Anda di halaman 1dari 394

FOREWORD

After a scorching 2014 where the Sensex gained around 30%, the year 2015
turned out to be a bit of a disappointment. By the time the year came to a close,
Sensex was down 5% with the smaller capitalisation stocks suffering even more.
As a matter of fact, if you take January 2016 also into account, most of the good
work of 2014 has gone down the drain.
While the correction looks global in nature, the Indian economy isnt in the best of
shapes either.
The markets set high expectations from the Modi-led BJP government.
Expectations of big bang reforms...'minimum government and maximum
governance'...a friendlier business environment...accelerated GDP growth.
But what really happened?
The economic growth rate is nowhere close to the anticipated 8%+ growth rates
(as per the old data series).
Capital expenditure is sluggish at 1.7% of GDP, meaning government
investments have yet to pick up pace.
Passage of many key reform bills are in a state of limbo.
And the markets are reacting accordingly.
Of course, there have been lots of big plans...lots of slogans...Make in India,
Clean India, Digital India, Skill India, Start-up India, among others.
The globetrotting PM has visited 28 countries, aggressively selling the India
growth story to the world. And we give full marks to him for that: He has certainly
tried to lure foreign investment into the country.
Project Coordinator
But whether you are marketing soaps or a country, you need to have a solid
Karan Janani
product in place.
So, while Modi has done a great job of selling the India growth story to a global
Research Team
audience, the reality on the ground back home leaves a lot to be desired.
Ankit Shah
The government may take all the credit and say that the Indian economy is in a
Bhavita Nagrani
much better shape now than before it came to power. But there is an important
Devanshu Sampat
piece of information missing there.
Parth Parekh
Madhu Gupta
And here is the key takeaway: It is not because of Modi, but because of the crash
Radhika Nabar
of commodity prices, particularly crude oil. As a big importer of crude oil and gold,
Rahul Shah
lower commodity prices have been a big boon to India.
Richa Agarwal
The credit for lower interest rates and the improving current account and fiscal
Sarit Panackal
deficit is due to the oil price crash.
Monish Vora
Taha Merchant
Of course, we are not writing off the Modi government just yet. We are still hopeful
Tanushree Banerjee
that the big plans and reforms do materialise and revive the India growth story.
Sarvajeet
But as investors, we need make sure our expectations are in line with reality. Stay
focused on facts and on-the-ground economic realities. Don't fall for media
propaganda.
In our continuous effort to help you in your search for good quality stocks, we
Copyright
have come out with this latest edition of our annual Equitymaster Stock Market
Equitymaster Agora Research Pvt. Ltd.
Yearbook. This edition, like our previous editions, is quite rich in terms of content
and quality of presentation that makes referring easier. Other than providing
Content Provided by
detailed fact sheets on 300 Indian companies, we have given added weight to
Equitymaster Agora Research Pvt. Ltd.
global comparisons.
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We are certain that you will benefit from the Stock Market Yearbook 2015, as you
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Team Equitymaster.

The
Equitymaster
Stock
Market
Yearbook
2016

CONTENTS
FOREWORD

BERGER PAINTS INDIA

234

BSE INDEX

BHARAT FORGE

BSE REPLICA

BHEL

104

FINOLEX CABLES

109

ECONOMY IN PICTURES

BPCL

147

GAIL (INDIA)

150

60

EXIDE INDUSTRIES

63

FAG BEARINGS INDIA

64

FII INVESTMENTS

11

BHARTI AIRTEL

283

GSK CONS. HEALTHCARE

169

MUTUAL FUND ARTICLES

13

BIOCON

238

GLAXOSMITHKLINE PHARMA

243

MUTUAL FUND SCREENER

21

BIRLA CORP.

127

GLENMARK PHARMA

244

GLOSSARY

36

BLUE DART EXPRESS

210

GODREJ CONSUMER

170

EQTM 200 RANKINGS

41

BLUE STAR

105

GODREJ INDUSTRIES

136

INDIA'S TOP 10

45

BOSCH

61

GOODRICKE GROUP

171

SUMMARY OF THE EQTM 200

47

BRITANNIA INDUSTRIES

166

GRASIM INDUSTRIES

142

CADILA HEALTHCARE

239

GREAT EASTERN SHIPPING

215

CAIRN INDIA

148

GRUH FINANCE

186

COMPANY STUDIES
ABB INDIA

101

CARBORUNDUM UNIVERSAL

106

HAWKINS COOKERS

137

ACC

125

CASTROL INDIA

149

HCL TECHNOLOGIES

267

ADOR WELDING

102

CEAT

62

AGRO TECH FOODS

165

CESC

254

HEG

ALLCARGO GLOBAL LOG.

205

CIPLA

240

HERO MOTOCORP

ALSTOM T&D INDIA LIMTED

103

CITY UNION BANK

AMARA RAJA BATTERIES

55

90

HDFC BANK

HEXAWARE TECHNOLOGIES

CLARIANT CHEMICALS (INDIA)

158

HINDALCO INDUSTRIES

92
143
78
268
51

AMBIKA COTTON

206

COAL INDIA

211

HCC

110

AMBUJA CEMENTS

126

COLGATE-PALMOLIVE (INDIA)

167

HPCL

151

85

CONTAINER CORP. OF INDIA

212

HINDUSTAN UNILEVER

172

COROMANDEL INT.

159

HINDUSTAN ZINC

216

HDFC

187

ANDHRA BANK
APOLLO HOSPITALS
APOLLO TYRES
ARVIND

207
56

CORP. BANK

91

288

CRISIL INDIA

213

ICICI BANK

93

ASAHI INDIA GLASS

57

CUMMINS INDIA

107

ICRA

217

ASHOK LEYLAND

74

CYIENT

266

IDEA CELLULAR

284

233

DABUR INDIA

168

IDFC

188

AUTOMOBILE CORP. OF GOA

58

DISH TV INDIA

198

IIFL HOLDINGS

189

AUTOMOTIVE AXLES

59

DIVI'S LABORATORIES

241

IL & FS INVST. MANAGERS

190

AXIS BANK

86

DR. REDDY'S LABORATORIES

242

INDIAN HOTELS CO.

182

BAJAJ AUTO

75

E.I.D. - PARRY (INDIA)

141

INDIAN OIL CORP.

152

185

INDRAPRASTHA GAS

153

INFOSYS

269

ASIAN PAINTS (INDIA)

BAJAJ ELECTRICALS

134

EDELWEISS FINANCIAL SER.

BAJAJ HINDUSTHAN SUGAR

208

EICHER MOTORS

BALRAMPUR CHINI MILLS

209

EIH

181

INGERSOLL-RAND (INDIA)

218

76

BANK OF BARODA

87

ENTERTAINMENT NETWORK

199

INOX LEISURE

200

BANK OF INDIA

88

ESAB INDIA

108

IPCA LABORATORIES

245

BANK OF MAHARASHTRA

89

ESCORTS

ITC

173

JK CEMENT

128

BATA INDIA

135

77

EVEREADY INDUSTRIES INDIA


3

214

CONTENTS
JK PAPER

219

PUNJAB NATIONAL BANK

JSW STEEL

278

RALLIS INDIA

JYOTI STRUCTURES

111

KAJARIA CERAMICS

UPL

162

160

VEDANTA

229

RAYMOND

290

VINATI ORGANICS LTD

230

220

RELIANCE COMMUNICATIONS

285

VOLTAMP TRANSFORMERS

121

KALPATARU POWER TRANS.

112

RELIANCE INDUSTRIES

156

VOLTAS

122

KANSAI NEROLAC PAINTS

235

RURAL ELECTRIFICATION COR

194

VST INDUSTRIES

178

KAVERI SEED COMPANY

221

SANOFI INDIA

249

WHIRLPOOL OF INDIA

139

KEC INTERNATIONAL

113

SHOPPERS STOP

261

WIPRO

274

KIRLOSKAR INDUSTRIES

114

SHREE CEMENT

130

YES BANK

KSB PUMPS

115

SHRIRAM TRANSPORT FIN.

195

ZEE ENTERTAINMENT ENT.

202

LARSEN & TOUBRO

116

SIEMENS

119

ZEE MEDIA CORP.

203

LIC HOUSING FINANCE

191

SINTEX INDUSTRIES

224

ZENSAR TECHNOLOGIES

275

LUPIN

246

SKF INDIA

69

M & M FINANCIAL SERVICES

192

SONA KOYO STEERING SYS.

70

MAHINDRA & MAHINDRA

79

SRF

129

STATE BANK OF INDIA

MARICO

174

STEEL AUTHORITY OF INDIA

80

96

98

ZF STEERING GEAR (INDIA)

144

MANGALAM CEMENT
MARUTI SUZUKI

95

71

SECTORS STUDIES
ALUMINUM

49

279

AUTO ANCILLARIES

53

SUN PHARMACEUTICAL IND.

250

AUTOMOBILE VEHICLES

72

MERCK

247

SYMPHONY

225

BANKS

83

MINDTREE

270

TAJ GVK HOTELS & RESORTS

183

CAPITAL GOODS

99

MOTILAL OSWAL FIN. SER.

193

TATA CHEMICALS

161

CEMENT

123

MPHASIS

271

TATA COFFEE

176

ENERGY SOURCES

145

MPS

201

TATA ELXSI

272

FMCG

163

MRF

66

TATA GLOBAL BEVERAGES

177

HOTELS

179

MUNJAL SHOWA

67

TATA MOTORS

INVESTMENT & FINANCE

184

NALCO

52

TATA POWER CO.

257

MEDIA

196

81

NESTLE INDIA

175

TATA STEEL

280

PAINTS

231

NOVARTIS INDIA

248

TCS

273

PHARMA

236

NRB BEARINGS

68

THE RAMCO CEMENTS

131

POWER

252

NTPC

255

THERMAX

120

RETAIL

259

OIL & NATURAL GAS CORP.

154

THOMAS COOK (INDIA)

226

SOFTWARE

264

ORIENT PAPER & INDUSTRIES

222

TITAN COMPANY

262

STEEL

276

TORRENT PHARMACEUTICALS

251

TELECOM

281

TEXTILES

286

BONUS COMPANIES

291

ORIENTAL BANK OF COM.

94

PAGE INDUSTRIES

289

TORRENT POWER

258

PETRONET LNG

155

TRANSPORT CORP. OF INDIA

227

PIDILITE INDUSTRIES

138

TRENT

263

POWER GRID CORP. OF INDIA

256

TRIVENI ENGINEERING & IND.

228

PRATIBHA INDUSTRIES

117

TUBE INVESTMENTS OF INDIA

82

PRISM CEMENT

223

ULTRATECH CEMENT

132

PUNJ LLOYD

118

UNION BANK OF INDIA

97

Summary of the Equitymaster


FY 15 witnessed volatile markets as economies around the world, found themselves at various
points in the economic cycle, with monetary easing being the predominant theme across many
geographies. However, India emerged as a bright spark even as advanced and emerging
economies grappled with uncertainty and slower growth. The decisive political mandate
accorded in the general elections set the stage for surging hopes for a rapid economic
turnaround of the Indian economy.
On the macro front, the biggest comfort came from the sharp drop in crude prices. For a large
net importer like India, the decline in crude prices has helped in controlling the trade deficit and
easing inflation. The Indian economic growth improved to 7.3% in FY 2014-15 as compared to
6.9% in FY 14 based on the new series. While the agriculture sector grew at 0.2%, it is
manufacturing that grew by 7.1% in FY 15, compared to 5.3% in FY14. Headline inflation fell
sharply to 5%.On the external front, Indias vulnerability has reduced with the current account
deficit contained at below 2% of GDP and a relatively stable currency.
The year on year growth in net sales of Equitymaster 175 (excluding banks and financial
institutions) companies remained flat at 0.7% in FY 15. Companies such Reliance Industries,
HPCL, Indian Oil Corporation, ONGC registered a negative growth in sales due to lower crude
oils. On the other hand, companies such as Adani Port and SEZ Ltd, Ashok Leyland, Bata India,
Eicher Motors, Blue Dart, Sun Pharma registered growth of more than a 25%.
The performance on the operating front for the universe also remained flat compared to FY 14.
The companies reported 0.5% YoY growth in gross profit as against 17% in FY14. Interest and
depreciation rose by marginally by 2.6% YoY and 5.5% YoY respectively. The employee base
of these companies remained almost stagnant at 2.30 million employees. Meanwhile, sales per
employee and profit per employee decreased by 3% and 14.6% respectively in FY 15 as
against 13.4% growth in sales per employee and 12.8% growth in profit per employee in FY14.
As far as net profit is concerned, the same has declined by 11% YoY as against an increase of
14% in FY14. Companies such as BHEL, Airtel, Cairn India, GAIL, Hindalco Industries, Indian
Oil Corporation, Mahindra and Mahindra, ONGC, Tata Steel, Vedanta registered a de-growth of
more than 25% in FY15. This is primarily due to decline in commodity prices, increase in
depreciation and finance cost. However, companies such as Britannia Industries, Godrej
Industries, PI Industries, Voltas, AIA Engineering, and Tata Chemicals registered a growth of
more than 25% in net profit compared to FY14.
While the headline indicators point towards steady improvement, the recovery on the ground
has been rather slow. Investment climate remained subdued in FY 15, as the reform process
would take some more time to gain ground. Industrial demand was weak and capacity utilisation
remained low across the sectors. Tight liquidity position prevailed throughout the year with
elevated interest rates. However, benign inflation level, the reform initiatives of the new
government at the centre, along with its commitment to sound fiscal management and
consolidation augur well for the growth prospects of Indian companies amid of challenging
macroeconomic situation.

SENSEX
30000

25000

20000

15000

10000

5000

0
Jan-98

Jan-01

Jan-04

Jan-07

Jan-10

Jan-13

Events

Jan-16

BSE-Sensex

11/12th May 1998, Boom! India goes nuclear, US imposes economic sanctions

3,945

30th September 1998, UTI-64 scam breaks out

3,102

March 11, 1999, Infy - the first Indian ADR listed on Nasdaq

3,674

July 12, 1999, Pak led insurgency in Kargil ends after 50 days

4,586

March - April 2000, US markets fall sharply, tech bubble burst

4,745

July 2, 2001, Badla goes, Options in, rolling settlement commences, UTI bans US-64 redemptions

3,426

September - December, 2001, Terrorist attacks on WTC, Indian parliament. RBI cuts CRR by 2%

2,600

March 2003, US attacks Iraq, SARS engulfs South East Asia

3,193

May 17, 2004, Black Monday - NDA looses general elections

4,505

10

May 22, 2006, Bloodbath on Dalal street as markets hit lower circuit, trading suspended for an hour

10,482

11

August 16, 2007, Turmoil in the US mortgage markets leads to meltdown in global equity markets

14,358

12

8 Jan 2008, Sensex breaches the 21,000 mark for the first time ever

20,873

13

15 September 2008, Lehman bankruptcy

13,531

14

18 May 2009, UPA comes into power, stock markets script history, Sensex gains 17% in a day

14,284

15

6 July 2009, Union Budget 2010 fails to meet market expectations, Sensex down 5.8%

14,043

16

10 May 2010, Markets surge as EU and IMF agree to provide a rescue package to prevent Greek Crisis

17,330

17

April 2011, Rising crude prices and political tensions in Middle East grip marktes

19,136

18

September 2011, Debt crisis in US and Greece dampen market sentiments

16,710

19

June 2012, Clarity on GAAR and rate cut hopes boosts markets

17,236

20

September 2012, Government announced FDI in multi brand retail and aviation

18,753

21

August 2013, Markets breach the pschological barrier of 18,000. Rupee at an all time low.

17,996

22

Sep 2014, Markets scale the 27,000 mark, sentiments turn positive with new government coming to power

27,019

23

Sensex plunges 1,625 points as China equities fall over 8% on weak economic data

25,741

A REPLICA OF BSE-30 INDEX


1US$ = 66.15
Company

Industry

No of
Shares
(m)

Price as on
31st December 2015
(Rs)

Market
Cap
(Rs m)

Market
Cap
(US$ m)

Free Float
Adj Factor
(X)

Weight in
Index
(%)

Earnings
TTM
(Rs)

EPS
TTM
(X)

P/E
TTm

2,071.0

260.6

539,703

8,159

0.5

1.1%

45,388

21.9

11.9

959.2

883.9

847,789

12,816

0.5

1.7%

15,658

16.3

54.1

2,377.9

449.5

1,068,866

289.4

2533.5

733,195

16,158

0.7

3.0%

79,744

33.5

13.4

11,084

0.5

1.5%

34,307

118.5

21.4

ADANI PORTS & SEZ

MISC

ASIAN PAINTS

PAINTS

AXIS BANK

BANKING

BAJAJ AUTO

AUTO

BHARTI AIRTEL

TELECOM

3,997.4

339.9

1,358,716

20,540

0.3

1.6%

43,294

10.8

31.4

BHEL

ENGINEERING

2,447.6

169.3

414,256

6,262

0.4

0.7%

6,895

2.8

60.1

CIPLA

PHARMA

803.1

649.5

521,613

7,885

0.6

1.2%

16,694

20.8

31.2

COAL INDIA

MINING

6,316.4

328.7

2,076,201

31,386

0.2

1.7%

138,227

21.9

15.0

DR. REDDYS LAB

PHARMA

170.6

3103.2

529,397

8,003

0.7

1.5%

23,815

139.6

22.2

GAIL

ENERGY

1,268.5

375.4

476,195

7,199

0.4

0.8%

19,166

15.1

24.8

HDFC

FIN. INSTITUTIONS

1,577.7

1262.7

1,992,083

30,115

8.0%

86,710

55.0

23.0

HDFC BANK

BANKING

2,518.2

1082.8

2,726,581

41,218

0.8

8.7%

111,666

44.3

24.4

HERO MOTOCORP

AUTO

199.7

2695.3

538,241

8,137

0.7

1.5%

27,370

137.1

19.7

HIND. UNILEVER

FMCG

2,163.9

862.4

1,866,039

28,209

0.3

2.2%

37,181

17.2

50.2

ICICI BANK

BANKING

5,807.7

261.5

1,518,423

22,954

6.1%

118,173

20.3

12.8

INFOSYS LTD

SOFTWARE

2,296.9

1104.6

2,537,041

38,353

0.9

9.1%

127,750

55.6

19.9

ITC LTD

FMCG

8,026.5

327.6

2,629,481

39,750

10.5%

96,929

12.1

27.1

L&T

ENGINEERING

930.7

1275.7

1,187,247

17,948

4.7%

50,070

53.8

23.7

LUPIN LTD

PHARMA

450.2

1837.8

827,378

12,508

0.5

1.7%

20,823

46.3

39.7

M&M

AUTO

621.1

1271.6

789,760

11,939

0.7

2.2%

29,328

47.2

26.9

MARUTI SUZUKI

AUTO

302.1

4615.4

1,394,297

21,078

0.4

2.2%

45,049

149.1

31.0

NTPC

POWER

8,245.5

145.9

1,203,018

18,186

0.3

1.4%

110,467

13.4

10.9

ONGC

ENERGY

8,555.5

241.9

2,069,575

31,286

0.3

2.5%

148,082

17.3

14.0

RELIANCE IND.

ENERGY

3,238.4

1012.6

3,279,204

49,572

0.5

6.5%

240,180

74.2

13.7

SBI

BANKING

7,762.8

224.4

1,741,972

26,334

0.4

2.8%

142,236

18.3

12.2

SUN PHARMA

PHARMA

2,406.5

820.0

1,973,210

29,829

0.5

3.9%

45,880

19.1

43.0

TATA MOTORS

AUTO

2,887.2

391.3

1,129,617

17,077

0.7

3.2%

93,040

32.2

12.1

TATA STEEL

STEEL

TCS

SOFTWARE

WIPRO

SOFTWARE

TOTAL

971.2

259.6

252,075

3,811

0.7

0.7%

19,910

20.5

12.7

1,958.7

2439.2

4,777,661

72,225

0.3

5.7%

208,091

106.2

23.0

2,469.9

559.8

1,382,650

20,902

0.3

1.7%

88,879

36.0

15.6

44,381,486

670,922

100%

2,271,002

84,091.5

* Earnings for last 4 quarters on rolling basis, excluding extraordinary / exceptional items.

Avg P/E

** Indicates total market cap. (and not free float). The weightage is calculated on a free float basis

BSE Index
7

24.7
26117.54

THE ECONOMY IN PICTURES


The much awaited recovery in the economy has remained
elusive with no significant pick-up in the investment climate in
the country. Resultantly the Index of Industrial Production
(IIP) slid by 3.2% in November 2015. And the contraction has
been due to steep fall of 24.4% in the production of capital
goods for the month.

Capital Goods Component of IIP, % YoY growth


50
35

In the power sector, the government has unveiled a program


UDAY to resolve the debt crisis of state utilities and revive the
flagging fortunes of the power sector. Even in the Union
Budget 2016-17, the government has taken measures to
boost infrastructure development in the country. These
measures will go a long way in reviving the investment
climate in the long run.

20
5
-10

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

In an interesting development Harvard University has


predicted that India's economy will grow the fastest over the
next decade. The Centre for International Development at
Harvard has projected an annual growth rate of 7% from
2015 to 2024 for the Indian economy. Its important to note,
this is well above the growth rates of all major economies. To
put things in perspective, China, US, Germany, and the UK,
are expected to grow at 4.3%, 2.8%, 0.35%, and 3.2%
respectively.

Snapshot of key economic indicators (2015 est. in %)


10

If Indias long-term prospects are really so good, does the


economy really need a push in terms of a fiscal stimulus? Its
important to realise that such rosy projections will become a
reality only with more reforms and not with short-term fiscal
measures. Reforms are absolutely vital if India is to reach its
true potential. The simple point is that the government
doesn't really need to worry about a lot more. The economy
will do just fine in the long-term in our view.

GDP Growth

Fiscal Deficit

Inflation

8
5
3
0

The chart shows just how important it is to maintain restraint


and not consider a stimulus. Inflation is still higher compared
to other nations. The fiscal deficit is still a problem despite
falling crude prices. With the world trapped in a deflationary
cycle, we believe the government would do well to focus on
much needed reforms to set the stage for stable & high longterm economic growth.

India

Euro

China

US

Source: Livemint, IMF, The Economist

Data Source: Livemint, IMF, The Economist

10

In its mid-year review of the Indian economy yesterday, the


finance ministry has lowered its projection of the country's
growth in the current fiscal year by an entire percentage
point. It is now expected that the economy will grow by 7% to
7.5% from the 8.1% to 8.5% expected earlier.

IMF's estimates for 2015 GDP growth of BRICS


nations (%)
6.8

And with that, the realisation that the economy is not going
to recover as soon as everyone was expecting is slowly
but surely permeating within the system. In our interaction
with the managements of numerous companies, one
central theme that seems to be becoming clear is that low
capacity utilisation across industry and the resultant lack of
private sector investment is one big sore point pulling the
economy down. Rapidly slowing exports are emerging as
another pain point.

7.3

6
2

1.4

-2
-6

(3.8)
Russia

(3.0)
Brazil

South Africa

China

Nevertheless, as the chart makes amply clear, for all the


challenges we face as an economy, India is still a bright
spot of growth in the globe. Even amongst emerging
economies like the BRICS nations, India comes out on top
as far as our pace of growth is concerned.

India

The earnings of the Indian corporates for the past couple


of quarters have been tepid. While the investment cycle is
yet to turn, various economic and political factors have
kept the earnings growth subdued. Rate cuts by banks
have been gradual. Erratic monsoons have hit rural
consumption. And key reforms have faced political
logjams, which has hampered big investment projects.

Corporate Profit to GDP (%)


10
7.8

While it may take a while for the ratio to go back to FY08


levels, the government's effort to kick start the investment
cycle and put reforms in place, could be the much needed
boost to earnings. Once the earnings cycle picks up,
opportunities for investors will also come along by way of
higher EPS growth and attractive valuations.

FY 15

The story of economic recovery is not getting any support


from the export data. Exports have shown a consistent
decline every month in 2015. In the month of November
2015, at 24.4% YoY, the decline was the steepest in past
few years. Currency devaluations in export destinations
and lackluster global demand continue to drag economic
recovery. Considering that exports now account for around a
fourth of GDP, this is indeed a matter of concern. The only
relief in this regard is a similar trend in imports that has kept
fiscal deficit in check. But one must note that lower import bill
has a lot to do with decline in oil prices. If oil prices go up,
policy makers will face a tough time. Also, 50% of India's
export goods focus only on Asian economies. This suggests
how vulnerable the export based economy is and highlights
the need for further diversification.

-7
-14

Nov-15

Oct-15

As per calculations of Bloomberg and Mint, India's money


multiplier ratio is 5.8. This means every one rupee of
central bank money in India is able to generate around 6
rupees of money supply in the economy. A country's
money multiplier depends on two factors-how much
individuals (and businesses) hold in cash and how much
banks hold as reserves. The more individuals hold cash in
hand, the less the banking system will be able to create
money. Hence a lower value for the multiplier. In other
words, cash in hand acts as a leakage for the banking
system.

Cash,
10.7

Insurance,
19.3

Sep-15

-28

Aug-15

-21

Share of financial assets of Indian


households, % FY15
Shares, 4.6

Exports continue to contract (% change,


YoY)

Jul-15

FY 14

FY 13

FY 12

FY 11

FY 10

FY 09

FY 08

FY 07

FY 06

FY 05

FY 04

FY 03

FY 02

FY 01

Jun-15

2.2

May-15

Consequently, even the corporate earnings to GDP ratio


has hardly seen any improvement. In fact the ratio has
continued to decline. In FY15, the ratio stood at 4.0%,
the lowest since FY04.

4.8 4.6
4.3 4.0

Apr-15

6.5 6.2

Mar-15

4.7

5.5

5.4

Feb-15

6.2
6

Jan-15

7.3

Deposits,
49.1

PPF, 16.3

India's money multiplier ratio has improved over the years.


In 2002 when Indian's held almost 18% of their financial
assets in cash, the ratio was at 4.6. As per latest data from
RBI, in FY15, Indians held 10.7% of their financial
assets in cash and the money multiplier ratio was at
5.8.

Global commodity prices have remained under pressure


since some time now. Factors such as excess supply and
subdued demand from China's slowdown have led to a
meltdown in demand and prices. Crude oil has been no
exception. The plunge in oil price is bad news for the
exporting companies while the importing ones witness
some relief. Given India's higher dependence on the oil
imports, the falling prices have positive consequences. But
will this trend sustain? We really doubt. Being heavily
dependent on oil imports, India's fiscal position and
currency rates could worsen, whenever the oil prices
reverses. In fact, this could be the other big risk that can
thwart India's economic recovery.

Oil prices remain under pressure

Price in dollars per barrel


125
100
75

Dec-15

That the public sector banks asset quality is very poor is a


well-known fact. But which sectors have been causing
trouble for the banking industry? Turns out that mining, iron &
steel, textiles, infrastructure and aviation constitute about a
fourth of the total advances of scheduled banks. But, when it
comes to stressed advances, these sectors have a share of
a little more than half. Infrastructure and iron & steel
combined contribute to about 80% of the total stressed loans.

Which Sectors Are a Menace to Indian Banks?


(Share in stressed assets; %)
32
24
16

While the NPA situation is expected to improve in the short to


medium term, this would largely be a result of refinancing/
restructuring. The Finance Ministry is considering sectoral
interventions to stressed assets from sectors such as steel
and aluminum. What this essentially means is that the
government will address the key problems in each sector to
help improve the asset quality. Amongst the key measures
taken include providing banks senior personnel more
authority and autonomy.

Infrastructure#

Aviation

Telecom*

Power gen.*

Textiles

8
Iron & steel

Dec-14

Dec-13

Dec-12

Dec-11

Dec-10

25

Dec-09

50

Source: Hindu Business Line; # - includes *

In Modi's regime that was initially loaded with acche din


expectations, one of the major premises of turnaround was
revival in the investment cycle. We have often suggested
that a revival is not an overnight miracle but a slow paced
journey that will need reforms and patience. Not many
believed us. Well...The numbers are here...And they have
a disappointing story to tell.

% change in PSU's* capex

Contrary to expectations, the capex cycle is not turning


around for cash rich PSUs. As per an article in Business
Standard, the capex data for 36 PSUs for last 3 years
suggests a decline across sectors in 2014-15. As
compared to 27.8% YoY growth in capex in 2013-14, the
fiscal 2014-15 witnessed a decline of 23.5% YoY. The
sampled companies account for around 88% of total capex
in 2014-15. These companies represent sectors such as
power generation and distribution, refineries, crude oil and
natural gas and'others'. As the chart suggests, the decline
is broad based. It further suggests that initial optimism was
not grounded in reality. It's not just the PSU capex; the
dividends have declined as well. And if cash rich PSUs are
reflecting this trend, then in the private sector, and in a bad
debt ridden banking system, things are unlikely to be much
different we believe. Given the surplus capacity and low
demand, the wait for an investment revival is likely to take
longer. In the meantime, we believe investors should stop
speculating on such broader themes and focus on bottom
up approach of stock selection.

150
2013-14

75

2014-15

-75

Power
gen./dist.

Refineries Crude oil &


natural gas

Others

Total Capex

10

FII INVESTMENTS
The level of foreign institutional investment (FII) in the Indian stock market has become a very important indicator of
investor confidence. Strong FII participation is good from the domestic investors point of view. It leads to enhanced
liquidity and greater depth. However, they also tend to pull out in tandem, which induces a lot of volatility into the
markets.
After being net sellers in the June-August 2013 period, which saw India grappling with major challenges on the
current account and fiscal deficit front, there was a sharp revival in FII interest in the run up to the 2014 general
elections. FIIs continued to remain net buyers in the months following the elections as the new business-friendly,
single majority government was expected to end the policy paralysis and revive the Indian economy.
Another indication of FIIs considering India as an investment destination, apart from the FII investments, is the
number of FII registrations with the stock market regulator, SEBI. As can be seen in the chart, these increased from
about 882 in March 2006 to 2,200 by March 2015. After a few years of stagnancy this number too showed a sharp
uptick in 2015.
Trend in number of FIIs registered with SEBI
(Rs bn)

Net FII inflow

300.0

(Sensex)

BSE Sensex

35,000
30,000
25,000
20,000
15,000
10,000
5,000
-

175.0
50.0
(75.0)

Dec-15

May-15

Oct-14

Mar-14

Aug-13

Jan-13

Jun-12

Nov-11

Apr-11

Sep-10

Feb-10

Jul-09

Dec-08

May-08

Oct-07

Mar-07

Aug-06

Jan-06

Jun-05

Nov-04

(200.0)

Source: SEBI, IBEF


But compared to the steady inflows in 2014, the FIIs were rather keen to exit Indian markets in 2015. The reasons are
not hard to find.
Given that crude prices corrected by around 50%, inflation halved, the current account deficit was benign and the RBI
cut repo rate by 1.25%, one would have expected the FIIs to be very bullish on India in 2015 as well. But there was
more than the governments policy paralysis to blame for the FIIs reluctance to stay put here.
Impact of FII inflow on the Sensex

Number of FIIs registered with SEBI


2,000
1,500
1,000
500
-

Mar-05

Mar-07

Mar-09

Mar-11

Mar-13

Mar-15

Source: BSE, SEBI, NSDL


Back in 2012-2013, the western economies were struggling and their QE policies were quite supportive of
investments in emerging markets. So emerging economies, regardless of fundamentals, saw large capital inflows.
2014 offered enough hope to FIIs with the change in government in India. But the sentiments towards emerging
markets began to change with improving economic prospects in US and Europe. The emerging markets were caught
on the wrong side of the plunge in commodity prices. And since August 2015, the economic tremors in China were
felt in stock market across the world. The FIIs therefore chose to exit in droves and move back to the safe haven of
US Treasuries.
11

The good performance of the Indian economy in the past decade and India Inc. in particular had played its part in the
country getting more mind-share among foreign investors. Apart from this, the after effects of the global financial
meltdown in the developed markets had prompted foreign investors to invest in non-dollar assets. This was is partially
responsible for FII money flowing into emerging markets. While the slowdown in the economy had affected FII interest
to quite an extent, the change in government in the Centre had brought back FII interest on expectations of policy
reforms and economic revival.
Nonetheless, low corporate earnings growth, continued policy paralysis, concerns of global slowdown and the rise in
Fed rates has made FIIs a bit jittery. Indian investors must therefore remain alert, as this reversal of FIIs would lead to
flight of hot money and possibility a sharp correction in the valuation of Indian stocks.
To conclude, there is no denying the role that FIIs have played in helping Indian indices reach unprecedented levels.
However, in the event of a free fall from there, the correction in valuations of fundamentally solid companies would be
just temporary. It may in fact offer some lucrative value buying opportunities. Therefore, it is the company specific
factors that investors should look at rather than worrying about FII investments. For as the old adage in investing
goes, Be concerned about the value and the price will follow. Happy investing!

12

SHOULD YOU CALL A STRIKE AT THE NFO FACTORY?


If insurance companies sell you dreams with a pledge of supporting your family after your demise;
mutual funds sell you stories. Whatever you do, no matter how hard you try to convince them to
be fair and ethical, some manufacturers of financial products remain as crooked as dogs hind leg.
Although, SEBI has warned mutual fund houses time and again to merge similar schemes, the
thirst to garner to garner more AUM via NFOs doesnt seem to be satiated. Mutual Fund houses
are continuing to launch NFOs in some form or other, attempting to woo investors. As they say
old habits die hard.
If there was an award given for launching the maximum number of NFOs in the least period of
time, there will be a close contest among 3-4 mutual fund houses. Tata Mutual Fund, ICICI Mutual
Fund, Reliance Mutual Fund, and Sundaram Mutual Fund have launched 4-5 equity oriented
funds each from April 01, 2015 till date.
If you rank all Tata Flagship companies in a descending order, Tata Mutual Fund may find a place
at the bottom on ethical practices. In all, Tata mutual fund has 15 equity oriented schemes at
present, of which 8 are diversified in nature, 3 are Equity Linked Savings Schemes (ELSS), and 4
are thematic funds; where many of them arent really unique. They are the old wine in a new
bottle. Yet the fund perceives theres still more scope to offer more products.
Recently, Tata Mutual Fund introduced a story, called Own A Piece of India to investors. The
fund house has excellently in presented the story and nothing can be taken away from its
advertisement and marketing teams. But the question is: Would it be wise for investors to Own A
Piece of India?
Well, this new campaign by Tata Mutual Fund, designed to offer investors a one-stop solution to
participate in India's economic growth, offers 5 funds under one umbrella, namely:

Tata Banking and Financial Services Fund;


Tata India Consumer Fund;

Tata Digital India Fund;


Tata India Pharma & Healthcare Fund; and

Tata Resources & Energy Fund

So going by the aforesaid fund names, the fund house intends to capitalise on the opportunities
available under each sector.
But in PersonalFNs view, the fund house could have capitalised on promising theme simply
through its opportunities fund (which holds the mandate to invest across sectors and market
capitalisation) rather than introducing a fancy story. A separate offering seems needless to take
exposure. The fund house has just capitalised on the exuberance in the market ahead of hopes of
acche din.
Source: www.personalfn.com
13

SHOULD YOU CALL A STRIKE AT THE NFO FACTORY?


Read this justification from Tata Mutual Fund
In a diversified equity fund, the sector allocation is decided by the fund manager but with
benchmark awareness. Based on investment strategy and mandate, the fund managers decide to
take overweight or underweight exposure to a particular sector. Through this offering, we are
enabling investor and advisors to customize their sector allocation by allocating different amount
in different funds.
But this explanation is contrived
If mutual fund investors had the expertise to customise their sector allocation, why would they
invest in the aforesaid funds through Own A Piece of India? They might as well invest directly in
respective sector stocks, isnt it? Investors invest in mutual funds because they have no time or
expertise or both, to take prudent investment decisions. Hence, they seek help of professional
fund managers. Diversification to offset risk is the key consideration for them.
Also, involving advisors to take this decision (about attractiveness of a sector) serves as an open
invitation for advisors to misguide investors. To earn hefty commissions, they can make you
switch from one sector fund to another, claiming that the other looks more attractive. Investors
cant have any defence against it.
Another downside to the umbrella offerings is it will always keep investors guessing as to where
the market and a specific sector are headed.
Merely having an Ethical Fund under ones product line doesnt make a fund house ethical. The
fund house has to demonstrate its adherence to ethics through its actions.
When you invest, dont get lured by fancy sounding themes irrespective of the propaganda.
PersonalFN believes you should wisely select mutual fund schemes for your portfolio, which can
help you achieve your long term financial goals.

Source: www.personalfn.com

14

WHAT NEEDS TO BE DONE TO STRENGTHEN INVESTORS CONFIDENCE IN


MUTUAL FUNDS?
With e-commerce companies mushrooming nineteen to the dozen in recent times, striving for a
piece of the market share, trying to win their customers confidence, they eventually aim to change
the consumers buying habits. To be able to do that, e-commerce companies are leaving no stone
unturned.
Though genuine products, good after-sales services, and overall customer satisfaction still remain
the essence of any trade, a number of things have changed. For example, the myriad ways
companies reach out to their potential customers, the advertising mediums employed, and most
importantly, the product pitch. E-tailers offer you the same stuff for a price less than that offered
by brick-and-mortar stores. Most of the times, there is a special discount for first time buyers. With
services right from food joints to jewellery designers, they come up with ways to connect to their
customers online and increase their online sales, as it helps reduce overheads. And do you know
whos falling behind the curve? Mutual funds.
If you refuse to change, the changing times will make you outmoded. Mutual funds are still heavily
dependent on a decade-old formula for increasing sales numbers. In the race to garner more
AUM theyve resorted to launch more and more NFO inducing you investors to fall for the Rs 10
investment proposition, and thrust on commission-driven sales has cost mutual funds a pretty
penny. Realising the adverse effects of this on the growth of industry, the Securities and
Exchange Board of India (SEBI) turned out suggestive measures for improving the health of the
industry.
The market regulator asked mutual funds to:

Improve transparency in disclosures and operations;


Increase their accountability;
Launch simple products;
Try out e-commerce platform for increasing sales; and
Ensure that distributors or any other person selling mutual funds has the adequate
educational qualifications

The ASSOCHAM organised event where the SEBI put forward these recommendations is not the
first occasion where the market regulator has expressed its views. There are umpteen number of
occasions and even guidelines, through which the regulator has proactively taken steps to protect
the interest of investors. But unless theres accountability with the best disclosure norms, it is
unlikely that their reach and popularity will grow.
Making hay when the sun shines capitalising on exuberant market sentiments has been and old
trick. But is that the way to chart the long term growth path? Mutual funds as a product are often
sold without making investors aware about risks involved and the suitability, and thus many nave
15

WHAT NEEDS TO BE DONE TO STRENGTHEN INVESTORS CONFIDENCE IN


MUTUAL FUNDS?
investors end-up with unpleasant experiences and thereafter detest investing in mutual funds,
although the product may indeed be good.
So, heres what mutual fund houses should do to strengthen investor confidence.
Impart investor education:
There is no substitute to investor education. Mutual funds may or may not try the e-commerce
route. They may or may not promote their products aggressively; but unless the customers
interest starts concerning them more than their own, it would be difficult to see a change in the
current situation. Sadly, many fund houses havent learnt from their mistakes and continue to
launch New Fund Offers (NFOs) even now.
Yet, you hardly find a fund house performing well across all their products. Its not always the
market that contributes to success or the failure of a scheme; more often its the approach of
mutual fund house.
Mutual funds will therefore have to think about investors do they really need so many mutual
fund schemes? SEBI has asked mutual funds to first merge schemes before launching new ones;
but scheme mergers are not going to solve all problems. It remains to be seen how long it would
take for mutual funds houses to admit their mistakes and take an appropriate which serves the
investors well.
Help to select the right scheme through a need-based approach:
It is also vital for mutual fund distributors / agents/ relationship managers / financial advisors to a
proper need-based study before recommending products, and offer only those which have a
consistent performance track record and which are from fund houses which follow strong
investment processes and systems. Its high time they adopt high fiduciary standards at all times
and handle their clients money with as much care as they would while managing their own.
PersonalFN has always puts its clients interest before its own adhering to highest level of ethics
and honesty. Theres a constant and conscious endeavour to provide objective and credible
advice backed by solid research. The mutual fund research at PersonalFN is exhaustive and
provides a great insight to pick winning mutual fund schemes for the investment portfolio.

Source: www.personalfn.com
16

TIME TO SHUN DEBT MUTUAL FUNDS THAT RISK YOUR MONEY


Going by their investment strategies, it seems a few fund houses are overconfident about their risk
taking abilities. It appears that they aren't learning from their past mistakes and continuing to do risk
investors hard earned money.
As reported by the Financial Express, at least 29 and 60 schemes held debt securities of Hindalco
and Vedanta respectively, with maturity from 2016 onward, despite Crisil having lowered longterm credit ratings of these companies to AA- and AA in April this year.
The wounds of Amtek Auto are still fresh, yet mutual funds dont appear to be serious about
avoiding companies with poor financials or credit rating. JPMorgan India Short Term Income Fund
and JPMorgan India Treasury Fund bore the brunt of its corporate debt holding in Amtek Auto
Ltd., which is sailing through turbulent times reporting losses and holding huge debt on its balance
sheet. When the company issued this debt paper, it was carrying an 'AA-' by rating agency CARE.
But for failure to share crucial information for facilitating a rating opinion, CARE suspended the
coverage of this company and Brickwork Ratings too downgraded its rating to 'C', from 'A+' earlier.
Such a scenario went on to impact the performance of the aforesaid two schemes as JPMorgan
Mutual Fund was forced to Mark-to-Market the value of the fund in line with the new credit rating
and investors were left in heave. Amid such times, SEBI also warned the mutual fund industry
against randomly investing in corporate bonds and securities which could backfire later and leave
small investors in a heave. The capital market regulator even escalated its vigil by intensifying
checks on the quality of corporate debt portfolio of fund houses on concern of rise in chance of
default in stressed companies.
Nevertheless, some mutual fund houses have shamelessly indulged in risky debt papers,
exposing investors to high risk. Upgrades and downgrades are part of life for mutual funds which
invest in corporate bonds. They are like upward and downward movement of share prices for
equity funds. said the Head of Credit and Structured Investments at a reputed fund house.
Another representative of a reputed fund house quoted saying, Just like in an equity fund, the
overall performance of the portfolio is looked at, similarly in a debt fund one should look at the
overall fund performance.
These arguments are indefensible and lame to an extent. In light of the shady track records of a
few business houses, huge investments in debt securities for longer tenure may boomerang on
fund houses.
PersonalFN believes that comparing strategies for equity with those for debt is the same as
comparing apples with oranges. The motive to invest in equity is maximisation of wealth. Is it the
same with debt? A sane person will disagree. If net asset value of a debt fund starts fluctuating
like that of an equity fund, faint-hearted investors would have sleepless nights.
Source: www.personalfn.com

17

TIME TO SHUN DEBT MUTUAL FUNDS THAT RISK YOUR MONEY


The present scenario:
Currently, the credit environment in India is abysmal. Indian banks are still struggling with the
problem of Non-Performing Assets (NPAs). Reports by independent rating agencies suggest that
Indian banks are going to have no respite from bad loans in Financial Year (FY) 2015-16. At the
beginning of the year, Crisil estimated that NPAs of the Indian banking sector may rise by about
Rs 60,000 crore to 4 lakh crore in FY 2015-16.
Similarly, companies with healthy balance sheets still aren't deploying large cash balances on
their books to capacity additions. In many industries, utilisation is much lower than 100%. Bank
credit growth has been struggling to stay in double digits. By taking various initiatives from time to
time, RBI has ensured that productive sectors of the economy are not starved for credit. Under
such conditions, a few companies have been taking up fresh loans incessantly from all possible
sources. Due to the paltry improvement in business which has led to impact on earnings,
companies are now finding it difficult to service loans already on books.
The way ahead
Given the aforesaid scenario, it is still amusing how some mutual funds still believe there are no
governance issues with such companies. Nonetheless, there are fund houses following strong
investment processes and systems, which do not compromise on the quality of debt securities
while constructing the portfolio. High yield on junk debt don't lure them, and ideally you should
invest in such debt mutual funds. Hence it is vital to check the portfolio characteristics of a fund
before you invest. Also assess, if the average maturity profile of the underlying fund portfolio
aligns with your time horizon with the average. Avoid compromising on your long term wellbeing of
your investment portfolio.

Source: www.personalfn.com

18

HAVE YOU DISCLOSED ALL INFORMATION WHILE TRANSACTING IN MUTUAL


FUNDS?
When you go to a shopping mall, the transaction is quite simple. You look for the things you want
to buy, check the price tag and offers, and pay the cashier for your purchases. Thats it. It's
hassle-free and the store manager doesn't inquire about your personal details, buying habits,
colour preferences, etc.
But when you go to a bank or any other financial institution, including mutual fund house or an
insurance house, you will be asked to divulge bits of personal information. This process is called
Know Your Client (KYC). So every institution, from a bank to an insurance company or a stock
brokerage house, would like you to be KYC-compliant.
SEBI has standardised the KYC forms and centralised the KYC registration vide KYC Registration
Agencies (KRAs). It's now mandatory for intermediaries and product manufacturers to obtain
additional information necessary under uniform KYC guidelines, which were not mandatory
earlier.
Based on information provided to KRAs, KYC statuses are broadly classified into 7 categories:
1.
2.
3.
4.

KYC-Registered
KYC-on Hold
KYC- Under Process
KYC- Rejected

5. KYC- Not Available


6. MF-KYC Registered
7. KYC-Deactivated
If your KYC status is anything other than 'KYC-registered', you will be disallowed to buy mutual
fund units whether fresh, additional, or through switches.
Supplementary KYC
Besides, under Foreign Account Tax Compliance Act (FATCA) as an investor you will now have to
provide information on the following (the deadline to comply on the same is December 31, 2015):

Beneficiary Ownership
The Gross Annual Income earned by an individual
The Net worth of an individual

The additional information sought under FATCA will help track the ownership details and sources
of funds. This move is aligned to Governments goal to stymie black money and illegal
transactions in the country. Thus taking into account SEBIs guidelines, the Association of Mutual
Funds in India (AMFI) has mandated all mutual fund houses to seek information under the
following:

Information/declaration relating to FATCA; and


19

Information/declaration under the Common Reporting Standard (CRS), developed by G20


and OCED nations for greater tax co-operation between countries

Hence as part of the aforesaid, the following information is mandated:

Country of Birth or Incorporation in case of non-individuals;


Place of Birth or Incorporation in case of non-individuals;
Address (Residential or Registered Office, in case of non-individuals);
Occupation;
Applicants income slab;
Net Worth details;
Information about PEP (Politically Exposed Person & its relatives);

Information on specific Corporate services, in case of non-individuals;


Information about Ultimate Beneficiary Owner(s) / Controlling Person(s) in case of select
category non-individuals

Moreover, if your tax residency is other than India, the following additional information for all
countries in which you are resident for tax purpose would be needed:

Country of Tax Residency;


Tax Identification Number (If not available, its functional equivalent to be provided); and
A type of identification

How to submit the details?


The Registrar & Transfer Agents (RTAs), CAMS, is facilitating the online submission of
FATCA/CRS and Supplementary KYC information, which will then be updated with all
participating mutual fund houses. So, as an investor you can submit the required information
online on CAMS website. Forms are also available with mutual fund houses or the
CAMS/registrar, and transfer agent branch counters, or can be downloaded from their websites.
Given a possibility that many investors may be uncomfortable revealing details such as gross
annual income, net worth etc., the related authorities along with the regulators will have to assure
that there would be no misuse of data. By that same token, as an investor, you too are expected
to hold the moral responsibility and disclose all the necessary details while investing or transacting
in mutual funds to avoid any discrepancies and facilitate smooth transactions.

Source: www.personalfn.com

20

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Large Cap Funds
Axis Focused 25 Fund
Baroda Pioneer Growth Fund
Birla SL Frontline Equity Fund
Birla SL LT Advantage Fund
Birla SL Top 100 Fund
BNP Paribas Equity Fund
Canara Rob Eq Diver Fund
Canara Rob Large Cap+ Fund
DHFL Pramerica Large Cap Equity
DSPBR Focus 25 Fund
DSPBR Top 100 Equity Fund
DWS Alpha Equity Fund
Edelweiss EDGE Top 100 Fund
Edelweiss Prudent Advantage Fund
Franklin India Bluechip Fund
Franklin India Prima Plus Fund
HDFC Growth Fund
HDFC Large Cap Fund
HDFC Top 200 Fund
HSBC Equity Fund
ICICI Pru Focused BlueChip Eq Fund
ICICI Pru Multicap Fund
ICICI Pru Select Large Cap Fund
ICICI Pru Top 100 Fund
IDBI India Top 100 Equity Fund
IDFC Equity Fund
IDFC Imperial Equity Fund
Indiabulls Blue Chip Fund
JM Equity Fund
Kotak 50
L&T India Large Cap Fund
LIC Nomura MF Equity Fund
Principal Large Cap Fund
Reliance Quant Plus Fund
Reliance Top 200 Fund
Reliance Vision Fund
Religare Invesco Business Leaders
Religare Invesco Growth Fund
Sahara Growth Fund
Sahara Super 20 Fund
SBI BlueChip Fund

Inception
Date

Benchmark
Index

5-Jul-2012
16-Sep-2003
30-Aug-2002
11-Oct-2006
24-Oct-2005
23-Sep-2004
18-Sep-2003
23-Aug-2010
13-Dec-2010
15-Jun-2010
11-Mar-2003
31-Jan-2003
21-May-2009
26-Jun-2009
3-Dec-1993
29-Sep-1994
11-Sep-2000
18-Mar-1994
3-Sep-1996
27-Dec-2002
26-May-2008
1-Oct-1994
2-Jun-2009
15-Jul-1998
22-May-2012
9-Jun-2006
16-Mar-2006
14-Feb-2012
1-Apr-1995
29-Dec-1998
23-Oct-2007
31-Mar-1998
17-Nov-2005
21-Apr-2008
8-Aug-2007
8-Oct-1995
28-Aug-2009
13-Aug-2007
12-Sep-2002
13-Aug-2009
17-Feb-2006

NIFTY 50
NIFTY 100
S&P BSE 200
S&P BSE 200
NIFTY 50
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
NIFTY 50
NIFTY 200
S&P BSE SENSEX
NIFTY 500
S&P BSE SENSEX
NIFTY 50
S&P BSE 200
S&P BSE 200
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
NIFTY 100
NIFTY 50
NIFTY 50
NIFTY 50
S&P BSE SENSEX
NIFTY 50
S&P BSE 100
S&P BSE SENSEX
S&P BSE 100
NIFTY 50
S&P BSE 200
S&P BSE 100
NIFTY 50
S&P BSE 100
NIFTY 50
NIFTY 50
S&P BSE 100

3
Months
1.21
-1.25
0.13
0.42
-0.01
0.83
-0.26
-0.64
-0.64
-1.95
0.62
-0.39
-1.75
-1.19
-0.55
-0.42
3.22
0.36
0.18
-0.43
0.99
-0.76
0.46
5.59
-1.63
-0.41
0.24
-1.28
-0.79
-0.29
-1.36
-0.76
0.77
-1.31
1.96
0.73
0.39
-1.09
0.66
-2.40
2.47

Performance
1
3
5 INCEP
Year Years Years
TION

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration

3.91
-1.56
1.10
1.55
-0.05
5.58
0.08
-0.47
-0.88
1.98
-2.33
2.04
0.77
2.36
2.02
4.38
-0.37
-4.84
-6.09
-2.99
-0.21
3.08
-5.22
-0.64
3.20
-5.67
-4.77
3.24
-1.26
3.77
-0.23
-7.73
0.57
-6.08
1.11
-2.23
4.57
3.83
-6.99
-3.85
7.99

15.53
16.37
16.01
16.65
16.58
15.64
16.59
15.34
15.12
16.88
17.25
15.52
15.43
14.72
14.91
14.78
17.00
14.66
18.72
16.18
14.76
15.41
15.52
14.94
15.96
15.09
14.87
15.30
17.21
16.19
15.95
15.78
15.84
15.23
17.07
19.93
14.92
14.49
17.70
15.60
14.99

15.12
14.33
16.93
19.64
17.56
19.14
13.40
12.41
10.01
15.14
11.14
16.84
15.51
15.02
13.37
19.98
11.96
8.24
12.71
10.52
15.78
18.01
13.05
15.24
15.88
9.93
9.00
11.37
13.46
15.52
15.72
11.43
14.12
9.38
17.65
16.07
16.79
18.52
8.38
8.21
19.76

-5.61
10.88
11.31
11.67
12.64
10.01
9.73
3.99
8.60
7.46
7.60
10.24
6.72
8.59
13.59
7.15
4.01
7.49
5.16
10.46
10.24
7.59
10.12
-5.35
4.44
-5.47
9.17
8.58
5.33
8.14
4.70
11.04
7.74
9.11
10.48
5.29
5.53
12.46

17.42
17.77
23.02
11.03
15.17
18.34
19.82
10.34
4.37
9.89
23.69
21.43
14.65
10.40
22.71
19.42
18.34
11.74
20.97
22.63
14.79
15.13
12.53
19.76
18.85
8.94
10.11
10.35
8.30
20.23
8.80
9.03
16.15
8.36
10.74
20.30
12.03
10.30
19.73
7.29
11.08
21

0.15
338.75
0.13
254.87
0.17 10,289.79
0.21
286.92
0.18 1,802.76
0.21 1,127.23
0.12
765.25
0.10
101.45
0.05
55.76
0.15 1,076.46
0.08 3,471.15
0.16
118.82
0.15
103.73
0.14
2.77
0.13 6,694.52
0.24 6,145.04
0.08 1,149.82
0.04 1,171.65
0.10 12,802.20
0.06
676.29
0.16 9,896.47
0.20 1,053.69
0.11
577.95
0.14 1,351.86
0.15
279.85
0.04
253.29
0.03
115.67
0.08
449.85
0.11
448.71
0.15 1,229.50
0.15
383.91
0.08
332.49
0.13
296.40
0.05 1,095.65
0.18 2,055.54
0.14 3,299.29
0.17
285.00
0.21
142.28
0.04
5.82
0.03
0.56
0.23 3,301.73

98.31
95.34
91.77
98.39
96.33
95.29
97.99
88.14
95.43
97.25
94.71
98.07
87.20
70.55
91.44
91.10
92.90
90.46
95.67
97.21
91.86
87.65
90.04
95.78
92.31
97.64
95.42
96.22
89.82
95.25
85.92
95.16
92.59
93.84
96.69
99.95
97.01
96.94
92.85
92.90
82.08

0.00
0.00
0.05
0.00
0.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.78
0.00
0.00
0.00
3.63
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1.69
4.66
8.19
1.61
3.59
4.71
2.01
11.86
4.57
2.75
5.29
1.93
12.80
29.45
8.56
8.90
7.10
9.54
4.33
2.79
5.36
12.35
9.96
4.22
4.06
2.36
4.58
3.78
10.18
4.75
14.08
4.84
7.41
6.16
3.31
0.05
2.99
3.06
7.15
7.10
17.92

2.45
2.96
1.75
2.25
1.75
2.70
1.95
2.45
2.90
1.95
1.95
2.70
2.68
2.69
2.19
2.22
1.75
1.75
1.75
0.00
1.75
1.75
2.00
1.75
0.00
2.92
3.05
2.47
2.93
2.19
2.45
2.70
2.45
1.75
1.75
1.75
2.54
2.62
2.70
2.70
1.95

Fund
Manager
Sudhanshu Asthana
Dipak Acharya
Mahesh Patil
Mahesh Patil
Mahesh Patil
Shreyash Devalkar
Ravi Gopalakrishnan
Ravi Gopalakrishnan
Brahmaprakash Singh
Harish Zaveri
Harish Zaveri
Akash Singhania
Kartik Soral
Bharat Lahoti
Anand Radhakrishnan
Anand Radhakrishnan
Srinivas Rao Ravuri
Vinay R. Kulkarni
Prashant Jain
Neelotpal Sahai
Manish Gunwani
Yogesh Bhatt
Mrinal Singh
Sankaran Naren
V Balasubramanian
Meenakshi Dawar
Ankur Arora
Sumit Bhatnagar
Sanjay Kumar Chhabaria
Harish krishnan
Venugopal M.
Ramnath Venkateswaran
Anupam Tiwari
Omprakash Kuckian
Ashwani Kumar
Ashwani Kumar
Vetri Subramaniam
Vetri Subramaniam
Anshum Nandecha
Anshum Nandecha
Sohini Andani

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
SBI Magnum Equity Fund
Sundaram Growth Fund
Sundaram Select Focus
Taurus Bonanza Fund
UTI Bluechip Flexicap Fund
UTI Mastershare
UTI Top 100 Fund
S&P BSE 100
Mid Cap & Small Cap Funds
Axis Midcap Fund
Birla SL Midcap Fund
Birla SL Small & Midcap Fund
BNP Paribas Mid Cap Fund
Canara Rob Emerg Eq Fund
DSPBR Micro-Cap Fund
DSPBR Small & Mid Cap Fund
Edelweiss Emerging Leaders Fund
Franklin India Prima Fund
Franklin India Smaller Cos Fund
HDFC Mid-Cap Opportunities Fund
HDFC Small and Mid Cap Fund
HSBC Midcap Equity Fund
ICICI Pru Midcap Fund
IDFC Premier Equity Fund
IDFC Sterling Equity Fund
JPMorgan India Mid & Small Cap
Kotak Emerging Equity Scheme
Kotak Midcap Scheme
L&T Midcap Fund
Mirae Asset Emerging BlueChip
Principal Emerging Bluechip Fund
Reliance Growth Fund
Reliance Mid & Small Cap Fund
Reliance Small Cap Fund
Religare Invesco Mid Cap Fund
Religare Invesco Mid N Small Cap
Sahara Midcap Fund
SBI Emerging Businesses Fund
SBI Magnum Global Fund 94
SBI Magnum MidCap Fund
SBI Small & Midcap Fund

Inception
Date

Benchmark
Index

31-Jan-1991
24-Apr-1997
31-Jul-2002
4-Aug-1995
27-Feb-2006
15-Oct-1986
26-May-2009

NIFTY 50
NIFTY 50
NIFTY 50
S&P BSE 100
S&P BSE 200
S&P BSE 100
S&P BSE 100

24-Feb-2011
S&P BSE Mid-Cap
3-Oct-2002 NIFTY MIDCAP 100
31-May-2007 NIFTY MIDCAP 100
2-May-2006 NIFTY MIDCAP 100
15-Mar-2005 NIFTY MIDCAP 100
20-Jun-2007 S&P BSE Small-Cap
16-Nov-2006 NIFTY MIDCAP 100
25-Aug-2011 NIFTY MIDCAP 100
1-Dec-1993 NIFTY MIDCAP 100
13-Jan-2006 NIFTY MIDCAP 100
5-Jul-2007 NIFTY MIDCAP 100
10-Apr-2008
Nifty Smallcap
24-May-2005
S&P BSE Mid-Cap
29-Oct-2004 NIFTY MIDCAP 100
28-Sep-2005
S&P BSE 500
7-Mar-2008 NIFTY MIDCAP 100
27-Dec-2007 NIFTY MIDCAP 100
S&P BSE
3-Apr-2007
MidSmallCap
25-Feb-2005 NIFTY MIDCAP 100
9-Aug-2004 NIFTY MIDCAP 100
12-Jul-2010 NIFTY MIDCAP 100
17-Nov-2008 NIFTY MIDCAP 100
8-Dec-1995
S&P BSE 100
S&P BSE
26-Dec-2006
MidSmallCap
16-Sep-2010 S&P BSE Small-Cap
19-Apr-2007 NIFTY MIDCAP 100
17-Mar-2008 NIFTY MIDCAP 100
17-Jan-2005 NIFTY MIDCAP 100
12-Oct-2004
S&P BSE 500
5-May-1995
S&P BSE Mid-Cap
15-Apr-2005
S&P BSE Mid-Cap
11-Sep-2009 S&P BSE Small-Cap

Performance
3
1
3
5 INCEP
Months Year Years Years
TION
0.85
2.43 15.53
9.97
14.86
-3.38 -15.49
3.99
1.13
15.53
-0.67
-2.49 10.73
4.74
20.43
1.00
3.15 11.99
5.97
10.62
-1.37
-3.22 12.83
7.35
9.13
-1.11
-0.49 14.73
8.37
12.76
-1.57
0.47 14.80
9.23
12.55
0.25 -3.25 10.66
5.51

Risk Ratio
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe
Dev.
in Cr.) Maturity Duration
15.01
0.15 1,262.84
86.51
0.00
17.17
-0.04
223.68
89.33
0.00
16.37
0.07
361.88
89.68
0.00
16.80
0.09
22.76
99.22
0.00
15.73
0.11 1,516.34
96.95
0.00
15.40
0.14 2,913.22
97.40
0.00
15.04
0.14
876.89
97.46
0.00
15.97
0.07

Expense

Fund

YTM

Ratio

13.49
10.67
10.32
0.78
3.05
2.60
2.54

1.95
2.57
2.75
2.70
2.38
2.44
2.64

R. Srinivasan
Shiv Chanani
Shiv Chanani
Sadanand Shetty
Ajay Tyagi
Swati Kulkarni
Swati Kulkarni

Manager

-2.68
2.53
6.53
2.98
4.31
5.82
5.23
6.25
3.17
4.53
2.10
5.89
4.00
2.49
2.46
3.81
0.66

0.85
10.37
13.43
15.28
13.06
20.37
7.26
14.62
6.81
9.56
5.81
6.42
10.40
5.09
8.29
-0.25
9.38

22.82
23.12
25.52
27.86
31.74
36.09
22.96
24.36
26.90
33.06
27.02
20.12
25.47
28.30
22.04
18.08
28.91

-13.31
14.86
20.30
21.47
20.84
14.42
-18.12
21.49
18.50
10.96
10.56
14.85
15.98
13.13
18.43

20.76
26.36
11.64
10.28
18.54
18.97
15.57
20.19
21.00
14.98
17.02
13.84
14.04
19.20
21.38
17.69
8.67

19.97
18.46
18.17
18.13
21.75
20.19
22.01
17.10
17.14
18.04
17.04
15.51
23.20
20.30
15.98
17.35
20.13

0.23 1,245.40
0.25 1,561.70
0.27
188.42
0.32
468.59
0.31
858.76
0.36 2,271.60
0.22 1,905.41
0.26
41.56
0.32 3,907.09
0.38 2,651.14
0.31 10,762.54
0.23
966.03
0.22
391.58
0.28 1,307.83
0.25 6,401.52
0.18 1,476.46
0.31
664.41

97.23
95.97
96.65
94.86
98.43
96.86
97.94
93.58
90.09
88.16
94.64
96.54
99.39
91.09
89.27
93.27
96.43

0.00 2.77
0.00 4.03
0.00 3.35
0.00 5.14
0.00 1.57
0.00 3.14
0.02 2.04
0.00 6.42
0.00 9.91
0.00 11.84
0.00 5.36
0.00 3.46
0.00 0.61
0.00 8.91
0.00 10.73
0.00 6.73
0.02 3.55

1.95
1.75
2.25
2.70
1.95
1.95
1.95
2.67
2.29
2.35
1.75
1.75
0.00
1.75
2.26
2.47
2.20

Pankaj Murarka
Jayesh Gandhi
Jayesh Gandhi
Shreyash Devalkar
Ravi Gopalakrishnan
Vinit Sambre
Vinit Sambre
Kartik Soral
R. Janakiraman
R. Janakiraman
Chirag Setalvad
Chirag Setalvad
Dhiraj Sachdev
Mrinal Singh
Punam Sharma
Aniruddha Naha
Harshad Patwardhan

2.50

8.42

24.46

15.91

11.85

20.26

0.24

797.85

95.43

0.01

4.56

2.32

Pankaj Tibrewal

2.42
2.34
4.20
1.93
1.00

7.36
10.77
14.08
6.00
6.35

21.11
28.55
31.76
26.44
17.12

14.29
15.68
23.07
15.38
9.95

16.73
21.31
23.49
30.95
23.98

19.89
18.37
17.52
18.96
18.92

0.21
0.32
0.37
0.28
0.16

354.48
381.56
1,084.28
516.97
5,462.01

98.15
94.87
96.04
97.74
95.79

0.00
0.23
0.00
0.00
0.45

1.85
4.90
3.96
2.26
3.76

2.51
2.42
2.50
2.20
1.75

Pankaj Tibrewal
Soumendra Nath Lahiri
Neelesh Surana
Dhimant Shah
Sunil Singhania

6.03

8.28

26.46

15.38

14.80

19.70

0.26

2,272.71

98.57

0.00

1.43

1.75

Sunil Singhania

11.41
3.43
3.00
5.15
3.40
0.54
4.82
11.38

15.11
6.38
6.73
4.10
4.33
7.92
14.92
20.56

36.53
26.00
26.87
20.52
14.95
25.39
30.92
39.92

22.02
18.51
18.85
11.30
16.24
18.12
19.76
22.28

21.25
15.48
17.87
16.98
21.96
15.35
18.42
21.76

23.02
18.93
18.34
20.83
16.58
15.33
16.96
19.10

0.34
0.27
0.29
0.19
0.16
0.33
0.38
0.42

1,926.88
125.94
480.85
8.72
1,612.80
2,378.40
1,354.24
732.08

96.65
96.39
96.85
92.82
93.21
91.27
90.25
92.65

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

3.35
3.61
3.15
7.18
6.79
8.73
9.75
7.35

1.75
2.64
2.46
2.70
1.95
1.95
1.95
1.95

Sunil Singhania
Vinay Paharia
Vinay Paharia
A. N. Sridhar
R. Srinivasan
R. Srinivasan
Sohini Andani
R. Srinivasan

22

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Sundaram S.M.I.L.E Fund
Sundaram Select Midcap
Tata Mid Cap Growth Fund
UTI Mid Cap Fund
S&P BSE Mid-Cap
Multi-cap Funds
Birla SL Advantage Fund
Escorts Growth
Franklin India High Growth Cos Fund
GS CNX 500
HDFC Core & Satellite Fund
HDFC Premier Multi-Cap Fund
IDFC Classic Equity Fund
JPMorgan India Equity Fund
Kotak Select Focus Fund
Peerless Equity FundReliance NRI Equity Fund
Reliance Reg Savings Fund-Equity Pl.
Religare Invesco Dynamic Equity
Sahara Wealth Plus Fund-Fixed Pric.
SBI Magnum Multicap Fund
Sundaram Equity Multiplier
Taurus Star Share Fund
Union KBC Equity Fund
UTI Equity Fund
UTI Wealth Builder Fund-II
S&P BSE 200
Flexi-cap Funds
Axis Equity Fund
Birla SL Equity Fund
BOI AXA Equity Fund
Franklin India Flexi Cap Fund
GS India Equity Fund
HDFC Equity Fund
HSBC Dynamic Fund
ICICI Pru Dynamic Plan
JM Multi Strategy Fund
L&T Equity Fund
LIC Nomura MF Growth Fund
Principal Growth Fund
SBI Magnum Multiplier Fund
S&P BSE 200

Inception
Date

Benchmark
Index

16-Feb-2005
30-Jul-2002
5-Apr-1996
19-Apr-2004

NIFTY MIDCAP 100


S&P BSE Mid-Cap
NIFTY MIDCAP 100
NIFTY MIDCAP 100

25-May-1995
4-Apr-2001
26-Jul-2007
13-Jan-2009
20-Sep-2004
20-Apr-2005
9-Aug-2005
14-Jun-2007
17-Sep-2009
29-Sep-2011
15-Nov-2004
8-Jun-2005
4-Oct-2007
8-Sep-2005
14-Oct-2005
28-Feb-2007
29-Jan-1994
17-Jun-2011
30-Jun-1992
18-Dec-2008

S&P BSE 200


NIFTY 50
NIFTY 500
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 200
NIFTY 200
NIFTY 50
S&P BSE 200
S&P BSE 100
S&P BSE 100
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 100
S&P BSE 100
S&P BSE 100

7-Jan-2010
14-Sep-1998
29-Oct-2008
2-Mar-2005
16-Nov-2012
2-Jan-1995
24-Sep-2007
12-Nov-2002
23-Sep-2008
16-May-2005
31-Mar-1998
25-Oct-2000
20-Aug-1993

NIFTY 50
S&P BSE 200
NIFTY 50
NIFTY 500
NIFTY 500
NIFTY 500
S&P BSE 200
NIFTY 50
S&P BSE 500
S&P BSE 200
S&P BSE SENSEX
S&P BSE 200
S&P BSE 200

Performance
1
3
5 INCEP
Year Years Years
TION
7.79 28.81 15.78
20.05
11.15 26.74 16.48
30.22
10.83 28.59 17.73
11.50
6.60 30.58 19.11
20.38
7.43 16.14
7.38

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration
25.65
0.25 1,334.20
97.10
0.17 2.73
2.63
19.67
0.27 3,371.37
99.68
0.00 0.32
2.29
19.35
0.30
567.49
94.93
0.00 5.07
2.81
19.58
0.33 3,424.64
91.99
0.01 8.01
2.45
19.98
0.15

0.12
7.29
0.87
0.87
6.69
3.35
4.32
-0.72
-0.26
1.93
0.16
2.93
-1.10
5.67
3.47
1.45
-0.12
-1.98
-0.55
-1.61
0.76

5.28
12.79
1.49
-1.18
4.99
-1.21
5.21
2.68
2.96
5.23
0.94
6.12
5.47
1.36
9.81
3.46
-1.33
-7.59
0.91
-3.66
-1.48

21.81
22.75
25.79
11.87
15.83
14.49
11.53
16.09
19.93
12.48
13.47
16.84
16.43
17.23
21.69
14.32
11.89
11.33
16.77
4.52
11.69

11.02
10.62
16.31
6.04
7.18
6.77
6.87
8.94
12.33
-8.97
10.27
9.84
9.97
11.55
8.82
7.79
-11.23
5.64
5.91

18.65
19.12
13.41
15.94
17.50
14.53
11.62
9.76
14.00
12.82
18.32
17.34
9.78
13.28
12.49
9.70
10.46
9.07
12.46
15.03

18.24
17.13
17.07
16.17
21.01
19.95
14.66
16.19
16.57
13.51
15.97
18.86
11.86
15.99
15.88
16.53
17.81
15.63
15.57
10.89
15.96

0.23
0.24
0.30
0.09
0.13
0.12
0.07
0.15
0.22
0.11
0.12
0.16
0.21
0.18
0.24
0.13
0.08
0.08
0.18
-0.07
0.09

587.78
9.36
4,033.07
62.07
362.78
313.14
160.10
471.44
3,826.76
189.94
85.81
2,773.55
78.41
9.96
570.24
142.54
189.47
136.27
4,684.14
396.21

98.73
90.62
84.06
99.41
87.35
91.53
96.42
97.74
90.65
99.65
97.60
96.84
84.37
91.92
94.04
87.82
97.93
97.96
91.46
73.93

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1.27
9.38
15.94
0.59
12.65
8.47
3.58
2.24
9.35
0.35
2.40
3.16
15.63
8.08
5.96
12.18
2.07
2.04
8.54
26.07

2.00
2.50
2.33
1.69
2.25
2.25
3.03
2.20
2.02
2.70
2.25
1.75
2.70
2.70
2.20
2.88
2.45
2.91
2.40
2.79

Satyabrata Mohanty
Archit Singhal
R. Janakiraman
Gauri Sekaria
Vinay R. Kulkarni
Vinay R. Kulkarni
Ankur Arora
Harshad Patwardhan
Harsha Upadhyaya
Amit Nigam
Omprakash Kuckian
Omprakash Kuckian
Vetri Subramaniam
Anshum Nandecha
Richard Dsouza
Shiv Chanani
Sadanand Shetty
Ashish Ranawade
Anoop Bhaskar
Lalit Nambiar

1.60
-0.63
0.15
-1.59
2.16
-0.03
0.38
3.96
0.20
-0.78
-2.76
3.89
2.88
0.76

-1.24
2.93
-2.32
1.96
8.82
-5.09
0.06
-1.41
-2.75
0.29
-2.58
2.76
11.05
-1.48

16.44
19.97
13.71
19.39
21.99
14.86
7.91
16.27
14.81
16.70
13.52
18.46
22.09
11.69

10.00
10.60
7.25
11.70
-8.29
3.67
10.33
5.18
9.61
6.52
10.89
12.34
5.91

11.38
24.93
14.73
18.03
23.37
19.79
3.57
24.66
10.40
18.37
9.70
16.04
14.90

14.97
18.18
15.18
15.84
17.44
19.33
12.66
13.52
20.09
16.18
14.67
18.15
15.87
15.96

0.16 1,948.72
0.20 2,510.43
0.12
88.38
0.23 2,787.66
0.24
95.37
0.13 17,532.37
0.02
56.92
0.18 5,584.66
0.12
123.67
0.16 2,960.15
0.12
121.50
0.18
369.96
0.25 1,503.88
0.09

92.35
90.49
92.43
88.53
99.43
95.70
78.63
90.95
94.99
96.25
95.67
96.70
88.85

0.00 7.65
0.00 9.51
0.00 7.57
0.00 11.47
0.00 0.57
0.00 4.30
0.00 21.37
4.07 4.98
0.00 5.01
0.00 3.75
0.00 4.33
0.00 3.30
0.33 10.81

1.95
1.75
2.93
2.30
2.69
1.75
0.00
1.75
2.90
1.99
2.70
2.45
1.95

Pankaj Murarka
Anil Shah
David Pezarkar
R. Janakiraman
Hiren Dasani
Prashant Jain
Neelotpal Sahai
Sankaran Naren
Sanjay Kumar Chhabaria
Soumendra Nath Lahiri
Sachin Relekar
P.V.K Mohan
Jayesh Shroff

3
Months
6.28
3.24
0.79
0.44
3.18

23

Fund
Manager
S. Krishnakumar
S. Krishnakumar
Atul Bhole
Anoop Bhaskar

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Opportunities Funds
Birla SL India Opportunities Fund
Birla SL Special Situations Fund
DSPBR Opportunities Fund
DWS Investment Opportunities Fund
Franklin India Opportunities Fund
HSBC Dividend Yield Equity Fund
HSBC India Opportunities Fund
Kotak Opportunities Fund
L&T India Spl.Situations Fund
Mirae Asset India Opportunities Fund
Reliance Equity Opportunities Fund
Tata Equity Opportunities Fund
UTI Opportunities Fund
S&P BSE 200
Value Style Funds
Birla SL Dividend Yield Plus
Birla SL Pure Value Fund
BNP Paribas Dividend Yield Fund
DSPBR Equity Fund
Escorts High Yield Eq
HDFC Capital Builder Fund
ICICI Pru Value Discovery Fund
Kotak Classic Equity Scheme
L&T India Value Fund
Principal Dividend Yield Fund
Quantum LT Equity Fund
Religare Invesco Contra Fund
Sahara Star Value Fund
SBI Contra Fund
Tata Dividend Yield Fund
Tata Equity P/E Fund
Tata Pure Equity Fund
Taurus Discovery Fund
Templeton India Growth Fund
UTI Dividend Yield Fund
S&P BSE 200
Tax Saving Funds (ELSS)
Axis LT Equity Fund
Baroda Pioneer ELSS 96
Birla SL Tax Plan
Birla SL Tax Relief '96

