Free cash flow

Reported cash from operations

Net interest paymnet after tax

Cash invested reported

Investment in operating cash
Investment in financial assts

Free cash flow

2013

2012

7981529824
689843427.7
8671373252

4589171607
397722891.3
4986894498

37959580327
3859167.795
1626783526
36336655969

25448988097
18158675.09
264642057
25731788829

-27665282717 -20744894330.79

Financing flows to claimants

reported cash from finance
net interest payment after tax
Debt finanacing
Issue of long-term debt
Reductions in long term debt
Investment in financial assets
Net interest payment after tax
Investment in cash equivalents

Equity financing
Share issues
Share repurchase
Dividends
Total financing flows

28990563279
0
1626783526
689843427.7
1214102832
-27888039157

21867271840
0
938578233
397722891.3
1289357812
-21118769370

0
196506440
26250000
222756440
-27665282717

0
373875039
373875039
-20744894331

interest paid
interest received
Net interest paid after tax

2013
1306222270
320731659
689843427.7

2012
891722910
323547351
397722891.3

cash & cash equivalent

sales
operating cash
cash equivalent
investment in operating cash
investment in cash equivalent

2013
2012
2011
7558876620 8769120284 7461603797
20659110795 19887277236 16255542218
103295554 99436386.18 81277711.09
7455581066 8669683898 7380326086
3859167.795 18158675.09
-1214102832 1289357812

pat
surplus
Dividend paid

2013
2012
2011
2234628445 2633442079
25707293596 23584300714 20762827224
111635563
-188031411

EPS
DPS
BPS
ROCE
RR
RE

2009
44.22
5
268.2

2010
2011
53.64
48.61
5
5
316.84
360.45
20 15.34212852
14.57
14.57
14.56326
2.446412

2012
44.9
2.5
402.85
12.456651
14.57
-7.617565

2013
39.07
1.5
440.42
9.6983989
14.57
-19.62525

Revenue
Operating Expense
Cost of revenue
research and development
sales and marketing
general & administrative
Excise duty
Operating income from sales before tax
tax as reported
tax on the operating income

operating income from sales after tax

Finance cost
Interest Income
Dividend income
tax on financing income
Minority interest
NFE
Comprehensive income

Operating Income

NOI

2013

2012

22852185451

21535114508

4598407938
0
0
1305326370
2193074656

14780029509
0
0
999451396
1647832272

524079609.8

635368266.4

13308370912

2769438841

1318465664
320731659
291705273
922925964.8

1004277462
323547351
143027366
702994223.4

13172909

21135283

1642127606

1261832251

11666243307

1507606590

18253777513

6755084999

Reformulated Balance Sheet

Net operating asset
Operating Asset
Operating Cash
Accounts Receivable
Inventories
Fixed Asset
Tangible Asset
Intangible Asset
Deposit Provided for Credit
Short term loans and advances
Work In Progress
Operating Liabilities
Deffered tax liability
Long Term provision
Trade Payable
Other Current liabilty

2013

3601741945
4110029787
8210567644
15754246705
1287961915
17042208620
791866331
5118229395
71892775043
1649642468
81286786
1323310893
8616268445

NOA

99096910173

Net Financial Obligation

Cash Equivalents
Non Current Investments
Long Term Loans and Advances
Other current Asset
Current Investment
Non Current Bank Deposits
Long Term Borrowing
Current Liabilities
Short term borrowings
Short term Provisions
NFO

4269862145
2714819225
9533391225
120878608
994550
319850843
64440422312
5783057471
16134207171
112575279
69510465637

Shareholder's Fund
Share application money pending allotment
Minority Interest
Common Shareholder's Equity
Average CSE

28194782820
84949364
1306712352
29586444536
0

2012

3853410591
2989555329
5914639021
15704870097
1288684359
16993554456
185202255
7613481187
36479308319
1498816824
79516109
903772865
2758558655
68788486705

