Exide Industries Limited | Automobile

Initiating Coverage | 6th August, 2012

CMP` 129.8
Market Data Bloomberg Code Reuters Code SENSEX NIFTY Dividend Yield (%) 52 Week High/ Low(`) Equity Capital(`mn) Face Value (`) Market Cap (`mn) Avg. 10 day Vol. NSE Key Market Ratios TTM Latest EPS (`) TTM Book Value (`) TTM PE (x) TTM P/BV (x) TTM EV/EBIDTA (x) EV/TTM Sales (x) Mcap/TTM Sales (x)
Source: Ace Equity, R K Global Research, as on 17th July12

BUY
EXID IN EXID.BO 17412.9 5282.5 1.2 188.2/98.7 850.0 1.0 11016.0 911485.0

TP-` 155

Source: Ace Equity, R K Global Research, as on 6thAugust12

5.3 37.4 25.0 3.5 15.1 2.1 2.1

Share-Holding Pattern (%)

Promoters FII's DII's Others

8.8% 5.7%

Exide Industries reported better-than-expected Q1FY13 results driven by robust growth in revenues. The companys top-line registered a better-than-expected 24.5% YoY (7.3% QoQ) growth to `15535.8mn. The operating income grew by healthy 25% to `15535.8 mn aided by improved sales in two wheeler and industrial division though moderated by marginal growth in four wheeler automotive battery. The industrial battery sales volume grew by 19% while that of motorcycle grew by 28%. Four wheeler battery sales volumes grew by 10%. The OPM crashed by 200 bps to 15.6% largely due to steep rupee depreciation despite stable lead prices in international market. Thus the operating profit grew by constrained 11% to `2430.8 mn. However, on QoQ basis, the OPM improved by 130 bps on lower raw material costs thus enabling 18% growth in operating profit. The PBT fell by 4% to `2185.3 mn on lower other income, higher depreciation cost and incurring forex loss against gain in June 2011 quarter. The other income crashed by notable 52% to `147.4 mn on account of receiving nil dividend from subsidiaries in June 2012 quarter compared to dividend income of `228.7 mn received in June 2011 quarter. Excluding the dividend from subsidiaries in June 2011 quarter, the other income spiked by whopping 86% in June 2012 quarter. The depreciation cost grew by 17% to `276.2 mn while it incurred forex loss of `103.1 mn (against forex gain of `38.6 mn in June 2011 quarter). Only saving grace was 4% fall in interest cost to `13.6 mn. The net profit settled with 7% fall to `1520.3 mn due to 200 bps hike in effective tax rate. It has earmarked capex of `2700 mn for FY 13. Valuation & Outlook: We estimate margin recovery driven by a better mix, with aftermarket sales forecast to increase ~16% in FY13E. The companys net revenue to grow at a CAGR of ~15% over FY12-15 and earnings CAGR of ~23% CAGR (FY12-14E earnings CAGR is a tad higher at ~25%). This reflects a weak base in FY12 (when volumes and margins declined sharply). At the CMP of `132.5, the stock is trading at P/E of 25x FY13E, EPS of `8.3 and EV/EBITDA of 15.4x. We recommend a BUY on the stock with target price `155. Key Financials
Descriptions Revenue EBITDA (ExOI) PBT PAT EPS BVPS ROE ROCE P/BV EV/EBIDTA P/E FY'11 50651 8814 9856 6664 6.5 32.3 24.9 37.6 3.6 12.3 18.2 FY'12E 51070 6861 7534 4612 6.5 35.9 15.9 22.3 3.2 16.8 27.4 FY'13E 59996 8805 7633 5966 8.3 41.0 18.2 23.6 2.8 15.9 16.4 FY'14E 68208 10678 9366 7263 9.7 47.1 19.4 24.2 2.4 17.1 13.5 1

33.5% 52.2%

Price vs Sensex
125 115 Sensex Exide Industries

105
95 85 75 65 May-11 Aug-11 Nov-11 Feb-12 May-12

Research Analyst Aditya Vikram Jha aditya.jha@rkglobal.in

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Investment Rationale: Leading the Indian Battery industry
Battery Sold 120 100 80 60 Thousands 40 20 0 FY06 FY08 FY10 FY12 FY14 YoY gr 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