Performance
1
3
5 INCEP
Year Years Years
TION

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration

1.12
0.81
2.01
-0.16
-0.77
-0.23
0.70
-0.51
-1.65
0.79
2.18
3.28
-1.30
0.76

13.75
7.87
6.09
0.87
2.30
-3.43
-2.10
3.27
1.49
4.25
0.51
6.57
-5.94
-1.48

29.93
21.17
17.98
15.01
18.33
10.50
17.84
17.30
17.45
20.19
18.83
19.83
12.03
11.69

14.59
10.46
9.74
6.31
10.13
5.12
10.72
10.13
11.91
13.20
14.14
12.10
9.47
5.91

10.45
7.57
18.85
15.48
11.33
5.32
16.65
20.31
13.80
16.37
20.49
12.64
15.52

14.51
19.80
15.87
15.51
17.18
15.87
16.96
15.78
16.17
15.82
17.03
14.84
15.45
15.96

0.42
110.76
0.20
134.29
0.20
837.01
0.13
261.93
0.19
464.88
0.06
40.29
0.18
542.85
0.18
698.64
0.18
985.13
0.23 1,405.67
0.19 11,548.81
0.23 1,091.83
0.09 5,047.19
0.09

95.31
98.62
97.31
98.50
93.43
97.41
98.65
97.21
96.39
97.21
98.97
95.94
97.35

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.00

4.69
1.38
2.69
1.50
6.57
2.59
1.35
2.79
3.58
2.79
1.03
4.06
2.65

2.25
2.25
1.95
2.70
2.88
0.00
0.00
2.37
2.18
2.44
1.75
2.82
2.30

Kunal Sangoi
Anil Shah
Rohit Singhania
Akash Singhania
R. Janakiraman
Gaurav Mehrotra
Neelotpal Sahai
Harsha Upadhyaya
Soumendra Nath Lahiri
Neelesh Surana
Sailesh Raj Bhan
Pradeep Gokhale
Anoop Bhaskar

10-Feb-2003
NIFTY 500
27-Mar-2008
S&P BSE 200
15-Sep-2005
NIFTY 200
29-Apr-1997
NIFTY 500
9-Jan-2007
NIFTY 100
10-Feb-1994
NIFTY 500
16-Aug-2004
S&P BSE 500
27-Jul-2005
NIFTY 100
8-Jan-2010
S&P BSE 200
18-Oct-2004 NIFTY DIV OPPS 50
13-Mar-2006
S&P BSE Sensex
12-Apr-2007
S&P BSE 500
17-Sep-2009
S&P BSE 200
14-Jul-1999
S&P BSE 100
25-Nov-2004
NIFTY 500
30-Jun-2004 S&P BSE SENSEX
15-May-1998 S&P BSE SENSEX
5-Sep-1994 NIFTY MIDCAP 100
10-Sep-1996 S&P BSE SENSEX
1-Jun-2005
S&P BSE 100

-1.64
5.50
-0.01
1.79
7.58
5.72
1.24
-1.98
3.38
1.58
7.88
1.22
8.27
-0.31
1.91
3.77
-0.31
2.31
0.11
-0.07
0.76

-5.50
4.15
6.66
-0.74
18.72
4.61
5.44
-3.36
12.88
-3.39
3.49
4.02
2.81
-0.09
4.60
0.31
1.34
7.80
0.05
-5.13
-1.48

12.62
29.76
19.00
14.97
23.85
20.61
25.66
13.09
27.96
9.86
16.23
21.06
15.94
13.17
16.49
20.06
14.18
20.47
14.04
10.32
11.69

8.45
17.22
13.20
9.01
11.56
11.46
17.17
7.98
16.38
6.60
10.46
12.56
7.77
6.89
10.81
11.31
8.53
12.73
7.26
6.26
5.91

22.37
19.48
12.86
20.91
11.27
14.77
23.83
12.33
16.99
11.75
15.01
13.75
10.16
20.50
17.30
20.68
22.33
5.38
17.00
15.47

16.70
24.46
16.04
19.10
17.88
15.41
18.07
14.40
19.79
17.20
14.24
18.08
25.13
15.72
14.40
19.20
14.15
20.58
16.91
15.72
15.96

0.10 1,124.99
0.27
413.56
0.21
178.06
0.13 2,539.14
0.25
3.30
0.23 1,059.48
0.28 10,931.47
0.11
101.48
0.29
776.39
0.06
110.15
0.17
449.67
0.22
875.99
0.13
1.36
0.12 1,843.74
0.18
306.25
0.18
611.28
0.14
830.34
0.19
33.98
0.14
514.50
0.07 2,837.29
0.09

99.27
93.34
95.34
96.22
76.41
95.93
93.81
93.36
85.24
95.77
88.73
97.44
93.59
88.45
97.14
91.09
89.97
97.98
90.30
97.64

0.00
0.00
0.00
0.01
8.01
0.00
2.92
0.00
0.00
0.00
0.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.11

0.73
6.66
4.66
3.77
15.58
4.07
3.26
6.64
14.76
4.23
11.05
2.56
6.41
11.55
2.86
8.91
10.03
2.02
9.70
2.26

1.75
2.00
2.70
1.95
2.50
1.75
1.75
2.69
2.39
2.45
1.25
2.29
2.70
1.95
2.82
2.81
2.82
2.70
2.70
2.32

Satyabrata Mohanty
Mahesh Patil
Shreyash Devalkar
Harish Zaveri
Archit Singhal
Chirag Setalvad
Mrinal Singh
Harish krishnan
Venugopal M.
Dhimant Shah
Atul Kumar
Vetri Subramaniam
Anshum Nandecha
R. Srinivasan
Rupesh Patel
Atul Bhole
Pradeep Gokhale
Sadanand Shetty
Chetan Sehgal
Swati Kulkarni

31-Dec-2009
26-Apr-1996
14-Feb-1999
2-Apr-1996

-0.02
-0.17
2.90
3.14

6.70
-2.22
8.28
9.16

27.36
15.76
21.53
22.54

18.67
6.91
13.55
12.08

20.47
12.90
21.03
26.53

15.83
16.40
16.09
16.21

0.33
0.15
0.24
0.26

98.03
97.02
97.34
98.11

0.02
0.00
0.00
0.00

1.96
2.98
2.66
1.89

1.95
3.08
2.25
1.75

Jinesh Gopani
Dipak Acharya
Ajay Garg
Ajay Garg

Inception
Date

Benchmark
Index

27-Dec-1999
31-Jan-2008
16-May-2000
10-Feb-2004
21-Feb-2000
21-Mar-2007
5-Mar-2004
10-Sep-2004
22-May-2006
9-Apr-2008
31-Mar-2005
5-Apr-1996
21-Jul-2005

NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 200
S&P BSE 200
S&P BSE 500
NIFTY 500
S&P BSE 200
S&P BSE 200
S&P BSE 100
S&P BSE 200
S&P BSE 100

S&P BSE 200


S&P BSE SENSEX
S&P BSE SENSEX
S&P BSE 200

3
Months

24

6,497.30
43.82
287.43
1,965.96

Fund
Manager

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Birla SL Tax Savings Fund
BNP Paribas LT Equity Fund
BOI AXA Tax Adv Fund
Canara Rob Equity Tax Saver Fund
DSPBR Tax Saver Fund
DWS Tax Saving Fund
Edelweiss ELSS Fund
Escorts Tax
Franklin India Taxshield
HDFC Long Term Adv Fund
HDFC TaxSaver
HSBC Tax Saver Equity Fund
ICICI Pru LT Equity Fund (Tax Saving)
IDFC Tax Advt(ELSS) Fund
JM Tax Gain Fund
JPMorgan India Tax Advantage Fund
Kotak Tax Saver Scheme
L&T Tax Advt Fund
L&T Tax Saver Fund
LIC Nomura MF Tax Plan
Principal Personal Tax saver Fund
Principal Tax Saving Fund
Quantum Tax Saving Fund
Reliance Tax Saver (ELSS) Fund
Religare Invesco Tax Plan
Sahara Tax Gain Fund
SBI Magnum TaxGain'93
Sundaram Tax Saver
Tata India Tax Savings Fund
Taurus Tax Shield Fund
Union KBC Tax Saver Fund
UTI LT Equity Fund (Tax Saving)
S&P BSE 200
Balanced Funds
Baroda Pioneer Balance Fund
Birla SL Balanced '95 Fund
Birla SL Dynamic Asset Allocation F.
Canara Rob Balance Scheme
DSPBR Balanced Fund
Escorts Balanced Fund
Franklin India Balanced Fund
HDFC Balanced Fund

Inception
Date

Benchmark
Index

29-Mar-2004
5-Jan-2006
27-Feb-2009
23-Sep-1993
22-Jan-2007
24-Mar-2006
31-Dec-2008
31-Mar-2000
10-Apr-1999
2-Jan-2001
31-Mar-1996
17-Jan-2007
19-Aug-1999
26-Dec-2008
31-Mar-2008
28-Jan-2009
23-Nov-2005
27-Feb-2006
18-Nov-2005
31-Mar-1998
31-Mar-1996
12-May-1996
31-Dec-2008
23-Sep-2005
2-Jan-2007
1-Apr-1997
30-Jul-1993
22-Nov-1999
1-Apr-1996
12-Apr-1996
30-Dec-2011
3-Jan-2000

S&P BSE 100


NIFTY 200
NIFTY 50
S&P BSE 100
NIFTY 500
S&P BSE 200
NIFTY 500
NIFTY 50
NIFTY 500
S&P BSE SENSEX
NIFTY 500
S&P BSE 200
NIFTY 500
S&P BSE 200
S&P BSE 500
S&P BSE 200
NIFTY 500
S&P BSE 200
NIFTY 50
S&P BSE SENSEX
S&P BSE 100
S&P BSE 200
S&P BSE Sensex
S&P BSE 100
S&P BSE 100
S&P BSE 200
S&P BSE 100
S&P BSE 200
S&P BSE SENSEX
S&P BSE 200
S&P BSE 100
S&P BSE 100

3
Months
2.70
1.65
-1.64
1.53
1.59
0.09
-0.22
10.56
-0.61
2.19
0.53
-0.37
3.12
2.25
0.44
-0.63
-1.87
-0.39
1.54
-3.29
0.86
3.93
7.86
6.70
-0.03
5.20
-0.61
2.60
4.22
1.73
-1.65
1.95
0.76

15-Sep-2003
10-Feb-1995
12-May-2000
30-Mar-1993
31-May-1999
4-Apr-2001
17-Jan-2000
20-Sep-2000

Crisil Bal. Fund Index


Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index

-0.07
1.61
2.69
2.83
1.97
5.52
-0.38
0.99

Performance
1
3
5 INCEP
Year Years Years
TION
8.25 18.15
9.29
14.68
7.72 21.08 15.16
11.57
2.06 17.06
8.73
21.15
0.49 15.39 10.80
14.56
4.40 19.24 11.68
13.91
1.51 17.32
7.55
8.15
6.66 18.64 11.64
19.91
10.00 17.71
3.72
12.22
4.05 20.12 13.71
24.99
-2.40 16.15
9.08
23.24
-6.24 15.50
8.57
27.55
0.19 16.41 10.67
11.42
4.33 20.12 12.64
22.40
6.90 20.47 12.79
21.27
-0.63 16.50
8.00
1.47
3.32 16.15
8.89
17.52
1.48 14.21
8.46
11.49
2.90 16.75
9.66
14.34
7.47 19.81
8.58
10.04
-3.01 16.08
7.83
8.84
0.72 14.32
7.52
21.19
2.70 18.55 11.18
16.74
2.45 16.03 10.16
21.31
-2.92 22.50 15.25
15.84
5.81 21.60 13.68
15.04
-2.58 13.55
8.50
22.90
3.20 18.10 11.11
17.62
3.03 14.99
8.82
18.09
12.70 21.37 13.19
20.31
2.06 11.48
6.75
11.13
-3.53 14.65
-18.27
2.62 15.67
8.51
15.23
-1.48 11.69
5.91
2.59
3.36
3.61
6.07
4.80
3.78
4.85
3.01

12.22
17.67
11.92
17.16
14.83
18.31
18.03
19.28

6.88
11.82
7.44
12.89
9.69
9.77
12.33
13.94

12.46
21.28
8.90
11.22
15.50
17.08
14.67
16.85
25

Risk Ratio
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe
Dev.
in Cr.) Maturity Duration
16.00
0.18
24.45
99.14
0.00
16.05
0.24
412.07
95.12
0.00
15.26
0.17
49.84
91.60
0.00
16.18
0.14
839.06
96.41
0.00
16.61
0.21 1,117.58
96.43
0.01
15.62
0.17
42.99
99.56
0.00
15.02
0.21
60.89
97.50
0.00
15.36
0.17
2.90
80.94
2.61
14.72
0.25 1,852.71
94.89
0.00
15.53
0.17 1,133.77
88.52
0.00
18.54
0.14 4,894.65
92.36
0.00
17.66
0.16
176.56
99.10
0.00
16.19
0.22 2,839.94
92.06
0.00
15.74
0.23
362.77
93.80
0.00
19.50
0.14
28.76
98.58
0.00
16.21
0.15
11.77
97.08
0.03
17.71
0.12
485.57
98.63
0.02
15.60
0.17 1,538.06
96.08
0.00
16.07
0.21
28.50
98.25
0.00
15.23
0.16
51.12
95.29
0.00
15.87
0.13
326.21
94.38
0.00
18.19
0.18
262.96
96.82
0.00
14.42
0.16
36.34
89.04
0.00
22.50
0.20 4,560.77
98.87
0.00
15.55
0.25
257.90
96.27
0.00
18.65
0.11
9.23
90.00
0.00
16.03
0.19 4,713.35
88.12
0.00
16.78
0.14 1,197.40
92.99
0.23
14.84
0.25
236.35
90.94
0.00
16.69
0.08
67.50
98.62
0.00
15.37
0.13
81.35
97.84
0.00
15.27
0.15
620.22
94.54
0.04
15.96
0.09
12.44
12.94
11.28
13.76
13.74
14.03
12.00
12.60

0.12
0.22
0.10
0.20
0.16
0.22
0.25
0.26

660.94
2,159.94
4.91
451.59
931.37
1.72
784.13
4,783.03

71.94
70.62
76.80
72.06
73.59
46.71
65.23
67.65

Expense

Fund

YTM

Ratio

0.86
4.88
8.40
3.59
3.56
0.44
2.50
16.45
5.11
11.48
7.64
0.90
7.94
6.20
1.42
2.90
1.34
3.92
1.75
4.71
5.62
3.18
10.96
1.13
3.73
10.00
11.88
6.78
9.06
1.38
2.16
5.42

2.50
2.70
2.86
1.95
1.95
2.70
2.68
2.50
2.40
1.75
1.75
0.00
1.75
2.91
2.89
2.70
2.45
2.10
2.62
2.50
2.45
2.45
1.25
1.75
2.55
2.70
1.95
2.45
2.81
2.70
3.23
2.78

Ajay Garg
Shreyash Devalkar
Saurabh Kataria
Krishna Sanghavi
Rohit Singhania
Akash Singhania
Kartik Soral
Archit Singhal
Anand Radhakrishnan
Chirag Setalvad
Vinay R. Kulkarni
Aditya Khemani
George Heber Joseph
Aniruddha Naha
Sanjay Kumar Chhabaria
Harshad Patwardhan
Harsha Upadhyaya
Soumendra Nath Lahiri
Rajesh Pherwani
Sachin Relekar
Anupam Tiwari
P.V.K Mohan
Atul Kumar
Ashwani Kumar
Vetri Subramaniam
A. N. Sridhar
Jayesh Shroff
S. Krishnakumar
Rupesh Patel
Sadanand Shetty
Ashish Ranawade
Lalit Nambiar

Manager

22.73 5.33
23.73 5.66
0.08 23.12
23.75 4.19
23.96 2.45
44.27 9.02
31.92 2.85
24.80 7.55

2.52
1.75
2.50
2.20
1.95
2.50
2.74
1.50

Dipak Acharya
Mahesh Patil
Prasad Dhonde
Krishna Sanghavi
Vinit Sambre
Archit Singhal
Anil Prabhudas
Chirag Setalvad

MUTUAL FUND SCHEME TRACKER - EQUITY MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
HDFC Prudence Fund
ICICI Pru Balanced Fund
JM Balanced Fund
Kotak Balance
L&T India Prudence Fund
LIC Nomura MF Balanced Fund
LIC Nomura MF ULIS
Principal Balanced Fund
Reliance Reg Savings Balanced Plan
SBI Magnum Balanced Fund
Sundaram Balanced Fund
Tata Balanced Fund
UTI Balanced Fund
UTI CC Balanced Plan
Crisil Balanced Fund Index
Benchmark Indices
Crisil Balanced Fund Index
Crisil Debt Hybrid (60:40)
NIFTY 100
NIFTY 200
NIFTY 50
NIFTY 500
NIFTY DIV OPPS 50
NIFTY MIDCAP 100
NIFTY SMALL 100
S&P BSE 100
S&P BSE 200
S&P BSE 500
S&P BSE Mid-Cap
S&P BSE SENSEX
S&P BSE Sensex - TRI
S&P BSE Small-Cap

Inception
Date
1-Feb-1994
3-Nov-1999
1-Apr-1995
29-Nov-1999
7-Feb-2011
31-Mar-1998
19-Jun-1989
14-Jan-2000
12-Jun-2005
6-Jan-1996
23-Jun-2000
5-Jan-1996
12-Feb-1995

Benchmark
Index

Crisil Bal. Fund Index


Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
S&P BSE 200
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Bal. Fund Index
Crisil Debt Hybrid
15-Dec-1995
(60:40)

3
Months
0.96
1.65
-0.22
0.20
1.25
-0.65
-2.18
2.47
3.44
2.54
-0.82
0.10
0.62

Performance
1
3
5 INCEP
Year Years Years
TION
0.29 15.81 11.20
19.72
2.10 18.22 14.14
14.71
-0.15 14.05
8.77
12.22
1.90 11.65
7.85
13.11
9.93 20.11
-15.05
-6.77 10.32
5.99
8.67
-1.91 10.75
6.44
9.14
3.05 14.24
9.30
10.74
8.73 17.25 11.73
14.33
7.36 19.82 12.55
16.27
-2.89
8.03
4.07
12.52
6.97 19.84 14.59
16.77
2.39 13.26
8.47
1.27

1.00

6.42

13.83

10.98

0.45

0.48

10.13

0.45
1.02
0.28
0.66
-0.03
1.18
3.04
3.17
8.02
0.25
0.76
1.29
3.18
-0.14
0.04
7.40

0.48
3.69
-2.41
-1.90
-4.06
-0.72
-11.32
6.46
7.21
-3.25
-1.48
-0.82
7.43
-5.03
-3.68
6.76

10.13
9.95
11.43
11.56
10.40
12.34
3.21
16.35
15.07
10.66
11.69
11.94
16.14
10.37
12.03
17.06

9.03

Risk Ratio
Portfolio Details
Expense
Std.
(AUM Rs Avg.
Mod.
Sharpe
YTM
Ratio
Dev.
in Cr.) Maturity Duration
16.82
0.16 8,585.75
73.06
23.29 3.65
1.75
11.97
0.25 2,482.59
73.88
17.87 8.25
1.75
15.31
0.13 4,288.52
75.09
20.33 4.59
1.95
10.55
0.11
257.22
68.83
29.18 1.99
2.54
12.22
0.30 1,080.66
65.08
26.54 8.38
2.26
11.74
0.08
31.69
76.61
17.50 5.89
2.70
11.35
0.09
182.44
76.33
12.51 11.16
2.50
12.83
0.15
33.58
66.54
30.20 3.26
2.70
13.81
0.20 1,639.71
67.20
24.42 8.38
1.75
11.45
0.30 2,976.94
69.35
25.01 5.63
1.95
11.32
0.02
95.83
68.58
26.64 4.78
3.01
13.45
0.25 5,139.86
71.52
23.43 5.05
2.81
11.73
0.14 1,299.30
72.48
23.51 4.01
2.57
7.83

0.23

6.75

10.64

0.07

6.75
7.79
6.04
5.94
5.31
6.36
-8.62
6.63
5.51
5.91
5.96
7.38
4.95
6.56
4.12

10.64
6.52
15.75
16.18
15.52
16.32
19.19
19.97
26.90
15.97
15.96
16.13
19.98
15.09
15.13
23.78

0.07
0.10
0.08
0.08
0.06
0.10
-0.03
0.15
0.11
0.07
0.09
0.09
0.15
0.06
0.09
0.14

26

3,362.04

38.62

57.72

3.66

2.01

Fund
Manager
Prashant Jain
Sankaran Naren
Sanjay Kumar Chhabaria
Pankaj Tibrewal
Soumendra Nath Lahiri
Ramnath Venkateswaran
Sachin Relekar
P.V.K Mohan
Sanjay Parekh
R. Srinivasan
Shiv Chanani
Atul Bhole
V. Srivatsa
Amandeep Singh Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Liquid
Axis Liquid Fund
Baroda Pioneer Liquid-Reg
Birla SL Cash Mgr Fund
Birla SL Cash Plus-Ret
BNP Paribas Overnight Fund-Reg
BOI AXA Liquid Fund-Reg
Canara Rob Liquid-Ret
DHFL Pramerica Liquid Fund-Reg
DSPBR Liquidity-Reg
DWS Insta Cash Plus-Reg
Edelweiss Liquid-Ret
Escorts Liquid Plan
Franklin India CMA
Franklin India TMA-Reg
GS Liquid BeES
HDFC Cash Mgmt-Call
HDFC Cash Mgmt-Savings
HDFC Liquid Fund
HSBC Cash-Reg
ICICI Pru Liquid Plan-Ret
ICICI Pru Money Market-Ret
IDBI Liquid Fund
IDFC Cash-A
Indiabulls Liquid Fund
JM High Liquidity Fund
JPMorgan India Liquid-Ret
Kotak Liquid Scheme-Reg
L&T Cash-Ret
L&T Liquid-Reg
LIC Nomura MF Liquid
Mirae Asset Cash Management-Reg
Peerless Liquid Fund-Reg
Principal Cash Management Fund
Principal Retail Money Mgr
Quantum Liquid Fund
Reliance Liquid-Cash
Reliance Liquidity
Reliance Liquid-Treasury-Ret
Religare Invesco Liquid-Reg
Religare Invesco Overnight Fund
Sahara Liquid-Fixed Pricing

Inception
Date

Benchmark
Index

11-Oct-2009
20-Feb-2002
15-May-1998
16-Jun-1997
2-Sep-2004
17-Jul-2008
16-Jan-2002
29-Aug-2010
16-Mar-1998
28-Jan-2003
10-Sep-2008
3-Oct-2005
23-Apr-2001
30-Apr-1998
10-Jul-2003
7-Feb-2002
3-Jan-2000
17-Oct-2000
11-Dec-2002
19-Jun-1998
8-Mar-2002
12-Jul-2010
3-Jul-2001
27-Oct-2011
31-Dec-1997
21-Sep-2007
5-Oct-2000
27-Nov-2006
4-Oct-2000
18-Mar-2002
13-Jan-2009
21-Feb-2010
1-Sep-2004
29-Dec-2007
7-Apr-2006
6-Dec-2001
15-Jun-2005
18-Mar-1998
19-Nov-2006
16-Sep-2007
22-Feb-2002

Crisil Liq Fund


Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

3
Months
1.90
1.62
1.70
1.89
1.86
1.88
1.81
1.90
1.85
1.34
1.55
2.08
1.34
1.79
1.17
1.66
1.86
1.90
1.65
1.76
1.79
1.87
1.67
1.94
1.93
1.73
1.67
1.62
1.90
1.90
1.66
1.92
1.91
2.02
1.72
1.71
1.90
1.66
1.76
1.67
1.59

Performance
1
3
5 INCEP
Year Years Years
TION
8.35
7.13
8.07
8.38
8.15
8.29
7.96
8.38
8.16
5.93
6.64
8.83
6.03
7.82
4.97
7.29
8.27
8.35
7.35
7.74
7.81
8.26
7.52
8.46
8.44
8.02
7.34
7.41
8.34
8.35
7.77
8.35
8.43
8.82
7.89
7.64
8.34
7.36
7.46
7.35
7.09

8.88
8.16
8.63
8.72
8.24
8.86
8.00
8.87
8.66
6.83
7.29
9.35
6.66
8.39
5.64
7.89
8.85
8.91
7.90
8.04
8.05
8.78
8.24
8.91
8.96
8.62
7.91
7.85
8.11
8.83
8.20
9.03
8.89
9.35
8.49
8.20
8.89
7.95
7.67
8.46
7.96

9.06
8.61
8.73
8.72
8.43
8.50
8.13
9.07
8.81
7.56
7.71
9.75
6.80
8.53
5.82
7.87
9.02
9.01
7.93
8.19
8.07
8.99
8.43
-9.08
8.81
8.10
8.15
8.21
8.83
7.90
9.22
9.05
8.99
8.67
8.56
9.06
8.28
7.91
8.23
8.45

8.30
6.90
7.45
7.55
7.02
7.42
6.99
8.95
7.25
6.70
6.83
8.52
5.76
7.43
5.25
47.93
43.00
45.25
6.43
7.27
6.16
8.79
6.70
9.16
8.08
6.96
6.82
7.29
7.07
7.42
6.60
8.67
7.65
6.70
7.79
6.25
7.91
7.15
7.30
6.71
7.16
27

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.25
0.36
0.65
0.29
0.23
0.25
0.23
0.26
0.25
0.31
0.28
0.21
0.24
0.28
0.20
0.24
0.29
0.26
0.26
0.25
0.19
0.28
0.28
0.27
0.25
0.28
0.30
0.24
0.28
0.26
0.27
0.25
0.28
0.30
0.33
0.28
0.25
0.29
0.25
0.67
0.32

1.38
0.46
0.49
1.07
0.76
1.31
0.42
1.31
1.16
-0.62
-0.31
2.37
-1.05
0.80
-2.69
0.38
1.20
1.40
0.35
0.52
0.69
1.11
0.63
1.29
1.43
1.04
0.31
0.31
0.48
1.32
0.64
1.59
1.27
1.67
0.75
0.61
1.41
0.37
0.10
0.36
0.30

0.09
1.35
0.93
0.12
0.20
0.20
0.34
0.15
0.25
2.43
0.97
2.00
0.95
0.86
0.56
0.25
0.25
0.10
1.00
0.61
0.60
0.00
1.20
0.36
0.30
0.18
0.00
0.90
0.12
0.14
1.02
0.20
0.16
0.19
0.35
1.44
0.13
1.05
0.75
0.20
0.40

9,108.70
5,400.11
6,958.99
22,267.25
946.15
1,078.05
1,149.20
784.26
4,980.33
8,284.92
22.28
217.20
160.82
3,162.77
835.03
112.54
7,932.14
25,810.69
1,757.98
23,012.22
7,874.01
5,259.82
10,361.15
2,854.40
3,020.67
793.58
6,729.02
489.35
7,169.82
9,262.04
75.28
409.88
2,322.16
38.38
56.83
4,246.51
5,441.16
20,188.54
4,560.53
1.92
52.23

31.00
17.39
251.85
36.50
29.20
20.00
18.25
34.00
32.85
29.20
21.13
55.00
25.55
1.57
1.00
45.00
39.00
25.55
42.71
36.84
28.00
39.00
24.10
18.69
7.00
36.50
47.45
29.20
32.00
33.67
14.60
20.00
22.00
31.00
56.00
41.00
46.00
29.00
1.00
10.00

29.00
18.25
226.30
29.20
25.55
18.25
14.60
33.00
29.20
25.55
19.20
21.90
1.57
1.00
42.00
36.00
25.55
39.70
34.21
28.00
39.00
22.37
18.07
7.30
36.50
43.80
29.20
29.20
32.85
14.60
19.00
20.00
29.00
52.00
38.00
43.00
27.00
1.00
-

7.29
7.18
8.11
7.45
7.45
7.42
7.26
7.30
7.41
7.49
7.04
0.00
4.29
7.61
0.00
6.63
7.30
7.30
7.36
7.40
7.48
7.42
7.36
7.77
7.74
6.89
7.30
7.23
7.33
7.32
7.19
7.91
7.51
8.23
0.00
7.74
7.47
7.45
7.47
6.70
0.00

Fund
Manager
Devang Shah
Hetal P. Shah
Kaustubh Gupta
Kaustubh Gupta
Puneet Pal
Alok Singh
Girish Hisaria
Ritesh Jain
Laukik Bagwe
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Pallab Roy
Sachin Padwal-Desai
Siddharth Deb
Anil Bamboli
Anil Bamboli
Anupam Joshi
Kapil Punjabi
Rahul Goswami
Rahul Goswami
Gautam Kaul
Anurag Mittal
Malay Shah
Shalini Tibrewala
Namdev Chougule
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Rahul Singh
Yadnesh Chavan
Vikram Pamnani
Pankaj Jain
Pankaj Jain
Murthy Nagarajan
Anju Chhajer
Amit Tripathi
Anju Chhajer
Krishna Venkat
Sujoy Kumar Das
Manish Jaitley

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
SBI Magnum InstaCash-Cash
SBI Premier Liquid-Inst
Sundaram Money Fund-Ret
Tata Liquidity Mgmt
Tata Liquid-RIP
Taurus Liquid-Reg
Union KBC Liquid Fund
UTI Liquid-Cash-Reg
UTI Money Market Fund-Reg
Crisil Liq Fund
Liquid Plus / Ultra Short Term
Axis Treasury Advantage Fund
Baroda Pioneer Treasury Adv-Reg
Birla SL Savings-Ret
BNP Paribas Money Plus Fund-Reg
BOI AXA Treasury Adv Fund-Reg
Canara Rob Treasury Adv-Ret
DHFL Pramerica Treasury Advantage
DHFL Pramerica Ultra ST Bond-Reg
DSPBR Money Manager Fund-Reg
DWS Cash Opportunities Fund
DWS Low Duration Fund-Reg
DWS Treasury-Cash Plan
DWS Treasury-Invest Plan
DWS Ultra ST-Reg
Franklin India Ultra Short Bond-Ret
HDFC Cash Mgmt-TA Plan
HSBC Ultra ST Bond-Reg
ICICI Pru Flexible Income Plan-Reg
ICICI Pru Ultra Short Term Plan-Ret
IDBI Ultra ST
IDFC Money Mgr-IP-A
IDFC Money Mgr-TP-Reg
IDFC Ultra Short Term Fund-Reg
Indiabulls Ultra Short Term Fund
JM Money Mgr-Reg
JM Money Mgr-Super Plus
JM Money Mgr-Super
JPMorgan India Treasury-Ret
Kotak Corporate Bond Fund-Ret
L&T Low Duration Fund-Ret
L&T Ultra ST-Reg

Inception
Date

Benchmark
Index

21-May-1999
24-Nov-2003
7-Mar-2000
7-Mar-2006
31-Aug-1998
4-Sep-2006
16-Jun-2011
27-Jun-2003
24-Apr-1997

Crisil Liq Fund


Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

3
Months
1.89
1.88
1.89
1.75
1.71
1.75
1.86
1.71
1.76
1.82

12-Oct-2009
29-Jun-2009
27-Nov-2001
21-Oct-2005
18-Jul-2008
16-Sep-2003
6-Jun-2011
27-Sep-2010
31-Jul-2006
25-Jun-2007
21-Mar-2006
12-Oct-2009
12-Oct-2009
27-Oct-2003
19-Dec-2007
3-Jan-2000
17-Oct-2006
27-Sep-2002
12-Jun-2009
6-Sep-2010
10-Aug-2004
18-Feb-2003
17-Jan-2006
9-Jan-2012
27-Sep-2006
27-Sep-2006
27-Sep-2006
21-Sep-2007
24-Sep-2007
20-Sep-2007
27-Nov-1997

Crisil Liq Fund


Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Comp. Bond
Crisil Liq Fund
Crisil Liq Fund

1.86
1.63
1.92
1.64
1.89
1.60
1.60
1.64
1.66
2.16
1.64
1.95
1.73
1.44
2.10
1.59
1.59
1.89
1.75
1.58
1.66
1.57
1.76
1.82
1.83
1.74
1.69
1.77
1.57
1.62
1.87

Performance
1
3
5 INCEP
Year Years Years
TION
8.31
8.89
8.94
7.40
8.29
8.84
8.99
7.31
8.32
8.89
8.33
7.01
7.70
8.30
8.60
7.15
7.51
8.15
8.32
7.09
7.64
8.18
8.46
7.09
8.19
8.83
-9.05
7.62
8.17
8.35
6.93
7.75
8.25
8.45
7.71
8.23
8.83
8.63
8.53
8.03
8.89
8.23
8.68
8.06
7.96
7.83
7.94
9.32
7.43
8.33
8.24
6.81
9.12
7.67
7.78
8.81
8.73
7.84
8.62
8.32
8.69
8.84
8.60
8.35
8.20
-1.49
8.92
7.74
8.47

8.89
8.62
9.25
8.38
9.06
8.14
8.48
8.54
8.62
9.26
7.87
8.70
8.68
7.93
9.31
8.10
8.28
9.31
8.83
8.55
8.70
8.48
9.18
8.98
8.99
8.85
8.83
5.11
9.00
7.92
8.60

9.10
8.99
9.23
8.62
8.78
8.37
-8.93
8.65
9.35
7.84
8.37
8.83
8.44
9.32
8.35
8.00
9.35
8.70
8.91
8.85
8.50
9.46
-9.38
9.16
9.26
6.71
8.88
8.23
8.81

8.36
8.14
7.50
7.88
7.78
7.20
8.85
8.87
7.62
8.44
7.24
7.75
8.18
7.21
8.40
7.30
7.29
8.07
7.70
8.81
7.32
6.76
7.61
9.27
8.14
8.33
8.42
5.75
7.98
7.48
8.20
28

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.25
1.34
0.14
1,913.40
29.20
25.55 7.41
0.24
1.34
0.16 29,952.78
32.85
29.20 7.34
0.28
1.23
0.12
3,915.21
25.55
25.55 7.33
0.33
0.56
0.10
28.85
1.00
- 0.00
0.26
0.55
0.93
2,431.62
25.50
25.50 7.34
0.28
0.59
1.19
2,296.84
14.60
- 0.00
0.25
1.31
0.14
1,590.07
29.42
27.50 7.35
0.28
0.53
0.10 11,439.55
27.08
- 7.32
0.27
0.62
0.16
9,828.17
31.83
- 7.57
0.45
0.71
0.48
0.80
0.63
0.57
0.72
0.64
1.37
0.64
0.63
0.76
1.35
0.23
1.02
0.64
0.46
0.71
0.72
0.51
0.98
0.57
1.20
0.58
0.62
0.62
0.46
0.49
0.52
4.30
2.99
0.52
0.60

0.80
0.39
0.77
0.42
0.60
0.28
0.20
0.46
0.51
0.63
0.08
1.33
0.32
0.21
1.07
0.24
0.30
0.98
0.37
0.52
0.28
0.48
0.76
0.66
0.89
0.76
0.71
-0.15
0.15
0.23
0.50

0.55
1.65
0.26
1.26
0.50
1.26
1.20
1.30
1.00
1.18
2.40
0.22
0.49
2.45
0.86
1.25
1.30
0.20
0.38
0.00
0.46
0.95
0.30
1.00
1.00
0.52
0.44
0.00
0.73
0.75
0.00

1,649.82
2,393.90
12,281.42
269.71
299.77
122.49
46.01
192.78
2,058.09
737.34
25.89
824.41
815.09
2,635.41
5,133.04
9,431.05
451.85
16,784.73
6,022.78
665.52
1,654.06
2,071.91
3,358.51
915.15
84.08
1,037.21
231.10
722.60
36.08
30.30
1,800.59

112.00
209.73
313.90
240.90
148.00
186.15
337.00
221.00
127.75
229.95
273.75
21.90
281.05
149.65
215.35
337.00
219.00
270.67
678.90
140.00
832.20
250.00
236.00
108.74
131.58
230.32
95.41
119.00
781.10
58.40
167.90

103.00
186.15
222.65
211.70
135.05
153.30
296.00
197.00
116.80
200.75
244.55
21.90
237.25
135.05
189.80
276.00
200.75
234.01
565.75
122.00
700.80
225.00
213.00
98.81
114.87
208.42
95.41
76.65
675.25
54.75
164.25

7.96
8.10
8.24
7.65
8.42
7.47
8.77
8.13
7.85
9.89
8.44
7.60
7.67
8.25
9.46
8.03
7.84
8.04
8.06
7.60
8.19
7.92
7.91
8.45
7.42
7.52
7.39
7.00
8.18
7.28
7.68

Fund
Manager
Rajeev Radhakrishnan
Rajeev Radhakrishnan
Dwijendra Srivastava
Amit Somani
Amit Somani
Archit Shah
Devesh Thacker
Amandeep Singh Chopra
Amandeep Singh Chopra

Kedar Karnik
Alok Sahoo
Kaustubh Gupta
Puneet Pal
Alok Singh
Girish Hisaria
Ritesh Jain
Ritesh Jain
Laukik Bagwe
Kumaresh Ramakrishnan
Kumaresh Ramakrishnan
Rakesh Suri
Nitish Gupta
Nitish Gupta
Sachin Padwal-Desai
Anupam Joshi
Kapil Punjabi
Rahul Goswami
Aditya Pagaria
Gautam Kaul
Harshal Joshi
Anurag Mittal
Anurag Mittal
Malay Shah
Vikas Agrawal
Vikas Agrawal
Vikas Agrawal
Ravi Ratanpal
Deepak Agrawal
Vikram Chopra
Vikram Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
LIC Nomura MF Income Plus
LIC Nomura MF Savings Plus
Mirae Asset Ultra ST Bond-Reg
Peerless Ultra Short Term Fund-Reg
Principal Bank CD
Reliance Medium Term
Reliance Money Manager-Ret
Religare Invesco Ultra ST-Reg
SBI Treasury Advantage Fund-Reg
SBI Ultra Short Term Debt Fund
Sundaram Ultra Short Term Fund-Ret
Tata Floater
Tata Treasury Mgr-RIP
Taurus Ultra ST Bond-Ret
Union KBC Ultra ST DebtUTI Treasury Advantage-Reg
Crisil Liq Fund
Floating Rate - Short Term
Birla SL FRF-Short Term Plan-Ret
Canara Rob Savings Plus Fund-Reg
DHFL Pramerica ST FRF
DSPBR Income Opportunities Fund-Reg
HDFC FRIF-Short Term Plan-Ret
ICICI Pru Savings Fund
JM Floater Short Term Fund
Kotak Floater-ST
L&T FRF
Principal Debt Opp Conservative Plan
Reliance FRF ST
SBI Magnum InstaCash-Liquid Floater
SBI Savings Fund-Reg
Sundaram Flexible-STP-Ret
Tata Money Market
UTI FRF-STP
Crisil Liq Fund
Floating Rate - Long Term
Birla SL FRF-Long Term Plan-Ret
Franklin India Savings Plus Fund
HDFC FRIF-Long Term Plan
HSBC FRF-LT-Reg
JM Floater Long Term Fund-Reg
Kotak Treasury Advantage Fund

Inception
Date

Benchmark
Index

31-May-2007
Crisil Liq Fund
4-Jun-2003
Crisil Liq Fund
6-Mar-2008
Crisil Liq Fund
22-Feb-2010
Crisil Liq Fund
7-Nov-2007
Crisil Liq Fund
14-Sep-2000
Crisil ST Bond
20-Mar-2007
Crisil Liq Fund
18-Jan-2007
Crisil Liq Fund
12-Oct-2009 Crisil 1 Year CD index
27-Jul-2007
Crisil Liq Fund
24-Apr-2007
Crisil Liq Fund
13-Sep-2005
Crisil Liq Fund
17-Jul-2007
Crisil ST Bond
1-Dec-2008
Crisil Liq Fund
25-Apr-2012
Crisil ST Bond
26-Jul-1999
Crisil Liq Fund

3
Months
1.14
1.64
1.48
1.62
1.76
1.74
1.69
1.70
1.89
1.78
1.47
1.79
1.63
1.95
1.85
1.77
1.82

Performance
1
3
5 INCEP
Year Years Years
TION
5.99
7.20
7.71
7.54
7.74
8.17
8.19
6.71
6.96
7.65
7.60
5.71
7.86
8.67
9.27
8.64
8.54
8.82
9.00
8.18
8.69
8.80
9.06
7.61
8.07
8.60
8.78
8.06
7.86
7.82
8.13
7.56
8.73
9.03
8.99
8.28
8.63
8.92
9.04
7.94
7.15
7.89
7.92
7.34
8.59
9.06
9.21
8.08
8.14
8.53
8.72
8.10
8.47
8.76
8.98
7.98
8.04
8.86
-9.00
8.16
8.74
8.85
8.30
8.23
8.83
8.63

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.66
-0.11
2.25
96.52
872.00
492.75 7.90
0.60
0.31
1.00
1,188.05
745.00
448.95 8.31
0.24
0.23
1.10
47.15
126.88
124.10 7.42
0.48
0.69
0.85
111.34
186.15
178.85 8.01
0.71
0.52
0.75
73.31
96.00
88.00 7.64
1.13
0.32
0.65
4,841.64
423.40
372.30 8.51
0.49
0.63
0.96 13,319.47
235.00
208.00 8.01
0.72
0.12
1.25
2,470.15
236.00
205.00 8.21
0.49
0.87
0.76
590.81
270.10
226.30 8.32
0.53
0.75
0.39
9,598.60
178.85
160.60 7.88
0.52
0.22
1.82
2,043.48
197.10
175.20 7.85
0.55
0.79
0.35
4,005.96
273.60
237.60 7.81
0.86
0.34
1.00
498.46
244.55
222.65 7.86
0.49
0.71
1.15
216.93
14.60
- 0.00
0.43
0.88
0.26
67.24
18.71
17.33 7.34
0.46
0.74
0.32 10,854.80
201.22
186.00 8.07
0.45
0.71

Fund
Manager
Kunal Jain
Rahul Singh
Yadnesh Chavan
Vikram Pamnani
Gurvinder Singh Wasan
Amit Tripathi
Amit Tripathi
Krishna Cheemalapati
Rajeev Radhakrishnan
Rajeev Radhakrishnan
Dwijendra Srivastava
Akhil Mittal
Amit Somani
Archit Shah
Devesh Thacker
Sudhir Agarwal

4-Jun-2003
7-Mar-2005
13-Feb-2012
14-May-2003
20-Jan-2003
31-Mar-2003
25-Jun-2003
14-Jul-2003
10-Aug-2005
15-Sep-2004
6-Sep-2004
1-Oct-2002
16-Jul-2004
31-Dec-2004
28-Dec-2003
3-Sep-2003

Crisil Liq Fund


Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil Liq Fund

1.90
1.72
1.51
2.06
1.84
1.70
1.61
1.93
1.95
1.78
1.66
1.72
1.71
1.42
1.72
1.84
1.82

8.40
8.34
7.10
9.64
8.57
7.83
7.31
8.45
8.44
8.18
8.63
7.78
8.27
7.07
7.53
8.51
8.23

8.85
8.80
8.36
9.51
8.77
8.42
7.91
8.95
8.60
8.52
8.77
8.46
8.81
7.58
8.21
9.03
8.83

8.99
9.18
-9.16
8.87
8.43
8.01
9.13
9.14
8.92
9.04
8.71
9.16
8.00
8.42
8.86
8.63

7.32
8.03
8.67
7.13
7.26
7.04
6.76
7.39
7.67
7.77
7.75
7.21
7.53
7.13
7.17
7.32

0.26
0.82
0.41
1.69
0.57
0.58
0.32
0.27
0.44
0.45
1.60
0.27
0.37
0.99
0.28
0.51
0.45

1.30
0.44
0.61
0.33
0.62
0.45
0.25
1.36
0.69
0.65
0.22
0.86
1.00
0.02
0.58
0.83
0.71

0.12
0.55
0.40
1.70
0.17
1.44
0.32
0.05
0.72
1.10
0.70
0.37
1.06
0.29
0.87
0.88

3,627.73
507.59
4.21
2,329.78
9,574.35
3,858.58
1.63
7,140.47
173.72
456.14
4,197.44
76.76
1,433.16
1,542.30
5,739.11
6,077.69

36.50
208.05
1.00
1,273.85
235.00
280.63
0.99
43.80
160.60
225.00
865.05
65.70
248.20
94.90
26.40
272.33

32.85 7.51
178.85 7.58
1.00 6.72
861.40 10.21
197.00 7.98
224.75 8.90
0.99 6.52
43.80 7.55
149.65 8.80
203.00 8.73
708.10 8.43
62.05 7.10
215.35 8.30
94.90 7.31
26.40 7.32
252.00 8.50

Kaustubh Gupta
Girish Hisaria
Ritesh Jain
Dhawal Dalal
Shobhit Mehrotra
Rahul Goswami
Shalini Tibrewala
Deepak Agrawal
Vikram Chopra
Pankaj Jain
Amit Tripathi
R. Arun
R. Arun
Dwijendra Srivastava
Amit Somani
Sudhir Agarwal

4-Jun-2003
12-Feb-2002
20-Jan-2003
16-Nov-2004
25-Jun-2003
13-Aug-2004

Crisil Liq Fund


Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund
Crisil Liq Fund

1.95
1.75
1.50
1.52
2.16
1.86

8.91
8.29
7.90
7.53
8.97
8.63

9.27
8.76
8.66
7.98
8.65
9.00

9.37
8.94
9.36
8.18
8.40
9.16

7.83
7.40
7.56
7.27
6.73
7.86

0.61
0.76
1.18
0.41
0.30
0.77

0.79
0.46
0.27
0.35
1.04
0.54

0.35
0.86
0.15
1.30
1.00
0.63

1,480.32
320.22
1,904.15
51.78
76.13
4,022.25

295.65
317.55
1,091.35
73.00
26.06
197.10

237.25
244.55
708.10
73.00
26.06
182.50

Prasad Dhonde
Sachin Padwal-Desai
Shobhit Mehrotra
Kapil Punjabi
Shalini Tibrewala
Deepak Agrawal

29

8.03
8.06
7.46
7.32
9.75
8.32

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Sundaram Flexible-FIP
Crisil Liq Fund
Income - Short Term
Axis Banking Debt Fund
Axis Short Term Fund
Baroda Pioneer ST Bond Fund
Birla SL Short Term Fund
Birla SL ST Opportunities Fund
Birla SL Treasury Optimizer Plan
BNP Paribas ST Income Fund
Canara Rob Short Term Fund-Reg
DHFL Pramerica ST Income
DSPBR Short Term Fund-Reg
DWS Short Maturity Fund
Edelweiss ST Income Fund
Escorts Short Term Debt
Franklin India Low Duration Fund
Franklin India ST Income Plan
HDFC High Interest-STP
HDFC Short Term Opportunities Fund
HDFC STP
HSBC Income-Short Term Plan
ICICI Pru Corporate Bond-B
ICICI Pru Short Term Plan-Reg
IDBI ST Bond
IDFC SSIF-ST-Reg
JM Short Term-Reg
JPMorgan India ST Income
Kotak Bond-STP
Kotak Low Duration Fund-Ret
L&T Short Term Opportunities Fund
L&T ST Income Fund
Mirae Asset ST Bond Fund
Peerless Short Term Fund-Reg
Principal Income Fund-STP
Reliance STF
Religare Invesco Bank Debt Fund
Religare Invesco Credit Oppor Fund
Religare Invesco Short Term Fund
SBI Short Term Debt Fund-Ret
Sundaram Select Debt-STAP
Tata ST Bond

Inception
Date
31-Dec-2004

12-Jun-2012
25-Jan-2010
2-Jul-2010
3-Mar-1997
9-May-2003
19-Apr-2002
13-Sep-2004
31-Mar-2009
7-Feb-2011
11-Sep-2002
28-Jan-2003
1-Oct-2008
25-Jan-2006
7-Feb-2000
4-Feb-2002
7-Feb-2002
25-Jun-2010
6-Mar-2002
27-Dec-2002
17-Sep-2004
29-Oct-2001
24-Mar-2011
14-Dec-2000
24-Jun-2002
25-Mar-2010
3-May-2002
7-Mar-2008
27-Dec-2011
4-Dec-2010
5-Aug-2009
20-Aug-2010
13-May-2003
18-Dec-2002
29-Dec-2012
31-Aug-2009
26-Mar-2007
27-Jul-2007
5-Sep-2002
9-Aug-2002

Benchmark
Index

3
Months
Crisil Comp. Bond
0.99
1.82
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
CRISIL AA ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond
Crisil ST Bond
Crisil Liq Fund
Crisil ST Bond

1.70
1.48
1.71
1.70
1.52
1.31
1.63
1.53
1.34
1.56
1.55
1.76
2.05
1.47
1.82
1.07
1.72
2.00
1.36
1.45
1.23
1.47
1.66
1.15
1.73
1.33
2.14
1.56
2.02
1.39
1.61
1.56
1.54
1.00
1.88
1.01
1.52
1.07
1.53

Performance
1
3
5 INCEP
Year Years Years
TION
8.66
7.59
7.43
6.72
8.23
8.83
8.63
8.50
8.11
8.61
8.89
8.42
8.52
8.43
7.81
6.51
8.19
8.34
8.56
9.21
7.15
9.06
7.41
8.70
9.50
7.88
8.32
7.99
7.82
8.15
6.33
-9.58
8.04
9.32
8.17
8.85
7.69
8.02
8.08
8.12
6.85
7.91
7.09
8.16
7.34
8.23

8.82
8.48
8.70
9.40
9.95
10.05
8.66
8.45
8.02
8.86
9.01
8.14
9.99
7.58
10.03
8.53
9.16
9.24
8.28
8.86
8.91
8.27
8.62
7.81
2.60
8.49
8.60
8.88
8.92
7.87
8.70
8.59
8.97
7.55
8.01
7.72
8.69
9.14
9.30

-8.93
8.70
9.65
10.08
9.72
8.80
8.81
-8.95
9.15
7.94
10.30
8.09
9.82
8.76
9.36
9.17
8.57
8.94
8.99
-8.87
8.55
5.32
8.68
9.02
-8.98
7.46
9.88
9.01
8.92
-8.42
8.70
8.94
10.19
9.16

8.91
8.20
8.13
9.53
7.23
7.69
7.49
7.96
8.83
7.20
7.86
7.47
8.75
7.89
8.38
7.95
9.11
7.96
7.06
7.80
8.11
8.70
7.61
8.01
5.39
7.71
8.06
9.12
8.95
6.47
9.68
7.79
8.12
7.61
7.73
7.91
8.02
7.24
7.86
30

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
4.99
0.00
0.75
402.95 2,489.30
1,704.55 8.32
0.45
0.71
0.95
1.85
1.61
1.53
1.72
1.30
1.57
1.44
1.12
1.77
1.59
1.69
1.22
0.70
1.89
2.26
1.67
1.93
1.87
2.90
2.39
1.88
1.62
1.86
8.11
2.14
1.31
1.70
1.98
0.44
0.59
1.66
2.25
1.96
0.28
1.92
1.82
1.72
1.62

0.39
0.14
0.21
0.34
0.39
0.53
0.21
0.18
0.13
0.21
0.26
0.10
0.57
0.03
0.36
0.13
0.27
0.24
0.11
0.13
0.17
0.11
0.19
0.06
-0.15
0.13
0.24
0.22
0.19
0.27
0.59
0.18
0.18
-0.01
0.52
0.04
0.19
0.28
0.31

0.35
1.10
1.10
0.30
1.08
0.57
0.64
1.10
1.45
1.30
1.30
0.55
2.25
0.78
1.56
1.00
0.32
1.00
0.00
1.50
0.95
0.00
0.83
0.89
0.00
1.25
0.94
0.71
1.48
1.39
1.05
1.21
1.03
1.75
1.25
1.80
0.71
1.47
1.10

460.07
2,579.96
44.06
9,556.80
3,997.80
5,083.55
184.73
150.34
10.66
1,542.24
2,024.59
24.20
9.83
2,453.19
10,351.25
2,443.52
6,397.17
2,840.77
1,636.36
3,840.06
5,278.26
114.45
4,713.89
42.04
121.40
2,616.15
1,554.25
1,681.13
270.37
4.48
119.94
215.44
8,923.86
121.27
2,627.38
2,257.43
3,974.18
830.95
4,938.95

232.00
1,095.00
495.06
792.05
1,660.75
1,843.25
883.30
817.60
69.00
704.45
1,080.40
447.86
127.75
335.80
919.80
1,992.90
660.65
770.15
1,095.00
1,481.90
1,518.40
584.00
773.80
1,309.77
338.00
1,343.20
200.75
766.50
613.20
83.14
390.55
1,062.15
1,032.95
1,350.50
28.00
1,642.50
927.10
1,781.20
1,014.70

202.00 7.45
803.00 8.13
368.65 8.88
660.65 7.93
1,146.10 8.97
1,277.50 8.13
653.35 8.05
660.65 8.11
62.00 7.30
565.75 8.42
708.10 9.06
371.90 7.72
- 0.00
324.85 10.10
781.10 10.81
1,262.90 8.49
562.10 8.23
613.20 9.86
846.80 8.24
1,036.60 9.12
1,109.60 8.39
500.05 8.19
638.75 8.10
909.14 8.03
219.00 7.05
959.95 8.57
182.50 9.41
675.25 8.10
507.35 10.13
80.30 7.22
350.40 8.14
806.65 8.34
843.15 8.33
901.55 7.75
26.00 8.34
1,153.40 8.30
737.30 8.14
1,047.55 8.34
784.75 8.11

Fund
Manager
Dwijendra Srivastava

Kedar Karnik
Devang Shah
Alok Sahoo
Prasad Dhonde
Kaustubh Gupta
Prasad Dhonde
Puneet Pal
Suman Prasad
Ritesh Jain
Marzban Irani
Nitish Gupta
Bhavesh Jain
Anuj Jain
Santosh Kamath
Santosh Kamath
Shobhit Mehrotra
Anil Bamboli
Anil Bamboli
Sanjay Shah
Rahul Bhuskute
Manish Banthia
Ganti N. Murthy
Suyash Choudhary
Vikas Agrawal
Namdev Chougule
Deepak Agrawal
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Yadnesh Chavan
Killol Pandya
Gurvinder Singh Wasan
Prashant Pimple
Nitish Sikand
Nitish Sikand
Sujoy Kumar Das
Rajeev Radhakrishnan
Dwijendra Srivastava
Akhil Mittal

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Taurus ST Income
UTI ST Income Fund-Reg
Crisil ST Bond
Income - Long Term
Axis Dynamic Bond Fund
Axis Income Fund
Baroda Pioneer Dynamic Bond Fund
Baroda Pioneer Income Fund
Baroda Pioneer PSU Bond Fund
Birla SL Dynamic Bond Fund-Ret
Birla SL Income Plus
Birla SL Medium Term Fund
BNP Paribas Bond Fund-Reg
BNP Paribas Flexi Debt Fund
Canara Rob Dynamic Bond Fund-Reg
Canara Rob Income-Reg
Canara Rob InDiGo Fund-Reg
Canara Rob Yield Adv Fund-Reg
DHFL Pramerica Credit Opp Fund
DHFL Pramerica Dynamic Bond Fund
DSPBR Bond Fund
DSPBR Strategic Bond-Reg
DWS Premier Bond Fund
Edelweiss Bond Fund-Ret
Escorts Income Bond
Escorts Income Plan
Franklin India Corp Bond Opp. Fund
Franklin India Dynamic Accrual Fund
Franklin India IBA-A
Franklin India Income Opp Fund
HDFC High Interest Fund-Dynamic Plan
HDFC Income Fund
HDFC Medium Term Oppo Fund
HSBC Flexi Debt-Reg
HSBC Income-Invest Plan
ICICI Pru Banking & PSU Debt -Reg
ICICI Pru Dynamic Bond Fund-Reg
ICICI Pru Income Opportunities Fund
ICICI Pru Income-Reg
ICICI Pru Long Term Plan-Ret
ICICI Pru Regular Savings
IDBI Dynamic Bond

Inception
Date
23-Aug-2001
27-Jun-2003

2-May-2011
3-Apr-2012
30-Jun-2012
25-Mar-2002
29-Dec-2009
27-Sep-2004
10-Nov-1995
25-Mar-2009
9-Nov-2008
27-Sep-2004
1-Jun-2009
23-Sep-2002
12-Jul-2010
26-Apr-2011
4-Nov-2011
16-Jan-2012
29-Apr-1997
9-May-2007
31-Jan-2003
10-Sep-2008
8-Jan-1997
22-May-1998
8-Dec-2011
5-Mar-1997
14-Jul-1997
21-Dec-2009
20-May-1997
20-Sep-2000
29-Jun-2010
8-Oct-2007
27-Dec-2002
4-Jan-2010
12-Jun-2009
20-Aug-2008
9-Jul-1998
22-Apr-2002
6-Dec-2010
23-Feb-2012

Benchmark
Index

3
Months
Crisil ST Bond
2.04
Crisil ST Bond
1.57
1.66

Crisil Comp. Bond


Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
CRISIL AA ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Gold-India
Crisil MIP Blended
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil ST Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond
Crisil Comp. Bond

0.05
0.20
0.51
0.44
1.37
-0.15
-1.01
1.55
0.62
-0.09
-0.64
-0.63
-0.31
1.14
1.60
-0.82
-0.29
0.29
1.35
1.59
1.43
1.61
1.97
1.93
1.52
1.96
-0.52
-0.49
1.72
-0.27
-0.12
1.40
0.33
0.99
-0.87
-0.71
1.59
-0.61

Performance
1
3
5 INCEP
Year Years Years
TION
8.91
9.60
9.81
6.90
8.07
9.25
9.60
7.90
8.66
9.13
8.87
6.75
6.76
7.29
5.82
7.31
7.44
4.56
9.52
7.32
6.42
5.83
5.63
2.31
5.28
9.22
6.52
6.05
6.91
7.21
7.82
8.24
9.27
9.29
10.34
8.43
9.30
5.51
5.32
8.61
5.53
5.58
8.64
7.59
8.53
5.08
6.07
9.00
4.58

8.51
8.74
9.08
8.08
7.92
9.63
7.59
10.58
8.18
9.32
9.19
8.20
1.99
6.52
9.28
7.86
7.72
9.15
7.43
7.75
9.06
9.29
9.92
8.98
9.62
9.86
8.88
7.57
9.03
7.76
7.41
9.35
8.87
9.02
7.41
11.35
9.15
5.85

---8.44
8.35
9.73
8.35
10.43
8.42
8.88
9.10
8.45
5.67
---7.80
9.16
7.60
8.14
6.87
10.36
-8.98
10.13
9.76
8.68
7.89
9.24
8.45
8.19
9.20
8.89
9.05
7.87
10.27
9.14
--

8.81
9.08
9.22
6.12
7.66
8.69
9.64
9.23
8.73
8.45
7.69
8.76
5.94
7.25
9.65
8.16
8.47
7.64
6.89
7.55
8.69
9.51
10.52
8.96
9.20
9.34
8.93
8.07
9.04
8.37
7.10
8.67
7.81
10.19
8.97
9.04
9.11
6.68
31

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.27
2.16
0.70
344.00
25.55
- 0.00
1.98
0.25
0.84
5,998.03 1,201.95
945.35 9.09
1.30
0.31
3.98
4.02
4.26
4.37
2.10
3.31
5.66
1.92
2.13
4.01
4.26
3.96
3.52
1.51
2.08
3.86
3.86
3.43
2.98
0.55
5.71
1.49
2.26
3.48
3.66
2.18
4.78
5.46
2.42
4.24
4.66
2.17
4.33
4.96
6.22
3.21
2.11
4.55

0.09
0.10
0.12
0.06
0.06
0.20
0.04
0.44
0.10
0.15
0.14
0.08
-0.43
-0.17
0.23
0.06
0.04
0.15
-0.01
0.14
0.11
0.34
0.28
0.12
0.17
0.29
0.11
0.03
0.17
0.04
0.02
0.24
0.11
0.09
0.03
0.35
0.21
-0.08

1.70
1.50
1.00
2.48
1.00
1.31
1.56
1.30
1.39
1.95
1.75
1.90
2.45
1.50
1.50
2.00
2.00
1.10
1.57
0.77
2.25
2.25
1.82
1.76
1.96
1.69
1.52
1.50
0.27
1.85
0.00
0.37
0.80
0.69
1.50
0.97
1.50
0.00

320.66
248.45
45.28
23.37
5.96
15,898.36
4,063.25
4,669.30
97.90
415.62
153.44
171.86
61.93
42.09
314.42
336.68
315.53
3,209.04
936.98
12.16
1.20
11.07
8,323.26
1,443.33
1,744.93
4,108.68
2,284.61
3,337.33
4,081.90
561.02
104.67
3,351.65
1,046.46
2,859.82
4,216.37
856.21
5,624.06
85.84

5,037.00
4,307.00
3,757.77
3,468.83
1,033.93
5,836.35
7,577.40
1,726.45
3,996.75
4,861.80
7,478.85
7,504.40
1,259.25
1,401.60
1,095.00
6,394.80
3,066.00
3,595.25
744.60
476.95
1,095.00
1,551.25
959.95
1,226.40
1,543.95
1,051.20
6,135.65
6,102.80
547.50
4,836.25
4,387.30
1,565.85
3,653.65
2,336.00
6,705.05
7,051.80
1,065.80
5,679.40

2,701.00
2,482.00
2,058.60
1,887.05
799.35
2,788.60
3,314.20
1,186.25
2,306.80
2,642.60
3,168.20
3,230.25
905.20
1,003.75
781.10
3,025.85
1,843.25
2,102.40
605.90
392.01
792.05
967.25
1,189.90
876.00
2,985.70
2,989.35
448.95
2,697.35
2,485.65
1,168.00
1,784.85
1,598.70
3,066.00
3,252.15
784.75
2,766.70

8.17
8.15
8.28
8.55
7.71
8.16
7.94
9.87
7.90
7.85
8.15
8.03
7.81
8.58
10.02
7.93
7.96
7.85
8.14
7.43
0.00
0.00
10.94
11.49
10.56
10.80
8.03
8.13
8.03
8.03
7.99
8.33
8.10
8.20
7.96
8.15
10.05
7.94

Fund
Manager
Archit Shah
Sudhir Agarwal

R. Sivakumar
Devang Shah
Alok Sahoo
Hetal P. Shah
Alok Sahoo
Maneesh Dangi
Prasad Dhonde
Maneesh Dangi
Puneet Pal
Puneet Pal
Girish Hisaria
Avnish Jain
Avnish Jain
Ravi Gopalakrishnan
Ritesh Jain
Ritesh Jain
Dhawal Dalal
Dhawal Dalal
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Anuj Jain
Santosh Kamath
Sachin Padwal-Desai
Santosh Kamath
Santosh Kamath
Anil Bamboli
Shobhit Mehrotra
Anupam Joshi
Sanjay Shah
Sanjay Shah
Rahul Goswami
Rahul Goswami
Manish Banthia
Manish Banthia
Manish Banthia
Rahul Bhuskute
Ganti N. Murthy

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
IDFC All Seasons Bond Fund-Reg
IDFC Dynamic Bond-A
IDFC SSIF-Invest-Reg
IDFC SSIF-MT-Reg
JM Income
JPMorgan India Active Bond Fund
Kotak Banking and PSU Debt Fund
Kotak Bond Fund - Plan A
Kotak Flexi Debt-Reg
Kotak Income Opportunities Fund
L&T Flexi Bond-Ret
L&T Income Opportunities Fund-Ret
L&T Triple Ace Bond Fund
LIC Nomura MF Bond
Peerless Flexible Income Fund
Principal Debt Opp -Corporate Bond Pl.
Principal Debt Savings Fund
Principal Dynamic Bond Fund
Reliance Dynamic Bond
Reliance Income
Reliance Reg Savings Fund-Debt Plan
Religare Invesco Active Income Fund
Religare Invesco Medium Bond Fund
SBI Corporate Bond Fund-Reg
SBI Dynamic Bond
SBI Magnum Income
Sundaram Bond Saver
Sundaram Income Plus
Tata Dynamic Bond Fund-Plan A
Tata Income Fund
Tata Income Plus Fund - Plan A
Taurus Dynamic Income Fund
Union KBC Dynamic Bond
UTI Bond Fund
UTI Dynamic Bond Fund-Reg
UTI Income Opp Fund
Crisil Comp. Bond
Gilt - Short Term
DSPBR Treasury Bill Fund-Reg
HDFC Gilt-Short Term Plan
ICICI Pru Gilt-Treasury-PF-Reg
ICICI Pru Short Term Gilt Fund-Reg

Inception
Date

Benchmark
Index

20-Sep-2004
Crisil ST Bond
26-Jun-2002
Crisil Comp. Bond
22-Aug-2000
Crisil Comp. Bond
9-Jul-2003
Crisil ST Bond
1-Apr-1995
Crisil Comp. Bond
30-Jun-2008
Crisil Comp. Bond
5-Jan-1999
Crisil Liq Fund
29-Nov-1999
Crisil Comp. Bond
7-Dec-2004
Crisil Comp. Bond
11-May-2010
Crisil ST Bond
30-Aug-2006
Crisil Comp. Bond
8-Oct-2009
Crisil Comp. Bond
31-Mar-1997
Crisil Comp. Bond
15-Sep-1999
Crisil Comp. Bond
22-Aug-2012
Crisil Comp. Bond
15-Sep-2004
Crisil Liq Fund
5-Jan-2004
Crisil ST Bond
13-May-2003
Crisil Comp. Bond
15-Nov-2004
Crisil Comp. Bond
1-Jan-1998
Crisil Comp. Bond
10-Jun-2005
Crisil Comp. Bond
3-Aug-2007
Crisil Comp. Bond
3-Jan-2011
Crisil ST Bond
15-Jul-2004
Crisil Comp. Bond
9-Feb-2004
Crisil Comp. Bond
25-Nov-1998
Crisil Comp. Bond
19-Dec-1997
Crisil Comp. Bond
31-Jul-2002
Crisil Comp. Bond
9-Sep-2003 I-Sec Comp Gilt Index
28-Apr-1997
Crisil Comp. Bond
2-Dec-2002
Crisil Comp. Bond
15-Feb-2011
Crisil Comp. Bond
21-Feb-2012
Crisil Comp. Bond
18-Jul-1998
Crisil Comp. Bond
25-Jun-2010
Crisil Comp. Bond
26-Nov-2012
Crisil ST Bond

3
Months
1.69
-0.58
-0.54
1.27
-1.40
0.69
1.66
-0.97
0.60
2.21
0.04
1.92
-0.70
0.11
0.29
2.16
1.17
-0.07
-0.26
-0.49
1.92
-0.79
2.11
1.66
-0.49
-0.21
-0.39
1.80
0.25
0.34
0.24
0.33
-0.41
-0.14
0.03
1.73
1.24

30-Sep-1999 Crisil Composite T-Bill


25-Jul-2001
I-Sec Si-BEX
11-Feb-2004
I-Sec Si-BEX
20-Aug-1999
I-Sec Si-BEX

1.55
2.00
-0.99
1.31

Performance
1
3
5 INCEP
Year Years Years
TION
8.28
8.90
8.57
7.59
5.74
8.39
9.36
8.24
5.93
8.61
8.95
8.47
7.81
8.11
8.68
7.55
4.18
7.20
7.57
7.09
6.87
7.78
7.47
6.28
8.56
9.30
8.67
7.27
4.60
7.13
8.49
9.12
7.01
8.58
8.67
7.61
9.09
9.18
9.23
8.62
7.45
8.60
8.53
7.28
9.41
8.81
8.92
8.19
4.48
6.93
7.47
7.27
5.57
7.31
8.01
8.54
6.32
5.65
-6.11
9.20
8.64
8.82
7.62
7.52
7.67
6.49
8.18
6.84
8.04
8.63
7.46
5.73
8.51
9.20
6.22
5.12
7.45
7.98
8.96
8.78
9.24
9.15
6.85
5.15
6.88
8.04
6.32
8.28
8.15
8.29
8.29
9.71 10.13
9.92
7.63
5.83
7.41
8.93
4.89
5.99
7.37
8.63
7.55
5.10
7.33
7.87
8.13
9.34
9.57
8.14
6.00
7.10 10.34
9.24
6.81
6.90
9.00
8.80
8.38
6.24
8.66
8.42
6.48
7.54
6.50
-7.91
5.26
6.99
-7.41
6.31
8.51
9.43
8.72
6.91
9.70
9.73
9.45
8.86
9.33
-9.35
8.63
8.82
8.54
7.38
8.75
2.02
8.41

8.57
8.30
3.34
8.69

8.09
8.03
4.58
8.07

6.91
6.30
6.02
8.29
32

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
Dev.
in Cr.) Maturity Duration
0.78
0.50
0.74
66.08
773.80
638.75
4.54
0.08
1.99
6,243.01 5,836.35
3,193.75
4.53
0.10
1.83
2,255.28 5,847.30
3,197.40
2.24
0.08
1.20
3,754.83 1,518.40
1,091.35
4.68
0.01
2.65
16.80 7,719.46
3,548.35
4.33
0.03
1.75
836.18 2,287.00
1,558.55
1.53
0.34
0.50
402.84
383.25
350.40
5.44
0.01
1.75
5,193.05 6,628.40
3,149.95
1.64
0.19
1.50
285.74 1,091.35
620.50
2.11
0.21
1.60
1,280.05
715.40
580.35
4.20
0.10
1.14
114.89 4,796.10
2,744.80
2.14
0.16
1.35
1,113.79
894.25
675.25
4.22
-0.01
1.49
865.85 6,015.20
2,982.05
3.56
0.00
2.45
126.46 3,844.00
2,036.70
2.48
-0.17
1.50
46.89 3,128.05
2,102.40
1.64
0.18
0.30
83.33
44.00
41.00
2.58
0.02
1.25
22.33 1,967.35
1,423.50
4.14
0.06
1.65
86.13 5,602.75
2,832.40
4.95
0.08
1.67
5,506.56 5,314.40
2,766.70
5.36
0.03
1.50
2,727.55 4,821.65
2,441.85
1.57
0.29
1.50
6,334.59
846.80
635.10
3.68
-0.01
1.70
403.53 6,212.30
2,675.45
2.03
0.09
0.65
830.44
198.00
171.00
0.89
0.82
1.43
432.64 1,131.50
868.70
4.83
0.03
1.50
4,396.28 5,704.95
2,821.45
4.60
0.02
1.70
3,066.53 5,018.75
2,744.80
4.58
0.02
2.44
227.81 5,423.90
2,777.65
1.18
0.48
1.68
72.71
127.75
116.80
4.12
0.22
1.96
1,017.94 3,774.10
2,357.90
3.92
0.13
1.76
274.75 3,120.75
2,033.05
3.89
0.11
2.02
112.55 3,113.45
1,949.10
3.82
-0.06
1.10
7.13 3,679.20
4.23
0.00
2.19
97.18 5,066.20
2,748.45
4.67
0.08
1.66
2,736.30 5,876.61
2,865.25
2.88
0.23
1.66
857.06 5,182.20
2,719.25
2.19
0.23
1.85
1,132.72
865.49
719.05
4.14
0.09
0.99
2.80
4.31
3.45

0.29
0.09
-0.24
0.11

0.60
0.38
0.62
0.50

19.92
14.70
43.01
218.67

182.50
843.15
149.65
985.50

167.90
682.55
146.00
777.45

Fund
YTM

Manager

8.10
7.98
7.98
8.15
7.96
8.05
7.77
8.10
7.94
10.40
8.09
10.33
8.15
8.42
7.73
8.98
8.51
8.20
7.93
7.57
10.07
7.89
9.31
9.04
7.78
8.20
8.05
7.93
8.00
8.02
8.20
0.00
7.79
8.30
8.14
10.28

Suyash Choudhary
Suyash Choudhary
Suyash Choudhary
Suyash Choudhary
Vikas Agrawal
Namdev Chougule
Deepak Agrawal
Abhishek Bisen
Deepak Agrawal
Deepak Agrawal
Vikram Chopra
Shriram Ramanathan
Shriram Ramanathan
Kunal Jain
Killol Pandya
Bekxy Kuriakose
Pankaj Jain
Bekxy Kuriakose
Prashant Pimple
Prashant Pimple
Prashant Pimple
Sujoy Kumar Das
Nitish Sikand
Dinesh Ahuja
Dinesh Ahuja
Dinesh Ahuja
Dwijendra Srivastava
Sandeep Agarwal
Akhil Mittal
Akhil Mittal
Akhil Mittal
Archit Shah
Parijat Agrawal
Amandeep Singh Chopra
Amandeep Singh Chopra
Ritesh Nambiar

7.09
7.31
3.90
7.84

Dhawal Dalal
Anil Bamboli
Rahul Goswami
Rahul Goswami

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
IDFC G Sec-STP-Reg
Religare Invesco Gilt- Short Duration Pl.
SBI Magnum Gilt-STP
Tata Gilt SMF
UTI G-Sec-STP
I-Sec Si-BEX
Gilt - Long Term
Axis Constant Maturity 10 Year Fund
Baroda Pioneer Gilt Fund
Birla SL Cons. Maturity 10 Yr Gilt Fund
Birla SL Gilt Plus-PF
Birla SL G-Sec-LT
Canara Rob Gilt PGS-Reg
DSPBR G Sec Fund-Reg
DWS Gilt Fund
Edelweiss Gilt Fund
Escorts Gilt
Franklin India G-Sec-Comp
Franklin India G-Sec-LTP
HDFC Gilt-Long Term Plan
ICICI Pru Gilt-Invest-PF-Reg
ICICI Pru Long Term Gilt Fund-Reg
IDBI Gilt Fund
IDFC G Sec-Invest-A
IDFC G Sec-PF-Reg
JM G-Sec Fund-Reg
Kotak Gilt-Invest-Reg
L&T Gilt Fund
LIC Nomura MF G-Sec-Reg
Principal Govt Sec Fund
Reliance Gilt Securities Fund
Religare Invesco Gilt Fund - Long
Duration Pl.
SBI Magnum Gilt-LTP-Reg
Sundaram Gilt Fund
Tata Gilt Mid Term Fund
Tata Gilt Securities Fund-A
UTI Gilt Adv-LTP
I-Sec Composite Gilt Index
Monthly Income Plans
Axis Income Saver Fund
Baroda Pioneer MIP