5745367960 Total Cash & Bank Balance -Operating Cash

1078770967
7029723406
72078341
10259283
722642393 Other current asset -deposit for credit
40981501086
4994041911 Current maturity of long term debt+Unpaid dividend+
11886972156
186467010
43390139813
24277851198
50401130
1070094564
25398346892 CSE
0
27492395714

2011
21941541292

Reformulated Balance Sheet

Net operating asset
Operating Asset
Operating Cash
Accounts Receivable
Inventories
Fixed Asset
Tangible Asset
Intangible Asset

15754246705
1287961915

Deposit Provided for Credit

Short term loans and advances
Work In Progress
Operating Liabilities
Deffered tax liability
Long Term provision
Trade Payable
Other Current liabilty
NOA

Net Financial Obligation

Cash Equivalents
Non Current Investments
Long Term Loans and Advances
Other current Asset
Current Investment
Non Current Bank Deposits
Long Term Borrowing
Current Liabilities
Short term borrowings
Short term Provisions
NFO
Shareholder's Fund
Share application money pending allotment
Minority Interest
Common Shareholder's Equity

RNOA

0.184201278

Operating Leverage
ROOA
Operating spread
Financial Leverage
Operating Profit Margin

0.117768643
0.83121841
0.1605771
2.349402462
0.184201278

NBC nfe/nfo
ROCE
ROCE
ROCE
ROCE

0.023624178
0.561461513
0.561461513
0.561461513
0.561461513

2013

2012

3601741945
4110029787
8210567644

3853410591
2989555329
5914639021
15704870097
1288684359

17042208620
791866331
5118229395
71892775043

16993554456
185202255
7613481187
36479308319

1649642468
81286786
1323310893
8616268445

1498816824
79516109
903772865
2758558655

99096910173

68788486705

4269862145
2714819225
9533391225
120878608
994550
319850843
64440422312
5783057471
16134207171
112575279
69510465637

5745367960
1078770967
7029723406
72078341
10259283
722642393
40981501086
4994041911
11886972156
186467010
43390139813

28194782820
84949364
1306712352
29586444536
0

24277851198
50401130
1070094564
25398346892
0
27492395714

oi-nfe/cse
RNOA x (NOA/CSE) NBC x (NFO/CSE)

Operating Profit Margin+Financial Leverage*Operating Spread

= (OI / NOA) x (NOA/CSE) (NFE/NFO) x (NFO/CSE

2012
0.21628387

Total Cash & Bank Balance -Operating Cash

Other current asset -deposit for credit

Current maturity of long term debt+Unpaid dividend+

2013
Revenue
Operating Expense
Cost of revenue
research and development
sales and marketing
general & administrative
Excise duty

22852185451
4598407938
0
0
1305326370
2193074656

Operating income from sales before tax

tax as reported
tax on the operating income

operating income from sales after tax

Finance cost
Interest Income
Dividend income
tax on financing income
Minority interest
NFE
Comprehensive income

Operating Income
id dividend+

524079609.8

NOI

13308370912
1318465664
320731659
291705273
922925964.8
13172909
1642127606
11666243307
2013
18253777513

2012
21535114508
14780029509
0
0
999451396
1647832272

635368266.4

2769438841
1004277462
323547351
143027366
702994223.4
21135283
1261832251
1507606590
2012
6755084999

Beginning Book Value of common equity

Transasction with shareholders
Share Forfeited
Stock issued
Stock repurchased
Common dividend paid
Comperhensive Income
Net income reported
Currency Translational gain
Gains on hedging instruments
Preffered Dividends
Balance Book Value of common equity

172414
0
6061260
95597522
2221455536
219220892
0
624288

2013

2012

643378070

643378070

101486368

2440052140
2981943842

172414
0
0
160439683
2612306797
10667939
0
0

160267269

2622974736
3106085537

2008-2009 2009-2010 2010-2011 2011-2012 2012-2013

Net Cash Flow from operating acitivities 41.2
Investment in Operating Activities
270.22
Free Cash Flow
-229.02

449.67
799.03
-349.36

The free cas flow is negative so we cannot use this method.

