TERM PAPER

ON
FINANCIAL ANALYSIS
OF
GRASIM & RAYMOND
Submitted to:
(LOVELY INSTITUTE OF MANAGEMENT)
MBA – B (2nd Sem.)
(Session 2009-2011)
Date- 5 MAY 2010

Submitted to:
Submitted By:
Mrs. Neha Tikoo Suman Tiwari
Roll No. A-22
Reg. N
o.10904478

Introduction - Grasim
Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks a
mong India's largest private sector companies, with consolidated net turnover of
Rs.184 billion and a consolidated net profit of Rs.22 billion (FY2009).
Starting as a textiles manufacturer in 1948, today Grasim's businesses comprise
viscose staple fibre (VSF), cement, chemicals and textiles. Its core businesses
are VSF and cement, which contribute to over 90 per cent of its revenues and ope
rating profits.
The Aditya Birla Group is the world’s largest producer of VSF, commanding a 23 p
er cent global market share. Grasim, with an aggregate capacity of 333,975 tpa h
as a global market share of 12 per cent. It is also the second largest producer
of caustic soda (which is used in the production of VSF) in India.
In cement, Grasim along with its subsidiary ultratech Cement Ltd. Has a capacity
of 45.7 million tpa as on 30 June 2009 and is a leading cement player in India.
In July 2004, Grasim acquired a majority stake and management control in ultrat
ech Cement Limited. One of the largest of its kind in the cement sector, this ac
quisition catapulted the Aditya Birla Group to the top of the league in India.
BUSINESS OVERVIEW:
Grasim Industries, a flagship of the Aditya Birla Group was originally incorpora
ted As Gwalior Rayon Silk Manufacturing (Weaving) Company in 1947. The Company s
key businesses are Viscose Stable Fibre and Cement. It also produces Sponge Iro
n, Chemicals and textiles.Grasim which commenced operation in 1950 by manufactur
ing fabrics using Imported rayon ( a manmade cellulosic fibre) at Gwalior has no
w grown to Become one of India s top ten largest private sector companies in ter
ms of assets And sales. The company s foray into cement has became a successful
Diversification and the company has became the third largest producer of cement
In India.The company is also equally successful in Viscose stable fibre. The Com
pany has sucessful jvs abroad that include viscose staple fibre plants in Thaila
nd and Indonesia and carbon black plants in Thailand and Egypt and pulp Plant in
canada. Joint ventures in India are Tanfac Industries, Bina Power Supply Compan
y, Birla AT&T Co., and Bihar Caustic & Chemicals. The company has recently dives
ted Its stake in Mangalore Refinery and Petrochemicals. The company has also Acq
uired controlling stake in Bihar Caustic & Chemicals by an open offer made Durin
g 2002-03.Grasim s subsidiaries are Kerala Spinners, Sun God Trading and Investm
ents and Samruddhi Swastik Trading and Investments. The company which has hived
off its software business to Birla Technologies Ltd(BTL), a subsidiary of the co
mpany in 2000-01 has divested its entire holding In BTL to PSI Data Systems, a g
roup company for an consideration of Rs.11.3 Crores during the year 2001-02.Ceme
nt Business :With an aggregate cement Capacity of 11.4 Million and with an expec
ted 1.8 million MT addition to capacity Through an expansion project the company