Inception
Date

Benchmark
Index

11-Mar-2002
I-Sec Si-BEX
9-Feb-2008
I-Sec Si-BEX
30-Dec-2000
I-Sec Si-BEX
4-Apr-2003 I-Sec Composite Gilt
15-Dec-2003
I-Sec Si-BEX

27-Jan-2012
25-Mar-2002
11-Oct-1999
11-Oct-1999
16-Nov-1999
6-Jan-2000
30-Sep-1999
3-Nov-2008
8-Jul-2009
4-Apr-2001
21-Jun-1999
24-Dec-2001
25-Jul-2001
25-Nov-2003
19-Aug-1999
27-Dec-2012
11-Mar-2002
31-Mar-2004
6-Oct-1999
5-Jan-1999
29-Mar-2000
11-Dec-1999
24-Aug-2001
22-Aug-2008

3
Months
1.74
1.04
1.63
1.39
1.51
1.91

Performance
1
3
5 INCEP
Year Years Years
TION
8.99 10.73
8.47
5.63
6.76 10.36
8.75
6.36
9.08 10.14
9.59
7.67
8.05
8.76
8.45
6.73
8.09
8.47
8.24
6.33
9.02
8.54
8.45

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
2.12
0.43
0.45
65.74 1,076.75
897.90 7.55
3.07
0.27
0.55
2.51 1,003.75
594.95 7.04
1.82
0.41
0.69
143.66
949.00
748.25 7.49
2.65
0.14
1.06
33.07 1,354.15
1,095.00 7.70
0.86
0.34
0.57
27.15
14.60
- 8.18
1.83
0.14

Crisil 10 Yr Gilt Index


I-Sec Mi-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
Crisil LTGt
I-BEX
I-Sec Compo Gilt
I-Sec Mi-BEX
I-Sec Composite Gilt
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Li-BEX
I-BEX (I-Sec Sov)
Crisil Gilt Index
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Composite Gilt
I-Sec Li-BEX

0.29
0.20
0.46
-0.79
-0.97
-0.91
-0.09
0.62
0.33
0.53
-0.96
-1.02
-0.69
-0.95
-0.97
-1.20
-0.62
-0.42
-1.13
-0.83
-0.54
-1.08
-0.29
-0.54

6.33
6.49
6.94
5.68
5.49
6.34
6.17
7.10
5.69
7.43
5.45
5.43
5.91
5.48
5.53
4.40
6.02
6.73
4.77
5.27
7.48
5.38
6.63
6.24

6.71
8.47
6.40
9.47
8.51
8.83
7.35
8.24
4.12
7.16
8.03
7.94
8.54
8.83
7.69
7.91
9.37
9.91
7.20
7.24
10.94
6.53
8.05
9.18

-9.66
6.61
9.91
8.73
8.68
6.90
7.74
4.92
7.16
7.67
7.68
8.32
7.98
7.98
-10.02
10.39
8.08
8.63
10.19
7.10
7.44
9.01

6.74
6.19
9.48
8.80
9.37
8.88
9.87
6.78
4.64
7.72
9.95
9.00
7.70
8.93
10.12
7.98
8.01
8.07
9.71
9.78
8.49
7.40
7.68
8.81

5.46
4.37
5.09
6.43
6.32
5.17
5.13
5.80
5.13
14.63
6.91
7.09
6.41
6.89
6.64
5.53
4.90
5.02
5.42
6.72
5.07
4.92
5.32
6.40

-0.01
0.09
-0.03
0.13
0.08
0.11
0.03
0.06
-0.16
0.05
0.05
0.04
0.08
0.09
0.05
0.04
0.14
0.17
0.02
0.02
0.22
-0.03
0.06
0.11

0.65
2.06
0.49
1.41
1.20
1.25
1.46
0.76
2.32
2.25
1.78
1.74
0.77
0.65
0.98
0.00
1.50
0.75
1.00
1.40
0.97
2.25
1.50
1.70

9-Feb-2008 Crisil 10 Yr Gilt Index

-1.11

4.25

7.14

6.72

5.47

5.45

0.02

2.16

134.52

30-Dec-2000
I-Sec Li-BEX
3-May-2001
I-Sec Mi-BEX
25-Jun-2010 I-Sec Composite Gilt
7-Sep-1999 I-Sec Composite Gilt
28-Jan-2002
I-Sec Li-BEX

-0.45
-0.62
0.75
-0.32
-0.71
1.04

7.35
4.91
7.32
5.91
6.10
8.37

11.06
12.03
10.42
9.45
9.74
9.11

9.96
9.68
9.41
8.64
9.45
8.98

7.92
6.22
8.91
9.25
8.52

5.80
2.81
4.57
5.77
5.80
4.26

0.20
0.47
0.20
0.12
0.14
0.11

0.98
2.56
1.10
1.97
0.84

1.11
1.06

6.27
5.95

10.71
9.23

8.87
7.76

8.78
5.91

5.11
4.53

0.18
0.11

1.70
2.39

21-Jul-2010
9-Sep-2004

Crisil MIP Blended


Crisil MIP Blended

33

149.14 3,869.00
60.15 3,533.60
35.03 3,445.60
61.15 8,241.70
919.02 7,873.05
91.50 9,011.85
483.26 4,544.25
557.08 2,755.75
0.31 2,479.15
0.09 2,317.75
77.00 6,956.90
423.34 7,522.65
3,539.39 7,351.10
753.08 8,533.70
1,737.68 8,716.20
20.44 10,125.10
1,188.14 6,705.05
175.00 6,807.25
30.97 8,458.51
892.49 6,818.20
95.50 6,898.50
78.32 7,861.00
43.71 6,719.65
1,254.54 6,387.50

Fund
Manager
Suyash Choudhary
Sujoy Kumar Das
Dinesh Ahuja
Akhil Mittal
Amandeep Singh Chopra

2,409.00
2,252.05
2,401.70
3,379.90
3,405.45
3,533.20
2,460.10
1,956.40
1,757.18
3,285.00
3,438.30
3,306.90
3,562.40
3,482.10
3,708.40
3,343.40
3,350.70
3,703.87
3,139.00
3,325.15
4,011.35
3,212.00
3,117.10

7.88
7.93
7.78
7.84
7.94
7.97
7.70
8.08
7.79
0.00
7.94
7.97
7.98
8.17
7.95
7.95
7.98
7.98
7.96
7.97
8.14
7.91
7.98
7.94

Devang Shah
Hetal P. Shah
Prasad Dhonde
Prasad Dhonde
Prasad Dhonde
Girish Hisaria
Dhawal Dalal
Kumaresh Ramakrishnan
Bhavesh Jain
Anuj Jain
Sachin Padwal-Desai
Sachin Padwal-Desai
Anil Bamboli
Manish Banthia
Rahul Goswami
Ganti N. Murthy
Suyash Choudhary
Suyash Choudhary
Vikas Agrawal
Abhishek Bisen
Vikram Chopra
Kunal Jain
Bekxy Kuriakose
Prashant Pimple

8,117.60

3,514.95

7.96

Sujoy Kumar Das

2,286.11
49.72
181.75
98.87
669.72

7,267.15
5,423.90
3,292.30
4,230.35
8,509.72

3,387.20
2,857.95
2,237.45
2,565.95
3,449.25

8.11
7.97
7.99
7.91
8.18

Dinesh Ahuja
Dwijendra Srivastava
Akhil Mittal
Akhil Mittal
Amandeep Singh Chopra

703.28
27.28

474.50
815.67

401.50
518.30

8.58
7.47

Kedar Karnik
Hetal P. Shah

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Birla SL MIP II-Savings 5
Birla SL MIP II-Wealth 25
Birla SL MIP
Birla SL Monthly Income
BNP Paribas MIP Fund-Reg
BOI AXA Regular Return Fund-Reg
Canara Rob MIP-Reg
DHFL Pramerica Dynamic MIP
DSPBR MIP Fund-Reg
DWS Income Advantage Fund
Franklin India MIP
HDFC MIP-LTP
HDFC MIP-STP
HDFC Multiple Yield Fund 2005
HSBC MIP-Reg
HSBC MIP-Savings
ICICI Pru MIP 25
ICICI Pru MIP
ICICI Pru Regular Income Fund
IDBI MIP
IDFC MIP-Reg
JM MIP Fund
Kotak MIP
L&T Equity Savings Fund
L&T MIP
LIC Nomura MF MIP
Peerless Income Plus Fund-Reg
Principal Debt Savings Fund-MIP
Reliance MIP
Religare Invesco MIP Plus
Religare Invesco MIP
SBI Magnum MIP
SBI Magnum MIP-Floater Plan
Sundaram MIP-Aggr Plan
Sundaram MIP-Cons Plan
Sundaram MIP-Mod Plan
Taurus MIP Advt-Reg
UTI MIS Adv Plan
UTI MIS
Crisil MIP Blended
Benchmark Indices
Crisil Comp. Bond

Inception
Date

Benchmark
Index

22-May-2004
22-May-2004
20-Nov-2000
14-Jul-1999
23-Sep-2004
20-Mar-2009
31-Mar-1996
5-Apr-2011
14-Jun-2004
5-Nov-2007
17-Oct-2000
29-Dec-2003
29-Dec-2003
22-Aug-2005
5-Mar-2004
5-Mar-2004
31-Mar-2004
10-Nov-2000
4-May-2011
14-Mar-2011
26-Feb-2010
18-Sep-2003
3-Dec-2003
18-Oct-2011
3-Jul-2000
19-Aug-1998
2-Aug-2010
23-May-2002
12-Jan-2004
2-Jun-2010
2-Jun-2010
31-Mar-2001
21-Dec-2005
10-Mar-2010
10-Mar-2010
19-Jan-2004
16-Aug-2010
1-Jan-2004
28-Oct-2002

Crisil MIP Blended


Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended
Crisil MIP Blended

3
Months
0.51
0.08
0.38
0.40
0.27
1.30
0.45
-1.41
0.74
1.16
0.21
0.11
0.91
2.05
-0.25
0.01
0.67
0.48
1.81
-0.44
1.12
1.25
0.24
0.82
-0.04
0.38
1.15
-0.80
0.44
-1.76
-0.42
0.75
2.45
2.05
1.85
0.41
-0.96
0.61
0.49
1.07
1.24

Performance
1
3
5 INCEP
Year Years Years
TION
6.16 10.16
9.76
9.14
5.40 12.80 10.73
9.89
5.25
8.56
8.14
9.41
5.69
9.67
8.71
10.92
5.30
9.58
9.24
7.43
7.12
9.29
8.33
8.10
5.90 10.42
9.34
8.54
2.99
6.17
-6.93
4.79
9.39
9.10
9.89
4.07
6.39
6.33
7.12
5.77 11.11
9.89
10.25
3.84 10.33
9.01
11.09
3.30
8.85
8.08
7.98
4.67 10.37
9.79
9.51
4.37
8.48
7.91
8.01
4.15
9.74
8.81
9.61
6.42 11.34
9.98
10.24
4.75 10.14
9.10
9.50
9.12
8.90
-8.52
4.85
7.59
-7.81
7.10 10.16
9.83
9.69
4.91
8.52
7.85
6.68
5.43
9.78
8.98
7.52
5.10
9.65
-9.32
4.02
7.99
7.38
6.90
4.13
7.97
6.23
8.75
6.70
9.14
8.59
8.40
3.55
5.75
5.99
8.01
6.21 10.69
9.57
10.84
2.15
4.78
6.17
6.40
3.80
7.66
7.24
7.23
8.20
9.94
9.17
8.04
9.93 11.75
9.99
7.89
8.68
9.74
8.32
8.06
9.19
6.17
6.28
5.97
3.69
6.42
5.15
5.94
1.41
5.51
7.10
7.10
7.10 11.38
9.58
10.11
5.73
9.17
8.25
8.47
6.79
9.21
8.23
8.63

8.82

8.54

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
4.47
0.17
1.29
248.59 4,055.15
2,175.40 8.58
6.56
0.24
1.50
1,060.39 4,310.65
2,387.10 8.07
4.21
0.07
2.00
105.52 4,007.70
2,054.95 8.59
4.92
0.13
2.00
254.53 3,544.15
2,069.55 8.49
4.32
0.14
2.45
178.02 3,073.30
1,912.60 7.85
3.31
0.14
2.00
37.16 2,325.05
1,606.00 0.00
5.18
0.16
2.20
302.64 5,628.30
2,441.85 8.19
5.25
-0.07
2.45
22.62 5,099.05
1,989.25 7.73
5.29
0.12
1.95
423.37 2,595.15
1,722.80 8.36
3.30
-0.08
2.43
18.08
423.40
346.75 8.70
5.65
0.20
2.26
431.16 3,445.60
2,029.40 8.61
7.36
0.13
1.50
3,793.89 4,416.50
2,390.75 8.52
5.62
0.08
2.00
298.93 2,080.50
1,379.70 8.31
4.38
0.19
1.77
180.57
72.00
66.00 7.28
4.94
0.07
0.00
88.62 4,058.80
2,255.70 0.00
6.28
0.12
0.00
229.49 3,865.35
2,252.05 0.00
6.05
0.19
1.50
1,270.06 3,449.25
1,992.90 7.71
5.17
0.15
2.00
356.28 2,887.15
1,755.65 7.83
3.97
0.10
1.50
968.79
427.05
375.95 10.42
4.97
0.01
0.00
44.67 2,562.30
1,631.55 8.06
5.50
0.14
2.30
261.13 2,449.15
1,686.30 7.86
4.18
0.06
0.80
129.06
16.35
16.35 7.95
5.82
0.12
2.40
118.53 3,894.55
2,109.70 7.99
5.50
0.11
2.62
64.29
- 0.00
4.86
0.04
2.33
65.83 3,723.00
2,157.15 8.34
2.66
0.06
2.25
67.58 2,441.00
1,310.35 7.54
3.22
0.15
2.45
75.73 1,405.25
1,040.25 8.94
5.08
-0.08
2.25
21.79 7,234.30
3,109.80 7.98
6.03
0.16
1.50
2,615.15 4,522.35
2,292.20 8.70
3.50
-0.22
2.45
19.38 3,135.35
1,558.55 7.53
4.85
0.02
2.45
12.17 6,088.20
2,847.00 7.89
4.84
0.15
2.20
306.18 3,409.10
2,025.75 8.89
2.89
0.39
2.45
52.57
262.80
222.65 8.51
6.62
0.11
2.72
105.87
569.40
423.40 8.41
4.13
-0.07
0.75
68.62 1,124.20
905.20 8.44
2.77
-0.09
2.63
24.72
558.45
401.50 8.68
4.48
-0.09
2.45
15.95 3,482.10
- 0.00
5.34
0.20
2.23
621.05 3,049.90
- 0.00
4.35
0.10
2.27
267.53 2,004.22
- 0.00
4.99
0.09
4.14

34

0.09

Fund
Manager
Satyabrata Mohanty
Satyabrata Mohanty
Satyabrata Mohanty
Vineet Maloo
Puneet Pal
Alok Singh
Avnish Jain
Brahmaprakash Singh
Harish Zaveri
Nitish Gupta
Anand Radhakrishnan
Prashant Jain
Vinay R. Kulkarni
Chirag Setalvad
Aditya Khemani
Aditya Khemani
Rajat Chandak
Rajat Chandak
Rajat Chandak
Ganti N. Murthy
Punam Sharma
Shalini Tibrewala
Devender Singhal
Vikram Chopra
Vikram Chopra
Kunal Jain
Killol Pandya
Pankaj Jain
Sanjay Parekh
Sujoy Kumar Das
Sujoy Kumar Das
Ruchit Mehta
Ruchit Mehta
Dwijendra Srivastava
Dwijendra Srivastava
Dwijendra Srivastava
Archit Shah
Amandeep Singh Chopra
Amandeep Singh Chopra

MUTUAL FUND SCHEME TRACKER - DEBT MUTUAL FUNDS - (AS ON DECEMBER 31, 2015)
Scheme Name
Crisil Liq Fund
Crisil MIP Blended
Crisil ST Bond
I-BEX (I-Sec Sov. Bond Index)
I-Sec Composite Gilt Index
I-Sec Li-BEX
I-Sec Mi-BEX
I-Sec Si-BEX

Inception
Date

Benchmark
Index

3
Months
1.82
1.07
1.66
0.63
1.04
0.18
1.63
1.91

Performance
1
3
5 INCEP
Year Years Years
TION
8.23
8.83
8.63
6.79
9.21
8.23
8.66
9.13
8.87
7.96
9.20
9.16
8.37
9.11
8.98
7.48
9.27
9.32
9.19
9.33
8.90
9.02
8.54
8.45

35

Risk Ratio
Expense
Portfolio Details
Std.
(AUM Rs Avg.
Mod.
Sharpe Ratio
YTM
Dev.
in Cr.) Maturity Duration
0.45
0.71
4.99
0.09
1.30
0.31
5.44
0.10
4.26
0.11
6.34
0.09
3.76
0.13
1.83
0.14

Fund
Manager

GLOSSARY
The data is compiled from data available in Annual Reports,
The Stock Exchange and from various newspapers and
magazines. No attempt is made to check the validity of the various
sources but certain adjustments, for ease of cross-comparison,
have been made as explained below.

ADJUSTED DAILY SHARE PRICE CHART

COMPANY NAME

Gives the percentage of share held by Indian promoters, foreign


collaborators, Indian institutions, foreign institutional investors
and the public/free float. Also gives the total number of
shareholders. We have combined GDR and FII investments for
the purpose of classifying shareholding.

The graph shows the daily share price of the company and the
100 day moving average graph from September 2011 (or the day
the company got listed) to September 2014.

SHAREHOLDING DATA

A + indicates that the company is one of the 30 companies in


the BSE-30 Index (Sensex). A $ indicates that the company is
one of the 50 companies that comprise the NSE Index, Nifty. For
e.g. Tata Steel Ltd. + $ indicates that Tata Steel Ltd. is a part of
the BSE-30 Index and the NSE-50 Index.

FX TRANSACTIONS (in millions)

The sector in which the company operates and the business


group that the company belongs to is also given below the
companys name. For e.g., Tata Steel is in the Steel sector and
belongs to the Tata group of companies.

Gives the foreign exchange position in terms of exports (fob),


imports (cif), fx inflow, fx outflow for the latest reported year.

INTERIM RESULTS (in millions)

Gives the interim results for the past four quarters. Results are
displayed as reported by the company.

The registered office address, telephone and fax numbers and


names of the transfer agents are also given.

HEADERS

EQUITY SHARE DATA

The year in which the company was incorporated (Yr. of Inc.), the
BSE code number (B. Code) and the Bloomberg code (BL. Code)
are shown.

HIGH
This is the highest the share price has reached in a particular
accounting or calendar year (adjusted for rights, bonuses, etc.
without any retrospective effect).

F.V. indicates the face value of the share. Based on the share
price of the company on September 25, 2014 and using data for
the latest accounting year, the price to earnings ratio (P/E), price
to cash flow ratio (P/CF), and dividend yield (Yield), have been
calculated. For example, the price of Tata Steel as on September
25, 2014 was ` 460. This share price is divided by the latest
reported earnings per share (March 2014), to give a P/E ratio of
12.4. Similarly, the share price is divided by the latest reported
cash flow per share (March 2014) to give a P/CF ratio of 4.7. The
latest dividend declared is divided by the share price to get a
dividend yield of 2.2%.

LOW
This is the lowest the share price has reached in a particular
accounting or calendar year (adjusted for rights, bonuses, etc.
without any retrospective effect).

SALES PER SHARE (in rupees)

The sales of the company in a period or year is divided by the


number of equity shares outstanding at the end of that year. All
data given on a per share basis allows investors to compare
the performance of companies irrespective of the size of the
companies.

% ONE MONTH AND TWELVE MONTHS CHANGE

Using the share price of the company on September 25, 2014


the percentage change over previous one month and twelve
months have been calculated.

EARNING PER SHARE (in rupees)

This is calculated by dividing the net profit after tax (includes


extraordinary items) of the company (less any dividends on
preference shares that the company may have paid) for a given
year or period by the number of equity shares outstanding at the
end of the year.

MARKET CAPITALISATION (in millions)

Market Capitalisation (Mkt. Cap) is obtained by multiplying the


shares outstanding at the end of latest reporting period, by the
share price as on September 25, 2014. For Tata Steel, market
cap works out to be ` 446,708 million.

CASH FLOW PER SHARE (in rupees)

Cash Flow is obtained by adding the net profit after tax (adjusted
for preference dividend) to non-cash charges such as
depreciation. The cash flow per share is this Cash Flow figure
divided by the number of shares outstanding at the end of the
year.

Vol. - APPROXIMATE DAILY TRADING VOLUME

The approximate daily trading volume expressed in 000


numbers (rounded off to the nearest tens e.g. 10, 20, 30, 40, 50)
is merely an indicative figure. For trading volumes below and
equal to five, they have been rounded off to 5. Trading volumes
may differ dramatically from day to day.

DIVIDENDS PER SHARE (in rupees)

This is the amount of dividend declared by the company (usually


expressed as a percentage of its face value) calculated on a
rupees-per-share basis.

CHAIRMAN

The name of the chairman is obtained from the latest annual


reports. In addition, the name of the company secretary and the
auditors are also given.

DIVIDEND YIELD (in percentage)

The amount of dividend received per share divided by the average

36

GLOSSARY
NO. OF EMPLOYEES (in 000s)

price (average of high and low price) of the share in that year/
period gives the dividend yield - the return an investor receives
by way of dividends from his investment in the share.

The total number of employees has been obtained from


company sources and at times from the annual reports. It is an
approximate figure.

BOOK VALUE PER SHARE (in rupees)

TOTAL WAGES & SALARY (in ` millions)

The net worth or the shareholders equity of the company is


divided by the number of equity shares outstanding to arrive at
the book value per share.

Includes salaries and wages paid to the employees, gratuity,


welfare expenses, companys contribution to provident fund,
etc. It does not include commission paid to the directors and
V.R.S. related expenses (V.R.S. expense, if any, has been treated
as extraordinary item).

SHARE OUTSTANDING (in millions)

This represents the number of equity shares that have been


issued by the company as reported in the annual report.

SALES/EMPLOYEE (in ` 000s)

The sales of the company in a year or period is divided by the


number of employees. It is a key figure showing average sales
per employee.

BONUS/RIGHTS/CONVERSIONS

This signifies change in equity share capital due to:A


B
BB
BC
CR
DC
DM
ESOP
FV

:
:
:
:
:
:
:

GDR
GDS
OI
PA
PI
PP
PSC
R
WC

:
:
:
:
:
:
:
:
:

Shares allotted on amalgamation/merger


Bonus Issue
Buy Back
Bond Conversion
Capital Reduction
Debenture Conversion
Demerger
Employee Stock Option Plan
Face Value Conversion (FV5 indicates change
of face value to ` 5 per share)
Global Depository Receipts
Global Depository Shares
Other Issue
Preferential Allotment
Public Issue
Private Placement
Preference Share Conversion
Rights Issue
Warrant Conversion

WAGES/EMPLOYEE (in ` 000s)

Total wages/salary is divided by the number of employees. It is


a key figure because it shows labour cost per employee.

NET PROFIT/EMPLOYEE (in ` 000s)

This is calculated by dividing the net profit after tax of the company
for a given year, by the number of employees. This figure shows
the average net profit earned per employee.

INCOME DATA
NET SALES (in rupees millions)

Is the net sales of the company for a particular period from its
regular activities. Income from other non-core business is shown
as other income. Net sales is net of excise duty and after
deducting Returns, Discounts, and Allowances.

OTHER INCOME (in rupees millions)

PRICE TO SALES RATIO

Is income earned by the company from activities which are not


its main business. Interest income and income from sale of
assets are typical examples of Other Income. Export incentives
are added to other income.

The average price of the share in a particular year/period, divided


by sales per share gives the price to sales ratio.

P/E RATIO

The average price of the share in a particular year/period, divided


by the earnings per share gives the price to earnings ratio (P/E
or PER)

GROSS PROFIT (in rupees millions)

Is the profit earned after taking into account the operating


expenses such as raw material costs and administrative
expenses but before interest, depreciation, and taxes. Gross
profit excludes other income.

PRICE TO CASH FLOW RATIO

The average price of the share in a particular year/period, divided


by the cash flow per share gives the price to cash flow ratio (P/
CF).

DEPRECIATION (in rupees millions)

PRICE TO BOOK VALUE RATIO

The average price of the share in a particular year/period divided


by the book value per share gives the price to book value ratio.

It is the amount of money put aside by the company to take into


account the wear and tear of its plant, machinery, furniture, etc.
The depreciation figure shown has been arrived at after
deducting any capitalised expenses that may have been
included in depreciation.

DIVIDEND PAYOUT (percentage)

INTEREST (in rupees millions)

The dividends per share divided by the earnings per share gives
the dividend payout percentage - the amount of earnings that a
company pays out as dividends to its shareholders.

Is the interest charges paid by the company for the loans it may
have taken from banks, suppliers, depositors or shareholders.
Bank charges, if any, have been excluded from the interest. Interest income received by the company is not netted out against
interest expenses. Interest income is shown as part of Other
Income.

37

GLOSSARY
PROFIT BEFORE TAX (in rupees millions)

NET FIXED ASSETS (in rupees millions)

The PBT is the profit the company has earned after taking into
account all expenses (such as cost of raw materials, interest,
depreciation).

Is the amount of fixed assets as plant and machinery owned by


the company less the depreciation expenses that have been
charged to the profit and loss account over the years. Capital
work-in-progress is also included in net fixed assets.

EXTRA-ORDINARY ITEMS (in rupees millions)

Is the income or expense that is non-recurring in nature.

SHARE CAPITAL (in rupees millions)

TAX (in rupees millions)

Is the tax paid by the company on its profits. Tax adjustments for
earlier years are also reflected in this figure.

Is the issued equity share capital of the company. It does not


include preference share capital. In India few companies use
preference share capital.

PROFIT AFTER TAX (in rupees millions)

FREE RESERVES (in rupees millions)

Free reserves are those reserves of the company, which are


available for distribution as dividend or bonus. Some of the
important components of Free reserves are share premium,
general reserve, capital redemption reserve, investment
allowance utilisation reserve, profit and loss, dividend
equalisation, export allowance, export profit, and export rebate
reserves.

Is profit before tax less tax paid by the company and adjusted for
extra-ordinary items, minority interest and prior period items.

GROSS PROFIT MARGIN (percentage)

Is the Gross Profit of the company divided by net sales.

EFFECTIVE TAX RATE (percentage)

Is the tax paid by the company divided by the pre-tax profits.

NET WORTH (in rupees millions)

Is that part of the company which belongs to the shareholders.


Net worth includes equity share capital and all reserves
(including revaluation reserve) less miscellaneous expenses
and losses not written off. Net worth does not include preference
share capital. Net worth is also known as shareholders equity
or shareholders funds.

NET PROFIT MARGIN (percentage)

Is the profit after tax divided by net sales.

BALANCE SHEET DATA


CURRENT ASSETS (in rupees millions)

LONG TERM DEBT (in rupees millions)

Current assets are the assets that a company holds for a period
of less than one year to meet its working capital requirements
and they consist of cash and bank balances, investments in
marketable securities, inventories, accounts receivable or sundry
debtors, loans and advances.

Is the amount of money that the company has borrowed and


which it has to repay after a period of more than one year. Many
companies do not disclose this data in their Annual Reports and
hence it is an estimation.

TOTAL ASSETS (in rupees millions)

CURRENT LIABILITIES (in rupees millions)

Is arrived by adding current assets, net fixed assets and other


assets (such as investments, goodwill etc.). Deferred tax asset,
if any, is ignored for the purpose of calculation.

Current liabilities are the liabilities which have to be paid within


a period of one year. It consists of creditors, bills payable,
provisions for payment of dividends, interest and taxes.

INTEREST COVERAGE RATIO

NET WORKING CAP TO SALES (a percentage)

It is the profit before tax plus interest divided by interest. This


ratio shows how many times interest charges are covered by
profits before tax and interest. The larger the coverage, the greater
is the ability of the company to meet fixed interest charges.

Net working capital (i.e. current assets less current liabilities)


divided by sales gives the net working capital to sales figure. It
is a measure of the amount of working capital required by the
company to finance sales.

DEBT TO EQUITY RATIO

CURRENT RATIO

Is the long term debt of the company divided by its net worth or
the stockholders equity. Debt to equity ratio varies considerably
depending on the business of the company and the attitude of
the management towards debt.

Current assets divided by the current liabilities gives the ratio.

INVENTORY DAYS

Calculated by dividing 365 (number of days in a year) by the


inventory turnover ratio (Net Sales/Inventory). It indicates the
number of days in which total inventory of the company is sold.
A lower figure is considered better as it indicates that inventory
is being sold fast.

SALES TO ASSETS RATIO

Is the sales divided by the total assets of the company. This


measures the efficiency with which the assets are being utilised
to generate sales.

DEBTORS DAYS

RETURN ON ASSETS (percentage)

Calculated by dividing 365 (number of days in a year) by the


debtors turnover ratio (Net Sales/Debtors). It indicates the
number of days in which the company is able to collect its debt,
or rather how quickly debtors are converted into cash.

Is the profit after tax plus interest (adjusted for preference dividend) divided by the total assets as at the end of that year/period. It measures how profitably the assets of the company have
been utilised.

38

GLOSSARY
RETURN ON EQUITY (percentage)

Is the profit after tax (adjusted for preference dividend) divided by


the net worth or the shareholders equity as at the end of that
year/period. It measures the return on shareholders equity and
tells shareholders how much money the company is making for
them. No matter what industry the company is in, or what its
assets size is, all shareholders would rightfully want to invest in
a company, which has a high return on equity.

RETURN ON CAPITAL (percentage)

Is the profit before tax plus interest (adjusted for preference


dividend) divided by the total capital employed in the company
(i.e. net worth plus long term debt) as at the end of that year/
period. It indicates the efficiency with which funds (whether
shareholders funds or borrowed funds) are being used.

KEY DATA

Some common abbreviations used:


KLTR
KMS
MDWT
MLTR
MMBTU
MMT
MMTR
MNOS
MPCS
MSQM
MTPA
MU
MW
NOS
TEUs
THNOS
THTPA

kilo litres
kilo metres
million dead weight tonnes
million litres
million metric British thermal units
million metric tonnes
million metres
million numbers
million pieces
million square metres
million tonnes per annum
million units
mega watts
numbers
twenty equivalent foot units
thousand numbers
thousand tonnes per annum

NOTE: Figures have not been annualised for accounting periods,


which are not for 12 months. Furthermore, due to rounding off,
totals or percentages may not tally. Previous year figures have
been re-grouped wherever necessary so as to correspond with
current year figures.
NA = not available/not applicable, NM = not meaningful

39

BANKING GLOSSARY
Price/Book value per share

Current market price/Adjusted book value


per share

For the banking sector this ratio is more relevant than


the P/E ratio. In the case of a bank, capital is the asset,
which is rightly reflected in its networth. When one
adjusts the networth for the net non-performing assets,
the adjusted book value is derived. It is in this context
that price to book value gains prominence.

Net interest income

Interest income - Interest expenses

It is calculated by reducing the interest expenses from


the income earned in the form of interest on total interest
bearing assets.

Net NPA to advances ratio

Net NPAs/Total Advances

This ratio indicates the asset quality of a bank. It


indicates what percentage of the banks advances are
of poor quality (not paying interest or in some cases
the principal too).

Credit/Deposit ratio

Total advances/Total deposits

This ratio indicates the extent to which the borrowings


are utilised for the purpose of lending activities.

Interest Income/share

Interest income/ Number of Shares


Outstanding

Interest earned by the bank in a period or year is divided


by the number of equity shares outstanding at the end
of the year. All data given on a per share basis allows
investors to compare the performance of companies
irrespective of which sector they are in and irrespective
of the size of the companies.

Net profit margin

(PAT / Interest income)*100

Net worth

Equity Share Capital + Reserves


- Miscellaneous Expenditure

Net worth is also known as shareholders equity or


shareholders funds. Net worth includes equity share
capital and all reserves (including revaluation reserve)
less expenses not written off. It is that part of the bank
which belongs to the shareholders.

Yield on advances

Interest on advances/ Total advances

Interest the bank receives on its loans.

Cost of deposits

Interest expended on deposits/ Total


deposits

Interest the bank gives to its depositors.

Capital Adequacy

Capital/ Risk weighed assets, Capital


includes Tier I and Tier II capital.

A higher ratio indicates that the bank is in a position to


carry out larger quantum of business (lending) and
vice versa.

Interest spread

Difference between yield on advances and


cost of deposits

Advances

Loans given out by the bank in the form of


working capital or term loans. Retail loans
are also included in this.

Deposits

Money accepted from the depositors in the


form of current, savings and fixed deposits.

Investments

Money invested in assets other than loans


such as government securities and other
debt instruments.

40

RANKING WITH EQUITYMASTER 200


Company
ABB INDIA LIMITED
ACC LIMITED
ADOR WELDING LTD.
AGRO TECH FOODS
ALLCARGO GLOBAL
ALSTOM T&D INDIA
AMARA RAJA BATTERIES
AMBIKA COTTON
AMBUJA CEMENTS
ANDHRA BANK
APOLLO HOSPITALS
APOLLO TYRES LIMITED
ARVIND LIMITED
ASAHI INDIA GLASS
ASHOK LEYLAND
ASIAN PAINTS (INDIA)
AUTO. CORP OF GOA
AUTOMOTIVE AXLES
AXIS BANK LIMITED
BAJAJ AUTO LTD.
BAJAJ ELECTRICALS
BAJAJ HIND.SUGAR
BALRAMPUR CHINI MILLS
BANK OF BARODA
BANK OF INDIA
BANK OF MAHARASHTRA
BATA INDIA LIMITED
BERGER PAINTS INDIA
BHARAT FORGE LIMITED
BHEL
BPCL
BHARTI AIRTEL LIMITED
BIOCON LIMITED
BIRLA CORPORATION
BLUE DART EXPRESS
BLUE STAR LIMITED
BOSCH LIMITED
BRITANNIA INDUSTRIES
CADILA HEALTHCARE
CAIRN INDIA LTD.
CARBORUNDUM UNI.
CASTROL INDIA LIMITED
CEAT LIMITED
CESC LIMITED
CIPLA LIMITED
CITY UNION BANK LTD.
CLARIANT CHEMICALS
COAL INDIA LIMITED
COLGATE-PALMOLIVE
CONTAINER CORP.

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

76,307
117,388
3,861
7,597
56,288
40,676
42,113
4,955
99,997
163,686
51,785
127,257
78,514
20,986
153,409
141,828
3,950
4,611
357,275
216,143
42,581
45,354
29,870
449,150
436,849
126,791
26,940
43,221
76,247
307,886
2,370,530
921,351
30,898
32,099
22,722
31,819
133,774
78,584
86,513
146,462
20,502
33,923
58,024
110,666
113,454
26,989
10,460
720,146
39,819
61,493

87
63
195
182
102
120
117
191
72
49
106
59
85
154
50
54
194
192
32
43
116
111
140
27
28
60
144
113
88
38
4
11
139
133
151
134
56
84
80
53
156
129
98
67
65
143
171
15
121
96

208,180
238,105
3,005
15,962
30,939
150,493
111,291
3,264
305,609
51,544
194,351
101,906
65,812
25,804
139,306
680,073
2,975
11,272
1,110,470
656,002
29,009
18,432
16,520
423,325
182,349
48,481
76,791
74,053
203,726
578,368
552,903
1,447,059
96,080
34,458
129,566
26,262
826,954
184,153
269,758
557,112
33,449
204,253
27,757
84,116
450,139
45,697
21,981
2,206,936
236,650
313,902

Rank Net Profit


(Rs m)
68
62
198
170
149
80
94
196
51
129
74
95
118
157
82
25
199
179
17
28
152
166
169
39
76
130
109
112
71
30
32
13
100
143
86
156
19
75
56
31
147
70
153
105
37
132
161
6
63
49

2,285
11,618
319
369
2,399
1,206
4,109
512
14,865
6,384
3,399
9,776
3,411
420
1,339
13,952
153
105
74,479
30,256
(140)
(11,925)
(579)
39,117
20,129
5,003
2,313
2,647
7,625
14,524
50,820
51,835
4,974
1,752
1,293
542
13,377
6,886
11,506
44,796
1,326
4,746
3,172
1,985
11,808
3,950
9,433
137,266
5,590
10,546

Rank

Total Assets
(Rs m)

Rank

122
54
177
173
120
143
97
166
45
76
106
59
105
171
139
48
183
184
15
32
189
198
193
26
38
87
121
114
70
46
19
18
88
131
142
164
49
74
55
24
140
92
109
128
53
101
61
6
83
57

68,217
126,816
2,842
4,248
34,460
44,924
23,881
4,499
138,785
1,851,704
64,794
86,151
79,757
22,605
195,246
89,125
2,805
5,209
4,672,430
159,656
28,297
118,065
39,040
7,339,774
6,252,847
1,460,729
16,370
27,158
82,359
708,887
869,569
1,898,316
63,754
49,950
9,881
16,876
104,308
27,934
90,471
668,343
18,250
14,918
38,224
279,381
157,175
278,711
18,424
1,105,415
17,019
89,952

101
75
197
193
126
117
142
191
71
20
102
91
95
144
59
90
199
187
8
64
136
76
121
3
5
24
157
138
93
37
33
19
104
112
175
156
80
137
87
39
152
160
122
55
65
56
151
28
155
88

*As on 31st December 2015


41

RANKING WITH EQUITYMASTER 200


Company
COROMANDEL INT.
CORPORATION BANK
CRISIL INDIA LIMITED
CUMMINS INDIA LIMITED
CYIENT LIMITED
DABUR INDIA LIMITED
DISH TV INDIA LIMITED
DIVI'S LABORATORIES
DR. REDDY'S LAB
E.I.D. - PARRY
EDELWEISS FINANCIAL
EICHER MOTORS
EIH LIMITED
ENEL
ESAB INDIA LIMITED
ESCORTS LIMITED
EVEREADY INDUSTRIES
EXIDE INDUSTRIES
FAG BEARINGS INDIA
FINOLEX CABLES
GAIL (INDIA) LIMITED
GSK CONS HEALTHCARE
GSK PHARMA
GLENMARK PHARMA
GODREJ CON. PROD.
GODREJ INDUSTRIES
GOODRICKE GROUP
GRASIM INDUSTRIES
GREAT EAST. SHIPPING
GRUH FINANCE LIMITED
HAWKINS COOKERS
HCL TECHNOLOGIES
HDFC BANK LIMITED
HEG LIMITED
HERO MOTOCORP
HEXAWARE TECH.
HINDALCO INDUSTRIES
HCC
HPCL
HUL
HINDUSTAN ZINC
HDFC
ICICI BANK LIMITED
ICRA LIMITED
IDEA CELLULAR LIMITED
IDFC LIMITED
IIFL HOLDINGS LIMITED
IL & FS INVST.
INDIAN HOTELS CO.
IOC

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

111,359
195,564
12,534
44,058
27,359
78,272
27,816
31,149
150,233
139,526
38,798
87,383
16,688
4,385
5,519
41,127
12,789
95,350
16,322
24,491
607,040
43,076
33,045
66,298
82,764
92,305
6,017
328,473
34,380
10,211
5,145
367,012
506,665
12,405
275,380
25,817
1,042,811
103,530
2,162,834
319,722
147,884
457,238
549,640
3,219
315,269
96,398
36,537
1,919
41,886
4,495,087

66
46
168
112
142
86
141
137
51
55
122
79
161
193
187
119
167
76
163
147
17
114
130
94
82
77
185
34
127
172
190
31
22
169
39
146
9
71
5
36
52
26
18
197
37
75
125
200
118
1

80,531
56,377
118,247
203,506
48,191
407,422
87,939
205,599
503,643
33,646
43,289
273,416
57,157
27,267
9,026
16,542
12,176
136,213
43,982
43,389
499,781
254,112
249,933
221,284
334,850
113,360
3,478
283,695
53,301
83,577
17,544
1,250,057
2,271,516
8,925
537,346
53,475
331,223
21,215
163,169
1,660,780
658,094
1,763,979
362,800
29,592
594,723
234,935
42,300
6,422
78,849
812,999

Rank Net Profit


(Rs m)
107
123
90
72
131
40
102
69
35
146
136
54
122
154
180
168
177
84
134
135
36
59
60
67
46
92
195
52
128
106
167
16
5
182
34
127
47
163
78
10
27
8
42
151
29
64
138
188
108
20

4,018
5,729
2,684
7,859
3,532
10,658
31
8,515
23,364
1,168
3,287
6,154
631
1,060
236
763
489
6,146
1,529
1,987
30,714
5,836
4,764
4,752
9,071
4,025
222
17,438
7,482
2,038
321
73,171
106,889
364
23,647
3,202
8,542
(1,595)
14,986
43,631
81,780
87,626
122,469
655
31,929
17,070
4,473
730
(3,781)
49,120

Rank

Total Assets
(Rs m)

Rank

99
82
113
69
104
56
185
67
35
146
107
77
161
150
180
155
167
78
135
127
31
80
90
91
64
98
181
42
72
125
176
16
9
174
34
108
66
195
44
25
14
12
8
160
29
43
93
157
196
21

83,617
2,260,193
12,646
43,217
25,786
61,063
31,663
44,052
185,978
128,994
304,809
64,076
37,191
7,895
3,687
35,026
10,957
138,874
14,342
16,338
696,453
40,196
32,157
96,875
9,142
135,026
3,963
540,536
155,352
91,627
1,824
352,447
6,070,965
22,462
106,544
17,655
1,431,389
190,412
517,877
144,308
489,920
3,495,252
8,260,792
5,832
604,668
870,682
193,662
4,575
98,870
2,337,433

92
15
164
119
140
105
130
118
62
74
53
103
124
180
195
125
172
70
163
158
38
120
129
84
176
72
194
44
66
86
200
51
6
145
79
153
25
61
45
68
47
10
2
186
42
32
60
190
82
13

*As on 31st December 2015


42

RANKING WITH EQUITYMASTER 200


Company
INDRAPRASTHA GAS
INFOSYS LTD.
INGERSOLL-RAND
INOX LEISURE LIMITED.
IPCA LABORATORIES
ITC LIMITED
JK CEMENT LTD.
JK PAPER LIMITED
JSW STEEL LIMITED
JYOTI STRUCTURES LTD.
KAJARIA CERAMICS
KALPATARU POWER
KANSAI NEROLAC
KAVERI SEED COMPANY
KEC INTERNATIONAL
KIRLOSKAR INDUSTRIES
KSB PUMPS LIMITED
LARSEN & TOUBRO
LIC HOUSING FINANCE
LUPIN LIMITED
M&M FINANCIAL SERV.
M&M
MANGALAM CEMENT
MARICO LIMITED
MARUTI SUZUKI LIMITED
MERCK LIMITED
MINDTREE LIMITED
MOTILAL OSWAL FIN.
MPHASIS LIMITED
MPS LIMITED
MRF LIMITED
MUNJAL SHOWA LIMITED
NALCO
NESTLE INDIA LIMITED
NOVARTIS INDIA LIMITED
NRB BEARINGS LIMITED
NTPC LIMITED
ONGC
ORIENT PAPER
ORIENTAL BANK
PAGE INDUSTRIES LTD.
PETRONET LNG LIMITED
PIDILITE INDUSTRIES
PGCIL
PRATIBHA INDUSTRIES
PRISM CEMENT LTD.
PUNJ LLOYD LIMITED
PUNJAB NATIONAL BANK
RALLIS INDIA LIMITED
RAYMOND LIMITED

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

36,810
533,190
6,555
9,537
31,418
388,348
33,987
21,601
529,715
31,114
21,869
71,982
71,414
11,612
84,678
13,685
8,037
920,046
106,947
127,700
60,211
719,486
9,219
57,330
508,014
8,675
35,474
7,719
57,948
2,239
133,293
16,430
73,828
98,549
8,734
6,703
806,220
1,608,898
16,689
199,614
15,434
395,010
48,441
176,585
31,655
56,544
70,903
487,098
18,218
53,326

123
19
184
173
136
30
128
153
20
138
152
90
91
170
81
166
179
12
68
58
97
16
174
100
21
176
126
180
99
199
57
162
89
73
175
183
13
7
160
45
165
29
108
47
135
101
92
23
158
104

59,780
2,161,054
24,116
14,727
94,057
2,894,004
34,056
4,536
271,381
3,165
62,980
34,037
97,541
68,442
21,403
4,506
15,769
1,457,318
232,396
660,975
163,348
705,440
6,312
246,092
854,282
12,075
96,624
30,275
85,006
12,618
97,806
7,452
119,713
538,053
19,147
13,719
1,267,327
3,306,697
4,487
86,627
113,139
133,463
308,109
791,016
4,689
42,534
14,745
67,821
44,932
26,719

Rank Net Profit


(Rs m)
121
7
160
174
101
3
144
192
55
197
120
145
97
115
162
193
171
12
65
26
77
24
189
61
18
178
99
150
104
176
96
184
89
33
165
175
15
2
194
103
93
85
50
21
191
137
173
116
133
155

4,377
123,720
662
248
2,542
96,632
1,436
(184)
17,966
(94)
1,756
1,204
2,741
3,010
1,610
617
684
47,648
13,956
24,032
9,129
31,375
179
5,735
38,074
432
5,363
1,436
6,746
614
9,083
756
13,219
11,847
791
537
99,863
183,335
(287)
4,971
1,960
8,825
5,126
50,463
441
26
(11,411)
32,832
1,572
1,128

Rank

Total Assets
(Rs m)

Rank

94
7
159
179
117
11
137
190
40
188
130
145
112
111
133
162
158
22
47
33
62
30
182
81
27
169
84
138
75
163
63
156
50
52
154
165
10
3
191
89
129
65
86
20
168
186
197
28
134
149

30,735
662,890
11,312
11,081
38,124
459,908
60,501
33,282
859,192
55,795
15,592
89,511
23,730
12,172
77,448
14,815
9,137
1,941,841
1,126,303
131,377
386,331
948,440
12,327
31,253
344,786
7,082
26,549
29,448
74,167
2,818
98,340
6,128
161,777
58,195
12,418
7,346
2,195,762
3,376,827
12,233
2,305,136
8,244
111,187
33,158
1,607,643
54,622
48,613
144,512
6,360,112
14,358
46,681

133
40
170
171
123
48
106
127
34
110
159
89
143
168
97
161
177
17
27
73
49
30
166
132
52
183
139
135
98
198
83
184
63
109
165
181
16
11
167
14
179
78
128
22
111
114
67
4
162
116

*As on 31st December 2015


43

RANKING WITH EQUITYMASTER 200


Company
RELIANCE COMM.
RELIANCE IND.
REC
SANOFI INDIA LIMITED
SHOPPERS STOP
SHREE CEMENT LIMITED
SHRIRAM TRANS. FIN
SIEMENS LIMITED
SINTEX INDUSTRIES
SKF INDIA LIMITED
SONA KOYO STEERING
SRF LIMITED
STATE BANK OF INDIA
SAIL
SUN PHARMA
SYMPHONY LIMITED
TAJ GVK HOTELS
TATA CHEMICALS
TATA COFFEE
TATA ELXSI LIMITED
TATA GLOBAL BEV.
TATA MOTORS LIMITED
TATA POWER CO.
TATA STEEL LTD.
TCS LIMITED
THE RAMCO CEMENTS
THERMAX LIMITED
THOMAS COOK
TITAN COMPANY
TORRENT PHARMA
TORRENT POWER
TRAN. CORP. OF INDIA
TRENT LIMITED
TRIVENI ENGINEERING
TUBE INVEST. OF INDIA
ULTRATECH CEMENT
UNION BANK OF INDIA
UPL LIMITED
VEDANTA LIMITED
VINATI ORGANICS LTD
VOLTAMP TRANSF.
VOLTAS LIMITED
VST INDUSTRIES
WHIRLPOOL OF INDIA
WIPRO LIMITED
YES BANK
ZEE ENTERTAINMENT
ZEE MEDIA
ZENSAR TECHNOLOGIES
ZF STEERING GEAR

Net Sales
(Rs m)

Rank

Market Cap.*
(Rs m)

Rank

Net Profit
(Rs m)

Rank

Total Assets
(Rs m)

Rank

217,700
3,754,350
203,840
19,775
42,789
64,536
91,770
106,626
70,066
24,156
15,530
45,398
2,079,743
459,520
274,334
5,793
2,480
172,029
16,914
8,494
79,934
2,627,963
343,669
1,395,037
946,484
36,554
53,955
32,443
119,134
46,535
104,225
24,167
22,843
20,610
96,976
243,490
321,643
120,905
737,095
7,717
5,169
51,831
8,362
32,938
469,510
115,720
48,837
5,443
26,558
3,305

42
2
44
157
115
95
78
69
93
149
164
110
6
25
40
186
198
48
159
177
83
3
33
8
10
124
103
132
62
109
70
148
150
155
74
41
35
61
14
181
189
105
178
131
24
64
107
188
145
196

160,664
2,854,000
340,575
72,545
40,189
335,664
224,997
264,330
38,159
55,169
8,526
54,810
195,601
367,824
1,703,011
74,392
6,107
113,801
1,799
31,490
97,274
1,622,376
254,506
431,562
4,734,716
69,635
120,769
40,337
357,691
148,465
65,883
15,229
42,167
6,771
54,258
734,294
124,579
137,602
735,913
20,742
6,712
74,448
25,214
63,054
1,425,377
274,455
317,285
6,700
24,528
8,950

79
4
44
113
141
45
66
57
142
124
183
125
73
41
9
111
190
91
200
148
98
11
58
38
1
114
88
140
43
81
117
172
139
185
126
23
87
83
22
164
186
110
158
119
14
53
48
187
159
181

7,140
235,660
53,444
2,636
424
4,263
10,285
6,032
5,288
2,028
379
3,028
169,943
21,582
45,394
1,159
(20)
3,968
1,204
1,020
2,478
139,863
1,678
(39,255)
198,522
2,461
2,098
902
8,163
7,509
3,597
814
1,293
(1,521)
4,244
20,983
17,609
11,873
(156,458)
1,158
284
3,843
1,522
2,105
86,609
19,974
9,775
(467)
2,646
356

73
1
17
116
170
95
58
79
85
126
172
110
4
36
23
147
187
100
144
151
118
5
132
199
2
119
124
152
68
71
103
153
141
194
96
37
41
51
200
148
178
102
136
123
13
39
60
192
115
175

912,840
5,044,860
1,831,750
22,276
19,830
79,978
621,536
102,588
113,077
19,112
10,131
59,540
27,001,100
1,013,189
490,279
4,449
7,271
208,056
24,140
4,655
95,118
2,386,580
754,429
1,589,455
736,609
70,748
58,283
31,259
48,474
79,111
196,325
11,376
22,065
29,596
303,620
380,631
3,835,690
143,048
1,902,824
5,992
4,953
48,883
8,260
18,489
583,768
1,361,430
70,058
9,943
17,345
3,362

31
7
21
146
148
94
41
81
77
149
173
107
1
29
46
192
182
57
141
189
85
12
35
23
36
99
108
131
115
96
58
169
147
134
54
50
9
69
18
185
188
113
178
150
43
26
100
174
154
196

*As on 31st December 2015


44

INDIA'S TOP 10
By Market Cap. *
Company

By Net Sales
(Rs m)

Company

(Rs m)

TCS LIMITED

4,734,716

INDIAN OIL CORPORATION LIMITED

4,495,087

ONGC

3,306,697

RELIANCE INDUSTRIES LIMITED

3,754,350

ITC LIMITED

2,894,004

TATA MOTORS LIMITED

2,627,963

RELIANCE INDUSTRIES LIMITED

2,854,000

BHARAT PETROLEUM CORPORATION LTD.

2,370,530

HDFC BANK LIMITED

2,271,516

HINDUSTAN PETROLEUM CORP. LTD.

2,162,834

TECH MAHINDRA LIMITED

2,246,253

STATE BANK OF INDIA

2,079,743

COAL INDIA LIMITED

2,206,936

ONGC

1,608,898

INFOSYS LTD.

2,161,054

TATA STEEL LTD.

1,395,037

HOUSING DEVELOPMENT FIN. CORP. LTD.

1,763,979

HINDALCO INDUSTRIES LIMITED

1,042,811

SUN PHARMACEUTICAL INDUSTRIES

1,703,011

TCS LIMITED

946,484

Net Profit
Company

By Total assets
(Rs m)

Company

(Rs m)

RELIANCE INDUSTRIES LIMITED

235,660

STATE BANK OF INDIA

7,001,100

TCS LIMITED

198,522

ICICI BANK LIMITED

8,260,792

ONGC

183,335

BANK OF BARODA

7,339,774

STATE BANK OF INDIA

169,943

PUNJAB NATIONAL BANK

6,360,112

TATA MOTORS LIMITED

139,863

BANK OF INDIA

6,252,847

COAL INDIA LIMITED

137,266

HDFC BANK LIMITED

6,070,965

INFOSYS LTD.

123,720

CANARA BANK

5,585,576

ICICI BANK LIMITED

122,469

RELIANCE INDUSTRIES LIMITED

5,044,860

HDFC BANK LIMITED

106,889

AXIS BANK LIMITED

4,672,430

UNION BANK OF INDIA


By Net Profit Margin

3,835,690

NTPC LIMITED

99,863
By Gross Profit Margin

Company

(%)

Company

(%)

RELIANCE POWER LTD.

205.1

CLARIANT CHEMICALS (INDIA) LIMITED

90.1

L&T FINANCE HOLDINGS LTD.

100.7

HINDUSTAN ZINC LIMITED

55.3

LIC HOUSING FINANCE LIMITED

99.8

CREDIT ANALYSIS & RESEARCH LTD.

52.8

GRUH FINANCE LIMITED

99.6

IL & FS INVST. MANAGERS LTD.

38.0

POWER FINANCE CORPORATION LTD.

99.4

SUN TV NETWORK LTD.

32.6

KOTAK MAHINDRA BANK LIMITED

98.4

CAIRN INDIA LTD.

30.5

HOUSING DEVELOPMENT FIN. CORP. LTD.

97.9

POWER GRID CORPORATION OF INDIA

28.5

YES BANK

97.0

MPS LIMITED

27.4

RURAL ELECTRIFICATION CORP. LTD.

96.0

DIVI'S LABORATORIES LIMITED

27.3

INDUSIND BANK LIMITED

95.9

RURAL ELECTRIFICATION CORP. LTD.

26.2

By Net worth
Company

By Interest coverage
(Rs m)

Company

(X)

RELIANCE INDUSTRIES LIMITED

2,184,990

MINDTREE LIMITED

6909.0

ONGC

1,804,544

ENTERTAINMENT NETWORK (INDIA)

3616.3

STATE BANK OF INDIA

1,613,875

COAL INDIA LIMITED

2948.9

ICICI BANK LIMITED

847,045

SYMPHONY LIMITED

2721.6

NTPC LIMITED

820,940

AMARA RAJA BATTERIES LIMITED

2572.4

INDIAN OIL CORPORATION LIMITED

688,323

BAJAJ CORP LTD.

2045.5

HDFC BANK LIMITED

631,541

KAVERI SEED COMPANY LTD.

1822.6

BHARTI AIRTEL LIMITED

619,564

BAJAJ AUTO LTD.

CAIRN INDIA LTD.

588,702

SANOFI INDIA LIMITED

45

682.6
638.6

*As on 31st December, 2015

INDIA'S TOP 10
By Highest Effective Tax Rates

By Net Foreign Exchange


(%)

Company
CLARIANT CHEMICALS (INDIA) LIMITED
TATA STEEL LTD.

(Rs m)

Company

6373.3
101.0

TCS LIMITED

465,022

INFOSYS LTD.

241,130

INDIAN HOTELS CO. LIMITED

96.8

WIPRO LIMITED

164,484

TATA COMMUNICATIONS LIMITED.

87.8

HCL TECHNOLOGIES LIMITED

125,382

TRENT LIMITED

83.2

BAJAJ AUTO LTD.

85,874

ADOR WELDING LTD.

81.2

TECH MAHINDRA LIMITED

77,882

TATA POWER CO. LIMITED

72.4

CAIRN INDIA LTD.

51,502

ASHOK LEYLAND LIMITED

67.9

DR. REDDY'S LABORATORIES LIMITED

48,862

DISH TV INDIA LIMITED

57.3

LUPIN LIMITED

46,001

By Foreign Exchange (Inflow)

By Foreign Exchange (Outflow)


(Rs m)

Company
RELIANCE INDUSTRIES LIMITED

(Rs m)

Company
RELIANCE INDUSTRIES LIMITED

2,622,460

TCS LIMITED

2,093,980
718,183

INDIAN OIL CORPORATION LIMITED

1,935,725

INFOSYS LTD.

461,580

BHARAT PETROLEUM CORPORATION LTD.

807,366

WIPRO LIMITED

367,665

HINDUSTAN PETROLEUM CORP. LTD.

471,167

TECH MAHINDRA LIMITED

183,856

CHENNAI PETROLEUM CORPORATION

401,825

INDIAN OIL CORPORATION LIMITED

160,100

PETRONET LNG LIMITED

360,904

VEDANTA LIMITED

144,292

TCS LIMITED

253,161

HCL TECHNOLOGIES LIMITED

142,398

INFOSYS LTD.

220,450

HINDALCO INDUSTRIES LIMITED

133,373

WIPRO LIMITED

203,181

By Return on Assets

By Return on Equity
(%)

Company

(%)

Company

GODREJ CONSUMER PRODUCTS LTD.

99.2

HINDUSTAN UNILEVER LIMITED

CLARIANT CHEMICALS (INDIA) LIMITED

51.2

CASTROL INDIA LIMITED

95.5

COLGATE-PALMOLIVE (INDIA) LIMITED

32.8

COLGATE-PALMOLIVE (INDIA) LIMITED

72.5

CASTROL INDIA LIMITED

31.8

CLARIANT CHEMICALS (INDIA) LIMITED

67.5

CREDIT ANALYSIS & RESEARCH LTD.

30.9

BRITANNIA INDUSTRIES LIMITED

55.4

BAJAJ CORP LTD.

30.4

HAWKINS COOKERS LIMITED

54.5

HINDUSTAN UNILEVER LIMITED

30.2

PAGE INDUSTRIES LTD.

50.6

EMAMI LIMITED

29.0

VST INDUSTRIES LIMITED

43.9

SYMPHONY LIMITED

27.1

AVANTI FEEDS

43.6

By P/E Ratio*
Company

108.4

(By P/BV Ratio)#


(X)

Company

(X)

TATA COMMUNICATIONS LIMITED.

8206.5

UNITED SPIRITS LIMITED

82.6

DISH TV INDIA LIMITED

2800.6

BLUE DART EXPRESS LIMITED

42.2

PRISM CEMENT LTD.

1623.4

HINDUSTAN UNILEVER LIMITED

41.3

TATA POWER CO. LIMITED

151.6

CASTROL INDIA LIMITED

41.1

ALSTOM T&D INDIA LIMTED

124.8

TATA COMMUNICATIONS LIMITED.

32.9

GILLETTE INDIA LIMITED

115.4

COLGATE-PALMOLIVE (INDIA) LIMITED

30.7

AUTOMOTIVE AXLES LIMITED

107.0

HAWKINS COOKERS LIMITED

29.8

ASHOK LEYLAND LIMITED

104.1

PAGE INDUSTRIES LTD.

29.3

BLUE DART EXPRESS LIMITED

100.2

NESTLE INDIA LIMITED

19.0

*As on 31st December, 2015 on Trailing twelve months basis


# FY15 Book value

46

SUMMARY OF THE EQUITYMASTER 200


No. of Month s
12
Year Ending 31/03/13

12
31/03/14

12
31/03/15

FY 15 witnessed volatile markets as economies around the


world, found themselves at various points in the economic
cycle, with monetary easing being the predominant theme
across many geographies. However, India emerged as a
bright spark even as advanced and emerging economies
grappled with uncertainty and slower growth. The decisive
political mandate accorded in the general elections set the
stage for surging hopes for a rapid economic turnaround of
the Indian economy.

STAFFI NG DATA
Employees
Total wages & salary
Avg Wages / employee
Avg Sales / employee
Avg Net profit / employee

Th nos.
` bn
` th
` th
` th

2,202
2,854
1,296
1 5,881
1,098

2,217
3,258
1,469
17,641
1,238

2,301
3,572
1,552
17,112
1,058

bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
bn
%
%
%

34,974
626
35,600
4,712
1,235
684
3,418
(20)
40
(66)
954
2,417
13.5
27.9
6.9

39,112
686
39,799
4,536
1,518
853
3,851
(94)
28
(26)
1,012
2,745
14.2
26.3
7.0

39,380
756
40, 136
5,562
1,602
875
3,841
(72)
19
(247)
1,105
2,434
14.1
28.8
6.2

` bn
` bn
%
x
D a ys
D a ys
` bn
` bn
` bn
` bn
` bn
x
x
x
%
%
%
%
%
` bn
` bn
` bn

15,413
11,954
9.9

16,797
13,869
7.5
1.2
51
53
21,263
16,404
18,214
9,788
45,914
5. 5
2.1
0. 9
6. 0
15. 1
13. 1
11.6
22.7
7,115
11, 238
(4,122)

16,714
14,266
6.2
1.2

INCOME DATA
Net Sales
Other Income
Total Revenues
Gross Profit
Depreciation
Interest
Profit before tax
Minority interest
Prior period expenses
Extra ordinary income (exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`
`
`
`
`
`
`
`
`
`
`
`

On the macro front, the biggest comfort came from the sharp
drop in crude prices. For a large net importer like India, the
decline in crude prices has helped in controlling the trade
deficit and easing inflation. The Indian economic growth
improved to 7.3% in FY 2014-15 as compared to 6.9% in FY
14 based on the new series. While the agriculture sector grew
at 0.2%, it is manufacturing that grew by 7.1% in FY 15,
compared to 5.3% in FY14. Headline inflation fell sharply to
5%.On the external front, Indias vulnerability has reduced
with the current account deficit contained at below 2% of GDP
and a relatively stable currency.
The year on year growth in net sales of Equitymaster 175
(excluding banks and financial institutions) companies
remained flat at 0.7% in FY 15. Companies such Reliance
Industries, HPCL, Indian Oil Corporation, ONGC registered a
negative growth in sales due to lower crude oils. On the other
hand, companies such as Adani Port and SEZ Ltd, Ashok
Leyland, Bata India, Eicher Motors, Blue Dart, Sun Pharma
registered growth of more than a 25%.
The performance on the operating front for the universe also
remained flat compared to FY 14. The companies reported
0.5% YoY growth in gross profit as against 17% in FY14.
Interest and depreciation rose by marginally by 2.6% YoY and
5.5% YoY respectively. The employee base of these
companies remained almost stagnant at 2.30 million
employees. Meanwhile, sales per employee and profit per
employee decreased by 3% and 14.6% respectively in FY 15
as against 13.4% growth in sales per employee and 12.8%
growth in profit per employee in FY14.

BALANCE SHEET DATA


Current Assets
Current Liabilities
Net working cap to sales
Current Ratio
Inventory days
Debtors days
Net fixed assets
Free reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on Equity
Return on capital
Exports to sales
Imports to sales
FX inflow
Fx outflow
Net Fx

1.3
52
50
17,488
14,166
15,590
7,512
38,233
6.0
0.5
0.9
6.3
15.5
13.4
11.2
23.3
5,460
,
10 192
(4,731)

52
54
23,332
17,531
19,125
10,839
48,419
5.4
0.6
0.8
5.0
12.7
11.0
10.3
19.5
6,128
9,535
(3,407)

As far as net profit is concerned, the same has declined by


11% YoY as against an increase of 14% in FY14. Companies
such as BHEL, Airtel, Cairn India, GAIL, Hindalco Industries,
Indian Oil Corporation, Mahindra and Mahindra, ONGC, Tata
Steel, Vedanta registered a de-growth of more than 25% in
FY15. This is primarily due to decline in commodity prices,
increase in depreciation and finance cost. However,
companies such as Britannia Industries, Godrej Industries, PI
Industries, Voltas, AIA Engineering, and Tata Chemicals
registered a growth of more than 25% in net profit compared
to FY14.While the headline indicators point towards steady
improvement, the recovery on the ground has been rather
slow. Investment climate remained subdued in FY 15, as the
reform process would take some more time to gain ground.
Industrial demand was weak and capacity utilisation remained
low across the sectors. Tight liquidity position prevailed
throughout the year with elevated interest rates. However,
benign inflation level, the reform initiatives of the new
government at the centre, along with its commitment to sound
fiscal management and consolidation augur well for the
growth prospects of Indian companies amid of challenging
macroeconomic situation.

Note: Summary represents 175 companies. It excludes companies


from Banking and Investment & Financial sectors.

47

THE EQUITYMASTER
THE QUANTUM
200200

Company Studies

Disclaimer
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Registration No. INH000000537.

48

ALUMINUM
The most commercially mined aluminium ore is bauxite, as it
has the highest content of the base metal. The primary
aluminium production process consists of three stages. First
is the mining of bauxite, followed by refining of bauxite to
alumina and finally smelting of alumina to aluminium. India
has the fifth largest bauxite reserves with deposits of about 3
bn tonnes or 5% of world deposits.
The aluminium production process can be categorized into
upstream and downstream activities. The upstream process
involves mining and refining while the downstream process
involves smelting and casting & fabricating. Downstreamfabricated products consist of rods, sheets, extrusions and
foils.
Power is amongst the largest cost component in
manufacturing of aluminium, as the production involves
electrolysis. Indian manufacturers are the lowest cost
producers of the base metal due to access to captive power,
cheap labour and proximity to abundant supply of raw
material, i.e., bauxite.
The Indian aluminium sector is characterised by large
integrated players like Hindalco and National Aluminium
Company (Nalco). The other producers of primary aluminium
include Bharat Aluminium (Balco), a subsidiary of Vedanta
Resources.
Aluminium offers a rare combination of valuable properties. It
is three times lighter than Iron but is almost as strong as
steel, extremely flexible and corrosion resistant due to thin
surface layer of aluminum oxide. Aluminum has been
continuously finding new applications due to rising price
competence, superior weight to strength ratio, corrosion
resistance, formability, dampness etc.

has struggled to grow in recent years, as it has been affected


by the ongoing economic slowdown.
KEY POINTS
Supply: Supply of aluminum is in excess and any deficit can
be imported at low rates of duty. Currently, the demand is
stable while supply is in excess.
Demand: Demand for aluminium is estimated to grow at 6%8% per annum in view of the low per capita consumption in
India. Also, demand for the metal is expected to pick up as the
scenario improves for user industries, like power, infrastructure
and transportation.
Barriers to entry: Large economies of scale. Consequently,
high capital costs.
Bargaining power of suppliers: Most domestic players
operate integrated plants. Bargaining power is limited in case
of power purchase, as Government is the only supplier.
However, increasing usage of captive power plants (CPP) will
help to rationalize power costs to a certain extent in the longterm.
Bargaining power of customers: Being a commodity,
customers enjoy relatively high bargaining power, as prices are
determined on demand and supply.
Competition: Competition is primarily on quality and price, as
being a commodity, differentiation is difficult. However, the
recent spate of consolidation has reduced the competitive
pressure in the industry. Further, increasing value addition to
aluminium products has helped some companies protect
themselves from the high volatilities witnessed in this industry.
PROSPECTS

FY15

The Indian recovery is on the mend and the economy is


expected to grow at over 7.5% in FY16 and FY17. This would
result in aluminium demand growth on account of stronger
consumption and investment. The governments thrust on
power sector that went through a challenging phase bodes
well for aluminium industry as power sector is a strong
demand driver for aluminium consumption in India.

The commodity markets, and in particular the aluminium


industry, are going through a challenging phase at present
because of the sharp slide in realizations.
During the last quarter of FY15, heightened risk averseness
led to dumping of commodities across the board. The
resultant rise in USD, coupled with surging Chinese exports
following slowing demand growth in China resulted in a sharp
decline in LME, which dropped sharply by almost 10%. This
was also accompanied with significant decline in regional
premium, resulting in a large decline in all inclusive aluminium
realisations putting pressure on margins.

The US demand is expected to remain strong growing at a


CAGR of 4-5% over next few years, as the housing recovery
gains traction, car sales continue to improve and aluminium
demand benefits from new applications, particularly in the
automotive sector. Western Europe is expected to grow
moderately amidst economic uncertainty. The aluminium
demand is expected to grow at around 2.5%

Due to above reasons, Realisations have declined sharply in


recent months due to excess supplies. This scenario may
continue for a while and hence over short term, realisations
may remain under pressure.

In 2015, Chinese aluminium demand is expected to grow at


around 6-7%, a substantial slowdown from the double-digit
increase of the past decade. Demand growth will be strongest
in consumer-related sectors.

Global demand for aluminium has historically tended to


outperform that for other metals. The weak price performance
in some of the recent years has been more due to supply side
developments than any issues with demand. In 2014, global
aluminium consumption rose 5.5% YoY, the fastest pace in
three years, despite the slowdown in Chinese consumption
growth to around 8%.

In short term, Chinese supply is expected to continue to


impact Rest of the World demand-supply dynamics
adversely. However in long term, overall the demand supply
scenario for primary aluminium globally looks encouraging as
demand continues to be robust with expectations of around
6% growth.

China accounted for 44% of global primary aluminium


consumption in 2014, up from 23% in 2005. As the country
continues to develop towards a more consumer-focused
economy, aluminium consumption is expected to become
more consumer-driven. Aluminium consumption in the USA
has recovered well since the financial crisis, rising by over a
third in the five years to 2014. However consumption still
remains 20% below pre-crisis peak levels. European demand
49

On the positive side, the reduction in prices of crude


derivatives in the recent months is expected to help on the
cost front. In the recent quarters, coal availability in India is
showing signs of improvement. With the expected growth in
output of public sector coal mining companies and the likely
operationalization of captive coal blocks, coal availability in
the country may improve further, which will ease the cost-side
pressures.

ALUMINUM
GLOBAL COMPARISON
FY15/CY14
Revenues
EBDITA
EBDITA margin
Profit after tax
Net profit margin
Return on equity
Debt to equity
Return on Capital

Unit
US$ m
US$ m
%
US$ m
%
%
x
%

Hindalco*
15,764
1,519
9.6%
129
0.8
2.2
1.7
0.9

Alcoa
23,906
1,017
4.3%
268
1.1%
2.35
0.7
2.82

Chalco
22,849
-2,645
-12%
-2,747
-0.1
(44.6)
3.3
(18.3)

* Year ended March 2015. For others, figures are for year ended December 2014 Source: Equitymaster Research, Company Annual Reports,
Yahoo Finance

Alcoa
Alcoa was formed in 1888 and is based in Pittsburgh, Pennsylvania. It is the worlds leading producer of primary aluminum,
fabricated aluminum, and alumina and is active in all major aspects of the industry. It serves the aerospace, automotive,
packaging, building and construction, commercial transportation, and industrial markets. It brings designing, engineering,
production, and other capabilities of Alcoas businesses as a single solution to customers. Alcoa is a global company operating in
30 countries. Based upon the country where the point of sale occurred, the U.S and Europe generated 51% and 27%, respectively,
of Alcoas sales in 2014. In addition, Alcoa has investments and operating activities in, among others, Australia, Brazil, China,
Guinea, Iceland, Russia, and Saudi Arabia. Net sales for 2014 increased by 3.8% YoY. The company incurred a profit of US$ 268
million in 2014. Sales of primary aluminum and alumina represent approximately 40% of Alcoas revenues. The price of aluminum
influences the operating results of Alcoa.
In 2014, growth in global aluminum demand reached 7%. The LME price of aluminum remained relatively stable compared to
2013; however, regional premiums increased substantially, significantly benefitting the smelting portion of Alcoas upstream
operations. The refining portion of the upstream operations continued to make progress in shifting customer pricing away from the
LME aluminum price to a mixture of alumina pricing index and spot pricing.
In 2014, the midstream and downstream operations generated revenue of $7,351 and $6,006, respectively, representing an
increase of $245 and $273 ($81 was related to an acquisitionsee below), respectively, compared to the 2013 baselines. The
increase related to the midstream operations was mostly due to rising demand for aluminum sheet from the U.S. automotive end
market as a result of changing emission regulations.
In coming year, Management is anticipating improved market conditions for value-added products in the aerospace, automotive,
building and construction, packaging, and industrial gas turbine global end markets, despite declines in certain regions, while the
commercial transportation global end market is expected to be flat.

Chalco
Aluminium Corporation of China (Chalco) is the sole producer of alumina and the largest producer of primary aluminum in the
People's Republic of China. The company is the worlds second-largest alumina producer and third largest alumina refiner. The
Group is primarily engaged in the production, sales and research of alumina and primary aluminum. The business scope of the
Group includes bauxite mining, alumina refining and primary aluminum smelting. Its principal products include alumina, primary
aluminum, gallium and carbon.
Chalco organizes and manages operations in five business segments: alumina segment, primary aluminum segment, trading
segment, energy segment and corporate and other operating segment and accounted for approximately 4.1%, 21.3%,70.8%, 3.6%
and 0.2%, respectively, of our total revenues from continuing operations in 2014.
Chalcos annual alumina and primary aluminum production capacity was approximately 14.71 MT and 3.84 MT, respectively. In
2014, company produced approximately 12.0 MT of alumina and 3.4 MT of primary aluminum. Companys production of alumina
and primary aluminum represented approximately 23.5% and 12.0%, respectively, of the total output in China in 2014.
The revenue from continuing operations decreased by 16.3% for the year ended December 31, 2014, primarily due to the
decrease in selling price and sales volume of our products that resulted from overall competitive factors. Company reported a loss
at operating level due to higher operating cost, increase in general and administrative expenses and impairment losses. Similarly,
company registered a net loss of USD 2.74 bn due to above and increase in finance cost.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


50

HINDALCO INDUSTRIES LIMITED


ALUMINIUM

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

1958
500440
SHAREHOLDING

BL. Code
HALC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 37.0%
:
0.0%
: 14.1%
: 35.2%
: 13.6%
: 331,588

BIRLA ADITYA
Price
73.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.6

SEC: Anil Malik

% ch 12-m

12
31/03/14

143
83
424.8
10.5
27.7
1.00
0.9
196.7
2,064.58
WC
0.3
10.7
4.1
0.6
9.5
233,091
20.9
73,192
41,955.5
3,501.7
1,040.6

192
129
505.0
4.1
21.5
1.00
0.6
185.6
2,064.98
ESOP
0.3
38.8
7.5
0.9
24.2
331,223
22.0
79,912
47,452.3
3,636.3
388.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

801,928
10,122
812,050
77,584
27,828
20,791
39,088
196
-158
0
8,857
30,269
9.7
22.7
3.8

876,955
10,172
887,127
82,863
35,528
27,016
30,491
-200
668
-3,960
5,249
21,750
9.4
17.2
2.5

1,042,811
11,047
1,053,858
89,446
35,906
41,784
22,803
5,957
1,747
-19,401
2,564
8,542
8.6
11.2
0.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital

`m
391,145
`m
231,517
%
19.9
x
1.7
Days
65
Days
41
`m
717,627
`m
1,915
`m
255,029
`m
353,302
`m
498,569
`m
1,205,900
x
2.9
x
1.4
x
0.7
%
4.2
%
8.6
%
7.0

442,657
315,054
14.6
1.4
69
38
842,227
2,065
294,846
406,048
539,441
1,391,811
2.1
1.3
0.6
3.5
5.4
5.7

472,518
371,426
9.7
1.3
65
32
860,700
2,065
289,378
383,285
553,862
1,431,389
1.5
1.4
0.7
3.5
2.2
5.6

3.4

(` )

AUD: Singhi & Co.

