Ashok Leyland

Report card
Attribute Value Date

PE ratio 23.36 12/11/10
EPS (Rs) 3.18 Mar, 10
Sales (Rs crore) 2,713.96 Sep, 10
Face Value (Rs) 1
Net profit margin (%) 5.66 Mar, 10
Last bonus 1:2 03/09/78
Last dividend (%) 150 29/04/10
Return on average equity 18.27 Mar, 10
Dividend
Year Month Dividend (%)
2010 Apr 150
2009 May 100
2008 May 150
2007 Mar 150
2006 May 120
2005 Apr 100
2004 Jun 75
2003 May 50
2002 May 45
2001 Apr 40
2000 Apr 35
1999 Jul 10
1998 Jun 10
1997 Jun 50
Capital structure
From To Class Of Authorized Issued Paid Up Shares Paid Up Face Paid Up
Year Year Share Capital Capital (Nos) Value
2009 2010 Equity Share 200.00 133.05 1330338317 1
2008 2009 Equity Share 150.00 133.05 1330338317 1
2007 2008 Equity Share 150.00 133.05 1330338317 1
2006 2007 Equity Share 150.00 132.41 1323870317 1
2005 2006 Equity Share 150.00 122.18 1221586776 1
2004 2005 Equity Share 150.00 118.95 1189294200 1
2003 2004 Equity Share 150.00 118.93 118929420 10
2002 2003 Equity Share 150.00 118.93 118929420 10
2001 2002 Equity Share 150.00 118.93 118929420 10
2000 2001 Equity Share 150.00 118.93 118929420 10
1994 2000 Equity Share 150.00 118.93 118929420 10
1993 1994 Equity Share 100.00 100.00 17100000 5
1993 1994 Equity Share 100.00 100.00 69513696 10
1992 1993 Equity Share 100.00 69.51 69513696 10
1991 1992 Equity Share 100.00 31.50 31496309 10
1990 1991 Equity Share 50.00 31.50 31496309 10
1989 1990 Equity Share 50.00 31.34 31342976 10
1986 1989 Equity Share 25.00 21.39 21390000 10
1984 1986 Equity Share 25.00 18.13 18130000 10
1981 1984 Equity Share 25.00 16.50 16500000 10
1979 1981 Equity Share 25.00 16.50 33000000 5
1977 1978 Equity Share 25.00 14.02 28038651 5
1975 1976 Equity Share 15.00 9.35 18692434 5
1972 1973 Equity Share 10.00 7.79 15577029 5
1969 1972 Equity Share 10.00 7.79 15578549 5
1965 1966 Equity Share 10.00 8.62 12575068 5
1965 1966 Equity Share 10.00 8.62 1766382 3
1963 1964 Equity Share 10.00 5.53 11047464 5

From To Class Of Authorized Issued Paid Up Shares Paid Up Face Paid Up
Year Year Share Capital Capital (Nos) Value
1960 1963 Equity Share 10.00 4.97 9942998 5
1959 1960 Equity Share 3.25 3.25 1871476 3
1959 1960 Equity Share 3.25 3.25 4000000 5
1957 1958 Equity Share 3.25 2.00 3742000 5
1956 1957 Equity Share 2.00 1.50 1713360 5
1952 1955 Equity Share 2.00 0.75 1091360 5
1951 1952 Equity Share 0.44 0.21 242159 5
1951 1952 Equity Share 1.56 0.54 276430 15
1948 1951 Equity Share 0.44 0.11 220000 5
1948 1951 Equity Share 1.56 0.39 142859 15
Dividend Amount Rs
Rate of Date of Despatch of
per share (Rs 10 face
Dividend (%) Dividend Warrants
value)
30.05.2000 35 3.50 30.05.2000
24.07.2001 40 4.00 24.07.2001
26.07.2002 45 4.50 26.07.2002
22.07.2003 50 5.00 22.07.2003
29.07.2004 75 7.50 29.07.2004
26.07.2005 100 1.00 * 26th July onwards
01.08.2006 120 1.20 * 01.08.2006
30.03.2007 150 1.50 * 31.07.2008
30.03.2007 150 1.50 * 01.08.2008
* Re 1 face value
Balance sheet (Rs. Crores)
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Sources of funds
Owner's fund
Equity share capital 133.03 133.03 133.03 132.39 122.16

Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 2,190.10 1,976.00 1,993.57 1,739.23 1,266.35
Loan funds
Secured loans 788.12 304.41 190.24 360.22 184.69
Unsecured loans 1,492.33 1,657.57 697.26 280.18 507.24
Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44
Uses of funds
Fixed assets
Gross block 6,018.63 4,953.27 2,942.44 2,620.20 2,138.50
Less : revaluation reserve 1,333.17 1,364.86 22.38 22.96 23.95
Less : accumulated depreciation 1,769.07 1,554.16 1,416.89 1,313.16 1,195.23
Net block 2,916.39 2,034.25 1,503.17 1,284.08 919.33
Capital work-in-progress 619.71 1,043.19 661.08 407.70 198.32
Investments 326.15 263.56 609.90 221.09 368.18
Net current assets

Current assets, loans & advances 4,107.53 3,195.70 2,759.38 2,544.92 2,183.12
Less : current liabilities & provisions 3,371.37 2,475.37 2,541.72 1,970.20 1,595.82
Total net current assets 736.15 720.33 217.66 574.72 587.31
Miscellaneous expenses not written 5.17 9.69 22.29 24.42 7.31
Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44

Notes:
Book value of unquoted investments 244.01 101.69 365.07 43.22 56.28
Market value of quoted investments 328.36 193.98 391.84 281.39 469.80
Contingent liabilities 445.03 754.37 1,783.97 1,129.49 946.29
Number of equity sharesoutstanding (Lacs) 13303.38 13303.38 13303.38 13238.70 12215.87
Profit loss account

Income
Operating income 7,436.18 6,168.99 7,972.52 7,358.88 5,359.94
Expenses
Material consumed 5,282.39 4,553.31 5,855.39 5,521.20 3,897.38
Manufacturing expenses 89.98 88.72 102.76 87.13 74.69
Personnel expenses 671.61 566.26 616.17 480.70 403.89
Selling expenses 571.69 430.77 194.63 170.70 117.30
Adminstrative expenses 74.36 65.04 399.76 413.10 326.71
Expenses capitalised -15.25 -8.20 -0.67 -0.13 -0.41
Cost of sales 6,674.79 5,695.90 7,168.04 6,672.71 4,819.56
Operating profit 761.40 473.08 804.48 686.18 540.38
Other recurring income 36.39 62.80 70.30 63.19 42.76

Adjusted PBDIT 797.79 535.88 874.78 749.37 583.14
Financial expenses 101.85 157.30 83.63 31.82 38.37
Depreciation 204.11 178.41 177.36 150.57 126.01
Other write offs - - 0.49 0.30 0.31
Adjusted PBT 491.83 200.17 613.30 566.67 418.45
Tax charges 121.10 18.45 168.84 163.22 124.98
Adjusted PAT 370.73 181.72 444.46 403.45 293.47
Non recurring items 52.95 8.27 24.85 37.83 33.85
Other non cash adjustments - 0.26 - 2.96 -
Reported net profit 423.67 190.25 469.31 444.25 327.32
Earnings before appropriation 905.98 692.53 831.00 674.62 505.73
Equity dividend 199.55 133.03 199.77 198.58 159.79
Preference dividend - - - - -
Dividend tax 33.14 22.61 33.95 27.85 22.41
Retained earnings 673.28 536.89 597.27 448.19 323.54
Cash flow
Profit before tax 544.77 208.45 638.15 604.51 452.30
Net cash flow-operating activity 1,090.17 -525.58 1,065.69 499.95 322.02
Net cash used in investing activity -783.17 -664.18 -809.68 -749.69 -133.59
Net cash used in fin. activity 123.31 459.18 364.52 -289.38 -257.60
Net inc/dec in cash and equivalent 430.32 -730.58 620.53 -539.12 -69.17
Cash and equivalent begin of year 85.15 815.73 195.20 850.32 919.49
Cash and equivalent end of year 515.46 85.15 815.73 311.21 850.32
Ratios
Per share ratios

