Retail Trade (44) - Q2, 2011

T r e n d s
o f
Y o u r
B u s i n e s s
E x c l u s i v e l y
d i s t r i b u t e d
b y
India, Q2 2011
Retail Trade
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Retail T rade
Contents
1. Macroeconomic Scenario 2. Analysis of Investment Attractiveness - Attractiveness Indicators - Driving Forces of Attractiveness - Risk-Profitability Maps 3. Analysis of Revenue - Long-term Trend. Business Cycle. Correlation - Seasonality in Revenues. Seasonal Adjusted Revenues 4. Concentration in the Sector 5. Analysis of Financial Ratios - Distributions of Financials in the sector - General Indicators - Profitability Ratios - Liquidity Ratios - Financial Cycles - Financial Leverage Ratios - Production Factors - Investment Outlays - Costs - Structure of Fixed Assets - Structure of Current Assets - Structure of Current Liabilities - Main Leverages - DuPonts Pyramid 6. Companies from the Sector - Top Players - market shares - Top Players from the Sector - Listed Companies from the Sector - Mergers and Acquisitions 7. Key Concepts - Definitions of Indices - Definitions of Selected Concepts
Page
-4 -5 - 5 - 5 - 7 -9 - 9 - 10 - 11 - 12 - 12 - 13 - 18 - 21 - 22 - 23 - 25 - 27 - 29 - 33 - 34 - 35 - 36 - 37 - 38 - 38 - 39 - 40 - 41 - 42 - 42 - 44
! This report has been compiled to the best of the authors knowledge, using information originating from verified sources. The authors of the report take no responsibility for the consequences of any decisions and actions taken as a result of the use of this report. This report refers to the Indian economy.
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Retail T rade
EconTrends for India is the unique tool for analyzing various Indian industries. It contains description of macroeconomic environment, analysis of investment attractiveness, detailed analysis of revenue as well as in-depth analysis of a wide scope of financial ratios. The report covers not the full sector but only its major part, since it is build on the bottom-up aggregated financial data on listed companies from the Accord Fintech database reporting on quarterly basis. Quarterly financial data from Income Statement are adjusted to assert their consistency with yearly audited figures. The Short-Term Investment Attractiveness Ranking developed for India under the EconTrends methodology is based on the so called Profitability Index, that shows forecasted dynamics of EBITDA. It serves as a proxy for dynamics of dirty cash flows in enterprises from a given industry. Fundamental components of the Profitability Index like net sales and EBITDA margin, are forecasted using econometric models. The behavior over time of all these categories is illustrated using appropriate pictograms in the Map of Forces. Profitability of a given industry is evaluated on the basis of average forecasted dynamics of EBITDA in two following quarters. Every industry has a granted profitability mark that ranges from 1 up to 5, which reflects its profitability versus other industries. Higher mark indicates higher profitability. Risk of an industry in turn is measured by the standard deviation of forecasted Profitability Index. Every industry has also an assigned risk mark that ranges from 1 up to 5, which reflects its risk versus other industries. Higher mark means here lower risk. Each industry is at the end characterized by the following two parameters its profitability and risk. They are used for evaluation of the short term investment attractiveness, that reflects preferences of investors seeking to maximize their rates of return and to minimize the risk they face. The final Short-Term Investment Attractiveness Ranking of an analyzed industry explains its relative attractiveness comparing to other sectors. The lower a position within the ranking the higher is attractiveness of an industry. C hanges in this position replicate either changes in profitability or in risk. Additionally like in the case of profitability and risk measurement the final attractiveness is graded from 1 to 5, where the highest grade means the highest attractiveness. Lower grade means worse investment-weather conditions, so either lower profitability or higher risk. The Short-Term Investment Attractiveness Ranking is presented according to the structure of the North American Industry C lassification System (NAIC S). However the used system of industry classification is not fully compatible with the National C lassification of Activities in India due to Indian statistics - specific factors.
Analysed sector:
Division
The following groups are included in the division: Retail Trade Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal C are Stores Gasoline Stations C lothing and C lothing Accessories Stores
Only the groups marked by an arrow are covered by EconTrends reports.

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Retail T rade
Macroeconomic Scenario
Period Nominal GDP Growth Real GDP Growth Inflation (C PI) eop Inflation (PPI) eop USD/INR exchange rate, quarter av
Datasource: ISI, EMIS, CEIC
Q4 2010 119.0 108.3 109.2 108.9 44.86
Q1 2011 117.2 107.8 109.0 109.6 45.26
Q2 2011 116.7 107.7 108.9 109.6 44.74
Q3 2011 116.0 106.9 109.2 109.7 45.76
Q4 2011 116.0 107.0 109.3 109.4 51.01
Nominal GDP Growth

130
120
110
100
90
80
70
09 09 11 08 10 07 10 10 09 08 08 07 08 09 10 11 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 11
Period
-> expected slight fall of GDP nominal y/y growth in Q4 2011 comparying to the value from Q2 2011 -> expected slight fall of GDP real y/y growth in Q4 2011 comparying to the value from Q2 2011 -> expected slight rise of C PI inflation (eop) in Q4 2011 comparying to the value from Q2 2011 -> expected slight fall of PPI inflation (eop) in Q4 2011 comparying to the value from Q2 2011 -> expected weakening of USD/INR exchange rate in Q4 2011 comparying to the value from Q2 2011
Growth
120 115 110 105
Inflation (CPI) eop
Growth
100 95 90 85 80 75 70
11 10 09 08 07 08 09 10 07 08 09 11 08 09 11 10 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Q 4
Q 4 2 0 11
Inflation (PPI) eop

115 110 105 100
Period
11
Growth
95 90 85 80 75 70
07 08 10 08 07 08 08 09 09 10 10 09 11 09 10 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 11
Period
Forecast
Forecast
Forecast
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Analysis of Investment Attractiveness

