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FINANCIAL ANALYSIS

by:
Nikhil ahuja
Priyanka Vashisht
Shruti Chaudhary
Priyal Bhati
Reema Khanna
Mehak Dawar

2009-10

2010-11

2011-12 2012-13 2013-14

Current ratio

0.57

0.62

0.32

0.42

0.49

Quick ratio

0.50

0.53

0.24

0.32

0.39

Working
capital ratio

0.05

0.01

0.10

0.08

0.66

0.7

0.6

0.5
2009-10

0.4

2010-11
2011-12

0.3

2012-13
2013-14

0.2

0.1

0
Current ratio

Quick ratio

Working capital ratio

LIQUIDITY RATIO
CURRENT RATIO
Current assets / Current liabilities
Current Ratio2009-10
2010-11
2011-12
2012-13
2013-14

358,194,549/ 621,598,979 =0.576


3,23564 000/ 5,19608000= 0.623
3,05063000/9,44834 000= 0.322
398478000/947371 000= 0.421
432496000/873906 000= 0.495

QUICK RATIO
Liquid assets / current liabilities
2009-10
2010-11
2011-12
2012-13
2013-14

314098909/ 621,598,979=0.505
276802000/5,19608 000= 0.533
235328000/9,44834000 = 0.249
311686000/947371000 = 0.329
339288000/873906000 = 0.388

WORKING CAPITAL RATIO


Net working capital/Total assets
2009-10
2010-11
2011-12
2012-13
2013-14

263404430/4971123587 = 0.052
61617395/53,57624 000 = 0.011
6334.19/61,883.98 = 0.102
5488.93/65,416.64 = 0.083
4414.1/66,683.62 = 0.661

2009-10

2010-11

2011-12

2012-13

2013-14

0.42

0.50

0.54

0.50

0.53

Total assets- 3.9


debt

3.2

3.3

3.7

3.5

Proprietary

0.58

0.59

0.54

0.52

0.52

Interest
coverage

13.9

5.9

2.7

0.69

0.19

Debt-equity

16
14
2009-10

12

2010-11

10

2011-12

2012-13

2013-14

4
2
0
Debt-equity

Total assetsdebt

Proprietary

Interest
coverage

SOLVENCY RATIO
DEBT EQUITY RATIO
Long Term debt/ Shareholders fund

2009-10
2010-11
2011-12
2012-13
2013-14

1253300000 /2,926,716,624 =0.428


16,23641000/32,14375000= 0.505
18,45176000/33,98388000= 0.543
17,45000000/ 34,49545000= 0.506
18,71659000/34,84644000= 0.537

TOTAL ASSETS TO DEBT RATIO


2009-10
2010-11
2011-12
2012-13
2013-14

4971123587/1253300000=3.966
53,57624000/16,23641000=3.299
61,88398000/18,45176000=3.35
65,41664000/17450000=3.748
66,68362000/1871659000=3.562

PROPRIETARY RATIO
Proprietors Fund/ Total Assets
2009-10
2010-11
2011-12
2012-13
2013-14

2,926,716,624 /4971123587=0.588
32,143.75/53,576.24 = 0.599
33,983.88/61,883.98 = 0.549
34,495.45/65,416.64 = 0.527
34,846.44/66,683.62 = 0.522

INTEREST COVERAGE RATIO


Earnings before interest and tax/ Interest on debt

2009-10
2010-11
2011-12
2012-13
2013-14

1,739,609,238/124,572,328 = 13.964
6,573.04/110,803,120 = 5.932
4,27786000/1,54548000 = 2.768
1,52954000/2,20372 000= 0.694
46254000/2,38836 000= 0.194

2009-10

2010-11

2011-12

2012-13

2013-14

Debtor
tunover

34.7

31.5

30

33.4

29.32

Stock
turnover

0.36

0.22

0.20

0.17

0.24

Fixed
asset

0.49

0.58

0.52

0.51

0.50

40

35

30

25

2009-10
2010-11

20

2011-12
2012-13

15

2013-14

10

0
Debtor tunover

Stock turnover

Fixed asset

ACTIVITY RATIO

DEBTORS TURNOVER RATIO

2009-10
2010-11
2011-12
2012-13
2013-14

22925/659.71378 = 34.74
26076/828.849315 = 31.5
25594/851.93 = 30.04
25424/760.955 = 33.41
24513/835.875 = 29.32

STOCK TURNOVER RATIO


COGS/AVERAGE INVENTORY
2009-10
2010-11
2011-12
2012-13
2013-14

162.35/444.96=0.36
100.35/454.29=0.22
116.71/582.48=0.20
137.42/782.63=0.17
218.23/900=0.24