Adjusted EPS (Rs) 2.79 1.37 3.34 3.05 2.40
Adjusted cash EPS (Rs) 4.32 2.71 4.68 4.19 3.44
Reported EPS (Rs) 3.18 1.43 3.53 3.33 2.68
Reported cash EPS (Rs) 4.72 2.77 4.86 4.47 3.71
Dividend per share 1.50 1.00 1.50 1.50 1.20
Operating profit per share (Rs) 5.72 3.56 6.05 5.18 4.42
Book value (excl rev res) per share (Rs) 17.42 15.78 15.82 13.95 11.31
Book value (incl rev res) per share (Rs.) 27.45 26.04 15.99 14.13 11.50
Net operating income per share (Rs) 55.90 46.37 59.93 55.59 43.88
Free reserves per share (Rs) 16.10 14.43 14.69 12.79 10.01
Profitability ratios
Operating margin (%) 10.23 7.66 10.09 9.32 10.08
Gross profit margin (%) 7.49 4.77 7.86 7.27 7.73
Net profit margin (%) 5.66 3.04 5.83 5.94 6.05
Adjusted cash margin (%) 7.69 5.77 7.73 7.46 7.76

Adjusted return on net worth (%) 15.99 8.65 21.12 21.84 21.24
Reported return on net worth (%) 18.27 9.05 22.30 23.88 23.69
Return on long term funds (%) 12.89 8.78 23.15 25.51 26.32
Leverage ratios
Long term debt / Equity 0.98 0.93 0.41 0.25 0.24
Total debt/equity 0.98 0.93 0.41 0.34 0.49
Owners fund as % of total source 50.46 51.80 70.55 74.50 66.74
Fixed assets turnover ratio 1.25 1.26 2.77 2.86 2.56
Liquidity ratios
Current ratio 1.22 1.29 1.09 1.29 1.37
Current ratio (inc. st loans) 1.22 1.29 1.08 1.12 1.12
Quick ratio 0.72 0.72 0.59 0.73 0.79
Inventory turnover ratio 5.11 5.36 7.90 8.29 7.16
Payout ratios
Dividend payout ratio (net profit) 54.92 81.91 49.80 51.31 55.66
Dividend payout ratio (cash profit) 37.06 42.24 36.11 38.23 40.16
Earning retention ratio 37.24 14.36 47.42 43.88 37.92
Cash earnings retention ratio 59.53 56.79 62.45 59.16 56.60

Coverage ratios
Adjusted cash flow time total debt 3.97 5.45 1.43 1.16 1.65
Financial charges coverage ratio 7.83 3.41 10.46 23.55 15.20
Fin. charges cov.ratio (post tax) 7.16 3.34 8.74 19.61 12.82
Component ratios
Material cost component (% earnings) 74.42 73.82 74.66 75.69 78.32
Selling cost Component 7.68 6.98 2.44 2.31 2.18
Exports as percent of total sales 8.66 15.93 10.19 8.94 8.81
Import comp. in raw mat. consumed 7.65 5.37 3.70 3.35 2.60
Long term assets / total Assets 0.47 0.50 0.49 0.42 0.39
Bonus component in equity capital (%) 4.68 4.68 4.68 4.70 5.10