-25.28
813.91
-839.19

300.69
297.9
1299.57 2062.21
-998.88 -1764.31

2012-2013

Valuation using Divdend Discount Model

2008-2009 2009-2010 2010-2011 2011-2012 2012-2013

5.00
5.00
5.00
2.50
1.50
14.58%

Dividend
Cost of equity
Terminal Value
Discounted Cash Flow

4.36
Growth rate of Dividends
12.56%.
Present value of terminal value
Price of stock

32.82

3.81

3.32

1.45

0.76

32.82

2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

1.50
1.50
1.50
1.50
1.50

0.66

0.58

0.50

0.44

74.26
0.38

2010-2011
Amount
%
Revenue from operations
Less excise duty
other income
total Revenue

2011-2012
Amount %

1694.8
121.8
1573
29.3
1602.3

100
100
100
100
100

1748.8
123.3
1625.5
27.3
1652.8

103.1862
101.2315
103.3376
93.17406
103.1517

932.03
1.1
43.6
74.6
30.9
73.8
171.8
1240.8

100
100
100
100
100
100
100
100

932.08
1.12
39.2
83.1
34.9
79.1
244.7
1678.3

100.0054
101.8182
89.90826
111.3941
112.945
107.1816
142.4331
135.2595

361.5
0
98.2
263.3
2.1
261.2

100
100
100
100
100
100

358.8
0
81.4
277.4
2.1
276.5

99.25311
#DIV/0!
82.89206
105.3551
100
105.8576

40.6
39.32

100
100

47.81 117.7586
46.14 117.3449

Expenses:
Cost of material
purchase of stock in trade
change in inventories
Employee benefit expense
finance cost
Depriciation and ammortization
other expenses
total expenses
Profit before expetional items and tax
extra ordinary items
Tax expense
profit for year
less: share of profit transferred to minority
PAT
EPS
Basic
Diluted

2012-2013
Amount %
2153.5
164.7
1988.7
46.6
2035.3

127.0651
135.2217
126.4272
159.0444
127.0237

1213.6
0
70.4
108.4
100.4
81.4
202.8
1294.04

130.2104
0
161.4679
145.3083
324.9191
110.2981
118.0442
104.2908

357.009 98.75768
0
93.709 95.42668
263.3
100
0.95 45.2381
261.2
100
40.6
39.32

100
100

Date

Index price
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13

16,357.96
16,429.55
17,527.77
17,558.71
16,944.63
17,700.90
17,868.29
17,971.12
20,069.12
20,032.34
19,521.25
20,509.09
18,327.76
17,823.40
19,445.22
19,135.96
18,503.28
18,845.87
18,197.20
16,676.75
16,453.76
17,705.01
16,123.46
15,454.92
17,193.55
17,752.68
17,404.20
17,318.81
16,218.53
17,429.98
17,236.18
17,429.56
18,762.74
18,505.38
19,339.90
19,426.71
19,894.98
18,861.54
18,835.77
19,504.18
19,760.30
19,395.81
19,345.70
18,619.72
19,379.77

Stock price

0.43764626
6.68441923
0.17651989
-3.49729564
4.46318391
0.94565813
0.57548876
11.6742863
-0.18326663
-2.55132451
5.06033169
-10.635918
-2.75189112
9.0993862
-1.59041657
-3.30623601
1.85150957
-3.44197429
-8.35540633
-1.33713104
7.60464477
-8.9327823
-4.14638049
11.2496862
3.2519753
-1.96297122
-0.4906287
-6.35309239
7.46954255
-1.11187735
1.12194233
7.64895958
-1.37165467
4.50960748
0.44886478
2.41044418
-5.19447619
-0.13662723
3.54862052
1.31315441
-1.84455702
-0.25835477
-3.75266855
4.08196256

