FACTSHEET

19th June 2008

Dabur India Ltd. manufactures a soaps, detergents, hair oils, tooth powders, antacids and processed 130.00
foods. The Company sells its products worldwide.
120.00
Special situation Insider buying
110.00

100.00

90.00

80.00
11 1 22 33 44
2/ / / / / / / /
/ 5 1 62 72 52
130.00

120.00

110.00

100.00

90.00

80.00
1 1 1 2 2 3 3 4 4 5 56 6 7 7 7 8 8 9 9 1 11 1 1 1 1 1 2 2 3 3 4 45 5 6 6
2 / / / / / / / / / / / / / / / / / / / 0 01 1 2 2 / / / / / / / / / / / /
/ 5 1 6 2 7 2 5 2 8 25 1 3 1 3 1 2 1 2 / / / / / / 7 2 4 1 3 1 3 26 2 4 1
Historicals
(amt in lakhs)
FY 3/02 FY 3/03 FY 3/04 FY 3/05
Domestic sales 116,621.83 125,439.33 119,460.50 134,423.64
Growth 7.6% -4.8% 12.5%
Export sales 11,474.42 11,646.42 13,495.55 19,271.69
Growth 1.5% 15.9% 42.8%
Total sales 128,096.25 137,085.75 132,956.05 153,695.33
Total growth 7.0% -3.0% 15.6%
Excise duty 6,062.47 7,350.21 6,540.31 4,280.40
Net sales 122,033.78 129,735.54 126,415.74 149,414.93
Total growth 6.3% -2.6% 18.2%

Cost of materials 56,296.17 57,756.71 58,146.81 65,942.25

Manufacturing & operating expenses 3,358.36 3,778.83 3,469.81 4,050.37
GROSS PROFIT 62,379.25 68,200.00 64,799.12 79,422.31
Total growth 9.3% -5.0% 22.6%
Margin 51.1% 52.6% 51.3% 53.2%
Other recurring income 878.18 680.25 668.51 512.74
Payments to & provisions for employees 9,389.81 10,382.58 9,155.46 10,848.34
Selling and administrative expenses 39,121.20 41,882.74 39,617.57 47,235.40
EBITDA 14,746.42 16,614.93 16,694.60 21,851.31
Total growth 12.7% 0.5% 30.9%
Margin 12.1% 12.8% 13.2% 14.6%
Depreciation 2,867.93 2,931.03 2,334.97 2,519.46
EBIT 11,878.49 13,683.90 14,359.63 19,331.85
Total growth 15.2% 4.9% 34.6%
Margin 9.7% 10.5% 11.4% 12.9%
Interest expenses 3,331.66 2,612.61 1,528.17 1,243.59
Interest paid on
- Fixed period loan 1,751.96 1,127.45 802.70 402.33
- Others 1,015.92 976.03 283.32 419.36
Bank charges 563.78 509.13 442.15 421.90
Interest received 320.36 49.44 187.74 407.88
Dividend from subsidiary companies 17.17 2.75 - -
Other dividend - (other than trade investments)
- Trade investment - - - -
- Other investment - 0.38 83.62 0.50
Profit on sale of current investments 303.19 46.31 104.12 407.38
Profit on sale of long term investments
Interest received - - - -
EBT 8,867.19 11,120.73 13,019.20 18,496.14
Total growth 25.4% 17.1% 42.1%
Margin 7.3% 8.6% 10.3% 12.4%
Provision for taxation 1,367.42 1,332.61 1,483.83 1,909.71
Net income before minority interest 7,499.77 9,788.12 11,535.37 16,586.43
Share of profit to Minority shareholders 508.37 630.64 279.30 119.89
Net income 6,991.40 9,157.48 11,256.07 16,466.54
Total growth 31.0% 22.9% 46.3%
Margin 5.7% 7.1% 8.9% 11.0%
Outstanding shares 2,855.94 2,857.50 2,862.49 2,864.20
Diluation in outstanding shares 0.1% 0.2% 0.1%
EPS INR 2.45 INR 3.20 INR 3.93 INR 5.75
Total growth 30.9% 22.7% 46.2%
Non recurring items
Other income
Profit on sale of fixed assets - (11.26) 50.89 -
Selling and administrative expenses
Donation 65.69 183.07 108.43 257.90
Loss on sale of investments 4.64 - - -
Loss on sale of fixed assets 108.87
Provision for contigent liability - - - 89.08
Provision for diminution in the market value of long term- trade investment
- - -
Miscellaneous expenditure written off 566.71 290.68 391.88 149.53

Total assets 90,787.96 88,464.45 72,682.63 94,250.74

Investments 2,674.94 10,176.02 12,975.24 23,329.02
Cash 3,567.06 4,229.56 2,020.95 1,473.29
Deferred tax assets 57.01 137.77
Goodwill - - 1,248.45 967.90
Miscellaneous expenditures 618.67 382.32 659.90 581.04
Operating assets 83,927.29 73,676.55 55,721.08 67,761.72
Return in operating assets 14.2% 18.6% 25.8% 28.5%

Cash - cash and bank 3,567.06 4,229.56 2,020.95 1,473.29

Investments - cash equivalents 1,219.94 1,064.01 11,515.25 21,862.73
Cash and cash equivalents 4,787.00 5,293.57 13,536.20 23,336.02

Fixed assets excluding Goodwill 29,695.63 25,702.81 23,757.90 28,482.30

Current assets - excl cash 46,851.80 47,973.72 31,765.33 39,279.42
Current liabilities excl debt 18,078.55 24,118.65 29,389.51 39,969.62
Capital invested 58,468.88 49,557.88 26,133.72 27,792.10
Return in captial invested 20.3% 27.6% 54.9% 69.6%

Fixed assets (net block)