is all set to become the third largest Player in the cement industry. The conso
lidation of cement business within the Group(acquisition of Indian Rayon s Cemen
t business) and some strategic Acquisitions(Dharani & Shree Digvijay Cement) has
help the company to attain The critical economic of scale in its operations and
wider geographical presence In crucial markets. To grow its cement business and
to sustain its marketshare, Grasim has Envisaged a capital expenditure of Rs 53
0 crore. Grasim has also made an Strategic investment in the equity of Larsen &
Toubro in November 2001 by Acquiring Reliance Industries s 10% stake in L & T fo
r Rs.766.5 crores.
Recently the company has also struck a deal with the L&T, which will pave way fo
r control Of the cement division of L&T by Grasim after the demerger of L&T s Ce
ment Division into a separate company. On completion of legal formalities this w
ill Make the AV Birla group the largest cement producer in India.To reduce the P
ower cost the company has put up captive power plants at Shambhupura(Aditya Ceme
nt unit), Rajasthan and Reddipalayam, Tamilnadu.Fibre, Pulp & Chemical Business
the company produces VSF from Nagda, Mavoor, Harihar and Kharach Plant and has a
n combined installed capacity to produce 220775 tonnes of VSF. The Rayon Grade p
ulp is produced at Mavoor and Harihar. The company, during the year 2001-02 has
decided to close the Mavoor plant. This closure decision is primarily due to non
availability of ram material and resultant unviable operations.
Financial position of the company
Grasim Industries’ (Grasim) Q4FY2008 pre-exceptional standalone net profit at Rs
5.17 billion is below our expectation (Rs5.56 bn), primarily because of lower Th
an expected profitability of Cement and VSF division. Standalone revenue for The
quarter stood at Rs27.42 billion up 10%, driven by a stellar 22% growth in Ceme
nt revenues and a 10% growth in VSF revenues. EBIDTA for the quarter grew By jus
t 6.3% to Rs7.38 billion. There is a Rs300 million gratuity provision which We h
ave treated extraordinary item and accounted for it below the line. Other Income
for the quarter grew by 53% where as interest charges declined by 26% On the ba
ck of surplus cash. The pre-exceptional net profit at Rs5.17 billion grew By 18%
yoy. The reported net profit adjusted for gain on sale of its investment in Shr
i Digvijay and the gratuity provision stood at Rs6.67 bn and the same grew by 52
.5%. On the back of decline in VSF prices, sharp increase in VSF cost and also l
ower profitability for the cement division, we are downgrading our consolidated
Earnings estimates by 9% for FY2009 and for FY2010. Our EPS estimate now Stands
at Rs308 for FY2009 and Rs344 for FY2010. Also to factor in the earnings Downgra
de and bleak outlook for the VSF division we are down grading our price Target f
or Grasim to Rs3100. We maintain our positive view on the stock as we Believe th
at Grasim Industries, with global scale, consolidated capacity for the VSF divis
ion and massive expansion for the cement business provides an Exciting conglomer
ate play. The stock now trades at undemanding valuations 7.8X its FY2009 earning
s and USD 100 for its consolidated FY2009 cement

