Report card

Attribute Value Date

PE ratio 20.06 3/28/2011
EPS (Rs) 13.93 Mar, 10
Sales (Rs
crore) 362.9 Dec, 10

Face
Value (Rs) 10

Net profit
margin
(%) 12.21 Mar, 10

Last
dividend
(%) 25 4/28/2010

Return on
average
equity 7.99 Mar, 10
Annual results in brief
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Sales 1,114.00 974.7 1,422.60 1,194.70 625.2
Operating
profit 254.5 269.7 353.7 256.2 138.3
Interest 66.4 103.9 59.7 48.1 20.8
Gross
profit 192.6 181.5 305.9 211 119.6
EPS (Rs) 13.93 15.05 31.32 22.15 41.99

Annual results in details

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Other
income 4.5 15.7 11.9 2.9 2.1

Stock
adjustme
nt 30.6 -269.7 -406.3 -101.7 -63.9
Raw
material 472.6 474.8 788.7 105.1 -
Power
and fuel - - - - -

Employee
expenses 76.8 100.9 102.5 70.7 28.6
Excise - - - 8.2 -

Admin
and
selling
expenses - - - 154.2 82.8

Research
and
developm
ent
expenses - - - - -
Expenses
capitalise
d - - - - -

Other
expenses 279.5 399 584 702 439.4
Provisions
made - - - - -
Deprecia
tion 32.3 36 35 24.4 12.8
Taxation 23.6 35.8 42.6 25.1 18.2

Net profit
/ loss 136.7 109.7 228.3 161.5 88.6

Extra
ordinary
item - - - - -

Prior year
adjustme
nts - - - - -
Equity
capital 98.1 72.9 72.9 72.9 21.1

Equity
dividend
rate - - - - -

Agg.of
non-
prom.
shares
(Lacs) 386.42 94.8 94.8 95.7 -

Agg.of
non
promoto
Holding
(%) 39 13 13 13.13 -
OPM (%) 22.85 27.67 24.86 21.44 22.12
GPM (%) 17.22 18.33 21.32 17.62 19.07
NPM (%) 12.22 11.08 15.91 13.49 14.12

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Balance sheet
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Sources of funds
Owner's fund

Equity
share
capital 98.06 72.9 72.9 72.9 21.14

Share
applicatio
n money - - - - -

Preferenc
e share
capital - - - - 8.73

Reserves
& surplus 1,610.40 1,016.59 915.44 742.64 106.96

Loan funds
Secured
loans 1,446.59 1,878.34 1,438.09 545.23 420.81
Unsecure
d loans 7.45 33.84 324.96 38.45 2.3
Total 3,162.50 3,001.67 2,751.39 1,399.22 559.94

Uses of funds
Fixed assets
Gross
block 294.21 293.02 271.13 233.37 125.15

Less :
revaluatio
n reserve - - - - -

Less :
accumula
ted
depreciati
on 151.3 119.8 84.18 49.48 25.24

Net block 142.91 173.22 186.95 183.89 99.91

Capital
work-in-
progress 63.2 51.56 1,652.05 902.83 366.61
Investme
nts 42.94 36.16 29.4 52.77 2.7

Net current assets

Current
assets,
loans &
advances 3,528.49 3,324.27 1,450.04 893.77 532.86

Less :
current
liabilities
&
provisions 615.03 583.54 567.04 634.04 442.14

Total net
current
assets 2,913.46 2,740.73 883 259.74 90.72

Miscellan
eous
expenses
not
written - - - - -
Total 3,162.50 3,001.67 2,751.39 1,399.22 559.94

Notes:

Book
value of
unquoted
investme
nts 42.94 36.16 2.69 2.7 2.7

Market
value of
quoted
investme
nts - - - - -

Continge
nt
liabilities 192.94 138.27 109.35 8.61 -
Number
of equity
sharesout
standing
(Lacs) 980.64 729.02 729.02 729.02 211.4

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Profit loss account
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Income
Operating
income 1,107.22 974.74 1,422.51 1,186.47 625.23
Expens
es
Material
consume
d 97.2 -173.89 -283.34 3.41 -63.85