Freehold land 1,126.36 1,164.21 649.27 645.65
Leasehold land 576.65 514.37 317.36 712.53
Building, roads, and culvert 9,928.56 8,103.78 8,092.51 9,166.52
Plant and machinery 12,111.70 9,691.79 10,274.12 12,839.55
Vehicles 564.11 509.44 555.53 667.56
furniture and office equipments 2,495.13 2,050.69 1,902.44 1,923.45
Computers 1,024.89 881.40 760.52 731.74
Patents 232.60 185.44 138.28 856.27
Live stock 0.22 0.22 0.22 0.22
Capital work in progress 1,635.41 2,601.47 1,067.65 938.81
Goodwill 1,248.45 967.90
Software - - - -
Total 29,695.63 25,702.81 25,006.35 29,450.20

Stock-in-trade
Raw materials 5,663.82 7,343.39 6,339.12 8,068.03
Packing materials, stores and spares 2,115.95 2,783.99 2,516.26 3,646.80
Recoverable value from impaired fixed assets - 208.71 - -
Stock in process 2,406.57 2,880.28 1,206.75 746.23
Finished goods 9,996.22 9,003.43 5,222.32 7,851.86
Total 20,182.56 22,219.80 15,284.45 20,312.92
Stock in trade as % on cost of sales 33.8% 36.1% 24.8% 29.0%
Sundry debtors
Debt o/s for period exceeding 6 months
Consider good 878.83 519.56 248.14 253.31
Considered doubtful - 137.97 11.98 25.98
878.83 657.53 260.12 279.29
Less: Provision for doubtful debts - 137.97 11.98 25.98
878.83 519.56 248.14 253.31
Other debts 13,325.70 13,109.01 6,867.23 7,335.97
Total 14,204.53 13,628.57 7,115.37 7,589.28
Debtors as % on sales 11.6% 10.5% 5.6% 5.1%
Loans and advances
Loans and advances to others 601.05 880.04 114.63 -
Security deposits with various authorities 3,908.25 4,585.88 3,555.57 2,742.52
Advance payment of tax 2,240.74 2,469.90 2,626.71 3,690.49
Advances to suppliers 2,105.34 992.33 1,196.05 2,471.18
Advances to employees 1,265.81 732.20 411.84 344.72
Balance with excise authorities 822.11 666.83 655.40 992.80
Other advances 1,521.41 1,798.17 805.31 1,135.51
Total 12,464.71 12,125.35 9,365.51 11,377.22

Current liabilities
Acceptance 5,468.08 7,247.53 6,013.55 12,206.55
Amount due to SSI units (goods) 1,154.09 867.96 754.54 874.67
Creditors for goods 2,695.47 2,895.95 3,648.72 4,220.69
Creditors for expenses and other liabilities 5,629.81 6,475.22 10,651.56 12,578.32
Dividend payable - - - 38.00
Advances from customers 658.83 447.53 156.07 325.78
Interest accrued but not due on loans 59.41 120.96 17.67 39.08
Deposits - others 68.52 33.60 23.81 47.24
Investors education and protection funds to be credited by
- unpaid dividend 57.72 53.27 81.44 96.42
- unpaid matured public deposit 35.71 19.69 13.47 10.37
- interest accrued on public deposit 5.84 6.66 6.20 6.20
Total 15,833.48 18,168.37 21,367.03 30,443.32
Creditors as % on cost of sales 14.0% 15.2% 23.2% 24.0%
Provisions for expenses
For dividend (proposed) final - 2,571.75 4,007.49 4,296.30
For corporate tax on proposed dividend - final - 327.90 513.46 602.56
For leave salary 222.49 217.24 295.09 328.94
For housing, bonus, gratuity & other welfare 98.33 236.60 397.78 536.05
For taxation 1,924.25 2,596.79 2,808.66 3,762.45
Total 2,245.07 5,950.28 8,022.48 9,526.30

Cash and cash equivalents 4,787.00 5,293.57 13,536.20 23,336.02

Debt 30,369.22 21,426.10 12,451.44 15,088.39
Secured loans 10,074.26 8,300.90 8,370.69 9,705.16
Debentures - 14.75% secured redeemable non convertible
1,000.00 debentures
500.00 - -
Terms loans
Housing development finance corp Ltd 462.18 75.78 - -
GE capital services - - 1,200.00 1,090.91
Hong Kong and Shanghai Bank Ltd, Egypt 43.33 22.65 7.97 -
Nepal SBI bank ltd 88.50 - - -
Deferred payment 289.42 209.14 178.29 82.16
PIC UP under trade tax loan scheme 1,357.09 1,412.29 1,339.58 1,009.09
Short term loans - from banks 6,833.74 6,081.04 5,644.85 7,523.00
Unsecured loans 20,294.96 13,125.20 4,080.75 5,383.23
Deposits
 Directors - 48.13 55.55 48.13
Public - - 33.00 -
Companies 4,253.75 3,579.98 1,050.00 800.00
Security deposits from dealers & others 456.78 394.29 12.83 16.06
Other loans:
West Bengal State Industrial Development Corp Ltd - - - 75.00
Term loan - from banks 1,064.15 1,212.94 785.65 883.44
Book overdraft of current account with banks 3,092.45 3,027.68 527.58 754.67
Commercial papers 7,500.00 1,000.00 - 2,000.00
External commercial borrowings 3,927.83 3,862.18 1,616.14 805.93
Deferred payment credit - - - -

Shareholders' equity balance 39,567.02 41,659.60 28,608.94 36,393.18

Minority interest 782.65 903.82 1,435.79 1,522.04
Tangible book value (TBV) 38,948.35 41,277.28 26,700.59 34,844.24
TBV/Share INR 13.64 INR 14.45 INR 9.33 INR 12.17
Total growth 5.9% -35.4% 30.4%
Debt / Equity 76.8% 51.4% 43.5% 41.5%

