DIVIDEND FD TA/Cap
TA/
OTHER
Equity
E ADDED BACK TO EXPENSES FOR SIMPLIFICATION

PAT /Sales

Sales

Sales/Ta

TA/Equity
SHAREHOLDER'S FUNDS
Equity Shar 25.24 25.24 25.27 25.27 25.37
Preference Share Capital
Total Share 25.24 25.24 25.27 25.27 25.37
Reserves a 2449.88 2669.71 3111.39 3640.33 4727.35
Total Rese 2449.88 2669.71 3111.39 3640.33 4727.35
Money Received Against Share Warrants
Total Shar 2475.12 2694.95 3136.66 3677.54 4752.72
NON-CURRENT LIABILITIES
Long Term 351.74 234.01 133.94 78.38 9.13
Other Long 1.56 1.56 1.56 15.28 10.40
Long Term 24.55 25.88 25.28 30.98 37.29
Total Non-C 546.49 420.11 307.04 265.43 191.82
CURRENT LIABILITIES
Short Term 177.30 239.04 195.86 309.27 147.45
Trade Paya 388.06 414.75 464.09 537.85 609.76
Other Curre 320.57 271.65 283.49 301.63 206.08
Short Term 60.41 67.21 70.40 92.85 102.28
Total Curren 946.34 992.65 1013.84 1241.60 1065.57
Total Capita 3967.95 4107.71 4457.54 5184.57 6010.11
ASSETS
NON-CURRENT ASSETS
Tangible As 1899.69 1816.44 1706.35 1798.91 1839.75
Intangible 46.28 38.17 33.75 42.06 28.85
Capital Wo 62.33 42.02 35.72 69.77 180.85
Fixed Asset 2040.84 1927.84 1806.06 1925.16 2050.60
Non-Curren 98.01 146.28 231.86 410.47 474.01
Deferred Ta 0.00 0.00 0.00 0.00 0.00
Long Term 95.31 110.45 116.96 98.98 138.95
Other Non- 22.14 15.97 17.11 37.85 68.78
Total Non- 2256.30 2200.54 2171.99 2472.46 2732.34
CURRENT ASSETS
Current In 113.57 69.35 90.38 238.25 393.83
Inventories 873.54 873.17 1055.55 1266.96 1517.09
Trade Rece 501.98 594.38 632.06 839.13 774.46
Cash And C 17.53 131.03 259.81 152.40 306.90
Short Term 2.03 2.14 2.12 3.22 20.92
OtherCurre 203.00 237.10 245.63 212.15 264.57
Total Curre 1711.65 1907.17 2285.55 2712.11 3277.77
Total Asset 3967.95 4107.71 4457.54 5184.57 6010.11
 Mar '17 Mar '18 Mar '19 Mar '20 Mar '21

Profitability
ROCE 0.093175 0.098496 0.167227 0.203085 0.280734
ROE 0.076073 0.086499 0.14503 0.177418 0.240025
EPS
Dupont Ratios
ROE =PAT/Equity 0.076073 0.086499 0.14503 0.177418 0.240025
PAT/Sales 0.060695 0.072997 0.125211 0.149392 0.221976
Sales/TA 0.781817 0.777416 0.815057 0.84239 0.855086

TA/Equity 1.603134 1.524225 1.42111 1.409793 1.264562

Analysis of PAT/Sales
Tax Burden = PAT/PBT 0.729241 0.824293 0.816143 0.831191 0.826669
Interest Burden = PBT/PBIT 0.917099 0.921713 0.967893 0.980281 0.994136
Opex Burden = PBIT/Sales 0.090755 0.096079 0.158507 0.183348 0.270103
Analysis of Opex Burden
COGS /Sales 0.304809 0.295666 0.273008 0.292174 0.26946
Operating Expenses/Sale; 0.915902 0.916302 0.856518 0.831464 0.742008
Depreciation/Sales 0.055122 0.0546 0.047309 0.040914 0.036527
Other Expenses/Sales 0.286238 0.29013 0.282947 0.252135 0.212926
Analysis of investment Decisions
Sales/NCA 1.37491 1.451189 1.672729 1.766431 1.880864
Sales/CA 1.812409 1.674418 1.589617 1.610344 1.567883
176.9658 24.37152 13.98387 28.65768 16.74539
Sales/Debtors 6.179947 5.372657 5.748109 5.204712 6.635798
Sales/Stock 3.551308 3.657249 3.44195 3.447173 3.387512
Sales/Other CA 9.737006 10.34836 10.74483 9.627949 7.565153
Analysis of Financing Decisios
TA/Capital 16.53795 17.12045 18.5785 21.60868 25.04943
TA/Reserves 0.191019 0.186015 0.197204 0.214626 0.242341