Yield

Mkt cap

1.4

152,286.4

Vol.

1,125.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE038A01020

250
Close

12
31/03/15

137
87
418.9
15.8
30.3
1.40
1.3
184.5
1,914.59
ESOP
0.3
7.1
3.7
0.6
8.9
214,338
20.2
65,256
39,624.9
3,224.4
1,495.6

P/CF

17.8

FX Transaction (FY15)
` m 133,345
` m 184,756
` m 133,373
` m 184,758
` m -51,385

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-51.2

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Century Bhavan, 3rd Floor, Dr. Annie Besant Road, Worli, Mum - 400 030
E-Mail:
anil.malik@adityabirla.com
Web site: www.hindalco.com
Telephone: (022) 6662 6666 Fax: (022) 2422 7586
Tr agent: In-house

100 DMA

200

150

100

50
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
86,030
93,716
`m
9,233
6,983
%
10.7
7.5
`m
3,594
1,595
%
4.2
1.7

Jun 15
85,753
8,773
10.2
1,072
1.2

Sep 15
89,246
6,028
6.8
1,033
1.2

FY14
5.7
5.5
2.4
1
1.6

FY15
0.21
4.27
0.08
1
1.79

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

29,775
-137,650
102,779
-5,096

FY13
9.2
7.5
3.7
1.4
1.6

79,557
-81,147
14,926
13,336

71,431
-37,931
-24,371
9,129

Hindalco Industries Ltd, the flagship metal company of the Aditya Birla Group, is an
industry leader in aluminum and copper. Hindalco is Indias largest aluminum and
copper producer. In aluminum, the company is fully integrated with production
ranging from captive bauxite to an array of value added products, while in copper the
company is primarily into custom copper smelting. Hindalco is among the worlds
lowest cost aluminum producers. After its acquisition of Novelis, the company is one
of the largest rolled producers of aluminum.

The company reported 18.9% YoY growth in consolidated revenues in FY15. On a


standalone basis, the company posted 24% YoY growth in net sales. Consolidated
net profits decreased by 60.7% YoY in FY15. In the copper segment, copper cathode
production increased by 17.3% YoY to 386 KT while DAP production increased by
30.6% YoY to 299 KT during FY15.
Although Hindalco has completed major capex by investing in Greenfield projects,
volatility in aluminum prices, high debt levels coupled with accelerated depreciation
are expected to mute its profitability growth.

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51

NATIONAL ALUMINIUM COMPANY LIMITED


ALUMINIUM

Chairman: Ansuman Das)

Yr of Inc

B. Code

1981
532234
SHAREHOLDING

BL. Code
NALU.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
5

: 80.9%
:
0.0%
:
9.5%
:
3.3%
:
6.3%
: 72,305

Price
37.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. N. Ravindra

% ch 12-m

12
31/03/14

41
24
26.3
2.5
4.5
1.50
4.6
47.0
2,577.24
1.2
13.0
7.2
0.7
60.2
83,631
7.4
12,453
9,132.5
1,677.2
865.1

51
42
28.6
5.1
6.7
1.25
2.7
49.7
2,577.24
1.6
9.1
6.9
0.9
24.4
119,713
7.3
13,779
10,085.8
1,882.4
1,805.8

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,165
5,111
74,275
9,069
5,054
75
9,050
0
51
0
3,173
5,928
13.1
35.1
8.6

67,809
5,577
73,386
9,342
5,247
0
9,672
0
-37
-494
2,718
6,424
13.8
28.1
9.5

73,828
6,726
80,555
16,848
4,137
0
19,437
0
0
1,484
7,703
13,219
22.8
39.6
17.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

70,302
32,176
55.1
2.2
73
8
76,308
12,886
106,435
119,325
0
163,326
122.5
0.0
0.4
3.7
5.0
7.7
48.8
7.9

74,262
32,428
61.7
2.3
63
13
75,607
12,886
108,336
121,225
0
165,485
NM
0.0
0.4
3.9
5.3
7.5
53.3
7.6

77,122
19,670
77.8
3.9
58
6
71,952
12,886
115,091
127,973
0
161,777
NM
0.0
0.5
8.2
10.3
16.3
42.8
4.1

P/CF
5.6

(` )

AUD: C. K. Prusty & Associates

Yield

Mkt cap

3.3

Vol.

97,419.7

95.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE139A01034

80
70

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

7.4

FX Transaction (FY15)
`m
31,595
`m
3,038
`m
31,607
`m
3,102
`m
28,506

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-30.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
33
26.8
2.3
4.3
1.25
2.6
46.3
2,577.24
1.8
21.0
11.4
1.0
54.3
124,738
7.6
11,539
9,154.8
1,527.4
784.7

2.5

Regd off: Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar - 751 061
E-Mail:
knravindra@nalcoindia.co.in
Web site: www.nalcoindia.com
Telephone: (0674) 2301 988/99 Fax: (0674) 2300 6777
Tr agent: Inhouse

60

Close
100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
19,060
18,013
`m
5,272
5,764
%
27.7
32.0
`m
3,545
3,549
%
18.6
19.7

Jun 15
14,913
2,237
15.0
1,634
11.0

Sep 15
18,151
3,393
18.7
2,261
12.5

FY14
5.3
9.3
9.0
1.5
-

FY15
10.61
18.3
16.75
1.75
-

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

4,415
-8,769
-2,285
-6,640

FY13
5.0
9.1
8.1
1.3
-

9,813
781
-5,155
5,439

5,205
5,657
-5,065
5,797

National Aluminium Company Limited (NALCO) the largest public sector aluminium
company in India was incorporated in 1981, to exploit a part of the large deposits of
bauxite discovered in the East coast. Its operations are based in the state of Odisha.
It started producing aluminium in 1987. It sells both alumina and aluminium in
domestic and international markets. A navratna status company, Nalco has Asia's
largest integrated aluminium complex, encompassing bauxite mining, alumina
refining, aluminium smelting and casting, power generation, rail and port operations,
thus giving it an edge over its global peers in terms of cost of production.
The company reported 8.9% YoY growth in net sales in FY15. Net profits increased
by 105.7% YoY. This was due to fall in power and fuel cost, increase in other income
and increase in exceptional income.
Global prices of aluminium have remained under pressure on account of a number of
factors including the high global inventory of the metal, concerns about the
performance of the Chinese economy. Prices of aluminium are generally expected to
remain low in the near-term due to the subdued global demand for the metal, as well
as the uncertain macro-economic environment prevailing globally.

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52

AUTO ANCILLARIES
The fortunes of the auto ancillary sector are closely linked to
those of auto. Demand swings in any of the segments (cars,
two-wheelers, commercial vehicles) have an impact on auto
ancillary demand. Demand is derived from original equipment
manufacturers (OEM) as well as the replacement market.

growth in the domestic market largely because of the strong


growth in the CV industry.
PROSPECTS
There has been a conscious effort by manufacturers to
improve productivity of the suppliers in the past few years.
Though the number of active vendors has declined
significantly for auto manufacturers, technology transfer and
fresh fund infusions have resulted in improved productivity in
the remaining ones. Relaxation of FDI norms for the smallscale sector could emerge as one of the key growth drivers in
the long run. The Indian automotive components industry has
lined up sizeable investment schedules for the next few
years.

Margins in the replacement market are higher than the OEM


market. The OEM market is very competitive and component
manufacturers have to compromise on margins to bag bulk
orders. Moreover, delivery schedules and quality standards
have to be adhered to very strictly.
Indian auto ancillary sector has traditionally suffered from
poor quality. While this still holds true for the unorganised
sector, the organised sector has been resorting to increased
automation to reduce the defect levels.

The automobile sector is cyclical and dependent on the


growth of the economy and improvement in infrastructure.
Factors like increased public spending, favorable interest
rates and general improvement in per capita income point
towards higher demand for automobiles in the future. Also,
government's initiatives in the infrastructure sector are likely
to give boost to four-wheeler sales especially CVs. Just to put
things in perspective, we expect CV segment to grow by 7%
to 8%, 2-wheeler demand to increase by around 12% to 14%
and passenger car sales growth at 10% to 12% over the
medium to long term. This is a positive for auto ancillary
manufacturers.

Lower labour costs give Indian auto ancillary companies an


absolute cost advantage. To put things in perspective, ACMA
numbers suggest that wage cost accounts for 3% to 15% of
revenues for Indian manufacturers as compared to 20% to
40% for US players. India's strength in exports lies in
forgings, castings and plastics historically. But this is
changing with more component manufactures investing in up
gradation of technology in recent years.
KEY POINTS
Supply: Low for high technology products. Unorganised sector
dominates the domestic component market due to excise
benefits. Generally, excess supply persists.

In the long term, the growth of this sector will depend partly
on pace of indigenization levels across all segments. The
prospects look bright as most companies are increasing the
indigenous components, in an effort to reduce their currency
losses and remain competitive. Also, the fact that auto
manufacturers like Ford, Hyundai and Maruti are exporting
cars, make the prospects look encouraging.

Demand: Linked to automobile demand. Export demand is


linked to the increasing acceptance towards outsourcing.
Barriers to entry: Capital, technology, OEM relationships,
customer service, distribution network to meet replacement
demand.

Margins are likely to come under pressure in the long term


because as competition increases, manufacturers will find it
difficult to increase prices and will try to cut costs. The burden
will eventually fall on auto ancillary players. In the near future
though, companies will need to have manufacturing lines that
can be adapted for new models, have strong technology
backing, an ability to export to developed markets, market
dominance in specific products and a growth plan driven by
volumes and product innovations. Companies will have to
focus on quality and abide by delivery schedules if they want
to survive. As manufacturers sourcing components are keen
to get components from fewer sources in future, this will lead
to consolidation in the sector.

Bargaining power of suppliers: Low with OEMs. Relatively


high in the replacement market
Bargaining power of customers: Companies operating in the
export market face competition at a global level. At the
domestic level, market structure is fragmented for a large
number of ancillary products. Most companies adopt low cost
and differentiation strategies. In some products (like batteries),
only two or three companies control over 80% of the market.
Competition: Will intensify, as global players will enter the
market leading to consolidation. Dereservation of SSI will result
in access to capital and technology
FY15

The growing number of Free and Preferential trade


agreements being signed by India with countries like
Thailand, Singapore and other ASEAN countries will hurt the
cost competitiveness of Indian companies as Indian players
play significantly higher duties than their Asian counterparts.
Therefore, Indian companies might lose out on big orders if
the duty structure is not rationalised.

FY15 was a mixed year for the Indian automotive industry.


After two consecutive years of decline, the MHCV space
emerged as the strong performer of the lot. However, LCVs
continued to decline. Passenger vehicles and two-wheelers
grew in single digits. Tractors performed badly on account of
erratic monsoons.
Overall, the Indian automotive industry posted a growth of
8.7% in FY15. Exports on the other hand did better as they
were up 15% YoY. This was on the back of a revival in the
US market and certain new growth drivers in the emerging
markets including Africa.
As the recovery of the auto industry remained gradual, the
auto ancillary industry also struggled a bit during the fiscal.
For instance, Exide Industries, market leader in storage
batteries, saw sluggish volumes as OEM and industrial
segments slowed. Bharat Forge, though, saw double digit
53

AUTO ANCILLARIES
GLOBAL COMPARISON
FY15/CY15
Revenues
EBDITA
EBDITA margin
Net profit
Net profit margin
Return on equity

Unit
US$ m
US$ m
%
US$ m
%
%

Bharat Forge
1,153
218
18.9%
115
10.0%
21.0%

Michelin
23,042
9,005
39.1%
1,270
5.5%
12.2%

Timken
2,872
925
32.2%
(71)
-2.5%
-5.3%

Delphi
15,165
3,561
23.5%
1,450
9.6%
64.4%

Return on assets
Debt to equity
Enterprise value
EV/EBITDA

%
x
US$ m
x

9.2%
0.7
2,918
13.4

4.9%
0.6
18,250
2.0

-2.5%
0.5
2,690
2.9

12.1%
1.8
19,980
5.6

* Year ended March 2015. For others, figures are for year ended December 2014 Source: Equitymaster Research, Company Annual Reports,
Yahoo Finance

Michelin
Michelin manufactures and sells tyres for all kinds of vehicles ranging from bicycles to the space shuttle, including cars, trucks,
motorcycles, earthmover equipment, buses, subway trains and aircraft. It also publishes maps and guides and operates a number
of digital services in more than 170 countries. The firm's core asset is its ability of constant technological innovation. Michelin employs
more than 1,12,000 people across all continents. It operates 68 production plants in about 17 countries. The company has sales
coming from Europe, North America, Asia, South America and the Middle-East.

Timken
Timken is a global leader in friction management and power transmission with 17,000 employees in 28 countries. It engineers,
manufactures and markets Timken bearings, transmissions, gearboxes, chain, and related products, and offers a spectrum of
power system rebuild and repair services around the world. The leading authority on tapered roller bearings, Timken today applies
its deep knowledge of metallurgy, tribology and power transmission across the broad spectrum of bearings and related systems to
improve the reliability and efficiency of machinery and equipment. The company was founded in 1897 and is headquartered in
Canton, Ohio.

Delphi
Delphi Corporation (formerly Delphi Automotive Systems) has charted its own path after being spun off in 1999 from General Motors.
One of the world's leading auto components manufacturer, Delphi manufactures virtually everything mechanical or electrical that
goes into car making. Its primary businesses include its Dynamics, Propulsion & Thermal division (energy and engine management
systems and chassis, steering, and thermal systems products) and its Electrical, Electronics, Safety & Interior division (automotive
electronics, audio, aftermarket products, safety, signal distribution, and communication systems). On October 6, 2009, Old Delphi
consummated its plan of reorganization as confirmed by US Bankruptcy court and emerged as a lean enterprise with greater
capability to respond and perform to changing market conditions. In 2010, Boston Consulting Group identified Delphi as one of the
few auto suppliers to be best positioned to benefit from sales growth in emerging markets.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


54

AMARA RAJA BATTERIES LIMITED


AUTO ANCILLARIES,FORGINGS

Chairman: Ramachandra N. Galla

Yr of Inc

B. Code

1985
500008
SHAREHOLDING

BL. Code

AMAR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 20.5%
: 31.5%
:
9.5%
: 16.9%
: 21.5%
: 21,358

MISCELLANEOUS
Price

838.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.4

SEC: M. R. Rajaram

% ch 12-m

34.9

FX Transaction (FY15)
`m
2,405
`m
10,869
`m
2,405
`m
10,902
`m
-8,497
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

322
137
173.2
16.8
20.7
2.52
1.1
62.0
170.81
FV1
1.3
13.7
11.1
3.7
15.0
39,184
3.5
1,266
8,534.5
365.2
826.9

398
218
201.2
21.5
25.3
3.23
1.1
79.8
170.81
1.5
14.3
12.2
3.9
15.0
52,541
3.8
1,583
8,963.6
412.9
958.4

917
386
246.6
24.1
31.9
3.61
0.6
99.5
170.81
2.6
27.1
20.4
6.5
15.0
111,291
4.4
1,951
9,506.4
440.4
927.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,589
466
30,055
4,508
661
3
4,310
0
2
-92
1,354
2,867
15.2
31.4
9.7

34,367
455
34,822
5,603
646
7
5,406
0
-6
-39
1,686
3,674
16.3
31.2
10.7

42,113
423
42,536
7,091
1,340
2
6,171
0
-13
-73
1,977
4,109
16.8
32.0
9.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,569
5,762
23.0
2.2
36
47
4,619
171
10,427
10,598
773
17,705
1,597.2
0.1
1.7
16.2
27.1
37.1
3.4
24.6

11,427
4,778
19.3
2.4
36
48
7,679
171
13,456
13,627
760
19,836
751.8
0.1
1.7
18.6
27.0
37.3
4.8
28.9

12,759
5,332
17.6
2.4
36
48
10,306
171
16,825
16,996
741
23,881
2,572.4
0.0
1.8
17.2
24.2
34.3
5.7
25.8

P/CF
26.3

(` )

AUD: E. Phalguna Kumar & Co.

Yield

Mkt cap

0.4

Vol.

143,300.9

58.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE885A01032

1,200
Close

1,000

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

15.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Renigunta-Cuddapah Road, Karakambadi - 517 520


E-Mail:
investorservices@amararaja.co.in
Web site: www.amararaja.co.in
Telephone: (040) 2313 9000 Fax: (040) 2313 9001
Tr agent: Cameo Corp. Sevices, Subramaniam Bldg., 1 Club Hse Rd., Chennai-02

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
4W capacity
SBD capacity
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,665
10,698
`m
1,801
1,805
%
16.9
16.9
`m
1,023
1,023
%
9.6
9.6

Jun 15
11,450
2,062
18.0
1,221
10.7

Sep 15
11,583
1,987
17.2
1,226
10.6

FY14
6,000
4,800
10.4

FY15
8,250
8,400
9.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
000's
000's
%

3,355
-1,205
-350
1,800

FY13
5,640
4,800
4.0

2,788
-3,448
-531
-1,192

3,882
-3,810
-747
-675

NOTES

Amara Raja Batteries Ltd (ARBL) is one of the largest manufacturers of lead acid
batteries for both industrial as well as automotive sectors in India. ARBL is 26%
owned by Johnson Controls, a global leader in power solutions. It is a preferred
supplier to major telecom service providers, UPS, Indian Railways, Power, Oil and
gas sectors in the domestic industrial sectors. On the automotive front, it
manufactures batteries under the brand name Amaron, sold through a pan India sale
service and retail network. It also supplies batteries to original equipment
manufacturers (OEMs). It also exports batteries to Asia Pacific, Africa and Middle
East markets.

During financial year 2014-15 (FY15), ARBLs topline grew to Rs 42 bn, a rise of 22%
YoY. The growth was predominantly on the back of rise in volumes in both business
divisions. The companys operating profits grew by 26% YoY on the back of 0.5% YoY
improvement in the companys operating margins. At the bottomline level, net profits
increased by 12% YoY as higher depreciation charges and tax expenses took toll.
ARBLs performance depends completely upon the fortunes of the telecom and
automobile sectors. As per the company, the battery market in India is experiencing
growing demand from multiple sectors. Apart from the conventional demand from
manufacturing industries, the digital and telecom boom has generated a growing
demand for batteries for power storage equipment. The growth of the battery market
is also driven by increasing demand from sectors like banking, hospitality,
transportation and other industrial applications. Besides, the thrust in the solar sector
has added an impetus to prospects in this business space.

Get more info at www.equitymaster.com

55

APOLLO TYRES LIMITED


TYRES

Chairman: Onkar S. Kanwar (MD)

Yr of Inc

B. Code

1972
500877
SHAREHOLDING

BL. Code
APLO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 43.0%
:
0.4%
:
7.8%
: 34.5%
: 14.1%
: 104,496

RAUNAQ SINGH
Price

150.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.5

SEC: P. N. Wahal

% ch 12-m

7.9

FX Transaction (FY15)
`m
9,222
`m
24,611
`m
9,560
`m
26,517
` m -16,957
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

103
74
253.9
12.2
20.0
0.50
0.6
67.5
504.02
0.3
7.3
4.4
1.3
4.1
44,429
0.0
14,714
NM
NM
NM

166
55
264.1
19.9
28.1
0.75
0.7
90.8
504.02
0.4
5.5
3.9
1.2
3.8
55,694
0.0
15,812
NM
NM
NM

250
151
250.0
19.2
26.8
2.00
1.0
99.1
509.02
WC
0.8
10.4
7.5
2.0
10.4
101,906
0.0
16,070
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

127,946
945
128,891
14,567
3,966
3,128
8,418
8
-20
169
2,448
6,126
11.4
29.1
4.8

133,103
1,995
135,098
17,739
4,109
2,838
12,787
0
0
-468
2,269
10,051
13.3
17.7
7.6

127,257
1,134
128,391
18,711
3,883
1,828
14,133
0
0
-825
3,532
9,776
14.7
25.0
7.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

36,862
28,710
6.4
1.3
58
29
44,892
504
32,192
34,009
16,532
85,266
3.7
0.5
1.5
10.9
18.0
23.2
6.3
21.8

41,718
30,779
8.2
1.4
57
29
45,022
504
41,623
45,746
7,137
90,456
5.5
0.2
1.5
14.2
22.0
28.7
6.1
19.6

37,084
25,847
8.8
1.4
51
28
44,867
509
51,037
50,423
3,339
86,151
8.7
0.1
1.5
13.5
19.4
28.2
7.2
19.3

P/CF
5.6

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.3

Vol.

76,760.2

519.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE438A01022

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-32.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 6th Floor, Cherupushpam Bldg., Shanmugham Road, Kochi - 682 031
E-Mail:
pn.wahal@apollotyres.com
Web site: www.apollotyres.com
Telephone: (0124) 238 3002 Fax: (0124) 238 3351
Tr agent: Apollo Tyres, Apollo House, 7, Institutional Area, Sector -32, Gurgaon-01

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Sales in India
Sales to Rest of World
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
31,048
31,176
`m
4,905
5,179
%
15.8
16.6
`m
2,632
3,110
%
8.5
10.0

Jun 15
28,454
5,025
17.7
2,906
10.2

Sep 15
25,959
4,828
18.6
2,310
8.9

FY14
90.7
9.3
8.3

FY15
89.7
10.3
4.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of total sales
% of total sales
% of total sales

12,754
-5,945
-5,053
1,756

FY13
90.1
9.9
4.3

16,455
-1,193
-12,075
3,187

14,016
-7,397
-6,835
-216

NOTES

Apollo Tyres, with its headquarters in Gurgaon, is in the business of manufacture and
sale of tyres since its inception in 1972. The company has grown manifold over the
years and has also established its footprints across the globe. The manufacturing
base of the company is in India and the Netherlands. It is also setting up a new
manufacturing facility in Hungary, with a planned investment of Euro 475 m. The
company markets its products under its two global brands - Apollo and Vredestein,
and its products are available in over 100 countries through a vast network of
branded, exclusive and multi-product outlets.
The companys consolidated topline fell 4% YoY during FY15. Operating margins
increased to 15.1% during the year from 13.9% seen in FY14. The bottomline fell by
around 3% YoY.

The strong growth, lower external vulnerabilities, higher disposable income will be a
boost to the auto segment in India. Likewise, there is an air of optimism across
Europe. It is for the first time since 2007 that the economies across Europe are
expected to grow again. To support the long term growth plans, the company will be
making significant investments in all its plants across both the regions. The main
drivers for growth will be further expansion and promotion of Apollo brand in all the
countries in Europe as well as new products introduction.However, raw material price
volatility and increased competition in India from global players are the key
challenges the company faces.

Get more info at www.equitymaster.com

56

ASAHI INDIA GLASS LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: B. M. Labroo

Yr of Inc

B. Code

1987
515030
SHAREHOLDING

BL. Code
AISG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 30.8%
: 22.2%
:
0.0%
:
0.2%
: 46.8%
: 53,212

MISCELLANEOUS
Price

145.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.2

SEC: Gopal Ganatra (Head-Legal)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

160
53
86.3
1.7
6.3
0.00
0.0
11.6
243.09
1.2
61.4
16.8
9.2
0.0
25,804
0.0
1,821
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,444
97
19,541
1,673
1,542
1,696
-1,467
12
2
0
-478
-975
8.6
32.6
-5.0

21,401
45
21,445
2,294
1,429
1,630
-720
16
13
0
-223
-468
10.7
31.0
-2.2

20,986
170
21,156
3,056
1,119
1,596
512
19
20
0
131
420
14.6
25.6
2.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,179
16,187
-36.0
0.6
91
57
12,698
160
174
900
6,117
23,346
0.1
6.8
0.8
3.1
-108.3
3.5
2.7
23.0

9,207
16,498
-34.1
0.6
84
57
12,206
243
2,105
2,414
4,098
23,134
0.6
1.7
0.9
5.0
-19.4
14.4
2.6
21.3

8,984
9,748
-3.6
0.9
89
46
11,841
243
2,503
2,813
8,110
22,605
1.3
2.9
0.9
8.9
14.9
19.7
1.8
24.2

22.9

(` )

AUD: Jagdish Sapra & Co.

Yield

Mkt cap

0.0

Vol.

35,248.1

8.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE439A01020

700
Close

600

12
31/03/15

74
46
121.6
-6.1
3.5
0.00
0.0
5.6
159.93
0.5
-9.9
17.0
10.7
0.0
9,628
0.0
1,633
NM
NM
NM

P/CF

83.9

(FY15)
381
5,087
384
5,372
-4,988

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

27.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

62
27
88.0
-1.9
4.0
0.00
0.0
9.9
243.09
R13:29
0.5
-23.2
11.3
4.5
0.0
10,830
0.0
1,756
NM
NM
NM

Regd off: 203-208, Tribhuwan Complex, Ishwar Nagar, New Delhi-110 065
E-Mail:
investorrelations@aisglass.com
Web site: www.aisglass.com
Telephone: (0124) 406 2212 Fax: (0124) 406 2244
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Dec-13

Dec-14

No. of months
Year ending

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive glass segment
Float glass segment
Capex/sales

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
4,954
5,269
`m
812
950
%
16.4
18.0
`m
173
180
%
3.5
3.4

Jun 15
5,370
932
17.3
206
3.8

Sep 15
5,618
954
17.0
205
3.7

FY14
53.4
46.6
4.3

FY15
59.2
40.8
4.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

1,114
-827
166
453

FY13
54.5
45.5
4.4

101
-915
466
-349

498
-692
237
43

NOTES

Incorporated in 1984, Asahi India Glass (AIG) is amongst the largest integrated glass
companies in India offering end to end solutions across the entire glass value chain.
The company is jointly promoted by the Labroo family, Asahi Glass Co and Maruti
Suzuki. From being a sole supplier to Maruti, the company has come a long way to
emerge as a world-class integrated glass company. The company is believed to have
over 70% market share in the passenger vehicle segment and about 24% market
share in the float glass industry. To focus better on specific market segments and to
serve customers better AIS has restructured its business across 4 Strategic
Business Units (SBUs), automotive glass, architectural glass, consumer glass and
solar glass.
During the financial year FY15, AIG reported a revenue decline of 2% YoY. With
expenses falling at a faster rate than the topline, the operating profits improved an
impressive 35% YoY. The company reported a profit of more than Rs 380 m as
opposed to a loss of close to Rs 500 m during the previous financial year. While AIS
auto glass increased revenues by 12% YoY, architectural glass suffered a decline of
close to 20% YoY.

With signs of lowering interest rates, the construction sector should pick up soon. The
best part in this cycle could be the increasing awareness and shifting preferences of
consumers towards high performance value added glass products and services. This
is a welcome shift as per the company and AIS is well poised, with its product portfolio
& deeper penetration, to make the most of this shift in market preferences. On the
auto glass front, the outlook remains bullish in the near future.

Get more info at www.equitymaster.com

57

AUTOMOBILE CORPORATION OF GOA LTD.


AUTO ANCILLARIES,FORGINGS
Chairman: S. V. Salgaocar

Yr of Inc

B. Code

1982
505036
SHAREHOLDING

BL. Code

ATOG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 53.5%
:
0.0%
:
0.0%
:
0.0%
: 46.5%
: 12,148

MISCELLANEOUS
Price

404.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Archana Bhangle

% ch 12-m

12
31/03/14

517
410
615.3
23.8
25.8
15.00
3.2
271.9
6.42
0.8
19.5
18.0
1.7
63.1
2,975
0.6
403
6,857.6
699.5
264.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

2,634
86
2,719
203
54
1
234
0
0
0
78
156
7.7
33.1
5.9

3,030
81
3,111
241
54
2
266
0
0
0
91
175
8.0
34.3
5.8

3,950
71
4,021
182
13
3
236
0
0
0
84
153
4.6
35.4
3.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,144
551
22.5
2.1
26
63
629
64
1,577
1,647
0
2,266
213.6
0.0
1.2
7.0
9.5
14.3
0.1
0.0

1,662
619
34.4
2.7
30
48
675
64
1,639
1,709
0
2,397
134.0
0.0
1.3
7.4
10.2
15.7
0.1
1.1

1,957
968
25.0
2.0
28
50
812
64
1,676
1,746
0
2,805
72.5
0.0
1.4
5.6
8.7
13.7
0.1
0.0

15.7

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

3.7

Vol.

2,594.1

2.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE451C01013

700
Close

600

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

264
158
471.9
27.2
35.6
15.00
7.1
266.2
6.42
0.4
7.8
5.9
0.8
55.1
1,355
0.6
304
5,223.8
524.1
301.4

P/CF

17.0

FX Transaction (FY15)
`m
5
`m
0
`m
2,399
`m
1
`m
2,398

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-28.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

379
195
410.2
24.4
32.7
12.50
4.4
256.5
6.42
0.7
11.8
8.8
1.1
51.3
1,843
0.6
313
4,502.1
535.0
267.4

-4.9

Regd off: Honda, Sattari Road, Goa - 403 530


E-Mail:
sectl@acglgoa.com
Web site: www.acglgoa.com
Telephone: (0832) 6731 214 Fax: (0832) 2371 262
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Pressing segment
Bus segment
Fixed asset turnover

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
618
1,050
`m
-19
50
%
-3.1
4.7
`m
-12
61
%
-1.9
5.8

Jun 15
1,003
53
5.3
35
3.5

Sep 15
1,026
62
6.1
41
4.0

FY14
16
84
4.8

FY15
15
85
5.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
x

233
-69
-106
58

FY13
22
78
4.2

100
-50
-108
-59

12
92
-105
-1

NOTES

Automobile Corporation of Goa (ACGL) manufactures sheet metal components,


assemblies and bus coaches. ACGL is a major supplier of pressings and assemblies
to Tata Motors' (parent company) Pune factory. To meet 'Just In Time' supplies to the
customer, the company also set up a press shop at Jejuri, Pune. The sheet metal
division at its three units has high tonnage presses with an output of more than
17,620 tonnes. ACGL entered into a technical collaboration agreement with Fuji
Heavy Industries (FHI), Japan, makers of Subaru car in 1987 for various models of
chassis mounted bus bodies and set up a full-fledged bus body building division. The
companys operations are classified into two businesses bus body and sheet metal.
ACGL reported a 24% YoY growth in revenues during FY15. The growth was driven
by the strong performance of its bus body segment which witnessed a growth of 26%
in bus orders. The other segment of pressings however did not fare as well as its
turnover grew by 10%. On the operating margins front there was a sharp contraction
in margins leading to operating profit falling by 25%. While profits recovered at the
net level, it still saw a fall of around 13% YoY during the fiscal.

Factors like growth in healthcare, rural penetration of schools, increased need for
rural transport and advent for smart cities could boost demand for midi and MCV
buses. Likewise, expected growth in service sector and staff hiring, softening of fuel
prices and implementation of bus body code are likely to increase demand for fully
built buses in the future. However, rapidly changing technology, raw material costs
and labour productivity are areas of concern for the company.

Get more info at www.equitymaster.com

58

AUTOMOTIVE AXLES LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: B. N. Kalyani

Yr of Inc

B. Code

1981
505010
SHAREHOLDING

BL. Code
ATOA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

35.5%
35.5%
12.5%
0.1%
16.4%
8,280

KALYANI

Price

691.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

1.0

SEC: S. Ramkumar (CFO)

% ch 12-m

12
31/03/14

720
202
448.0
12.0
31.5
2.50
0.5
194.7
15.11
1.0
38.3
14.6
2.4
20.8
6,966
0.0
609
NM
NM
NM

862
630
305.2
7.0
18.4
1.00
0.1
200.2
15.11
2.4
106.9
40.5
3.7
14.3
11,272
0.0
370
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

6,425
16
6,442
537
285
83
186
0
0
0
59
127
8.4
31.6
2.0

6,769
57
6,826
568
295
71
259
0
0
0
77
182
8.4
29.7
2.7

4,611
6
4,617
373
173
41
165
0
0
0
59
105
8.1
36.0
2.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,261
1,097
18.1
2.1
50
65
1,900
151
2,654
2,805
192
4,254
3.2
0.1
1.5
4.9
4.5
9.0
0.0
1.4

3,262
2,078
17.5
1.6
62
93
1,896
151
2,791
2,942
109
5,253
4.7
0.0
1.3
4.8
6.2
10.8
0.0
1.7

3,207
2,033
25.5
1.6
92
139
1,936
151
2,873
3,024
25
5,209
5.0
0.0
0.9
2.8
3.5
6.7
0.0
4.0

37.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.1

Vol.

10,441.0

0.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE449A01011

900

12
31/03/15

421
188
425.2
8.4
27.3
2.00
0.7
185.6
15.11
0.7
36.2
11.2
1.6
23.8
4,603
0.0
528
NM
NM
NM

P/CF

99.1

FX Transaction (FY15)
`m
0
`m
114
`m
0
`m
125
`m
-125

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-3.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Hootagalli Industrial Area, Off Hunsur Road, Mysore - 570 018
E-Mail:
sec@autoaxle.com
Web site: www.autoaxle.com
Telephone: (0821) 719 7500 Fax: (0821) 240 2451
Tr agent: Integrated Enterp., Ramana Resid., 4th Cross, Malleswaram, Bangl-03

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Axles
Break assemblies

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,053
2,558
`m
181
193
%
8.8
7.5
`m
56
50
%
2.7
1.9

Jun 15
2,345
210
8.9
78
3.3

Sep 15
2,742
221
8.1
78
2.9

FY14
71
79
19

FY15
71
70
19

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

539
-239
-301
-2

FY13
71
68
22

-58
-247
303
-3

917
-185
-703
29

NOTES

Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the
Kalyani Group and Meritor Inc., USA (formerly the automotive division of Rockwell
International Corporation). The company has manufacturing facilities located at
Mysore and Jamshedpur. It is currently one of the largest independent manufacturer
of rear drive axle assemblies in the country. AALs domestic OEM clientele includes
Ashok Leyland, Tata Motors, Asia MotorWorks, Vehicle Factory-Jabalpur, BEML, TIL
Ltd, M&M, Volvo India and SML Isuzu Ltd. AAL also exports axle parts to countries
such as the USA, France, Italy, China, Brazil, and Australia.
AALs revenues and profits declined by 32% YoY and 42% YoY respectively during
the year ended March 2015. However, the numbers are not strictly comparable as the
company changed its financial year from September to March ending. Consequently,
March ending numbers are for duration of six months only. Operating margins fell
marginally as compared to previous year ending September 2014. For the latest six
month period ending September 2015, bottomline went up 66% on the back of a 38%
growth in topline.

Vehicle safety norms -mandatory crash tests for passenger cars, mandatory airbags
in cars as well as increasing sophistication means higher value added components
are likely to be demanded from auto-component suppliers. Also, softness in steel and
rubber prices will imply higher margins. As far as challenges are concerned,
shrinkage in product lifecycles and managing a wide portfolio of auto components,
due to need for providing spare parts for current as well as discontinued models, are
the key ones.

Get more info at www.equitymaster.com

59

BHARAT FORGE LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: B. N. Kalyani (MD)

Yr of Inc

B. Code

1961
500493
SHAREHOLDING

BL. Code

BFRG.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

46.7%
0.0%
16.9%
13.7%
22.7%
51,211

KALYANI

Price

793.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.6

SEC: Prashant S. Vaishampayan

% ch 12-m

12
31/03/14

425
186
288.5
21.4
36.8
4.50
1.5
115.3
232.79
1.1
14.3
8.3
2.6
21.0
71,048
0.0
7,888
NM
NM
NM

1,349
401
327.5
32.8
48.3
7.50
0.9
148.0
232.79
2.7
26.7
18.1
5.9
22.9
203,726
0.0
9,051
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

51,666
1,121
52,786
7,915
3,195
1,672
4,169
41
0
-205
1,529
2,476
15.3
36.7
4.8

67,158
1,247
68,405
10,302
3,572
1,692
6,285
29
0
772
2,100
4,985
15.3
33.4
7.4

76,247
1,368
77,615
14,408
3,624
1,356
10,795
30
0
387
3,587
7,625
18.9
33.2
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,631
30,669
13.5
1.2
80
56
35,390
466
20,067
22,564
18,274
75,947
3.5
0.8
0.7
5.5
11.0
13.9
30.2
4.3

41,264
30,148
16.6
1.4
56
47
31,110
466
22,713
26,832
15,212
75,345
4.7
0.6
0.9
8.9
18.6
20.9
27.2
2.1

44,442
24,672
25.9
1.8
49
41
34,336
466
27,778
34,442
19,185
82,359
9.0
0.6
0.9
10.9
22.1
23.4
35.4
2.5

16.4

(` )

AUD: S. R. Batliboi & Co

Yield

Mkt cap

0.9

Vol.

184,614.1

399.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE465A01025

1,600
1,400

12
31/03/15

347
196
221.9
10.6
24.4
3.40
1.3
96.9
232.79
1.2
25.5
11.1
2.8
32.0
63,202
0.0
7,016
NM
NM
NM

P/CF

24.2

FX Transaction (FY15)
`m
27,011
`m
1,874
`m
27,496
`m
3,160
`m
24,336

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-15.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Mundhwa, Pune Cantonment, Pune - 411 036


E-Mail:
secretarial@bharatforge.com
Web site: www.bharatforge.com
Telephone: (020) 6704 2476 Fax: (020) 2682 2163
Tr agent: In-house

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic business
Exports
Raw material costs
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
11,978
12,239
`m
3,623
3,597
%
30.2
29.4
`m
1,963
2,027
%
16.4
16.6

Jun 15
11,285
3,461
30.7
1,953
17.3

Sep 15
11,168
3,215
28.8
1,751
15.7

FY14
40.8
59.2
38.7
7.9

FY15
46.3
53.7
36.9
7.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales
% of net sales

7,347
-2,110
-3,296
1,729

FY13
51.0
49.0
43.1
8.2

7,164
-1,875
-6,400
-1,677

10,293
-4,616
-3,599
1,233

NOTES

Bharat Forge is the largest forging company in the world with 10,000 strong global
work force. It is the largest exporter of auto components from India and leading
chassis component manufacturer in the world. BFL manufacturers a wide range of
critical components for passenger cars, commercial vehicles and diesel engines.
With manufacturing facilities spread over 10 locations and 4 countries, BFL, today is
a global corporation. The company also manufactures specialized components for
the aerospace, power, energy, oil & gas, rail & marine, mining & construction
equipment, and other industries.
Bharat Forge put up a good show at the consolidated level for the fiscal year FY15
as the topline expanded by close to 13% YoY. However on account of greater
operational efficiencies, operating margins expanded by a strong 3.5% and led to
nearly 40% growth in operating profits. Bottomline on the other hand came in higher
by 46% YoY. Standalone performance was even better what with the companys
bottomline growing an impressive 80% on the back of 32% growth in topline.

The company has been able to grow and thrive in the industry because of its
capabilities and its constant pursuit of diversifying its business across customers,
sectors, geographies and products. The company is currently developing a new niche
portfolio of components which will find application in both passenger and commercial
vehicles. This will support its plan for sustained growth in the future. The company
has charted out an ambitious plan to double the standalone operations topline from
Rs 34 bn achieved in FY14 to about Rs 70 bn by FY18, a CAGR of 20% over the
defined period.

Get more info at www.equitymaster.com

60

BOSCH LIMITED
AUTO ANCILLARIES,FORGINGS
Chairman: Albert Hieronimus

Yr of Inc

B. Code

1951
500530
SHAREHOLDING

BL. Code
MICO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 71.2%
: 11.7%
:
7.2%
:
9.9%
: 25,533

MNC

Price

18,339.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: A. Vijay Shankar

% ch 12-m

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

9,590
7,145
2,758.6
305.3
422.2
60.00
0.7
1,775.5
31.39
3.0
27.4
19.8
4.7
19.7
262,656
12.3
10,371
7,032.5
842.3
778.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

86,591
3,692
90,283
13,495
3,670
55
13,462
0
0
0
3,879
9,583
15.6
28.8
11.1

88,201
3,526
91,727
12,911
3,842
29
12,566
0
0
0
3,719
8,847
14.6
29.6
10.0

133,774
5,653
139,427
19,533
5,484
143
19,559
0
0
0
6,182
13,377
14.6
31.6
10.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

55,910
18,958
42.7
2.9
46
43
12,716
314
54,320
55,733
1,813
79,039
245.8
0.0
1.1
12.2
17.2
23.5
10.0
30.4

59,798
22,072
42.8
2.7
50
44
13,949
314
61,132
62,943
1,289
88,910
434.3
0.0
1.0
10.0
14.1
19.6
9.9
29.0

59,265
25,511
25.2
2.3
35
32
12,436
314
71,297
73,470
542
104,308
137.8
0.0
1.3
13.0
18.2
26.6
10.2
22.5

INCOME DATA

BALANCE SHEET DATA

11,500
8,111
2,809.8
281.8
404.2
55.00
0.6
2,005.2
31.39
3.5
34.8
24.3
4.9
19.5
307,795
11.4
11,912
7,769.6
1,049.3
779.3

P/E

-8.0

FX Transaction (FY15)
`m
13,681
`m
30,147
`m
14,898
`m
35,554
` m -20,656
12
31/03/14

Regd off: Hosur Road, Adugodi, Bangalore - 560 030


E-Mail:
investor@in.bosch.com
Web site: www.boschindia.com
Telephone: (080) 2299 2314 Fax: (080) 2299 2181
Tr agent: Integrated Enterp., Ramana Resid, 4 Cross, Malleswaram, Bangalore-03

27,989
24,700
4,261.7
426.2
600.9
85.00
0.3
2,340.6
31.39
6.2
61.8
43.8
11.3
19.9
826,954
11.2
16,631
11,937.7
1,484.1
1,193.7

P/CF

43.0

30.5

(` )

AUD: Price Waterhouse & Co.

Yield

Mkt cap

0.5

Vol.

575,681.6

2.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE323A01026

30,000
Close

25,000

100 DMA

20,000
15,000
10,000
5,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive products
Other segments
Exports

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,582
23,889
`m
2,280
4,675
%
9.3
19.6
`m
1,389
2,875
%
5.7
12.0

Jun 15
25,579
4,860
19.0
3,437
13.4

Sep 15
26,194
4,522
17.3
3,054
11.7

FY14
87
13
12

FY15
90
10
13

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

8,712
-8,235
-1,562
-1,085

FY13
89
11
11

10,594
-8,462
-2,403
-271

13,942
-11,795
-2,382
-235

NOTES

Bosch has been present in India for over five decades, through its flagship company
MICO, now changed to Bosch Ltd. Today, it is Indias largest auto component
manufacturer and also one of the largest Indo-German companies. Bosch Group
holds over 71% stake in Bosch Ltd. It manufactures and trades products as diverse
as diesel and gasoline fuel injection systems, Blaupunkt car multimedia systems,
auto electricals, industrial equipment, special purpose machines, electric power tools
and security systems.

During FY15, the companys topline grew by 38.2% YoY. However, the growth is not
strictly comparable as the company changed its financial year from December to
March ending. As a result, numbers for FY15 are for 15 months. For Bosch, sales
from the automotive segment grew 36% YoY, while exports grew by about 40% YoY.
The companys non-automotive business grew by 30% YoY led by the power tools
AND others. Operating margins expanded by close to 2% to 16.4% as a result of
which operating profits grew by 55% YoY. Net profits grew by 51% YoY during the
year.
The future transition to newer emission norms (BSIV / BSV / BSVI) in line with global
standards will drive the need for cleaner engines and sustainable technologies. The
company with its strong technological base is well positioned to meet this demand.
There is a growing expectation for an end-to-end solution as opposed to individual
components by the auto sector. The company being a global auto player is in a
position to leverage its technologies to transform itself from a parts supplier to
complete solution provider. As regards the non-automotive segment, the company's
presence across multiple businesses enables synergies for taping the existing and
prospective customer base with integrated solutions.

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61

CEAT LIMITED
TYRES

Chairman: H. V. Goenka

Yr of Inc

B. Code

1958
500878
SHAREHOLDING

BL. Code
CEAT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOENKA R.P.
F.V.
10

: 52.2%
:
5.0%
:
6.3%
: 11.8%
: 24.9%
: 54,444

Price

988.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-1.5

SEC: H. N. Singh Rajpoot

% ch 12-m

12
31/03/14

457
87
1,544.5
75.4
99.5
10.00
3.7
286.0
35.96
WC
0.2
3.6
2.7
1.0
13.3
9,781
NM
3,109
NM
NM
NM

1,009
363
1,434.5
78.4
101.5
10.00
1.5
415.9
40.45
IS
0.5
8.8
6.8
1.6
12.8
27,757
NM
3,789
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

50,522
177
50,699
4,380
806
1,808
1,942
0
0
-277
463
1,202
8.7
23.8
2.4

55,540
140
55,680
6,579
865
1,721
4,133
5
0
-100
1,324
2,712
11.8
32.0
4.9

58,024
224
58,247
6,807
934
1,319
4,777
33
0
-61
1,576
3,172
11.7
33.0
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

14,550
18,431
-7.7
0.8
40
48
15,786
342
7,298
7,855
4,240
31,470
2.1
0.5
1.6
9.6
15.3
28.7
21.6
27.7

17,956
19,110
-2.1
0.9
50
50
16,247
360
9,660
10,286
4,233
35,401
3.4
0.4
1.6
12.5
26.4
39.7
19.4
29.7

19,228
15,943
5.7
1.2
43
44
17,883
405
16,110
16,823
3,544
38,224
4.6
0.2
1.5
11.7
18.9
29.8
16.9
25.2

9.7

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

1.0

Vol.

39,994.9

46.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE482A01020

1,400
Close

1,200

12
31/03/15

125
87
1,475.5
35.1
58.6
4.00
3.8
229.4
34.24
0.1
3.0
1.8
0.5
11.4
3,629
NM
2,830
NM
NM
NM

P/CF

12.6

FX Transaction (FY15)
`m
9,780
`m
14,647
`m
9,926
`m
14,842
`m
-4,916

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

16.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: CEAT Mahal, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
investors@ceat.in
Web site: www.ceat.in
Telephone: (022) 2493 0621 Fax: (022) 6660 6039
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Replacement market
Sales to OEMs
Exports
Non trucks
Trucks

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
14,202
14,820
`m
1,845
1,884
%
13.0
12.7
`m
893
1,000
%
6.3
6.8

Jun 15
14,663
2,247
15.3
1,210
8.3

Sep 15
14,094
2,025
14.4
1,085
7.7

FY14
58
22
20
54
46

FY15
61
21
18
58
42

`
`
`
`

m
m
m
m

5,844
-529
-4,643
672

KEY DATA
Unit
FY13
% of sales
59
% of sales
21
% of sales
20
% of total volumes 48
% of total volumes 52
NOTES

1,968
-1,417
-395
156

7,487
-2,533
-1,940
3,014

Incorporated in 1958, Ceat Limited is part of the RPG Group. It is amongst the largest
manufacturers of tyres and tubes in India. The company manufactures tyres for twowheelers, three-wheelers, four-wheelers, tractors, tippers and trucks. It operates four
manufacturing plants - 3 in India and 1 in Sri Lanka (through a joint venture). The
company exports tyres to over 100 plus countries including USA, Africa, America,
Australia and other parts of Asia. Ceat has pan-India network of over 3,500 dealers.
Ceat reported a top line growth of 4% YoY during FY15. Revenues from the
replacement market contributed to about 62% of the revenues. OEMs and exports
equally contributed to the rest. The companys operating profits grew by 3% YoY as
operating margins contracted marginally by 0.1%. Net profits grew by 16% YoY led
by higher other income and reduction in interest costs.
The long term outlook for Ceat would largely depend on two key factors the
increasing radialisation and the demand for commercial vehicles. The company has
also been focusing more on passenger vehicles and the export markets both of which
have higher margin potential. As for radialisation, the same is expected to witness
sharp growth led by increased demand due to higher acceptance from OEMs,
expansion of service networks and investments in road infrastructure.

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62

EXIDE INDUSTRIES LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: R. G. Kapadia

Yr of Inc

B. Code

1947
500086
SHAREHOLDING

BL. Code
EXID.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
: 46.0%
: 17.2%
: 17.3%
: 19.6%
: 91,581

MISCELLANEOUS
Price

137.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Coomer

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

63,659
561
64,219
8,521
1,220
91
7,771
-19
112
0
2,371
5,494
13.4
30.5
8.6

83,089
731
83,820
8,616
1,404
76
7,867
-15
0
0
2,406
5,447
10.4
30.6
6.6

95,350
952
96,301
9,369
1,553
32
8,735
-18
0
0
2,572
6,146
9.8
29.4
6.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

33,902
18,203
24.7
1.9
81
34
11,562
850
29,058
30,797
24
113,087
86.8
0.0
0.6
4.9
17.8
25.8
2.5
13.1

35,294
21,942
16.1
1.6
57
29
11,669
850
32,716
34,597
43
124,939
104.4
0.0
0.7
4.4
15.7
22.9
2.0
8.8

37,204
22,352
15.6
1.7
63
26
13,139
850
36,642
38,410
26
138,874
273.1
0.0
0.7
4.4
16.0
22.8
2.6
9.2

BALANCE SHEET DATA

15.2

(` )

AUD: S. R. B. C & Co

Yield

Mkt cap

1.6

Vol.

116,705.0

90.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE302A01020

250
Close

200

12
31/03/15

207
114
112.2
7.2
9.1
2.20
1.4
45.2
850.00
1.4
22.2
17.7
3.5
30.4
136,213
5.3
7,609
18,134.2
1,447.2
1,168.8

P/CF

19.0

(FY15)
2,461
8,752
2,478
9,851
-7,374

`
`
`
`
`
`
%
`
m

INCOME DATA

143
99
97.8
6.4
8.1
1.80
1.5
40.7
850.00
1.2
18.9
15.0
3.0
28.1
103,020
5.0
6,821
16,614.4
1,364.0
1,089.1

P/E

-20.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

166
113
74.9
6.5
7.9
1.60
1.1
36.2
850.00
1.9
21.6
17.7
3.9
24.8
118,575
4.9
4,032
12,996.9
823.1
1,121.6

-5.5

Regd off: Exide House, 59E, Chowringhee Road, Kolkata - 700 020
E-Mail:
supriyac@exide.co.in
Web site: www.exideindustries.com
Telephone: (033) 2283 2120 Fax: (033) 2283 2637
Tr agent: CB Management Services, P-22, Bondel Road, Kolkata-19

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Employee costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
15,587
16,518
`m
1,802
2,382
%
11.6
14.4
`m
972
1,376
%
6.2
8.3

Jun 15
17,995
2,660
14.8
1,552
8.6

Sep 15
17,390
2,574
14.8
1,561
9.0

FY14
65.6
6.0
1.9

FY15
66.2
6.1
3.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales

3,992
-896
-1,552
1,544

FY13
66.5
5.8
2.3

8,724
-6,025
-2,153
546

1,802
-555
-1,990
-743

NOTES

Exide Industries is India's largest storage battery company. The company


manufactures a wide range of storage batteries from 2.5 Ah to 15,000 Ah capacities,
covering a broad spectrum of applications. It is the leader in the automotive batteries
space. It has a technology tie up with Shin Kobe Electric Machinery, VRLA Batteries
and Furukawa Battery.
Exide Industries reported revenue growth of 15.2% YoY during the year. In the auto
segment, growth was largely driven by replacement volumes as OEM volumes
continued to remain tepid. In the industrial segment, inverters did well as did the
telecom segment. On the margins front, the company witnessed a marginal
contraction to the tune of 0.5% YoY during the year on account of the rise in raw
material and staff costs (as a percentage of sales). Bottomline grew in tandem with
operating profits at 12% YoY.
Exide Industries has been a victim of the economic slowdown and once the demand
picks up, it should reflect in the companys numbers as well. The management
maintains its intention to incur capex of around Rs 7-8 bn in FY16. This is to cater to
increase in demand once the economic scenario improves. Besides this, focus will
also be towards improving margins to around 15% over the next couple of years.

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63

FAG BEARINGS INDIA LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: Avinash. P. Gandhi

Yr of Inc

B. Code

1962
505790
SHAREHOLDING

BL. Code
FAGB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

0.0%
51.3%
18.3%
4.3%
26.1%
8,701

MNC

Price

4,010.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

3.3

SEC: Raj Sarraf

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

3,825
1,468
982.0
92.0
121.7
7.50
0.3
666.4
16.62
2.7
28.8
21.7
4.0
8.2
43,982
1.5
1,379
11,050.4
933.9
1,035.1

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,467
446
14,913
2,204
303
13
2,335
0
0
0
743
1,592
15.2
31.8
11.0

14,024
459
14,483
1,836
433
8
1,854
0
0
0
636
1,218
13.1
34.3
8.7

16,322
410
16,731
2,417
494
10
2,324
0
0
0
795
1,529
14.8
34.2
9.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

6,707
2,333
30.2
2.9
36
64
3,927
166
8,608
8,795
0
11,437
180.6
0.0
1.3
14.0
18.1
26.7
13.9
38.3

7,396
3,042
31.0
2.4
44
76
4,123
166
9,709
9,896
0
13,333
245.0
0.0
1.1
9.2
12.3
18.8
15.8
39.1

9,395
2,769
40.6
3.4
43
65
3,904
166
10,889
11,075
0
14,342
240.6
0.0
1.1
10.7
13.8
21.1
17.9
35.8

33.0

(` )

AUD: BSR & Co.

Yield

Mkt cap

0.2

Vol.

66,649.5

0.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE513A01014

6,000
Close

5,000

12
31/12/14

1,827
1,023
870.4
95.8
114.0
5.00
0.4
529.2
16.62
1.6
14.9
12.5
2.7
5.2
23,684
1.6
1,129
9,156.0
714.5
1,007.5

P/CF

43.6

(FY15)
2,923
5,836
2,934
6,282
-3,348

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

11.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,700
1,100
843.8
73.3
99.3
6.00
0.4
595.4
16.62
1.7
19.1
14.1
2.4
8.2
23,268
1.5
1,191
9,380.7
796.9
814.9

Regd off: Nariman Bhavan, 227, Backbay Reclamation, Nariman Pt, Mumbai-21
E-Mail:
raj.sarraf@schaeffler.com
Web site: www.schaeffler.co.in
Telephone: (022) 6681 4499 Fax: (022) 2202 7022
Tr agent: Link Intime India, B-102-103, Shangrila Complex, Akota, Vadodara-20

100 DMA

4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic
Exports
Raw materials consumed
Return on Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
4,295
4,090
`m
624
634
%
14.5
15.5
`m
399
414
%
9.3
10.1

Jun 15
4,321
749
17.3
493
11.4

Sep 15
4,383
756
17.2
506
11.5

CY14
84
16
14.4
13.1

CY15
82
18
5.3
14.6

`
`
`
`

m
m
m
m

1,371
-1,721
-206
-556

KEY DATA
Unit
CY13
% of sales
87
% of sales
13
YoY Change (%) 23.5
%
19.8

1,621
-519
-104
998

1,174
-1,524
-126
-477

NOTES

FAG Bearings India Limited, a member company of FAG group from Germany, is a
leading player in the Indian bearings industry. The company manufactures a very
wide range of bearings conforming to the stringent international quality standards,
and supplies to railways, automotive industry and mechanical and electrical
engineering industry. In terms of products, the company has strong local production
for ball bearings, wheel bearings, cylindrical roller bearings and spherical roller
bearings.
During CY14, FAG Bearings reported a 15.5% YoY increase in revenues. With
increase in production at Maneja and Savli plants, exports grew by 33% YoY. Other
sectors of the company's business viz. Automotive, Industry and Aftermarket - each
posted a good double digit growth. Profit from ordinary activities before tax increased
to Rs 2,323 million as against Rs 1,854 million in 2013. Profit After Tax surged 25%
YoY to Rs 1,528 million as against Rs 1,218 million in 2013.
The company foresees strong development of industrial demand in the medium and
long term. For this, the company has invested in advanced technology to produce low
friction ball bearings at Savli plant. Production technology at Vadodara plant has been
upgraded to produce highly efficient X-life cylindrical roller and spherical roller
bearings. During the year, the company continued to expand its channel reach in the
country especially in rural markets. Based on positive economic outlook for year 2015
and its successful strategy to invest in continued expansion of manufacturing and
engineering footprint, FAG Bearings is determined to maintain its growth approach in
the short and long-term.

Get more info at www.equitymaster.com

64

GOODYEAR INDIA LIMITED


TYRES

Chairman: Daniel Lawrence Smytka

Yr of Inc

B. Code

1922
500168
SHAREHOLDING

BL. Code

GOOD.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 74.0%
:
9.5%
:
0.9%
: 15.6%
: 24,647

MNC

Price

551.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Pankaj Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

399
237
680.0
40.8
51.7
9.00
2.8
183.6
23.07
0.5
7.8
6.2
1.7
22.1
7,335
0.9
878
17,257.6
966.3
1,034.9

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,134
141
15,275
1,071
197
52
962
0
0
0
317
646
7.1
32.9
4.3

14,813
218
15,031
908
241
38
846
0
0
0
283
563
6.1
33.5
3.8

15,687
302
15,989
1,390
252
22
1,419
0
0
0
479
941
8.9
33.7
6.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,740
3,534
8.0
1.3
21
32
2,095
231
2,904
3,165
0
6,988
19.5
0.0
2.2
10.0
20.4
32.1
3.1
9.5

5,085
3,582
10.1
1.4
26
38
2,151
231
3,279
3,540
0
7,421
23.2
0.0
2.0
8.1
15.9
25.0
2.6
13.9

6,000
4,004
12.7
1.5
23
38
2,421
231
3,976
4,235
0
8,594
66.7
0.0
1.8
11.2
22.2
34.0
1.5
20.7

P/CF
10.7

(` )

AUD: Price Waterhouse

Yield

Mkt cap

1.6

Vol.

12,723.1

4.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE533A01012

800
700

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

13.5

(FY15)
232
3,251
318
3,251
-2,933

`
`
`
`
`
`
%
`
m

INCOME DATA

413
285
642.1
24.4
34.9
7.00
2.0
153.4
23.07
0.5
14.3
10.0
2.3
28.7
8,051
0.9
809
16,277.9
888.5
618.9

P/E

-16.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

376
203
656.0
28.0
36.5
7.00
2.4
137.2
23.07
0.4
10.3
7.9
2.1
25.0
6,679
0.9
729
16,032.1
771.9
684.2

-2.3

Regd off: Mathura Road, Ballabgarh, Haryana - 121 004


E-Mail:
goodyearindia_investorcell@goodyear.com
Web site: www.goodyear.co.in
Telephone: (0129) 661 1000 Fax: (0129) 406 9051
Tr agent: Skyline Financial, D-153/A, Okhala Indl. Area Phase-1, New Delhi-20

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
Raw material consumed
Employee costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,600
2,751
`m
302
265
%
8.4
9.6
`m
190
156
%
5.3
5.7

Jun 15
4,324
589
13.6
363
8.4

Sep 15
3,816
456
11.9
291
7.6

FY14
24.4
71.1
5.6

CY15
22.1
71.3
6.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
% of sales
% of sales

782
347
-230
899

FY13
16.9
74.4
5.5

257
-1,777
-221
-1,742

1,344
-1,244
-210
-110

NOTES

Goodyear is present in India since 1922. It derives its revenues from the business of
manufacturing and trading of tyres, tubes and flaps with manufacturing facility at
Ballabgarh, Haryana, India. The company manufactures these for automobiles,
trucks, buses, aviation, farm equipment, motorcycles, etc. It also trades in Goodyear
branded tyres (including radial passenger and off-the-road bias tyres) manufactured
by Goodyear South Asia Tires Private Limited (GSATPL).
In the calendar year ended December 2014 (CY14), Goodyear witnessed a marginal
0.7% YoY growth in its standalone net sales. Operating profits grew by 9.6% YoY. Net
profits grew by a 7.6% YoY during the year. The company has now changed its
financial year from January-December to April-March.

The company introduced Assurance Triple Max tyres during the year and also
strengthened its presence and portfolio in SUV segment with launch of Wrangler
ATSA tyres. The companys farm tyre business witnessed softness in demand on
account of erratic weather conditions. This also impacted its OE customers domestic
tractor sales, which witnessed a decline of 8.3% from April to December 2014.
However, the company was ably supported by a remarkable performance in its
consumer tyre business in the passenger car segment.
Indian tractor penetration still lags behind the global average. Tractor growth in India
is likely to remain robust in future. Further, the passenger tyre industry is likely to
register a modest recovery in the year 2015. The company is continuing to work
closely with OEMs (Original Equipment Manufacturer) for the introduction of new
products from their dealerships. It also focuses on increasing distribution reach and
presence in branded retail segment in the market.

Get more info at www.equitymaster.com

65

MRF LIMITED
TYRES

Chairman: K. M. Mammen (MD)

Yr of Inc

B. Code

1960
500290
SHAREHOLDING

BL. Code
MRF.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 26.8%
:
0.5%
:
9.4%
:
8.8%
: 54.7%
: 28,974

MAMMEN
Price

39,040.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/09/12

0.2

SEC: Ravi Mannath

% ch 12-m

12
30/09/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

11,570
6,330
28,224.8
1,366.5
2,078.3
25.00
0.3
6,747.8
4.24
0.3
6.5
4.3
1.3
1.8
37,948
15.5
5,214
7,723.8
336.5
374.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

119,673
319
119,992
12,720
3,018
1,588
8,433
0
0
0
2,638
5,794
10.6
31.3
4.8

122,482
251
122,733
17,801
3,737
1,961
12,354
0
0
0
4,268
8,086
14.5
34.5
6.6

133,293
669
133,962
19,418
4,239
2,317
13,531
0
0
0
4,448
9,083
14.6
32.9
6.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,538
20,809
14.0
1.8
51
44
33,335
42
28,101
28,611
11,026
72,278
6.3
0.4
1.7
10.2
20.3
25.3
10.5
27.6

47,102
23,301
19.4
2.0
54
46
3,333
42
35,759
36,554
9,524
82,790
7.3
0.3
1.5
12.1
22.1
31.1
10.0
25.9

53,789
26,233
20.7
2.1
50
47
40,634
42
44,535
45,396
11,988
98,340
6.8
0.3
1.4
11.6
20.0
27.6
9.2
29.2

INCOME DATA

BALANCE SHEET DATA

15,500
9,775
28,887.3
1,907.1
2,788.4
30.00
0.2
8,621.3
4.24
0.4
6.6
4.5
1.5
1.6
53,583
15.3
6,117
7,982.9
398.7
527.0

P/E

5.5

FX Transaction (FY15)
`m
12,232
`m
38,855
`m
12,348
`m
39,463
` m -27,115
12
30/09/13

Regd off: 114, Greams Road, Chennai - 600 006


E-Mail:
mrfshare@mrfmail.com
Web site: www.mrftyres.com
Telephone: (044) 2829 2777 Fax: (044) 2829 5087
Tr agent: In House

32,837
13,298
31,437.0
2,142.3
3,142.0
50.00
0.2
10,706.5
4.24
0.7
10.8
7.3
2.2
2.3
97,806
15.5
7,424
8,623.5
480.3
587.6

18.2

P/CF
12.4

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
Raw material
RoE

Mkt cap

0.1

Vol.

165,532.1

0.7

ADJUSTED DAILY SHARE PRICE DATA

50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Dec-12

CASHFLOW

AUD: Sastri & Shah

Yield

ISIN

INE883A01011

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/09/12

12
30/09/13

12
30/09/14

INTERIMRESULTS
Dec 14
Mar 15
`m
33,530
33,120
`m
6,263
6,300
%
18.7
19.0
`m
3,235
3,326
%
9.6
10.0

Jun 15
35,390
8,114
22.9
4,468
12.6

Sep 15
33,295
7,782
23.4
4,607
13.8

CY13
5.0
65.1
22.0

CY14
5.6
63.5
19.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

10,344
-9,769
-514
60

CY12
4.3
70.4
9.1

14,994
-9,586
-3,130
2,278

16,979
-17,906
688
-240

NOTES

MRF is one of Indias largest tyre manufacturer, having over 25% market share. The
company derives over 95% of its revenues from tyres, the rest comes from presence
in toys and paints. This focus on tyres has enabled it to regularly increase capacities
and maintain market leadership and profitability. MRF exports to over 75 countries. It
has plants located mostly in the southern part of India.
MRFs topline grew by 9% YoY in FY14 (the company has a September year ending)
led by the gradual recovery in the auto industry. Led by the 0.2% expansion in
operating margins, operating profits grew by 11% YoY during the year. There was a
decline in rubber prices which led to the reduction in raw material costs. Net profits
grew by 12% YoY in tandem with the growth in operating profits.

As the recovery in the economy and consequently the auto industry takes place,
ramp up in the performance of the tyre industry including MRF will follow suit. In the
interim, the replacement market has continued to prop up tyre demand. Capacity
addition in the tyre industry would further intensify competition and this could put
pressure on margins, especially in the truck radial segment. Thus, while MRFs high
brand preference and trust will drive growth in the longer term, the company is likely
to face challenges in the near to medium term.

Get more info at www.equitymaster.com

66

MUNJAL SHOWA LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: Brijmohan Lall Munjal

Yr of Inc

B. Code

1985
520043
SHAREHOLDING

BL. Code
MNJL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

39.0%
26.0%
1.0%
0.3%
33.7%
9,908

MUNJAL

Price

188.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

8.0

SEC: Pankaj Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

10.0

(FY15)
5
1,247
5
1,726
-1,722

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

88
56
395.4
15.2
22.1
3.00
4.2
75.7
40.00
0.2
4.7
3.3
1.0
19.8
2,880
3.3
766
4,803.8
232.7
184.3

206
167
410.7
18.9
26.1
4.00
2.1
102.7
40.00
0.5
9.9
7.1
1.8
21.2
7,452
1.5
924
11,146.3
627.1
513.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

15,814
35
15,849
993
276
72
679
0
0
0
72
607
6.3
10.7
3.8

15,980
61
16,041
1,052
284
27
802
0
0
0
105
697
6.6
13.1
4.4

16,430
82
16,511
1,306
287
45
1,056
0
0
7
307
756
7.9
29.0
4.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,402
2,089
2.0
1.2
9
33
2,534
80
2,948
3,028
0
5,319
10.5
0.0
3.0
12.8
20.0
24.8
0.0
5.0

2,968
2,048
5.8
1.4
11
40
2,335
80
3,481
3,561
0
5,743
30.7
0.0
2.8
12.6
19.6
23.3
0.0
6.3

3,605
1,910
10.3
1.9
15
45
2,128
80
4,027
4,107
0
6,128
24.7
0.0
2.7
13.1
18.4
27.0
0.0
7.6

P/CF
7.2

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

2.1

Vol.

7,532.0

8.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE577A01027

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-6.6

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

86
52
399.5
17.4
24.5
3.50
5.1
89.0
40.00
0.2
4.0
2.8
0.8
20.1
2,768
3.5
880
4,533.3
249.8
197.8

Regd off: 9-11, Maruti Industrial Area, Gurgaon - 122 015


E-Mail:
pgupta@munjalshowa.net
Web site: www.munjalshowa.net
Telephone: (0124) 234 1001 Fax: (0124) 234 1346
Tr agent: MCS, F-65, Okhla Industrial Area, Phase 1, New Delhi-20

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw Material Expenses
Material Imported
Royal Expenses

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,891
3,992
`m
293
349
%
7.5
8.8
`m
159
204
%
4.1
5.1

Jun 15
3,911
315
8.1
177
4.5

Sep 15
3,691
287
7.8
151
4.1

FY14
74.41
9.0
415.3

FY15
73.79
11.0
417.6

`
`
`
`

m
m
m
m

1,162
-306
-725
132

KEY DATA
Unit
FY13
% of Net Sales
74.5
% of RawMaterials 7.0
Rs million
415.0

551
-177
-398
-24

555
-475
-219
-140

NOTES

Munjal Showa Limited is a member of Hero Group which is a major business


conglomerate a major in the manufacturing sector in India, comprises of 15 active
companies with complete backward integration for automotive manufacturing. Munjal
Showa was established in 1985 in technical and financial collaboration with Showa
Corporation of Japan, the pioneering global leaders in the manufacture of shock
absorbers. Munjal Showa Limited in its joint venture with Showa Corporation, designs
and manufacturers shock absorbers and struts for leading two-wheelers and fourwheelers. The Munjal Showa manufacturing plant is spread over an area of 24075 sq
mt in the industrial area of Gurgaon, Haryana.

During the financial year 2014-15, the company achieved net sales of Rs 16,429.7
million, registering a growth of 2.8% on a year-on-year (YoY) basis. Profit after tax
grew by 8.5% YoY to Rs 756.3 million during the period. Demand for auto
components recovered in 2014-15, helped by a modest rise in domestic automobile
production and strong pick up in exports. The companys financial risk profile remains
healthy, supported by steady cash accruals and nil outstanding debt.
The industrys long-term growth prospects remain healthy as domestic and global
OEM demand continues to rise. Munjal Showa will continue to benefit over the
medium term from its strong business linkages with large motorcycle OEMs and its
healthy operating efficiencies.

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67

NRB BEARINGS LIMITED


AUTO ANCILLARIES,FORGINGS

Chairman: Trilochan Singh Sahney

Yr of Inc

B. Code

1965
530367
SHAREHOLDING

BL. Code

NBEA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
2

60.1%
0.0%
4.8%
19.0%
16.1%
9,147

MISCELLANEOUS
Price

144.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. C. Rangani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

153
130
69.2
5.5
8.7
1.50
1.1
26.2
96.92
2.0
25.5
16.2
5.4
27.1
13,719
1.6
1,121
4,132.6
691.2
331.1

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,916
102
6,018
1,001
321
199
582
0
0
0
102
481
16.9
17.5
8.1

6,075
30
6,104
1,030
356
186
518
0
0
0
181
337
17.0
35.0
5.5

6,703
33
6,736
1,231
310
173
780
0
0
0
243
537
18.4
31.2
8.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,297
2,871
7.2
1.1
91
93
2,375
194
1,732
1,979
959
5,973
3.9
0.5
1.0
11.4
24.3
26.6
25.3
14.0

3,752
3,332
6.9
1.1
87
111
2,711
194
1,893
2,191
968
6,770
3.8
0.4
0.9
7.7
15.4
22.3
21.7
18.3

4,408
3,513
13.4
1.3
89
109
2,613
194
2,344
2,542
1,008
7,346
5.5
0.4
0.9
9.7
21.1
26.8
22.1
14.1

P/CF
16.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.0

Vol.

13,995.2

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE349A01021

180

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

26.1

(FY15)
1,483
947
1,523
1,237
287

`
`
`
`
`
`
%
`
m

INCOME DATA

53
30
62.7
3.5
7.1
1.10
2.7
22.6
96.92
0.7
11.9
5.8
1.8
31.6
4,003
1.6
1,010
3,754.5
624.1
208.2

P/E

16.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

50
30
61.0
5.0
8.3
1.70
4.3
20.4
96.92
0.7
8.1
4.8
2.0
34.3
3,877
1.7
1,020
3,564.1
614.4
289.5

2.5

Regd off: Dhannur, 15, Sir P. M. Road, Fort, Mumbai - 400 001
E-Mail:
sc.rangani@nrbbearings.co.in
Web site: www.nrbbearings.com
Telephone: (022) 2266 4160 Fax: (022) 2266 0412
Tr agent: Universal Capital Sec., 21, Shakil Niwas, Mahakali Caves Rd., Mumbai-93

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material consumed
Employee costs
RoE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
1,664
1,562
`m
321
215
%
19.3
13.8
`m
140
117
%
8.4
7.5

Jun 15
1,600
232
14.5
105
6.6

Sep 15
1,681
287
17.1
157
9.3

FY14
39.5%
15.5%
16.1%

FY15
37.80%
16.70%
22.70%

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
%

344
-917
375
-198

FY13
36.0%
17.2%
22.3%

729
-666
-38
25

706
-238
-245
222

NOTES

NRB Bearings Ltd was founded in 1965 as a joint venture with French company
Nadella. The company is in the ball and roller bearings business. Since its inception
the company has pioneered the production of needle roller bearings in India. NRB
acquired SNL Bearings in June 2000. The company has three subsidiaries viz. SNL
Bearings Ltd (SNL), NRB Bearings (Thailand) Ltd and NRB Bearings Europe GmbH.
NRB Bearings Europe GmbH, a wholly owned subsidiary was set up during the year
in view of increasing exports to Europe. The company is not only fulfilling the
increasing demand of automotive industry, but also has a wide range of products for
industrial applications and farm equipments.
The company reported an 10.3% YoY increase in its revenue in FY15. Domestic
sales increased by 9.3% YoY while exports increased by 14% on a YoY basis. Net
profits were up by 36.4%.
To meet growing customer expectations, the company has regularly invested in
modern manufacturing technology and has taken a number of initiatives to strengthen
its competitive advantage During the year, the company focused more on technology
development of extra life bearings, standardization, optimization and diversification of
single bearings solution to multiple automobile platforms.

The business environment changed significantly during the year, with the slowdown
in economic growth leading to moderation in demand as the automotive industry, the
largest consumer of bearings, has strong linkages with the economy. Also the
slowdown in the EU markets have impacted the demand for the companys products
in overseas markets. The company has deployed various measures to continuously
monitor these risks.