CASH FLOW STATEMENT

Net profit before tax and other extraord items 8,230.15 10,635.72 12,415.48 17,610.21
Adjustments for non cash items
Depreciation 2,867.93 2,931.03 2,489.27 2,800.01
Loss on sale of fixed assets - - - 108.87
Fixed assets impairment loss - - - -
Miscellaneous expenditure written off 566.71 290.68 391.88 149.53
Miscellaneous expenditure written off (included in directors
133.74 remuneration)
60.15 83.55 195.91
Interest 3,331.66 2,612.61 1,528.17 1,243.59
Dividend received (17.17) (3.13) (83.62) (0.50)
Interest received - - - -
Profit on sale of investments - 11.26 (50.89) (407.38)
Profit on sale of assets (303.19) (46.31) (104.12) -
Operating profit before working capital changes (A)
14,809.83 16,492.01 16,669.72 21,700.24

Changes in working capital

Inventories 2,315.07 1,828.53 (2,020.50) 5,028.47
Debtors (1,493.75) (364.65) (4,039.20) 304.20
Trade payables (2,609.36) (2,867.11) (4,503.66) (8,983.98)
Changes in working capital (B) (1,788.04) (1,403.23) (10,563.36) (3,651.31)
(A) - (B) 16,597.87 17,895.24 27,233.08 25,351.55

Interest paid 3,342.25 2,551.07 1,528.17 1,222.18

Tax paid 989.46 884.10 881.04 1,668.57
Income tax refund (176.30) (261.50) - -
Corporate tax on dividend 455.49 - 547.95 887.60

Cash generated from operating activities 11,986.97 14,721.57 24,275.92 21,573.20

Purchase of fixed assets (7,442.32) (4,514.29) (6,443.66) (7,852.75)

Sale of fixed assets 762.06 7,856.79 6,547.78 500.02
Purchase of investment including investment in subsidiaries
(355.65) (20,043.86) (80,339.17) (153,206.88)
Sale of investments 1.21 12,554.04 69,938.84 143,260.48
Dividend received 17.17 3.13 83.62 0.50

Cash from investing activities (7,017.53) (4,144.19) (10,212.59) (17,298.63)

Proceeds from share capital & premium 3.81 1.56 4.99 1.71
Repayment/proceeds of long term secured liabilities
(2,081.33) (1,020.67) 660.98 (457.43)
Repayment/proceeds from short term secured loans1,169.33 (752.69) (344.19) 1,878.15
Proceeds from deposits (1,424.57) (738.26) (2,135.03) (266.86)
Repayment/proceeds from other unsecured loans 2,065.03 (6,481.63) (4,632.15) 1,589.68
Payment of other advances 235.40 568.51 2,285.65 (750.08)
Payment of dividend (4,313.84) (1,491.70) (4,666.94) (6,817.40)

Cash from financing activities (4,346.17) (9,914.88) (8,826.69) (4,822.23)

Net changes in cash & cash equivalents 623.27 662.50 5,236.64 (547.66)
Opening cash balance 2,943.79 3,567.06 2,566.30 2,020.95
Closing cash balance 3,567.06 4,229.56 2,020.95 1,473.29

SEGMENT
REVENUE
FMCG 99,398.10 109,532.10 119,244.00 133,264.00
Growth 10.2% 8.9% 11.8%
% on total sales 77.6% 79.9% 89.7% 86.7%
Pharma 16,290.10 18,379.50 - -
Growth 12.8% -100.0%
% on total sales 12.7% 13.4% 0.0%
Foods 5,653.20 7,607.30 8,497.90 14,215.00
Growth 34.6% 11.7% 67.3%
% on total sales 4.4% 5.5% 6.4% 9.2%
Others 6,754.80 1,566.90 5,214.16 6,216.00
Growth -76.8% 232.8% 19.2%
% on total sales 5.3% 1.1% 3.9% 4.0%
Total revenue 128,096.20 137,085.80 132,956.06 153,695.00
Total growth 7.0% -3.0% 15.6%

EBITDA
FMCG 10,396.90 12,359.30 14,762.70 19,539.00
Growth 18.9% 19.4% 32.4%
Margin 10.5% 11.3% 12.4% 14.7%
Pharma 2,265.80 2,500.30 - -
Growth 10.3%
Margin 13.9% 13.6%
Foods 342.20 394.10 769.50 979.00
Growth 15.2% 95.3% 27.2%
Margin 6.1% 5.2% 9.1% 6.9%
Others 1,274.00 913.40 900.66 1,136.00
Growth -28.3% -1.4% 26.1%
Margin 18.9% 58.3% 17.3% 18.3%
Eliminations 55.00 6.90 - -
Total revenue 14,333.90 16,174.00 16,432.86 21,654.00
Total growth 12.8% 1.6% 31.8%
Margin 11.2% 11.8% 12.4% 14.1%
- - - -
EBIT
FMCG 8,402.40 10,244.60 12,871.40 17,390.00
Growth 21.9% 25.6% 35.1%
Margin 8.5% 9.4% 10.8% 13.0%
Pharma 1,965.80 2,069.80 - -
 Growth 5.3%
Margin 12.1% 11.3%
Foods 181.70 220.00 506.00 773.00
Growth 21.1% 130.0% 52.8%
Margin 3.2% 2.9% 6.0% 5.4%
Others 916.10 708.70 566.14 691.00
Growth -22.6% -20.1% 22.1%
Margin 13.6% 45.2% 10.9% 11.1%
Unallocated overheads
Total 11,466.00 13,243.10 13,943.54 18,854.00
Total growth 15.5% 5.3% 35.2%
Margin 9.0% 9.7% 10.5% 12.3%