Manufact
uring
expenses  517.6 599.92 1,032.81 694.85 439.83

Personnel
expenses 96.29 126.09 126.21 81.4 29.23

Selling
expenses 65.73 61.17 94.22 77.49 39.39

Adminstr
ative
expenses 82.86 91.6 98.98 73.15 42.13

Expenses
capitalise
d - - - - -
Cost of
sales 859.68 704.89 1,068.87 930.31 486.72
Operating
profit 247.54 269.85 353.64 256.16 138.51

Other
recurring
income 11.67 7.43 11.72 2.71 2.06
Adjusted
PBDIT 259.21 277.28 365.36 258.87 140.57
Financial
expenses 67.14 105.21 59.69 48.07 20.83
Deprecia
tion  32.31 36.03 35.04 24.39 12.82

Other
write offs - - - - -
Adjusted
PBT 159.76 136.04 270.63 186.41 106.92
Tax
charges  23.61 35.85 42.58 25.06 18.24
Adjusted
PAT 136.15 100.19 228.05 161.35 88.68

Non
recurring
items 0.39 9.49 0.25 0.17 -0.19

Other
non cash
adjustme
nts 0.12 - - -0.01 0.01

Reported
net profit 136.66 109.68 228.3 161.52 88.5

Earnigs
before
appropria
tion 136.66 109.68 228.3 243.44 119.13
Equity
dividend 24.52 7.29 47.4 40.1 14.48

Preferenc
e
dividend - - - 0.46 0.61
Dividend
tax 4.17 1.24 8.1 6.89 2.12
Retained
earnings 107.98 101.15 172.8 195.98 101.92

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Cash flow
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Profit
before
tax 160.27 145.52 270.88 186.58 106.72

Net
cashflow-
operating
activity 327.76 196.27 -1,056.46 -497.35 -64.03

Net cash
used in
investing
activity -12.41 -39.63 -18.98 -162.25 -61.08

Netcash
used in
fin.
activity -256.37 -148.19 1,019.68 682.98 163.5

Net
inc/dec in
cash and
equivlnt 58.99 8.46 -55.76 23.39 38.39

Cash and
equivalnt
begin of
year 21.05 12.59 68.36 44.97 6.58

Cash and
equivalnt
end of
year 80.04 21.05 12.59 68.36 44.97
Dividend
Dividend
Year Month (%)
2010 Apr 25
2009 May 10
2008 May 65
2007 May 55
Share holding

Share
holding
12/31/2010 9/30/2010 6/30/2010
pattern
as on :

Face
value 10 10 10
No. Of No. Of No. Of
% Holding % Holding % Holding
Shares Shares Shares
Promoter's holding

Indian
Promoter
s 45000 0.05 45000 0.05 90000 0.09

Foreign
Promoter
s 59331380 60.5 59331380 60.5 59331380 60.5
Sub total 59376380 60.55 59376380 60.55 59421380 60.59
Non promoter's holding
Institutional investors

Banks Fin.
Inst. and
Insurance 589478 0.6 607478 0.62 608478 0.62
FII's 29076051 29.65 26435801 26.96 23871885 24.34
Sub total 34350365 35.03 34666703 35.35 33369581 34.03
Other investors

Private
Corporate
Bodies 1203552 1.23 1279209 1.3 1587303 1.62

NRI's/OC
B's/Foreig
n Others 180499 0.18 167578 0.17 474098 0.48

Direcctors
/Employe
es 69271 0.07 69271 0.07 69271 0.07
Others 315999 0.32 252655 0.26 238702 0.24
Sub total 1769321 1.8 1768713 1.8 2369374 2.42
General
public 2567802 2.62 2252072 2.3 2903533 2.96
Grand
total 98063868 100 98063868 100 98063868 100

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   Age
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   36-45
46-55
56-65
65+
Capital structure
Paid Up Paid Up
From Class Of Authorize Issued Paid Up
To Year Shares Face
Year Share d Capital Capital Capital
(Nos) Value