Get more info at www.equitymaster.com

68

SKF INDIA LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: Kamlesh C. Mehra

Yr of Inc

B. Code

1961
500472
SHAREHOLDING

BL. Code
SKFB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

:
0.0%
: 53.6%
: 22.6%
:
9.3%
: 14.5%
: 24,353

MNC

Price

1,244.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

0.8

SEC: Pradeep Bhandari

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

1,473
620
458.1
38.5
48.7
10.00
1.0
268.6
52.73
2.3
27.2
21.5
3.9
26.0
55,169
2.4
2,155
9,961.2
888.8
836.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,276
683
22,959
2,584
436
0
2,831
0
0
0
931
1,901
11.6
32.9
8.5

22,750
634
23,383
2,612
494
0
2,751
0
0
-221
863
1,667
11.5
31.4
7.3

24,156
769
24,925
2,832
540
0
3,062
0
0
0
1,034
2,028
11.7
33.8
8.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,496
4,161
23.9
2.3
41
52
4,072
527
11,026
11,554
0
15,991
NM
0.0
1.4
11.9
16.5
24.5
6.1
34.7

10,407
3,938
28.4
2.6
41
53
4,011
527
12,228
12,755
0
16,953
NM
0.0
1.3
9.8
13.1
19.8
7.8
32.9

12,942
4,679
34.2
2.8
44
56
3,850
527
13,635
14,162
0
19,112
NM
0.0
1.3
10.6
14.3
21.6
7.5
32.5

25.6

(` )

AUD: Price Waterhouse & Co.

Yield

Mkt cap

0.8

Vol.

65,611.9

0.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE640A01023

1,600
1,400

12
31/12/14

728
557
422.5
36.0
44.3
7.50
1.2
219.1
52.73
1.5
17.8
14.5
2.9
20.8
33,879
2.5
1,694
9,007.6
685.1
768.6

P/CF

32.4

(FY15)
1,818
7,863
2,173
9,344
-7,172

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-8.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

679
432
431.4
31.6
41.0
7.50
1.4
241.9
52.73
1.3
17.6
13.6
2.3
23.7
29,293
2.4
1,853
9,586.9
780.7
702.6

Regd off: Mahatma Gandhi Mem. Bldg, Netaji Subhash Rd, Charni Rd, Mumbai-02
E-Mail:
investors@skf.com
Web site: www.skfindia.com
Telephone: (022) 6633 7777 Fax: (022) 2204 2738
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

1,200

Close
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
Raw material
RoE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
6,154
5,856
`m
526
601
%
8.6
10.3
`m
409
512
%
6.6
8.7

Jun 15
6,104
646
10.6
466
7.6

Sep 15
5,987
677
11.3
500
8.4

CY13
8.1
63.3
13.1

CY14
8.9
62.1
14.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
%

1,990
-1,011
-460
520

CY12
7.6
64.7
16.5

1,218
-1,650
-463
-895

2,177
-27
-925
1,225

NOTES

SKF India, a part of the global AB SKF Group, is a leading technology & solutions
provider of products, solutions and services in the area comprising rolling bearings,
seals, mechatronics, services and lubrications systems. From a humble beginning in
1965, the company has come a long way and has emerged as the largest bearing
company in India. SKF India also has an associate company SKF Sealing Solutions
Pvt Ltd providing sealing solutions. The company has manufacturing plants in
Bangalore and Pune.
SKF India reported a 6% YoY growth in revenues in CY14 (calendar ending
company). Operating profits grew by 15% YoY led by the 1% expansion in operating
margins. Excluding the extraordinary expense during CY13, net profits grow by 7%
YoY during the year.

Given that bearings are an integral part of every process industry, the demand for
bearing is directly related to the growth in core sectors. As such, a revival in economic
growth, moderation in inflation and consequent reduction in interest rates should
bring back SKFs growth momentum.

Get more info at www.equitymaster.com

69

SONA KOYO STEERING SYSTEMS LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: Surinder Kapur

Yr of Inc

B. Code

1989
520057
SHAREHOLDING

BL. Code

SONA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 32.5%
: 20.1%
:
1.2%
:
0.2%
: 46.0%
: 52,138

Sona Group
Price
57.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.1

SEC: Sudhir Chopra

% ch 12-m

29.9

FX Transaction (FY15)
`m
603
`m
1,230
`m
603
`m
1,376
`m
-774
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

15
9
73.5
1.9
4.9
0.65
5.3
13.2
198.74
0.2
6.4
2.5
0.9
33.9
2,425
0.0
1,259
NM
NM
NM

22
9
75.1
3.4
6.8
0.80
5.2
15.5
198.74
0.2
4.5
2.3
1.0
23.5
3,080
0.0
1,342
NM
NM
NM

21
65
78.1
1.9
7.1
0.65
1.5
16.3
198.74
0.5
22.5
6.0
2.6
34.1
8,526
0.0
1,458
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

14,600
94
14,694
1,646
585
411
743
-99
0
0
263
381
11.3
35.4
2.6

14,923
397
15,320
1,785
680
392
1,110
-178
-8
0
247
678
12.0
22.3
4.5

15,530
49
15,579
2,157
1,037
311
857
-205
-7
0
267
379
13.9
31.2
2.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,627
4,270
-4.4
0.8
20
57
6,390
199
2,423
2,622
2,403
10,477
2.8
0.9
1.4
7.6
14.5
21.0
4.3
11.6

3,501
4,231
-4.9
0.8
23
51
6,650
199
2,890
3,089
1,696
10,390
3.8
0.5
1.4
10.3
21.9
27.5
6.0
10.7

3,570
3,750
-1.2
1.0
24
44
6,332
199
3,035
3,234
1,675
10,131
3.8
0.5
1.5
6.8
11.7
19.5
3.9
7.9

P/CF
8.0

(` )

AUD: S. P. Puri & Co.

Yield

Mkt cap

1.1

Vol.

11,348.6

29.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE643A01035

80
70

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

5.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: UGF-6, Indraprakash, 21, Barakhamba Road, New Delhi - 110 001
E-Mail:
sudhir.chopra@sonagroup.com
Web site: www.sonakoyosteering.com
Telephone: (0124) 468 5000 Fax: (0124) 410 4611
Tr agent: Karvy Computershare, 27, Barakhamba Rd., Connaught Place, New

Close
100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Domestic sales
Export sales
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
3,725
4,197
`m
439
595
%
11.8
14.2
`m
71
186
%
1.9
4.4

Jun 15
3,747
396
10.6
41
1.1

Sep 15
3,892
442
11.4
67
1.7

FY14
13773
1059
4.5
21.9

FY15
16293
1227
2.4
11.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs M
Rs M
%
%

992
-962
-126
-96

FY13
14600
647
2.6
14.5

1,634
-416
-1,219
-1

1,986
-813
-1,025
148

NOTES

Established in 1985, Sona Koyo Steering Systems Ltd is the flagship company of the
Sona Group. The company is India's largest manufacturer of steering systems and is
the supplier to major auto manufacturers. Sona Koyo's product portfolio comprises
two key segments - steering systems (which include manual as well as power
steering systems) and driveline products (which include case differentials, axle
components, rear axle assemblies, and propeller shafts).

The company supplies products mainly for the Indian passenger vehicle (PV)
segment. Its exposure to the commercial vehicle (CV) and tractor segments is
negligible. Its clientele includes major vehicle manufactures in India such as Maruti
Suzuki, Toyota, Hyundai, Tata Motors, Mahindra & Mahindra, General Motors, and
Mahindra-Renault.

The company has registered a consolidated revenue growth of 4.1%. At the operating
level, the companys EBIDTA margins contracted by 2.3%. Exports shrank in FY15
due to a stalling European market coupled with the appreciation of the rupee against
the euro, making exports less competitive. The company improved its financial
position by reducing its debt by Rs 191 million.
Sona Koyo has decided to restructure its operations by transforming itself from a
single-segment, passenger vehicle-focused company to a multi-segment-focused
organisation. In line with this strategy, the company now has four strategic business
units (SBUs), which are Passenger Vehicles, Non Passenger Vehicles, Pressure Die
Casting & Sheet Metal, and Technology & Development. The companys new
homegrown technology, EPAM, has been doing well and talks are in the advanced
stage with various new customers.

Get more info at www.equitymaster.com

70

ZF STEERING GEAR (INDIA) LIMITED


AUTO ANCILLARIES,FORGINGS
Chairman: Dinesh Munot (MD)

Yr of Inc

B. Code

1980
505163
SHAREHOLDING

BL. Code
ZFST.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

47.9%
25.8%
0.1%
0.1%
26.2%
7,851

MISCELLANEOUS
Price

1,471.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Satish Mehta

% ch 12-m

12
31/03/14

290
204
320.9
15.6
38.7
7.00
2.8
248.8
9.07
0.8
15.9
6.4
1.0
45.0
2,241
0.9
312
3,067.4
329.1
148.6

1,092
882
364.3
39.2
65.1
10.00
1.0
273.6
9.07
2.7
25.2
15.2
3.6
25.5
8,950
0.6
361
5,737.2
626.4
617.4

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,129
115
3,244
643
231
36
490
0
0
0
234
256
20.6
47.7
8.2

2,911
73
2,984
593
210
7
449
0
0
0
308
141
20.4
68.6
4.8

3,305
91
3,396
580
235
9
428
0
0
0
72
356
17.5
16.8
10.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,050
627
13.5
1.7
30
44
1,048
91
2,095
2,190
146
3,076
14.5
0.1
1.0
9.5
11.7
22.5
0.3
13.7

929
620
10.6
1.5
33
59
1,005
91
2,162
2,256
125
3,096
66.0
0.1
0.9
4.8
6.3
19.1
1.1
9.2

873
701
5.2
1.2
27
58
1,011
91
2,387
2,482
101
3,362
51.3
0.0
1.0
10.8
14.3
16.9
0.9
12.1

P/CF
22.6

(` )

AUD: MGM & Co.

Yield

Mkt cap

0.7

Vol.

13,348.8

5.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE116C01012

2,500
Close

2,000

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

37.5

FX Transaction (FY15)
`m
31
`m
399
`m
31
`m
425
`m
-394

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

89.0

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

415
211
345.0
28.2
53.8
8.00
2.6
241.4
9.07
0.9
11.1
5.8
1.3
28.3
2,839
0.9
322
3,465.0
356.8
283.7

-6.9

Regd off: Gat Nos. 1242 & 1244, Village Vadu Budruk, Shirur, Pune - 412 216
E-Mail:
satish.mehta@zfindia.com
Web site: www.zfindia.com
Telephone: (02137) 252 223 Fax: (02137) 252 302
Tr agent: Link Intime India, 202, A Wing, 2nd Flr., Akshay Complex, Pune-01

100 DMA

1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Power Steering
Mechanical Steering
Net Profit Margin
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
708
960
`m
103
198
%
14.5
20.7
`m
45
137
%
6.3
14.3

Jun 15
843
168
20.0
89
10.6

Sep 15
973
221
22.7
136
13.9

FY14
165456
185676
4.8
6.3

FY15
206107
136717
10.8
14.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
Nos.
Nos.
%
%

476
168
-566
79

FY13
178192
152641
8.2
11.7

258
-279
-135
-156

482
-573
-18
-108

NOTES

ZF Steering is promoted by HK Firodia (founder of Kinetic Motors) and ZahnradfabrikFreidrichshafen (ZF Germany). The company manufactures and supplies hydraulic
power steering gears, mechanical steering gears, and other types of steering and
gear boxes for commercial and passenger vehicles.

The company's key product steering gears are used in buses. They are supplied to
various state transport undertakings as well as heavy vehicles such as dumper and
transport trucks. The manufacturing plant is located near Pune. Some of their key
clients are Tata Motors, Ashok Leyland, Man Force Motors, Volvo, Piaggio, and
Eicher Motors.
For the financial year ended March 2015, the company reported a consolidated
revenue growth of 13.6% YoY in net sales and 152.6% YoY growth in net profit.

During the year, there was a change in the shareholding/ownership of ZF


Lenksysteme, GmbH (ZFLS), the foreign-promoter of the company. Previously, entire
sharecapital of ZFLS was held between ZF Friedrichshafen AG and Robert Bosch
GmbH in the ratio of 50:50. In January 2015, Robert Bosch GmbH agreed to buy the
shares held by ZF Friedrichshafen AG in ZFLS and became 100% owner of ZFLS.
The name of ZFLS was then changed to Robert Bosch Automotive Steering GmbH.

Get more info at www.equitymaster.com

71

AUTOMOBILES
The Indian automobile market can be divided into several
segments viz., two-wheelers (motorcycles, geared and
ungeared scooters and mopeds), three wheelers, commercial
vehicles (light, medium and heavy), passenger cars, utility
vehicles (UVs) and tractors.
Demand is linked to economic growth and rise in income
levels. Per capita penetration at around nine cars per
thousand people is among the lowest in the world (including
other developing economies like Pakistan in segments like
cars).
While the industry is highly capital intensive in nature in case
of four-wheelers, capital intensity is a lot less for twowheelers. Though three-wheelers and tractors have low
barriers to entry in terms of technology, four wheelers is
technology intensive. Costs involved in branding, distribution
network and spare parts availability increase entry barriers.
With the Indian market moving towards complying with global
standards, capital expenditure will rise to take into account
future safety regulations.
As compared to their global counterparts, both the twowheeler as well as four wheeler segments are relatively
lesser fragmented. However, things have changed, especially
on the passenger cars front as many foreign majors have
entered the Indian market. As a result, pricing power is likely
to diminish going forward.

Most of the companies reported an improvement in operating


margins largely on account of various cost rationalization
measures undertaken and benign commodity prices.
KEY POINTS
Supply: The Indian automobile market has some amount of
excess capacity.
Demand: Largely cyclical in nature and dependent upon
economic growth and per capita income. Seasonality is also a
vital factor.
Barriers to entry: High capital costs, technology, distribution
network, and availability of auto components.
Bargaining power of suppliers: Low, due to stiff competition.
Bargaining power of customers: Very high, due to availability
of options.
Competition: High. Expected to increase even further.
PROSPECTS
With the Modi government in power, there are expectations of
increased focus on reforms and ramp up in infrastructure.
Thus, government spending on infrastructure in roads and
airports and higher GDP growth in the future will benefit the
auto sector in general. We expect a slew of launches both in
passenger cars and utility vehicles (UVs) given that the
competition has intensified.

Automobile majors increase profitability by selling more units.


As number of units sold increases, average cost of selling an
incremental unit comes down. This is because the industry
has a high fixed cost component. This is the key reason why
operating efficiency through increased localization of
components and maximizing output per employee is of
significance.

In the 2-wheeler segment, motorcycles are expected to


witness a flurry of new model launches. Though the market
size is expected to grow by 10% to 12%, competitive
pressure could keep prices and margins under control. TVS,
Honda and Hero Motocorp will continue to benefit from higher
demand for ungeared scooters in the urban and rural
markets. In the last four years, scooters have grown at a
faster clip than motorcycles and this trend is expected to
continue going forward. The 3 wheeler industry, where Bajaj
Auto is the market leader, is also poised for growth on the
back of new permits and increase in exports.

FY15
A total of 16 m two-wheelers were sold in FY15, a growth of a
tepid 8% over the previous year. The slow growth was on
account of the tepid recovery in the Indian economy.
Motorcycles accounted for 70% of the total two wheelers sold
and grew by a mere 2.5% YoY. The scooters (geared &
ungeared) segment was the star of the two wheeler industry
logging in a growth rate of 25% YoY. In the domestic market,
volumes in the 3-wheeler segment were up 11% YoY led by
passenger carriers. Exports growth was healthy at 15% YoY.

While good monsoon is a positive for the tractor sector,


assuming that non-farm incomes climb up, volumes should
hold up well in the longer run despite a year or two of poor
monsoons. The longer-term picture is healthy in light of poor
mechanisation levels in the countrys farm sector and the
thrust of the government on improving rural infrastructure.

After two consecutive years of steep declines, FY15 was a


strong year for the medium and heavy commercial vehicles
(M/HCVs) segment as volumes increased 16% led by
reversal of mining bans, resumption of some stalled
infrastructure projects, improvement in freight rates and
overall operations of fleet operators. LCVs, however, were at
the receiving end as volumes dropped by 12% YoY. As a
result, volumes for the overall CV industry fell by 3% YoY.

Demand for HCVs is expected to grow by 7% to 8% over the


long term. The privatisation of select state transport
undertakings bodes well for the bus segment.

Tractors performed badly during the year as monsoons in


2014 were quite poor and erratic. M&M, which is a market
leader in the tractors space, saw a revenue decline of 7%
from its farm equipment division.
Volumes of passenger vehicles (PV) grew by 4%. Within this,
passenger cars and utility vehicles (UVs) grew by 5% YoY
each. Volumes of vans, however, declined by 10% YoY
during the year. Maruti Suzuki remained the market leader in
the passenger vehicles space. Volumes of vans for the
company grew at a robust pace of 26% YoY even though the
industry volumes declined. The companys cars and utility
vehicles grew in double digits during the year.
72

AUTO
GLOBAL COMPARISON
(CY14/FY15)
Revenues
EBDITA
EBDITA margin
Profit after tax
Net profit margins
Return on equity
Debt to equity
Price to earnings
Enterprise value
EV/EBDITA

Unit
US$ m
US$ m
%
US$ m
%
%
x
x
US$ m
x

Maruti
7,348
808
11.0%
561
7.6%
15.7%
0.0
16.9
21,195
26.2

Volkswagen
202,458
20,505
10.1%
10,985
5.4%
12.2%
1.3
9.8
184,875
9.0

Ford
144,077
10,863
7.5%
3,187
2.2%
12.8%
4.8
10.2
171,062
15.7

Toyota
227,096
56,718
25.0%
18,122
8.0%
12.9%
1.2
10.4
344,352
6.1

Ford Motor Company


Ford Motor Company was founded in 1903 and is headquartered in Dearborn, Michigan. The company primarily develops,
manufactures, distributes and services vehicles and parts worldwide. It operates in two sectors, Automotive and Financial
Services. The Automotive sector offers vehicles primarily under the Ford and Lincoln brand names. This sector markets cars,
trucks, and parts through retail dealers in North America, and through distributors and dealers outside of North America. Ford also
owns a small stake in Mazda in Japan and Aston Martin in the UK. The Financial Services sector offers various automotive
financing products to and through automotive dealers. Ford was the second largest automaker in the US and the fifth largest in the
world based on annual vehicle sales in 2010.

Volkswagen
Manufacturer of the world famous Beetle, Volkswagen is Europes largest passenger carmaker and the second largest automaker
in the world. Including the Beetle, Golf and Passat, the company also owns luxury brands such as AUDI, Lamborghini, Bentley and
Bugatti. Other makes include SEAT (family cars, headquartered in Spain) and SKODA (family cars, headquartered in Czech
Republic). Volkswagen operates plants in Africa, US, Asia-Pacific, and Europe. The company also offers consumer financing. With
its headquarters in Pune, Maharashtra, the Volkswagen Group is represented by three brands in India: Volkswagen, Audi and
Skoda.

Toyota
Founded in 1933 and headquartered in Toyota City, Japan, Toyota Motor Corp is worlds largest manufacturer of cars. Its products
include such models as Camry, Corolla, 4Runner, Century limousines, the luxury Lexus line, the Scion brand for sports cars, and
pickup trucks under the Tacoma and Tundra brand names. Toyota also makes forklifts and manufactured housing, and offers
consumer financial services. The company sells around 9.9 m cars worldwide and in 2008 surpassed GM in its bid to become the
largest manufacturer of cars globally. It employs more than 340,000 people worldwide and had revenues of approximately US$
227 bn in FY15. In July 2012, the company reported that it had manufactured its 200 millionth vehicle.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


73

ASHOK LEYLAND LIMITED


AUTOMOBILES/VEHICLES

Chairman: Dheeraj G. Hinduja

Yr of Inc

B. Code

1948
500477
SHAREHOLDING

BL. Code

ASOK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

HINDUJA

F.V.
1

:
0.0%
: 38.8%
: 12.1%
: 32.8%
: 16.4%
: 323,610

Price
86.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.6

SEC: N.Ramanathan

% ch 12-m
72.9

FX Transaction (FY15)
`m
19,090
`m
4,345
`m
19,851
`m
8,066
`m
11,785
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

33
20
46.9
1.6
3.1
0.60
2.3
16.7
2,660.67
0.6
16.3
8.7
1.6
36.8
70,508
14.7
10,755
8,509.1
733.2
295.7

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

124,812
624
125,436
8,765
3,808
3,769
1,812
0
0
2,896
370
4,337
7.0
20.4
3.5

114,867
925
115,792
4,220
5,300
8,055
-8,210
577
99
5,208
-685
-1,641
3.7
8.3
-1.4

153,409
1,888
155,297
15,171
5,799
8,723
2,538
3,386
92
-2,953
1,724
1,339
9.9
67.9
0.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

42,769
52,961
-8.2
0.8
55
42
59,708
2,661
28,015
44,551
27,378
130,967
1.5
0.6
1.0
6.2
9.7
11.8
11.4
5.8

59,892
68,540
-7.5
0.9
49
44
70,875
2,661
23,734
39,892
54,912
175,343
0.0
1.4
0.7
3.7
-4.1
6.0
10.8
1.9

75,677
78,727
-2.0
1.0
37
32
60,595
2,846
30,903
45,113
62,194
195,246
1.3
1.4
0.8
5.2
3.0
11.0
12.4
2.8

BALANCE SHEET DATA

P/E

76
22
53.9
0.5
2.5
0.45
0.9
15.9
2,845.88
QIP
0.9
104.0
19.5
3.1
95.7
139,306
11.2
15,361
13,692.3
1,371.0
119.5

P/CF

184.0

34.5

(` )

AUD: M. S. Krishnaswami & Rajan

Yield

Mkt cap

0.5

Vol.

246,310.9

979.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE208A01029

120
Close

100

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

25
12
43.2
-0.6
1.4
0.00
0.0
15.0
2,660.67
0.4
-29.5
13.2
1.2
0.0
48,424
11.6
13,456
9,943.5
1,164.8
-142.1

Regd off: 1, Sardar Patel Road, Guindy, Chennai - 600 032


E-Mail:
secretarial@ashokleyland.com
Web site: www.ashokleyland.com
Telephone: (044) 2220 6000
Fax: (044) 2220 4410
Tr agent: Integrated Enterprises, Kences Towers, North Usman Road, Chennai-17

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Trucks
Buses
Capex/sales
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
33,610
45,057
`m
2,381
4,571
%
7.1
10.1
`m
321
2,380
%
1.0
5.3

Jun 15
38,412
3,887
10.1
1,593
4.1

Sep 15
49,397
5,893
11.9
2,868
5.8

FY14
36,867
14,951
3.0
76.5

FY15
53,291
13,151
0.5
73.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
NOS
NOS
%
% of sales

7,283
-11,643
4,170
-190

FY13
51,914
19,002
5.6
73.1

-1,040
-3,773
4,613
-200

4,956
-1,257
3,807
7,506

NOTES

Ashok Leyland (ALL) is the second largest manufacturer of medium and heavy
commercial vehicles (M&HCV) in India. It is also a key player in the passenger bus
segment. In FY09, the company had entered into an agreement with Nissan
Manufacturing Company for the manufacture of LCVs. Accordingly, Dost was
launched in the 2-3.5 tonne segment.

Ashok Leyland's revenues surged by 36% YoY during FY15. The MHCV segment, in
FY13 and FY14, had been badly impacted by the economic slowdown, thereby
dragging Ashok Leyland's performance along with it. However, since the early part of
FY15, the company saw a healthy pick up in volumes. Indeed, policies related to the
reversal of mining bans and resumption of some stalled infrastructure projects led to
the healthy growth in the MHCV space. There was an improvement in freight rates as
well. ALL's operating margins improved substantially by 6.4% during the year largely
on account of benefits of operating leverage, a tight rein on costs and a better sales
mix. Thus, the company reported a net profit of Rs 2.3 bn during FY15 as against a
loss of Rs 4.7 bn during FY14 (excluding extraordinary items during both the years).

Ashok Leyland's efforts on becoming a leaner company and improving its working
capital position have been yielding results. The company has been focusing on
reducing debt and in this regard it has been selling off non-core assets and also
intends to go slow on capex for the next couple of years. Ashok Leyland has also
invested in strengthening its distribution reach over the last several years and this is
now beginning to reap benefits especially with the gradual recovery in the economy.
Further, new product launches are playing their part as well in bolstering
performance.

Get more info at www.equitymaster.com

74

BAJAJ AUTO LTD.


AUTOMOBILES/VEHICLES
Chairman: Rahul Bajaj

Yr of Inc

B. Code

1945
532977
SHAREHOLDING

BL. Code
BAJA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BAJAJ

F.V.
10

: 49.2%
:
0.0%
: 10.6%
: 15.0%
: 25.1%
: 78,518

Price

2,390.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.0

SEC: J. Sridhar

% ch 12-m

12
31/03/14

2,194
1,658
696.6
116.8
123.1
50.00
2.6
351.4
289.37
2.8
16.5
15.6
5.5
42.8
557,240
NM
7,318
NM
NM
NM

2,690
1,844
746.9
104.6
113.8
50.00
2.2
383.4
289.37
3.0
21.7
19.9
5.9
47.8
656,002
NM
8,985
NM
NM
NM

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

200,420
7,971
208,391
36,485
1,678
12
42,766
2
844
-114
12,172
31,327
18.2
28.5
15.6

201,583
6,818
208,401
41,552
1,813
8
46,549
4
1,455
-304
13,901
33,803
20.6
29.9
16.8

216,143
5,840
221,982
41,132
2,675
65
44,232
0
2,137
-3,403
12,711
30,256
19.0
28.7
14.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

61,816
41,658
10.1
1.5
12
13
21,007
2,894
76,234
80,653
713
126,757
3,594.8
0.0
1.6
24.7
38.8
53.5
33.5
4.9

56,244
47,309
4.4
1.2
12
14
21,505
2,894
93,127
101,673
577
153,078
5,677.7
0.0
1.3
22.1
33.2
46.7
40.7
3.1

95,668
44,769
23.5
2.1
14
12
21,722
2,894
105,708
110,953
1,118
159,656
682.5
0.0
1.4
19.0
27.3
38.4
45.1
3.2

21.0

(` )

AUD: Dalal & Shah

Yield

Mkt cap

2.1

Vol.

691,724.5

24.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE917I01010

3,000
Close

2,500

12
31/03/15

2,229
1,423
692.6
108.3
114.1
45.00
2.5
278.7
289.37
2.6
16.9
16.0
6.6
41.6
528,390
NM
6,499
NM
NM
NM

P/CF

22.9

FX Transaction (FY15)
`m
97,578
`m
7,010
`m
94,435
`m
8,561
`m
85,874

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-7.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Bajaj Auto Ltd. Complex, Mumbai-Pune Road, Akurdi, Pune - 411 035
E-Mail:
investors@bajajauto.co.in
Web site: www.bajajauto.com
Telephone: (020) 2747 2851 Fax: (020) 2740 7380
Tr agent: Karvy Computershare, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Units sold
Raw material costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
56,572
47,393
`m
12,268
8,378
%
21.7
17.7
`m
8,612
6,216
%
15.2
13.1

Jun 15
56,135
11,397
20.3
10,148
18.1

Sep 15
60,978
13,171
21.6
9,331
15.3

FY14
3,870
70.4
1.2

FY15
3,811
70.4
1.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
% of sales
%

22,183
-13,944
-14,447
-6,208

FY13
4,237
73.9
3.8

35,017
-21,002
-14,957
-942

21,138
-4,140
-16,442
556

NOTES

Bajaj Auto enjoys a 23% market share in the motorcycle segment in India. The
company's sales mix (in terms of units sold) consists of motorcycles (86%) and threewheelers (14%). Though the company initially was a key player in the geared scooter
segment, aggressive pricing coupled with a slew of new launches has resulted in
increasing market share in the motorcycle segment from 16% in FY00 to around 23%
in FY15. Towards the beginning of 2000, the company started to market its products
aggressively as a result of which as against just 18% volume contribution from the
motorcycle segment in FY00, it has increased the same to 86% in FY15. Besides,
Bajaj Auto is also dominant in the three-wheeler category with 44% of domestic
market share.
Bajaj Auto's sales grew by 7% YoY during FY15 led by higher realizations as volumes
were down 1.5% YoY. Realizations were higher on account of a favorable product
mix. While volumes of motorcycles fell by 4% YoY, three wheelers did better to grow
by 8% YoY. In motorcycles, the Pulsar brand grew by 5% YoY and 11% YoY in the
domestic and international markets respectively. While Discover grew by 37% YoY in
the international markets, performance in the domestic market remained subdued.
Growth in three wheelers was largely led by the domestic market. Operating profits
remained flat as margins contracted by 1.4% during the year. Net profits were down
by 13% YoY.
Although Bajaj Auto has no presence in the scooters segment, there are various
growth triggers for the company over the next couple of years. These include a slew
of launches under its highly profitable brand Pulsar, ramp up in the volumes of
Discover, healthy growth in three wheelers and growth in exports.

Get more info at www.equitymaster.com

75

EICHER MOTORS LIMITED


AUTOMOBILES/VEHICLES
Chairman: S. Sandilya

Yr of Inc

B. Code

1982
505200
SHAREHOLDING

BL. Code
EICH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 55.1%
:
0.0%
:
5.1%
: 20.0%
: 19.8%
: 26,054

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

BALANCE SHEET DATA

15,723.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/12/12

-0.7

SEC: Lalit Malik

% ch 12-m

12
31/12/14

3,240
1,457
2,366.6
120.1
150.5
20.00
0.9
650.0
27.00
ESOP
1.0
19.6
15.6
3.6
16.7
63,410
0.9
4,573
68,930.9
4,932.7
3,498.0

5,295
2,512
2,518.4
145.7
193.8
30.00
0.8
760.1
27.04
ESOP
1.5
26.8
20.1
5.1
20.6
105,551
1.1
5,333
64,731.9
5,069.8
3,744.7

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

63,899
1,366
65,265
5,490
822
38
5,997
-1,506
0
0
1,249
3,243
8.6
20.8
5.1

68,098
953
69,051
7,132
1,300
79
6,706
-1,314
0
0
1,452
3,939
10.5
21.7
5.8

87,383
1,074
88,458
11,148
2,198
98
9,926
-864
0
0
2,909
6,154
12.8
29.3
7.0

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

26,386
15,712
16.7
1.7
28
25
14,962
270
17,276
17,549
0
44,715
159.2
0.0
1.4
7.3
18.5
25.8
0.9
0.2

29,113
19,876
13.6
1.5
28
27
21,197
270
20,281
20,554
0
53,366
86.1
0.0
1.3
7.5
19.2
26.6
1.0
0.8

30,331
24,776
6.4
1.2
27
2
27,281
271
24,885
25,159
0
64,076
102.5
0.0
1.4
9.8
24.5
36.4
1.1
0.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

P/E

10.1

FX Transaction (FY15)
`m
971
`m
755
`m
971
`m
1,001
`m
-29
12
31/2/13

Regd off: 3rd Floor-Select Citywalk, A-3 District Centre, Saket, New Delhi - 110 017
E-Mail:
investors@eicher in
Web site: www.eicher.in
Telephone: (011) 4143 7600 Fax: (011) 4143 7700
Tr agent: MCS Ltd., F-65, Okhla Indl. Area, Phase I, New Delhi - 110 020

15,773
4,405
3,224.5
227.1
308.2
50.00
0.5
928.4
27.10
ESOP
3.1
44.4
32.7
10.9
22.0
273,416
1.3
6,596
69,406.8
5,239.4
4,887.7

P/CF

69.2

51.0

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.3

Vol.

426,116.3

4.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE066A01013

25,000
Close

20,000

100 DMA

15,000
10,000
5,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/2/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
22,938
25,680
`m
2,759
3,450
%
12.0
13.4
`m
1,538
1,953
%
6.7
7.6

Jun 15
29,167
3,968
13.6
2,218
7.6

Sep 15
31,225
4,624
14.8
2,555
8.2

CY13
41.3
178.1
62.3

CY14
40.8
302.6
59.6

Parameters
Commercial Vehicles (Sold)
Two Wheelers (Sold)
Raw material costs

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
THNOS
% of net sales

4,960
-7,732
-1,109
-3,880

CY12
48.8
113.4
64.4

7,162
-7,898
-474
-1,209

10,475
-10,872
-1,622
-2,020

NOTES

Incorporated in 1982, Eicher Motors Limited (EML) is the flagship company of the
Eicher Group in India. The company is engaged in the automobile sector with focus
on two key segments - motorcycles and commercial vehicles. The company
manufactures and markets motorcycles under the brand 'Royal Enfield', which it
operates through its standalone business. The commercial vehicle arm - VE
Commercial Vehicles Ltd. is a joint venture between the Volvo Group (Volvo) and
EML.
During CY14, the companys consolidated sales grew by 28% YoY led by strong
growth in the volumes of motorcycles (through Royal Enfield). The companys sales
volumes growth from motorcycles (through Royal Enfield) stood at a huge 70% YoY.
However, volumes of commercial vehicles fell by 1% YoY. Operating margins
improved by 2.3% during the year. Subsequently, the companys net profits grew by
56% YoY during this period.

Eicher as a company has done well during the slump times largely due to the very
strong two-wheeler segment. As for the commercial vehicles business, the same
continued to remain weak although the company is focusing on a strategy of targeting
specific geography and segments with the right fit of products. The management is
relying on the fact that the customers will appreciate the value proposition in terms of
the high quality products the company would be launching.

Get more info at www.equitymaster.com

76

ESCORTS LIMITED
AUTOMOBILES/VEHICLES

Chairman: Rajan Nanda (MD)

Yr of Inc

B. Code

1944
500495
SHAREHOLDING

BL. Code

ESCO.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

NANDA

F.V.
10

: 42.0%
:
0.0%
:
4.0%
:
5.2%
: 48.8%
: 95,224

Price

153.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.8

SEC: G. B. Mathur (Associate V. P.)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

24.7

(FY15)
2,311
673
2,320
931
1,389

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

269
31
330.4
6.0
10.1
1.20
0.8
134.2
122.58
A
0.5
24.9
14.8
1.1
19.9
18,387
NM
4,198
NM
NM
NM

145
125
335.5
6.2
11.8
1.20
0.9
149.3
122.58
0.4
21.7
11.4
0.9
19.3
16,542
NM
4,474
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

40,495
483
40,978
1,895
502
970
906
6
0
14
187
738
4.7
20.7
1.8

65,017
829
65,846
3,870
860
1,122
2,717
-2
0
35
282
2,467
6.0
10.4
3.8

41,127
652
41,779
1,627
686
583
1,011
3
0
-306
-56
763
4.0
-5.5
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

13,494
15,457
-4.8
0.9
47
43
16,615
1,193
13,809
16,455
1,697
35,653
1.9
0.1
1.1
4.8
4.5
10.4
3.5
1.9

13,848
14,223
-0.6
1.0
33
21
16,924
1,193
16,115
18,655
1,453
36,422
3.4
0.1
1.8
9.9
13.2
19.3
3.1
1.6

13,877
13,877
0.0
1.0
40
37
16,513
1,193
15,775
18,307
1,068
35,026
2.7
0.1
1.2
3.8
4.2
6.7
5.6
1.6

P/CF
13.0

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.8

Vol.

18,858.9

149.6

ADJUSTED DAILY SHARE PRICE DATA

200
180
160
140
120
100
80
60
40
20
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

21.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

145
48
530.4
20.1
27.1
1.80
1.9
152.2
122.58
0.2
4.8
3.6
0.6
8.9
11,866
NM
6,903
NM
NM
NM

Regd off: SCO-232, First Floor, Sector-20, Panchkula, Haryana - 134 109
E-Mail:
corpsect@ndb.vsnl.net.in
Web site: www.escortsgroup.com
Telephone: (0172) 441 6938 Fax: (0172) 441 6938
Tr agent: IN-HOUSE

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Agri machinery
Auto components
Railway equipment
Construction equipment

ISIN

INE042A01014

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,464
8,177
`m
490
220
%
4.7
2.7
`m
353
126
%
3.4
1.5

Jun 15
9,777
570
5.8
363
3.7

Sep 15
8,017
286
3.6
162
2.0

FY14
52,489
1,924
2,534
7,582

FY15
32,789
1,034
1,828
5,149

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs m
Rs m
Rs m
Rs m

584
-1,304
-282
-1,002

FY13
30,654
1,432
1,488
7,486

3,426
-700
-2,299
427

52
-259
13
-194

NOTES

The Escorts Group is among India's leading engineering conglomerates operating in


the high growth sectors of agri-machinery, construction & material handling
equipment, railway equipment and auto components. One of the leading tractor
manufacturers of the country, Escorts offers a comprehensive range of tractors, more
than 45 variants starting from 25 to 80 HP. Besides, the company has also been one
of the major players in the railway equipment business for more than five decades. In
the auto components segment, it is a leading manufacturer of auto suspension
products.

For FY15, the company reported a 37% YoY decline in consolidated sales. Operating
profits plunged 58% YoY as margins contracted by 2%. On excluding the
extraordinary items during both the periods, net profits fell by 56% YoY, more or less
in tandem with the fall in operating profits for the full year.
Growing farm consolidation and increasing substitution of manual and animal labour
for various farming operations will continue to drive the structural growth for higher
HP tractor sales. In the construction equipment space, the company will be focusing
on shifting towards a better product mix, leaner manufacturing/sales setup and better
management of fixed costs. The governments focus on revitalizing Indian Railways
is expected to benefit Escorts in the longer run.

Get more info at www.equitymaster.com

77

HERO MOTOCORP LIMITED


AUTOMOBILES/VEHICLES

Chairman: Brijmohan Lall Munjal

Yr of Inc

B. Code

1985
500182
SHAREHOLDING

BL. Code

HROH.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 52.2%
:
0.0%
:
8.5%
: 30.6%
:
8.8%
: 75,661

MUNJAL

Price

2,546.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.7

SEC: Ilam C. Kamboj

% ch 12-m

12
31/03/14

2,298
1,434
1,265.7
105.3
160.8
65.00
3.5
281.6
199.69
1.5
17.7
11.6
6.6
61.7
372,632
6.8
9,304
37,268.5
1,371.8
3,100.4

3,272
2,110
1,379.0
118.4
145.5
60.00
2.2
327.5
199.69
2.0
22.7
18.5
8.2
50.7
537,346
7.3
11,787
37,548.4
1,607.2
3,224.3

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

237,681
3,984
241,665
32,845
11,418
119
25,292
0
0
0
4,110
21,182
13.8
16.3
8.9

252,755
4,442
257,197
35,391
11,074
118
28,641
4
-36
0
7,582
21,027
14.0
26.5
8.3

275,380
4,921
280,301
33,520
5,405
117
32,920
10
152
0
9,435
23,647
12.2
28.7
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

50,776
41,707
3.8
1.2
10
10
31,331
399
49,663
50,062
0
96,417
213.4
0.0
2.5
22.1
42.3
50.8
2.6
4.9

55,583
44,236
4.5
1.3
10
13
31,020
399
55,827
56,226
0
101,216
243.3
0.0
2.5
20.9
37.4
51.1
1.8
5.2

53,797
39,862
5.1
1.3
11
18
36,715
399
64,994
65,400
120
106,544
282.4
0.0
2.6
22.3
36.2
50.7
2.6
4.9

17.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

2.4

Vol.

508,570.5

10.2

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE158A01026

3,500
Close

3,000

12
31/03/15

2,279
1,516
1,190.3
106.1
163.2
60.00
3.2
250.7
199.69
1.6
17.9
11.6
7.6
56.6
378,912
5.8
8,209
40,979.5
1,415.4
3,652.0

P/CF

21.5

FX Transaction (FY15)
`m
7,202
`m
13,452
`m
7,217
`m
17,488
` m -10,271

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-18.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110 057
E-Mail:
ilam.kamboj@heromotocorp.com
Web site: www.heromotocorp.com
Telephone: (011)4604 4100 Fax: (011) 2614 3198
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Raw material costs
Employee costs
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
68,393
67,939
`m
8,218
8,384
%
12.0
12.3
`m
5,830
6,316
%
8.5
9.3

Jun 15
69,553
10,479
15.1
7,503
10.8

Sep 15
68,371
10,834
15.8
7,721
11.3

FY14
72.6
3.7
4.3

FY15
72.2
4.3
3.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of net sales
% of net sales
% of net sales

18,904
-7,329
-10,563
1,012

FY13
73.8
3.5
1.9

29,630
-16,178
-14,137
-685

21,855
314
-21,311
858

NOTES

Hero Motocorp (erstwhile Hero Honda Motors) is the largest manufacturer of


motorcycles in the world. Not only is the company a market leader in the entry level
segment of motorcycles, but is also the market leader in the overall motorcycle space
in India. The company was earlier a joint venture promoted by Hero Cycles (P)
Limited and Honda Motor Company with each partner holding 26% stake. Hero
Motocorp is solely engaged in manufacturing and sale of motorcycles and gearless
scooters. In December 2010, Hero Honda announced the new licensing agreement,
which eventually led the Hero Group to buy out Hondas 26% stake.
Hero Motocorp reported revenue growth of 9% YoY on the back of the 6% YoY growth
in volumes. This was decent given that the industry remained largely sluggish due to
the slowing rural economy. Operating profit margins, however, contracted by 1.2%
during the year on account of higher staff costs and other expenditure. Net profits
grew by 13% YoY despite the extraordinary expense of Rs 1.5 bn during the year.
This was due to the 51% YoY fall in depreciation charges. Since the amortization of
royalty payments to Honda ended in 1QFY15, there was a substantial reduction in
depreciation. The extraordinary expense of Rs 1.5 bn was related to impairment of
equity investment in Erik Buell Racing (EBR) as the latter had filed for bankruptcy.
Hero Motocorp has lined up an investment of Rs 30 bn over the next two to three
years, which will be towards adding capacities and brand building initiatives in the
domestic and global markets. The company aims to expand its global footprint to 50
countries and aims to have an annual capacity of 12 m units by 2020, of which
exports would account for around 10%.

Get more info at www.equitymaster.com

78

MAHINDRA & MAHINDRA LIMITED


AUTOMOBILES/VEHICLES

Chairman: Anand Mahindra

Yr of Inc

B. Code

1945
500520
SHAREHOLDING

BL. Code

MAHM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MAHINDRA
F.V.
5

: 25.2%
:
0.1%
: 15.9%
: 41.9%
: 16.9%
: 167,076

Price

1,312.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.8

SEC: Narayan Shankar

% ch 12-m

12
31/03/14

1,054
742
1,253.6
79.1
115.8
14.00
1.6
394.8
590.32
0.7
11.4
7.8
2.3
17.7
529,960
19.4
68,859
38,091.8
3,544.5
2,402.3

1,421
965
1,216.6
53.1
89.0
12.00
1.0
437.2
591.39
ESOP
1.0
22.5
13.4
2.7
22.6
705,440
19.8
71,466
36,271.7
3,602.8
1,581.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

686,935
3,889
690,824
91,158
20,799
22,970
51,279
-300
4,834
4,525
19,346
40,992
13.3
37.7
6.0

740,009
5,051
745,060
101,202
21,696
29,539
55,018
-4,869
8,304
3,179
14,962
46,669
13.7
27.2
6.3

719,486
5,250
724,736
87,933
21,238
31,567
40,378
-2,439
7,887
2,749
17,200
31,375
12.2
42.6
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

341,964
261,033
11.8
1.3
45
28
179,412
2,952
167,877
199,607
198,603
764,698
3.2
1.0
0.9
8.4
20.5
20.9
3.2
1.3

395,944
275,584
16.3
1.4
41
28
192,280
2,952
198,176
233,069
254,918
882,703
2.9
1.1
0.8
8.6
20.0
18.7
2.9
0.9

397,501
337,328
8.4
1.2
43
28
213,146
2,957
222,971
258,564
223,270
948,440
2.3
0.9
0.8
6.6
12.1
16.6
3.1
1.0

15.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.9

Vol.

815,367.0

40.3

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE101A01026

400
350

12
31/03/15

975
622
1,163.7
69.4
104.7
13.00
1.6
338.1
590.32
ESOP
0.7
11.5
7.6
2.4
18.7
471,371
19.4
68,191
35,347.1
3,508.8
2,109.3

P/CF

26.0

FX Transaction (FY15)
`m
22,248
`m
7,272
`m
23,360
`m
14,820
`m
8,540

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

3.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Gateway Building, Apollo Bunder, Mumbai - 400 001


E-Mail:
investors@mahindra.com
Web site: www.mahindra.com
Telephone: (022) 2497 5074 Fax: (022) 2490 0833
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Automotive
Farm equipment
Capex/sales

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
95,828
95,570
`m
9,942
9,005
%
10.4
9.4
`m
6,428
5,142
%
6.7
5.4

Jun 15
98,304
12,525
12.7
8,522
8.7

Sep 15
92,456
10,264
11.1
9,236
10.0

FY14
246,332
143,337
2.7

FY15
242,204
133,468
3.5

`
`
`
`

m
m
m
m

-9,217
-27,876
45,083
6,840

KEY DATA
Unit
FY13
Rs m
264,886
Rs m
119,897
%
3.4

-2,437
-44,897
55,774
8,100

10,549
-44,441
16,694
-19,124

NOTES

Mahindra & Mahindra (M&M) is engaged in the manufacture of UVs, tractors, light
commercial vehicles (LCVs) and three-wheelers. While automotive division
contributed to 64% of FY15 revenues, farm equipment division accounted for 36% of
revenues. Through investment in its subsidiaries, M&M has interests in sectors like
software, hotels, real estate and financial services. While the company had a 37%
market share in the UV segment, it had a 40% share in the tractor market.
M&M reported decline of 4% YoY in revenues during the year. This was largely due
to the tepid performance of the both the automotive and farm equipment divisions.
While revenues of the former were down 2% YoY, the latter saw revenues fall by 7%
YoY. As far as the automotive business is concerned, volumes de-grew for the
company largely on account of the fall in volumes of cars, vans as well as utility
vehicles. The farm equipment segment also put up a subdued show with revenues
falling by 7% YoY. The tractor industry as a whole witnessed a drop in volumes as
farm incomes reduced. M&M's operating margins fell by 1.2% YoY during FY15
largely on account of rise in employee costs and other expenses (as percentage of
sales). Net profits fell 20% YoY during the year (on excluding the extraordinary
income during both the years) led by the poor performance at the operating level as
well as higher tax expenses.

Although the growth of UVs has been slow, the company expects the scenario to
improve going forward backed by new launches. While the LCV segment as a whole
has been de-growing, growth in certain segments within the LCV segment could
ramp up (especially the 3.5 to 7T) category. As far as tractors are concerned, the
management expects growth to be better from 1HFY16 onwards.

Get more info at www.equitymaster.com

79

MARUTI SUZUKI LIMITED


AUTOMOBILES/VEHICLES
Chairman: R. C. Bhargava

Yr of Inc

B. Code

1980
532500
SHAREHOLDING

BL. Code
MRTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
5

:
0.0%
: 56.2%
: 14.0%
: 22.0%
:
7.8%
: 100,212

Price

4,477.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.8

SEC: S. Ravi Aiyar (CLO)

% ch 12-m

35.5

FX Transaction (FY15)
`m
45,857
`m
42,919
`m
46,329
`m
77,959
` m -31,630
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,638
1,052
1,466.6
81.7
144.3
8.00
0.6
629.9
302.08
A
0.9
16.5
9.3
2.1
9.8
406,298
NM
11,202
NM
NM
NM

1,976
1,217
1,474.5
94.4
164.5
12.00
0.8
711.6
302.08
1.1
16.9
9.7
2.2
12.7
482,271
NM
14,237
NM
NM
NM

3,790
1,866
1,681.7
126.0
209.3
25.00
0.9
805.0
302.08
1.7
22.4
13.5
3.5
19.8
854,282
NM
16,710
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

443,044
8,301
451,345
43,275
18,897
1,978
30,701
-13
219
0
6,215
24,692
9.8
20.2
5.6

445,418
7,393
452,811
52,950
21,160
1,845
37,338
-16
229
0
9,022
28,529
11.9
24.2
6.4

508,014
8,650
516,664
68,441
25,153
2,178
49,760
-12
180
0
11,854
38,074
13.5
23.8
7.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

111,754
68,714
9.7
1.6
16
57
119,882
1,510
179,583
190,278
7,049
275,170
16.5
0.0
1.6
9.7
13.0
16.7
10.3
13.1

145,740
82,950
14.1
1.8
14
12
136,732
1,510
204,269
214,964
6,274
314,755
21.2
0.0
1.4
9.7
13.3
17.8
9.2
11.1

86,964
89,824
-0.6
1.0
19
8
143,796
1,510
232,489
243,184
2,783
344,786
23.8
0.0
1.5
11.7
15.7
21.2
9.0
8.4

P/CF
21.4

(` )

CASHFLOW

Parameters
Units sold
Raw material costs
Capex/sales

Mkt cap

0.6

Vol.

1,352,517.9

29.0

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

AUD: Price Waterhouse

Yield

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

32.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110 070
E-Mail:
investor@maruti.co.in
Web site: www.marutisuzuki.com
Telephone: (011) 4678 1000 Fax: (011) 4615 0275
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE585B01010

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
125,758
136,248
`m
15,926
21,643
%
12.7
15.9
`m
8,022
12,842
%
6.4
9.4

Jun 15
134,249
21,891
16.3
11,929
8.9

Sep 15
139,337
22,694
16.3
12,256
8.8

FY14
1,155
71.7
8.6

FY15
1,292
72.2
6.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
THNOS
% of net sales
%

40,589
-32,240
-9,786
-1,437

FY13
1,171
74.6
12.6

49,946
-49,969
-739
-762

65,391
-45,810
-20,035
-454

NOTES

Maruti Suzuki India Limited is the country's largest passenger car manufacturer with
45% share of the passenger car market (FY15). After remaining a near monopoly till
1992, the entry of other multinationals has resulted in the company losing market
share. However, it has been able to steady its share in the Indian passenger car
segment of late. The plant in Manesar, Haryana, along with the upcoming plant in
Gujarat will enable it to take advantage of the industry growth story over the next 3
to 5 years. Its foray into the diesel car segment is also a big positive and will help it
further in expanding its addressable markets.

Maruti Suzuki's revenues during the year grew by a decent 14% YoY with volumes
up by 12% YoY. This is commendable given that the auto industry had not completely
recovered from the slowdown yet. In the domestic market, the 11% YoY volume
growth was largely led by the super compact segment whose volumes were up 86%
YoY as well as the mid-sized segment whose volumes grew 8 times. Exports did quite
well during the year as volumes were up 20% YoY. Marutis operating margins
improved by 1.6% on account of a fall in raw material costs as well as other
expenditure (as percentage of sales). Led by the strong performance at the operating
profit level, net profits grew by 33% YoY during the year.

Going forward, Maruti Suzuki aims to reach sales volume target of 2 m units over the
next five years and in this regard plans to launch 20 new models in the same period.
The company has also outlined a capex of Rs 35 bn in FY16, which will be towards
new product launches, R&D, marketing expenses and maintenance. Minority
shareholders, in the meanwhile, have approved Maruti's proposal that entails the
parent company Suzuki to set up the Gujarat plant.

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80

TATA MOTORS LIMITED


AUTOMOBILES/VEHICLES
Chairman: Cyrus P. Mistry

Yr of Inc

B. Code

1945
500570
SHAREHOLDING

BL. Code
TAMO.B0

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
2

: 34.3%
:
0.0%
: 10.1%
: 48.3%
:
7.3%
: 356,574

Price

394.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-5.0

SEC: H. K. Sethna

% ch 12-m

9.1

FX Transaction (FY15)
`m
39,802
`m
18,915
`m
55,848
`m
34,002
`m
21,846
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

605
403
816.5
43.5
85.1
0.00
0.0
174.8
3,218.68
0.6
11.6
5.9
2.9
0.0
1,622,376
73.5
255,490
35,761.9
3,476.8
1,903.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

1,887,927
8,156
1,896,083
245,960
76,013
35,603
142,500
-837
1,056
-6,027
37,767
98,926
13.0
26.5
5.2

2,328,337
8,286
2,336,623
348,534
110,782
47,494
198,544
-595
-537
-9,854
47,648
139,910
15.0
24.0
6.0

2,627,963
8,987
2,636,951
392,387
133,886
48,615
218,873
-868
134
-1,847
76,429
139,863
14.9
34.9
5.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
741,536
`m
865,457
%
-6.6
x
0.9
Days
41
Days
21
`m
698,629
`m
6,381
`m
348,026
`m
376,373
`m
321,553
`m
1,703,782
x
5.0
x
0.9
x
1.1
%
7.9
%
26.3
%
24.7
%
1.8
%
1.0

958,453
923,561
1.5
1.0
43
17
973,754
6,438
498,291
656,035
452,586
2,199,983
5.2
0.7
1.1
8.5
21.3
21.2
1.5
0.7

1,017,584
1,002,720
0.6
1.0
41
17
1,124,226
6,438
611,696
562,619
560,713
2,386,580
5.5
1.0
1.1
7.9
24.9
23.6
1.5
0.7

P/CF
4.6

(` )

AUD: Deloitte Haskin & Sells

Yield

Mkt cap

0.0

Vol.

1,267,999.0

470.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE155A01022

700
Close

600

12
31/03/15

417
255
723.4
43.5
77.9
2.00
0.6
203.8
3,218.68
0.5
7.7
4.3
1.6
4.6
1,082,120
66.6
215,564
34,963.7
3,237.0
2,101.0

BALANCE SHEET DATA

P/E

-21.4

333
205
591.8
31.0
54.8
2.00
0.7
118.0
3,190.12
BC
0.5
8.7
4.9
2.3
6.4
858,621
62.9
166,322
30,027.6
2,645.4
1,573.4

INCOME DATA

Regd off: Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai - 01
E-Mail:
inv_rel@tatamotors.com
Web site: www.tatamotors.com
Telephone: (022) 6665 8282 Fax: (022) 6665 7799
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Road, Mumbai-

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
CV volumes
PV volumes
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
699,733
675,760
`m
100,424
84,074
%
14.4
12.4
`m
37,247
18,777
%
5.3
2.8

Jun 15
610,195
90,892
14.9
28,856
4.7

Sep 15
613,182
68,617
11.2
8,160
1.3

FY14
74
26
75.6

FY15
72
28
74.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
% of sales
% of sales

221,626
-234,914
-16,921
-24,989

FY13
71
29
73.6

361,512
-298,930
-38,832
42,770

351,829
-345,189
52,014
45,004

NOTES

Tata Motors is India's largest CV manufacturer and the company also has established
a presence in the passenger vehicles space. In 2008, the company acquired two
iconic brands, 'Jaguar' and 'Land Rover' from Ford for a total consideration of US$
2.3 bn in order to become a global player in the passenger vehicles space. It is also
credited with the launching of 'Nano', the world's cheapest car till date. Tata Motors is
also the first company in the Indian automobile sector to be listed on the New York
Stock Exchange.

Tata Motors' consolidated revenues increased by 13% YoY during FY15 largely led
by the Indian operations as the JLR business slowed down. With respect to India
operations, the MHCV segment displayed strong volumes, while the LCV business
remained sluggish. Volumes from the passenger vehicles business declined by 5%
YoY. As far as JLR is concerned, the volumes of Land Rover were up 9% YoY led by
growth across most models. Those of Jaguar were down by 4.5% YoY. Tata Motors'
consolidated operating margins remained stable, while net profit growth remained
flat.

Going forward, while the build-up in MHCV volumes is expected to continue, Tata
Motors expects the LCV segment to start showing signs of recovery and growth
towards the end of FY16. In the passenger vehicles space, new products and midcycle enhancements will drive growth in the near to medium term. As far as JLR is
concerned, the company has lined up new product launches over the next 18 months.
Near term pressures persist in the form of pressure on margins on account of launch
costs of new products and the mixed economic conditions in China. However, from a
longer term perspective, the company intends to pursue its growth strategy and
investing more in new products, power trains and technologies.

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81

TUBE INVESTMENTS OF INDIA LIMITED


AUTOMOBILES/VEHICLES

Chairman: M. M. Murugappan

Yr of Inc

B. Code

1949
504973
SHAREHOLDING

BL. Code
TUBE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MURUGAPPA
F.V.
2

: 48.3%
:
0.0%
: 12.3%
: 16.0%
: 23.4%
: 22,014

Price

398.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Suresh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

77,516
246
77,762
22,994
1,326
15,174
6,739
-1,696
15
0
2,173
2,885
29.7
32.2
3.7

88,345
288
88,633
28,132
1,587
18,939
7,894
-2,062
0
0
2,718
3,113
31.8
34.4
3.5

96,976
482
97,458
31,921
1,708
21,003
9,693
-2,593
0
340
3,196
4,244
32.9
33.0
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

78,315
102,533
-31.2
0.8
22
25
10,705
373
14,189
16,592
89,291
231,616
1.4
5.4
0.3
7.8
17.4
19.1
2.4
5.8

96,504
119,614
-26.2
0.8
20
25
11,673
374
15,780
19,510
104,610
273,591
1.4
5.4
0.3
8.1
16.0
20.0
2.2
3.9

99,648
112,608
-13.4
0.9
23
24
12,065
374
19,316
23,278
131,956
303,620
1.5
5.7
0.3
8.3
18.2
18.3
2.2
3.3

BALANCE SHEET DATA

12.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.5

Vol.

74,627.4

3.2

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE149A01025

450

12
31/03/15

404
176
518.2
22.7
31.8
2.00
0.7
124.4
187.13
ESOP
0.6
12.8
9.1
2.3
8.8
54,258
3.4
7,664
28,239.8
2,231.7
1,235.8

P/CF

17.6

(FY15)
2,095
3,248
2,139
3,368
-1,229

`
`
`
`
`
`
%
`
m

INCOME DATA

199
123
472.7
16.7
25.1
2.00
1.2
104.4
186.89
ESOP
0.3
9.7
6.4
1.5
12.0
30,108
3.5
6,772
25,342.8
1,942.5
893.0

P/E

16.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

222
131
415.2
15.5
22.6
2.00
1.1
88.9
186.68
ESOP
0.4
11.4
7.8
2.0
12.9
32,949
3.4
5,886
22,514.2
1,709.6
838.0

1.9

Regd off: Dare House, 234, N. S. C Bose Road, Chennai - 600 001
E-Mail:
sureshs@tii.murugappa.com
Web site: www.tiindia.com
Telephone: (044) 4228 6711 Fax: (044) 4211 0404
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cycles and components
Engineering
Metal formed products
Raw material costs

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
24,693
23,674
`m
2,517
2,484
%
10.2
10.5
`m
989
1,018
%
4.0
4.3

Jun 15
25,483
2,497
9.8
950
3.7

Sep 15
22,330
2,515
11.3
1,069
4.8

FY14
11,850
16,220
8,510
61.8

FY15
13,140
17,250
9,290
61.8

`
`
`
`

m
m
m
m

-32,282
-8,622
44,647
3,980

KEY DATA
Unit
FY13
Rs m
12,600
Rs m
15,820
Rs m
8,510
% of net sales
61.6

-18,720
-4,989
26,429
2,720

-16,489
-2,439
16,674
-2,254

NOTES

Tube Investments of India Ltd (TII) was formed in 1959 when the erstwhile TI Cycles
of India (which commenced bicycles manufacturing in 1949) merged with Tube
Products of India (formed in 1955 as a backward integration initiative). The company
has three business segments notably bicycles (which includes cycles and electric
scooters), engineering (welded tubes and strips) and metal formed products
(doorframes, chains and railway wagon sets). The companys subsidiaries include
Cholamandalam Finance, Cholamandalam MS General Insurance and Shanthi
Gears.
TII reported a 9% YoY growth in revenues in FY15. The cycles and components
segment grew by 11% YoY, while the engineering business was up 6% YoY. The
metal formed products segment reported a 9% YoY growth in revenues. Exports
recorded a growth of 3% YoY. Exports continued to face challenges because of
difficult demand conditions in Europe and a weak Euro affecting realisations. Profit
before tax declined by 14% YoY largely on account of higher finance costs and
depreciation charges.

The auto and auto ancillary industry has been gradually recovering from the
slowdown. Given that TII's fortunes are in large part determined by the prospects of
the auto sector, a strong growth in the latter will certainly bode well. Going forward,
the company intends to introduce new models in the bicycles segment and enhance
brand awareness. In the engineering space, the strategy is to introduce new products
and applications and drive operational efficiencies. For metal formed products, the
focus will be on strengthening technological expertise.

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82

BANKS
slightly from 10.7% to 10.4% in FY15. Among banks, public
sector banks reported a marginal decline in RoA from 0.5% to
0.46%. Private sector banks saw their RoA improve from
1.65% to 1.68% during the year.

The Indian economy has been on a relatively sound footing,


registering the fastest growth in FY15. However, problems
such as a weak investment climate and tepid earnings growth
continue to plague the economy. The banking sector, being
the barometer of the economy, continued to battle falling
asset quality issues and the need to maintain capital
adequacy in the light of piling bad loans.

The gross NPAs of banks (PSBs + private) increased over


the last one year from 3.9% to 4.6% as on March 2015. The
stressed advances that include restructured advances rose
from around 10% to 11.1% of total advances during the year.
The PSBs recorded the highest level of stressed assets at
13.5% of the total advances as compared to 4.6% in case of
private banks.

The banking sector recorded slowdown in balance sheet


growth for the fourth year in a row in FY15. The slowdown
was due to sluggish credit offtake that slipped to single-digits
during the year. But on the back of controlled operating
expenses, the sector managed to post incremental profits
during the year. However, profitability remained depressed
with the Return on assets (RoA) continuing to linger below
1% during the year.
The ownership in the banking sector remained predominantly
in the public sector despite a gradual decline in their share in
recent years. Public sector banks (PSBs) accounted for
72.1% of the total banking sector assets. However, in terms
of profits, the share of private banks surpassed that of PSBs.
In FY15, PSBs had a share of 42.1% in overall profits.
Since the start of 2015, the Reserve Bank of India (RBI) has
reduced interest rates by 1.25%. Although banks have
reduced base rates but not to the same extent. For the full
transmission of rates, the RBI has asked banks to follow the
marginal cost of funds while setting the base rate.
In order to prevent banks from liberally restructuring assets to
avoid slippages, the Reserve bank of India has made all
assets restructured from 1st April 2015 to be treated at par
with NPAs as far as provisioning is concerned. This means
that the provisioning in case of the restructured assets will
increase from 5% to 15%.
FY15
As the domestic economy remained sluggish, the growth in
the Indian banking sector too remained under pressure in
FY15. Credit offtake slowed down to 9.4% in FY15 from
14.3% recorded in FY14. Poor earnings growth by
companies, slow pace of investments, risk aversion of banks
due to rising bad loans, and availability of alternative funding
sources for corporates pulled down credit growth during the
year. Similarly, the growth in deposits of scheduled
commercial banks (SCBs) at 10.7% in FY15 was much lower
than the growth at 14.1% in the previous financial year. The
base rate of major banks remained unchanged at 10.0% 10.25% in FY15. As a part of the monetary transmission,
base rate of major banks fell 9.3%-9.7% by the end of 2015.
Even deposit rates have fallen from 8%-9.25% in FY15 to
7%-7.9% towards the end of 2015.

The capital adequacy ratio (CAR) of banks slipped from over


13% to 12.9% as on 31 March 2015. PSBs continued to
report the lowest CAR that stood below 12% whereas private
banks recorded a CAR of around 16% as at 31st March 2015.
KEY POINTS
Supply: Liquidity is controlled by the Reserve Bank of India
(RBI).
Demand: India is a growing economy and demand for credit is
high though it could be cyclical in nature.
Barriers to entry: Licensing requirement, investment in
technology and branch network, capital and regulatory
requirements.
Bargaining power of suppliers: High during periods of tight
liquidity. Trade unions in public sector banks can be anti
reforms and orchestrate strikes. Depositors may invest
elsewhere if interest rates fall.
Bargaining power of customers: For good creditworthy
borrowers bargaining power is high due to the availability of
large number of banks.
Competition: High- There are public sector banks, private
sector and foreign banks along with non-banking finance
companies competing in similar business segments.
Additionally, the RBI has issued banking licenses to 23 new
banks. These include 10 small banks and 11 payment banks.
This will further increase competition in the industry.
PROSPECTS
While the medium term prospects point towards an improving
growth scenario, the Indian economy still continues to battle
falling exports and sluggish investments which may lead to
slowdown in credit offtake and piling up of bad loans.
The government has introduced a number of debt recovery
measures such as Joint Lender's Forum, Structured Debt
Restructuring (SDR), 5/25 refinancing scheme for extension
of tenure in case of infra loans, and Ujwal Discom Assurance
Yojana (UDAY) scheme for salvaging loans taken by debtridden and loss-making SEBs. These measures have given
banks more arsenal in their fight to bring down the quantum
of bad loans. However, these measures come with their own
share of challenges.

There remains a wide disparity in the credit performance of


public and private sector banks. While the credit growth of
public sector banks has more than halved to 7.1% that of
private sector banks has improved from below 17% to 18.7%
in FY15.
The net interest margin and spread witnessed marginal
decline in FY15. The aggregate profit after tax (PAT) of banks
has risen by 10.1% in FY15 as compared to a decline of 14%
in the preceding year. Although the growth in the net interest
income has tapered down a bit, rationalization of operating
expenses backed by moderation in the growth of the wage bill
and a sharp decline in the growth of provisions and
contingencies pulled up the profit growth during the year.
In terms of profitability, the return on assets (RoA) remained
static at 0.8% whereas the return on equity (RoE) dipped
83

With an aim to shore up the capital base of banks, enable


them to meet credit demand and adhere to Basel III norms,
the government has earmarked Rs 700 bn for capital infusion
in PSBs during the period 2016-2019. However, this is less
than the total capital requirement of Rs 1.8 trillion estimated
by the government over the next four years. The government
hopes to raise the balance amount of Rs 1.1 trillion by
divesting its stake in PSBS. However, this seems difficult in
the current depressed market particularly when the bad loans
in PSBs have reached Rs 2.67 trillion at the end of March
2015.

BANKS
GLOBAL COMPARISON
FY15/ CY14
Assets
Total revenue
Net profit
Net Interest Margin
Net profit margin
EPS
ROA
ROE
Price to book value*

Unit
US$ m
US$ m
US$ m
%
%
Rs
%
%
x

SBI
309,611
8,317
1,981
2.96
8.6
17.5
0.7
10.2
1.7

ICICI Bank
113,575
5,415
1,516
3.4
18.2
17.3
1.4
12.3
1.9

HSBC Holdings
2,634,139
61,248
14,705
1.9
28.9
45.6
0.5
8.5

Citigroup ING Group NV


1,843,000
1,079,191
76,900
16,626
7,300
1,565
2.9
1.5
9.5%
9.4%
145.5
0.4
0.1
3.5
9.9
0.8
0.8
1.0

*Book value as on 31st March 2015/ December 2014

HSBC
HSBC Holdings is the UK's largest banking company and is also active throughout the rest of Europe, Asia, Middle East and North
Africa, North America, and Latin America. Headquartered in London, Hong Kong and Shanghai Banking Corporation is one of the
largest banking and financial services organisations in the world with assets of USD 2,634 billion (as on 31st December 2014.
HSBC's international network spans across 73 countries and territories with established and faster-growing markets.
HSBC has a customer base of over 51 m customers, 266,000 employees with 6,100 offices. The bank has reported 17% YoY fall
in profit before tax for 2014. The capital strength remains intact with Common Equity Tier I ratio of 11.1% and the banking
company is one of the best-capitalised banks in the world. The cost efficiency ratio increased to 67.3% in 2014 from 59.6% in
2013. The RoEs fell to 8.5% in 2014 from 11% in 2013. Dividends to shareholders have gone up by USD 0.4 bn to USD 9.6 bn
during the year on the back of capital strength that creates capacity for organic growth and increase the dividends paid.
Going ahead, the bank is targeting a Return on equity of over 10% in the medium term. The bank wants to follow a progressive
dividend policy in line with the growth of the overall profitability.

Citigroup Inc.
Citigroup Inc. is based in New York City and the group completed 200 years in 2012. Citigroup is a global diversified financial
services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range
of financial products and services. The bank had assets worth US$ 1.8 trillion in 2014 with about 200 m customer accounts and
operates in 160 countries. The bank has been restructuring its business operations and has scaled down its global employee
strength from a peak of 375,000 to 241,000. The bank has shed 60 non-core businesses. The bank has also reduced the number
of legal entities to simplify its structure and governance. Citigroup has two primary business segments Citicorp consisting of Citis
Global Consumer Banking business and Institutional Clients Group and Citi Holdings consisting of businesses and assets that are
not central to the core Citicorp businesses. The Company primarily operates in North America, Latin America, Europe, the Middle
East and Africa, Japan, and Asia.
Out of the total revenue base of USD 77 bn, North America has a lions share of 42% followed by Asia and Latin America that have
shares of 19% and 17.5%, respectively. Citi saw its revenues, net of interest expense, increase by 1% as revenues rose by 28% in
Citi Holdings partially offset by a 1% downfall in revenues of Citicorp. However, expenses grew by a steep 14% on account of
significant costs associated with legal settlements as Citi resolved its significant legacy legal issues during the year. Resultantly,
the bank reported a 47% drop in profit to USD 7.3 bn profits for 2014. The return on assets declined from 0.7% in 2013 to 0.4% in
2014. The Tier I ratio for 2014 stood at 10.6% as per BASEL III requirements.

ING Group
Headquartered in the Netherlands, ING Group is a global financial services company with 150 years of experience, providing a
wide array of banking, insurance and asset management services in over 40 countries. ING currently serves over 32 mn customers
and has more than 53,000 employees.
In 2014, INGs income remained almost flat at around EUR 15.3 billion. The net loan growth of 3% was spread across Retail and
Commercial Banking. The banking business posted an 8.5% increase in profit. But on account of extraordinary expenses and loss
of EUR 1.4 bn from legacy insurance business, the overall profits of ING Group fell by more than a third to EUR 1.3 bn. The
company finished its restructuring exercise after completing the IPO of NN Group, its former European/Japanese insurance
business. Even the dividend payments were reinstated during the year with a payout ratio of 38%. Going ahead, the bank is
targeting to bring down the cost-to-income ratio of the bank from the present level of 58.7% to 50-53% and raise its return on
equity to more than 10%.Based on market capitalization (EUR 42 bn), INGs banking business is ranked ninth among European
banks. The group has also strengthened its capital position of its banking business to meet up the regulatory requirements.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


84

ANDHRA BANK
BANKING

Chairman: C. V. R Rajendran (MD)

Yr of Inc

B. Code

1923
532418
SHAREHOLDING

BL. Code

ADBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 60.1%
:
0.0%
: 10.9%
: 11.5%
: 17.4%
: 222,746

GOVERNMENT
Price
63.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-7.7

SEC: Y. Amarnath

% ch 12-m

3.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

130
88
231.8
23.0
60.8
5.00
4.6
151.1
559.58
0.5
4.7
2.7
0.7
21.8
60,882
16.5
13,211
7,850.9
799.6
777.4

100
47
242.5
7.4
22.3
1.10
1.5
148.2
589.61
PA
0.3
10.0
2.0
0.5
14.9
43,395
18.7
14,207
7,635.4
758.7
232.6

108
63
271.5
10.6
40.8
2.00
2.3
166.9
602.85
PA
0.3
8.1
2.4
0.5
18.9
51,544
18.5
17,309
8,836.0
934.4
344.6

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

129,721
15,702
91,512
38,208
26,334
11,874
9.2
9,969
17,607
0
0
71
4,833
12,845
9.9

142,973
13,328
105,600
37,373
23,099
14,274
10.0
17,284
7,337
0
0
0
2,982
4,356
3.0

163,686
14,998
118,306
45,380
27,394
17,986
11.0
15,005
12,182
0
0
0
5,798
6,384
3.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

983,733
1,237,965
79.5
10.5
6.9
2.7
3,222
5,596
43,929
84,541
111,258
383,760
1,475,593
16.0
0.9
15.2
11.8
2.5

1,076,442
1,418,451
75.9
10.3
6.9
2.8
4,339
5,896
43,549
87,375
131,851
453,566
1,673,409
17.7
0.3
5.0
10.8
3.1

1,259,547
1,550,122
81.3
10.1
7.0
3.0
12,636
6,029
45,438
100,641
153,072
464,994
1,851,704
16.9
0.3
6.3
10.6
2.9

P/CF
6.0

(` )

AUD: Umamaheswara Rao & Co.

Yield

Mkt cap

3.2

38,009.7

Vol.

144.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE434A01013

140
Close

120

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-25.0

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad - 500 004
E-Mail:
mbd@andhrabank.co.in
Web site: www.andhrabank.in
Telephone: (040) 2325 2371 Fax: (040) 2323 0883
Tr agent: MCS, Kashiram Jamnadas Bldg, No. 21/22, P.D Mello Rd., Mumbai-09

100 DMA

100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
41,503
42,618
`m
7,176
7,383
%
17.3
17.3
`m
2,017
1,852
%
4.9
4.3

Jun 15
42,150
6,544
15.5
2,025
4.8

Sep 15
43,459
7,772
17.9
2,513
5.8

FY14
2,114
18,725
1,050.9
0.2
2.8

FY15
2,507
18,525
1,135.2
0.3
3.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-8,833
-952
-6,369
-16,153

FY13
1,867
16,523
1,012.6
0.8
2.7

21,027
-2,198
11,519
30,347

-28,631
-2,365
13,228
-17,768

Established in 1923, Andhra Bank has registered 12.7% YoY growth in total business
for FY15. The bank has national presence through 2,507 branches and around 2,232
ATMs. After being a laggard in terms of asset growth in the initial years of the decade,
Andhra Bank has caught up with its peers in the banking space over the last three
fiscals.

The bank continues to focus on corporate, MSME, retail and agri lending. Barring
agri, credit offtake in all segments have grown by over 20% in FY15. Overall credit
grew by 17% YoY during FY15. Exposure to top 10 industries constitutes 49% of
gross bank credit for the bank with power and housing loans accounting for lions
shares of over 10% each. Low cost deposits (CASA) comprised 27.4% of the banks
total deposits in FY15. The banks NIMs have improved to 3% in FY15. The cost to
income ratio has fallen by 0.2% to 45.4% during FY15.
Andhra Banks asset quality remained poor on account of large exposure to the
beleaguered power and infrastructure sectors and the bad loans emerging from the
large corporate portfolio. As a result, the gross NPA ratio hovered at 5.3% during
FY15 and the net NPA ratio stood at 2.9% during the same period. As a result, the
banks return on equity remains low at 6.3%. . The banks capital adequacy ratio
currently stands at 10.63% as per BASEL III norms and conforms with the transitional
arrangement prescribed by RBI. However, going ahead the bank may require
additional funds to meet its growing business needs.