Depreciation
FMCG 1,994.50 2,114.70 1,891.30 2,149.00
Pharma 300.00 430.50 - -
Foods 160.50 174.10 263.50 206.00
Eliminations 55.00 6.90 - -
Others 357.90 204.70 334.52 445.00
Total 2,867.90 2,930.90 2,489.32 2,800.00

Capex
FMCG 5,264.00 3,397.80 3,812.70 7,876.00
Pharma 558.20 1,095.20 - -
Foods - - 1,803.10 -
Eliminations - - - -
Others 32.40 21.30 - -
Total 5,854.60 4,514.30 5,615.80 7,876.00

Assets
FMCG 59,750.50 52,543.20 58,816.00 77,845.00
Pharma 29,573.50 22,711.90 - -
Foods 4,317.30 4,682.10 6,673.40 9,231.00
Eliminations (13,579.40) (3,375.40) (4,538.33) (7,152.00)
Others 7,866.10 9,132.30 8,387.91 9,918.00
Unallocated assets 2,240.80 2,469.90 2,626.70 3,690.00
Total 90,168.80 88,164.00 71,965.68 93,532.00

Liabilities
FMCG 28,810.90 29,070.90 29,910.70 41,767.00
Pharma 9,326.80 4,120.50 - -
Foods 3,017.20 5,051.40 6,056.50 8,390.00
Eliminations (2,421.00) (351.60) (533.27) (2,762.00)
Others 9,780.10 5,495.00 4,338.28 5,041.00
Unallocated liabilities 1,924.20 2,596.80 2,808.70 3,762.00
Total 50,438.20 45,983.00 42,580.91 56,198.00

Working capital cycle

Inventory Turnover ratio 123 126 111 93
Debtors Turnover ratio 41 38 29 17
Gross working capital cycle 164 163 140 110
Creditors Turnover ratio 45 49 68 76
Net working capital cycle 119 114 72 34
FY 3/06 FY 3/07 FY 3/08
171,140.50 196,537.05
27.3% 14.8%
18,816.50 26,834.73
-2.4% 42.6%
189,957.00 223,371.78
23.6% 17.6%
3,372.14 3,711.03
186,584.86 219,660.75
24.9% 17.7%

80,772.30 97,108.28
5,711.24 7,425.54
100,101.32 115,126.93
26.0% 15.0%
53.6% 52.4%
1,017.62 1,615.74
14,495.75 16,666.83
56,088.76 63,054.15
30,534.43 37,021.69
39.7% 21.2%
16.4% 16.9%
3,127.31 3,429.05
27,407.12 33,592.64
41.8% 22.6%
14.7% 15.3%
1,638.73 1,537.50

389.33 501.83
735.70 608.18
513.70 427.49
107.15 574.82
- -

- -
0.48 0.30
96.39 291.91
241.99
10.28 40.62
25,875.54 32,629.96
39.9% 26.1%
13.9% 14.9%
3,002.15 3,731.86
22,873.39 28,898.10
(32.47) (87.10)
22,905.86 28,985.20
39.1% 26.5%
12.3% 13.2%
5,733.03 8,628.84
100.2% 50.5%
INR 4.00 INR 3.36
-30.5% -15.9%
 211.91 400.67

331.37 430.30
9.88 1.28
65.85 0.47
- -
26.99 -
426.24 649.36

106,009.65 112,158.70
4,213.15 8,069.77
5,117.22 6,066.81
131.72 144.50
16,995.40 2,146.44
3,287.48 1,981.92
76,264.68 93,749.26 -
35.9% 35.8%

5,117.22 6,066.81 -
4,076.36 7,936.62
9,193.58 14,003.43 -

34,249.90 35,769.58
42,014.78 57,979.68
43,609.93 45,175.48
32,654.75 48,573.78
83.9% 69.2%

781.02 948.93
819.03 868.36
10,961.09 11,601.71
15,776.39 16,807.85
670.54 751.56
2,113.35 1,893.96
1,081.12 1,071.26
742.46 635.98
0.22 0.22
1,304.68 734.20
16,995.40 2,146.44
- 455.55
51,245.30 37,916.02

7,753.23 7,387.24
4,820.50 5,183.86
- -
1,402.38 3,323.95
7,301.73 9,815.79
21,277.84 25,710.84
24.6% 24.6%
 324.51 793.03
153.84 259.31
478.35 1,052.34
153.84 259.31
324.51 793.03
7,110.50 13,404.06
7,435.01 14,197.09
4.0% 6.5%

- -
1,660.41 1,511.41
5,914.13 8,817.97
2,084.01 2,407.28
324.48 434.78
434.84 1,124.37
2,884.06 3,775.94
13,301.93 18,071.75

8,050.56 8,445.68
1,037.21 1,284.92
7,394.54 7,678.85
13,272.32 17,837.58
- -
273.63 542.84
62.66 53.18
55.43 4.05

121.19 382.45
7.53 6.04
5.57 5.45
30,280.64 36,241.04
23.9% 24.4%

5,733.03 -
804.06 -
122.00 87.44
755.08 216.00
5,915.12 8,631.00
13,329.29 8,934.44

9,193.58 14,003.43
10,432.76 15,989.67
8,080.01 10,563.27
- -

- -
1,845.99 7.89
- -
- -
253.41 163.79
755.22 379.57
5,225.39 10,012.02
2,352.75 5,426.40
 48.13 48.13
- -
1,021.92 200.40
9.58 54.42

- -
999.47 3,975.00
125.30 49.55
- 1,000.00
- -
148.35 98.90

49,705.82 47,956.72
546.08 447.19
29,422.94 43,828.36
INR 5.13 INR 5.08
-57.8% -1.0%
21.0% 33.3%

22,659.82 31,949.22

2,692.46 3,429.05
65.85 0.47
- 10.30
426.24 649.36
777.16 404.76
1,615.15 1,537.50
(0.48) (0.30)
(10.28) (40.62)
(96.39) (533.89)
(211.91) (400.65)
27,917.62 37,005.20