Solvency
Debt/Equity 0.213743 0.175532 0.105144 0.10541 0.032945
0.761504 0.758345
CE/TA 0.772556 0.76052 0.822704
0.133328 0.115161
Debt/TA 0.073987 0.07477 0.026053
Equity/TA 0.623778 0.656071 0.703675 0.709324 0.790788
Reserves/TA 5.235081 5.37591 5.070887 4.659266 4.126419
INTERST COVERAGE RATIO PBIT/ INTEREST

Liqudity
Working Capital (CA-CL) 765.31 914.52 1271.71 1470.51 2212.2
Current Ratio= CA/CL 1.808705 1.921291 2.25435 2.184367 3.076072
Liquid Ratio = (CA-Stock)/CL 0.885633 1.041656 1.213209 1.163942 1.652336
Absolute Cash Ratio =Cash/CL 0.018524 0.132 0.256263 0.122745 0.288015
 YT44

Market Based Ratio

Price to Book Ratio
Price to Earnings Ratio
 Step-1:Retrieve the following data
PROFIT GENERATING 2017 2018 2019
ROCE = EBIT / CE Finance Costs( INTERST ) Working Capital 765.31 914.52 1,271.71
ROTA = EBIDTA / TA Total Assets 3,967.95 4,107.71 4,457.54
PROFIT DISTRIBUTING Retained earnings -97.74 10.40 162.42
ROE EBIT 281.54 306.82 575.88
Sales 3,102.21 3,193.40 3,633.15
ROI MV of equity 244.53496 1496.544 1901.658

Step-II: Find the following ratios

2016 2017 2018
X1 =WC/TA 0.19 0.22 0.29
X2 =RE/TA -0.025 0.003 0.036
X3 =EBIT/TA 0.071 0.075 0.129
X4 =MV/TL 0.164 1.059 1.440
X5 =Sales/TA 0.782 0.777 0.815

EVA Source
Tax rate 17.60% Equity
PAT 1140.77 Loan
Interest 8.14
NOPAT 1147.4774

NCL ( LTD) A EVA 846.97474

IF U R NOT ABLE TO PAY DEBT U HAVE TO PAY INT'[
INTEREST
LOSS
NEGATIVE EQUITY = LOSS FOR THE COMPANY B MV of Equity + BV of Debt – Cash

E = -VE
DEBT = LTD + STD / BORROWINGS 1123.590975
CE = NCL + E C PAT 1140.77
L = NCL + CL DA 187.72
NCL + E / E + CL + NCL CE/TA Interest(1-t) 6.70736
Changes in WC -741.69
0.75 Capex -76.43

NCL > >>>>>> E FCFF 517.07736

D 0.03
E Book value per shar 1692.2628

F Capital employed 4944.54

G CFO
PAT 1140.77
Non cash items
Depreciation 187.72
Deferred Tax -5.79
Non operating items
Interest 8.14
Changes in WC
increase in CA -565.66
Increase in CL -176.03

589.15

H CFI

Increase in PPE -153.07

CFI -153.07
following data   Z = III:
§Step 1.2 X1 + 1.4 X2 +
Multiply ratio3.3 X3 +
with the0.6 X4 +and
weight 1.0 find
X5 Z
2020 2021 score
1,470.51 2,212.20 Weight 2017 2018 2019 2020
5,184.57 6,010.11 1.200 0.231 0.267 0.342 0.340
335.20 487.52 1.400 -0.034 0.004 0.051 0.091
800.76 1,388.10 3.300 0.234 0.246 0.426 0.510
4,367.43 5,139.16 0.600 0.098 0.636 0.864 0.734
1842.376 922.171 1.000 0.782 0.777 0.815 0.842

Z SCORE 1.3 1.9 2.5 2.5

llowing ratios
2019 2020
0.28 0.37
0.065 0.081
0.154 0.231
1.223 0.733
0.842 0.855

4752.72 6.16% 292.6345 Rm 6.21%

156.58 5.03% 7.868145 Rf 5.88%
300.5026 beta 0.84

Ke 6.16%
I 6.70% As per annual report

FCFF = PAT + DA +interes*(1-t)+/-Changes in WC +/- CA

+ 0.6
he X4 +and
weight 1.0 find
X5 Z

2021
0.442
0.114
0.762
0.440
0.855

2.6

es*(1-t)+/-Changes in WC +/- CAPEX