Dominates Indias storage battery industry With ~74% market share in the OEM space and 50-55% in the organized aftermarket, Exide is the leader in auto batteries. Our Buy rating is based on the following: 1) We think it is a better play on secular auto demand; additionally, replacement demand is a natural hedge against cyclicality; 2) A gradual decline in the share of unorganized players (est. at ~50% of aftermarket) bodes well for Exide with its strong brand positioning; 3) The widest dealer network vs. peers. Leading with the Indian auto growth story Being the leader in Automotive battery space, Exide is well positioned to reap the benefit of strong OEM sales and expectation of robust demand from replacement market after phenomenal growth in auto sales volume in FY10 and FY11, both in two wheeler and four wheelers as vehicle sold during that period require replacement demand. We believe investment in Exide would a safe bet in Auto space considering growth in the industry and rising competition among existing and new OEMs. Exide, being a Preferred Supplier in OEM space, gets maximum demand from replacement batteries segment as customers usually replace their old batteries with same brand as they used it and experienced the reliability. Exide generated ~65% revenues from automotive segment and high-margin automotive replacement segment accounted for ~72% of automotive segment revenues in FY11. With rising disposable income, compliance standard and increasing brand awareness among consumers, we believe there would be a natural shift to branded batteries where Exide has its leadership position. 2W Sales volume & YoY % growth
25.6%

Exide generate ~65% revenue from automotive segment and within automotive replacement segment account for ~72% of the automotive segment in FY11.

PV sales volume & YoY % growth

3
Millions

30%
Millions

14 12 10 8 6 4 2 0
FY06 FY07 FY08 FY09 FY10 FY11 -8.2% 12.7% 11.0% 2.6% 23.1% 23.0%

30% 20% 10% 0% -10%

2.5 2
7.4% 0.2% FY06 FY07 FY08 FY09

22.9%

25% 20%

18.8%
11.6%

1.5 1 0.5 0

15% 10% 5% 0%
FY10 FY11

Exides aftermarket business is a strong consumer-franchise business What we find appealing about the aftermarket isnt merely the high margins associated with it, but also the attendant consumer buying behavior that enables these margins to remain high. A battery is a
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Excide Industries Limited | Automobile

critical piece of equipment (a car wont start without it) whose cost as a % of the cost of the vehicle is disproportionately low. The benefit it accords is significantly higher than the cost associated with it, and thus the ability to price it with a relatively high margin. In the aftermarket, a battery costs `4000-5000. Its effective life is 3-4 years. The cost / year is thus around `1000-1,500. Compared the capital cost of the car; it is modest around 1-2%. Versus the annual gasoline / diesel oil required to drive around 10000 km / year, the cost is again fairly modest around 3-5% (depending on whether gasoline / diesel).

Industrial Batteries segment expected to grow at a moderate rate Power Back-up segment (UPS/Inverter) accounted for ~62% and Infrastructure segment (railway, telecom & power) accounted for ~22% of total Industrial batteries revenues in FY11. Automotive battery volume trend
Automotive Battery Volume 30 25 mn units 20 15 10 5 0 FY07 FY08 FY09 FY10 FY11 FY12 FY13E FY14E 11.9 13.2 19.0 14.9 16.2 20.7 23.1 growth 26.7 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%

Automotive industry growth

40%
30% 20% 10% 0% -10% -20% -30% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13E FY14E -5.0% 13.7% 12.8% 0.7% 26.4% 26.2% 8.5% 9.5% 8.9%

Power Back-up segment expected to grow at CAGR of 13% between FY10 and FY13 Considering computerization of banking systems and government departments work, increasing penetration of personal computers as well as creation of high-powered data centers in IT and financial services industry are likely to drive a sustained demand for UPS/inverters. In addition, consistent electricity power cut in the country plays critical role for the demand of UPS/ Inverters. In FY11, Peak shortage was ~10% of peak demand in India. However, demand scenario has been sluggish in the recent past mainly due to improvement in the weather condition and lower electricity power cut in the power deficient areas. Therefore, we expect the UPS/inverter battery segment to grow at a moderate CAGR of 13% over FY11-13. Infrastructure Segment to grow on the back of railway & power segments Considering the robust modernization and expansion plans of the Indian railways, we expect demand of railway batteries to increase going forward. With rise in per capita consumption, we expect continued demand-supply gap in power, therefore we expect demand from power batteries to remain strong. We expect battery demand