964.92 4,433.00
(102.11) 6,492.87
(273.66) (4,595.48)
589.15 6,330.39
27,328.47 30,674.81

1,604.87 1,546.99
2,649.11 4,092.02
- -
1,205.54 2,516.87

21,868.95 22,518.93

(7,287.80) (5,129.32)
1,171.02 580.78
(4,826.98) (144,079.21)
6,067.63 140,756.51
0.48 0.30

(4,875.65) (7,870.94)
 2.31 24.72
672.46 (2,303.37)
(2,297.61) 4,786.63
(1.76) (8.15)
(3,024.01) 3,028.80
(88.20) (1,542.72)
(8,612.56) (17,684.31)

(13,349.37) (13,698.40)

3,643.93 949.59
1,473.29 5,117.22
5,117.22 6,066.81

164,490.00 192,917.00
23.4% 17.3%
86.6% 86.4%
- -

20,573.00 26,000.00
44.7% 26.4%
10.8% 11.6%
4,894.00 4,455.00
-21.3% -9.0%
2.6% 2.0%
189,957.00 223,372.00
23.6% 17.6%

26,857.00 48,527.00
37.5% 80.7%
16.3% 25.2%
- -

2,339.00 3,005.00
138.9% 28.5%
11.4% 11.6%
797.00 335.00
-29.8% -58.0%
16.3% 7.5%
- (14,950.00)
29,993.00 36,917.00
38.5% 23.1%
15.8% 16.5%
- -

24,732.00 46,930.00
42.2% 89.8%
15.0% 24.3%
- -
 1,891.00 2,302.00
144.6% 21.7%
9.2% 8.9%
678.00 123.00
-1.9% -81.9%
13.9% 2.8%
(15,868.00)
27,301.00 33,487.00
44.8% 22.7%
14.4% 15.0%

2,125.00 1,597.00
- -
448.00 703.00
- 918.00
119.00 212.00
2,692.00 3,430.00

22,504.00
-
-
-
-
22,504.00 -

98,823.00 44,027.00
- -
14,572.00 11,405.00
(19,412.00)
2,693.00 2,910.00
5,914.00 6,660.00
102,590.00 65,002.00

46,681.00 9,935.00
- -
9,872.00 6,099.00
(7,970.00) -
1,083.00 157.00
6,506.00 2,836.00
56,172.00 19,027.00

88 82
14 17
102 99
73 77
28 22
200,000.00

180,000.00

160,000.00

140,000.00

120,000.00

100,000.00

80,000.00

60,000.00

40,000.00

20,000.00

-
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06 FY

225,000.00

200,000.00

175,000.00

150,000.00

125,000.00

100,000.00

75,000.00

50,000.00

25,000.00

-
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06 FY 3

Segment - Revenue

200,000.00
175,000.00
150,000.00
125,000.00
100,000.00
75,000.00
200,000.00
175,000.00
150,000.00
125,000.00
100,000.00
75,000.00
50,000.00
25,000.00
-
Column B Column C Column D Column E Column F Column G

FMCG Foods Others Pharma

0.25
0.23
0.20
0.18
0.15
0.13
0.10
0.08
0.05
0.03
-
(0.03)
(0.05)
FY 3/02 FY 3/03
FY 3/04 FY 3/05 FY 3/06
FY 3/07 FY 3/08

0.55
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
-
(0.05)
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08
 0.15
0.10
0.05
-
(0.05)
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

0.38
0.35

0.30

0.25

0.20

0.15

0.10

0.05

-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

0.50
0.45
0.40
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

INR 6.00
INR 5.50
INR 5.00
INR 4.50
INR 4.00
INR 3.50
INR 3.00
INR 2.50
INR 2.00
INR 1.50
INR 1.00
INR 0.50
INR 0.00
FY 3/02 FY 3/03
FY 3/04 FY 3/05 FY 3/06 FY 3/07 FY 3/08

0.50
0.45

0.35

0.25

0.15

0.05

(0.05)
 0.35

0.25

0.15

0.05

(0.05)

(0.15)

(0.25)

(0.35)
FY 3/02 FY 3/03
FY 3/04 FY 3/05 FY 3/06 FY 3/07
FY 3/08

9,000.00
8,000.00
7,000.00
6,000.00
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07
FY 3/08
 20.0%

10.0%

0.0%
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07
FY 3/08

55,000.00
50,000.00
45,000.00
40,000.00
35,000.00
30,000.00
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

Building, roads, and culve

Le
F

Plant and machinery 44.33% C

Liv
Pat
Comp

furniture and
Vehicles 1.98%
 furniture and
Vehicles 1.98%

120
110
100
90
80
70
60
50
40
30
20
10
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05 FY 3/06 FY 3/07 FY 3/08

32,500.00
30,000.00
27,500.00
25,000.00
22,500.00
20,000.00
17,500.00
15,000.00
12,500.00
10,000.00
7,500.00
5,000.00
2,500.00
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07
FY 3/08
 2,500.00
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07
FY 3/08

100.00%

90.00%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

70,000.00
65,000.00
60,000.00
55,000.00
50,000.00
45,000.00
40,000.00
35,000.00
30,000.00
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08

45,000.00
42,500.00
40,000.00
37,500.00
35,000.00
45,000.00
42,500.00
40,000.00
37,500.00
35,000.00
32,500.00
30,000.00
27,500.00
25,000.00
22,500.00
20,000.00
17,500.00
15,000.00
12,500.00
10,000.00
7,500.00
5,000.00
2,500.00
-
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06

-
(500.00)
(1,000.00)
(1,500.00)
(2,000.00)
(2,500.00)
(3,000.00)
(3,500.00)
(4,000.00)
(4,500.00)
(5,000.00)
(5,500.00)
(6,000.00)
(6,500.00)
(7,000.00)
(7,500.00)
(8,000.00)
Column B Column C Column D Column E Colu