384.55
370
427.25
432.2
376.25
402.65
444.85
491.25
517.45
596.3
554.85
562.05
590
562
510.85
522.9
499.75
500.15
492.4
488.05
490.3
460.1
361.25
361.85
480
481.35
464.9
483.65
399.65
381.1
305.45
287.85
305.2
291.8
261.55
280.25
254.9
234.75
228.05
198
150.15
125.05
104.2
105.95
114.75

-3.78364
15.47297
1.158572
-12.9454
7.016611
10.48057
10.43048
5.333333
15.23819
-6.9512
1.297648
4.972867
-4.74576
-9.10142
2.358814
-4.42723
0.08004
-1.54954
-0.88343
0.461018
-6.15949
-21.4845
0.16609
32.65165
0.28125
-3.41747
4.033125
-17.3679
-4.64156
-19.8504
-5.76199
6.027445
-4.39056
-10.3667
7.149685
-9.0455
-7.90506
-2.8541
-13.1769
-24.1667
-16.7166
-16.6733
1.679463
8.305805

Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14

21,164.52 9.20934562
20,791.93 -1.76044626
21,170.68 1.82162022
20,513.85 -3.1025456
21,120.12 2.95541792
21,809.80 3.26551175

130.35 13.59477
153.45 17.72152 15.78927
151.35 -1.36852
93.05
-38.52
71.65 -22.9984
62.4
-12.91

cost of equity

14.5798

Chart
Title
40
30
20
10

y = 0.8284x - 3.3417
R = 0.1093

0
-15

-10

-5

-10
-20
-30
-40
-50

10

expected returns from market

15

Reformulated Balance Sheet

2013

Net operating asset

Operating Asset
Operating Cash
Accounts Receivable
Inventories
Fixed Asset
Tangible Asset
Intangible Asset

3601741945
4110029787
8210567644
15754246705
1287961915

Deposit Provided for Credit

Short term loans and advances
Work In Progress
Operating Liabilities
Deffered tax liability
Long Term provision
Trade Payable
Other Current liabilty

15704870097
1288684359
17042208620
791866331
5118229395
71892775043
1649642468
81286786
1323310893
8616268445

NOA

99096910173

Net Financial Obligation

Cash Equivalents
Non Current Investments
Long Term Loans and Advances
Other current Asset
Current Investment
Non Current Bank Deposits
Long Term Borrowing
Current Liabilities
Short term borrowings
Short term Provisions
NFO

4269862145
2714819225
9533391225
120878608
994550
319850843
64440422312
5783057471
16134207171
112575279
69510465637

Shareholder's Fund
Share application money pending allotment
Minority Interest
Common Shareholder's Equity

28194782820
84949364
1306712352
29586444536
0
27492395714

2012
Revenue
Operating Expense
Cost of revenue
research and development
sales and marketing
general & administrative
Excise duty

3853410591
2989555329
5914639021

16993554456
185202255
7613481187
36479308319

Operating income from sales before tax

tax as reported
tax on the operating income

1498816824
79516109
903772865
2758558655

operating income from sales

NOI after tax
Finance cost
Interest Income
Dividend income
tax on financing income

68788486705

Minority interest
5745367960
Total Cash & Bank Balance -Operating Cash
1078770967
NFE
7029723406
72078341
Comprehensive income
10259283
722642393
Other current asset -deposit for credit
40981501086
4994041911
Current maturity of long term debt+Unpaid dividend+
11886972156
186467010
43390139813
24277851198
50401130
1070094564
25398346892
0

21941541292

Operating Income

2013

2012

22852185451

21535114508

4598407938
0
0
1305326370
2193074656

14780029509
0
0
999451396
1647832272

524079609.8

635368266.4

13308370912

2769438841

1318465664
320731659
291705273
922925964.8

1004277462
323547351
143027366
702994223.4

13172909

21135283

1642127606

1261832251

11666243307

1507606590

ales before tax

Operating Income

18253777513

6755084999

Residual earnings

2013
10559655132

Residual Earning

4806326803

2012
2918354228