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Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 6.2 6.2 6.2 6.24 6.29 6.37

Equity Share Capital 6.2 6.2 6.2 6.24 6.29 6.37

Share Application
Money 0 0 0 0 0 0

Preference Share
Capital 0 0 0 0 0 0

Reserves 53.47 59.38 64.98 76.27 88.67 103.74

Revaluation
Reserves 0 0 0 0 0 0

Networth 59.67 65.58 71.18 82.51 94.96 110.11

Secured Loans 0 0 0 0 0 0

Unsecured Loans 0 0 0 0 0 0

Total Debt 0 0 0 0 0 0

Total Liabilities 59.67 65.58 71.18 82.51 94.96 110.11


Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 40.87 60.98 68.95 67.89 78.59 80.16

Less: Accum.
Depreciation 14.45 17.67 23.82 27.05 32.74 37.87
Net Block 26.42 43.31 45.13 40.84 45.85 42.29

Capital Work in
Progress 12.72 0.15 0.52 0 0 0.12

Investments 11.79 7.5 25.15 45.15 55.66 66.45

Inventories 0 0 0 0 0 0

Sundry Debtors 6.14 6.4 7.2 5.02 9.2 16.47

Cash and Bank


Balance 2.94 2.82 0.55 0.84 5.12 4.57

Total Current Assets 9.08 9.22 7.75 5.86 14.32 21.04

Loans and
Advances 12.88 25.17 8.25 7.13 3.81 5.27

Fixed Deposits 0.11 3.68 3.69 5.02 1.39 6.85

Total CA, Loans &


Advances 22.07 38.07 19.69 18.01 19.52 33.16

Deffered Credit 0 0 0 0 0 0

Current Liabilities 8.52 19.37 14.33 13.37 16.27 20.18

Provisions 5.1 4.29 5.11 8.18 9.79 11.74

Total CL &
Provisions 13.62 23.66 19.44 21.55 26.06 31.92

Net Current Assets 8.45 14.41 0.25 -3.54 -6.54 1.24

Miscellaneous
Expenses 0.28 0.21 0.13 0.06 0 0

Total Assets 59.66 65.58 71.18 82.51 94.97 110.1


Contingent
Liabilities 9.6 5.71 0.11 0 0 10.91

Book Value (Rs) 96.25 105.77 114.8 132.16 150.9 172.98


Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

9 mths 12 mths 12 mths 12 mths 12 mths

6.58 6.76 7.23 7.23 7.23

6.58 6.76 7.23 7.23 7.23

0 0 0 0 0

0 0 0 0 0

123.31 156.22 260.99 339.19 405

0 0 0 0 0

129.89 162.98 268.22 346.42 412.23

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

129.89 162.98 268.22 346.42 412.23


Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

9 mths 12 mths 12 mths 12 mths 12 mths

84.41 83.85 95.1 115.03 117.51

40.88 42.66 52.54 60.38 68.07


43.53 41.19 42.56 54.65 49.44

0 0.09 8.04 4.04 63.67

94.91 132.83 186.38 186.49 181.49

0 0 0 0 0

15.87 25.51 67.82 80.32 69.5

4.26 7.73 16.73 19.32 72.73

20.13 33.24 84.55 99.64 142.23

7.93 10.68 50.4 63.84 84.6

1 1.72 1.19 81.45 61.8

29.06 45.64 136.14 244.93 288.63

0 0 0 0 0

28.33 41.47 70.04 101.85 135.91

9.29 15.3 34.87 41.84 35.1

37.62 56.77 104.91 143.69 171.01

-8.56 -11.13 31.23 101.24 117.62

0 0 0 0 0

129.88 162.98 268.21 346.42 412.22


3.15 5.54 16.6 13.26 13.06

197.31 241.26 371.23 479.47 570.56


Mar '00 Mar '01 Mar '02 Mar '03 Mar '04

12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 37.46 39.93 67.64 68.92 71.34