STOCK DETAIL
Stock Details
Sector Cement
Reuters GRAS.BO
Bloomberg GRASIM@IN
Equity Capital (Rs mn) 917
Face Value (Rs) 10
No of shares o/s (mn) 92
52 Week H/L 4,074/2,335
Market Cap (Rs bn/USD mn) 220/5,433
Daily Avg Vol. (No of shares) 103225
Daily Avg Turnover (US$mn) 7.0

Capital structure
From Year To Year Class Of Share Authorized Capital Issued Capital
Paid Up Shares (Nos) Paid Up Face Value Paid Up Capital
2008 2009 Equity Share 95.00 91.67 91674534 10 91.67
2007 2008 Equity Share 95.00 91.67 91674228 10 91.67
2006 2007 Equity Share 95.00 91.67 91673834 10 91.67
2005 2006 Equity Share 95.00 91.67 91673654 10 91.67
2004 2005 Equity Share 95.00 91.67 91672097 10 91.67
2003 2004 Equity Share 95.00 91.67 91671233 10 91.67
2002 2003 Equity Share 95.00 91.67 91669685 10 91.67
2001 2002 Equity Share 95.00 91.67 91669685 10 91.67
2000 2001 Equity Share 95.00 91.67 91669685 10 91.67
Ratios
Particulars Mar 08 Mar 07 Mar 06
Per share ratios
EPS (Rs) 229.61 261.89 202.21
Dividend per share 30.00 30.00 27.50
Operating profit per share (Rs) 279.34 336.43 259.66
Net operating income per share (Rs) 1,186.59 1,117.21 942.83
Profitability ratios
Operating margin (%) 23.54 30.11 27.54
Gross profit margin (%) 19.34 26.66 23.86
Net profit margin (%) 14.85 19.57 17.44
Return on net worth (%) 17.39 25.16 24.66
Return on long term funds (%) 18.73 27.83 25.35
Leverage ratios
Debt / Equity 0.30 0.30 0.40
Total debt/equity 0.35 0.39 0.47
Fixed assets turnover ratio 0.98 1.35 1.28
Liquidity ratios
Current ratio 0.98 1.08 1.16
Quick ratio 0.54 0.70 0.73
Inventory turnover ratio 13.10 19.40 17.75
Payout ratios
Dividend payout ratio (net profit) 19.19 15.45 18.71
Earning retention ratio 79.99 83.17 79.78
Dividend
Year Month Dividend (%)
2009 May 300
2008 Apr 300
2007 Mar 275
2006 Apr 200
2005 Apr 160
2004 Apr 140
2003 Apr 100
2002 May 90
2001 Apr 80
2000 May 10
2000 Jan 60
Company position relative to industry
Last Price Market Cap.
(Rs. cr.) Sales
Turnover Net Profit Total Assets
Grasim 2,828.50 25,932.25 10,940.36 1,647.96 12,872.5
3
Voltas 176.60 5,843.42 4,063.85 252.59 857.44
Century 518.90 4,828.14 3,871.63 236.54 3,253.81
Sintex India 293.55 4,006.82 1,891.13 266.71 3,566.09
Nava Bharat Ven 415.50 3,168.41 1,280.81 455.10 1,601.78
Prakash Ind 225.05 2,614.16 1,525.64 204.16 1,309.82
3M India 2,298.65 2,589.45 836.69 64.95 347.75
Bombay Dyeing 555.85 2,146.52 1,363.59 -194.62 2,081.30
Kesoram 380.25 1,739.39 3,948.20 337.81 3,300.52
Orient Paper 51.75 998.01 1,519.54 200.09 1,081.22
Comparative analysis:-
• Grasim industries have highest value of total assets i.e 12872 among its
competitors. The asset value of its competitor’s lies between 347 to 3300.3M In
dia has the lowest value of assets.
• In term of sales turnover Grasim industries is also ahead of its competi
tors. It has net sales of 10940 whereas of its competitor’s less than 5000.
• Grasim industries having highest sales also earn highest profit. It earn
a profit of 1647.96.its other competitors could manage hardly 200-300.bombay dy
eing shows net loss of 194.62.
• In term of market capitalization Grasim industries also top the list. It
occupy more than 50% market capitalization.
Change in its share price over a year
Month Open Price High Price Low Price Spread High-Low Spread C
lose-Open
Mar-09 1380 1640 1305 335 196.8
Apr-09 1590 1848 1505.55 342.45 188.4
May-09 1810 2355 1687 668 295.95
Jun-09 2120 2670 2091 579 190.25
Jul-09 2311 2938 2251 687 428.85
Aug-09 2755 2861 2451.1 409.9 -72.95
Sep-09 2696 2864.9 2589.1 275.8 72.35
Oct-09 2770 2805.4 2081.1 724.3 -589.6
Nov-09 2180 2410 2133 277 201
Dec-09 2381 2493 2339.9 153.1 96.7
Jan-10 2484.25 2888.7 2475.1 413.6 109.8
Feb-10 2581.1 2771.15 2535.5 235.65 116.35
Mar-10 2701.25 2952 2680 272 112.5
Apr-10 2810.5 2845 2810.5 34.5 18.25

Analysis :-
• Open price slightly increases from mar 09 onwards. Its value was 1380 du
ring mar 09 and reaches to 2701 during mar 10.
• High price of the shares also gradually increases from march 09 .it achi
eved the highest value in mar10 where as lowest value in mar 09.