Equity
2009 2010 Share 150 98.06 98063868 10 98.06
Equity
2008 2009 Share 150 72.9 72901733 10 72.9
Equity
2007 2008 Share 80 72.9 72901733 10 72.9
Equity
2006 2007 Share 80 72.9 72901733 10 72.9
Equity
2005 2006 Share 30 21.14 21104080 10 21.1
Equity
2004 2005 Share 22 21.14 21140480 10 21.14
Equity
2003 2004 Share 22 21.14 21140480 10 21.14
Ratios
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Per
share
ratios
Adjusted
EPS (Rs) 13.88 13.74 31.28 22.07 41.66

Adjusted
cash EPS
(Rs) 17.18 18.69 36.09 25.41 47.72

Reported
EPS (Rs) 13.94 15.04 31.32 22.09 41.57

Reported
cash EPS
(Rs) 17.23 19.99 36.12 25.44 47.64

Dividend
per share 2.5 1 6.5 5.5 6.85

Operating
profit per
share (Rs) 25.24 37.02 48.51 35.14 65.52

Book
value
(excl rev
res) per
share (Rs) 174.22 149.45 135.57 111.87 60.6

Book
value (incl
rev res)
per share
(Rs.) 174.22 149.45 135.57 111.87 60.6
Net
operating
income
per share
(Rs) 112.91 133.71 195.13 162.75 295.75

Free
reserves
per share
(Rs) 161.25 131.67 120.14 100.67 50.6

Profitab
ility
ratios
Operating
margin
(%) 22.35 27.68 24.86 21.59 22.15

Gross
profit
margin
(%) 19.43 23.98 22.39 19.53 20.1

Net profit
margin
(%) 12.21 11.16 15.91 13.58 14.1

Adjusted
cash
margin
(%) 15.05 13.86 18.34 15.61 16.17

Adjusted
return on
net worth
(%) 7.96 9.19 23.07 19.72 68.74

Reported
return on
net worth
(%) 7.99 10.06 23.09 19.74 68.6

Return on
long term
funds (%) 7.82 8.99 14.02 16.78 27.79
Leverag
e ratios

Long term
debt /
Equity 0.69 1.46 1.38 0.71 2.59

Total
debt/equi
ty 0.85 1.76 1.78 0.71 3.37

Owners
fund as %
of total
source 54.02 36.29 35.92 58.28 22.87

Fixed
assets
turnover
ratio 3.85 3.4 5.25 5.11 5.01
Liquidit
y ratios
Current
ratio 5.74 5.7 2.56 1.41 1.21

Current
ratio (inc.
st loans) 3.1 2.72 1.24 1.4 0.82
Quick
ratio 4.07 3.89 1.17 0.81 0.62

Inventory
turnover
ratio 1.1 0.94 1.82 3.16 2.46
Payout
ratios

Dividend
payout
ratio (net
profit) 20.98 7.77 24.31 29.17 18.88
Dividend
payout
ratio
(cash
profit) 16.97 5.85 21.07 25.33 16.48

Earning
retention
ratio 78.94 91.49 75.67 70.8 81.16

Cash
earnings
retention
ratio 82.98 93.74 78.91 74.64 83.55

Coverag
e ratios

Adjusted
cash flow
time total
debt 8.63 14.04 6.7 3.14 4.17

Financial
charges
coverage
ratio 3.86 2.64 6.12 5.38 6.75

Fin.
charges
cov.ratio
(post tax) 3.52 2.38 5.41 4.87 5.86

Compo
nent
ratios

Material
cost
compone
nt (%
earnings) 6.01 9.82 8.64 8.86 -

Selling
cost
Compone
nt 5.93 6.27 6.62 6.53 6.3
Exports as
percent
of total
sales - - - - -

Import
comp. in
raw mat.
consume
d 5.58 8.91 - - -

Long term
assets /
total
Assets 0.06 0.07 0.56 0.56 0.46

Bonus
compone
nt in
equity
capital
(%) 43.11 57.99 57.99 57.99 -