Excise Duty 0 0 0 0 0

Net Sales 37.46 39.93 67.64 68.92 71.34

Other Income 2.74 7.56 1.65 2.91 1.95

Stock Adjustments 0 0 0 0 0

Total Income 40.2 47.49 69.29 71.83 73.29


Expenditure

Raw Materials 0 0 0 0 0

Power & Fuel Cost 0 0 0 0 0

Employee Cost 8.49 12.8 15.74 17.56 21.5

Other
Manufacturing
Expenses 0.48 1.21 0.82 1.33 0.77

Selling and Admin


Expenses 6.46 11.61 13.46 14.68 15.35

Miscellaneous
Expenses 2.52 3.93 3.05 2.96 2.59

Preoperative Exp
Capitalised 0 0 0 0 0
Total Expenses 17.95 29.55 33.07 36.53 40.21
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 19.51 10.38 34.57 32.39 31.13


PBDIT 22.25 17.94 36.22 35.3 33.08
Interest 0.01 0 0 0 0
PBDT 22.24 17.94 36.22 35.3 33.08

Depreciation 2.94 5.38 7.01 7.21 6.18

Other Written Off 0.08 0.08 0.08 0.08 0.06

Profit Before Tax 19.22 12.48 29.13 28.01 26.84

Extra-ordinary
items 0 0.9 -5.75 0 0

PBT (Post Extra-


ord Items) 19.22 13.38 23.38 28.01 26.84
Tax 6.31 3.72 10.3 10.1 8.9

Reported Net Profit 12.92 9.66 13.08 17.92 17.94

Total Value
Addition 17.95 29.55 33.08 36.53 40.21

Preference
Dividend 0 0 0 0 0

Equity Dividend 3.41 3.41 4.03 6.24 6.29

Corporate Dividend
Tax 0.38 0.35 0 0.8 0.81

Per share data (annualised)

Shares in issue
(lakhs) 62 62 62 62.44 62.93
Earning Per Share
(Rs) 20.83 15.59 21.09 28.7 28.51

Equity Dividend
(%) 55 55 65 100 100

Book Value (Rs) 96.25 105.77 114.8 132.16 150.9

Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Shares in issue
(lakhs) 62 62 62 62.44 62.93 63.66
Earning Per Share
(Rs) 20.83 15.59 21.09 28.7 28.51 34.82
EPS adjusted 20.83 15.59 21.09 28.9 28.94 35.75
EPS CAGR 27.80%

Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05

Reported Net
Profit 12.92 9.66 13.08 17.92 17.94 22.16

Networth 59.67 65.58 71.18 82.51 94.96 110.11


ROE 21.65% 14.73% 18.38% 21.72% 18.89% 20.13%
Average ROE - 23%

Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Reported Net
Profit 12.92 9.66 13.08 17.92 17.94 22.16
Total Liabilities 59.67 65.58 71.18 82.51 94.96 110.11
ROCE 21.65% 14.73% 18.38% 21.72% 18.89% 20.13%

Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
EPS 20.83 15.59 21.09 28.7 28.51 34.82
Equity Dividend
(%) 55 55 65 100 100 125
Equity Dividend 5.5 5.5 6.5 10 10 12.5
Dividend payout ratio 26.40% 35.28% 30.82% 34.84% 35.08% 35.90%
Average Payout ratio - 33.95%

Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Share price -High 432 342 400 561 705
Share price -Low 122 85 240 239 358
EPS 20.83 15.59 21.09 28.7 28.51 34.82
PE High 27.71 16.22 13.94 19.68 20.25
PE Low 7.83 4.03 8.36 8.38 10.28

Historical Earnings growth rate:


Year EPS DPS
2010 212.43 72.12 Eps after 10 years
2011 271.49 92.17 Sum of dividends for 10 years
2012 346.96 117.79
2013 443.41 150.54 Projected share price is 2020
2014 566.68 192.39 Total gain including dividends
2015 724.22 245.87
2016 925.55 314.23 current price of share
2017 1182.86 401.58 CAGR of investment
2018 1511.69 513.22
2019 1931.94 655.89
2020 2469.02 838.23