Introduction - Raymond
The Raymond Group was incorporated in 1925 and within a span of a few years, tra
nsformed from being an Indian textile major to a global conglomerate. In our end
eavor to keep nurturing quality and leadership, we always choose the path untake
n - from being the first in 1959 to introduce a plywood blend in India to creati
ng the world s finest suiting fabric the Super 240s made from the superfine 11.6
micron wool.
Today, the Raymond group is vertically and horizontally integrated to provide cu
stomers total textile solutions. Few companies globally have such a diverse prod
uct range of nearly 20,000 varieties of worsted suiting to cater to customers ac
ross age groups, occasions and styles.
After making a mark in textiles, Raymond forayed into garmenting through highly
successful ventures like Silver Spark Apparel Ltd. and Regency Texteis Portugues
a Lda (for fine Tailored Suits, Trousers and Jackets), EverBlue Apparel Ltd. (Je
answear) and Celebrations Apparel Ltd. (Shirts).
The Raymond Group also has an expansive retail presence established through the
exclusive chain of The Raymond Shop and stand-alone brand stores for Raymond F
inely Crafted Garments, Manzoni, Park Avenue, ColorPlus, Parx, Zapp! and Notting
Hill.
With a US$600 million turnover we are today one of the largest players in fabric
s, designer wear, denim, cosmetics & toiletries, engineering files & tools, prop
hylactics and air charter services in national and international markets. All ou
r plants are ISO certified, leveraging on cutting-edge technology that adheres t
o the highest quality parameters while also being environment friendly.
Rating
CARE assigned a ‘CARE AA’ (Double A) rating to the long-term bank facilities of
Raymond Ltd. (RL) This rating is applicable to facilities having tenure of over
one year. Facilities with this rating are considered to offer high safety for ti
mely servicing of debt obligations. Such facilities carry very low credit risk.
Also, CARE assigned a ‘PR1+’ (PR One Plus) rating to the short term bank facilit
ies of RL. This rating is applicable for facilities having tenure up to one year
. Facilities with this rating would have strong capacity for timely payment of s
hort-term debt obligations and carry lowest credit risk. Both these ratings are
assigned to bank facilities aggregating to Rs.1,430 crore. Further, CARE also re
affirmed ‘PR1+’ (PR One Plus) rating to the short-term Commercial Paper/Short-te
rm Debt issue of Rs.225 crore which would be backed by commensurate liquid
Management system

COMPETITION
Raymond
Mar 09 Digjam
Mar 09 Kuvam Intl
Mar 08 Shri Dinesh Mil
Mar 09 Punj Woolcomber
Mar 04
Sources Of Funds
Total Share Capital 61.38 88.76 2.94 5.28 11.26
Equity Share Capital 61.38 68.76 2.94 5.28 11.26
Share Application Money 20.87 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 20.00 0.00 0.00 0.00
Reserves 1,065.60 -137.53 -0.62 74.89 -81.64
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Net worth 1,147.85 -48.77 2.32 80.17 -70.38
Secured Loans 868.85 127.84 2.92 22.83 101.74
Unsecured Loans 476.22 16.80 0.00 5.02 11.50
Total Debt 1,345.07 144.64 2.92 27.85 113.24
Total Liabilities 2,492.92 95.87 5.24 108.02 42.86
ANALYSIS
• Raymond’s share capital lies second after digjam. The share capital of k
uvam, dinesg and punj are very less in comparison to Raymond and Digjam.
• Raymond has the highest reserve where as others has negative reserves
• Net worth of Raymond is also much greater than others.
• Total debt of Raymond is 1345 which is much greater than
Changes in share price over a year
Month Open Price High Price Low Price Spread High-Low Spread C
lose-Open
Mar-09 75.1 81.6 68.1 13.5 1.35
Apr-09 77.5 98.05 75.25 22.8 9.55
May-09 90 152.65 87.5 65.15 62.65
Jun-09 165 189.4 142.25 47.15 8.05
Jul-09 176 194.5 152.6 41.9 -1.35
Aug-09 174.9 189.6 157.6 32 3.45
Sep-09 177 234.4 172.1 62.3 31.5
Oct-09 211.9 212.5 179.15 33.35 -30.15
Nov-09 177 206.6 175.05 31.55 10.45
Dec-09 189.5 203.55 186.3 17.25 6.8
Jan-10 195.6 271.75 194 77.75 36.8
Feb-10 232 249.7 199 50.7 -17.65
Mar-10 218.5 259.65 215.5 44.15 21.1
Apr-10 241.6 256 241 15 11.5

Analysis :-
• Open price slightly increases from mar 09 onwards.its value was 75 durin
g mar 09 and reaches to 218 during mar 10.
• High price of the shares also gradually increases from march 09 .it
achieved the highest value in mar10 where as lowest value i
n mar 09

Raymond- Capital structure

Period Instrument Authorized Capital

(Rs. cr) Issued Capital
(Rs. cr) - P A I D U P -
From To Shares (nos) Face Value Capital
2008 2009 Equity Share 100 61.38 61380853 10 61.38
2007 2008 Equity Share 100 61.38 61380853 10 61.38
2006 2007 Equity Share 100 61.38 61380583 10 61.38
2005 2006 Equity Share 100 61.38 61380853 10 61.38
2004 2005 Equity Share 100 61.38 61380853 10 61.38

