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CALCULATION OF RATIOS

Current Price₹ 930


Profit & Loss
PRODUCT SEGMENTS
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales + 11,061 13,815 14,711 15,885 17,204
Expenses + 9,187 11,514 13,096 15,200 15,305
Operating Profit 1,873 2,301 1,615 686 1,900
OPM % 17% 17% 11% 4% 11%
Other Income + 50 18 296 -154 183
Interest 351 427 464 579 461
Depreciation 451 509 534 471 463
Profit before tax 1,121 1,383 913 -519 1,159
Tax % 25% 25% 33% -56% 30%
Net Profit 846 1,037 607 -811 802
EPS in Rs 25.65 32.87 15.71 -40.5 23.41
Dividend Payout % 39% 30% 64% -25% 53%

Ratios

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


Debtor Days 45 61 85 74 73
Inventory Days 94 120 101 96 137
Days Payable 142 169 133 119 138
Cash Conversion Cycle -4 12 53 52 72
Working Capital Days -8 0 23 45 23
ROCE % 14% 16% 11% 3% 12%

Cash Flows

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


Cash from Operating Activity + 969 1,215 221 2,338 1,274
Cash from Investing Activity + -1,144 -688 -177 -563 -663
Cash from Financing Activity + 361 -195 129 -1,865 -1,087
Net Cash Flow 186 333 173 -91 -477

Balance Sheet

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


Share Capital + 255 255 255 255 255
Reserves 5,197 6,081 6,159 5,311 5,297
Borrowings + 5,691 7,061 8,384 8,393 8,379
Other Liabilities + 4,325 5,536 5,288 6,127 6,872
Total Liabilities 15,468 18,933 20,086 20,086 20,802
Fixed Assets + 9,414 10,753 10,706 11,007 11,359
CWIP 651 549 592 468 189
Investments 448 610 600 441 443
Other Assets + 4,955 7,021 8,189 8,171 8,811
Total Assets 15,468 18,933 20,086 20,086 20,802

Balance Sheet

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15


Share Capital - 255 255 255 255 255
Equity Capital 255 255 255 255 255
Reserves 5,197 6,081 6,159 5,311 5,297
Borrowings - 5,691 7,061 8,384 8,393 8,379
Long term Borrowings 4,916 5,485 5,461 6,883 5,708
Short term Borrowings 198 462 1,490 1,487 1,293
Lease Liabilities 0 0 0 0 0
Other Borrowings 576 1,115 1,433 23 1,377
Other Liabilities - 4,325 5,536 5,288 6,127 6,872
Non controlling int 406 448 536 655 673
Trade Payables 1,738 2,636 2,124 2,039 2,638
Advance from Customers 76 94 107 88 96
Other liability items 2,105 2,358 2,522 3,345 3,464
Total Liabilities 15,468 18,933 20,086 20,086 20,802
Fixed Assets + 9,414 10,753 10,706 11,007 11,359
CWIP 651 549 592 468 189
Investments 448 610 600 441 443
Other Assets - 4,955 7,021 8,189 8,171 8,811
Inventories 1,146 1,863 1,602 1,649 2,626
Trade receivables 1,362 2,315 3,440 3,241 3,427
Cash Equivalents 1,345 1,678 1,841 1,753 1,464
Loans n Advances 899 1,087 780 784 672
Other asset items 203 77 525 744 621
Total Assets 15,468 18,933 20,086 20,086 20,802
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM
14,873 10,346 10,270 10,337 10,357 10,200 12,622 15,863
12,777 8,249 6,926 8,538 8,411 8,693 10,303 12,465
2,096 2,097 3,344 1,799 1,945 1,506 2,319 3,398
14% 20% 33% 17% 19% 15% 18% 21%
210 293 262 785 6,480 254 472 333
525 297 326 354 342 367 303 342
526 512 518 568 666 759 806 863
1,255 1,580 2,763 1,661 7,416 634 1,682 2,526
20% 22% 2% 17% 3% 31% 16%
1,006 1,234 2,702 1,387 7,228 436 1,405 2,187
30.24 38.98 95.49 45.37 274.97 10.06 49.36 80.31
33% 28% 23% 28% 4% 99% 25%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22


88 74 46 51 56 50 56
119 244 304 315 347 257 317
99 232 307 269 302 256 338
107 86 43 97 100 51 35
75 21 32 11 -35 27 63
12% 12% 19% 10% 39% 5% 8%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22


2,332 3,531 1,870 1,581 1,780 2,037 1,644
-463 -985 2,714 -1,927 -2,285 -1,147 -817
-1,802 -2,341 -2,089 -1,712 -129 -1,456 -755
68 205 2,494 -2,058 -634 -565 72

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Sep-22


255 255 255 255 255 255 255 255
6,600 7,653 10,847 12,086 12,643 14,035 17,998 18,936
9,090 7,072 6,108 6,130 7,702 6,933 7,025 6,375
8,402 8,607 8,648 8,398 7,073 7,115 8,566 8,792
24,346 23,587 25,858 26,869 27,673 28,337 33,843 34,358
13,280 12,644 12,787 13,551 15,356 15,261 16,044 16,721
350 333 409 774 835 1,094 1,667 2,039
2,188 2,787 2,840 5,615 4,285 5,816 7,683 7,673
8,528 7,822 9,822 6,929 7,198 6,167 8,449 7,925
24,346 23,587 25,858 26,869 27,673 28,337 33,843 34,358