Get more info at www.equitymaster.com

85

AXIS BANK LIMITED


BANKING

Chairman: Sanjiv Misra

Yr of Inc

B. Code

1994
532215
SHAREHOLDING

BL. Code

UTBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 29.5%
:
0.0%
: 10.0%
: 52.1%
:
8.4%
: 148,435

Price

450.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-3.8

SEC: Sanjeev Kapoor

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

272,020
68,328
175,134
96,886
71,405
25,481
9.4
17,559
76,262
0
-3
0
23,912
52,348
19.2

307,360
77,663
187,030
120,330
82,095
38,235
12.4
21,099
94,812
0
-4
0
31,707
63,101
20.5

357,275
88,381
213,413
143,862
96,099
47,763
13.4
23,212
112,945
0
-19
0
38,447
74,479
20.8

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,969,901
2,521,491
78.1
9.7
5.9
3.5
23,873
4,680
261,878
331,584
441,051
1,133,781
3,405,577
8.9
1.5
15.8
17.0
0.4

2,323,817
2,805,411
82.8
9.5
5.5
3.7
24,473
4,699
298,811
383,961
527,392
1,130,928
3,863,501
8.7
1.6
16.4
16.1
0.4

2,844,487
3,222,442
88.3
9.2
5.3
3.8
25,519
4,741
345,481
449,496
843,935
1,333,192
4,672,430
9.0
1.6
16.6
15.1
0.4

14.4

(` )

AUD: AUD: Deloitte Haskins & Sells

Yield

Mkt cap

5.1

1,068,867.5

Vol.

637.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE238A01034

700
Close

600

12
31/03/15

655
282
150.7
31.4
78.4
23.00
4.9
189.6
2,370.52
ESOP
3.1
14.9
11.4
2.5
73.2
1,110,470
42.2
36,157
8,460.2
856.2
1,763.7

P/CF

9.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

1,550
763
130.8
26.9
66.3
20.00
1.7
163.4
2,349.22
ESOP
8.8
43.1
32.3
7.1
74.5
2,717,225
42.4
29,731
7,245.6
700.9
1,487.5

BALANCE SHEET DATA

P/E

-8.4

1,516
922
581.3
111.9
278.0
18.00
1.5
708.6
467.95
PP,PI
2.1
10.9
8.2
1.7
16.1
570,431
37.9
26,754
7,177.1
705.9
1,381.2

INCOME DATA

Regd off: Trishul, 3rd Flr, Opp. Samartheshwar Temple, Ellisbridge, Ahmedabad-06
E-Mail:
p.oza@axisbank.com
Web site: www.axisbank.com
Telephone: (079) 2640 9322 Fax: (079) 2640 9321
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
88,897
96,971
`m
35,896
37,992
%
40.4
39.2
`m
18,998
21,806
%
21.4
22.5

Jun 15
99,361
40,562
40.8
19,784
19.9

Sep 15
99,596
40,621
40.8
19,156
19.2

FY14
2,402
42,420
2,127.4
1.5
3.7

FY15
2,500
42,230
2343.4
1.5
3.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

25,734
-113,321
149,314
61,727

FY13
1,947
37,901
2,306.8
1.4
3.5

144,636
-140,573
77,845
81,908

-151,625
-79,122
310,448
79,702

Axis Bank is one of the most aggressive players in the private sector banking industry
having more than tripled its share in non-food credit over the last decade. The bank
in the last few years has retained its focus on lending to the corporate segment and
at the same time, built a strong fee income revenue stream. The bank had a network
of over 2,500 branches and over 12,000 ATMs by the end of March 2015, the third
largest in the country. Overall, more than 40% of incremental retail loans were
sourced through branches. Existing deposit customers contributed about two-third of
the incremental retail loans. The bank has grown its loans and deposits at average
annual rates in excess of 20% over the past 5 years while its average profit growth
has stayed over 25% per annum.
Retail loans turned out to be the growth kicker for Axis Bank in FY15 with the portfolio
growing by as much as 27% YoY while the overall loan book grew 22% YoY. Focus
on collateralized retail assets like home loans bore fruits for Axis Bank as it did a
reasonably good job of growing the loan book as well as protecting margins in FY15.
Its earlier focus on corporate loans, however, has taken a backseat.

Axis Bank's net NPAs as a percentage of advances moved up slightly to 0.4%, as


against 0.33% in FY14. Gross NPAs, also moved up from 1.1% at the end of FY14
to 1.3% in FY15 and the provision coverage was 87%, not accounting for the
accumulated write-offs. The restructured assets were also higher at around 2.7% of
gross advances at the end of March 2015.

Get more info at www.equitymaster.com

86

BANK OF BARODA
BANKING

Chairman: M. D. Mallya (MD)

Yr of Inc

B. Code

1908
532134
SHAREHOLDING

BL. Code
BOB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 56.3%
:
0.0%
: 16.6%
: 15.6%
: 11.5%
: 180,376

Price

160.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-6.8

SEC: Vinay A. Shah

% ch 12-m

5.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

899
606
865.1
114.0
156.4
21.50
2.9
790.1
421.26
OI
0.9
6.6
3.2
1.0
18.9
316,998
43.1
36,160
8,453.7
838.8
1,114.5

759
430
942.3
116.5
205.7
21.50
3.6
881.3
429.42
OI
0.6
5.1
2.6
0.7
18.5
255,279
46.0
43,346
8,796.1
942.3
1,087.1

225
156
201.9
17.6
42.4
3.20
1.7
188.8
2,225.10
OI
0.9
10.8
4.6
1.0
18.2
423,325
49.4
44,770
9,096.1
906.7
792.2

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

364,421
45,106
244,864
119,556
63,064
56,493
15.5
49,653
52,732
0
-248
0
4,441
48,042
13.2

404,629
55,552
276,044
128,585
75,923
52,662
13.0
48,249
61,016
0
-357
0
10,652
50,007
12.4

449,150
54,493
305,466
143,684
86,044
57,639
12.8
52,300
61,010
0
-387
0
21,505
39,117
8.7

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,336,252
4,826,389
69.1
8.0
4.8
2.7
25,504
4,225
202,473
332,818
265,529
1,256,171
5,593,883
15.3
0.9
14.4
13.3
1.3

4,037,154
5,799,971
69.6
7.1
4.5
2.4
28,493
4,307
217,669
378,468
369,763
1,221,129
6,761,141
16.3
0.7
13.2
12.3
1.5

4,354,155
6,299,813
69.1
7.3
4.5
2.3
29,784
4,436
237,841
420,177
355,015
1,302,464
7,339,774
15.8
0.5
9.3
12.6
1.9

P/CF
9.1

(` )

AUD: Khimji Kunverji & Co.

Yield

Mkt cap

2.0

Vol.

354,834.4

346.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE028A01039

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.1

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Baroda House, Mandvi, Vadodara - 390 006


E-Mail:
investorservices@bankofbaroda.com
Web site: www.bankofbaroda.com
Telephone: (022) 6698 5000 Fax: (022) 2652 6660
Tr agent: Karvy Computer, Plot 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
107,180
107,619
`m
20,239
13,542
%
18.9
12.6
`m
3,340
5,984
%
3.1
5.6

Jun 15
112,765
28,599
25.4
10,522
9.3

Sep 15
111,564
13,528
12.1
1,245
1.1

FY14
4,934
46,001
1,958
1.0
2.4

FY15
5,250
49,378
1,992
0.7
2.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

231,961
-5,142
-7,903
218,917

FY13
4,336
43,108
1,850
1.0
2.7

422,326
-7,304
51,513
466,536

178,383
-5,563
-64
172,755

Bank of Baroda is (BOB) among the top five banking entities in India (in terms of
asset size). Adequate capital, international presence, high NPA coverage and hedge
against interest rate risks peg the bank amongst the frontrunners in the public sector
banking space. It has a rich track record of uninterrupted profit-making and dividend
payment. The bank boasts of a strong domestic presence through 5,146 branches
and healthy presence globally too. Overseas markets account for around one-third of
the overall business for the bank.

Sluggish investment climate continued to weigh on the banks financials. In FY15, the
banks business grew by a subdued 8.5% YoY and crossed the 10 trillion mark. The
domestic business recorded a growth of 8.4% growth whereas the overseas business
increased by 7.9% during the year. BOB grew its advance book by 7.8% YoY and
deposits by 8.6% YoY in FY15. On the back of healthy mobilization in CASA deposits
and shedding of high-cost preferential deposits, domestic net interest margins (NIMs)
improved to 2.9%. However, its global NIMs contracted slightly to 2.3%. The banks
domestic CASA share increased to 33% in FY15 from 31.8% in the preceding year.
BoB continued to witness deterioration in asset quality pressures. The gross NPAs to
advances ratio increased to 4.6% in FY15 from 3.6% in FY14. A large portion of bad
loans is on account of the banks large exposure to industry. Slippages and
restructuring of assets have led to higher provisions resulting in a 25% fall in net
profit. The overseas business has also witnessed deterioration in asset quality during
the year. While we do find BOB's business model to be most resilient as compared
to other large PSU banks, that the NPAs risks will continue to surface in the near term
is undeniable.

Get more info at www.equitymaster.com

87

BANK OF INDIA
BANKING

Chairman: V. R. Iyer (MD)

Yr of Inc

B. Code

1906
532149
SHAREHOLDING

BL. Code
BOI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 66.7%
:
0.0%
: 15.5%
: 10.2%
:
7.7%
: 240,000

Price
117.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-13.2

SEC: Rajeev Bhatia

% ch 12-m

3.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

393
253
538.6
47.3
68.9
10.00
3.1
410.7
595.90
PI
0.6
6.8
2.6
0.8
21.1
192,565
42.3
31,792
7,579.4
750.8
665.9

346
127
593.6
46.5
89.7
5.00
2.1
479.1
642.26
PI
0.4
5.1
1.9
0.5
10.8
151,670
43.1
40,366
8,836.9
935.6
692.3

357
192
657.0
30.3
69.4
5.00
1.8
489.1
664.90
PI
0.4
9.1
2.4
0.6
16.5
182,349
45.6
50,313
9,577.3
1,103.0
441.3

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

320,958
37,846
229,604
91,354
54,559
36,795
11.5
44,472
30,939
0
18
0
2,758
28,199
8.8

381,252
43,190
271,698
109,554
68,246
41,309
10.8
48,827
38,226
0
-14
0
8,345
29,868
7.8

436,849
42,781
322,201
114,648
81,934
32,714
7.5
56,977
21,182
0
-19
0
1,034
20,129
4.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,906,546
3,831,310
75.9
8.0
5.3
2.1
29,006
5,966
133,738
244,710
353,694
963,878
4,564,068
17.1
0.6
11.5
11.0
2.1

3,726,715
4,786,951
77.9
7.3
5.0
2.3
58,202
6,430
154,498
307,737
484,275
1,164,897
5,781,546
17.1
0.5
9.7
10.8
2.0

4,043,894
5,344,823
75.7
7.9
5.4
2.1
59,145
6,657
167,949
325,228
400,897
1,231,955
6,252,847
17.7
0.3
6.2
11.4
3.4

P/CF
3.7

(` )

AUD: SRB & Associates

Yield

Mkt cap

4.3

Vol.

75,272.9

431.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE084A01016

450

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-58.8

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Star House, C-5, G-Block, BKC, Bandra (E), Mumbai - 400 051
E-Mail:
headoffice.share@bankofindia.co.in
Web site: www.bankofindia.co.in
Telephone: (022) 6668 4444 Fax: (022) 6668 4491
Tr agent: Sharepro Serv., 13AB, Samhita Warehousing, Andheri (E), Mumbai-72

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
108,678
111,648
`m
27,802
28,463
%
25.6
25.5
`m
1,734
-561
%
1.6
-0.5

Jun 15
108,186
29,127
26.9
1,297
1.2

Sep 15
105,399
30,197
28.7
-11,262
-10.7

FY14
4,646
43,150.0
2.3

FY15
4,892
45,300.0
2.1

`
`
`
`

m
m
m
m

206,319
-3,880
-3,311
199,128

KEY DATA
Unit
FY13
nos.
4,292
nos.
42,146.0
Rs m
Rs m
%
2.1
NOTES

64,516
-8,139
7,454
63,832

146,382
-7,547
12,951
151,786

With one of the most geographically diversified advance portfolio, Bank of India (BOI)
is amongst the largest public sector banking entities in the country (in terms of asset
size).

Gross advances for FY15 were up by 9.4% YoY on the back of double-digit growth in
credit offtake in retail, agriculture and MSME segments even as credit growth in the
corporate sector was muted at 4.5%. The deposit mobilization remained robust at
11.5% YoY with low cost (CASA) deposits recording a growth of 8.5% YoY. its share
in total deposits stood at 29.5% for FY15. However, the banks global net interest
margins (NIMs) have witnessed slight moderation and were down to 2.1% for FY15
from 2.3% a year ago due to higher cost of funds. The cost to income ratio for the
bank shot up to 51.9% in FY15 from 44.3% in FY14. BOI witnessed higher slippages
and its gross NPA ratio increased from 3.2% in FY14 to 5.4% in FY15. The net NPA
ratio was up to 3.4% during the year.
During FY15, BOI raised funds to the tune of Rs 6.4 bn through Qualified Institutional
Placement and Rs 25 bn through Basel-III complaint perpetual additional Tier-I
bonds. As a result, the banks CAR rose to a comfortable 10.7% at the end of March
2015. Going ahead, the piling bad loans can constrain the capital adequacy of the
bank in future.

Get more info at www.equitymaster.com

88

BANK OF MAHARASHTRA
BANKING

Chairman: S. Muhnot (MD)

Yr of Inc

B. Code

1935
532525
SHAREHOLDING

BL. Code

BMBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 85.2%
:
0.0%
:
7.1%
:
0.5%
:
7.3%
: 185,345

Price
31.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.0

SEC: M. .P. Devadhar

% ch 12-m

12
31/03/14

63
29
142.6
4.8
22.7
1.00
2.2
81.3
839.10
PI
0.3
9.7
2.3
0.6
21.1
38,515
14.4
15,966
8,314.2
1,109.1
276.9

55
36
119.3
4.7
17.4
0.80
1.8
76.4
1,063.18
PI
0.4
9.7
2.4
0.6
17.0
48,481
14.2
16,341
8,935.9
1,151.6
352.6

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

96,229
9,129
65,796
30,433
17,979
12,454
12.9
8,065
13,518
0
0
0
5,827
7,691
8.0

119,691
8,949
84,472
35,219
23,977
11,242
9.4
12,580
7,611
0
0
0
3,625
3,986
3.3

126,791
10,067
87,897
38,894
25,269
13,625
10.7
15,417
8,631
0
0
0
3,628
5,003
3.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

754,708
943,302
80.0
9.7
6.2
2.7
14,295
6,615
26,343
58,378
128,775
314,580
1,169,807
18.4
0.7
13.2
12.6
0.5

889,204
1,167,936
76.1
10.3
6.6
2.7
14,460
8,391
32,923
68,217
83,265
372,897
1,363,604
18.3
0.3
5.8
10.8
2.0

985,991
1,221,103
80.7
10.0
6.6
2.8
14,322
10,632
42,027
81,228
111,267
367,686
1,460,729
16.4
0.3
6.2
11.9
4.2

6.7

(` )

AUD: G. Basu & Co.

Yield

Mkt cap

2.5

Vol.

33,756.0

15.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE457A01014

70
Close

60

12
31/03/15

66
43
145.5
11.6
35.4
2.30
4.2
88.3
661.48
PI
0.4
4.7
2.3
0.6
19.8
36,084
13.6
11,889
7,065.3
872.9
564.7

P/CF

3.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.9

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Lokmangal, 1501, Shivaji Nagar, Pune - 411 005


E-Mail:
investor_services@mahabank.co.in
Web site: www.bankofmaharashtra.in
Telephone: (020) 2551 1360 Fax: (020) 2551 3246
Tr agent: MCS, Kashiram Jamnadas Bldg, 5, P. D' Mello Rd, Masjid (E), Mumbai-09

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
31,549
32,173
`m
9,978
9,712
%
31.6
30.2
`m
572
1,127
%
1.8
3.5

Jun 15
33,213
10,232
30.8
594
1.8

Sep 15
32,570
9,691
29.8
720
2.2

FY14
1,890
14,396
2.7

FY15
1,880
14,189
2.8

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

122
-1,258
5,422
4,286

FY13
1,728
16,123
2.7

-1,731
-1,714
2,740
-705

-10,835
-1,510
18,853
6,508

Registered in 1935 with an authorised capital of Rs 1 m, Bank of Maharashtra (BoM)


commenced business in 1936. The government held 79.8% stake in the bank as at
the end of March 2015. BoM has the largest network of branches owned by any
public sector bank in the state of Maharashtra. The bank had a franchise of 1,880
branches at the end of March 2015 of which 35% were located in the rural areas.

Despite the turbulent times, BoM recorded 7.8% business growth during FY15 on the
back of 4.6% YoY growth in deposits and 12% YoY growth in advances. The share of
CASA deposits have risen by 1% to 37% during FY15. On the back of a faster fall in
cost of funds, the banks NIMs improved to 2.8% in FY15. There has been a sharp
deterioration in the banks asset quality due to a jump in slippages. For FY15, the
banks gross NPAs to advances ratio nearly doubled to 6.33% from year ago level.
On similar lines, the Net NPAs to advances came in higher at 4.2% in FY15 as
against 2% in FY14. The banks ROE improved slightly to 6.7% in FY15 as against
5.9% a year ago.
During the year, the bank received Rs 4 bn equity capital from LIC. The banks capital
adequacy ratio stood at 11.9% in FY15 as per BASEL III requirements and the Tier I
ratio stood at 8.8%

Get more info at www.equitymaster.com

89

CITY UNION BANK LTD.


BANKING

MISCELLANEOUS

Chairman: S . Balasubramanian

Yr of Inc

B. Code

1904
532210
SHAREHOLDING

BL. Code
CTBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

:
0.0%
:
0.0%
: 10.2%
: 33.4%
: 56.0%
: 82,699

Price
88.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. Ramesh

% ch 12-m

12
31/03/14

103
51
45.2
6.6
14.4
1.10
1.4
45.2
596.57
ESOS
1.7
11.6
7.9
1.7
16.6
45,697
4.4
2,103
6,183.0
481.7
905.0

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

21,888
2,736
15,647
6,240
3,742
2,498
11.4
1,204
4,030
0
0
0
810
3,220
14.7

25,459
2,799
17,865
7,594
4,583
3,011
11.8
1,674
4,136
0
0
0
665
3,471
13.6

26,989
4,041
18,915
8,074
5,188
2,886
10.7
1,825
5,210
0
0
0
1,260
3,950
14.6

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

152,461
203,048
75.1
11.9
7.4
3.1
1,413
474
9,561
16,407
4,767
52,668
229,771
12.7
1.4
19.6
14.0
0.6

160,968
220,169
73.1
13.0
7.9
3.3
1,830
543
12,149
20,249
3,050
59,536
249,938
11.0
1.4
17.1
15.0
1.2

179,655
240,750
74.6
12.1
7.7
3.5
2,104
597
17,375
26,955
1,688
63,653
278,711
9.0
1.4
14.7
16.5
1.3

13.4

(` )

AUD: P. Chandrasekar

Yield

Mkt cap

1.2

Vol.

52,826.3

14.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE491A01021

120
Close

100

12
31/03/15

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

BALANCE SHEET DATA

60
38
46.9
6.4
13.0
1.00
2.0
37.3
542.74
ESOS
1.0
7.6
5.1
1.3
15.6
26,486
4.2
1,856
6,040.2
440.4
823.4

P/CF

10.1

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-3.8

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

56
50
40.6
6.0
12.2
1.00
1.9
30.4
538.94
R1:4,ESOS
1.3
8.8
6.4
1.7
16.7
28,429
3.8
1,509
5,782.7
398.6
850.8

2.3

Regd off: 149, T. S. R. Big Street, Kumbakonam - 612 001


E-Mail:
investorsgrievances@cityunionbank.in
Web site: www.cityunionbank.com
Telephone: (0435) 240 2322 Fax: (0435) 243 1746
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
6,845
6,882
`m
1,827
1,465
%
26.7
21.3
`m
1,027
882
%
15.0
12.8

Jun 15
7,060
1,785
25.3
1,116
15.8

Sep 15
7,349
1,902
25.9
1,078
14.7

FY14
425
4,215
378.7
0.8
3.3

FY15
450
4,452
399.2
0.9
3.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

6,180
-680
843
6,344

FY13
375
3,785
406.6
0.9
3.1

4,124
-790
757
4,091

1,307
-643
2,908
3,572

Apart from a strong presence in Tamil Nadu, City Union Bank (CUB) has a network
of 475 branches and 1086 ATMs spanning most of west and southern India. The bank
has a brilliant track-record of being profitable and paying dividend for the past 100
years, a feat not easily duplicable by any other company across other sectors. Over
the past ten years, the bank has grown its advances at an average annual rate of
25%.

The full year FY15 performance of City Union Bank (CUB) was relatively better than
the performance seen over past few quarters on the growth front. At 11.5% YoY in
FY15, City Union Bank (CUB) managed loan growth slightly above the industry
average. On the deposit front, the higher accretion of CASA helped the bank
safeguard margins. Due to the high proportion of working capital loans, CUB is able
to re-price its assets to sustain margins (NIMs). Around 65% of the bank's advances
were towards high yielding working capital loans while 80% of the total disbursals
were on a floating rate basis. With the possibility of downward movement in interest
costs, the bank sees NIM sustaining at 3.25% over the longer term.
Nearly 98% of CUB's advances are secured, which is a comforting factor. The bank's
loan book had 30% exposure to SME loans at the end of March 2015. However,
CUB's provision coverage dropped to 58% from 62% in FY14. The bank's net
restructured loans accounted for 1.4% of advances in March 2015 as against 1.7%
in March 2014. The gross NPAs were at 1.9% of advances in FY15 (1.8% in FY14).

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90

CORPORATION BANK
BANKING

Chairman: S. R. Bansal (MD)

Yr of Inc

B. Code

1906
532179
SHAREHOLDING

BL. Code

CRBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 63.3%
:
0.0%
: 26.4%
:
2.7%
:
7.6%
: 58,473

Price
41.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.0

SEC: S. K. Dash

% ch 12-m

12
31/03/14

427
224
1,071.9
33.9
-9.2
6.75
2.1
604.5
167.54
PI
0.3
9.6
1.6
0.5
19.9
54,484
18.3
11,904
9,823.1
651.1
311.0

82
52
233.5
6.8
5.3
1.40
2.1
125.5
837.70
PI
0.3
9.8
1.8
0.5
20.5
56,377
19.2
11,822
10,180.3
615.4
298.2

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

153,341
16,199
119,064
34,276
19,972
14,304
9.3
13,514
16,990
0
0
0
2,557
14,432
9.4

179,586
16,572
141,741
37,845
23,923
13,922
7.8
27,977
2,517
0
0
0
-3,168
5,685
3.2

195,564
14,741
154,853
40,712
25,261
15,451
7.9
25,520
4,671
0
0
0
-1,058
5,729
2.9

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,187,167
1,659,985
71.5
9.6
6.7
2.3
4,432
1,529
46,445
96,025
128,989
581,849
1,934,710
18.6
0.7
15.0
12.3
1.2

1,370,863
1,933,556
70.9
9.6
6.8
2.1
4,653
1,675
47,841
101,274
130,215
661,898
2,220,545
20.4
0.3
5.6
11.6
2.3

1,450,660
1,993,428
72.8
10.2
7.4
2.1
5,264
1,675
48,805
105,137
104,149
634,312
2,260,193
20.0
0.3
5.4
11.1
3.1

6.0

(` )

AUD: Suresh Chandra & Assoc.

Yield

Mkt cap

3.4

Vol.

34,304.2

25.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE112A01023

120
Close

100

12
31/03/15

488
367
1,002.8
94.4
153.3
19.00
4.4
628.0
152.91
PI
0.4
4.5
2.3
0.7
20.1
65,316
15.9
9,905
9,639.2
622.7
907.2

P/CF

7.3

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-37.3

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: P. B. No. 88, Mangaladevi Temple Road, Mangalore - 575 001
E-Mail:
isd@corpbank.co.in
Web site: www.corpbank.com
Telephone: (0824) 242 6416 Fax: (0824) 242 3853
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
48,813
48,816
`m
3,828
1,875
%
7.8
3.8
`m
1,472
451
%
3.0
0.9

Jun 15
49,328
4,593
9.3
2,043
4.1

Sep 15
50,029
5,975
11.9
1,886
3.8

FY14
2,021
18,282
1,635
0.3
2.1

FY15
2,298
19,210
1,499
0.3
2.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-47,453
-1,479
-6,648
-55,580

FY13
1,707
15,908
1,668
0.9
2.3

21,387
-1,346
-4,484
15,557

-12,928
-1,825
-249
-15,001

Corporation Bank is a mid-sized public sector bank with a strong branch network
comprising of 2,298 branches and 2,933 ATMs. The branches are mainly
concentrated in the southern and western parts of the country. The bank has an
uninterrupted dividend payment track record since inception.
The business growth during FY15 was tepid. While it grew 4.2% YoY, the deposits
also grew at a subdued pace of 3.08% YoY. Advances reported a 5.8% YoY growth
during the year. During the year, the bank focused on reducing the share of Bulk
deposits that fell to 50.86% in FY15 from 53.8% in the preceding year with the cost
of deposits falling below 8%. However, the share of CASA in total deposits fell below
20% in FY15. CASA for the bank continues to remain a weak link and is one of the
lowest in the industry. The bank has been able to maintain NIMs at 2.1%.

The banks asset quality continued to slide in FY15 due to higher slippages as
compared to recoveries. The gross NPAs were reported at higher levels of 4.8% as
the end of FY15, the net NPAs stood at 3.1%. The asset quality of PSU banks is
reflective of subdued economic conditions and Corporation Bank is no exception. The
capital adequacy for the bank stood at 11.1% under Basel III norms for FY15.

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91

HDFC BANK LIMITED


BANKING

Chairman: C . M . Vasudev

Yr of Inc

B. Code

1994
500180
SHAREHOLDING

BL. Code

HDBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 22.6%
:
0.0%
:
9.9%
: 51.1%
: 16.4%
: 415,166

No. of months
Year ending
`
`
`
`
`
`
%
`
m

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin
Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

BALANCE SHEET DATA

1,048.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Price

12
31/03/13

-1.4

SEC: Sanjay B. Dongre (Exec. V. P. - Legal)

% ch 12-m

P/E

13.3

12
31/03/14

1,105
708
202.1
42.6
113.2
8.00
0.9
252.0
2,506.50
ESOP
4.5
21.3
17.5
3.6
18.8
2,271,516
76.3
51,627
6,641.6
676.8
1,401.2

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

358,610
71,330
196,955
161,656
115,519
46,137
12.9
17,420
100,046
0
-335
29
31,043
68,696
19.2

425,550
82,975
234,455
191,096
124,697
66,399
15.6
17,260
132,114
0
-247
36
44,469
87,435
20.5

506,665
95,457
272,885
233,780
145,775
88,005
17.4
22,660
160,514
0
144
33
53,802
106,889
21.1

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,472,451
2,960,918
83.5
11.2
5.5
4.5
27,733
4,759
276,525
366,427
394,966
1,109,604
4,077,230
9.2
1.7
18.7
16.8
0.2

3,154,189
3,670,803
85.9
10.5
5.2
4.4
30,263
4,798
329,744
441,666
495,967
1,195,711
5,036,200
9.4
1.7
19.8
16.1
0.3

3,834,080
4,502,837
85.1
10.3
5.2
4.4
32,249
5,013
490,641
631,541
594,783
1,642,726
6,070,965
8.1
1.8
16.9
16.8
0.3

24.6

(` )

Yield
0.8

AUD: BSR & Co.

Mkt cap

Vol.

2,627,804.1

41.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE040A01026

1,200
Close

1,000

12
31/03/15

761
528
177.4
36.4
99.8
6.85
1.1
184.1
2,399.05
ESOP
3.6
17.7
14.8
3.5
18.8
1,545,588
68.2
44,945
6,242.9
659.4
1,282.7

P/CF

16.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

705
482
150.7
28.9
83.1
5.50
0.9
154.0
2,379.42
ESOP
3.9
20.6
16.4
3.9
19.1
1,412,186
69.1
42,018
5,192.4
608.4
994.7

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-13
E-Mail:
shareholder.grievances@hdfcbank.com
Web site: www.hdfcbank.com
Telephone: (022) 6652 1000 Fax: (022) 2496 0737
Tr agent: Datamatics Financial, B 5, Part B Cross Lane, MIDC, Mumbai-93

100 DMA

800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
123,958
130,064
`m
56,999
60,132
%
46.0
46.2
`m
27,945
28,069
%
22.5
21.6

Jun 15
140,411
63,888
45.5
26,957
19.2

Sep 15
147,725
66,809
45.2
28,695
19.4

FY14
3,403
75,339
2,005.6
1.3
4.4

FY15
4,014
83,416
2,085.9
1.5
4.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-58,473
-9,062
131,053
63,517

FY13
3,062
69,065
1,774.5
1.0
4.5

42,106
-10,667
92,702
124,141

-212,810
-8,108
186,939
-33,979

With 4.6% share of India's total non-food credit disbursements in FY15, HDFC Bank
is the second largest private sector bank in the country (after ICICI Bank) in terms of
asset size. The bank has tripled its share from 1.2% of total non-food credit in FY02
to 4.6% in FY15. Retail assets constituted 50% of advances in FY15. As of March
2015, the bank's distribution network was at 4,014 branches and 11,766 ATMs in
2,464 cities, an increase of 611 branches and 160 ATMs over the past 12 months.
Being the 20% juggernaut, HDFC Bank closed the financials for FY15 with yet
another year of about 20% growth in profits. Despite a slow start, the year ended with
21% growth in loan book. Most of it came on the back of low risk loans and
collateralized loans. The bank's focus has, however, moved back to retail loans.
HDFC Bank also raised capital through QIP to grow its loan book although the
management believes that growth may continue to remain moderated in the near
term. Deposit growth at 23% YoY, was higher than sector average. CASA (low cost
deposits) as a share of total deposits went up to 44% in FY15. This helped the bank
put up a good show on margin front despite the pressure on yields.

The bank's gross NPAs were at 0.9% of advances in FY15. Net NPAs were at 0.2%
of advances while the NPA coverage ratio was 80% in FY15. Total restructured loans
were at 0.1% of gross advances and were already classified as NPAs at the end of
FY15. These are therefore not really a concern.

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92

ICICI BANK LIMITED


BANKING

Chairman: K. V. Kamath

Yr of Inc

B. Code

1995
532174
SHAREHOLDING

BL. Code
ICBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 23.1%
: 69.2%
:
7.8%
: 585,463

Price

259.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-1.0

SEC: P. Sanker

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

448,846
293,198
282,854
165,992
302,071
-136,079
-30.3
20,952
136,168
0
-5,263
0
34,869
96,036
21.4

494,793
300,846
297,106
197,686
306,664
-108,977
-22.0
29,003
162,866
0
-6,358
0
46,095
110,414
22.3

549,640
352,522
323,182
226,459
350,227
-123,769
-22.5
45,363
183,390
0
-6,954
0
53,967
122,469
22.3

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,299,741
3,147,705
104.8
9.0
5.6
3.1
54,735
11,536
477,935
687,624
1,728,882
2,556,667
6,748,217
7.1
1.4
14.0
18.7
0.8

3,873,418
3,595,127
107.7
8.7
5.1
3.3
55,068
11,550
509,348
764,299
1,835,421
2,676,094
7,477,624
7.1
1.5
14.4
17.7
1.0

4,384,901
3,859,553
113.6
8.7
5.4
2.1
58,712
11,597
553,548
847,045
2,112,520
3,027,616
8,260,792
7.1
1.5
14.5
17.0
1.6

12.3

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

1.9

1,507,093.2

Vol.

1,102.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE090A01021

450

12
31/03/15

384
242
474.0
105.6
415.0
5.00
1.6
730.4
1,159.66
ESOS
0.7
3.0
2.2
0.4
4.7
362,800
67.9
65,742
8,100.0
968.8
1,804.8

P/CF

8.5

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

1,260
784
428.4
95.6
375.9
23.00
2.3
661.7
1,155.10
ESOS
2.4
10.7
8.5
1.5
24.1
1,180,166
72.2
59,737
6,850.6
827.1
1,528.7

BALANCE SHEET DATA

P/E

-25.7

1,214
782
389.1
83.2
357.1
20.00
2.0
596.0
1,153.69
ESOS
2.6
12.0
9.8
1.7
24.0
1,151,383
62.1
56,333
7,231.9
907.6
1,547.3

INCOME DATA

Regd off: Landmark, Race Course Circle, Vadodara - 390 007


E-Mail:
investor@icicibank.com
Web site: www.icicibank.com
Telephone: (022) 2653 8900 Fax: (022) 2653 1230
Tr agent: 3i Infotech Ltd, Tower 5, 3rd Floor, Vashi, Navi Mumbai - 400 703

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
124,352
127,385
`m
48,117
50,794
%
38.7
39.9
`m
28,890
29,220
%
23.2
22.9

Jun 15
128,126
51,151
39.9
29,762
23.2

Sep 15
130,989
52,515
40.1
30,301
23.1

FY14
3,371
68,165
2,215.0
1.3
3.3

FY15
4,050
67,857
3,950.0
1.1
2.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

174,940
-191,478
92,832
76,294

FY13
3,100
62,065
2,103.6
1.1
3.1

67,648
-166,676
78,723
-20,305

-122,731
-129,317
248,272
-3,777

Despite being the second largest bank in the country after SBI in terms of asset size,
ICICI Bank lost its share of the banking sectors advances from 10.2% in FY07 to
8.5% in FY15. At the end of March 2015, the bank had assets of over Rs 5.4 trillion
and a franchise of over 12,450 ATMs and 4,050 branches spread across the country.
Retail assets constituted 40% of advances in FY15 as against 65% in FY07. The
bank is focusing on loan origination in the large corporate, SME and agri segments
and on non-fund based products and services. Besides the bank itself being the
market leader across retail loan portfolios, its subsidiaries ICICI Life Insurance, ICICI
General Insurance and ICICI AMC are leaders in their respective businesses.
Asset quality woes marred the performance of ICICI Bank in FY15, which is otherwise
back by a healthy growth rate in advances particularly retail loans. The deposit book
too grew on the back of higher CASA proportion and shielded margins despite
pressure on yields. On the assets side, ICICI Bank kept the proportion of corporate
and SME loans in check. Hence most of the incremental lending was to the retail
segment. There may be further upside in margins (NIMs) with a possibility of fall in
interest costs. Lower the direct marketing costs helped ICICI Bank bring down the
cost to income ratio to 37% in FY15 from 38% in FY14. The return on equity however
remained subdued at 15% at the end of FY15.
Asset quality woes, particularly in terms of loan restructuring, continued to haunt
ICICI Bank in FY15. The gross NPAs (non-performing assets) in absolute terms went
up by 45% in the last fiscal. The gross NPA as a share of loan book stood at 3.3% as
against 2.6% in FY14. Net NPAs rose to 1.4% of advances in FY15, from 0.8% in
FY14. The gross NPAs in retail loan portfolio stood at 3.2% of advances as against
3.4% in March 2014. The NPA coverage ratio stood at 58.6%, which is very low
according to us.

Get more info at www.equitymaster.com

93

ORIENTAL BANK OF COMMERCE


BANKING

Chairman: S. L. Bansal (MD)

Yr of Inc

B. Code

1943
500315
SHAREHOLDING

BL. Code

ORBC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 59.1%
:
0.0%
: 24.0%
:
9.9%
:
7.0%
: 114,330

Price

134.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-8.4

SEC: C. M. Khurana (GM)

% ch 12-m

12
31/03/14

291
121
634.2
38.0
64.1
7.60
3.7
447.9
299.85
PI
0.3
5.4
1.7
0.5
20.0
61,754
19.6
16,767
9,727.6
857.6
582.8

377
201
665.7
16.6
19.4
3.30
1.1
459.5
299.85
0.4
17.4
2.3
0.6
19.9
86,627
20.2
16,375
9,881.9
810.6
246.1

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

177,048
16,547
130,036
47,012
26,657
20,354
11.5
21,546
15,361
0
0
0
2,081
13,280
7.5

190,175
19,453
138,904
51,271
29,169
22,102
11.6
25,751
15,804
0
0
0
4,410
11,394
6.0

199,614
21,214
148,772
50,842
29,785
21,057
10.5
33,119
9,152
-2,804
0
0
1,377
4,971
2.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

1,289,551
1,758,975
73.3
10.7
7.1
2.4
12,274
2,918
82,217
127,755
76,793
585,547
2,006,972
14.4
0.7
10.4
12.0
2.3

1,390,798
1,934,890
71.9
10.5
6.9
2.8
12,556
2,999
86,088
134,307
78,636
614,722
2,203,025
15.0
0.5
8.5
11.9
2.8

1,452,613
2,040,097
71.2
10.4
7.0
2.6
13,525
2,999
88,629
137,794
65,450
684,405
2,305,136
15.3
0.2
3.6
12.3
3.3

8.1

(` )

AUD: Shah & Taparia

Yield

Mkt cap

2.4

Vol.

40,434.8

270.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE141A01014

400
350

12
31/03/15

368
208
606.8
45.5
70.2
9.20
3.2
437.9
291.76
0.5
6.3
2.4
0.7
20.2
84,027
18.9
15,761
9,372.1
834.3
703.0

P/CF

6.4

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-56.4

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Harsha Bhawan, E Block, Connaught Place, New Delhi - 110 001
E-Mail:
mbd@obc.co.in
Web site: www.obcindia.co.in
Telephone: (011) 2341 7121 Fax: (011) 2373 9768
Tr agent: MCS Ltd., F-65, Okhla Industrial Area, Phase-I, New Delhi-20

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
49,468
50,909
`m
12,975
12,977
%
26.2
25.5
`m
1,569
1,020
%
3.2
2.0

Jun 15
51,149
13,285
26.0
2,578
5.0

Sep 15
50,296
13,831
27.5
3,013
6.0

FY14
2,126
19,550
1,564
0.6
2.8

FY15
2,251
20,200
1,564
0.2
2.6

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-4,962
-894
4,483
-1,373

FY13
2,000
18,891
1,524
0.7
2.4

65,205
-1,677
-6,735
56,793

-41,541
-2,952
9,562
-34,931

Oriental Bank of Commerce (OBC) had historically enjoyed the repute of being one
of the most efficient public sector banks in the country. However the merger with GTB
in FY05 took a toll on the banks asset quality and margins.

The banks credit portfolio is skewed towards the large corporate segment forming
52.6% of the loan portfolio. Due to economic downturn, the loan growth in this
segment for FY15 stood at a mere 2.9% pulling down overall advances growth to a
mere 5% in FY15. The retail credit has grown by 12.4% of which the housing loan
portfolio registered the fastest growth of 11.5% during the year. The deposit
mobilization has not been quite robust for the bank and the deposit growth was
reported at 5,4% YoY during FY15. The CASA deposits have grown by 5% YoY
during the year. The NIMs for FY15 have contracted by 0.2% to 2.6% due to a fall in
the yield on advances.
On the asset quality front, OBC witnessed deterioration with Gross NPAs spiking up
to 5.2% in FY15 and Net NPAs moving up to 3.3%. The provision coverage ratio of
the bank stood at 60.6% as on 31st March, 2015. Also OBC's exposure to stressed
sectors cannot be overlooked. In terms of sectoral distribution of advances, the bank
is exposed to the extent of 27.2% to industry, 17.1% to infrastructure and 5.2% to
commercial real estate which incidentally form the problem areas for the bank as well.
In the industry segment, the largest flow of credit has been to the iron & steel (23.9%)
and textile (17.6%). The banks capital adequacy stands at 11.4% as per Basel III
norms.

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94

PUNJAB NATIONAL BANK


BANKING

Chairman: K. R. kamath (MD)

Yr of Inc

B. Code

1895
532461
SHAREHOLDING

BL. Code

PNBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
2

: 58.9%
:
0.0%
: 18.7%
: 17.2%
:
5.3%
: 215,441

Price

130.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-3.8

SEC: A. Gopinathan

% ch 12-m

5.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

943
659
1,218.7
138.6
285.8
27.00
3.4
985.5
353.47
PI
0.7
5.8
2.9
0.8
19.5
283,129
63.3
57,515
6,806.2
908.7
774.2

835
410
1,241.7
95.3
209.1
10.00
1.6
1,063.8
362.07
PI
0.5
6.5
2.2
0.6
10.5
225,280
65.5
66,164
6,859.5
1,009.5
526.7

224
142
1,313.3
88.5
183.2
3.30
1.8
1,148.2
370.91
PI
0.1
2.1
0.6
0.2
3.7
67,821
68.3
74,691
7,132.8
1,093.7
480.8

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

430,781
43,020
278,024
152,757
83,373
69,384
16.1
47,239
65,165
0
-270
0
15,892
49,003
11.4

449,581
47,103
282,203
167,378
95,815
71,563
15.9
68,972
49,695
0
-825
0
14,348
34,522
7.7

487,098
61,746
313,431
173,668
107,602
66,065
13.6
83,201
44,123
0
-582
0
10,708
32,832
6.7

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

3,202,891
3,990,002
80.3
10.2
6.5
3.5
34,224
3,535
235,615
348,353
470,899
1,347,340
4,966,478
12.8
1.0
14.1
13.2
2.4

3,660,732
4,612,035
79.4
9.2
5.5
3.4
34,904
3,621
258,987
385,163
590,333
1,492,247
5,748,205
13.5
0.6
9.0
12.7
2.9

4,046,141
5,152,454
78.5
9.1
5.5
3.2
36,558
3,709
289,660
425,884
592,048
1,567,617
6,360,112
13.5
0.5
7.7
13.6
4.1

P/CF
7.4

(` )

AUD: Borkar & Muzumdar

Yield

Mkt cap

2.5

Vol.

241,927.4

503.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE160A01022

250
Close

200

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-40.1

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: 7, Bhikaiji Cama Place, New Delhi - 110 067


E-Mail:
hosd@pnb.co.in
Web site: www.pnbindia.in
Telephone: (011) 2370 8257 Fax: (011) 2376 6079
Tr agent: Beetal House, 3rd Floor, 99 Madangir, Harsukhdas Mandir, New Delhi-62

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
116,141
116,505
`m
42,331
37,916
%
36.4
32.5
`m
7,746
3,066
%
6.7
2.6

Jun 15
120,347
41,025
34.1
7,207
6.0

Sep 15
123,450
43,220
35.0
6,210
5.0

FY14
6,201
65,541
1,291
0.5
3.4

FY15
6,560
68,290
1,344
0.5
3.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

-6,925
-6,004
-6,940
-19,869

FY13
5,874
63,292
1,192
0.8
3.5

169,061
-3,020
21,289
187,330

48,136
-8,718
74,514
113,932

Punjab National Bank (PNB) is the third largest banking entity in the country with a
network comprising of over 6,000 branches including 7 foreign branches. Robust
profitable growth has pegged the bank amongst the frontrunners in the PSU banking
space.

PNB witnessed modest business performance during FY15 despite poor market
conditions. While the bank reported 11% YoY growth on deposits, the loan book grew
by a relatively subdued 9% YoY. The CASA base grew by 6.3% YoY during the year.
The loan book performance was muted on account of a a mere 9.9% growth in the
agri segment. The retail portfolio witnessed a huge jump of almost 24.6% YoY during
the year. The MSME portfolio too reported robust growth of 21.4% YoY growth. The
concerns over asset quality continue to linger for PNB. Net NPAs shot up to 4.06% in
FY15 from 2.85% in FY15. Capital adequacy stood at 12.2% at the end of FY15 as
per Basel III norms.
Although the asset quality has weakened, the redeeming factor is that the slippages,
after peaking at the end of March 2015 quarter, have come off substantially in the
September 2015 quarter. The bank has also raised the share of small ticket loans in
its loan portfolio. The proportion of low cost CASA has also risen by 1.4% in the last
one year. The bank has increased focus on digitalization by introducing online locker
facility, e-PPF facility, online tax payment for corporate customers and mobile banking
facility.

Get more info at www.equitymaster.com

95

STATE BANK OF INDIA


BANKING

Chairman: Arundhati Bhattacharya (MD)

Yr of Inc

B. Code

1955
500112
SHAREHOLDING

BL. Code
SBI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 58.6%
:
0.0%
: 20.9%
: 11.8%
:
8.7%
: 855,889

Price

234.4

GOVERNMENT
% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

12
31/03/13

-4.6

SEC: T. S. Krishnaswamy

% ch 12-m

12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

1,679,761
325,837
1,068,179
611,582
528,198
83,384
5.0
150,403
258,818
0
-6,384
2,317
75,588
179,162
10.7

1,890,624
378,821
1,214,790
675,834
633,687
42,147
2.2
207,712
213,255
0
-6,334
3,177
68,361
141,738
7.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

` m 13,926,080 15,782,767 16,922,113


` m 16,274,026 18,388,524 20,529,608
x
85.6
85.8
82.4
%
9.1
9.0
9.0
%
5.9
5.9
5.9
%
3.3
3.2
3.2
`m
93,699
105,598
123,793
`m
6,840
7,466
7,466
`m
693,002
912,384 1,000,352
`m
1,250,330
1,473,705 1,613,875
`m
2,037,232
2,237,597 2,446,635
`m
5,194,428
5,791,545 6,956,918
` m 21,331,086 23,964,953 27,001,100
x
14.6
14.0
14.2
%
0.8
0.6
0.6
%
14.3
9.6
10.5
%
12.9
13.0
12.8
%
2.1
2.6
2.1

2,079,743
493,152
1,331,786
747,957
738,480
9,477
0.5
160,711
258,546
0
-8,375
3,144
83,372
169,943
8.2

10.3

(` )

AUD: S. Venkatram & Co.

Yield

Mkt cap

1.5

Vol.

1,749,586.8

873.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE062A01020

400
350

12
31/03/15

335
190
2,785.7
227.6
1,113.2
3.50
1.3
2,161.7
746.57
0.1
1.2
0.6
0.1
1.5
195,601
208.0
311,176
9,997.9
1,495.9
817.0

P/CF

6.9

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

2,425
1,473
2,532.4
189.9
852.0
30.00
1.5
1,974.0
746.57
PI
0.8
10.3
4.2
1.0
15.8
1,455,065
222.0
298,684
8,515.1
1,345.2
638.4

BALANCE SHEET DATA

P/E

-23.4

2,550
1,805
2,455.7
261.9
924.7
41.50
1.9
1,827.9
684.03
PI
0.9
8.3
4.5
1.2
15.8
1,489,304
228.3
244,011
7,357.8
1,068.8
784.8

INCOME DATA

Regd off: State Bank Bhavan, M.C. Road, Nariman Point, Mumbai - 400 021
E-Mail:
investor.complaints@sbi.co.in
Web site: www.sbi.co.in
Telephone: (022) 2274 0841 Fax: (022) 2285 5348
Tr agent: Datamatics Services, B-5, MIDC, Part B, Cross Lane, Mumbai-93

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
385,462
401,012
`m
137,766
147,118
%
35.7
36.7
`m
29,101
37,420
%
7.5
9.3

Jun 15
396,429
137,320
34.6
36,924
9.3

Sep 15
406,576
142,526
35.1
38,791
9.5

FY14
15,869
222,033
1,641
0.5
3.2

FY15
16,333
213,328
1,761
0.6
3.2

`
`
`
`

m
m
m
m

243,318
-36,532
-44,235
162,550

KEY DATA
Unit
FY13
nos.
14,816
nos.
228,296
Rs m
1,518
Rs m
0.6
%
3.3
NOTES

191,417
-35,365
35,831
191,883

464,029
-34,304
-15,533
414,192

State Bank of India (SBI) is India's largest bank in the country with an asset size of
over Rs 20 trillion. The bank's loan book is largely skewed towards corporate (large
and mid size) loans (37% of total advances in FY15) with the retail, agri and SME
segments accounting for 20%, 9% and 14% shares in the loan portfolio. SBI has a
network of almost 16,333 branches and 46,898 ATMs across the country.
In FY15 SBI s market share in deposits has risen to 17%, but in advances the share
has fallen to below 16% from 16.7% in FY14. The overall business growth in FY15
remained healthy at 10.5%, despite the tough macro economic climate. SBI reported
a loan growth of 7.3% backed by strong double-digit growth in retail and large
corporate group advances. The retail segment put up a good show aided by brisk
growth in in home and auto loans. Deposits too reported a robust performance and
rose 13.1% YoY in FY15. The CASA deposits were up by 10% YoY accounting for
42.8% of the domestic deposits.

The bank has been able to maintain NIMs at around 3.2% during FY15. Even the
asset quality of the bank has been on the mend. On the back of a marked reduction
in fresh slippages, the share of gross NPAs to advances fell to 4.3% in FY15 from
4.9% in FY14. However, the restructured book has increased to Rs 712 bn in FY15
from Rs 589 bn in FY14.
Going forward, SBI has been focusing on improving operating efficiency through cost
rationalization and enhancing customer delivery by expanding its digital footprint and
offerings. This is expected to aid profitability in the long run. Although the banks bad
loans are still high, its classification as a Systemetically Important Bank by RBI
renders additional layer of safety that will ensure that the bank is adequately
capitalized at all times.

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96

UNION BANK OF INDIA


BANKING

Chairman: Arun Tiwari (MD)

Yr of Inc

B. Code

1919
532477
SHAREHOLDING

BL. Code

UNBK.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GOVERNMENT
F.V.
10

: 60.1%
:
0.0%
: 16.6%
:
8.5%
: 14.8%
: 235,817

Price

157.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.9

SEC: Neha Agrawal

% ch 12-m

4.6

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

288
150
421.7
36.1
91.3
8.00
3.7
291.9
596.79
PI
0.5
6.1
2.8
0.8
22.1
130,697
31.8
27,953
7,915.1
879.1
678.4

255
97
466.3
26.6
75.1
4.00
2.3
297.2
630.31
PI
0.4
6.6
2.3
0.6
15.0
110,966
33.8
33,093
8,694.8
978.9
495.9

260
132
505.9
27.7
82.0
6.00
3.1
313.0
635.77
PI
0.4
7.1
2.3
0.6
21.7
124,579
35.5
37,860
9,056.8
1,066.1
495.8

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

251,685
28,680
175,754
75,932
49,055
26,877
10.7
25,183
30,528
0
108
0
9,063
21,572
8.6

293,935
31,407
214,667
79,268
58,761
20,507
7.0
31,697
20,181
0
106
0
3,522
16,765
5.7

321,643
39,571
236,396
85,247
66,833
18,415
5.7
36,369
21,548
0
104
0
4,042
17,609
5.5

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

2,081,024
2,636,816
78.9
9.2
6.3
2.5
24,954
6,967
93,276
174,191
237,969
818,083
3,129,119
16.5
0.7
12.4
11.5
1.6

2,291,047
2,976,511
77.0
9.5
6.7
2.6
26,234
7,413
98,117
187,342
293,162
946,364
3,550,145
17.5
0.5
8.9
11.9
2.3

2,559,211
3,174,503
80.6
9.4
6.8
2.5
26,944
6,358
181,916
198,992
351,680
954,494
3,835,690
17.7
0.5
8.8
10.7
2.7

P/CF
5.7

(` )

AUD: Shah Gupta & Co.

Yield

Mkt cap

3.8

Vol.

99,912.8

309.9

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE692A01016

300
Close

250

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-29.4

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Pt, Mumbai-21
E-Mail:
investorservices@unionbankofindia.com
Web site: www.unionbankofindia.co.in
Telephone: (022) 2289 6643 Fax: (022) 2202 5238
Tr agent: Datamatics Financial, B-5, Cross Lane, MIDC, Marol, Mumbai-93

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin
Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
80,438
82,406
`m
21,212
21,211
%
26.4
25.7
`m
3,024
4,438
%
3.8
5.4

Jun 15
82,599
21,302
25.8
5,188
6.3

Sep 15
81,415
21,017
25.8
6,582
8.1

FY14
3,871
33,806.0
1,360.8
0.5
2.6

FY15
4,081
35,514.0
1,258.0
0.5
2.5

`
`
`
`

m
m
m
m

-42,454
-3,432
50,959
5,074

KEY DATA
Unit
FY13
nos.
3,511
nos.
31,798.0
Rs m
1,344.0
Rs m
0.7
%
2.5
NOTES

25,701
-3,630
49,024
71,095

-35,437
-3,418
31,678
-7,176

Union Bank of India (UBI) is the ninth-largest bank in India by assets. It has a panIndian presence with a network of over 4,000 branches and 7.020 ATMs. It is 60.1%
owned by the government. It is among the better performing mid-sized public sector
banks in the country. UBI's diversified geographic presence has helped it garner a
judicious mix of assets and low cost deposits.

In FY15, the bank recorded 9% YoY business growth. Advances grew at a modest
12% backed by a robust 23% growth recorded in the agriculture, retail and MSME
sectors. The combined share of these three sectors rose to 48.9% in FY15 from
44.3% in FY14. However, deposit growth remained subdued at 6.4% YoY for FY15.
On a positive note, the bank has reduced the share of high cost deposits from 12.6%
in FY14 to 5.8% in FY15. As a result the cost of deposit has fallen by 6 basis points
to 7.31% during the year. However a steeper fall in yields on advances has led to
contraction in NIMs by 0.1% during the year.

The asset quality has weakened further. Gross NPAs for the full year FY15 increased
to 4.96% from 4.08% a year ago. Slippages for the year increased to Rs 56.7 bn from
Rs 54.6 bn a year ago. Also, imminent margin pressures owing to poor yields and
lack of treasury gains going ahead may weigh on the earnings performance of the
bank. Moreover, incumbent capital raising in the near term and requirements for
BASEL III implementation may compress the RoEs for the bank. The capital
adequacy as at the end of FY15 stood at 10.2% as per BASEL III norms.

Get more info at www.equitymaster.com

97

YES BANK
BANKING

Chairman: Radha Singh

Yr of Inc

B. Code

1998
532648
SHAREHOLDING

BL. Code
YESB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 22.1%
:
0.0%
: 20.7%
: 45.1%
: 12.2%
: 172,309

Price

716.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shivanand R. Shettigar

% ch 12-m

12
31/03/14

547
216
276.8
44.7
103.0
8.00
2.1
197.3
360.63
ESOP
1.4
8.5
7.0
1.9
17.9
137,634
8.8
7,886
11,345.0
896.4
1,831.4

910
404
277.0
47.8
116.3
9.00
1.4
279.3
417.74
PP
2.4
13.7
11.7
2.4
18.8
274,455
10.8
9,866
10,704.9
912.7
1,847.8

`m
`m
`m
`m
`m
`m
%
`m
`m
`m
`m
`m
`m
`m
%

82,940
12,574
60,752
22,188
13,345
8,843
10.7
2,160
19,257
0
0
0
6,251
13,007
15.7

99,814
17,216
72,646
27,168
17,569
9,599
9.6
3,617
23,198
0
0
0
7,086
16,113
16.1

115,720
20,479
80,834
34,886
22,949
11,938
10.3
3,395
29,022
0
0
0
9,048
19,974
17.3

Advances
Deposits
Credit/Deposit ratio
Yield on advances
Cost of deposits
Net Interest Margin
Net fixed assets
Share capital
Free reserves
Net worth
Borrowings
Investments
Total assets
Debt/equity ratio
Return on assets
Return on equity
Capital adequacy ratio
Net NPAs

`m
`m
x
%
%
%
`m
`m
`m
`m
`m
`m
`m
x
%
%
%
%

469,996
669,555
70.2
11.5
6.8
2.6
2,296
3,586
42,309
58,077
209,222
429,760
991,041
15.1
1.3
22.4
18.3
0.0

556,330
741,856
75.0
11.8
7.6
2.9
2,971
3,606
51,275
71,152
213,143
409,329
1,090,048
13.4
1.5
22.6
14.4
0.1

755,498
911,588
82.9
10.6
7.2
3.0
3,218
4,177
90,807
116,655
262,204
465,702
1,361,430
10.1
1.5
17.1
15.6
0.1

P/CF
15.0

(` )

CASHFLOW

Parameters
Branches
Employees
Business / branch
Profit / employee
NIM

Mkt cap

1.3

Vol.

299,185.4

302.4

ADJUSTED DAILY SHARE PRICE DATA

From Operations
From Investments
From Financial Activity
Net Cashflow

Operating income
Gross Profit
Gross profit margin
Net profit
Net profit margin

AUD: S. R. Batliboi & Co.

Yield

1,000
900
800
700
600
500
400
300
200
100
0
Dec-12

12
31/03/15

Interest income
Other income
Interest expense
Net interest income
Operating expense
Gross profit
Gross profit margin
Provisions/contingencies
Profit before tax
Extraordinary Inc (Exp)
Minority Interest
Prior Period Items
Tax
Profit after tax
Net profit margin

BALANCE SHEET DATA

10.3

FX Transaction (FY15)
`m
0
`m
0
`m
0
`m
0
`m
0

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-1.6

High
Low
Income per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Avg Dividend yield
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Avg Price / Income ratio
Avg P/E ratio
Avg P/CF ratio
Avg Price/Bookvalue ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages & salary
Avg. income/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

532
303
231.3
36.3
84.9
6.00
1.4
161.9
358.62
ESOP
1.8
11.5
9.9
2.6
16.5
149,724
7.0
6,555
11,808.1
933.3
1,851.8

-7.4

Regd off: 9th Floor, Nehru Center, Dr. A. B. Road, Worli, Mumbai-18
E-Mail:
shareholders@yesbank.in
Web site: www.yesbank.in
Telephone: (022) 3366 9000 Fax: (022) 2421 4507
Tr agent: Karvy Computershare, 17-24, Vittalrao Nagar, Madhapur, Hyderabad-81
ISIN

INE528G01019

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
29,717
30,884
`m
9,090
9,771
%
30.6
31.6
`m
5,403
5,510
%
18.2
17.8

Jun 15
32,519
10,598
32.6
5,512
17.0

Sep 15
33,772
11,085
32.8
7,144
21.2

FY14
560
8,798
993.4
1.8
2.9

FY15
630
10,810
993.0
1.8
3.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
nos.
nos.
Rs m
Rs m
%
NOTES

5,406
-67,415
66,811
4,802

FY13
430
7,024
1,093.0
1.9
2.6

44,355
-27,855
1,759
18,259

-14,656
-44,426
75,740
16,657

Yes Bank, which received its greenfield banking license in May 2004, commenced its
lending operations in October 2004. The bank had 630 branches and 1190 ATMs at
the end of March 2015. The capital adequacy ratio of Yes Bank has been always well
above minimum requirements. The bank had recorded RoA (annualized) at or above
1.5% and RoE (annualized) around 20%, over last seven years.

With almost 15% growth in branch network and 20% growth in headcount in FY15,
Yes Bank managed an aggressive growth in balance sheet during the fiscal. This is
particularly keeping in mind the moderate growth rates posted by its larger peers in
private sector and PSU. Further, with the bank soliciting savings accounts at an
interest rate of 7% per annum, the deposit growth has come on the back of CASA
accumulation. Nevertheless, the bank has managed to sustain above average NIMs
so far by raising the proportion of CASA deposits. While NIMs were stable at 3.2% at
the end of March 2015, there may be marginal upside in NIMs due to fall in interest
rates.
Yes Bank increased its branch network by 80 in FY15 and the total count stood at 630
at the end of March 2015. The bank's total headcount stood over 10,810 in March
2015 (up 23% YoY). The bank expects its operating costs to increase at an annual
average rate of around 40% over the next 2 to 3 years given the branch expansion
targets. The cost to income ratio, went up from 39% to 41% over the past year.

In relative terms, Yes Bank had a higher slippage in asset quality while the gross NPA
stood at 0.4% of advances at the end of March 2015. Also, the possibility of slippages
from the restructured loan book (0.26% of gross advances) looms large. After the
write back of provisions during the second half of FY14 and in FY15, Yes Bank had
a lower provision coverage ratio of 72% as against 85% earlier.

Get more info at www.equitymaster.com

98

CAPITAL GOODS AND CONSTRUCTION


Engineering is a diverse industry with various segments. A
company from this sector can be a power equipment
manufacturer (like transformers and boilers), execution
specialist for Engineering, Procurement and Construction
(EPC) projects or a niche player (e.g.: providing environment
friendly solutions like waste water and air pollution treatment
plants). The company can also be an electrical, non-electrical
machinery or static equipment manufacturer too.
Order book size is the biggest determinant of the companys
performance in engineering sector. The same holds true for
construction companies as well. It indicates companies
revenue visibility. In order to bag big contracts, companies
need to have a strong balance sheet and proven execution
capabilities. Companies in these sectors need huge working
capital to execute bigger contracts. In most cases, they
receive only part payment at initial stages and the remaining
comes as projects get executed.
Indian capital goods manufacturers have been facing
competition from foreign players; particularly Chinese and
Korean manufacturers since the onset of 11th five year plan.
Currently, despite increased domestic capacities, low cost
foreign manufacturers still give tough competition to domestic
manufactures in some segments of the industry.
Power sector contributes almost 70-75% to the engineering
companies' revenues. The government plans to add largescale generation as well as transmission and distribution
(T&D) capacities in view of the paucity of power in the
country. Barring the short term challenges, there is enormous
potential for the engineering majors in both generation and
T&D space.
Given the lack of quality infrastructure in India, the
construction industry has over the long term been witness to
a strong growth wave powered by large spends on housing,
road, ports, water supply, rail transport and airport
development. The sectors growth has however remained
subdued over the past few years especially when compared
to the boom years. A big reason for this is the stalling of
various big ticket projects in the recent past due to myriad
reasons. Infrastructure is also a key area of operation for
major Indian engineering companies.

segments. This has led to a lot of stress in the balance sheets


of many of these companies.
KEY POINTS
Supply: Supply is abundant across most of the segments,
except for technology intensive executions. However, supply of
equipments face bottlenecks such as logistics and lack of
manpower for timely assembly and erection of equipments; etc.
Demand: Demand growth in this sector is fuelled by
expenditure in core sectors such as power, railways,
infrastructure development, private sector investments and the
speed at which the projects are implemented. The pace of
project execution has been lumpy in the year gone by due to
many delays in execution and cash crunch on the part of
clients.
Barriers to entry: Barriers to entry are high at upper end of the
industry as skilled manpower and technologies as well as
ability to execute large projects are a prerequisite in
engineering sector. However, in few construction businesses
like road business, which are not very technologically inclined,
the companys expertise in execution is the key differentiator.
Bargaining power of suppliers: Bargaining power of
suppliers is low because of intense competition amongst them.
However, in technology driven high-end segments, suppliers
have the upper hand.
Bargaining power of customers: Bargaining power for
technology driven and highly skilled segments is low. However,
fierce competition has increased bargaining power of
customers in power generation and T&D equipments.
Competition: Majority of the companies compete in terms of
pricing, experience in specific field, quality of equipment,
capabilities with respect to size of projects that can be handled
and timely execution. Nevertheless, competition is higher in the
industry as companies of all sizes have been trying to move
towards scaling up their technology and capacity.
PROSPECTS
World class infrastructure is of utmost importance for
unleashing high and sustained growth. In fact, it is the long
term driver for the construction sector as well. While short
term factors may keep sentiments subdued, over the long
term, demand will remain strong. The proposed increase in
doubling investment in infrastructure from Rs 20 trillion to Rs
41 trillion in the twelfth five-year plan (2012-2017) should
translate into a business for construction companies as and
when the black clouds clear-up.

FY15
FY15 was yet another disappointing year for the Indian
engineering industry. Order inflows were weak due to delays
in project awards, land acquisition problems and
environmental issues. Due to the low demand environment,
operating margins came under pressure. Thus, slowdown in
order inflows along with lower pace of project execution
proved to be a double whammy for the engineering
companies.

The government has also being working on putting in place


dispute resolution mechanisms for PPP projects. The long
term future of the Indian engineering and construction sector
remains promising.

Due to low capacity utilization across the industrial sectors,


capex failed to pick up during the year. The drastic fall in
commodity prices has further lead to weakness demand for
capital equipment. This could further impact the momentum in
industrial capex. There remains a lot of uncertainty about
when the much awaited revival in the capex cycle will come
in.

The government's initiative to bring clarity to the power sector


reforms is a welcome sign for the industry. The government
has been working on trying to fast track large sized
infrastructure projects. These initiatives may help revive the
Engineering and Construction sector going forward.
The next couple of years may remain challenging for the
engineering and construction companies. While execution
pace is slowing down due to various internal as well as macro
issues, margins have also come under pressure due to
anemic demand, rising competition and over capacity in a few
sub sectors. Thus, unless the macro-environment improves
overall growth will continue to remain sluggish in the near
term.

The situation in the construction industry remained subdued


in FY15 - given the slowdown in the overall economy. RBI too
has been slow in cutting down interest rates, thereby
impacting investments. A key issue faced by private players
has been financial pressures in terms debt servicing coupled
with errors in estimation and delays in execution across
99

CAPITAL GOODS
GLOBAL COMPARISON
FY15/ CY14

Revenues
EBIDTA margin
Profit after tax
Net profit margins
Order Backlog
Backlog to sales
Return on equity
Employees
Revenue per employee
Price/Earnings (ttm)

Capital Goods

Unit
US$ m
%
US$ m
%
US$ m
x
%
Nos.
US$ m
x

ABB India
1,154
5.9
35
3.0
1,198
1.0
8.1
6,200
0.2
88

ABB Group
39,830
14.0
2,594
6.5
41,515
1.0
14.9
140,000
0.3
14.9

Construction

Caterpillar
55,184
9.7
3,695
6.7
17,300
0.3
19.7
108,922
0.5
12.7

HCC*
1,565
13.0
(24)
0.0
2,951
1.9
-30.4
3,000
0.5
NA

Hochtief
24,021
5.9
274
1.1
38,804
1.6
13.1
53,247
0.5
NA

Source: Equitymaster Research, Company Annual Reports

ABB (Switzerland)
ABB Ltd. provides power and automation technologies to utility and industry customers worldwide. The company operates in two
divisions, Power Technologies and Automation Technologies. The Power Technologies division offers various products, systems,
and services for power transmission, distribution, and power plant automation. The Automation Technologies division provides
products, systems, software, and services for the automation of industrial and commercial processes. In addition, the company
provides installation services and engineering services, and licenses process technologies to the refining, petrochemical, and
polymer industries. It sells its products primarily through wholesalers and distributors. The company was founded in 1988 and is
headquartered in Zurich, Switzerland. In 2014, ABB earned revenues and net profits of US$ 39.8 bn and US$ 2.6 bn respectively.

Caterpillar Inc. (US)


Caterpillar is the world's leading manufacturer of construction and mining equipments, diesel and natural gas engines as well as
industrial gas turbines. In 2014, Caterpillar posted sales of US$ 55.2 bn and net profit of US$ 3.7 bn. The company principally
operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also
provides financing and related services through its Financial Products segment. The Machinery and Power Systems include all
construction, resource and power systems. Financial Products primarily include Cat Financial and Caterpillar Insurance Holdings
Inc. The financial products segment offers retail and wholesale financing alternatives for the companys products to customers and
dealers. Caterpillar was founded in 1925 and is located in Peoria, Illinois.

Hochtief (Germany)
Located in Essen, Germany, the Hochtief Group operates in areas of transportation infrastructure, energy infrastructure and
social/urban infrastructure segments as well as in the contract mining business. It has presence in all the key markets across the
globe including Europe, the Americas, Australia, the Asia-Pacific region and the Gulf States. The group is structured into three
broad divisions: Hochtief Americas, Hochtief Asia Pacific and Hochtief Europe. These divisions comprise Hochtief's operational
units. They represent the service portfolio and reflect the company's global presence. With its subsidiary Leighton, the Group is
market leader in Australia. In the USA, the biggest construction market in the world, Hochtief is the leading general builder via its
subsidiary Turner and, with group company Flatiron, it ranks among the most important players in the field of transportation
infrastructure construction. The company was founded in 1873 and has employee strength of around 53,000.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


100

ABB INDIA LIMITED


CAPITAL GOODS

Chairman: Francis Duggan

Yr of Inc

B. Code

1949
500002
SHAREHOLDING

BL. Code
ABB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

:
0.0%
: 75.0%
: 12.4%
:
4.7%
:
7.9%
: 63,710

Price

1,129.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

SEC: B. Gururaj

% ch 12-m
-8.0

FX Transaction (FY15)
`m
11,182
`m
20,540
`m
13,197
`m
25,637
` m -12,440
12
31/12/13

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

74,703
1,017
75,720
2,418
941
432
2,062
0
0
0
688
1,374
3.2
33.4
1.8

76,316
974
77,290
3,796
1,033
1,011
2,725
0
0
24
956
1,793
5.0
35.1
2.3

76,307
1,199
77,506
4,531
1,128
1,050
3,552
0
0
0
1,267
2,285
5.9
35.7
3.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

48,398
38,624
13.1
1.3
45
159
13,244
424
25,546
25,981
0
64,700
5.8
0.0
1.2
2.8
5.3
9.6
11.7
26.0

52,069
43,497
11.2
1.2
47
155
14,390
424
26,341
26,776
0
70,495
3.7
0.0
1.1
4.0
6.7
14.0
12.3
25.9

49,496
39,677
12.9
1.2
43
151
14,315
424
27,695
28,120
0
68,217
4.4
0.0
1.1
4.9
8.1
16.4
14.7
26.9

INCOME DATA

BALANCE SHEET DATA

737
448
360.1
8.5
13.3
3.00
0.5
126.4
211.91
1.6
70.0
44.4
4.7
35.5
125,567
6.4
6,771
11,978.7
1,062.7
281.4

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

915
580
352.5
6.5
10.9
3.00
0.4
122.6
211.91
2.1
115.3
68.4
6.1
46.3
158,403
6.8
6,196
11,063.8
917.7
203.5

-9.5

Regd off: 21st Flr., WTC, Brigade Gateway, Dr. Rajkumar Rd, Malleshwaram (W),
E-Mail:
Bangalore-01
Web site: investor.helpdesk@in.abb.com
Telephone: www.abb.co.in
Tr agent: (080) 2294 9150 Fax: (080) 2294 9148

1,397
568
360.1
10.8
16.1
3.70
0.4
132.7
211.91
2.7
91.1
61.0
7.4
34.3
208,180
6.2
7,052
12,377.4
1,143.9
370.7

P/E

P/CF

104.7

70.1

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

0.3

Vol.

239,267.6

5.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE117A01022

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Mar 15
Dec 14
`m
22,384
18,146
`m
1,800
1,436
%
8.0
7.9
`m
842
543
%
3.8
3.0

Jun 15
19,316
1,500
7.8
575
3.0

Sep 15
19,690
1,557
7.9
587
3.0

CY14
6.7
14.0
2.3
3.0
0.2

CY15
8.1
16.4
3.0
3.7
0.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

-502
-3,398
2,106
-1,794

CY13
5.4
9.6
1.8
3.0
0.1

3,301
-2,197
1,191
2,296

4,790
-1,477
-4,221
-908

ABB India (ABB) is a subsidiary of ABB Zurich, which is a global leader in power and
automation technologies. Besides catering to the Indian markets, ABB has also been
playing an increasing role in the parents regional and global operations. The
company serves utility and industrial customers through its vast range of offerings,
which form part of its power and automation businesses. The former caters chiefly to
utilities through its range of products and services for the power transmission and
distribution business. The automation related segments serve customers across
industries like metals, paper, automotive, chemicals and petrochemicals.
During 9mCY15, ABB saw its top line grow by 3.8% YoY. However, the companys
operating profits rose by 19.2% YoY, while its net profits were up by 18.1% YoY.

Companies in the engineering sector are seeing pressure on prices (and thus
margins) due to excess capacity, lack of orders and the resultant intense competition
in the industry. Nonetheless, the long-term prospects in the T&D space on the back
of the large potential for T&D spending are promising. ABB is also consciously
keeping away from turnkey orders where terms and conditions are not very fair i.e.
price levels are low. The company is also manufacturing raw material components
locally rather than banking on imports. We feel going forward these initiatives shall
enable the company maintain or improve its operating performance.

Get more info at www.equitymaster.com

101

ADOR WELDING LTD.


CAPITAL GOODS

Chairman: A. B. Advani

Yr of Inc

B. Code

1953
517041
SHAREHOLDING

BL. Code

ADOR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 56.3%
:
0.4%
: 13.5%
:
0.0%
: 29.8%
: 15,271

Price

308.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. M. Bhide

% ch 12-m
45.4

FX Transaction (FY15)
`m
299
`m
452
`m
307
`m
487
`m
-180
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

3,650
38
3,688
340
124
10
245
0
0
0
76
169
9.3
31.0
4.6

3,718
50
3,768
268
123
21
174
0
0
-130
95
-51
7.2
54.8
-1.4

3,861
44
3,905
289
125
12
196
0
0
282
159
319
7.5
81.2
8.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

1,535
729
22.1
2.1
45
73
819
136
1,687
1,823
74
2,663
25.9
0.0
1.4
6.7
9.3
13.4
12.7
6.7

1,753
1,010
20.0
1.7
51
77
791
136
1,549
1,685
89
2,804
9.3
0.1
1.3
-1.1
-3.0
3.7
13.2
10.1

1,607
721
22.9
2.2
41
79
990
136
1,889
2,025
1
2,842
18.1
0.0
1.4
11.6
15.7
24.2
7.7
11.7

INCOME DATA

BALANCE SHEET DATA

153
81
273.6
-3.8
5.3
5.00
4.3
124.0
13.59
0.4
-31.1
22.1
0.9
-133.0
1,588
0.7
398
5,185.9
555.6
-71.3

P/E

13.2

244
198
284.1
23.4
32.7
5.00
2.3
149.0
13.59
0.8
9.4
6.8
1.5
21.3
3,005
0.7
370
5,702.5
546.1
470.6

P/CF
9.4

(` )

AUD: Dalal & Shah

Yield

Mkt cap

1.6

Vol.