Observation :-
Capital structure of Raymond consists solely of equity share.
In the last five years i.e. from 2005 -2009, there is no change in equit
y capital.
Authorised capital, issued capital, number of share, face value and capi
tal is same throughout the five year.
Grasim-capital structure
Period Instrument Authorized Capital Issued Capital - P A I D U P -
From To (Rs. cr) (Rs. cr) Shares (nos) Face Val
ue Capital
2008 2009 Equity Share 95 91.67 91674534 10 91.67
2007 2008 Equity Share 95 91.67 91674228 10 91.67
2006 2007 Equity Share 95 91.67 91673834 10 91.67
2005 2006 Equity Share 95 91.67 91673654 10 91.67
2004 2005 Equity Share 95 91.67 91672097 10 91.67
graph
Observation:-
• Capital structure of Grasim consists solely of equity share.
• There is no change in equity share throughout the year. Equity share cap
ital is 91.67 cr.
• No of share is slightly changed from year 2004 to 2008.
• But there is no change in authorised capital, issued capital and face va
lue.
COMPARATIVE ANALYSIS OF CAPITAL STRUCTURE-2008-09
Company Equity capital Face value No. Of shares
Grasim 91.67 10 91674534
Raymond 61.38 10 61380853

ANALYSIS:-
Equity capital of Grasim is greater than that of Raymond i.e. equity cap
ital of Grasim & Raymond are 91.67 and 61.38 respectively.
Face value for both the companies is same i.e.10
The no. of shares of Grasim is much greater than that of Raymond.

ANNEXTURE
Grasim Industries Ltd
Balance sheet
Mar 09 Mar 08 Mar 07
Sources of funds
Owner s fund
Equity share capital 91.67 91.67 91.67
Share application money 0.02 0.02 0.02
Preference share capital - - -
Reserves & surplus 9,382.53 8,045.42 6,134.46
Loan funds
Secured loans 2,205.00 2,350.40 2,291.00
Unsecured loans 1,189.95 851.47 660.56
Total 12,869.17 11,338.98 9,177.71
Uses of funds
Fixed assets
Gross block 11,031.19 7,588.40 6,770.97
Less : revaluation reserve 3.36 3.60 3.89
Less : accumulated depreciation 3,972.54 3,564.89 3,380.53
Net block 7,055.29 4,019.91 3,386.55
Capital work-in-progress 1,248.27 3,026.31 1,192.35
Investments 4,609.10 4,080.79 4,274.70
Net current assets
Current assets, loans & advances 3,098.69 3,010.98 2,403.38
Less : current liabilities & provisions 3,142.18 2,799.01 2,079.27
Total net current assets -43.49 211.97 324.11
Miscellaneous expenses not written - - -
Total 12,869.17 11,338.98 9,177.71
Profit loss account- Grasim
Mar 09 Mar 08 Mar 07
Income
Operating income 10,877.98 10,241.97 8,643.24
Expenses
Material consumed 3,632.04 3,268.70 3,000.40
Manufacturing expenses 2,176.25 1,671.44 1,271.96
Personnel expenses 605.12 557.67 469.40
Selling expenses 1,569.50 1,363.53 1,252.64
Adminstrative expenses 334.23 296.43 268.40
Expenses capitalized - - -
Cost of sales 8,317.14 7,157.77 6,262.80
Operating profit 2,560.84 3,084.20 2,380.44
Other recurring income 218.80 218.44 161.40
Adjusted PBDIT 2,779.64 3,302.64 2,541.84
Financial expenses 142.14 107.00 111.84
Depreciation 456.97 353.27 317.91
Other write offs - - -
Adjusted PBT 2,180.53 2,842.37 2,112.09
Tax charges 599.88 962.33 690.55
Adjusted PAT 1,580.65 1,880.04 1,421.54
Non recurring items 18.95 328.50 93.20
Other non cash adjustments 48.36 24.06 21.07
Reported net profit 1,647.96 2,232.60 1,535.81
Earnigs before appropriation 2,712.37 3,197.93 2,414.18
Equity dividend 275.02 275.02 252.10
Preference dividend - - -
Dividend tax 41.38 41.42 35.36
Retained earnings 2,395.97 2,881.49 2,126.72