(values are in lakhs)

FIXED ASSETS TURNOVER RATIO


SALES/NET FIXED ASSETS
2009-10
2010-11
2011-12
2012-13
2013-14

22925/45977 = 0.49
26076/44803 = 0.58
25594/48497 = 0.52
25424/49032 = 0.51
24513/48688 = 0.50
(values are in lakhs)

2009-10

2010-11

2011-12

2012-13

0.006

0.005

0.004

0.166

0.167

0.05

0.035

Net 24.11
operating
profit

25.2

16.7

1.8

Return
on
investme
nt

0.399

0.15

0.10

0.03

0.01

Earning
per share

2.1

2.5

1.7

0.2

0.51

Dividend
payout

40.31

33.62

37.26

35.69

25.19

Gross
profit
Net
profit

0.158

2013-14

45
40
35
30
2009-10

25

2010-11
2011-12

20

2012-13
15

2013-14

10
5
0
Net profit

Net -operating
profit

Return on
investment

Earning per share Dividend payout

PROFITABILITY RATIO
NET OPERATING PROFIT RATIO

NOPR = NET OPERATING PROFIT (EBIT) / NETSALES*100


2009-10
2010-11
2011-12
2012-13
2013-14

5528.94/22925 = 24.11
6573.45/26076 = 25.20
4,277.86/25594 = 16.71
1,529.54/25424 = 6
462.54/24513 = 1.8

NET PROFIT RATIO


2009-10
2010-11
2011-12
2012-13
2013-14

3626.88/22925 = 0.1582
4334.06/26076 = 0.16620
4,277.86/25594 = 0.167
1,360.10/25424 = 0.0535
873.23/24513 = 0.0356

(values are in lakhs)

RETURN ON INVESTMENT
EBIT/ CAPITAL EMPLOYED *100
2009-10
2010-11
2011-12
2012-13
2013-14

1,739.60/43495.24 = 0.399
6,573.04/42842.58 = 0.153
4,277.86/42081.14 = 0.102
1,529.54/43542.71 = 0.0351
462.54 /44274.22 = 0.0104

GROSS PROFIT RATIO


Gross profit/ net sales
2009-10
2010-11 160.3/26076 =0.006
2011-12 139.23/25594=0.005
2012-13 111.82/25424=0.004
2013-14

(values are in lakhs)


)

EARNING PER SHARE


Profit after Tax/ no of equity shares

2009-10
2010-11
2011-12
2013-14
2012-13

3626.88/1705 = 2.12
4,334.04/1705 = 2.5
2,933.21/1705 = 1.72
497.71/1705 = 0.29
878.42/1705 = 0.51

PARTICULARS

2009

2010

INCREASE OR
DECREASE

% OF INCREASE OR
DECREASE

Sales
(-) Cogs

237.76
(91.49)

229.15
(86.62)

8.61
(4.87)

3.6%

Gross Profit (A)


(-)Office &
Administration

146.27

142.53

(3.74)

(2.55%)

28.84

26.76
28.66

(2.08)
(1.91)

(7.21%)
(6.24%)

Selling &
Distribution

30.57
(15.38)

Expenses
capitalised
Total Operating
Expenses(B)

135.52

142.04

6.52

4.81%

Operating Profit

101.96

86.21

(15.75)

(15.44%)

PBDIT

102.24

87.11

(15.13)

(14.79%)

Interest

6.63
95.61

12.22
74.89

5.59
(20.72)

84.3%
(21.67%)

19.61
55.28
eoi(0.33)

5.96
(29.43)

43.66%
34.87%

PBT

13.65
81.96
eoi2.42+

TAX

28.92

18.69

(10.23)

35.37%

Net Income After


Tax

52.77

36.27

(16.5)

31.26%

PBDT
Dep

PARTICULARS

2010

2011

INCREASE OR
DECREASE

% OF INCREASE OR
DECREASE

Sales
(-) Cogs

229.15
(86.62)

260.65
(100.35)

31.5

13.7%

Gross Profit (A)


(-)Office &
Administration

142.53
26.76

160.3
31.37

17.77
4.61

12.46%
17.22%

Selling & Distribution

28.66

31.19

3.33

11.61

Total Operating
Expenses(B)

142.04

162.91

20.87

14.69%

Operating Profit

86.21

96.37

10.16

11.78%

PBDIT

87.11

97.74

10.63

12.20%

interest

12.22

11.40

(.82)

(6.71%)

PBDT
Dep

86.34
20.61

11.45
1

15.28%
5.09%

PBT

74.89
19.61
55.28
eoi(0.33)