Total 3594.03

Sustainable growth rate model


retained
Year BVPS EPS DPS earnings
2010 570.56 131.23 44.55 86.68 EPS in 2020
2011 657.24 151.16 51.32 99.84 Average PE ratio
2012 757.08 174.13 59.12 115.01 Share price in 2020
2013 872.09 200.58 68.10 132.48 Add dividend
2014 1004.58 231.05 78.44 152.61
2015 1157.19 266.15 90.36 175.79 Current share price
2016 1332.98 306.59 104.09 202.50 CAGR of investment
2017 1535.48 353.16 119.90 233.26
2018 1768.74 406.81 138.11 268.70
2019 2037.44 468.61 159.09 309.52
2020 2346.96 539.80 183.26 356.54

Total 1096.34
Mar '05 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

12 mths 9 mths 12 mths 12 mths 12 mths 12 mths

90.91 83.19 148.15 255.55 387.28 441.62

0 0 0 0 0 0

90.91 83.19 148.15 255.55 387.28 441.62

0.68 1.8 8.52 10.31 15.03 20.54

0 0 0 0 0 0

91.59 84.99 156.67 265.86 402.31 462.16

0 0 0 0 0 0

0 0 0 0 0 0

26.54 27.56 54.74 104.41 136.41 160.42

0.55 0.35 2.57 2.45 1.51 0

21.88 21.83 32.68 43.58 63.81 79.58

3.7 2.84 6.22 10.61 13.61 17.95

0 0 0 0 0 0
52.67 52.58 96.21 161.05 215.34 257.95
Mar '05 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

12 mths 9 mths 12 mths 12 mths 12 mths 12 mths

38.24 30.61 51.94 94.5 171.94 183.67


38.92 32.41 60.46 104.81 186.97 204.21
0 0 0 0 0 0
38.92 32.41 60.46 104.81 186.97 204.21

5.99 4.36 6.55 13.34 11.84 13.88

0 0 0 0 0 0

32.93 28.05 53.91 91.47 175.13 190.33

0.12 0 0 -0.43 0 0

33.05 28.05 53.91 91.04 175.13 190.33


10.87 10.53 16.53 20.37 37.75 40

22.16 17.52 37.38 70.67 137.38 150.34

52.68 52.58 96.21 161.05 215.34 257.95

0 0 0 0 0 0

7.96 6.58 10.13 18.06 50.58 72.25

1.12 0.92 1.42 3.37 8.6 12.28

63.66 65.83 67.55 72.25 72.25 72.25


34.82 26.61 55.33 97.81 190.14 208.08

125 100 150 250 700 1,000.00

172.98 197.31 241.26 371.23 479.47 570.56

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

65.83 67.55 72.25 72.25 72.25

26.61 55.33 97.81 190.14 208.08


28.25 60.28 113.98 221.57 242.48

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

17.52 37.38 70.67 137.38 150.34

129.89 162.98 268.22 346.42 412.23


13.49% 22.94% 26.35% 39.66% 36.47%

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

17.52 37.38 70.67 137.38 150.34


129.89 162.98 268.22 346.42 412.23
13.49% 22.94% 26.35% 39.66% 36.47%

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
26.61 55.33 97.81 190.14 208.08

100 150 250 700 1,000.00


10 15 25 70 100
37.58% 27.11% 25.56% 36.81% 48.06%

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
1700 2499 4270 4045 4600
502 1054 2020 1842 2052
26.61 55.33 97.81 190.14 208.08 Average Average PE for Crisil
63.89 45.17 43.66 21.27 22.11 29.39 20.55
18.87 19.05 20.65 9.69 9.86 11.7

2469.02
idends for 10 years 3594.03

share price is 2020 50725.99


including dividends 54320.02

ce of share 6132
vestment 24.37%

EPS in 2020 539.80


Average PE ratio 20.55
Share price in 2020 11090.21
Add dividend 12186.55

Current share price 6132


CAGR of investment 7.10%
E for Crisil