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from telecom operations to slow down further and revenues from overall infrastructure battery segment is expected to grow at a CAGR of 8% between FY11 and FY13. Therefore, we expect industrial batteries segment revenue to grow at a CAGR of 10.1% between FY1113 as we foresee strong demand from UPS, railways and power sectors are likely to partially offset by the slowdown in the telecom space. The Game Play: Heavy load on Indian Batteries Entry of new players would upset industry dynamics Given that the two entrenched players (Exide Industries & Amara Raja batteries) are generating RoEs in excess of 25%, new players with deep pockets might get interested in entering the battery industry, which could lead to competition intensifying. Volatility in input costs and its subsequent impact on margins: Lead, the key input cost (around ~55% of revenues), is a highly volatile commodity and whilst prices can be passed through with a lagged impact, it does tend to impact margins in the short term. This volatility detracts from the stability in earnings that consumer franchise businesses typically enjoy. Heightened competitive intensity in the auto replacement / OE markets and also the power back up (inverter / UPS segments): Over FY11, Exide hiked prices vs. competition, but the brand premium couldnt sustain, and Exide was forced to cut prices over FY12 - in 2QFY12 for the industrial battery segment and certain categories in the automotive segment (primarily 2Ws and truck batteries). The company undertook another price cut in April 2012, this time for its passenger car, jeeps and tractor batteries. The two price cuts were for different sets of battery segments and the overall blended price cut was ~2%. Exides profitability was adversely impacted over FY12, and whilst we reckon margins could recover over FY13, there is the possibility that pricing action by competition could impact demand.

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Battery Industry:

The Indian storage battery industry is valued at more than `100bn and out of which organized sector representing `~75bn. Out of Organized Storage battery industry, organized battery market is valued at `45bn and Auto OEM and replacement market represent 3035% and 65-70% respectively. Domestic Automobile industry has registered 17.1% CAGR between FY08 and FY11. On the back of sustained demand and upcoming new launches, we believe automobile industry to grow at a CAGR of ~9% and replacement demand for batteries to growth at a CAGR of 16% between FY11 and FY13. OEM Auto batteries sales provide low margin business however; it provides good visibility and brand building for battery Company. On the other hand, replacement demand provides a stable business by diversifying the risk when OEM demand slows down.

Structure of Indian Battery Industry

Industrial batteries are classified into lead acid, valve-regulated lead acid (VRLA) and nickel-cadmium batteries. VRLA batteries command ~75% of the Indian industrial storage battery market. In the telecom sector, the batteries support switching and transmission networks and the Indian Railways use batteries for train lighting, coach airconditioning and signaling. In the power sector, the batteries support generation, transmission and distribution networks. The UPS batteries support IT system which provide backup power and regulate power supply to critical equipment during voltage fluctuations. Small VRLA batteries find application in small UPS and emergency lamps. We believe strong demand from inverter/UPS segment on the back of computerization of banking system, data-center system in IT/Financial services industry and increasing penetration of computers. In addition, power shortage would play important role in driving the demand of inverter/UPS. Railway business is also likely to be strong growth driver considering the Governments priority to expand connectivity and making India a manufacturing hub in South Asia.

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Business Overview: Leading the market: Exide is a leading battery manufacturer of both conventional flooded as well as VRLA batteries in the South and South East Asia. Exide has two lead smelters and six manufacturing facilities that are strategically located all over India. The batteries of the company have been used in automotive, telecom, power back up, defense and railways. Exide has a wide distribution networks that includes 41,500 retail outlets for the aftermarket sales-services. It exports its products to Africa, Australia, South and South East Asia. By the constant innovation, modernization of manufacturing processes, country wide service networks, Exide has grown steadily and become the solution provider along with manufacturer of storage batteries. Exide divides its operations into three major segments Automotive, Industrial and Submarine. This segmentation is primarily based on the companys customer profile. In addition, Exide segregates its revenues based on geographies as well. Exide Industries: Acquisitions
Year 1994 1998 1999 2000 2003 2004 2005 2007 Acquisition Details Technical collaboration with Shin Kobe Electric Machinery Co. Ltd., Japan, a subsidiry of the Hitachi Group Acquired industrial undertaking of Standard Batteries Ltd from Cosepa Fiscal Industries Limited Acquired 51% Shareholding in Caldyne Automotive Ltd. Acquired 100% stake in Chloride Batteries SE Asia Pte Limited, Singapore. Acquired 49% stake in Associted Battery Manufacturing (Cyclon) Limited, Sri Lanka (ABML) Formed new JV with ESPEX in UK (51% stake) Increased stake in ABML to 61.5% from 49% Acquired 50% stake in ING Vysya Life Insurance Increased stake in Caldyne Automotive Ltd to 100% from 51%. Acquired 100% stake in Chloride Metals Ltd ( earlier Tandon Metals Ltd). Acquired 26% shareholding in CEIL Motive Power Pty Ltd. A JV in Australia (divested in FY10) Acquired 51% stake in Chloride Alloys India Ltd (formally Leadage Alloys India Ltd.) Increased stake in Chloride Alloys India Ltd ( formally Leadage Alloys India Ltd) to 100% from 51% Technical collaboration with East Penn Manufacturing Co. Inc USA manufacturers of lead acid battery and accessories for the automotive, telecommunications, UPS, commercial, marine and motive power market