Ashok Leyland

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Report card

Attribute Value Date

2009 2010 Equity Share 200.00 133.05 1330338317 1

2008 2009 Equity Share 150.00 133.05 1330338317 1

2007 2008 Equity Share 150.00 133.05 1330338317 1

2006 2007 Equity Share 150.00 132.41 1323870317 1

2005 2006 Equity Share 150.00 122.18 1221586776 1

2004 2005 Equity Share 150.00 118.95 1189294200 1

2003 2004 Equity Share 150.00 118.93 118929420 10

2002 2003 Equity Share 150.00 118.93 118929420 10

2001 2002 Equity Share 150.00 118.93 118929420 10

2000 2001 Equity Share 150.00 118.93 118929420 10

1994 2000 Equity Share 150.00 118.93 118929420 10

1993 1994 Equity Share 100.00 100.00 17100000 5

1993 1994 Equity Share 100.00 100.00 69513696 10

1992 1993 Equity Share 100.00 69.51 69513696 10

1991 1992 Equity Share 100.00 31.50 31496309 10

1990 1991 Equity Share 50.00 31.50 31496309 10

1989 1990 Equity Share 50.00 31.34 31342976 10

1986 1989 Equity Share 25.00 21.39 21390000 10

1984 1986 Equity Share 25.00 18.13 18130000 10

1981 1984 Equity Share 25.00 16.50 16500000 10

1979 1981 Equity Share 25.00 16.50 33000000 5

1977 1978 Equity Share 25.00 14.02 28038651 5

1975 1976 Equity Share 15.00 9.35 18692434 5

1972 1973 Equity Share 10.00 7.79 15577029 5

1969 1972 Equity Share 10.00 7.79 15578549 5

1965 1966 Equity Share 10.00 8.62 12575068 5

1965 1966 Equity Share 10.00 8.62 1766382 3

1963 1964 Equity Share 10.00 5.53 11047464 5

1960 1963 Equity Share 10.00 4.97 9942998 5

1959 1960 Equity Share 3.25 3.25 1871476 3

1959 1960 Equity Share 3.25 3.25 4000000 5

1957 1958 Equity Share 3.25 2.00 3742000 5

1956 1957 Equity Share 2.00 1.50 1713360 5

1952 1955 Equity Share 2.00 0.75 1091360 5

1951 1952 Equity Share 0.44 0.21 242159 5

1951 1952 Equity Share 1.56 0.54 276430 15

1948 1951 Equity Share 0.44 0.11 220000 5

1948 1951 Equity Share 1.56 0.39 142859 15

Equity share capital 133.03 133.03 133.03 132.39 122.16

Share application money - - - - -

Preference share capital - - - - -

Reserves & surplus 2,190.10 1,976.00 1,993.57 1,739.23 1,266.35

Unsecured loans 1,492.33 1,657.57 697.26 280.18 507.24

Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44

Gross block 6,018.63 4,953.27 2,942.44 2,620.20 2,138.50

Less : revaluation reserve 1,333.17 1,364.86 22.38 22.96 23.95

Less : accumulated depreciation 1,769.07 1,554.16 1,416.89 1,313.16 1,195.23

Net block 2,916.39 2,034.25 1,503.17 1,284.08 919.33

Capital work-in-progress 619.71 1,043.19 661.08 407.70 198.32

Investments 326.15 263.56 609.90 221.09 368.18

Net current assets

Total net current assets 736.15 720.33 217.66 574.72 587.31

Miscellaneous expenses not written 5.17 9.69 22.29 24.42 7.31

Total 4,603.57 4,071.02 3,014.11 2,512.01 2,080.44

Market value of quoted investments 328.36 193.98 391.84 281.39 469.80

Contingent liabilities 445.03 754.37 1,783.97 1,129.49 946.29

Number of equity sharesoutstanding (Lacs) 13303.38 13303.38 13303.38 13238.70 12215.87

Profit loss account

Manufacturing expenses 89.98 88.72 102.76 87.13 74.69

Personnel expenses 671.61 566.26 616.17 480.70 403.89

Selling expenses 571.69 430.77 194.63 170.70 117.30

Adminstrative expenses 74.36 65.04 399.76 413.10 326.71