4,195.2

6.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE045A01017

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

160
110
268.5
12.4
21.5
6.00
4.4
134.1
13.59
0.5
10.9
6.3
1.0
48.3
1,835
0.8
375
4,655.0
478.1
215.3

20.3

Regd off: Ador House, 6, K. Dubash Marg, Fort, Mumbai - 400 001
E-Mail:
vmbhide@adorians.com
Web site: www.adorwelding.com
Telephone: (022) 2284 2525 Fax: (022) 2287 3083
Tr agent: Sharex Dynamic, Luthra Indl., Safed Pool, Sakinaka, Andheri (E),

300

Close
100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
870
1,362
`m
39
192
%
4.5
14.1
`m
6
96
%
0.7
7.1

Jun 15
803
97
12.1
56
7.0

Sep 15
918
65
7.1
34
3.6

FY14
2.3
8.2
1.0
5.0
0.0

FY15
16.8
25.5
7.6
5
0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

145
-40
-109
-4

FY13
10.6
15.1
4.8
6.0
0.0

183
22
-28
177

20
-85
-101
-166

Ador Welding Ltd (AWL) is a pioneer of welding and cutting consumables services in
the country. AWL provides a host of services including welding, cutting and allied
applications for all kinds of metals and every single industry and application. The
company also offers customized solutions to multi-disciplinary projects and contracts
in the area of combustion engineering, thermal engineering and fabrication
engineering. AWL has four manufacturing plants for the production and supply of
welding consumables, power sources, welding automation systems, cutting products
and accessories.
During the year, a petition for liquidation of Plasma Laser Technology Ltd (PLT), one
of the subsidiaries of the company, was filed by the employees of PLT with the district
court sitting in Nazareth, Israel. The due process of law for liquidation is in progress.

During FY15, total operating revenues reported a growth of 4.3% on a YoY basis. The
welding consumables business for the year registered a marginal reduction of over
1% YoY while the equipment & project Engineering business registered a growth of
over 21% YoY. The expenditure to sales ratio increased to 95% as compared to 92%
in the previous year. The operating profit witnessed a decline of 19.6% on a YoY
basis. Net profits witnessed a surge of 665% on a YoY basis mainly on the back an
exceptional income which was realized through the sale of 2 residential flats owned
by the company.
The company has budgeted capital expenditure of Rs 125 million for automation,
production equipments and analytical instruments for R&D (research and
development).

Get more info at www.equitymaster.com

102

ALSTOM T&D INDIA LIMTED


CAPITAL GOODS

Chairman: T. S. Vishwanath

Yr of Inc

B. Code

1957
522275
SHAREHOLDING

BL. Code
AREV.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

: 68.5%
:
6.5%
: 15.3%
:
1.2%
:
8.5%
: 45,045

Price

483.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-5.8

SEC: Manoj Prasad Singh

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

9.5

(FY15)
4,897
6,388
5,280
7,778
-2,498

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

230
138
131.8
3.5
6.9
1.80
1.0
38.1
239.10
1.4
52.3
26.6
4.8
51.2
43,994
3.6
3,246
8,762.5
902.4
233.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

31,519
169
31,687
2,475
813
775
1,056
0
0
170
385
841
7.9
36.5
2.7

35,235
435
35,671
2,997
870
788
1,774
0
0
0
604
1,170
8.5
34.1
3.3

40,676
114
40,790
3,140
819
734
1,702
0
0
0
496
1,206
7.7
29.2
3.0

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

34,492
31,240
10.3
1.1
80
199
6,733
478
8,619
9,102
661
41,454
2.4
0.1
0.8
3.9
9.2
20.5
14.5
12.3

39,295
34,086
14.8
1.2
71
238
7,495
512
11,971
12,488
0
46,996
3.3
0.0
0.7
4.2
9.4
20.5
13.0
17.2

37,182
31,271
14.5
1.2
62
193
6,867
512
12,601
13,118
0
44,924
3.3
0.0
0.9
4.3
9.2
18.6
12.0
15.7

BALANCE SHEET DATA

P/E

656
519
158.9
4.7
7.9
1.80
0.3
51.2
256.05
3.7
124.8
74.3
11.5
38.2
150,493
3.0
3,457
13,677.1
1,162.5
405.4

P/CF

102.7

61.2

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.4

Vol.

123,833.7

4.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE200A01026

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

251
110
137.6
4.6
8.0
1.80
1.0
48.8
256.05
A
1.3
39.5
22.7
3.7
39.4
46,217
3.4
3,434
10,366.4
1,010.2
344.3

Regd off: A-18, First Floor, Okhla Industrial Area, Phase II, New Delhi - 110 020
E-Mail:
manojprasad.singh@alstom.com
Web site: www.alstom.com/india
Telephone: (011) 4161 0660 Fax: (011) 41610 659
Tr agent: CB Management Services, P-22, Bondel Road, Kolkata-19

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
Net Margin
DPS
Interest coverage

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
7,661
13,682
`m
405
1,112
%
5.3
8.1
`m
26
540
%
0.3
3.9

Jun 15
8,115
626
7.7
196
2.4

Sep 15
9,053
1,048
11.6
463
5.1

FY14
10.9
3.15
1.8
2.94

FY15
9.4
3.1
1.8
2.87

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
Rs
x

4,124
-713
-2,960
450

FY13
9.2
2.7
1.7
2.4

-1,412
-1,194
2,189
-417

5,021
-1,369
-3,201
451

NOTES

Alstom T&D is amongst the top transmission and distribution players in India. Its
product offerings include power & distribution transformers, switchgear and circuit
breakers and products in the area of energy automation. Alstom T&D is a pioneer of
many high voltage products in T&D. It is the first company in India to have
manufactured India's first 1200 kV and 765 kV power transformers. It also
commissioned Indias first indigenously developed 765 kV substation and 800 kV
circuit breaker.

In FY15, Alstom T&Ds revenues and profits were up by 5.3% YoY and 3% YoY
respectively. Operating margin stood at 8.8% as against 9.6% in FY 14 on back of
increase in cost of raw material and increase in other expenses. The company had
an order backlog of Rs 81.28 bn at the end of the year as compared to Rs 64.6 bn in
the previous year.
Going forward, overall business environment is expected to remain challenging.
Pricing pressure on margins is expected to continue due to low demand and high
supply environment.

Get more info at www.equitymaster.com

103

BHARAT HEAVY ELECTRICALS LIMITED


CAPITAL GOODS

Chairman: B. Prasada Rao (MD)

Yr of Inc

B. Code

1964
500103
SHAREHOLDING

BL. Code
BHEL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

: 63.1%
:
0.0%
: 16.6%
: 15.9%
:
4.4%
: 390,318

GOVERNMENT
Price

169.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-9.3

SEC: I. P. Singh

% ch 12-m
-35.5

FX Transaction (FY15)
`m
7,474
`m
41,861
`m
10,547
`m
46,180
` m -35,632
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

275
175
199.9
27.3
31.3
5.41
2.4
124.7
2,447.60
1.1
8.2
7.2
1.8
19.8
549,486
48.4
58,240
10,106.8
1,203.3
1,383.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

489,158
10,973
500,131
94,831
9,572
1,276
94,955
3
-5
356
28,376
66,934
19.4
29.9
13.7

395,694
16,230
411,924
45,795
9,854
1,335
50,837
5
-60
0
15,753
35,029
11.6
31.0
8.9

307,886
12,306
320,192
21,414
10,820
924
21,976
19
-103
0
7,369
14,524
7.0
33.5
4.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

514,108
281,974
47.5
1.8
89
219
71,337
4,895
300,405
305,327
12,330
717,529
75.4
0.0
0.7
9.5
21.9
30.4
0.9
13.5

523,950
259,981
66.7
2.0
90
260
76,602
4,895
326,308
331,569
19,613
752,445
39.1
0.1
0.5
4.8
10.6
14.8
3.4
16.0

490,409
228,171
85.2
2.1
120
311
68,524
4,895
336,805
342,066
17,336
708,887
24.8
0.1
0.4
2.2
4.2
6.3
2.4
13.6

BALANCE SHEET DATA

P/E

292
181
125.8
5.9
10.4
1.16
0.5
139.8
2,447.60
1.9
39.8
22.8
1.7
19.5
578,368
44.9
54,755
6,856.4
1,219.3
323.4

P/CF

28.5

16.3

(` )

AUD: S. N. Dhawan & Co.

Yield

Mkt cap

0.7

Vol.

413,522.0

740.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE257A01026

350
Close

300

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

208
100
161.7
14.3
18.3
2.83
1.8
135.5
2,447.60
1.0
10.8
8.4
1.1
19.8
377,298
47.5
59,566
8,326.0
1,253.4
737.1

Regd off: BHEL House, Siri Fort, New Delhi - 110 049
E-Mail:
shareholderquery@bhel.in
Web site: www.bhel.com
Telephone: (011) 2600 1046 Fax: (011) 6633 7533
Tr agent: Karvy Computer., Arunachal Bldg., 19, Barakhamba Rd., New Delhi-01

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
61,980
126,860
`m
2,938
16,818
%
4.7
13.3
`m
2,126
8,985
%
3.4
7.1

Jun 15
43,617
-2,093
-4.8
339
0.8

Sep 15
59,380
-4,742
-8.0
-4,555
-7.7

FY14
81
19
280,000
1,015,000
2.6

FY15
77
23
308,140
1,010,000
3.3

Parameters
Power sales
Industry sales
Orders received
Order backlog
Backlog to Engg. & Const sales

`
`
`
`

m
m
m
m

17,586
-11,129
4,725
11,182

KEY DATA
Unit
FY13
(% of sales)
79
(% of sales)
21
Rs mn
316,500
Rs mn
1,151,600
x
2.3
NOTES

45,120
-8,679
5,233
41,675

8,212
6,504
-35,427
-20,711

Bharat Heavy Electricals Limited (BHEL) is India's largest public sector engineering
company catering to the power and infrastructure sectors. The company has a long
history of consistent profitability and manufactures over 180 products for industries
like power generation and distribution, transportation, and renewable energy. The
company's operations are organised around two major business segments - power
(77% of FY15 revenues) and industry (23%). The company has over 45,000
employees and 16 manufacturing units, 2 repair units, 4 regional offices, 8 service
centres, 8 overseas offices, 15 regional centres, 7 joint ventures and infrastructure to
execute more than 150 project sites across India & abroad. The company currently
has an equipment manufacturing capacity of 20,000 MW per annum.

BHELs revenues and profits fell by 22.2% YoY and 58.6% YoY during the year ended
March 2015. Operating profits dropped by a 45.8% YoY leading to a 4.5% decline in
operating margins. At the end of the year, the companys order book stood at Rs
1,010 bn, down by 0.5% YoY as compared to the previous year. The company
received orders worth Rs 308 bn during the year (up 10% YoY).
Order Book Reduction due to increasing competition, excess domestic manufacturing
capacities and low business sentiments coupled with delayed delivery of projects
leading to LDs affected overall revenues and profitability. BHEL is also facing working
capital pressure due to rising debtors and shrinking order book. BHELs debtor days
stood at 315 in FY15 as compared to 257 days in the previous year.

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104

BLUE STAR LIMITED


CAPITAL GOODS

Chairman: Ashok M. Advani

Yr of Inc

B. Code

1949
500067
SHAREHOLDING

BL. Code
BLUS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 39.1%
:
0.6%
: 19.1%
:
6.8%
: 34.5%
: 22,490

Price

355.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Sangameshwar Iyer

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
1,795
8,545
1,972
8,611
-6,640

12
31/03/15

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,240
365
29,605
904
334
528
407
0
9
0
26
391
3.1
6.3
1.3

29,343
179
29,521
1,505
378
542
763
0
36
-1
22
776
5.1
2.9
2.6

31,819
85
31,904
1,673
432
485
841
0
36
-414
-79
542
5.3
-9.4
1.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

16,930
17,526
-2.0
1.0
64
93
2,350
180
3,810
4,007
0
21,597
1.8
0.0
1.4
4.3
9.8
23.6
4.5
22.5

18,483
18,519
-0.1
1.0
58
96
2,729
180
4,123
4,605
0
23,363
2.4
0.0
1.3
5.6
16.8
29.1
5.4
24.8

16,256
16,876
-1.9
1.0
55
82
2,790
180
4,075
4,556
239
16,876
2.7
0.1
1.9
6.1
11.9
19.8
5.6
26.9

INCOME DATA

BALANCE SHEET DATA

207
130
326.2
8.6
12.8
4.00
2.4
51.2
89.94
0.5
19.5
13.1
3.3
46.4
15,155
2.5
2,476
11,552.3
974.8
305.3

6.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

231
151
325.1
4.3
8.1
3.00
1.6
44.5
89.94
0.6
44.0
23.7
4.3
69.1
17,179
2.7
2,300
10,837.7
852.3
144.8

1.0

Regd off: Kasturi Building, Jamshedji Tata Road, M. T. Advani Chowk, Mumbai - 20
E-Mail:
sangameshwar@bluestarindia.com
Web site: www.bluestarindia.com
Telephone: (022) 6665 4040 Fax: (022) 6665 4151
Tr agent: Link Intime ,C-13,Pannalal Silk Mills Cmpound, LBS Marg, Mumbai-78

387
197
353.8
6.0
10.8
5.00
1.7
50.7
89.94
0.8
48.5
27.0
5.8
83.0
26,262
2.5
2,675
12,687.2
1,066.5
216.1

P/E

P/CF

58.9

32.8

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

1.4

Vol.

31,928.7

4.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE472A01039

9,000
8,000

Close

7,000

100 DMA

6,000
5,000
4,000
3,000
2,000
1,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,908
10,054
`m
23
1,074
%
0.4
10.7
`m
-120
722
%
-2.0
7.2

Jun 15
9,086
657
7.2
390
4.3

Sep 15
7,167
112
1.6
-96
-1.3

FY14
16.8
29.1
2.6
4.0
0.0

FY15
11.9
19.8
1.7
5.0
0.1

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

262
-197
-438
-372

FY13
9.8
23.6
1.3
3.0
0.0

666
112
-259
519

2,149
-487
-1,903
-241

Blue Star (BSL) is one of Indias largest central air-conditioning and commercial
refrigeration companies. The company has divided its business segments as
electro mechanical & project services (EMPS), cooling products and professional
electronics & industrial equipments (PIES). The first business involves designing,
engineering, manufacturing, installation, commissioning and support of central airconditioning plants and ducted systems. As for the second business unit, BSL offers
a wide range of window A/Cs, split air-conditioners and commercial refrigeration
products.
During FY15, BSL recorded a 14.9% YoY growth in sales, led by a strong
performance from the cooling products segment. BSL reported an operating margin
of 5.3% during the year. The companys cooling products business segment has been
playing an increasingly larger role in the companys overall revenues considering that
the companys projects oriented division has been hit by the slowdown in the
economy.

The growth prospects of BSL are closely linked to the level of infrastructure activity in
the country. The IT/ITES, retail and commercial real estate sectors have been slow
to pick up post the credit crisis due to which the business to BSL from these sectors
has slowed. Though the commercial construction cycle is yet to pick up, the company
is looking forward to cashing in as and when the growth opportunities revive.

Get more info at www.equitymaster.com

105

CARBORUNDUM UNIVERSAL LIMITED


CAPITAL GOODS

Chairman: M. M. Murugappan

Yr of Inc

B. Code

1954
513375
SHAREHOLDING

BL. Code

CRBR.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MURUGAPPA
F.V.
1

42.2%
0.0%
11.8%
22.5%
23.5%
15,711

Price

180.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.9

SEC: Rekha Surendhiran

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

3.6

(FY15)
2,207
2,436
2,391
2,513
-122

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

175
115
105.2
4.8
8.6
1.25
0.9
56.5
187.47
ESOP
1.4
30.3
16.9
2.6
26.1
27,183
4.8
2,627
4,065.6
541.8
185.2

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

19,714
130
19,844
2,372
711
272
1,519
-2
0
0
619
898
12.0
40.8
4.6

21,253
220
21,474
2,515
911
282
1,543
-36
0
0
592
915
11.8
38.4
4.3

20,502
262
20,764
3,199
1,004
253
2,204
-57
0
0
822
1,326
15.6
37.3
6.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

9,508
5,184
21.9
1.8
75
67
8,273
188
9,453
10,592
1,975
19,109
6.6
0.2
1.0
6.1
8.5
14.2
11.2
10.4

10,163
5,672
21.1
1.8
75
72
8,260
188
5,493
11,060
1,873
19,947
6.5
0.2
1.1
6.0
8.3
13.8
9.6
11.7

9,465
5,675
18.5
1.7
69
66
7,204
188
4,794
10,887
567
18,250
9.7
0.1
1.1
8.7
12.2
21.0
10.8
11.9

BALANCE SHEET DATA

P/E

221
135
108.9
7.0
12.4
1.25
0.7
57.9
188.18
ESOP
1.6
25.2
14.4
3.1
17.7
33,449
5.0
2,754
4,084.0
548.7
264.2

P/CF

25.6

14.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.7

Vol.

33,891.2

8.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE120A01034

250
Close

200

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

156
97
113.2
4.9
9.7
1.25
1.0
58.9
187.76
ESOP
1.1
25.9
13.0
2.1
25.6
23,733
4.9
2,900
4,348.1
593.2
187.2

Regd off: Parry House, 43 Moore Street, Chennai - 600 001


E-Mail:
dhanvanthkumarS@cumi.murugappa.com
Web site: www.cumi.murugappa.com
Telephone: (044) 3000 6141 Fax: (044) 3000 6149
Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nr., Madhapur, Hyderabad-81

100 DMA

150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,032
4,771
`m
557
715
%
11.1
15.0
`m
114
131
%
2.3
2.8

Jun 15
4,958
799
16.1
333
6.7

Sep 15
5,209
892
17.1
390
7.5

FY14
50.0
63.4
1.2

FY15
45.69
66.4
1.1

Parameters
International Revenue Share
Receiveable Days
Asset Turnover

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
Days
times

1,952
-2,046
-294
-387

FY13
51.0
63.5
1.1

1,533
-946
-644
-57

3,258
-70
-2,906
282

NOTES

Carborundum Universal, popularly known as CUMI, manufactures coated and


bonded abrasives, super refractories, electro minerals, industrial ceramics, and
ceramic fibres in India. Founded in 1954 as a tripartite collaboration between the
Murugappa Group, The Carborundum Co USA and the Universal Grinding Wheel Co
Ltd, UK, CUMI manufactures over 20,000 different types of abrasives, refractory
products, and electro minerals. Globally, the companys products are exported to 50
countries spread across North America, Europe, Australia, South Africa, and Asia with
a retail network of manufacturing facilities and marketing establishments. It is a major
player in India and Russia.
CUMI is one of the five manufacturers in the world with fully integrated operations that
include mining, fusioning, wind and hydro power stations, manufacturing, marketing,
and distribution. The company operates its in-house research and development
operations and collaborative research with foreign institutions.

Aided by revenue growth, standalone earnings from operations before exceptional


items, interest, depreciation, and tax improved to 1,490 million in FY15 from 1,450
million in FY14. Depreciation was higher at 588 million as a result of the continuing
investments in various projects and changes in useful life of assets in line with
Companies Act, 2013. Finance costs were lower at 87 million compared to 129 million
in FY14 owing to a reduction in quantum of borrowings.

During the financial year 2014-15 (FY15), the companys consolidated revenue from
India increased by 3.9% but dropped 11.2% outside of the country, resulting in a
worldwide drop of 3.6% from last years levels. Operating margins stood at 13.4%
compared to 12.2% in FY14.

Get more info at www.equitymaster.com

106

CUMMINS INDIA LIMITED


CAPITAL GOODS

Chairman: Anant J. Talaulicar (MD)

Yr of Inc

B. Code

1962
500480
SHAREHOLDING

BL. Code

CUMM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
2

:
0.0%
: 51.0%
: 18.1%
: 18.0%
: 12.9%
: 41,179

MNC

Price

990.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Trivikram Guda (G.M. - Legal)

% ch 12-m
8.9

FX Transaction (FY15)
`m
17,268
`m
5,898
`m
17,742
`m
9,406
`m
8,336
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

45,894
2,067
47,961
8,349
473
46
9,897
0
0
616
2,872
7,641
18.2
29.0
16.6

39,767
1,777
41,544
6,967
528
42
8,175
0
0
0
2,175
6,000
17.5
26.6
15.1

44,058
2,866
46,924
7,351
797
45
9,374
0
0
0
1,515
7,859
16.7
16.2
17.8

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

25,294
11,016
31.1
2.3
42
68
6,142
554
23,313
23,867
0
36,696
215.7
0.0
1.3
20.9
32.0
44.2
27.7
11.4

20,165
10,238
25.0
2.0
51
72
10,149
554
25,097
25,652
0
37,727
196.6
0.0
1.1
16.0
23.4
32.0
30.5
12.4

24,081
12,273
26.8
2.0
57
78
14,046
554
28,311
28,865
0
43,217
208.4
0.0
1.0
18.3
27.2
32.6
39.2
13.4

INCOME DATA

BALANCE SHEET DATA

602
365
143.5
21.6
23.5
13.00
2.7
92.5
277.20
3.4
22.3
20.5
5.2
60.1
133,971
3.4
3,396
11,713.3
1,000.4
1,767.4

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

550
396
165.6
27.6
29.3
13.00
2.7
86.1
277.20
2.9
17.2
16.2
5.5
47.2
131,116
3.6
3,386
12,783.8
943.2
2,128.4

-5.3

Regd off: Kothrud, Pune - 411 038


E-Mail:
trivikram.guda@cummins.com
Web site: www.cumminsindia.com
Telephone: (020) 2538 5435 Fax: (020) 2538 0125
Tr agent: Link Intime, C13, Pannalal Silk Mills Cmpound, LBS Marg, Mumbai-78

960
508
158.9
28.3
31.2
14.00
1.9
104.1
277.20
4.6
25.9
23.5
7.1
49.4
203,506
4.1
3,936
10,753.7
960.7
1,918.1

P/E

P/CF

34.9

31.7

(` )

AUD: Price Waterhouse

Yield

Mkt cap

1.4

Vol.

274,608.2

6.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE298A01020

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
10,831
11,335
`m
1,894
1,759
%
17.5
15.5
`m
1,810
1,904
%
16.7
16.8

Jun 15
13,143
2,180
16.6
2,107
16.0

Sep 15
11,977
2,007
16.8
1,986
16.6

FY14
24.2
33.2
14
13
-

FY15
28.8
34.6
16.7
14.0
-

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

5,286
-2,186
-3,590
-490

FY13
34.5
47.7
16
13
-

3,611
552
-4,258
-95

5,012
-563
-4,261
188

Cummins India Limited (CIL) is a subsidiary of Cummins Inc. US, the worlds largest
independent diesel engine designer and manufacturer of above 200 HP (horsepower)
engines. Set up in 1962, CIL is Indias leading manufacturer of diesel engines with a
range from 205 HP to 2,365 HP, serving the power generation, industrial and
automotive markets. CIL offers solutions to the growing market for gas and dual fuel
engines, provides after sales services & retails commercial vehicles parts and
accessories.
During FY15, CILs revenues increased by 10.8% YoY. At the operating level, the
company reported 16.9% YoY increase in profits. As a result, the net profit increased
by 31% YoY.

With more stringent emission norms, fuel-efficient products will be major drivers in the
industrial market in coming years, an area CIL has been working on aggressively. CIL
is well-positioned in its niche given its global leadership, vast domestic and global
distribution network and support from its global parent. Also, with pace of economic
activity picking up, the demand for the companys products in the industrial and power
segment is poised to rise as well. However, intensifying competition in automotive,
power generation will be a key concern going forward.

Get more info at www.equitymaster.com

107

ESAB INDIA LIMITED


CAPITAL GOODS

MNC

Chairman: D. A. Pryor

Yr of Inc

B. Code

1987
500133
SHAREHOLDING

BL. Code
ESAB.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

F.V.
10

0.0%
73.7%
0.1%
11.1%
15.1%
11,258

Price

595.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: S. Venkatakrishnan

% ch 12-m
-10.7

FX Transaction (FY15)
`m
200
`m
564
`m
269
`m
694
`m
-425
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,035
51
5,087
608
118
0
542
0
0
0
164
378
12.1
30.3
7.5

4,356
71
4,426
516
112
0
475
0
0
0
144
331
11.9
30.2
7.6

5,519
115
5,633
329
138
0
306
0
0
0
70
236
6.0
22.8
4.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,192
864
26.4
2.5
49
17
993
154
2,194
2,360
0
3,311
NM
0.0
1.5
11.4
16.0
23.0
2.5
9.3

2,350
763
36.4
3.1
51
23
990
154
2,507
2,673
0
3,503
NM
0.0
1.2
9.5
12.4
17.8
3.6
11.2

2,658
759
34.4
3.5
36
29
843
154
2,725
2,891
0
3,687
NM
0.0
1.5
6.4
8.2
10.6
3.6
10.2

INCOME DATA

BALANCE SHEET DATA

499
310
283.0
21.5
28.8
1.00
0.2
173.7
15.39
1.4
18.8
14.0
2.3
4.6
6,225
0.6
425
6,763.2
660.4
514.3

P/E

758
415
358.6
15.4
24.3
1.00
0.2
187.8
15.39
1.6
38.2
24.1
3.1
6.5
9,026
0.6
558
9,401.2
951.3
402.7

P/CF

38.8

24.5

(` )

AUD: BSR & Co.

Yield

Mkt cap

0.2

Vol.

9,160.9

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE284A01012

800
700

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

569
420
327.2
24.5
32.2
7.50
1.5
153.3
15.39
1.5
20.1
15.3
3.2
30.6
7,610
0.7
418
7,372.2
611.3
553.0

6.3

Regd off: Plot 13, 3rd Main Road, Industrial Estate, Ambattur, Chennai - 600 058
E-Mail:
venkatakrishnan.s@esab.co.in
Web site: www.esabindia.com
Telephone: (044) 4228 1100 Fax: (044) 4228 1150
Tr agent: Integrated Enterp., II Flr., Kences Tower, North Usman Rd., Chennai-17

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Net Profit Growth
Sales/ Working Capital
ROE

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
1,115
1,066
`m
71
-47
%
6.3
-4.4
`m
51
-14
%
4.6
-1.3

Jun 15
1,090
123
11.2
78
7.2

Sep 15
1,165
122
10.4
90
7.8

FY14
-12.3
3.0
13.2

FY15
-28.6
3.2
8.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%

461
-463
0
-2

FY13
-20.4
4.2
16.9

351
-269
-137
-55

164
-120
-18
27

NOTES

ESAB India has been in existence in India since 1987 with the acquisition of the
welding division of the now Phillips India Ltd. The company expanded its presence in
the country through the acquisition of the welding business of Oxygen Ltd in 1991
and then of Flotech Welding & Cutting Systems in 1992. Subsequently, in 1992, the
company merged the operations of Maharashtra Weldaids with itself. The company
has emerged as a leader of welding and cutting products.

The companys key customers are all primary steel using industries. This would
include companies in the areas of shipbuilding, petrochemicals, construction,
transport, offshore, energy as well as repair & maintenance. Growing investment in
the end user industries, both from the government as well as from the private players,
will result in an increased demand for welding products. The company has deep
rooted client relationships as well as a strong brand name, which has helped it in
maintaining pricing power. During FY 15, the company has reported a topline growth
of around 26.7% YoY. However, net profits declined by 28.6% YoY. The demand for
the companys products is hugely dependent on the recovery of the investment cycle
in the economy. The investment cycle over the past few years has remained
subdued, thus adversely affecting the margins and bottomline of the company. In the
near term, margins as well as working capital are expected to remain under pressure
on account of over capacities and aggressive pricing and credit terms by competitors.
Recently, the company has taken a decision to shift all operations from their Kardah
plant in Rajasthan to their other manufacturing facilities. Further, dividend payout
from the net profits have reduced significantly from 30.6% in FY12 to as low as 6.5%
in FY15. To add to the woes, return ratios have deteriorated; having almost halved
over last three years.

Get more info at www.equitymaster.com

108

FINOLEX CABLES LIMITED


CAPITAL GOODS

Chairman: D. P. Chhabria

Yr of Inc

B. Code

1967
500144
SHAREHOLDING

BL. Code

FNXC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

CHHABRIA P.P.
F.V.
2

: 35.9%
:
0.0%
: 11.7%
: 12.7%
: 39.8%
: 37,614

Price

245.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: R. G. D'Silva (Asst. VP - Legal)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
540
1,541
540
1,561
-1,022

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

22,707
242
22,949
2,297
466
134
1,938
0
0
-230
255
1,453
10.1
13.2
6.4

23,590
484
24,074
2,482
484
145
2,336
0
0
104
363
2,077
10.5
15.6
8.8

24,491
585
25,076
2,598
640
137
2,406
0
0
225
645
1,987
10.6
26.8
8.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,032
2,420
20.3
2.9
53
24
4,478
306
8,603
9,243
1,452
14,041
15.5
0.2
1.6
11.3
15.7
17.2
2.1
6.1

8,001
2,991
21.2
2.7
55
22
5,065
306
10,394
11,034
1,267
15,640
17.1
0.1
1.5
14.2
18.8
21.0
2.1
9.9

9,141
2,823
25.8
3.2
47
18
4,704
306
12,008
12,648
512
16,338
18.6
0.0
1.5
13.0
15.7
21.0
2.2
6.3

BALANCE SHEET DATA

P/E

306
261
160.1
13.0
17.2
1.80
0.6
82.7
152.94
1.8
21.8
16.5
3.4
13.9
43,389
1.5
940
15,996.7
613.7
1,297.6

P/CF

18.9

14.3

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

0.7

Vol.

37,554.4

7.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE235A01022

350
Close

300

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

116
46
154.2
13.6
16.7
1.60
2.0
72.1
152.94
0.5
5.9
4.8
1.1
11.8
12,312
1.5
848
15,259.0
548.7
1,343.3

-7.5

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
31
148.5
9.5
12.5
1.20
2.5
60.4
152.94
0.3
5.0
3.8
0.8
12.6
7,265
1.6
846
14,094.8
525.1
901.7

0.6

Regd off: 26/27, Mumbai - Pune Road, Pimpri, Pune - 411 018
E-Mail:
Dsilva_RG@finolex.com
Web site: www.finolex.com
Telephone: (020) 2750 6230 Fax: (020) 2747 2239
Tr agent: Sharepro Serv., 3, Chintamani Apartments, Bhandarkar Rd, Pune-04

100 DMA

250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
RoA
DPS
EPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,821
6,582
`m
616
613
%
10.6
9.3
`m
382
243
%
6.6
3.7

Jun 15
5,883
730
12.4
480
8.2

Sep 15
6,054
755
12.5
649
10.7

FY14
20.5
22.0
14.0
1.6
13.6

FY15
16.8
21
12.4
1.8
13

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
Rs
NOTES

1,490
-325
-456
709

FY13
16.9
17.7
11.1
1.2
9.5

2,244
-672
-611
962

1,831
312
-401
1,743

Finolex Cables was established in 1958 in Pune. The company manufactures


electrical and telecommunication cables and has manufacturing facilities at Pimpri,
Goa and Uttarakhand. It initially started its operations with manufacturing of PVC
insulated electrical cables for the auto industry. However, over time it has expanded
its product range to industrial cables, power & control cables and telephone cables.
Further, it entered the Lighting business, first with energy efficient CFLs and
subsequently with Tube Lights and LED based lamps. During FY15, the company
expanded its manufacturing capacities of LAN, coaxial and optical fiber cable product
lines at both Urse and Goa. It also launched the latest T5 tube lights and fittings in
the market and is planning to launch high quality MCBs (Miniature Circuit Breakers)
shortly.
In FY15, sales increased 4% YoY. In volume terms, the growth was higher at 7% YoY.
Operating profits also increased at a healthy pace of 7.3% YoY. In line with the strong
performance at the operating level, net profits increased 42.9% YoY. Net Profit
Before Tax stood at Rs 2,631 million, registering a growth of 7.8% YoY. Exports were
marginally higher at Rs 545 million as against Rs 501 million of the earlier year.
Going forward, a wide distribution reach will further help the company expand in other
areas. Also, the company will also be aided by the economies of scale that it enjoys
and backward integration. However, competition from the unorganized market which
produces cheap material at lower prices and volatility in commodity prices where
price movements are sharp can pose a key threat.

Get more info at www.equitymaster.com

109

HINDUSTAN CONSTRUCTION COMPANY LIMITED


CONSTRUCTION

Chairman: Ajit Gulabchand (MD)

Yr of Inc

B. Code

1926
500185
SHAREHOLDING

BL. Code

HCNS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 43.5%
:
0.0%
:
3.5%
: 12.7%
: 40.3%
: 211,750

WALCHAND
Price
22.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-2.3

SEC: Vithal P. Kulkarni

% ch 12-m

FX Transaction (FY15)
`m
306
`m
371
`m
306
`m
977
`m
-671
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

27
13
140.3
-8.0
-2.8
0.00
0.0
8.5
606.56
0.1
-2.5
-7.2
2.4
0.0
12,131
0.0
9,535
NM
NM
NM

17
8
159.4
-4.6
0.5
0.00
0.0
9.2
606.56
0.1
-2.7
25.6
1.4
0.0
7,552
0.0
9,868
NM
NM
NM

49
17
160.3
-2.5
2.6
0.00
0.0
8.1
645.80
OI
0.2
-13.3
12.6
4.0
0.0
21,215
0.0
10,055
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

85,100
1,148
86,247
4,543
3,140
9,003
-6,453
462
72
188
-908
-4,825
5.3
14.1
-5.7

96,683
1,733
98,416
8,524
3,070
10,914
-3,727
866
225
-287
-149
-2,774
8.8
4.0
-2.9

103,530
620
104,150
13,461
3,274
12,796
-1,989
482
199
0
286
-1,595
13.0
-14.4
-1.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

77,968
61,046
19.9
1.3
187
29
59,732
607
1,361
5,155
79,100
152,114
0.3
15.3
0.6
2.7
-93.6
3.9
0.5
1.8

90,363
84,670
5.9
1.1
244
28
53,590
607
-1,413
5,562
82,229
178,219
0.7
14.8
0.5
4.6
-49.9
9.1
1.3
0.6

90,488
97,625
-6.9
0.9
242
26
61,102
646
-2,409
5,239
82,546
190,412
0.8
15.8
0.5
5.9
-30.4
13.1
0.3
0.4

P/CF
10.6

(` )

Yield
0.0

AUD: K. S. Aiyar & Co.

Mkt cap

Vol.

17,803.8

1,092.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE549A01026

60
Close

50

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-24.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai-83
E-Mail:
secretarial@hccindia.com
Web site: www.hccindia.com
Telephone: (022) 2575 1000 Fax: (022) 2577 5950
Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai-11

100 DMA

40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
10,947
11,205
`m
2,069
1,950
%
18.9
17.4
`m
234
134
%
2.1
1.2

Jun 15
9,081
1,648
18.1
80
0.9

Sep 15
9,357
2,264
24.2
384
4.1

FY14
142
3.5
3.9
0.0

FY15
144.5
3.4
3.6
0.0

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Order book
Rs bn
Order book to sales (standalone) x
Debt to equity (standalone)
x
DPS
Rs

6,318
-9,958
4,820
1,180

FY13
149
3.9
3.9
0.0

7,400
-12,697
4,701
-595

7,022
-8,428
-1,810
-3,217

NOTES

Established in 1926 by Walchand Hirachand Group, Hindustan Construction


Company (HCC) is one of the largest and oldest private sector construction
companies in India. The company has been involved in the construction of diverse
projects ranging from power dams, highways and bridges to marine structures, water
supply, factories and waste treatment plants. Apart from domestic presence, HCC
has executed several projects overseas in countries like Iraq, Nepal and Tanzania.
HCC is also developing Lavasa City, which is considered Indias largest urban
development across 23,000 acres. The company is headquartered in Mumbai.
HCC reported a revenue growth of 7.08% YoY during FY15. Debt to Equity ratio stood
at whopping 22.7 (on consolidated level) however, company managed to register
profit at PBDT (Profit before depreciation and tax). It may be noted that this was the
fifth consecutive year of losses for the company. At the end of the year, HCCs E & C
orderbook stood at Rs 144.5 bn.
The slowdown in the infrastructure sector has impacted HCC on many fronts
including slow order intake, execution delays, and delays in receiving payments. In
fact, it is mainly due to the latter that the company's debt levels shot up in recent
years. In fact, such issues led the company to go in for Corporate Debt Restructuring
(CDR). While the company has shown an improving trend in financial performance of
late, it seems that a good portion of the improvement has been due to higher
contribution from non-recurring income. While revenue visibility remains firm given
the higher order book to sales ratio, the company will have to deal with issues related
to its high debt and working capital levels.

Get more info at www.equitymaster.com

110

JYOTI STRUCTURES LTD.


CAPITAL GOODS

Chairman: S. D. Kshirsagar

Yr of Inc

B. Code

1980
513250
SHAREHOLDING

BL. Code
JYTS.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 27.1%
:
0.0%
: 19.9%
:
1.7%
: 51.4%
: 40,562

Price
15.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

29.2

SEC: L. H. Khilnani

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
7,595
1,242
7,785
1,280
6,504

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

51
27
366.2
4.6
8.9
0.80
2.1
83.1
82.26
ESOS
0.1
8.5
4.4
0.5
17.4
3,208
0.0
1,553
NM
NM
NM

34
24
284.1
-0.9
4.0
0.00
0.0
35.3
109.53
0.1
-33.8
7.3
0.8
0.0
3,165
1.4
1,832
22,562.4
1,328.6
-67.9

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

30,127
50
30,177
2,680
356
1,821
553
0
0
0
175
378
8.9
31.6
1.3

36,361
295
36,655
2,372
403
2,459
-196
0
0
0
-102
-94
6.5
52.1
-0.3

31,114
560
31,673
4,139
528
4,256
-85
0
0
0
9
-94
13.3
-10.0
-0.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

24,775
18,636
20.4
1.3
35
224
4,655
165
6,583
6,837
3,050
30,164
1.3
0.4
1.0
7.3
5.5
24.0
19.5
13.3

39,462
32,091
20.3
1.2
53
285
4,703
165
7,208
6,816
3,684
45,267
0.9
0.5
0.8
5.2
-1.4
21.6
27.7
15.8

49,429
33,461
51.3
1.5
53
421
4,383
219
5,617
3,865
14,281
55,795
1.0
3.7
0.6
7.5
-2.4
23.0
24.4
4.0

P/CF
3.8

(` )

AUD: R. M. Ajgaonkar & Assoc.

Yield

Mkt cap

0.0

Vol.

1,664.5

237.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE197A01024

80
70

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-58.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

34
15
442.0
-1.1
3.8
0.00
0.0
82.8
82.27
ESOS
0.1
-21.5
6.5
0.3
0.0
2,012
2.1
1,797
17,736.8
876.7
-45.7

Regd off: Valecha Chambers, New Link Road, Andheri (W), Mumbai - 400 053
E-Mail:
investor@jsl.in
Web site: www.jsl.in
Telephone: (022) 4091 5000 Fax: (022) 4091 5014
Tr agent: Big Share Serv., Ansa Indl. Estate, Sakivihar Rd, Saki Naka, Mumbai-72

Close
100 DMA

60
50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
Dividend payout
DPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
5,822
8,820
`m
-119
295
%
-2.0
3.3
`m
-937
-910
%
-16.1
-10.3

Jun 15
6,006
3,108
51.8
1,519
25.3

Sep 15
3,949
-266
-6.7
-1,572
-39.8

FY14
-1.4
14.7
-0.3
0
0.0

FY15
-74.6
3.3
-12.6
0
0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
`
NOTES

508
-803
82
-213

FY13
5.5
16.8
1.3
17.4
1.8

-878
-395
1,767
494

-11,301
-806
12,515
408

Jyoti Structures (JSL) is one of the largest transmission and distribution (T&D) project
companies in India. It provides Engineering Procurement and Construction (EPC)
services such as tower testing, construction and project management of transmission
towers and sub-stations. Having executed projects in South East Asia, Middle East,
Australia, the Americas and Africa, JSL has considerable amount of global presence
and experience as well. The company has executed projects in over 40 countries.
During the year, the company reported a decline in the top-line by 17% over the
previous year. At consolidated level, gross revenue from operations was placed at Rs
31.3 billion, as compared to Rs 36.9 billion in the previous year. The net loss for the
year stood at Rs 3.9 billion, as compared to loss of Rs 93.6 million in the previous
year. Exports of the company amounted to Rs 7.7 billion representing about 28% of
the net sales. Supply of towers and structures declined to 46,097 MT as compared to
87,587 MT in the previous year. Order backlog at the end of the year was at Rs 46
billion as compared to Rs 43.5 billion at the end of the previous year.

The company has formulated a corrective action plan. It has planned a debt
restructuring plan. Lastly, to overcome challenges the company is managing its
operations, exploring short term and long term solutions including infusion of equity
capital. However, being one of the most experienced players in the power
transmission industry, JSL is well placed to tap the opportunities in the domestic
markets, especially the larger contracts. However, the large working capital
requirements (due to delayed payments) coupled with the high debt burden are key
challenges for the company in the short to medium term.

Get more info at www.equitymaster.com

111

KALPATARU POWER TRANSMISSION LTD.


CAPITAL GOODS

Chairman: Mofatraj P. Munot

Yr of Inc

B. Code

1981
522287
SHAREHOLDING

BL. Code
KAPT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 59.3%
:
0.2%
: 22.6%
:
9.6%
:
8.4%
: 21,177

Price

245.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Rahul Shah

% ch 12-m
37.2

FX Transaction (FY15)
`m
14,464
`m
830
`m
16,599
`m
10,034
`m
6,564
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

60,850
355
61,205
4,747
1,224
1,938
1,940
-50
0
0
595
1,295
7.8
30.7
2.1

70,903
233
71,136
5,897
1,490
2,488
2,153
-17
0
0
913
1,222
8.3
42.4
1.7

71,982
251
72,233
7,043
1,683
3,370
2,241
49
0
0
1,086
1,204
9.8
48.5
1.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

37,762
30,348
12.2
1.2
55
88
23,177
307
18,293
19,473
10,715
63,913
2.0
0.6
1.0
5.1
6.6
12.7
13.2
4.8

45,998
36,522
13.4
1.3
63
95
30,376
307
19,513
20,991
17,275
79,798
1.9
0.8
0.9
4.6
5.8
12.1
13.6
2.4

50,128
36,385
19.1
1.4
62
113
35,816
307
20,284
22,166
24,732
89,511
1.7
1.1
0.8
5.1
5.4
12.1
20.1
1.2

INCOME DATA

BALANCE SHEET DATA

101
56
462.0
8.0
17.7
1.50
1.9
136.8
153.46
0.2
9.8
4.4
0.6
18.8
12,024
0.0
4,520
NM
NM
NM

P/E

31.3

246
198
469.1
7.8
18.8
1.50
0.7
144.4
153.46
0.5
28.3
11.8
1.5
19.1
34,037
2.2
5,444
32,178.0
2,433.7
538.0

P/CF
13.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.6

Vol.

37,728.1

3.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE220B01022

300
Close

250

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

113
64
396.5
8.4
16.4
1.50
1.7
126.9
153.46
0.2
10.5
5.4
0.7
17.8
13,581
1.9
3,619
32,026.5
1,904.7
681.5

-1.6

Regd off: 10, Part III, GIDC Estate, Sector 28, Gandhinagar, Gujarat - 382 028
E-Mail:
rahul.shah@kalpatarupower.com
Web site: www.kalpatarupower.com
Telephone: (079) 2321 4000 Fax: (079) 2321 1966
Tr agent: Link Intime India, 303, Shoppers Plaza - 5, Navrangpura, Ahmedabad-09

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
Dividend payout
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
11,471
10,710
`m
1,118
1,049
%
9.7
9.8
`m
410
401
%
3.6
3.7

Jun 15
11,696
1,224
10.5
484
4.1

Sep 15
9,464
1,066
11.3
410
4.3

FY14
6.2
11.6
2
18.8
1.3

FY15
5.4
11.2
1.6
19.1
1.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
x
NOTES

4,687
-8,598
3,317
-594

FY13
7.1
11.2
2.2
17.8
0.9

1,690
-7,861
6,354
183

720
-6,074
5,505
150

Incorporated in 1981, Kalpataru Power Transmission (KPT) is one of Indias leading


engineering, procurement and construction (EPC) companies providing services to
the power transmission sector. KPT has its manufacturing facility in Gandhinagar,
Gujarat and Raipur, Chhattisgarh. Over the years, KPT has diversified its business by
way of entering businesses like construction, pipelines, rural electrification,
distribution, biomass energy, and warehousing & logistics. Its core competencies lie
in EPC services to the power T&D industry and oil & gas pipeline sectors. The
company owns 67.19% stake in listed entity JMC Projects.
KPTs consolidated revenues grew by 2% YoY during FY15 with net revenue of Rs
71.9 billion during the year. The consolidated order book of the company stood above
Rs 108 billion. On a standalone basis, the company reported net revenue of Rs 44
billion in FY15, a growth of 9% over the last year. Revenue in the power transmission
and distribution segment grew by 7% YoY to Rs 40 billion in FY15. Infrastructure
segment recorded a growth of 44% in FY15 over the last year. EBITDA grew by 10%
YoY while PAT was up by 13% on a YoY basis at Rs 1.6 billion on account of lower
finance cost.
In India T&D segment offers tremendous opportunity as large scale investment by the
central and state government is unfolding. With KPT having its presence in domestic
as well as international markets can significantly benefit from this. The company due
to subdued growth in the EPC of oil and gas in the year under review and being a
new entrant in the railway business had to face high fixed cost and low margin
initially. However, with legacy orders in these segments are in the process of
completion, the outlook remains very positive. This can be said especially for the
Railway segment given the thrust of government towards upgrading and expanding
the rail network and laying 15,000 km of additional pipeline to complete gas grid.

Get more info at www.equitymaster.com

112

KEC INTERNATIONAL LIMITED


CAPITAL GOODS

Chairman: H. V. Goenka

Yr of Inc

B. Code

1994
532714
SHAREHOLDING

BL. Code
KECL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 50.0%
:
0.0%
: 30.2%
:
4.9%
: 15.0%
: 66,522

Price

147.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: V. Jagannadha Rao

% ch 12-m
47.1

FX Transaction (FY15)
`m
11,608
`m
3,050
`m
25,557
`m
17,696
`m
7,861
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,795
161
69,955
3,814
561
1,944
1,470
0
0
-1
818
650
5.5
55.7
0.9

79,018
138
79,156
4,933
705
2,633
1,733
0
0
-182
883
667
6.2
51.0
0.8

84,678
1,462
86,140
5,118
881
3,089
2,611
0
0
0
1,001
1,610
6.0
38.3
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

46,503
42,977
5.1
1.1
21
151
10,083
514
9,920
11,472
7,078
62,530
1.8
0.6
1.1
4.1
5.7
18.4
10.8
5.0

56,908
55,240
2.1
1.0
23
176
9,922
514
10,407
11,916
6,026
74,114
1.7
0.5
1.1
4.5
5.6
23.3
11.1
4.3

59,469
55,865
4.3
1.1
21
166
8,811
514
11,689
13,298
7,370
77,448
1.8
0.6
1.1
6.1
12.1
27.6
13.7
3.6

INCOME DATA

BALANCE SHEET DATA

69
23
307.4
2.6
5.3
0.60
1.3
46.3
257.09
0.1
17.8
8.6
1.0
23.1
11,852
5.3
5,661
14,957.1
1,071.6
126.3

P/E

95
72
329.4
6.3
9.7
0.90
1.1
51.7
257.09
0.3
13.3
8.6
1.6
14.4
21,403
3.9
5,865
21,880.6
1,515.5
416.0

P/CF

23.5

15.2

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.6

Vol.

37,845.1

142.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE389H01022

180

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

81
47
271.5
2.5
4.7
0.50
0.8
44.6
257.09
0.2
25.3
13.6
1.4
19.8
16,454
5.0
4,829
13,826.2
956.6
128.8

5.5

Regd off: RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400 030
E-Mail:
investorpoint@kecrpg.com
Web site: www.kecrpg.com
Telephone: (022) 6667 0200 Fax: (022) 6667 0287
Tr agent: Link Intime India, C-13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

160

Close

140

100 DMA

120
100
80
60
40
20
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Dividend payout

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
20,533
25,211
`m
1,046
1,847
%
5.1
7.3
`m
664
629
%
3.2
2.5

Jun 15
18,780
1,407
7.5
304
1.6

Sep 15
20,209
1,548
7.7
441
2.2

FY14
5.7
15.9
0.8
0.6
23.1

FY15
12.7
18.5
1.8
0.9
14.4

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
%
%
NOTES

-868
-1,217
1,605
-480

FY13
5.8
15.8
0.9
0.5
19.8

-93
-1,361
1,317
-137

1,529
1,248
-2,157
620

Part of the RPG Group, KEC International is one of Indias leading power
transmission EPC companies. It has a presence in five key verticals of Power
Transmission & Distribution, Cables, Railways, Water and Renewables (Solar). It sets
up sub-stations and power distribution networks, optical fiber cables, provides
telecom infrastructure services and maintains power transmission lines. It has
presence in over more than 61 countries across continents. The company has 8
manufacturing facilities (six in India and one each in Mexico & Brazil) with annual
capacity of 313,200 MT.
In FY15, KEC reported a 7.2% increase in its revenues, led by strong execution and
good order inflow. 53% of the total net sales came from the markets outside India.
Operating profits increased by 3.8% YoY to Rs 5 billion. However, the profitability was
also negatively impacted on the back of adverse movement in currencies. The
companys wholly owned subsidiary, SAE Towers, also reported negative profitability
this year as a result of lower order intake in Mexico and lack of clearances in Brazil
which led to higher inventories and lower production. Net Profit stood at Rs 1.6 billion
as against Rs 670 million in FY14. Lastly, net profit excluding the impact of profit on
disposal of assets stood at Rs 690 million, as against this, FY14 profit excluding
impact of VRS at Thane Cables plant was Rs 790 million.
During the year, the company re-entered Zambia, Georgia and Uganda with order
wins and L1 position. It secured orders from SAARC (India, Bangladesh), Americas
(United States, Mexico, Canada, Brazil and Chile), MENA (Saudi Arabia, Abu Dhabi,
Oman), Africa (Uganda, Mozambique, Nigeria, Kenya). The company secured orders
of Rs 82 billion in FY15 and is further expecting to receive significant orders in the
near future as it has a good L1 pipeline.

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113

KIRLOSKAR INDUSTRIES LIMITED


CAPITAL GOODS

Chairman: Atul C. Kirloskar

Yr of Inc

B. Code

1946
500243
SHAREHOLDING

BL. Code

KROL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

KIRLOSKAR
F.V.
2

: 72.6%
:
0.0%
:
4.8%
:
9.8%
: 12.8%
: 22,818

Price

595.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.5

SEC: Ashwini V. Mali

% ch 12-m

12
31/03/14

656
272
1,409.4
63.5
114.1
20.00
4.3
782.9
9.71
0.3
7.3
4.1
0.6
31.5
4,506
0.0
627
NM
NM
NM

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

131
387
518
73
31
0
430
0
0
0
69
361
56.2
15.9
276.5

12,390
512
12,901
1,118
369
229
1,032
-194
0
0
256
583
9.0
24.7
4.7

13,685
533
14,218
1,429
492
298
1,173
-239
0
0
317
617
10.4
27.0
4.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

863
70
606.7
12.3
0
8
98
97
5,953
6,257
0
6,446
NM
0.0
0.0
5.6
5.8
6.9
0.0
0.0

4,672
4,383
2.3
1.1
56
23
5,761
97
6,395
7,223
602
15,038
5.5
0.1
0.8
5.4
8.1
13.6
0.0
0.0

4,411
4,148
1.9
1.1
47
32
5,795
97
7,075
7,602
100
14,815
4.9
0.0
0.9
6.2
8.1
16.0
0.0
0.0

5.2

(` )

AUD: G. D. Apte & Co.

Yield

Mkt cap

3.4

Vol.

5,777.5

0.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE250A01039

800
700

12
31/03/15

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

BALANCE SHEET DATA

455
390
260
226
13.5
1,276.0
37.2
60.1
40.4
98.0
4.00
4.00
1.1
1.3
644.4
743.8
9.71
9.71
26.6
0.2
9.6
5.1
8.8
3.1
0.6
0.4
10.8
6.7
3,471
2,988
0.0
0.0
9
505
14,511.1 1,548,700.0
1,022.2
63,075.0
40,122.2
72,925.0

P/CF

9.4

FX Transaction (FY15)
`m
0
`m
0
`m
1
`m
0
`m
1

`
`
`
`
`
`
%
`
m

INCOME DATA

P/E

-4.8

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Regd off: 13/A, Karve Road, Kothrud, Pune 411 038


E-Mail:
ashwini.mali@kirloskar.com
Web site: www.kil.net.in
Telephone: (020) 2545 2721 Fax: (020) 2545 4723
Tr agent: Link Intime India, 2nd Flr., Akshay Complex, Off Dhole Patil Rd., Pune-01

600

Close
100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
RoA
DPS
EPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
29
15
`m
8
-4
%
29.3
-25.2
`m
46
62
%
161.7
424.5

Jun 15
8
-6
-73.8
67
836.3

Sep 15
18
-1
-6.1
268
1,496.6

FY14
7.2
8.4
6.9
4.0
48.1

FY15
6.6
8.0
6.0
20.0
46.5

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
Rs
NOTES

-41
119
-47
31

FY13
5.9
7.0
5.5
4.0
37.2

834
-831
-93
-90

1,556
-558
-1,010
-12

Kirloskar Industries basically operates in two segments. One is the wind power
generation segment and second is investments. It has 7 windmills in Maharashtra
with total installed capacity of 5.6 MW. The mills are located in Ahmednagar. The
windmills generated 80.89 lakh units of energy for the year under review. The
company sells the electricity generated from the windmills to third parties.

In FY15, revenue from operations i.e. sale of wind power and sale of Renewable
Energy Credit and Voluntary Carbon Units declined by 50.1% although overall
revenue declined only by 2% on back of increase in revenue from other income which
grew by 3.7%. Operating profits decreased 3.4% YoY. Net profit also decreased by
3.3% YoY during the year.

The future prospects of the company are dependent upon the natural factors such as
velocity of wind. Thus, it is very difficult to comment on the same. The business is
also largely impacted adversely by frequent and erratic changes made by the
Maharashtra State Electricity Distribution Company Limited (MSEDCL) in the open
access policies. However, it may be noted that the companys windmill project falls
under the renewable energy certificate mechanism. Thus, the company is entitled to
receive monetary benefits from sale of renewable energy certificates.

Get more info at www.equitymaster.com

114

KSB PUMPS LIMITED


CAPITAL GOODS

Chairman: G. Swarup

Yr of Inc

B. Code

1960
500249
SHAREHOLDING

BL. Code
KSBP.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

: 25.9%
: 40.5%
: 14.5%
:
2.6%
: 16.5%
: 10,539

Price

565.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-3.7

SEC: R. Narasimhan

% ch 12-m
-0.2

FX Transaction (FY15)
`m
1,210
`m
471
`m
1,275
`m
767
`m
509
12
31/12/13

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

266
145
205.5
18.3
25.0
5.50
2.7
134.3
34.81
1.0
11.3
8.2
1.5
30.1
7,153
0.0
1,037
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,154
145
7,298
929
235
52
785
0
83
0
233
636
13.0
29.6
8.9

7,327
127
7,455
1,020
265
26
856
0
96
0
285
668
13.9
33.2
9.1

8,037
229
8,265
1,011
276
22
943
0
66
0
325
684
12.6
34.5
8.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

4,688
2,580
29.5
1.8
99
75
1,852
348
4,326
4,674
0
7,538
16.0
0.0
0.9
9.1
13.6
19.7
14.4
4.8

4,969
2,581
32.6
1.9
91
63
1,895
348
4,769
5,118
0
7,992
34.0
0.0
0.9
8.7
13.0
19.1
14.6
3.4

5,981
3,202
34.6
1.9
92
81
2,008
348
5,224
5,572
0
9,137
44.9
0.0
0.9
7.7
12.3
18.5
15.1
5.9

BALANCE SHEET DATA

P/E

680
226
230.9
19.7
27.6
5.50
1.2
160.1
34.81
2.0
23.0
16.4
2.8
28.0
15,769
0.0
1,271
NM
NM
NM

P/CF

28.8

20.5

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

1.0

Vol.

19,693.8

0.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE999A01015

800
700

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

274
177
210.5
19.2
26.8
5.50
2.4
147.0
34.81
1.1
11.8
8.4
1.5
28.7
7,857
0.0
1,101
NM
NM
NM

Regd off: 126, Maker Chambers III, Nariman Point, Mumbai - 400 021
E-Mail:
narasimhan.raghu@ksb.com
Web site: www.ksbindia.co.in
Telephone: (022) 6658 8787 Fax: (022) 6658 8788
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending
`
`
`
`

m
m
m
m

12
31/12/12
1,259
-388
-677
195

INTERIMRESULTS
Mar 15
Dec 14
`m
2,301
1,893
`m
178
122
%
7.7
6.4
`m
100
64
%
4.3
3.4
KEY DATA
Unit
%
%
%
Rs
x
NOTES

FY13
12.4
17.2
7.2
5.5
0.0

Dec-15
12
31/12/13

12
31/12/14

Jun 15
2,001
218
10.9
222
11.1

Sep 15
1,858
291
15.7
169
9.1

FY14
11.7
17.7
7.3
5.5
0.0

CY15
11.6
17.6
7.3
5.5
0.0

1,054
-111
-385
558

352
-171
7
188

KSB Pumps India, promoted by the KSB group, Germany, manufactures various
pumps and valves of various specifications to enable fluid transportation. It is perhaps
the only company that manufactures pumps and valves to support functions of the
agricultural sector and water and sewage management systems apart from industrial
applications such as power, petrochemicals, etc. In 1997, the company acquired MIL
Controls, a producer of control valves and level instruments to support its growth.
KSB Pumps net sales increased by 9.7% YoY in CY14. Operating profit on the other
hand grew by 8.1% YoY while net profits grew by 8.2% YoY. The company sold
pumps worth Rs 5,387 million in CY14 as against Rs 4,813 million in the previous
year. Sales of valves stood at Rs 1,204 million as against Rs 1,182 million in the
previous year. Out of the above, export of pumps and valves in terms of value were
Rs 1,210 million as against Rs 1,068 million in the previous year.

The company expects the market for pumps and services to grow moderately. The
market for valves is expected to be sluggish, primarily due to poor demand from the
power sector. However, the company is taking effective steps to improve operational
efficiency to maintain the earnings. Going forward, the growth is expected to rise on
account of the governments increased focus and investments in the infrastructural
activities. KSB Pumps being a leading manufacturer of custom-made pumps and
valves is all set to reap the benefit of increased investments in end user industries.

Get more info at www.equitymaster.com

115

LARSEN & TOUBRO LIMITED


CAPITAL GOODS

Chairman: A. M. Naik (MD)

Yr of Inc

B. Code

1946
500510
SHAREHOLDING

BL. Code
LART.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.0%
:
0.0%
: 36.5%
: 21.9%
: 41.5%
: 802,712

Price

1,300.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-4.0

SEC: N. Hariharan

% ch 12-m
-16.4

FX Transaction (FY15)
`m
6,875
`m
27,071
`m
94,407
`m
96,433
`m
-2,026
12
31/03/14

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,720
1,301
1,106
678
1,210.6
918.4
84.6
52.9
111.2
68.5
18.50
14.25
1.3
1.4
550.2
406.9
615.39
926.91
ESOS B1:2,ESOS
1.2
1.1
16.7
18.7
12.7
14.4
2.6
2.4
21.9
26.9
869,515
917,224
50.6
54.6
62,446
71,351
14,725.3
15,597.3
1,234.3
1,307.3
1,029.0
898.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

744,980
10,557
755,537
99,287
16,371
21,243
72,231
-722
384
4,019
23,855
52,057
13.3
33.0
7.0

851,284
9,819
861,103
107,296
14,458
31,380
71,277
382
93
3,344
26,076
49,020
12.6
36.6
5.8

920,046
10,072
930,117
113,356
26,225
28,507
68,695
-1,710
21
3,174
22,532
47,648
12.3
32.8
5.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
756,515
`m
538,507
%
29.3
x
1.4
Days
25
Days
113
`m
417,397
`m
1,231
`m
304,386
`m
338,597
`m
473,921
`m
1,431,222
x
4.4
x
1.4
x
0.5
%
5.1
%
15.4
%
12.0
%
1.4
%
6.3

85,248
678,433
-69.7
0.1
24
113
465,760
1,854
337,210
377,116
554,449
1,691,619
3.3
1.5
0.5
4.8
13.0
11.4
1.2
4.5

94,990
777,072
-74.1
0.1
26
119
502,618
1,859
365,246
409,091
652,780
1,941,841
3.4
1.6
0.5
3.9
11.6
9.3
0.7
2.9

INCOME DATA

BALANCE SHEET DATA

Regd off: L & T House, Ballard Estate, Mumbai - 400 001


E-Mail:
igrc@lth.ltindia.com
Web site: www.larsentoubro.com
Telephone: (022) 6752 5656 Fax: (022) 6752 5893
Tr agent: Sharepro Serv., Samhita Warehousing, 2nd Flr., Andheri (E), Mumbai-72

1,893
1,243
989.8
51.3
79.5
16.25
1.0
440.1
929.56
ESOS
1.6
30.6
19.7
3.6
31.7
1,457,318
44.1
79,222
20,871.7
1,797.2
1,080.9

P/E

25.4

P/CF
16.4

(` )

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Orders received
Order backlog
Dividend payout
Interest coverage
RoCE

Mkt cap

1.2

Vol.

1,208,002.9

256.8

ADJUSTED DAILY SHARE PRICE DATA

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

AUD: Sharp & Tannan

Yield

ISIN

INE018A01030

Close
100 DMA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
149,950
189,679
`m
15,694
26,756
%
10.5
14.1
`m
10,598
20,607
%
7.1
10.9

Jun 15
202,522
28,176
13.9
12,002
5.9

Sep 15
233,932
24,822
10.6
6,863
2.9

FY14
1,273,500
1,817,188
27
3.3
11.4

FY15
1,553,670
2,326,000
31.7
3.4
23.8

`
`
`
`

m
m
m
m

-43,548
-69,224
114,294
1,523

KEY DATA
Unit
FY13
Rs m
880,000
Rs m
1,536,000
%
21.9
x
4.4
%
12.0
NOTES

-71,428
-55,099
131,356
4,830

-6,689
-54,626
78,908
17,593

Larsen & Toubro (L&T) is Indias largest engineering company with expertise in wide
areas like infrastructure, oil and gas, power and process. The company also has
strong international presence, which contributes to about a fifth of its revenues. L&T
recently restructured its organisation model to facilitate growth through greater levels
of empowerment. The new structure is built around multiple businesses that serve the
needs of different industries. These include infrastructure, hydrocarbon, heavy
engineering, power, electrical and automation, information technology, and financial
services.
In FY15, L&Ts consolidated revenues grew by 8.1% YoY, while its operating profits
rose at a slower pace of 5.6%. The companys margins contracted to 12.3% as
compared to 12.6% in FY14. Growth during the year was led by the companys
developmental projects, infrastructure and financial services businesses. However,
the sharp decline in revenues of the power, metallurgical and hydrocarbon segments
seemed to have been a drag to the companys topline.
With the renewed focus on propping up infrastructure spending, sector leaders such
as L&T are bound to benefit from the same over the longer period. Further, the
company had an order book of more than Rs 2.4 trillion at the end of 1HFY16. This
provides strong revenue visibility. However, headwinds in the form of pace of
execution as also low level of investment demand remain factors to watch out for in
the short to medium term.

Get more info at www.equitymaster.com

116

PRATIBHA INDUSTRIES LIMITED


CONSTRUCTION

Chairman: Usha B. Kulkarni

Yr of Inc

B. Code

1983
532718
SHAREHOLDING

BL. Code
PRTI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 47.0%
:
0.0%
:
6.1%
: 10.1%
: 36.8%
: 23,592

Price
39.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

4.3

SEC: Pankaj S. Chourasia

% ch 12-m

12
31/03/14

45
17
227.8
1.5
5.9
0.20
0.6
63.9
101.06
0.1
20.2
5.2
0.5
13.1
3,113
4.1
1,636
5,571.8
396.0
37.2

67
26
313.2
4.4
10.2
0.20
0.4
67.8
101.06
0.1
10.6
4.5
0.7
4.6
4,689
1.1
1,736
28,137.7
1,542.7
391.9

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

21,692
129
21,822
2,958
310
1,583
1,195
0
-1
0
367
827
13.6
30.7
3.8

23,017
187
23,204
3,215
445
2,575
382
0
-9
0
219
154
14.0
57.4
0.7

31,655
217
31,872
4,377
592
3,096
906
0
-9
-159
298
441
13.8
32.9
1.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

20,946
15,297
26.0
1.4
172
59
8,964
202
6,129
6,331
9,364
31,396
1.8
1.5
0.7
7.7
13.1
17.7
0.0
0.0

29,585
27,797
7.8
1.1
228
107
11,731
202
6,259
6,461
7,981
42,745
1.1
1.2
0.5
6.4
2.4
20.4
0.0
0.0

41,914
37,357
14.4
1.1
274
88
10,810
202
6,651
6,853
9,811
54,622
1.3
1.4
0.6
6.5
6.4
23.0
0.0
0.0

3.9

(` )

AUD: Jayesh Sanghrajka & Co.

Yield

Mkt cap

0.5

Vol.

4,027.2

187.7

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE308H01022

70
Close

60

12
31/03/15

59
35
214.6
8.2
11.3
0.60
1.3
62.6
101.06
PI
0.2
5.7
4.2
0.8
7.3
4,750
3.5
1,532
6,287.6
444.0
239.7

P/CF

9.1

FX Transaction (FY15)
`m
0
`m
0
`m
482
`m
1,219
`m
-737

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-6.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Shrikant Chambers, Phase - II, Sion Trombay Rd, Chembur, Mumbai-71
E-Mail:
pankaj.cs@pratibhagroup.com
Web site: www.pratibhagroup.com
Telephone: (022) 3955 9999 Fax: (022) 3955 9900
Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai-78

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Order book
Debt to Equity ratio

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
8,003
9,477
`m
1,145
1,203
%
14.3
12.7
`m
129
259
%
1.6
2.7

Jun 15
8,797
1,175
13.4
92
1.1

Sep 15
9,503
1,222
12.9
86
0.9

FY14
2.4
12.2
80,000
1.5

FY15
6.6
13.6
55000
0.7

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
Rs m
X

-2,152
-1,700
3,536
-315

FY13
14.1
15.1
62,000
2

6,632
-3,556
-3,503
-428

1,229
-287
-630
311

NOTES

Pratibha Industries Ltd. (PIL) is engaged in the infrastructure development business


with a niche in the water segment, providing one stop solution for design,
engineering, construction, commissioning and operation of water supply projects. PIL
is also involved in urban infrastructure and buildings segments under which it takes
up mass housing projects, commercial complexes, airport terminals, railway stations,
road construction and tunneling projects. The Company has four subsidiaries out of
which one is overseas subsidiary.
PILs consolidated turnover recorded a growth of 38% YoY in FY15. Net profit stood
at Rs 440 million, registering a robust 186% growth on a YoY basis. As on 31st
March, 2015, order book of the company stood at approx. Rs 55 billion.

During FY15, the company took measures for speedy execution of projects, reduction
in costs etc. to improve overall profitability. Infrastructure segment is going through a
tough phase where liquidity has become major hurdle and cause of concern. The
company is also facing troubles with this unwelcomed phenomenon impacting the
Infra Segment. To improve cash flow the company has participated in various projects
relating to its area of expertise in India and abroad. It also looks forward at various
lucrative opportunities in neighbouring countries such as Srilanka, Nepal,
Bangladesh apart from gulf region.

Get more info at www.equitymaster.com

117

PUNJ LLOYD LIMITED


CAPITAL GOODS

Chairman: Atul Punj (MD)

Yr of Inc

B. Code

1988
532693
SHAREHOLDING

BL. Code
PUJL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 13.9%
: 23.2%
:
6.5%
:
7.7%
: 48.7%
: 378,219

Price
24.7

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.1

SEC: Dinesh Thairani

% ch 12-m

FX Transaction (FY15)
`m
8,165
`m
10,670
`m
32,290
`m
45,966
` m -13,676
12
31/03/14

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

64
39
338.9
-0.2
10.4
0.00
0.0
85.4
332.10
0.2
-237.1
4.9
0.6
0.0
17,120
0.0
16,837
NM
NM
NM

58
20
326.9
-16.5
-4.7
0.00
0.0
67.2
332.10
0.1
-2.4
-8.3
0.6
0.0
12,969
0.0
15,380
NM
NM
NM

61
28
213.5
-34.4
-20.2
0.00
0.0
29.1
332.10
0.2
-1.3
-2.2
1.5
0.0
14,745
0.0
10,629
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

112,556
3,345
115,901
8,410
3,535
7,808
412
178
41
0
703
-72
7.5
170.6
-0.1

108,549
3,195
111,743
3,188
3,925
8,820
-6,361
884
73
0
77
-5,482
2.9
-1.2
-5.1

70,903
7,849
78,752
-5,336
4,703
10,022
-12,212
98
32
0
-670
-11,411
-7.5
5.5
-16.1

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

115,544
113,714
1.6
1.0
216
105
34,119
664
26,259
28,353
18,937
163,453
1.1
0.7
0.7
4.7
-0.3
17.8
2.4
5.6

112,714
110,602
1.9
1.0
251
81
34,880
664
20,224
22,323
23,414
158,043
0.3
1.0
0.7
2.1
-24.6
7.5
8.0
9.6

108,331
116,427
-11.4
0.9
357
124
30,253
664
7,571
9,658
18,248
144,512
-0.2
1.9
0.5
-1.0
-118.2
-7.4
11.5
15.0

P/CF

(` )

AUD: Walker, Chandiok & Co.

Yield

Mkt cap

0.0

Vol.

8,186.1

319.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE701B01021

70
Close

60

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-34.1

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

Regd off: Punj Lloyd House, 17-18, Nehru Place, New Delhi - 110 019
E-Mail:
dthairani@punjlloyd.com
Web site: www.punjlloyd.com
Telephone: (0124) 262 0123 Fax: (0124) 262 0111
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

100 DMA

50
40
30
20
10
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
13,950
12,899
`m
755
2,246
%
5.4
17.4
`m
-1,478
2,685
%
-10.6
20.8

Jun 15
6,574
8,695
132.3
5,978
90.9

Sep 15
10,089
5,008
49.6
2,750
27.3

FY14
-25.4
2.6
-5.9
3.1

FY15
-72.3
-2.5
-16.3
0.0
7.3

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

2,270
-6,600
4,463
132

FY13
-1.0
9.1
-0.3
2.4

4,536
-689
-6,190
-2,342

-909
6,859
-5,519
431

Punj Lloyd is one of Indias leading EPC companies providing services to the energy
and infrastructure sector. The company has presence in diverse businesses such as
pipelines, tanks & terminals, process, power, offshore segment, civil construction &
infrastructure services. Broadly, its businesses can be categorized into two
segments: hydrocarbon and infrastructure. FY 15 has been a challenging year for
Punj Lloyd. Company entered the year with an insufficient order book, which is
reflected in the reduced turnover for FY 15. Profits and cash flows were further
affected by deferment of settlement of Companys claims on certain projects, both
domestic and overseas.
During FY15 net sales decreased by 35% YoY. Operating profit fell by an even
steeper 61% YoY as operating expenses decreased at a slower pace than the fall in
revenues. At the bottom line level the company reported a loss of Rs 11.54 bn
compared to a loss of Rs 6.44 bn during FY14.Companys current order backlog (or
unexecuted order book) position is healthier at Rs. 211.5 bn. Company has recently
received three key orders- two for oil and gas in Malaysia and Kuwait, and one for the
Asian Highway project in India- amounting to a total of Rs. 56.8 bn. Similarly, Punj
Lloyd monetizing non-core assets to raise cash to reduce leverage and allocate in
core business.

While there is a slowdown in infrastructure development large scale investments are


needed in the sector. And Punj Llyod will be the prime beneficiary once the capex
cycle turns. Also, once the interest rate environment softens liquidity will ease in the
system. This coupled with better decision making may set the stage for execution
woes no longer remaining a hindrance for infrastructure companies. Thus, while the
long term future looks bright for the sector, one cannot rule out a continuance of the
near term laggardness prevalent in it.

Get more info at www.equitymaster.com

118

SIEMENS LIMITED
CAPITAL GOODS

Chairman: Deepak S. Parekh

Yr of Inc

B. Code

1957
500550
SHAREHOLDING

BL. Code
SIEM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
2

:
0.0%
: 75.0%
:
9.1%
:
4.4%
: 11.5%
: 119,665

Price

1,148.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/09/12

-10.1

SEC: Ketan Thaker

% ch 12-m
28.1

FX Transaction (FY15)
`m
4,170
`m
34,518
`m
16,191
`m
42,869
` m -26,678
12
30/09/13

12
30/09/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

872
627
379.7
10.1
16.0
6.00
0.8
116.4
340.29
2.0
74.3
46.9
6.4
59.5
255,047
12.0
11,959
10,729.9
993.2
285.0

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

129,199
575
129,774
8,913
2,010
270
7,208
0
-799
-1,200
1,777
3,432
6.9
24.7
2.7

113,526
345
113,871
4,207
2,502
189
1,861
0
0
325
246
1,940
3.7
13.2
1.7

106,626
1,039
107,665
5,943
2,291
82
4,609
0
0
3,827
2,404
6,032
5.6
52.2
5.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

74,775
62,698
9.3
1.2
27
111
14,972
681
38,834
39,626
0
106,447
27.7
0.0
1.2
3.5
8.7
13.8
2.5
31.6

66,164
54,765
10.0
1.2
30
121
14,678
712
38,967
40,303
0
98,440
10.8
0.0
1.2
2.2
4.8
5.9
4.5
31.1

74,262
55,641
17.5
1.3
36
125
13,965
712
42,435
43,756
0
102,588
57.2
0.0
1.0
6.0
13.8
19.5
3.9
32.4

INCOME DATA

BALANCE SHEET DATA

750
414
318.8
5.4
12.5
5.00
0.9
113.2
356.12
A
1.8
106.8
46.7
5.1
91.8
207,280
11.5
13,524
9,898.5
1,179.2
169.2

Regd off: 130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018
E-Mail:
corporate-secretariat.in@siemens.com
Web site: www.siemens.co.in
Telephone: (022) 3967 7000 Fax: (022)3967 7562
Tr agent: TSR Darashaw, 6-10, Haji Moosa Estate, E. Moses, Road, Mumbai-11

1,010
475
299.4
16.9
23.4
6.00
0.8
122.9
356.12
2.5
43.8
31.8
6.0
35.4
264,330
10.9
14,118
9,752.7
1,291.3
551.7

P/E

67.8

P/CF
49.1

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

0.5

Vol.