Segment wise revenue distribution

Automotive

Industrial

Submarine

Exide Industries: Milestone

Year 1916 1946 1947 1947 1969 1972 1976 1981 1988 1995 1997 2003 Milestones Chloride Electric Storage Co. (CESCO) UK Sets up trading operations in India as an import house. First factory set up in Shamnagar, West Bengal Incorporated as Associated Battery Makers (Eastern) Limited on 31 January 1947 under the company Act. Incorporated Chloride International Limited ( previously Exide productes Limited Second factory at Chinchward, Pune The name of the Company changed to Chloride India Limited R&D Centre established at Kolkata Third factory at Haldia, West Bengal The name of the Company changed to Chloride Industries Limited Chloride Industries renamed Exide Industries Limited Fourth factory at Hosur, Tamil Nadu Commissioned plant at Bawal, Haryana

2008 2010 2012

Exide's Geographic distributions

India

Overseas

Global Presence Exide manufactures and sells a wide range of battery which is used in mainly three segments such as Automotive, Industrial and Submarine. The company has a market share of 72% in automotive OEM, 73% in replacement auto and 45% in industrial segment. Exide has achieved 13% sales growth in automotive battery segment. It includes sales to the vehicle manufacturers and aftermarket sales. It designs and manufactures industrial batteries of 2.5 Ah to 20,600 Ah in conventional flooded, VRLA and Nickel Cadmium batteries. Industrial batteries sales growth is around 10%. The company also manufactures high end submarine batteries to meet the defense requirements of India, Russia and Germany.

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Exide Industries Global Presence

Strong Distribution Channel With the increasing proportion of costly vehicles and quality conscious people, the number of brand oriented people has increased. In addition to that battery manufacturers can able to get high margins and greater sales stability from the replacement segment, therefore strong distribution channel, after sales services can be the key factors to enhance brand equity as well as overall growth. Exide sells its products under the brand name of EXIDE, SF, SONIC, Standard Furukawa in the domestic market and in the international markets, it sells battery brands of DYNEX, INDEX and SONIC. The company has a wide distribution channel across India with 41,500 retail outlets, around 11350 and 1200 authorized dealers in auto and industrial battery segments respectively. To increase the number of loyal customers, Exide not only concentrate on distribution networks but also follow different models to serve the customers in better way. Furthermore, Exide has introduced highly customer friendly service batmobile, initially in eight cities where service is guaranteed to a car owner within an half an hour of his call from 7am till midnight and the management is likely to cover every city under this model. Key Concerns: Ionic fluctuation

Lead & lead alloys contribute ~80% of total raw material cost for the company. We believe any sharp rise in commodity prices would affect margins negatively. Inability of passing on full increased cost to end customers is a concern for the company. Volatility in International crude oil prices affect the prices of polypropylene copolymer (PPCP) which is used for manufacturing battery container. Sharp increase in international crude oil prices could increase the prices of PPCP which in turn could put pressure on margins. We foresee strong growth in auto replacement battery market where the company faces stiff competition from Unorganised players. Unorganised players offer batteries at very cheap prices as they supply lower quality products and don't pay various taxes & duties. We believe increase in competition from
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unorganized players would result in a decline in revenues and margins. The company is planning to increase its lead requirement from captive smelters. Therefore, we have forecasted margin expansion as lead price of smelters are lower than outside lead prices. Lower than expected ramp up of smelters capacities could result in decline in EBITDA margin. Exide has planned to increase its production capacity, particularly on the two wheeler side. Any slowdown in demand from replacement segment could pressure on margins of the company. Exide is exposed to the risk of rising imports of cheaper batteries from China. The company faces the risk of losing the market share in the automotive replacement battery segment. Exide imports ~25% of its lead requirement from other countries. Any adverse volatility in currency can impact its earnings. Being the leader in the industry, Exide enjoys good pricing power. Exide and Amara Raja together hold ~90% market share for Organized Automobile batteries. Therefore, we believe this industry may face interference from regulatory authority. This would have significant impact on pricing power enjoyed by Exide.