65.73

10.78

19.61%

TAX

18.69

22.39

3.7

19.79%

Net Income After Tax

36.27

43.34

7.07

19.49%

Expenses capitalised

COMPARATIVE INCOME STATEMENT


For the year ended 31st March 2011 and 2012
Particulars

2011

2012

255.94
116.71

Increase or
Decrease over
2011
(4.71)
16.36

Percentage
Increase or
Decrease
(1.81)
16.3

Sales
Less: Cost Of
Goods Sold
GROSS PROFIT
Less: Operating
expenses
Office and
administration
expenses
Selling and
distribution
expenses
Total Operating
expenses
OPERATING
PROFIT

260.65
100.35
160.3

139.23

(21.07)

(13.14)

31.37

59.21

27.84

88.75

31.19

(31.19)

(100)

62.56

59.21

(3.35)

(5.35)

96.37

78.05

(18.32)

(19.01)

PBDIT
Less: Interest
PBDT
Less:
Depreciation
PBT
Less: Tax
PAT

97.74
11.40
86.34
20.61

80.02
15.14
64.88
22.07

(17.72)
3.74
(21.46)
1.46

(18.13)
32.81
(24.86)
7.08

65.73
22.39
43.34

42.81
13.48
29.33

(22.92)
(8.91)
(14.01)

(34.87)
(39.79)
(32.33)

COMPARATIVE INCOME STATEMENT


For the year ended 31st March 2012 and 2013
Particulars

Sales
Less: Cost Of
Goods Sold
GROSS PROFIT
Less: Operating
expenses
Office and
administration
expenses
Selling and
distribution
expenses
Total Operating
expenses
OPERATING
PROFIT
PBDIT
Less: Interest
PBDT
Less:
Depreciation
PBT
Less: Tax
PAT

2012

2013

252.55
137.42

Increase or
Decrease over
2012
(3.39)
20.71

Percentage
Increase or
Decrease
(1.32)
17.74

255.94
116.71
139.23

111.82

(27.41)

(13.14)

59.21

54.32

(4.89)

(8.26)

59.21

54.32

(4.89)

(8.26)

78.05

60.96

(17.09)

(21.9)

80.02
15.14
64.88
22.07

60.81
22.35
38.46
24.85

(19.21)
7.21
(26.42)
2.78

(24.01)
47.62
(40.72)
12.6

42.81
13.48
29.33

13.61
4.82
8.78

(29.2)
(8.66)
(20.55)

(68.21)
(64.24)
(70.06)

COMPARATIVE BALANCE SHEET of TAJ GVK HOTELS


and RESORTS
AS ON 31ST MARCH 2012 and 2013
Particulars

2012

2013

Fixed Assets (A)


Investments (B)
Working Capital:
Current Assets (1)
Current Liabilities (2)

452.94
36.36

Working Capital (C )
(1-2)
Capital Employed
(A+B+C)
Less: Long term
Debts
Shareholders funds

Represented by:
Preference Share
Capital
Add: Equity Share
Capital
Add: Net Reserves
and Surplus

448.2
44.95

Increase or
Decrease over
2012
(4.74)
8.59

Percentage
Increase or
Decrease
(1.05)
23.62

97.68
108.43

136.5
119.75

38.82
11.32

39.74
10.44

(10.75)

16.75

478.55

509.9

31.35

6.55

170.57

207.06

36.49

21.39

307.98

302.84

(5.14)

1.67

12.54

12.54

327.3

332.41

5.11

1.56

COMPARATIVE BALANCE SHEET of TAJ GVK HOTELS


and RESORTS
AS ON 31ST MARCH 2011 and 2012
Particulars

2011

2012

Fixed Assets (A)


Investments (B)
Working Capital:
Current Assets (1)
Current Liabilities (2)

368.17
0.02

Working Capital (C )
(1-2)
Capital Employed
(A+B+C)
Less: Long term
Debts
Shareholders funds

Represented by:
Preference Share
Capital
Add: Equity Share
Capital
Add: Net Reserves
and Surplus

452.94
36.36

Increase or
Decrease over
2011
84.77
36.34

Percentage
Increase or
Decrease
23.02
181.7

46.42
73.8

97.68
108.43

51.26
34.63

110.43
46.92

(27.38)

(10.75)

16.63

60.74

340.81

478.55

137.74

40.42

141.14

170.57

29.43

20.85

199.67

307.98

108.31

54.24

12.54

12.54

308.9

327.3

18.4

5.96

PARTICULARS

2009

2010

Amount

Amount

Sales
(-) Cogs

237.76
(91.49)