409,003.8

82.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE003A01024

1,600
1,400

Close
100 DMA

1,200
1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
RoA

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/09/12

12
30/09/13

12
30/09/14

INTERIMRESULTS
Mar 15
Dec 14
`m
21,860
26,530
`m
1,890
2,501
%
8.6
9.4
`m
-706
1,544
%
-3.2
5.8

Jun 15
23,760
2,531
10.7
1,683
7.1

Sep 15
32,995
3,524
10.7
2,191
6.6

FY14
4.8
5.9
1.7
5.0
2.2

FY15
13.8
19.5
5.7
6.0
6.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
%
NOTES

433
-290
-2,594
-2,451

FY13
8.7
13.8
2.7
6.0
3.5

1,018
-290
-4,745
-4,017

6,078
1,303
-2,204
5,177

Siemens India is a subsidiary of the US$ 110 billion German engineering behemoth
Siemens AG, one of the largest engineering companies in the world. It operates in
segments such as power (manufacturing generation and T&D equipments) and
industrial solutions services (providing process automation, manufacturing
automation drives). The company also manufactures diagnostic equipments and
hearing equipments, which form part of its healthcare services business.
Siemens sales declined by 5.7% YoY during FY14. Operating profit grew by 41.3%
YoY. The company's operating margin expanded by 190 bps to 5.6% YoY. Profit for
the year grew by 211% YoY. However, the order inflow for the year de-grew by 6%
YoY to Rs 103.2 bn. The total order book of the company at the end of the year stood
at about Rs 121 billion (down 6% YoY).
The recent slowdown aside, over the longer haul Siemens has significantly benefited
from the improvement in the countrys power scenario where investments have been
pumped into setting up generation, transmission and distribution capacities. India is
also taking measures to address the issues concerning greenhouse gas emissions.
This is evident from the introduction of higher transmission voltages. Siemens is well
positioned to support this move with its products and services which deliver energy
efficient solutions. Siemens strong position in its industry and large size will continue
to help it bag big-ticket orders going forward over the long term.

Get more info at www.equitymaster.com

119

THERMAX LIMITED
CAPITAL GOODS

Chairman: Meher Pudumjee

Yr of Inc

B. Code

1979
500411
SHAREHOLDING

BL. Code

THMX.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

: 62.0%
:
0.0%
:
6.8%
: 16.6%
: 14.6%
: 26,803

Price

892.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Gajanan P. Kulkarni

% ch 12-m
-12.8

FX Transaction (FY15)
`m
9,931
`m
2,850
`m
10,261
`m
3,889
`m
6,372
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

54,917
849
55,766
4,902
771
165
4,814
161
0
0
1,773
3,201
8.9
36.8
5.8

50,999
716
51,715
4,373
922
274
3,893
262
0
0
1,696
2,460
8.6
43.6
4.8

53,955
1,209
55,164
4,141
1,341
820
3,190
616
0
0
1,708
2,098
7.7
53.6
3.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

33,092
25,316
14.2
1.3
22
103
13,901
238
17,989
18,687
3,832
49,875
30.1
0.2
1.1
6.8
17.1
22.8
12.0
4.0

41,255
29,994
22.1
1.4
30
105
15,802
238
19,611
20,383
5,167
59,421
15.2
0.3
0.9
4.6
12.1
17.3
19.9
5.6

40,442
30,361
18.7
1.3
23
113
14,744
238
20,685
21,464
4,942
58,283
4.9
0.2
0.9
5.0
9.8
17.5
18.4
5.3

INCOME DATA

BALANCE SHEET DATA

786
526
428.0
20.6
28.4
6.00
0.9
171.1
119.16
1.5
31.8
23.1
3.8
29.1
78,193
4.0
7,019
12,604.7
1,734.7
608.0

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

684
402
460.9
26.9
33.3
7.00
1.3
156.8
119.16
1.2
20.2
16.3
3.5
26.1
64,680
4.1
6,122
13,394.4
1,493.1
780.8

4.2

Regd off: D-13, MIDC Industrial Area, R. D. Agra Road, Chinchwad, Pune - 411 019
E-Mail:
cservice@thermaxindia.com
Web site: www.thermaxindia.com
Telephone: (020) 6612 2100 Fax: (020) 2747 2049
Tr agent: Karvy Computershare, 17-24, Vithalrao Nagar, Madhapur, Hyderabad-81

1,315
712
452.8
17.6
28.9
7.00
0.7
180.1
119.16
2.2
57.6
35.1
5.6
39.8
120,769
4.0
7,057
13,398.4
1,752.4
520.9

P/E

P/CF

50.7

30.9

(` )

AUD: B. K. Khare & Co.

Yield

Mkt cap

0.8

Vol.

106,398.0

5.6

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE152A01029

1,400
Close

1,200
100 DMA

1,000
800
600
400
200
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
11,466
15,207
`m
1,314
1,572
%
11.5
10.3
`m
762
1,323
%
6.6
8.7

Jun 15
10,012
910
9.1
617
6.2

Sep 15
10,565
996
9.4
648
6.1

FY14
12.1
17.3
4.8
6.0
0.3

FY15
9.8
17.5
3.9
7.0
0.2

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

868
-4,984
345
-3,771

FY13
17.1
22.8
5.8
7.0
0.2

3,213
-3,821
1,905
1,297

3,181
-672
-3,523
-1,014

Thermax Limited operates in a niche segment of the engineering sector, providing


solutions in the energy and environment space. The company's key strengths lie in
providing solutions for captive power plants and boilers for industrial customers
across sectors such as iron and steel, cement, textiles, pharmaceuticals and
refineries.

For FY15, Thermaxs sales grew by 5.8% YoY. The operating profit grew by 15% YoY
resulting in an expansion in margins from 10% in FY14 to 10.8% in FY15. The
company reported a decline of 14.7% YoY in net profit mainly due to increase in
interest, depreciation and tax expenses. The order book at the end of the year stood
at Rs 56.7 billion (down 7.4% YoY).
Thermax's business has of late been marred by slow pace of execution. Margins
continue to be under pressure as a result of reduced operating leverage as both its
business segments suffered due to slowdown in business. Going forward, the
management is hopeful of a revival in the domestic business though the timing
remains uncertain. It expects order activity to pick up with a lag once capacity
utilisation across user industries starts picking up.

Get more info at www.equitymaster.com

120

VOLTAMP TRANSFORMERS LIMITED


CAPITAL GOODS

Chairman: Kanubhai S. Patel (MD)

Yr of Inc

B. Code

1963
532757
SHAREHOLDING

BL. Code
VOTL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 47.5%
:
0.0%
:
8.2%
: 29.0%
: 15.3%
: 13,247

MISCELLANEOUS
Price

727.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

9.1

SEC: V. N. Madhani

% ch 12-m
-3.9

FX Transaction (FY15)
`m
0
`m
0
`m
44
`m
9
`m
35
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

547
333
506.9
32.4
39.9
15.00
3.4
403.4
10.17
0.9
13.6
11.0
1.1
46.4
4,475
0.0
198
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

5,155
200
5,355
342
77
5
460
0
0
0
131
329
6.6
28.5
6.4

4,448
267
4,715
150
71
4
342
0
0
0
79
263
3.4
23.2
5.9

5,169
212
5,381
198
72
3
334
0
0
0
50
284
3.8
14.9
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

2,680
492
42.4
5.4
51
103
520
101
4,001
4,103
0
4,609
94.9
0.0
1.1
7.2
8.0
11.3
0.0
0.0

2,553
545
45.1
4.7
47
117
474
101
4,146
4,247
0
4,807
93.5
0.0
0.9
5.5
6.2
8.1
0.0
0.0

2,556
515
39.5
5.0
58
102
425
101
4,307
4,408
0
4,953
112.3
0.0
1.0
5.8
6.4
7.6
0.0
0.0

BALANCE SHEET DATA

P/E

25.9

858
462
508.2
27.9
35.0
10.00
1.5
433.4
10.17
1.3
23.6
18.8
1.5
35.8
6,712
0.0
212
NM
NM
NM

P/CF
20.6

(` )

AUD: Chandulal M. Shah & Co.

Yield

Mkt cap

1.4

Vol.

7,357.2

0.8

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE540H01012

900

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

523
330
437.3
25.8
32.9
10.00
2.3
417.6
10.17
1.0
16.5
13.0
1.0
38.7
4,338
0.0
185
NM
NM
NM

Regd off: Makarpura, Vadodara, Gujarat - 390 014


E-Mail:
vnm_ipo@voltamptransformers.com
Web site: www.voltamptransformers.com
Telephone: (0265) 264 2011 Fax: (0265) 264 6774
Tr agent: Link Intime India, B-102/103, Shangrila Complex, Akota, Vadodara-20

800

Close

700

100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Employee costs
RoE
RoCE
DPS

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
1,291
1,699
`m
44
88
%
3.4
5.2
`m
46
122
%
3.6
7.2

Jun 15
871
25
2.8
64
7.4

Sep 15
1,328
55
4.1
68
5.1

FY14
4.2
6.3
8.3
10

FY15
4.1
6.6
7.8
10

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of sales
%
%
Rs

792
-613
-118
61

FY13
3.8
8.2
11.6
15

396
-317
-178
-99

-73
211
-118
20

NOTES

Established in 1963, Voltamp Transformers Limited (VTL) is a Vadodara based


company involved in the manufacturing of power and distribution transformers. It has
four independent units each for oil filled power transformer, oil filled distribution
transformer, resin impregnated dry type transformer and cast resin type transformers.
The companys customers include refineries, various government and semigovernment projects, fertiliser plants, various other industries and state electricity
boards in India as well as abroad.
The performance for FY15 was in line with the companys business plan to improve
volume. However, margin could not keep pace with improved volume, due to volatility
in input material prices and severe competition in market. Profit margins remained
low, due to intense price war amongst organized sector manufacturers because of
overcapacity in the Industry. Margins were also affected due to volatility in currency
exchange rates, affecting input cost which is based on import origin raw material.
During FY15, the company reported a 16% YoY increase in its net sales. However,
operating profit declined by 2% YoY. Other income decreased by 20.8% YoY. Net
profit for the year ended March 2015 witnessed an increase of 8% on a YoY basis.

Increasing competition, delay in implementation of announced projects and


measures, high volatility in the prices of major raw materials and other components
are said to impact realizations of the company, both at gross and net level. Expected
reduction in interest rate by banks and financial institution not moving at desired pace
are delaying revival of stuck projects and takeoff of new projects recently announced.
However, with new government at the Centre taking positive steps in policy matters
in infrastructure and power sectors, the company expects revival of indolent phase
gradually in next 12-18 months period. The company maintains a positive outlook for
long term.

Get more info at www.equitymaster.com

121

VOLTAS LIMITED
CAPITAL GOODS

Chairman: Ishaat Hussain

Yr of Inc

B. Code

1954
500575
SHAREHOLDING

BL. Code
VOLT.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

TATA

F.V.
1

: 30.2%
:
0.0%
: 25.4%
: 18.6%
: 25.9%
: 134,810

Price

287.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

2.3

SEC: V. P. Malhotra (G.M.-Taxation)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

6.0

(FY15)
288
7,375
1,066
7,440
-6,374

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

139
73
167.2
6.3
7.1
1.60
1.5
49.1
330.88
0.6
16.9
14.9
2.2
25.5
35,040
8.9
6,325
6,241.2
713.8
234.5

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

55,310
901
56,211
2,333
278
278
2,678
7
0
121
728
2,078
4.2
27.2
3.8

52,660
1,002
53,662
2,656
248
226
3,184
-5
0
215
941
2,454
5.0
29.6
4.7

51,831
1,087
52,918
4,100
280
233
4,675
-33
16
462
1,276
3,843
7.9
27.3
7.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

38,688
28,031
19.3
1.4
65
90
2,110
331
15,603
16,256
60
45,666
10.6
0.0
1.2
5.2
12.8
18.9
0.6
14.9

40,146
27,850
23.3
1.4
62
93
2,103
331
17,380
18,193
54
47,456
15.1
0.0
1.1
5.6
13.5
19.8
0.5
14.4

37,368
26,355
21.2
1.4
61
94
1,935
331
20,213
21,021
47
48,883
21.1
0.0
1.1
8.3
18.3
25.4
0.6
14.2

BALANCE SHEET DATA

P/E

302
149
156.6
11.6
12.5
2.25
1.0
63.5
330.88
1.4
19.4
18.1
3.5
19.4
74,448
5.3
5,899
9,803.5
1,115.8
726.9

P/CF

24.7

23.0

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.8

Vol.

94,997.1

104.5

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE226A01021

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

164
63
159.2
7.4
8.2
1.85
1.6
55.0
330.88
0.7
15.3
13.9
2.1
24.9
37,571
6.9
5,947
7,630.8
861.7
355.5

Regd off: Voltas House `A`, Dr. Ambedkar Road, Chinchpokli, Mumbai - 400 033
E-Mail:
vpmalhotra@voltas.com
Web site: www.voltas.com
Telephone: (022) 6665 6666 Fax: (022) 6665 6231
Tr agent: TSR Darashaw, H. Moosa Patrawala Indl. Est., E.Moses Rd., Mumbai-11

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
RoE
RoCE
Net Margin
DPS
Debt/Equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Mar 15
Dec 14
`m
9,511
14,900
`m
585
1,417
%
6.1
9.5
`m
629
1,168
%
6.6
7.8

Jun 15
15,983
1,312
8.2
1,004
6.3

Sep 15
10,626
621
5.8
444
4.2

FY14
13.5
19.8
4.7
1.9
0.0

FY15
18.3
25.4
7.4
2.3
0.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
%
%
%
Rs
x
NOTES

844
652
-602
886

FY13
12.8
18.9
3.8
1.6
0.0

2,955
-2,847
-789
-682

3,106
-1,036
-2,360
-291

Voltas, a Tata group company, is a major player in the electro-mechanical engineering


segment, which involves all aspects of construction of infrastructure like electrical and
air conditioning barring the civil structure. The company also has presence in
manufacturing of forklifts, textile auxiliary, agro-chemicals and trading of chemicals.
Its unitary cooling products (UCP) division has presence in air conditioners and
refrigerators.

During FY15, net sales declined by 1.6% YoY. The operating profit of the company
increased by 47% YoY. Profit after tax increased by 57% YoY. The primary reason for
decline in the revenues was bad performance of overseas projects and businesses.
The company's Electro mechanical Projects and service segment's revenue was
lower by 18% YoY compared to the previous fiscal year. The domestic projects
business also had its share of challenges primarily on account of external factors
which has impacted its turnover. The strong margin performance for FY15 was driven
by continued strong performance in its Unitary Cooling Products (UCP) division. The
sales of the UCP business segment increased by 22% YoY with margins expanding
by 100 basis points.
Voltas has emerged from being a consumer appliance company operating in a highly
competitive arena to one that has expertise in the niche engineering area of electromechanical projects and services. The growth prospects of the company are closely
linked to the level of infrastructure activity in India and regions like the Middle East
and South East Asia. Going forward, Voltas expects a gradual improvement in profits
as it has indicated that it has now been accepting only those projects which meet its
internal margin criteria.

Get more info at www.equitymaster.com

122

CEMENT
FY15
The Indian cement industry is the 2nd largest market after
China, accounting for about 8% of the total global production.
It had a total cement manufacturing capacity of 375-390
million tonnes (MT) as of financial year ended 2014-15.
Cement is a cyclical commodity with a high correlation with
GDP. The housing sector is the biggest demand driver of
cement, accounting for about two-thirds of the total
consumption. The other major consumers of cement include
infrastructure, commercial construction and industrial
construction.

During the financial year 2014-15 (FY15), India's cement


industry grew by about 5.6% year-on-year (YoY) as
compared to 3.1% YoY growth in the financial year 2013-14
(FY14). The growth was supported by pre-election spending
and delayed monsoon in the first half of the fiscal. During the
second half, the demand was impacted by low government
spending and less demand from real estate and construction
projects, and slow revival in infrastructure spending. The
cement industry capacity utilisation rate stood at around 71%.

The cement industry capacity doubled in the last decade, with


about 70 million tonnes added in the last three years alone.
Though India has witnessed sustained growth in cement
consumption since 2001, the growth has slowed down in the
last 3-4 years. This has been on account of a slump in
housing, infrastructure and commercial sector. The gap in
the pace between capacity additions and actual demand has
led to a excess capacity situation in the industry, resulting in
sub-optimal utilisation rates.

PROSPECTS
Cement demand is closely linked to the overall economic
growth, particularly the housing and infrastructure sector. The
Modi governments thrust on housing and infrastructure
development should augur well for cement demand. The
crash in the global crude oil prices and other commodities
should help cement companies to reign over cost pressures
and improve profitability of the sector.

Moreover, the per capita consumption of cement in India still


remains substantially low at about 195 kg when compared
with the world average which stands at about 520 kg. This
underlines the tremendous scope for growth in the Indian
cement industry in the long term.
Cement, being a bulk commodity, is a freight intensive
industry and transporting it over long distances can prove to
be uneconomical. This has resulted in cement being largely a
regional play with the industry divided into five main regions
viz. north, south, west, east and the central region. The
Southern region of India has the highest installed capacity,
accounting for about one-third of the country's total installed
cement capacity.

While medium term challenges remain in the form of excess


capacity, slowdown in rural demand and slow offtake of
infrastructure projects, the long term drivers for cement
demand remain intact. The demand-supply mismatch is
expected to reduce in the next three years as the rate of new
capacity additions slows down and growth picks up pace.
Higher government spending on infrastructure and housing,
and rising per capita incomes will be key growth drivers for
the cement industry.

KEY POINTS
Supply -The demand-supply situation is highly skewed with
the latter being significantly higher.
Demand - Housing sector acts as the principal growth driver
for cement. However, industrial and infrastructure sectors
have also emerged as demand drivers.
Barriers to entry - High capital costs and long gestation
periods. Access to limestone reserves (key input) also acts as
a significant entry barrier.
Bargaining power of suppliers - Licensing of coal and
limestone reserves, supply of power from the state grid, etc.
are all controlled by a single entity, which is the government.
However, many producers are relying more on captive power.
Bargaining power of customers - Cement is a commodity
business and sales volumes mostly depend upon the
distribution reach of the company. Cement is sold in two
segments trade and non-trade. Trade cement is the one
sold to the dealers. Non-trade cement is sold directly to the
consumers, mainly institutional buyers. Trade cement sells
higher compared to non-trade. As such, companies that have
a strong distribution network and retail presence tend to have
better cement realisations.
Competition - Intense competition with players expanding
reach and achieving pan India presence. The industry is a lot
more consolidated than a couple of decades ago with a few
large players controlling substantial market share.

123

CEMENT
GLOBAL COMPARISON
CY2014
Installed cement plant capacity
Revenues
Operating profit
Operating margin
Net profit
Net profit margin
Return on equity
Debt to equity

Unit
MTPA
US$ m
US$ m
%
US$ m
%
%
x

ACC
30.6
1,736
165
9.5
153
8.8
12.6
-

HOLCIM
211.4
19,115
3,748
19.6
1,619
8.5
7.6
0.5

HEIDELBERG
129.1
13,707
2,486
18.1
528
3.9
3.6
0.5

LAFARGE
215.0
13,956
2044
14.6
298
2.1
1.6
0.7

CEMEX
93.7
12,176
989
8.1
(329)
NA
NA
1.4

LafargeHolcim (981)
LafargeHolcim was founded in 2015 after the merger of global building material behemoths Lafarge and Holcim. It must be noted
that on 7th April 2014, Holcim had announced a deal to buy Lafarge to create the world's largest cement manufacturer in terms of
sales and manufacturing capacity. On 10 July 2015, Lafarge and Holcim completed the merger and created LafargeHolcim.
Today LafargeHolcim is the largest building materials company in the world with presence in about 90 countries and workforce
strength of about 115,000 employees. It has a total installed cement manufacturing capacity of 386.5 million tonnes per annum
across 2,500 plants (including 1,600 in ready mix concrete, over 600 in aggregates, over 180 in cement, and 70 grinding plants).
The Group had combined net sales of CHF 33 billion (EUR 27 billion) in 2014. LafargeHolcim is the industry benchmark in R&D
and serves from the individual homebuilder to the largest and most complex project with the widest range of value-adding
products, innovative services and comprehensive building solutions.

Cemex (940)
CEMEX, one of the worlds largest cement producers, operates in more than 50 countries across 5 continents. Founded in 1906,
CEMEX has grown from a local player into a top global building solutions company with about 44,000 employees. The company is
strategically positioned in the Americas, Europe, Africa, the Middle East, Australia and Asia.
CEMEX has annual cement production capacity of 93.7 million tonnes (MT). The company is the worlds leading supplier of readymix concrete with annual production levels of about 56 million cubic meters. It is also one of the worlds largest suppliers of
aggregates with annual production levels of about 168 million metric tonnes.
The company owns 55 cement plants (plus 12 cement plants with minority participation), 1,736 ready-mix concrete facilities, 341
aggregate quarries, 233 land-distribution centres, and 63 marine terminals. In 2014, Cemex recorded annual sales of about US$
15.7 billion.

Heidelberg (829)
Heidelberg Cement, founded in 1873, is the global market leader in aggregates and a prominent player in the field of cement,
concrete and other downstream activities, which makes it one of the worlds largest manufacturers of building materials.
The company is the largest investor in the building and construction materials industry in Central and Eastern Europe. The group
employed approximately 44,909 people in over 40 countries at the end of December 2014. Its core products are cement, readymixed concrete, aggregates and related activities. The company clocked revenues of about 12.6 billion euros in 2014.
Till the end of the 1960s, it operated exclusively in the South German region. Its foray into the international arena followed with the
participation in the French cement company Vicat and the acquisition of Lehigh Cement in the US in 1977.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance


124

ACC LIMITED
CEMENT

Chairman: N. S. Sekhsaria

Yr of Inc

B. Code

1936
500410
SHAREHOLDING

BL. Code
ACC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 50.0%
:
0.3%
: 15.6%
: 16.7%
: 17.4%
: 102,794

Price

1,315.9

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-4.0

SEC: Burjor D. Nariman

% ch 12-m
-8.6

FX Transaction (FY15)
`m
0
`m
8,675
`m
19
`m
10,047
` m -10,029
12
31/12/13

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

1,515
1,083
605.0
56.4
86.7
30.00
2.3
392.7
187.75
2.1
23.0
15.0
3.3
53.2
243,887
9.8
6,179
11,626.8
632.5
1,084.3

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

113,582
2,633
116,215
21,966
5,689
1,147
17,764
-1
95
-3,354
3,911
10,593
19.3
22.0
9.3

111,501
2,810
114,311
16,300
5,838
1,136
12,136
-2
131
0
1,319
10,947
14.6
10.9
9.8

117,388
2,566
119,954
15,133
5,676
828
11,195
-2
114
0
-311
11,618
12.9
-2.8
9.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

48,459
34,721
12.1
1.4
36
10
62,463
1,880
71,382
73,724
850
119,282
16.5
0.0
1.0
9.8
14.4
21.0
0.0
5.8

44,166
36,660
6.7
1.2
37
13
64,022
1,880
76,024
78,134
0
121,011
11.7
0.0
0.9
10.0
14.0
17.2
0.0
4.2

36,782
38,041
-1.1
1.0
39
13
76,219
1,880
80,147
82,177
0
126,816
14.5
0.0
0.9
9.8
14.1
14.8
0.0
7.4

BALANCE SHEET DATA

P/E

21.3

1,570
966
625.2
61.9
92.1
34.00
2.7
437.7
187.75
2.0
20.5
13.8
2.9
54.9
238,105
9.1
7,481
12,941.0
824.7
1,280.8

P/CF
14.3

(` )

AUD: S. R. Batliboi & Assoc.

Yield

Mkt cap

2.6

Vol.

247,060.2

22.5

ADJUSTED DAILY SHARE PRICE DATA












'HF

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,453
912
593.9
58.3
89.4
30.00
2.5
416.2
187.75
2.0
20.3
13.2
2.8
51.5
221,996
9.7
6,626
11,544.9
686.0
1,133.4

Regd off: Cement House, 121, Maharshi Karve Road, Mumbai - 400 020
E-Mail:
brr.info@acclimited.com
Web site: www.acclimited.com
Telephone: (022) 3302 4469 Fax: (022) 6631 7458
Tr agent: In-house

ISIN

INE012A01025

&ORVH
'0$

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

'HF

'HF

No. of months
Year ending

'HF

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
28,370
30,801
`m
2,590
6,141
%
9.1
19.9
`m
3,262
4,010
%
11.5
13.0

Jun 15
30,153
3,397
11.3
1,335
4.4

Sep 15
27,898
3,133
11.2
1,152
4.1

CY14
30.6
78.0
3,990
572

CY15
30.6
79.2
4,285
452

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

15,769
-3,079
-10,660
2,029

CY13
30.6
78.8
3,799
816

10,634
-8,616
-8,345
-6,326

13,522
-14,567
-8,371
-9,416

NOTES

ACC is the oldest cement manufacturer in the country. Its total capacity for the year
ended CY14 stood at 30.6 million tonnes per annum (MTPA). With 17 modern cement
factories, more than 50 Ready Mix Concrete plants and a 9,000 strong dealer
network, ACC is one of the few cement companies to have a pan India presence.
ACC has continued with its efforts at becoming a focused cement player and thus has
exited its non-core businesses. It currently meets over 75% of its power requirements
through captive power plants. The Swiss cement giant Holcim Group controls 50.3%
stake in the company. Under the group restructuring program, associate firm Ambuja
Cements is set to acquire 50.01% stake in ACC from Holcim India Pvt Ltd (HIPL), an
indirect subsidiary company of Holcim. As such, ACC will become a subsidiary of
Ambuja Cements.
During the calendar year 2014 (CY14), ACC reported 5.4% year-on-year (YoY)
growth in standalone net sales. In volume terms, total cement sales (including
exports) increased marginally by 1.2% YoY to 24.21 million tonnes. At the operating
level, the company saw its profits plunge by 20% YoY.
For the nine month period end September 2015, ACC witnessed 4.4% YoY drop in
cement sales volume from 18.44 million tonnes in 9MCY14 to 17.62 million tonnes in
9MCY15.

While the long term prospects of the cement industry remain intact, the outlook for
the medium term remains tepid. ACC is well poised to deal with the medium term
concerns owing to its lean balance sheet, strong parentage and pan-India presence.

Get more info at www.equitymaster.com

125

AMBUJA CEMENTS LIMITED


CEMENT

Chairman: N. S. Sekhsaria

Yr of Inc

B. Code

1981
500425
SHAREHOLDING

BL. Code

GACM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
2

:
0.8%
: 50.5%
:
9.4%
: 32.2%
:
8.0%
: 179,823

Price

189.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-8.1

SEC: Rajiv Gandhi

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

-16.6

(FY15)
441
5,411
503
9,074
-8,571

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

221
136
63.5
8.4
12.1
3.60
2.0
57.0
1,542.18
ESOS
2.8
21.3
14.8
3.1
42.9
275,279
0.0
4,879
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

97,950
3,485
101,436
24,734
5,687
785
21,748
14
0
-2,791
6,039
12,932
25.3
27.8
13.2

92,056
3,752
95,808
16,587
4,937
668
14,735
1
0
248
2,199
12,786
18.0
14.9
13.9

99,997
4,243
104,240
19,283
5,130
656
17,740
0
0
0
2,875
14,865
19.3
16.2
14.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

52,943
29,330
24.1
1.8
37
8
64,745
3,084
83,275
87,974
393
123,456
28.7
0.0
0.8
11.1
14.7
22.4
0.2
6.3

55,273
28,533
29.0
1.9
37
9
68,443
3,092
89,969
94,619
334
129,568
23.1
0.0
0.7
10.4
13.5
16.5
0.6
5.6

60,027
31,547
28.5
1.9
32
8
70,018
3,100
96,130
100,700
216
138,785
28.1
0.0
0.7
11.2
14.8
18.2
0.4
5.4

BALANCE SHEET DATA

P/E

19.8

244
151
64.5
9.6
12.9
5.00
2.5
65.0
1,549.74
ESOS
3.1
20.6
15.3
3.0
52.1
305,609
0.0
5,863
NM
NM
NM

P/CF
14.7

(` )

AUD: S. R. Batliboi & Co.

Yield

Mkt cap

2.6

Vol.

293,723.1

150.2

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE079A01024

300
Close

250

12
31/12/14

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

212
148
59.6
8.3
11.5
3.60
2.0
61.2
1,545.86
ESOS
3.0
21.7
15.7
2.9
43.5
277,868
0.0
5,085
NM
NM
NM

Regd off: P. O. Ambuja Nagar, Taluka Kodinar, Dist. Junagadh, Gujarat - 362 715
E-Mail:
shares@ambujacement.com
Web site: www.ambujacement.com
Telephone: (02795) 221 137 Fax: (02795) 232 629
Tr agent: Sharepro Serv., 13 AB, Samhita Warehousing, Andheri (E), Mumbai-72

100 DMA

200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

12
31/12/14

INTERIMRESULTS
Dec 14
Mar 15
`m
24,049
24,630
`m
3,582
5,100
%
14.9
20.7
`m
3,286
3,177
%
13.7
12.9

Jun 15
25,105
4,154
16.5
2,579
10.3

Sep 15
21,109
3,101
14.7
1,536
7.3

CY14
28.0
75.0
3,601
743

CY15
28.8
74.5
3,766
868

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

18,600
-3,882
-5,094
9,624

CY13
28.0
77.4
3,386
1,128

12,675
-4,962
-6,724
989

16,755
-4,560
-7,212
4,983

NOTES

Ambuja Cements Ltds cement capacity for the calendar year ended 2014 stood at
28.75 million tonnes per annum (MTPA). The company is particularly strong in the
northern and western markets. It is one of the most cost effective producers of
cement in the country and its products enjoy strong brand equity in a commodity
business like cement.
Swiss cement giant Holcim Group controls 50.28% stake in the company. Under the
group restructuring program, Ambuja Cements is set to acquire 50.01% stake in
associate firm ACC. In exchange, Ambuja will witness a cash outflow of Rs 35 billion
to Holcim India Private Ltd and issuance of 584 million new equity shares to Holcim
as consideration for the merger. Post the deal, Ambujas equity capital base will
increase by 28% and Holcims stake in the company will increase to 61.39%.
During the calendar year 2014 (CY14), Ambuja Cements reported 9% YoY rise in
consolidated net sales. The growth in topline was driven by 7% rise in average sales
realisation. While operating profit margins improved from 17.2% in CY13 to 18.7% in
CY14, they still remain significantly below the long term average.

While the medium term outlook for cement sector appears muted, the long term
outlook for the sector remains positive as there are multiple growth drivers. The
government's focus on housing, concrete roads, smart cities and infrastructure
development will be key triggers for uptick in cement demand in the coming times.

Get more info at www.equitymaster.com

126

BIRLA CORPORATION LIMITED


CEMENT

Chairman: Harsh V. Lodha

Yr of Inc

B. Code

1919
500335
SHAREHOLDING

BL. Code
BRLC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA M.P.
F.V.
10

: 62.9%
:
0.0%
: 17.0%
:
1.4%
: 18.7%
: 22,370

Price

435.3

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

7.1

SEC: Girish Sharma

% ch 12-m
0.3

FX Transaction (FY15)
`m
611
`m
665
`m
611
`m
1,775
`m
-1,164
12
31/03/14

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

342
202
338.0
35.1
48.7
7.00
2.6
318.5
77.01
0.8
7.8
5.6
0.9
19.9
20,947
9.8
1,931
2,666.1
197.8
276.8

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

26,030
1,125
27,155
3,935
1,049
649
3,363
0
0
151
811
2,703
15.1
24.1
10.4

30,164
901
31,065
2,568
1,331
856
1,283
0
0
242
226
1,298
8.5
17.6
4.3

32,099
1,004
33,103
3,016
1,538
784
1,698
0
0
429
374
1,752
9.4
22.0
5.5

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,073
6,797
31.8
2.2
80
11
19,672
770
23,006
24,530
8,974
45,293
6.2
0.4
0.6
7.4
11.0
12.4
1.7
1.4

22,891
8,867
46.5
2.6
62
9
20,122
770
23,599
25,291
9,163
48,825
2.5
0.4
0.6
4.4
5.1
6.9
2.4
1.2

23,321
6,381
52.8
3.7
63
10
20,504
770
24,842
26,270
11,018
49,950
3.2
0.4
0.6
5.1
6.7
7.8
1.9
2.1

BALANCE SHEET DATA

P/E

19.1

615
280
416.8
22.8
42.7
6.00
1.3
341.1
77.01
1.1
19.7
10.5
1.3
26.4
34,458
6.3
2,254
5,074.9
356.4
277.1

P/CF
10.2

(` )

Yield
1.4

AUD: H. P. Khandelwal & Co.

Mkt cap

Vol.

33,520.3

0.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE340A01012

700
Close

600

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

305
191
391.7
16.9
34.1
6.00
2.4
328.4
77.01
0.6
14.7
7.3
0.8
35.6
19,091
9.9
2,216
3,047.1
223.8
131.1

Regd off: Birla Building, 9/1, R. N. Mukherjee Road, Kolkata - 700 001
E-Mail:
investorsgrievance@birlacorp.com
Web site: www.birlacorporation.com
Telephone: (033) 6616 6726 Fax: (033) 2248 7988
Tr agent: MCS Limited, 77/2A, Hazra Road, Kolkata - 700 029

100 DMA

500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,568
7,972
`m
397
461
%
5.2
5.8
`m
150
363
%
2.0
4.5

Jun 15
7,874
446
5.7
166
2.1

Sep 15
8,139
341
4.2
185
2.3

FY14
9.3
79.0
96.9

FY15
9.3
82.0
93.2

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Cement Capacity
MTPA
Capacity Utilisation
%
Cement Division Sales (% of Total Sales)
93.8

1,964
-1,113
-618
234

FY13
9.3
69.3
Rs

3,588
-3,408
-100
81

2,818
-110
-2,651
57

NOTES

Incorporated in 1919 as Birla Jute Manufacturing Company Limited, Birla Corporation


Limited is the flagship company of the Madhav Prasad Birla Group. Birla Corporation
has products ranging from cement to jute goods, PVC floor covering, as well as auto
trims (jute felt-based car interiors). However, cement accounts for a lions share of the
companys overall business. The company has a cement manufacturing capacity of
9.3 million tonnes per annum (mtpa).

During the financial year 2014-15 (FY15), the companys consolidated net sales
stood at Rs 31,522.5 million, higher by 6.1% YoY. The cement business accounted
for 93.77% of sales. The jute segment accounted for 5.85% of sales, while a paltry
0.38% came from other segments.

Profit after tax increased by 35% YoY to Rs 1,752.4 million. Net profit margin
improved from 4.3% in FY14 to 5.5% in FY15.
Over the last 3-4 years, cement demand has been tepid. On the other hand, capacity
additions have happened at a brisk rate. The cement industry capacity has doubled
in the last decade, with 70 million tonnes of cement capacity added in the last three
years alone. This has led to an overcapacity scenario in the cement industry. Over
the long term, the governments thrust on housing and infrastructure creation to boost
overall economic growth should augur well for cement demand.

Get more info at www.equitymaster.com

127

JK CEMENT LTD.
CEMENT

J.K. Singhania Group

Chairman: Gaur Hari Singhania

Yr of Inc

B. Code

1994
532644
SHAREHOLDING

BL. Code
JKCE.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 66.9%
:
0.0%
:
8.9%
: 12.8%
: 11.4%
: 85,461

Price

644.2

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Shambhu Singh (Fin. & Tax)

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
288
2,371
288
2,418
-2,130

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

29,120
488
29,608
5,573
1,287
1,398
3,375
3
5
0
1,076
2,308
19.1
31.9
7.9

27,958
483
28,441
3,527
1,342
1,526
1,142
22
55
0
447
772
12.6
39.2
2.8

33,987
600
34,587
4,593
1,461
2,291
1,442
17
0
0
22
1,436
13.5
1.5
4.2

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

10,759
9,041
5.9
1.2
58
14
26,235
699
12,622
16,906
10,595
40,078
3.4
0.6
0.7
9.2
13.6
17.4
1.5
6.1

13,558
11,808
6.3
1.1
71
15
41,143
699
12,985
17,462
24,415
57,633
1.7
1.4
0.5
4.0
4.4
6.6
1.9
10.6

14,783
12,757
6.0
1.2
58
19
44,108
699
13,718
16,170
27,301
60,501
1.6
1.7
0.6
6.2
8.9
8.6
0.8
7.0

BALANCE SHEET DATA

P/E

754
220
486.0
20.5
41.4
4.00
0.8
231.2
69.93
1.0
23.7
11.8
2.1
19.5
34,056
2.5
2,103
13,759.7
851.3
581.5

P/CF

31.4

15.5

(` )

AUD: P. L.Tandon & Co.

Yield

Mkt cap

0.6

Vol.

45,043.5

1.0

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE823G01014

800
700

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

299
148
399.8
11.0
30.2
3.00
1.3
249.7
69.93
0.6
20.3
7.4
0.9
27.2
15,633
2.4
1,696
11,698.1
709.6
322.9

6.7

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

370
123
416.4
33.0
51.4
6.50
2.6
241.7
69.93
0.6
7.5
4.8
1.0
19.7
17,238
2.3
1,590
12,567.8
686.4
995.9

0.7

Regd off: Kamla Tower, Kanpur - 208 001


E-Mail:
shambhu.singh@jkcement.com
Web site: www.jkcement.com
Telephone: (0512) 2371 478 Fax: (0512) 2399 854
Tr agent: Jaykay Enterprises Ltd., Kamla Tower, Kanpur - 208 001

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
7,986
9,161
`m
1,007
1,637
%
12.6
17.9
`m
167
698
%
2.1
7.6

Jun 15
8,137
874
10.7
2
0.0

Sep 15
8,703
1,088
12.5
137
1.6

FY14
7.5
71.5
4,575
658

FY15
10.5
60.0
4,693
703

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

3,820
-5,267
868
-579

FY13
7.5
76.0
4,387
742

3,643
-15,575
12,266
333

2,562
-4,780
2,303
85

NOTES

Part of the JK Group, JK Cement commenced cement operations in 1975 in the state
of Rajasthan. Today, JK Cement is a major cement player in Northern India with
cement manufacturing capacity of 10.5 million tonnes per annum (MTPA) making it
one of the leading manufacturers in the country. It is also the second largest white
cement manufacturer with an installed capacity of 1.2 MTPA across Gotan, India, and
Fujairah in UAE. While the company sells grey cement mostly in the northern India
market, the white cement is exported to countries like South Africa, Nigeria,
Singapore, Bahrain, Bangladesh, Sri Lanka, Kenya, Tanzania, UAE and Nepal, apart
from domestic sales. The company has sufficient high quality limestone reserves to
meets its requirements for grey and white cement for about 4 decades.

During the financial year 2014-15 (FY15), the companys standalone topline
increased by 20% YoY. There was an 18% YoY growth in production volume on
account of commissioning of new capacity. At the bottomline level, the standalone
profit after tax increased by 61.7% YoY during the period. It must be noted that the
jump in profits in FY15 followed a sharp dip in profitability in FY14. The companys
net profit margin expanded from 3.5% in FY14 to 4.7% in FY15.

Over the last few years, the growth of the Indian cement industry has been impacted
due to the overall slowdown in the economy, particularly in the housing and
infrastructure sector. Going forward, as the macro economy improves and with the
governments thrust on housing and infrastructure development, the demand
scenario for the cement industry is expected to improve.

Get more info at www.equitymaster.com

128

MANGALAM CEMENT LIMITED


CEMENT

Chairman: Amal Ganguli

Yr of Inc

B. Code

1976
502157
SHAREHOLDING

BL. Code

MGLC.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BIRLA B.K.
F.V.
10

: 27.4%
:
0.0%
:
1.1%
:
1.1%
: 70.3%
: 22,477

Price

200.0

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Swadesh Agrawal

% ch 12-m
-34.8

FX Transaction (FY15)
`m
0
`m
94
`m
0
`m
143
`m
-143
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

7,060
71
7,131
1,306
251
48
1,078
0
0
0
304
774
18.5
28.2
11.0

6,973
46
7,019
558
277
87
239
0
0
0
-57
296
8.0
-23.7
4.2

9,219
39
9,258
870
336
383
190
0
0
0
11
179
9.4
5.6
1.9

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

3,257
1,246
28.5
2.6
71
16
5,633
267
4,603
4,923
2,110
9,687
23.3
0.4
0.7
8.5
15.7
16.0
0.7
5.7

2,857
1,452
20.1
2.0
61
12
7,701
267
4,751
5,070
3,435
11,423
3.7
0.7
0.6
3.4
5.8
3.8
0.0
0.8

3,513
2,546
10.5
1.4
63
11
7,874
267
4,549
5,176
3,115
12,327
1.5
0.6
0.7
4.6
3.5
6.9
0.0
1.0

INCOME DATA

BALANCE SHEET DATA

145
88
261.3
11.1
21.5
3.00
2.6
190.0
26.69
0.4
10.5
5.4
0.6
27.0
3,109
1.0
426
7,240.9
442.2
307.5

P/E

354
119
345.4
6.7
19.3
2.00
0.8
193.9
26.69
0.7
35.2
12.2
1.2
29.8
6,312
1.1
577
8,543.6
535.0
166.1

P/CF

29.8

10.4

(` )

AUD: Jain Pramod Jain & Co.

Yield

Mkt cap

1.0

Vol.

5,338.0

5.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE347A01017

400
350

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

193
120
264.5
29.0
38.4
6.00
3.8
184.5
26.69
0.6
5.4
4.1
0.8
20.7
4,177
0.9
381
7,844.9
423.6
859.7

-3.3

Regd off: P. O. Aditya Nagar, Kota, Morak - 326 520


E-Mail:
mclmorak@kappa.net.in
Web site: www.mangalamcement.com
Telephone: (07459) 232 262 Fax: (07459) 232 231
Tr agent: Mas Servcies, T-34, Okhla Industrial Area, Phase II, New Delhi-20

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
2,133
2,387
`m
95
202
%
4.4
8.4
`m
-24
27
%
-1.1
1.1

Jun 15
2,134
-21
-1.0
-188
-8.8

Sep 15
2,002
7
0.4
-155
-7.8

FY14
3.3
89.9
3,568
310

FY15
3.3
65.8
3,885
422

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

1,063
-2,415
1,871
519

FY13
2.0
81.6
3,263
709

630
-2,255
1,165
-461

483
-502
-184
-203

NOTES

Mangalam Cement Ltd was promoted in the year 1978 by Mr B K Birla, a noteworthy
industrialist of the country. The company commenced cement production in 1981.
MCL is an integrated manufacturer of cement based in North India. It operates a 3.25
million tonne per annum cement plant in Rajasthan. Apart from the cement plant, the
company has a captive thermal power plant of 35 megawatts (MW) and wind power
of 13.65 MW.
Mangalam Cement sells cement under the brand name of Birla Uttam', and mainly
caters to the northern region with presence in the states of Rajasthan, Madhya
Pradesh, Delhi NCR, Haryana and western parts of Uttar Pradesh. MCL has a
distribution network of 1,126 dealers and 3,361 retailers across these regions.
Mangalam Cement was a sick' unit in the early 2000s. However, the company has
gone through a significant turnaround since then. Its debt to equity ratio stood at 0.8
times as of 31st March 2015.

During the financial year 2014-15 (FY15), the companys revenues increased by
32.1% year-on-year (YoY) on the back of enhanced cement capacity. After a sharp
contraction in EBIDTA margin to 8% in FY14, the operating profit witnessed some
recovery with EBITDA margins increasing to 9.8%. However, at the bottomline level,
net profits plunged by 39.5% YoY on account of sharp jump in finance costs,
depreciation charges and tax expenses.

In recent times, the companys financial performance has been deteriorating on


account of the prolonged sluggishness in cement demand and higher debt burden.
Given that cement demand is closely linked to the overall economic growth,
particularly the housing and the infrastructure sector, the improvement in the
companys financial performance is expected to improve when the economy picks up.

Get more info at www.equitymaster.com

129

SHREE CEMENT LIMITED


CEMENT

Chairman: B. G. Bangur

Yr of Inc

B. Code

1979
500387
SHAREHOLDING

BL. Code

SHCM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MISCELLANEOUS
F.V.
10

: 64.8%
:
0.0%
:
6.0%
: 10.9%
: 21.2%
: 12,432

Price

10,494.1

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
30/06/13

SEC: S. S. Khandelwal

% ch 12-m
13.9

FX Transaction (FY15)
`m
0
`m
17,249
`m
0
`m
17,325
` m -17,325
12
30/06/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

55,903
747
56,649
15,609
4,356
1,931
10,068
0
0
1,126
1,155
10,039
27.9
11.5
18.0

58,873
1,849
60,723
13,898
5,499
1,292
8,956
0
0
-805
279
7,872
23.6
3.1
13.4

64,536
1,379
65,914
13,438
9,248
1,206
4,363
0
0
-355
-255
4,263
20.8
-5.8
6.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

22,718
14,170
15.3
1.6
35
21
19,153
348
31,058
38,436
4,431
60,663
6.2
0.1
0.9
19.7
26.1
30.6
0.0
11.6

23,297
14,993
14.1
1.6
50
18
29,523
348
34,085
47,108
4,467
73,287
7.9
0.1
0.8
12.5
16.7
18.3
0.0
22.2

23,332
14,486
13.7
1.6
52
27
35,154
348
37,354
52,763
4,014
79,978
4.6
0.1
0.8
6.8
8.1
9.2
0.0
26.7

INCOME DATA

BALANCE SHEET DATA

7,982
3,413
1,689.8
226.0
383.8
22.00
0.4
1,352.1
34.84
3.4
25.2
14.8
4.2
9.7
198,487
4.7
3,953
12,531.5
841.4
1,675.6

12
30/06/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

5,210
2,805
1,604.5
288.2
413.2
20.00
0.5
1,103.2
34.84
2.5
13.9
9.7
3.6
6.9
139,623
4.2
3,380
13,310.1
804.8
2,390.3

-10.4

Regd off: Bangur Nagar, Dist. Ajmer, Beawar - 305 901


E-Mail:
khandelwalss@shreecementltd.com
Web site: www.shreecement.in
Telephone: (01462) 228 101/06 Fax: (01462) 228 117/19
Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nr, Madhapur, Hyderabad-81

12,389
6,880
1,852.3
122.4
387.8
24.00
0.2
1,514.4
34.84
5.2
78.7
24.8
6.4
19.6
335,664
5.1
4,550
12,558.0
885.4
829.5

P/E

P/CF

85.8

27.1

(` )

AUD: B. R. Maheshwari & Co.

Yield

Mkt cap

0.2

Vol.

365,612.7

0.4

ISIN

ADJUSTED DAILY SHARE PRICE DATA

INE070A01015

14,000
Close

12,000
100 DMA

10,000
8,000
6,000
4,000
2,000
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
30/06/13

12
30/06/14

12
30/06/15

INTERIMRESULTS
Dec 14
Mar 15
`m
15,445
15,764
`m
3,061
3,406
%
19.8
21.6
`m
945
1,237
%
6.1
7.8

Jun 15
17,246
3,328
19.3
1,041
6.0

Sep 15
17,243
3,872
22.5
1,287
7.5

FY14
17.5
81.3
3,162
975

FY15
23.6
67.5
3,209
853

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

12,597
-2,696
-9,817
84

FY13
13.5
91.3
3,267
1,271

14,007
-12,339
-1,558
110

12,453
-9,968
-2,586
-101

NOTES

Shree Cement is a rapidly growing company focused on its core business of cement
& power. From a modest cement capacity of 2.6 million tonnes per annum (MTPA) in
2004-05, Shree Cement has joined the league of the largest cement companies in
India with its cement capacity standing at 23.6 mtpa at the end of the financial year
2014-15,. After commissioning of its 2 mtpa capacity cement grinding unit at
Bulandshahar in Uttar Pradesh on 30th October 2015, the companys cement
production capacity stands augmented to 25.6 mtpa. Currently, its manufacturing
operations are spread over North and Eastern India across five states. The company
is a market leader in the states of Rajasthan, Delhi and Haryana. It is recognised as
one of the most efficient and eco-friendly company in the global cement industry.
Shree Cement has a total power capacity is 597 MW (including Waste Heat Recovery
Plants of 96 MW).
During the financial year 2014-15 (FY15), the companys revenues increased by
9.6% year-on-year (YoY) on the back of enhanced cement capacity. After a sharp
contraction in EBIDTA margin to 8% in FY14, the operating profit witnessed some
recovery with EBITDA margins increasing to 9.8%. However, at the bottomline level,
net profits plunged by 39.5% YoY on account of sharp jump in finance costs,
depreciation charges and tax expenses.
The cement sector has been in a slowdown over the last few years. The growth in
demand has been much lower than the rate of capacity addition, resulting in a severe
overcapacity situation. This is impact capacity utilization rates and cement prices.
While medium term concerns remains, over the long term, the governments thrust on
housing and infrastructure creation to boost overall economic growth should augur
well for cement demand.

Get more info at www.equitymaster.com

130

THE RAMCO CEMENTS LIMITED


CEMENT

Chairman: P. R. Ramasubrahmaneya Rajha

Yr of Inc

B. Code

1957
500260
SHAREHOLDING

BL. Code

MSCM.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
1

: 42.3%
:
0.0%
: 17.1%
: 20.3%
: 20.2%
: 21,021

Price

365.4

MISCELLANEOUS
% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. Selvanayagam

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
639
3,383
639
3,428
-2,790

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

38,308
419
38,727
10,054
2,806
1,785
5,882
0
0
0
1,846
4,037
26.2
31.4
10.5

36,835
633
37,468
5,623
3,064
1,881
1,310
1
0
0
165
1,146
15.3
12.6
3.1

36,554
849
37,403
7,199
2,512
1,951
3,584
-4
28
0
1,147
2,461
19.7
32.0
6.7

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

12,389
16,124
-9.7
0.8
57
29
47,506
238
23,470
23,708
13,931
64,714
4.3
0.6
0.6
9.0
17.0
20.4
0.7
13.4

12,189
17,047
-13.2
0.7
68
30
50,036
238
24,336
24,589
15,204
68,455
1.7
0.6
0.5
4.4
4.7
8.0
2.2
14.7

12,026
14,488
-6.7
0.8
52
38
51,452
238
26,003
26,256
17,273
70,748
2.8
0.7
0.5
6.2
9.4
12.8
1.7
9.3

BALANCE SHEET DATA

P/E

380
205
153.5
10.3
20.9
1.50
0.5
110.3
238.07
B1:1
1.9
28.3
14.0
2.7
14.5
69,635
2.9
2,293
12,679.0
795.3
853.7

P/CF

35.3

17.5

(` )

AUD: CNGSN & Assoc.

Yield

Mkt cap

0.4

Vol.

86,965.2

4.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE331A01037

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

263
136
154.8
4.8
17.7
1.00
0.5
103.3
237.97
1.3
41.4
11.3
1.9
20.8
47,475
2.9
2,218
12,541.8
755.3
390.0

10.9

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

269
133
161.0
17.0
28.8
3.00
1.5
99.6
237.97
1.2
11.8
7.0
2.0
17.7
47,832
2.8
1,957
13,745.2
702.2
1,448.3

-0.2

Regd off: Ramamandiram, Rajapalayam - 626 117


E-Mail:
ksn@ramcocements.co.in
Web site: www.ramcocements.in
Telephone: (044) 2847 8666 Fax: (044) 2847 8676
Tr agent: In-house

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Cement Capacity
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
8,159
9,971
`m
1,299
2,743
%
15.9
27.5
`m
230
934
%
2.8
9.4

Jun 15
9,528
2,494
26.2
947
9.9

Sep 15
8,963
2,942
32.8
1,401
15.6

FY14
12.5
68.8
3,633
655

FY15
12.5
61.6
3,809
930

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

7,014
-3,828
-2,886
301

FY13
12.5
67.9
3,333
1,203

5,086
-5,712
531
-95

9,232
-5,086
-3,969
177

NOTES

The Ramco Cements Ltd (formerly Madras Cements Ltd) is the flag ship company of
the Ramco Group, a renowned corporate group of South India. Based in Chennai,
Ramco Cements has integrated cement capacity of 12.49 million tonnes per annum
(MTPA) and satellite grinding units with capacity of 4 mtpa. The company has also
set up ready mix concrete (RMC) plants to cater to the growing RMC market. Apart
from cement plants, the company also operates one of the largest wind farms in the
country with a power generation capacity of 125.95 MW.

During FY15, the company reported 0.7% year-on-year (YoY) decline in standalone
net sales. In South India, construction activity was impacted due to scarcity of raw
materials such as river sand and blue metal. After a sharp dip of 44% in FY14,
operating profits increased by 26.7% YoY in FY15 on account of easing cost
pressures.

It must be noted that the south Indian markets has the highest excess cement
capacity in the country, impacting the capacity utilisation rates in the region. However,
there are two bright spots in the southern market Andhra Pradesh and Telangana
that are likely to be key growth drivers in the coming years. In the newly created state
of Telangana, infrastructure growth is set to pick up substantially on the back of
government actions. Particularly, the road sector is expected to witness a huge
momentum.
While the recovery may not be immediate, the southern markets should gradually
revive as these projects begin to be implemented. Also, slowing capacity additions
should reduce the demand-supply gap in the coming years and lift the utilisation
rates.

Get more info at www.equitymaster.com

131

ULTRATECH CEMENT LIMITED


CEMENT

Chairman: Kumar Mangalam Birla

Yr of Inc

B. Code

2000
532538
SHAREHOLDING

BL. Code
ULTC.bo

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

F.V.
10

: 61.7%
:
0.0%
:
5.2%
: 22.2%
: 10.8%
: 293,227

BIRLA ADITYA
Price

2,785.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-0.1

SEC: S. K. Chatterjee

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

10.9

(FY15)
3,014
6,484
3,559
8,212
-4,653

12
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

2,075
1,255
777.7
97.7
135.0
9.00
0.5
555.5
274.18
ESOS
2.1
17.0
12.3
3.0
9.2
456,510
12.7
10,427
16,843.7
823.6
2,115.1

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

213,241
3,036
216,277
48,393
10,234
2,523
38,672
-103
0
0
11,791
26,777
22.7
30.5
12.6

216,515
3,224
219,739
40,352
11,390
3,610
28,576
-68
0
0
6,448
22,060
18.6
22.6
10.2

243,490
3,501
246,990
44,255
12,034
5,865
29,856
-38
0
0
8,835
20,983
18.2
29.6
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

82,829
70,672
5.7
1.2
43
24
179,173
2,742
147,609
152,296
51,691
295,899
16.3
0.3
0.7
9.9
17.6
20.1
1.5
3.7

94,907
65,248
13.7
1.5
43
28
193,190
2,742
167,405
171,819
60,208
321,940
8.9
0.4
0.7
8.0
12.8
13.8
1.3
2.8

87,975
110,203
-9.1
0.8
44
25
245,398
2,744
182,513
190,412
49,927
380,631
6.1
0.3
0.6
7.1
11.0
14.8
1.2
2.7

INCOME DATA

BALANCE SHEET DATA

2,194
1,405
789.5
80.4
122.0
9.00
0.5
626.5
274.24
2.3
22.4
14.8
2.9
11.2
493,495
13.1
11,028
16,506.4
840.7
1,681.8

Regd off: B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Mumbai - 400
E-Mail:
093
Web site: sharesutcl@adityabirla.com
Telephone: www.ultratechcement.com
Tr agent: (022) 6691 7800 Fax: (022) 6692 8109

3,399
1,953
887.4
76.5
120.3
9.00
0.3
693.9
274.40
ESOS
3.0
35.0
22.2
3.9
11.8
734,294
14.4
13,083
16,866.8
906.3
1,453.5

P/E

P/CF

36.4

23.1

(` )

AUD: Deloitte Haskins & Sells

Yield

Mkt cap

0.3

Vol.

764,327.5

12.4

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE481G01011

4,000
3,500

Close
100 DMA

3,000
2,500
2,000
1,500
1,000
500
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
56,014
62,133
`m
9,573
13,102
%
17.1
21.1
`m
3,644
6,147
%
6.5
9.9

Jun 15
64,322
12,100
18.8
5,911
9.2

Sep 15
60,129
10,578
17.6
4,270
7.1

FY14
53.9
75.6
4,319
923

FY15
60.2
75.0
4,540
923

Parameters
Cement Capacity (Domestic)
Capacity Utilisation
Operating cost per tonne
EBITDA per tonne

`
`
`
`

m
m
m
m

KEY DATA
Unit
MTPA
%
Rs
Rs

36,176
-43,867
7,149
-295

FY13
53.9
74.5
3,784
1,017

34,545
-23,960
-9,488
1,637

41,902
-20,584
-21,098
441

NOTES

UltraTech Cement was incorporated in 2000 as Larsen & Toubro Cement. Later it was
demerged and acquired by Grasim and was renamed as UltraTech Cement in 2004.
Today UltraTech Cement, an Aditya Birla Group Company and a 60.3% subsidiary of
Grasim, is the largest domestic cement player in the country with consolidated
cement capacity of 67.7 million tonnes per annum (domestic capacity is 64.7 million
tonnes) as of quarter ended September 2015.
UltraTech Cement has 12 integrated plants, 1 clinkerisation plant, 18 grinding units
and 7 bulk terminals. Its operations span across India, UAE, Bahrain, Bangladesh
and Sri Lanka. UltraTech Cement is also India's largest exporter of cement reaching
out to meet the demand in countries around the Indian Ocean and the Middle East.
During the financial year 2014-15 (FY15), UltraTechs consolidated net sales
increased by 12.2% year-on-year. At operating level, profits increased by 8.2% YoY.

A clause in the new mining act (MMDR Act, 2015) bars the transfer of mines that were
not allotted through auctions. This has impacted UltraTech's deal to acquire two
cement assets of the Jaypee Group in Madhya Pradesh. The company has been
investing heavily in land over the last 2-3 years. The management is confident that
its game plan to create additional capacities will go on with or without merger and
acquisitions.

While the cement sector is yet to register a recovery, the new business-friendly
governments thrust on housing and infrastructure development is expected to augur
well for cement demand in the long run. UltraTech, being the leading cement player
in the country, will be a key beneficiary.

Get more info at www.equitymaster.com

132

CONSUMER PRODUCTS

This page has been intentionally left blank

133

BAJAJ ELECTRICALS LIMITED


CONSUMER DURABLES

Chairman: Shekhar Bajaj (MD)

Yr of Inc

B. Code

1956
500031
SHAREHOLDING

BL. Code
BJEL.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

BAJAJ

F.V.
2

: 65.9%
:
0.0%
:
3.9%
: 16.3%
: 14.0%
: 17,979

Price

203.4

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

-14.1

SEC: Mangesh Patil

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
300
2,862
302
3,031
-2,729

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

234
165
338.5
5.1
6.6
2.00
1.0
73.0
99.76
ESOP
0.6
38.9
30.3
2.7
39.0
19,902
0.0
1,673
NM
NM
NM

385
191
422.6
-1.4
1.5
1.50
0.5
68.2
100.76
ESOP
0.7
-207.9
192.4
4.2
-108.3
29,009
0.0
2,263
NM
NM
NM

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

33,773
168
33,942
1,109
145
690
443
0
0
247
178
512
3.3
40.2
1.5

40,298
151
40,450
820
248
783
-60
0
0
0
-7
-53
2.0
11.0
-0.1

42,581
243
42,824
890
290
1,051
-208
0
0
0
-69
-140
2.1
33.0
-0.3

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

15,510
13,694
5.4
1.1
46
101
2,323
200
7,000
7,286
345
21,574
1.6
0.0
1.6
5.6
7.0
18.1
1.1
8.8

18,732
18,170
1.4
1.0
40
112
2,518
200
6,557
7,096
1,306
26,850
0.9
0.2
1.5
2.7
-0.7
8.6
0.9
7.4

19,724
19,167
1.3
1.0
41
111
2,808
202
6,337
6,870
1,709
28,297
0.8
0.2
1.5
3.2
-2.0
9.8
0.7
6.7

P/CF

135.8

(` )

AUD: Dalal & Shah

Yield

Mkt cap

0.7

Vol.

20,477.3

43.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE193E01025

400
350

12
31/03/15

`
`
`
`
`
`
%
`
m

BALANCE SHEET DATA

P/E

-2.4

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

290
150
403.1
-0.5
1.9
1.50
0.7
71.0
99.97
0.5
-414.4
113.1
3.1
-282.6
21,988
0.0
1,860
NM
NM
NM

Regd off: 45-47, Veer Nariman Road, Mumbai - 400 001


E-Mail:
legal@bajajelectricals.com
Web site: www.bajajelectricals.com
Telephone: (022) 2204 3780 Fax: (022) 2285 1279
Tr agent: Link Intime India, C13, Pannalal Silk Mills Compd., LBS Marg, Mumbai-78

Close
100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Consumer Durables
Engineering & Projects
Lighting Segment

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
10,293
13,117
`m
-351
774
%
-3.4
5.9
`m
-523
469
%
-5.1
3.6

Jun 15
10,091
602
6.0
203
2.0

Sep 15
11,277
461
4.1
113
1.0

FY14
19.3
11.5
9.5

FY15
20.2
13.4
9.0

`
`
`
`

m
m
m
m

KEY DATA
Unit
Rs bn
Rs bn
Rs bn

1,406
-2
-1,441
-36

FY13
18.5
6.9
8.6

-68
-764
869
38

882
-491
-563
-171

NOTES

Bajaj Electricals Ltd, a more than 77-year old company is part of the Bajaj Group, one
of the oldest business conglomerates in India. The company manufactures and
markets appliances, fans, lighting and luminaries. It also has interests in engineering
and project works. The company has a distribution chain of about 1,000 distributors,
5,000 direct dealers and over 400,000 retail outlets. It has various distribution
arrangements and tie ups in place. The company has also invested in Starlite Lighting
for manufacture of energy saving lamps (CFL).
During the financial year 2014-15 (FY15), the net sales stood at Rs 42,374.8 million,
higher by 5.6% YoY. The companys profitability was severely dented due to lower
margins in consumer durables, closure of many old projects and the consequential
cost overruns as well as the challenging business environment. This resulted in a net
loss of Rs 139.5 million in FY15 as against net loss of Rs 53.1 million in FY14.

The company operates in four main business segments; Lighting, Consumer


Durables, Engineering & Projects (E&P) and others. The growth drivers of these
segments are increasing population, increasing consumption of aspiring individuals
and the governments increased spending on infrastructure (roads, bridges, ports,
etc). The company has been experiencing pressure in its engineering and projects
business on account of intense competition and lengthy execution cycles. However,
since most of the old legacy projects have been closed and major hits have been
taken, the segment should report better performance in the coming times.

Get more info at www.equitymaster.com

134

BATA INDIA LIMITED


CONSUMER PRODUCTS

Chairman: Uday Khanna

Yr of Inc

B. Code

1931
500043
SHAREHOLDING

BL. Code
BATA.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

MNC

F.V.
10

:
0.0%
: 53.0%
:
9.8%
: 20.1%
: 17.1%
: 83,621

Price

479.8

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/12/12

-1.9

SEC: Maloy Kumar Gupta

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/12/13

-25.8

(FY15)
277
1,860
277
2,524
-2,247

`
`
`
`
`
`
%
`
m

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

989
519
286.7
26.8
34.8
6.00
0.8
108.8
64.26
2.6
28.2
21.7
6.9
22.4
48,452
5.2
1,959
3,569.3
379.6
333.4

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

18,425
301
18,725
2,750
514
10
2,526
0
0
0
805
1,721
14.9
31.9
9.3

20,652
315
20,967
3,018
592
13
2,728
0
0
101
920
1,909
14.6
33.7
9.2

26,940
434
27,374
3,981
793
18
3,605
0
0
-315
976
2,313
14.8
27.1
8.6

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

7,227
3,744
18.9
1.9
92
9
2,616
643
6,059
6,990
0
11,295
246.3
0.0
1.6
15.3
24.6
36.3
0.8
5.9

9,232
4,629
22.3
2.0
103
9
2,720
643
7,477
8,399
0
13,820
210.8
0.0
1.5
13.9
22.7
33.8
0.7
6.9

10,157
5,180
18.5
2.0
95
8
3,569
643
9,301
10,212
0
16,370
205.8
0.0
1.6
14.2
22.7
32.4
1.0
6.9

BALANCE SHEET DATA

P/E

1,495
895
419.2
36.0
48.3
6.50
0.5
158.9
64.26
2.9
33.2
24.7
7.5
18.1
76,791
4.8
3,119
5,596.2
648.0
480.5

P/CF

13.3

9.9

(` )

Yield
1.4

AUD: S. R. Batliboi & Co.

Mkt cap

Vol.

30,831.9

46.3

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE176A01028

800
700

15
31/03/15

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

INCOME DATA

1,086
688
321.4
29.7
38.9
6.50
0.7
130.7
64.26
2.8
29.9
22.8
6.8
21.9
57,002
0.0
2,133
NM
NM
NM

Regd off: 6A, S. N. Banerjee Road, Kolkata - 700 013


E-Mail:
maloy.gupta@bata.co.in
Web site: www.bata.in
Telephone: (033) 3982 9412 Fax: (033) 2289 5859
Tr agent: R & D Infotech, 1st Floor, 7A, Beltala Road, Kolkata - 700 026

Close
100 DMA

600
500
400
300
200
100
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/12/12

12
31/12/13

15
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
5,372
4,913
`m
614
469
%
11.4
9.5
`m
349
252
%
6.5
5.1

Jun 15
6,805
1,293
19.0
922
13.5

Sep 15
5,754
808
14.0
541
9.4

CY14
3.6
4.6
817.2

FY15
3.9
5.5
1,464.9

`
`
`
`

m
m
m
m

KEY DATA
Parameters
Unit
Stock Turnover
times
Working Capital Turnover
times
Capital Expenditure
Rs million
*Fifteen month period ended March 31, 2015

1,845
-1,282
-456
106

CY13
4.1
5.4
870.8

1,825
-1,182
-462
181

1,188
-660
-504
23

NOTES

Bata is Indias largest footwear retailer and leading manufacturer of footwear in India.
It is a part of the Bata Shoe Organisation and was incorporated in the year 1931 as
Bata Shoe Company Private Ltd. In 1973, the company went public and changed its
name to Bata India Ltd.

The company has a wide retail network of over 1,400 stores across India. It sells
approximately 50 million pairs of footwear every year. It serves over 150,000
customers every day. It has 5 manufacturing facilities and employs more than 8,000
people. Its product portfolio includes accessories like bags and belts as well.

During the fifteen month period ended March 31, 2015, the company reported total
turnover of Rs 27,375.9 million. At the bottomline level, net profit stood at Rs 2,311.7
million. During the said period, the companys performance was impacted due to
certain unexpected problems with the implementation of new supply chain IT
systems.
During the fifteen month period ended March 31, 2015, the company opened 159
new retail stores across India. The new stores are larger in size and are based on
global design. As per the companys growth strategy, it plans to open about 100 new
retail stores every year to increase its presence in the malls, high streets, and also in
the tier-II and tier-III cities across India.

Get more info at www.equitymaster.com

135

GODREJ INDUSTRIES LIMITED


CONSUMER PRODUCTS
Chairman: A. B. Godrej

Yr of Inc

B. Code

1928
500164
SHAREHOLDING

BL. Code
GODI.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

GODREJ

F.V.
1

: 74.9%
:
0.0%
:
3.6%
: 11.2%
: 10.3%
: 44,482

Price

362.6

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: K. R. Rajput

% ch 12-m

FX Transaction
`m
`m
`m
`m
`m
12
31/03/14

(FY15)
4,930
3,183
4,930
3,452
1,478

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

69,643
528
70,171
3,774
595
1,103
2,604
-762
1,758
1,654
1,342
3,912
5.4
51.5
5.6

79,179
1,558
80,737
4,577
704
1,457
3,973
-1,430
1,739
694
1,712
3,264
5.8
43.1
4.1

92,305
1,293
93,598
4,816
932
1,913
3,264
-1,864
2,066
1,924
1,366
4,025
5.2
41.8
4.4

Current assets
Current liabilities
Net working cap to sales
Current ratio
Inventory Days
Debtors Days
Net fixed assets
Share capital
"Free" reserves
Net worth
Long term debt
Total assets
Interest coverage
Debt to equity ratio
Sales to assets ratio
Return on assets
Return on equity
Return on capital
Exports to sales
Imports to sales

`m
`m
%
x
Days
Days
`m
`m
`m
`m
`m
`m
x
x
x
%
%
%
%
%

61,051
45,406
22.5
1.3
195
25
13,810
335
29,727
31,053
9,392
94,283
3.4
0.3
0.7
5.3
12.6
15.7
7.1
3.5

72,887
61,502
14.4
1.2
201
25
16,715
331
27,251
27,341
11,604
112,104
3.7
0.4
0.7
4.2
11.9
16.5
6.3
5.1

85,649
73,092
13.6
1.2
212
25
20,947
336
31,838
32,273
17,282
135,026
2.7
0.5
0.7
4.4
12.5
14.7
5.3
3.4

BALANCE SHEET DATA

P/E

30.3

351
324
274.8
12.0
14.8
1.75
0.5
96.1
335.88
1.2
28.2
22.9
3.5
14.6
113,360
1.3
3,232
72,396.2
2,534.7
3,156.6

P/CF
24.6

(` )

AUD: Kalyaniwalla & Mistry

Yield

Mkt cap

0.5

Vol.

121,793.7

10.1

ADJUSTED DAILY SHARE PRICE DATA

ISIN

INE233A01035

450

12
31/03/15

`
`
`
`
`
`
%
`
m

INCOME DATA

325
219
236.0
9.7
11.8
1.75
0.6
81.5
335.46
1.2
27.9
23.0
3.3
18.0
91,077
1.3
2,942
58,825.6
2,186.0
2,424.7

26.3

High
Low
Sales per share (Unadj.)
Earnings per share (Unadj.)
Cash flow per share (Unadj.)
Dividends per share (Unadj.)
Dividend yield (eoy)
Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio
Avg P/E ratio
P/CF ratio (eoy)
Price / Book Value ratio
Dividend payout
Avg Mkt Cap
No. of employees
Total wages/salary
Avg. sales/employee
Avg. wages/employee
Avg. net profit/employee

x
x
x
x
%
`m
'000
`m
` Th
` Th
` Th

332
221
207.8
11.7
13.4
1.75
0.6
92.6
335.17
PP
1.3
23.7
20.6
3.0
15.0
92,675
1.4
2,698
50,797.4
1,967.5
2,853.2

-8.6

Regd off: Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai - 400 079
E-Mail:
investor@godrejinds.com
Web site: www.godrejinds.com
Telephone: (022) 2518 8010 Fax: (022) 2518 8066
Tr agent: Computech Sharecap Ltd., 147, M. G. Road, Fort, Mumbai - 400 001

400

Close

350

100 DMA

300
250
200
150
100
50
0
Dec-12

CASHFLOW

From Operations
From Investments
From Financial Activity
Net Cashflow

Net sales
Gross profit
Gross profit margin
Net profit
Net profit margin
Parameters
Chemicals revenue
Chemicals PBIT
Return on equity
Total debt to equity

Dec-13

Dec-14

No. of months
Year ending

Dec-15

12
31/03/13

12
31/03/14

12
31/03/15

INTERIMRESULTS
Dec 14
Mar 15
`m
22,974
23,088
`m
1,276
1,191
%
5.6
5.2
`m
446
474
%
1.9
2.1

Jun 15
25,107
1,482
5.9
724
2.9

Sep 15
32,487
2,269
7.0
804
2.5

FY14
80.9
15.3
10.2
1.5

FY15
77.5
11.2
12.9
1.9

`
`
`
`

m
m
m
m

KEY DATA
Unit
% of Sales
% of Total PBIT
%
x

3,448
-7,741
4,033
-261

FY13
84.2
24.3
10.9
0.94

-3,940
-9,244
14,430
1,245

-10,496
-4,581
14,095
-982

NOTES

Godrej Industries (GIL), part of the Godrej Group, is one of Indias leading business
groups. The company is engaged in the manufacture and marketing of oleo
chemicals, their precursors and derivatives, bulk edible oils, estate management, and
investment activities. Through its subsidiaries, associate companies, and joint
ventures, it has significant interests in several industries such as property
development, palm oil plantation, animal feeds and agro-products, poultry, personal
care, home care, etc.
The company exports its products to about 40 countries in North and South America,
Asia, Europe, Australia, and Africa. It leads the Indian market in the production of fatty
acids, fatty alcohols, and alpha olefin sulphonate (AOS). GIL operates two plants: one
at Valia, Gujarat and another at Vikhroli, Mumbai. With the Vikhroli manufacturing
complex, it is able to achieve a high level of operational flexibility and is able to meet
customers requirements within a short lead time. The integrated manufacturing plant
at Valia uses vegetable oils as raw material to manufacture fatty acids, glycerine, fatty
alcohols, and surfactants: sodium lauryl sulphate, sodium lauryl ether sulphate, and
AOS.
In FY15, total income/profit before interest and taxes increased 18%/22% year-onyear, respectively. Net profit stood at Rs 4 billion, up 23% year-on-year. Subsidiary
Godrej Properties recorded a strong growth in the residential segment, with booking
volumes and value increasing by 69% and 58% year-on-year, respectively.

Get more info at www.equitymaster.com

136

HAWKINS COOKERS LIMITED


CONSUMER DURABLES

Chairman: Brahm Vasudeva

Yr of Inc

B. Code

1959
508486
SHAREHOLDING

BL. Code

HWKN.BO

Indian Promoters
Foreign collaborators
Indian inst/Mut Fund
FIIs/GDR
Free float
Shareholders
EQUITY SHARE DATA

:
:
:
:
:
:

MISCELLANEOUS
F.V.
10

48.8%
7.2%
6.7%
0.2%
37.1%
11,069

Price

2,300.5

% ch 1-m

Exports (fob)
Imports (cif)
Fx inflow
Fx outflow
Net fx

No. of months
Year ending

12
31/03/13

SEC: Hutoxi Bhesania

% ch 12-m
-34.3

FX Transaction (FY15)
`m
294
`m
1
`m
302
`m
63
`m
239
12
31/03/14

`
`
`
`
`
`
%
`
m

Net Sales
Other income
Total revenues
Gross profit
Depreciation
Interest
Profit before tax
Minority Interest
Prior Period Items
Extraordinary Inc (Exp)
Tax
Profit after tax
Gross profit margin
Effective tax rate
Net profit margin

`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
`m
%
%
%

4,247
48
4,295
507
24
30
501
0
0
0
160
341
11.9
31.9
8.0

4,571
45
4,616
587
26
35
571
0
0
0
188
383
12.8
32.9
8.4

5,145
38
5,183
508
36
37
473
0
0
0
152
321
9.9
32.1
6.2

Cur