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Quarterly Financials
Financials (`mn) Gross Sales Less: Excise Duty Net Sales Net Sales & Other Operating Income Total Expenditure % of Net Sales Cost of Services & Raw Materials % of Net Sales Operating & Manufacturing Expenses % of Net Sales Employee Cost % of Net Sales PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Tax Profit After Tax EPS Margin Ratio PBIDTM (Excl OI) PBDTM PBTM PATM Q1FY13 17521.7 2010.9 15510.8 15535.8 13208.1 85.2% 10896.0 70.2% 2150.6 13.9% 840.5 5.4% 2327.7 147.4 2475.1 13.6 2461.5 276.2 665.0 1520.3 1.8 Q1FY13 13.3% 14.0% 12.5% 8.7% Q1FY12 13773.7 1340.9 12432.8 12481.7 10294.9 82.8% 8996.8 72.4% 1634.8 13.1% 719.5 5.8% 2186.8 346.4 2533.2 14.2 2519.0 237.0 649.5 1632.5 1.9 Q1FY12 17.6% 20.3% 16.6% 11.9% YoY gr 24.1% 40.5% 22.1% 21.9% 24.9% 19.2% 27.4% 15.5% 6.2% -85.4% -2.3% -4.3% -2.3% 15.3% 2.4% -7.1% -7.0% YoY gr -28.1% -36.6% -28.4% -31.2% Q4FY12 16044.1 1585.8 14458.3 14476 12346.2 85.39% 9922.7 68.63% 1873.9 12.96% 746.1 5.2% 2129.8 146.6 2276.4 13.6 2262.8 272.7 565 1425.1 1.68 Q4FY12 14.7% 15.7% 12.4% 8.9% QoQ gr 8.8% 23.7% 7.0% 7.1% 6.7% 9.4% 13.8% 11.9% 8.9% 0.5% 8.4% 0.0% 8.4% 1.3% 16.3% 6.5% 6.3% QoQ gr -10.3% -10.8% 0.5% -2.3%

Quarterly review for Q1FY13 Exide Industries reported better-than-expected Q1FY13 results driven by robust growth in revenues. The companys top-line registered a better-than-expected 24.5% YoY (7.3% QoQ) growth to `15535.8mn. The operating income grew by healthy 25% to `15535.8 mn aided by improved sales in two wheeler and industrial division though moderated by marginal growth in four wheeler automotive battery. The industrial battery sales volume grew by 19% while that of motorcycle grew by 28%. Four wheeler battery sales volumes grew by 10%. The OPM crashed by 200 bps to 15.6% largely due to steep rupee depreciation despite stable lead prices in international market. Thus the operating profit grew by constrained 11% to `2430.8 mn. However, on QoQ basis, the OPM improved by 130 bps on lower raw material costs thus enabling 18% growth in operating profit. The PBT fell by 4% to `2185.3 mn on lower other income, higher depreciation cost and incurring forex loss against gain in June 2011 quarter. The other income crashed by notable 52% to `147.4 mn on account of receiving nil dividend from subsidiaries in June 2012 quarter compared to dividend income of `228.7 mn received in June 2011 quarter. Excluding the dividend from subsidiaries in June 2011
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quarter, the other income spiked by whopping 86% in June 2012 quarter. The depreciation cost grew by 17% to `276.2 mn while it incurred forex loss of `103.1 mn (against forex gain of `38.6 mn in June 2011 quarter). Only saving grace was 4% fall in interest cost to `13.6 mn. The net profit settled with 7% fall to `1520.3 mn due to 200 bps hike in effective tax rate. It has earmarked capex of `2700 mn for FY 13.