25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
(5,000.00)
(10,000.00)
(15,000.00)
(20,000.00)
(25,000.00)
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06 FY 3/07 FY 3/08
 Row 4
Row 6

FY 3/06 FY 3/07

Row 11
Row 49
Row 87
Row 91
Row 107
Row 116

FY 3/06 FY 3/07

nue
umn F Column G

Pharma

FY 3/08

Row 50
Row 51

3/08
 Row 51

3/08

Row 88
Row 89

3/08

Row 92
Row 93

3/08
 Row 117
Row 118

/08

FY 3/08
 FY 3/08

FY 3/08

Row 149
Row 164

3/08
3/08

FY 3/08

lding, roads, and culvert 30.60%

Leasehold land 2.29%

Freehold
Softwareland
1.20%2.50%
Goodwill 5.66%
Capital
Live work
stock
Patents in progress 1.94%
0.00%
1.68%
Computers 2.83%

furniture and office equipments 5.00%

Vehicles 1.98%
 furniture and office equipments 5.00%
Vehicles 1.98%

FY 3/08

Row 244
Row 234

FY 3/08
FY 3/08

Row 97
Row 96

FY 3/08

Row 233
Row 258

Y 3/08
 FY 3/06 FY 3/07 FY 3/08

Column E Column F Column G

Row 310
 Row 310
Row 300
Row 292

FY 3/08
RECENT INSIDER BUYINGS

Acquirer Date No.of Shares Transacted Holding after Trans %

Mr. P D Narang, 6/9/2008 186,599 553,619 0.06

Mr. Sunil Duggal, 26/05/2008 - 188,599 1,627,003 0.18

CEO 09/06/2008

Mr. Charanjit 6/9/2008 117,160 585,672 0.06

Mohan, Exec
director

Mr. Devendra 6/9/2008 82,609 351,365 0.04

Garg, exec VP

Mr. Jude Magima, 6/9/2008 77,543 367,877 0.43

exec VP

Ambati Sudhakar 6/9/2008 71,918 266,364 0.03

Mr. Ranjan Varma, 6/9/2008 24,194 234,467 0.02

CFO

Mr. V.S.Sitaram, 6/9/2008 38,257 71,068

Exec director
Mr. George 6/9/2008 9,000 9,000
Angelo, vp

Mr. Vikas Mittal 6/9/2008 7,875 7,875

S. Raghunandan 6/9/2008 70,226 224,872 0.02

Date Last Price Volume
12/20/2006 94.43 744,936
12/21/2006 95.63 610,854
12/22/2006 96.07 513,488
12/26/2006 97.07 687,293
12/27/2006 97.07 287,633
12/28/2006 97.30 936,396
12/29/2006 97.93 741,222
1/2/2007 98.33 645,800
1/3/2007 102.27 2,000,675
1/4/2007 102.43 1,295,610
1/5/2007 101.17 738,458
1/8/2007 101.03 1,199,877
1/9/2007 101.10 1,053,417
1/10/2007 99.83 1,017,359
1/11/2007 101.33 813,965
1/12/2007 102.53 1,356,348
1/15/2007 102.10 5,496,242
1/16/2007 102.63 715,296
1/17/2007 103.43 5,486,033
1/18/2007 114.27 7,708,364
1/19/2007 112.83 6,016,653
1/22/2007 108.20 2,506,710
1/23/2007 107.37 4,641,551
1/24/2007 109.20 3,977,333
1/25/2007 102.70 2,279,972
1/29/2007 102.05 1,075,924
1/31/2007 98.90 1,896,830
2/1/2007 100.85 1,011,289
2/2/2007 100.15 846,517
2/5/2007 101.50 687,729
2/6/2007 105.30 2,074,046
2/7/2007 106.35 1,478,111
2/8/2007 104.70 763,352
2/9/2007 103.80 684,454
2/12/2007 101.60 677,471
2/13/2007 99.80 807,340
2/14/2007 101.05 821,906
2/15/2007 105.00 1,015,603
2/19/2007 104.65 704,755
2/20/2007 102.25 315,545
2/21/2007 105.95 1,310,284
2/22/2007 100.10 2,943,241
2/23/2007 98.45 951,373
2/26/2007 99.45 1,202,483
2/27/2007 98.65 1,024,325
2/28/2007 97.70 1,701,739
3/1/2007 95.90 1,464,714
3/2/2007 97.30 1,030,778
3/5/2007 92.25 1,557,951
3/6/2007 91.00 1,541,566
3/7/2007 91.15 866,822
3/8/2007 91.85 1,283,944
3/9/2007 89.85 552,739
3/12/2007 88.50 1,075,731
3/13/2007 89.85 737,844
3/14/2007 88.10 584,302
3/15/2007 87.60 481,691
3/16/2007 84.50 701,571
3/19/2007 85.05 369,712
3/20/2007 84.15 640,874
3/21/2007 87.30 1,370,062
3/22/2007 90.70 1,738,570
3/23/2007 93.40 3,637,761
3/26/2007 90.90 1,587,458
3/28/2007 90.85 753,054
3/29/2007 90.65 903,284
3/30/2007 95.00 1,816,171
4/2/2007 93.10 867,686
4/3/2007 92.95 561,433
4/4/2007 92.65 1,025,652
4/5/2007 94.10 1,992,808
4/9/2007 92.50 842,459
4/10/2007 93.00 1,159,424
4/11/2007 93.30 460,941
4/12/2007 93.85 1,829,654
4/13/2007 93.20 513,831
4/16/2007 93.80 489,198
4/17/2007 94.05 1,412,145
4/18/2007 99.05 2,180,589
4/19/2007 100.15 1,811,456
4/20/2007 97.10 2,518,847
4/23/2007 96.85 525,207