Balance Sheet of Raymond ----------- in Rs. Cr. --------------

Mar 05 Mar 06 Mar 07 Mar 08 Mar 09
Sources Of Funds
Total Share Capital 61.38 61.38 61.38 61.38 61.38
Equity Share Capital 61.38 61.38 61.38 61.38 61.38
Share Application Money 0.00 0.00 0.00 20.87 20.87
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 1,042.55 1,128.56 1,294.78 1,336.90
1,065.60
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 1,103.93 1,189.94 1,356.16 1,419.15
1,147.85
Secured Loans 393.33 546.68 566.86 504.98 868.85
Unsecured Loans 179.45 221.20 220.75 382.03 476.22
Total Debt 572.78 767.88 787.61 887.01 1,345.07
Total Liabilities 1,676.71 1,957.82 2,143.77 2,306.16
2,492.92
Application Of Funds
Gross Block 1,140.69 1,366.73 1,700.64
Less: Accum. Depreciation 627.98 677.66 701.60
Net Block 512.71 689.07 999.04
Capital Work in Progress 62.92 156.05 62.11
Investments 734.27 736.60 888.59
Inventories 287.57 319.04 340.40
Sundry Debtors 226.28 248.47 304.48
Cash and Bank Balance 13.25 24.12 35.79
Total Current Assets 527.10 591.63 680.67
Loans and Advances 158.47 197.19 361.59
Fixed Deposits 0.00 0.92 11.00
Total CA, Loans & Advances 685.57 789.74 1,053.26
Deffered Credit 0.00 0.00 0.00
Current Liabilities 262.70 345.91 450.43
Provisions 56.05 67.71 59.67
Total CL & Provisions 318.75 413.62 510.10
Net Current Assets 366.82 376.12 543.16
Miscellaneous Expenses 0.00 0.00 0.00
Total Assets 1,676.72 1,957.84 2,492.90
Contingent Liabilities 488.95 544.05 446.45
Book Value (Rs) 179.85 193.86 183.6
Profit and loss a/c of Raymond (cr. rupees)
Mar 05 Mar 06 Mar 07 Mar 08 Mar 09
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 1,176.67 1,354.84 1,315.95 1,352.33
1,414.21
Excise Duty 9.49 20.33 15.59 14.79 14.00
Net Sales 1,167.18 1,334.51 1,300.36 1,337.54
1,400.21
Other Income 74.25 71.76 190.12 122.21 -250.43
Stock Adjustments -21.13 6.34 6.28 50.89 28.99
Total Income 1,220.30 1,412.61 1,496.76 1,510.64
1,178.77
Expenditure
Raw Materials 454.05 529.19 491.26 572.95 536.93
Power & Fuel Cost 83.92 93.81 85.33 82.16 89.83
Employee Cost 228.17 203.98 225.58 233.16 261.00
Other Manufacturing Expenses 67.40 73.05 79.17 83.93 83.00
Selling and Admin Expenses 127.00 143.89 188.81 221.98 251.45
Miscellaneous Expenses 85.91 101.26 89.61 102.73 87.64
Preoperative Exp Capitalised 0.42 -1.50 -1.79 0.00 0.00
Total Expenses 1,046.87 1,143.68 1,157.97 1,296.91
1,309.85
Mar 05 Mar 06 Mar 07 Mar 08 Mar 09
12 mths 12 mths 12 mths 12 mths 12 mths
Operating Profit 99.18 197.17 148.67 91.52 119.35
PBDIT 173.43 268.93 338.79 213.73 -131.08
Interest 27.56 36.24 48.59 60.30 85.20
PBDT 145.87 232.69 290.20 153.43 -216.28
Depreciation 63.77 72.71 63.06 81.07 88.81
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 82.10 159.98 227.14 72.36 -305.09
Extra-ordinary items 15.21 2.44 11.96 15.64 6.38
PBT (Post Extra-ord Items) 97.31 162.42 239.10 88.00 -298.71
Tax 15.01 41.41 36.98 15.57 -27.15
Reported Net Profit 83.15 122.29 201.25 66.12 -270.40
Total Value Addition 591.99 614.49 666.71 723.96 772.92
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 24.55 30.69 30.69 15.35 0.00
Corporate Dividend Tax 3.21 4.30 5.22 2.61 0.00
Per share data (annualised)
Shares in issue (lakhs) 613.81 613.81 613.81 613.81 613.81
Earning Per Share (Rs) 13.55 19.92 32.79 10.77 -44.05
Equity Dividend (%) 40.00 50.00 50.00 25.00 0.00
Book Value (Rs) 179.85 193.86 220.94 227.80 183.61