Outlook and Valuation Industry to get further concentrated: The unorganized players, which account for ~30% of the Indian battery market, are expected to find the going tough owing to the lead price volatility and EIL is consuming lead scraps, the key raw material for all players. The nation-wide GST roll out is also expected to erode price competitiveness of the unorganized players. Overall, we expect the industry to witness further consolidation going forward. EV/EBITDA trend
16 14 12 10 8 6 4
May-08 May-09 May-10 May-11 May-12

P/E trend
30 25 20 15 10 5
May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12

We estimate margin recovery driven by a better mix, with aftermarket sales forecast to increase ~16% in FY13E. The companys net revenue to grow at a CAGR of ~15% over FY12-15 and earnings CAGR of ~23% CAGR (FY12-14E earnings CAGR is a tad higher at ~25%). This reflects a weak base in FY12 (when volumes and margins declined sharply). At the CMP of `132.5, the stock is trading at P/E of 25x FY13E, EPS of `8.3 and EV/EBITDA of 15.4x. We recommend a BUY on the stock with target price `155.

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Company Financials:
Income Statement (`Mn) FY'11 FY'12E FY'13E 50651 41837 8814 1041 87 9769 835 9856 2738 6664 51070 44209 6861 673 75 7459 1007 7534 1840 4612 59996 46647 8805 759 40 8765 1132 7633 2557 5966 Balance Sheet (` Mn) FY'11 FY'12 Sources Of Funds Share Capital Total Reserves Shareholder's Funds Total Debt Total Liabilities Gross Block Less: Acc. Dep. Net Block CWIP Cash At Bank Investments Net CA Total Asset 850 26575 27425 21.5 27446 15612 7253 8358 660 148 13780 13287 27446 850 29723 30573 583.8 31157 17766 8100 9666 266 577 15730 15282 31157 850 37770 38620 384 39004 22754 9418 13861 648 620 18113 16333 39211 850 48281 49131 713 49844 26158 9418 17613 641 729 20681 18301 46826

Descriptions Revenue Expenditure EBITDA (ExOI) Other Income Interest PBDT Depreciation PBT Tax PAT

FY'14E 68208 49151 10678 826 30 10648 1282 9366 3113 7263

Descriptions

FY'13E

FY'14E

Application Of Funds

Financial Ratios Description CEPS DPS Book value EBIDTM EBITM PATM CPM ROE ROCE Sales/WC Revenue Growth EBIDTA Growth PAT Growth EPS Growth EV/EBIDTA EV/Sales P/BV P/E FY'11 FY'12E Per Share (Rs) 6.5 1.5 6.5 1.5 FY'13E 8.3 1.7 41.0 14.6 12.8 9.9 10.1 18.2 23.6 9.1 17.5 30.2 29.4 29.4 15.9 2.4 2.8 16.4 FY'14E 9.7 2.2 47.1

32.6 35.9 Margin Ratios (%) 17.4 17.5 14.6 14.8 26.9 37.6 8.8 10.9 -3.6 24.1 24.1 12.3 2.6 3.6 18.2 13.4 11.4 9.0 9.9 15.9 22.3 8.9 12.5 -20.2 -30.8 -30.8 16.8 2.5 3.2 27.4

PAT 15.6 13.8 10.6 10.5 19.4 24.2 9.7 13.7 22.6 21.7 21.7 17.1 2.9 2.4 13.5 Depreciation Change in WC Tax Paid

Cash Flow Statement (` Mn) 6664 4612 835 -2015 2740 10668 -2529 -426 -2955 -878 -1404 -2027 119 29 148 1007 -568 1840 8882 -1761 -1951 -3712 562 -1958 -986 429 148 577

9860 1318 -401 2465 15815 -1600 -938 -2538 198 -1091 -893 186 577 763

13042 1520 -825 3260 22342 -1600 -1269 -2869 337 -1264 -927 208 763 971

Cash from Operation CAPEX Change in Investments Cash from Investing Inc/ Dec in Debt Dividends Paid Cash from Financing Net Change in Cash Cash at the Binging Cash At The End

Performance Ratios (%)

Cash Flow From Investments

Efficiency Ratios (%)

Cash Flow From Financing

Valuation ratios(x)

DuPont Analysis Description PAT/PBT PBT/EBIT EBIT/Sales Sales/TA TA/NW FY'11 0.7 1.1 0.2 1.8 1.0 FY'12E 0.6 1.1 0.1 1.6 1.0 FY'13E 0.7 1.0 0.2 1.7 1.0 FY'14E 0.7 1.1 0.2 1.5 1.0

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