4/24/2007 99.05 769,270
4/25/2007 99.15 635,663
4/26/2007 97.80 1,572,093
4/27/2007 94.80 538,430
4/30/2007 95.20 486,736
5/3/2007 96.40 447,295
5/4/2007 96.20 1,043,288
5/7/2007 96.50 409,869
5/8/2007 94.70 1,483,382
5/9/2007 94.25 887,955
5/10/2007 93.70 672,357
5/11/2007 93.10 754,305
5/14/2007 89.90 3,143,363
5/15/2007 90.40 1,064,079
5/16/2007 90.00 1,794,010
5/17/2007 91.75 995,841
5/18/2007 95.00 3,055,010
5/21/2007 96.30 1,909,336
5/22/2007 97.00 1,614,267
5/23/2007 97.00 1,528,015
5/24/2007 97.95 1,740,402
5/25/2007 96.10 1,441,150
5/28/2007 99.10 1,655,456
5/29/2007 99.70 1,432,267
5/30/2007 98.20 1,350,026
5/31/2007 99.90 2,683,100
6/1/2007 98.05 495,646
 6/4/2007 100.10 1,890,998
6/5/2007 101.30 1,141,859
6/6/2007 100.80 1,333,604
6/7/2007 99.85 555,234
6/8/2007 98.85 548,923
6/11/2007 98.60 334,011
6/12/2007 99.55 579,337
6/13/2007 101.60 6,193,711
6/14/2007 101.95 1,001,603
6/15/2007 100.90 1,598,870
6/18/2007 101.20 1,358,820
6/19/2007 103.30 738,961
6/20/2007 102.90 531,508
6/21/2007 99.50 1,100,351
6/22/2007 102.70 1,066,807
6/25/2007 104.85 1,095,366
6/26/2007 103.85 463,470
6/27/2007 103.25 464,137
6/28/2007 104.35 1,044,659
6/29/2007 102.85 460,035
7/2/2007 102.35 404,978
7/3/2007 103.15 301,568
7/4/2007 102.40 330,012
7/5/2007 101.85 391,763
7/6/2007 103.05 833,382
7/9/2007 101.05 501,454
7/10/2007 105.55 1,679,238
7/11/2007 104.25 795,784
7/12/2007 104.65 1,091,277
7/13/2007 103.05 855,577
7/16/2007 102.30 315,038
7/17/2007 103.40 2,337,344
7/18/2007 100.45 584,919
7/19/2007 102.90 1,630,628
7/20/2007 102.10 3,371,143
7/23/2007 100.35 3,074,431
7/24/2007 100.60 2,522,298
7/25/2007 100.80 525,997
7/26/2007 104.85 4,399,961
7/27/2007 100.75 1,013,031
7/30/2007 102.50 1,670,837
7/31/2007 104.65 926,480
8/1/2007 100.30 508,569
8/2/2007 101.45 831,284
8/3/2007 101.00 2,513,508
8/6/2007 103.40 745,578
8/7/2007 101.85 546,677
8/8/2007 103.65 709,874
8/9/2007 103.80 759,615
8/10/2007 102.25 659,978
8/13/2007 104.00 574,855
8/14/2007 101.85 213,400
8/16/2007 98.40 804,403
8/17/2007 99.40 725,736
8/20/2007 100.95 319,772
 8/21/2007 100.50 443,777
8/22/2007 101.00 340,372
8/23/2007 100.90 459,649
8/24/2007 100.10 408,859
8/27/2007 100.75 245,939
8/28/2007 100.40 591,483
8/29/2007 101.35 689,391
8/30/2007 102.40 1,304,360
8/31/2007 101.00 956,893
9/3/2007 100.70 356,321
9/4/2007 100.75 381,463
9/5/2007 101.90 567,992
9/6/2007 101.15 366,751
9/7/2007 100.70 559,194
9/10/2007 99.90 997,648
9/11/2007 103.80 2,004,501
9/12/2007 104.55 1,356,670
9/13/2007 106.25 1,379,743
9/14/2007 105.80 1,036,986
9/17/2007 104.40 285,222
9/18/2007 107.90 1,595,295
9/19/2007 106.90 2,186,650
9/20/2007 106.90 1,332,462
9/21/2007 107.40 3,013,543
9/24/2007 108.40 1,428,515
9/25/2007 107.85 562,789
9/26/2007 107.80 1,277,236
9/27/2007 103.60 2,526,626
9/28/2007 105.85 1,494,494
10/1/2007 105.15 1,219,473
10/3/2007 107.65 2,841,104
10/4/2007 109.40 15,663,088
10/5/2007 107.45 18,722,120
10/8/2007 106.80 2,736,746
10/9/2007 109.55 3,432,785
10/10/2007 107.35 1,934,361
10/11/2007 106.00 1,439,184
10/12/2007 105.85 811,265
10/15/2007 107.10 590,389
10/16/2007 103.55 2,059,427
10/17/2007 101.05 1,439,316
10/18/2007 103.35 1,849,699
10/19/2007 104.00 1,183,706
10/22/2007 104.40 429,765
10/23/2007 108.05 1,243,531
10/24/2007 108.35 2,229,433
10/25/2007 107.55 2,743,910
10/26/2007 111.45 1,415,234
10/29/2007 108.30 903,872
10/30/2007 108.10 611,864
10/31/2007 106.65 523,265
11/1/2007 105.55 514,871
11/2/2007 104.00 426,503
11/5/2007 104.55 400,121
11/6/2007 104.35 700,012
 11/7/2007 105.20 781,979
11/8/2007 106.45 1,475,873
11/9/2007 105.20 56,326
11/12/2007 105.90 381,488
11/13/2007 105.45 574,248
11/14/2007 106.00 3,384,479
11/15/2007 106.55 1,038,964