100
38.47

229.15
(86.62)

100
37.80

Gross Profit (A)


(-)Office & Administration

146.27
28.84

61.52
12.12

142.53
26.76

62.199
11.67

Selling & Distribution

30.57

12.85

28.66

12.50

Expenses capitalised

(15.38)

Total Operating
Expenses(B)

135.52

56.99

142.04

61.98

Operating Profit

101.96

42.86

86.21

37.62

PBDIT

102.24

43

87.11

38.01

interest

6.63

2.78

12.22

5.33

PBDT
Dep

40.21
5.74
35.48

74.89
19.61
55.28
eoi(0.33)

32.68
8.55
23.97

PBT

95.61
13.65
81.96
eoi2.42+

TAX

28.92

12.16

18.69

8.15

Net Income After Tax

52.77

22.19

36.27

15.82

PARTICULARS

2010

Amount

2011

Amount

Sales
(-) Cogs

229.15
(86.62)

100
37.80

260.65
(100.35)

100
38.49

Gross Profit (A)

142.53

62.199

160.3

61.50

(-)Office & Administration

26.76

11.67

31.37

12.03

Selling & Distribution

28.66

12.50

31.19

11.96

Total Operating
Expenses(B)

142.04

61.98

162.91

62.5

Operating Profit

86.21

37.62

96.37

36.97

PBDIT

87.11

38.01

97.74

37.49

interest

12.22

5.33

11.40

4.37

32.68

86.34

33.12

8.55
23.97

20.61

7.90

PBT

19.61
55.28
eoi(0.33)

65.73

25.21

TAX

18.69

8.15

22.39

8.59

Net Income After Tax

36.27

15.82

43.34

16.62

74.89
PBDT
Dep

COMMON SIZE INCOME STATEMENT


For the year ended 31st March 11, 12 and 13
Particulars

2011
Rs(in
crores)
260.65

2012
Rs(in
crores)
255.94

2013
Rs(in
crores)
252.55

Percentage of Net Sales


2011
2012
2013
100

100

100

100.35

116.71

137.42

38.5

45.6

54.41

160.3

139.23

111.82

61.5

54.4

44.28

31.37

59.21

54.32

12.04

23.13

21.51

31.19

11.97

62.56

59.21

54.32

24.01

23.13

21.51

96.37

78.05

60.96

36.97

30.5

24.14

PBDIT
Less: Interest
PBDT
Less: Depreciation

97.74
11.40
86.34
20.61

80.02
15.14
64.88
22.07

60.81
22.35
38.46
24.85

37.5
4.37
33.12
7.91

31.27
5.92
25.35
8.62

24.08
8.85
15.23
9.84

PBT
Less: Tax
PAT

65.73
22.39
43.34

42.81
13.48
29.33

13.61
4.82
8.78

25.22
8.6
16.63

16.73
5.27
11.46

5.39
1.91
3.48

Sales
Less: Cost Of Goods
Sold
GROSS PROFIT
Less: Operating
expenses
Office and
administration
expenses
Selling and
distribution
expenses
Total Operating
expenses
OPERATING PROFIT

COMMON-SIZE BALANCE SHEET AS AT 31ST MARCH, 2009,


2010, 2011, 2012, 2013
PARTICULARS 2009

2010

2011

2012

2013

(%)
2009

(%)
2010

(%)
2011

(%)
2012

(%)
2013

12.54

12.54

12.54

12.54

12.54

2.63

2.52

2.34

2.02

1.86

0.00

0.00

0.00

0.00

0.00

256.83 278.63 307.56 327.30 332.41 53.93

56.15

57.48

52.89

49.48

138.99 125.33 141.14 170.57 207.06 29.18

25.25

26.37

27.56

30.82

67.84

79.70

73.80

16.06

13.79

17.52

17.82

476.2

496.2

535.04 618.83 671.76 100

100

100

100

100

EQUITY AND
LIABILITIES
Equity Share
Capital
Preference
Share Capital
Reserves and
Surplus ()
Misc
Expenses
Non-Current
Liabilities
Total CL &
Provisions
Total
ASSETS
Non-Current
Assets
Current
Assets
Investments
Total

108.43 119.75 14.24

443.38 459.96 488.6

484.79 490.32 93.10

92.6

91.32

78.33

72.98

32.82

36.42

46.42

97.68

6.89

7.3

8.67

15.78

20.31

0.00
476.2

0.02
496.2

0.02
36.36 44.95 0
535.04 618.83 671.77 100

0
100

0
100

5.87
100

6.69
100

136.5

Figures are in Crores

TREND ANALYSIS