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Sep-22


255 255 255 255 255 255 255 255
255 255 255 255 255 255 255
6,600 7,653 10,847 12,086 12,643 14,035 17,998 18,936
9,090 7,072 6,108 6,130 7,702 6,933 7,025 6,375
6,780 4,361 5,394 4,769 3,473 0 0 4,888
1,788 721 140 352 1,913 0 0 1,252
0 0 0 14 188 0 0 235
523 1,990 574 994 2,128 6,933 7,025
8,402 8,607 8,648 8,398 7,073 7,115 8,566 8,792
2,598 2,624 2,717 2,915 764 853 904 943
1,618 1,318 1,479 1,475 1,631 1,683 2,445 2,466
93 106 82 93 115 114 144
4,092 4,558 4,371 3,915 4,564 4,466 5,073 5,383
24,346 23,587 25,858 26,869 27,673 28,337 33,843 34,358
13,280 12,644 12,787 13,551 15,356 15,261 16,044 16,721
350 333 409 774 835 1,094 1,667 2,039
2,188 2,787 2,840 5,615 4,285 5,816 7,683 7,673
8,528 7,822 9,822 6,929 7,198 6,167 8,449 7,925
1,932 1,386 1,462 1,726 1,869 1,687 2,294 2,532
3,566 2,092 1,308 1,452 1,580 1,397 1,933 2,538
1,265 1,665 4,483 1,952 2,080 1,411 1,310 645
1,153 2,034 1,715 752 685 588 1,883 38
612 645 853 1,046 985 1,085 1,029 2,172
24,346 23,587 25,858 26,869 27,673 28,337 33,843 34,358
Ratios Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Sales Growth 24.90% 6.49% 7.98% 8.30% -13.55% -30.44%

Operating Profit Margin 10.13% 10.01% 6.21% -3.27% 6.74% 8.44% 15.27%

Net Profit Margin 7.65% 7.51% 4.13% -5.11% 4.66% 6.76%

Fixed asset Turnover 117.50% 128.48% 137.41% 144.32% 151.46% 112.00% 81.83%

Working Capital 10,016 12,597 13,672 14,520 15,250 17,491 15,679

Net Working Capital 15,521 19,325 21,883 23,004 24,106 26,513 22,546

Debtor Days 57.351957328 69.64459 52.69934 46.85143 55.9678 39.70752

Debt:Total Capital 51.07% 52.71% 56.66% 60.13% 60.15% 57.01% 47.21%

ROCE 14% 16% 11% 3% 12% 12% 12%

ROE 15.52% 16.37% 9.46% -14.57% 14.45% 14.68% 15.60%

Current Ratio 1.544329 1.5029768993 1.469134 1.383333 1.363976 1.391836 1.504369

Quick Ratio 1.429912 1.3550845439 1.35196 1.269766 1.191791 1.281386 1.41597

Cash Ratio 0.01857 0.0264348654 0.012654 -0.006267 -0.031277 0.003887 0.013075

Interest coverage Ratio 2.760684 2.8454332553 0.476293 4.037997 2.763557 4.441905 11.88889

EPS 25.65 32.87 15.71 -40.5 23.41 30.24 38.98

PE
Debt to Asset 0.367921 0.3729467068 0.417405 0.417853 0.402798 0.373367 0.299826

Financial Leverage Ratio(?) 2.976332 3.1134681796 3.261244 3.781962 3.927129 3.688788 3.082059

Inventory Days 94 120 101 96 137 119 244

Dividend Payout % 39% 30% 64% -25% 53% 33% 28%

Q) how to calculate CAGR


Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM

-0.73% 0.65% 0.19% -1.52% 23.75% the sales growth has been decreasing year by year for the most part

26.90% 16.07% 71.60% 6.22% 13.33%

11.93% 26.31% 13.42% 69.79% 4.27% the company has an almost steady net profit except in ,21 possibly due

80.32% 76.28% 67.45% 66.84% 78.67%

14,756 14,528 14,775 14,047 15,590

18,370 22,716 23,111 21,545 22,543

46.49816 52.56426 52.08233 57.47948 60.225 it takes an average 53 days to collect the debt/interest

35.49% 33.19% 37.39% 32.67% 27.79%

19% 10% 39% 5% 8%

24.34% 11.24% 56.04% 3.05% 7.70%

1.752372 1.849463 1.872961 2.017155 2.170675 the current ratio is incresing which is a positive

1.653294 1.730658 1.746464 1.897067 2.023539 quick rati is higher that 1 which is good for the company

0.169016 -0.141657 -0.04291 -0.040219 0.004618

5.736196 4.466102 5.204678 5.550409 5.425743

95.49 45.37 274.97 10.06 49.36

18.8411669367909
0.236213 0.228144 0.278322 0.244662 0.207576

2.383885 2.223151 2.1888 2.019024 1.880376

304 315 347 257 317 around avg 200 days to sell inventory which is a long time

23% 28% 4% 99% 25%


by year for the most part

t except in ,21 possibly due to covid

he company
is a long time

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