11/16/2007 110.35 1,415,411
11/19/2007 125.65 8,832,645
11/20/2007 117.10 2,033,055
11/21/2007 110.15 1,631,197
11/22/2007 109.10 1,334,066
11/23/2007 111.75 726,788
11/26/2007 110.95 440,669
11/27/2007 110.60 459,704
11/28/2007 110.60 1,258,872
11/29/2007 109.25 3,234,463
11/30/2007 110.85 1,199,524
12/3/2007 110.40 1,642,620
12/4/2007 111.40 956,853
12/5/2007 116.25 2,011,221
12/6/2007 115.50 1,296,652
12/7/2007 121.45 2,934,669
12/10/2007 121.60 1,309,706
12/11/2007 119.10 1,719,705
12/12/2007 120.05 1,032,761
12/13/2007 118.50 1,138,877
12/14/2007 119.85 760,133
12/17/2007 113.80 1,135,264
12/18/2007 111.05 2,098,220
12/19/2007 112.05 1,025,046
12/20/2007 111.35 647,746
12/24/2007 112.25 1,122,256
12/26/2007 113.85 1,337,608
12/27/2007 112.05 3,895,743
12/28/2007 113.40 687,969
12/31/2007 114.20 1,047,567
1/1/2008 116.70 1,243,388
1/2/2008 116.40 2,570,798
1/3/2008 118.35 5,213,934
1/4/2008 121.30 3,492,973
1/7/2008 124.60 2,888,916
1/8/2008 119.35 2,502,775
1/9/2008 118.65 1,000,784
1/10/2008 113.75 765,094
1/11/2008 112.70 783,811
1/14/2008 113.35 788,250
1/15/2008 114.25 704,220
1/16/2008 112.55 617,189
1/17/2008 112.20 524,799
1/18/2008 113.50 1,868,146
1/21/2008 101.80 1,924,671
1/22/2008 88.55 1,789,279
1/23/2008 100.30 1,575,520
1/24/2008 102.00 2,068,504
1/25/2008 101.60 700,439
1/28/2008 99.65 724,534
1/29/2008 100.75 617,705
1/30/2008 97.95 593,024
1/31/2008 92.30 2,818,205
2/1/2008 96.35 638,445
2/4/2008 100.15 597,054
2/5/2008 101.10 550,051
2/6/2008 99.35 343,099
2/7/2008 98.90 662,589
2/8/2008 100.25 1,274,662
2/11/2008 94.05 723,860
2/12/2008 94.25 668,163
2/13/2008 94.15 652,457
2/14/2008 95.85 899,920
2/15/2008 94.95 583,418
2/18/2008 95.00 371,696
2/19/2008 99.20 1,507,123
2/20/2008 99.10 725,885
2/21/2008 100.10 553,515
2/22/2008 103.00 1,263,829
2/25/2008 101.05 568,408
2/26/2008 102.50 831,087
2/27/2008 100.15 465,140
2/28/2008 97.35 1,730,984
2/29/2008 99.80 1,626,644
3/3/2008 98.40 906,061
3/4/2008 99.15 818,431
3/5/2008 101.15 879,736
3/7/2008 99.25 794,345
3/10/2008 99.10 492,701
3/11/2008 100.10 234,232
3/12/2008 101.50 396,724
3/13/2008 98.05 880,552
3/14/2008 98.35 990,074
3/17/2008 95.35 543,634
3/18/2008 97.15 412,822
3/19/2008 95.10 1,304,032
3/24/2008 97.20 1,202,421
3/25/2008 102.25 1,899,156
3/26/2008 106.55 1,213,442
3/27/2008 105.10 1,196,402
3/28/2008 108.20 525,364
3/31/2008 110.80 1,089,238
4/1/2008 106.65 420,868
4/2/2008 106.05 301,762
4/3/2008 104.15 478,093
4/4/2008 104.95 264,300
4/7/2008 110.15 1,294,481
4/8/2008 110.45 1,371,045
4/9/2008 108.45 324,573
4/10/2008 106.55 170,255
4/11/2008 105.85 140,790
4/15/2008 106.75 225,476
4/16/2008 106.85 255,448
4/17/2008 109.55 683,999
4/21/2008 113.30 1,642,371
4/22/2008 108.25 928,444
4/23/2008 105.45 1,579,657
4/24/2008 105.70 1,059,212
4/25/2008 106.95 1,059,812
4/28/2008 105.25 307,549
4/29/2008 106.40 700,026
4/30/2008 106.85 1,652,176
5/2/2008 107.75 1,442,988
5/5/2008 108.00 1,006,007
5/6/2008 109.90 4,047,223
5/7/2008 106.90 2,276,667
5/8/2008 104.60 324,199
5/9/2008 100.55 427,438
5/12/2008 100.40 656,552
5/13/2008 99.30 973,476
5/14/2008 99.65 963,204
5/15/2008 99.30 828,643
5/16/2008 99.05 750,947
5/20/2008 97.60 1,307,728
5/21/2008 97.60 595,883
5/22/2008 96.45 826,086
5/23/2008 94.50 883,219
5/26/2008 92.05 643,369
5/27/2008 92.20 2,528,230
5/28/2008 95.00 3,017,790
5/29/2008 95.05 1,931,444
5/30/2008 97.05 3,379,561
6/2/2008 96.55 615,198
6/3/2008 95.10 455,121
6/4/2008 96.15 675,281
6/5/2008 96.30 311,973
6/6/2008 96.05 633,036
6/9/2008 96.80 777,811
6/10/2008 96.85 1,490,442
6/11/2008 98.20 740,537
6/12/2008 99.20 725,459
6/13/2008 99.15 318,484
6/16/2008 99.35 363,828
6/17/2008 99.40 155,248
6/18/2008 99.45 162,322
6/19/2008 97.00 86,234