Attractiveness Indicators
5
0 1 1 1 1 0 0 0 1 1
0 1 3 5
Current Attractiveness
Profitability
5 4 3 2 1
0 0 1 1 1 0 0 0 1 1
0 1 3 5
Forecasted Attractiveness
Profitability
4 3 2 1
Forecasted Attractiveness
Current Attractiveness
5 4
5 4
expected fall of attractiveness in the sector -> expected fall of profitability -> expected stabilisation of risk (expected stabilisation in risk mark shown on the chart)
Risk
3 2 1
Risk
3 2 1
Driving Forces of Attractiveness

- Profitability Index - y/y dynamics - Net Revenue per C ompany - y/y dynamics - EBITDA Margin - y/y dynamics
Map of forces for the sector
Current situation Forecasted situation Net revenue per company Y/Y dynamics EBITDA margin - Y/Y dynamics Profitability index - Y/Y dynamics
e b
Symbol's colour
Dynamics of profit Positive impact on profits dynamics Negative impact on profits dynamics Neutral impact on profits dynamics
a d
b a
Symbols sign
"+" "-" "o"
Positive dynamics of "driving force" Negative dynamics of "driving force" Close to zero dynamics of "driving force"
Symbols orientation
Rise of dynamics comparing to previous quarter Fall of dynamics comparing to previous quarter Stabilisation of dynamics comparing to previous quarter
Net revenue per company - Y/Y dynamics

60%
Forecast
60% 40%
expected fall in dynamics of net revenue in Q3 2011 expected fall in dynamics of net revenue in Q4 2011
Net revenue per company Y/Y dynamics
50% 40% 30% 20% 10% 0% -1 0 % -2 0 % -3 0 % -4 0 %

09 09 10 10 10 10 11 11 11 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 0 11
20% 0%
-2 0 % -4 0 %
-6 0 % -8 0 %
Period Net revenue per company - Y/Y dynamics Profitability index - Y/Y dynamics
Profitability index - Y/Y dynamics
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Retail T rade
EBITDA Margin - Y/Y dynamics

40%
Forecast
60%
expected fall in dynamics of EBITDA margin in Q3 2011 expected rise in dynamics of EBITDA margin in Q4 2011
20%
40%
0%
20%
-2 0 %
0%
-4 0 %
-2 0 %
-6 0 %
-4 0 %
-8 0 %
-6 0 %
-1 0 0 %
11 11 10 10 09 10 09 11 10 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 0 11
-8 0 %
Period EBITDA Margin - Y/Y dynamics Profitability index - Y/Y dynamics
Profitability index - Y/Y dynamics
EBITDA Margin - Y/Y dynamics
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Risk-Profitability Maps
Risk - Profitability Map (current situation)
1.2
risk - profitability map (current situation)
1.0
0.8
0.6 Profitability
0.4
0.2
0.0 0.0 -0.2
0.2
0.4
0.6
0.8
1.0
1.2
1.4
-0.4 Risk All sectors groups belonging to selected Investors' utility function Most efficient sectors Selected sector (Division): Retail Trade
Risk - Profitability Map (current situation) Zoom

0.25
0.20
Profitability
0.15
0.10
0.05
0.00 0.00
0.05
0.10
0.15
0.20 Risk
0.25
0.30
0.35
0.40
All sectors groups belonging to selected Investors' utility function
Most efficient sectors Selected sector (Division): Retail Trade
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Risk - Profitability Map (forecasted situation)

1.2
risk - profitability map (forecasted situation)
1.0
0.8
0.6 Profitability
0.4
0.2
0.0 0.0 -0.2
0.2
0.4
0.6
0.8
1.0
1.2
-0.4 Risk All sectors groups belonging to selected Investors' utility function Most efficient sectors Selected sector (Division): Retail Trade
Risk - Profitability Map (forecasted situation) Zoom

0.18
0.16
0.14
0.12 Profitability
0.10
0.08
0.06
0.04
0.02
0.00 0.00
0.05
0.10 Risk
0.15
0.20
0.25
All sectors groups belonging to selected Investors' utility function
Most efficient sectors Selected sector (Division): Retail Trade
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Analysis of Revenue
Long-term Trend. Business Cycle. Correlation
Long-term trend in net revenue per company
10 000 Forecast 9 000 8 000 7 000
Ris e of long-term trend in net revenue per c ompany
[mn INR]
6 000 5 000 4 000 3 000 2 000 1 000 0
Ju n08 Se p08 D ec -0 8 M ar -0 9
Ju n09 Se p09 D ec -0 9 M ar -1 0
Ju n10 Se p10 D ec -1 0 M ar -1 1
Ju n11 Se p11 D ec -1 1 M ar -1 2
Se p07
ar -0 8
Period Net revenue per company

Dec-08 Dec-09 Sep-08 Sep-09 Jun-09 Mar-09
Long-term trend in net revenue per company

Dec-10 Dec-11 Sep-10 Sep-11 Jun-10 Jun-11 Mar-10 Mar-11 Mar-12 Jun-12
7 245.7
6 462.4
5 080.2
4 523.2
5 086.5
6 009.8
6 270.7
5 445.3
6 064.0
6 683.4
8 790.8
7 977.9
7 638.7
7 628.8
7 810.2
Ju n12
ec -0 7
Net Revenues per company [mn INR]
5 758.6
5 848.1
5 945.4
6 053.0
6 172.6
6 305.2
6 451.1
6 610.2
6 781.9
6 965.1
7 158.4
7 359.9
7 568.6
7 783.6
7 882.0
Longterm trend in net sales per company [mn INR]
Forecast of sector's long run growth

Long run growth of nominal GDP Implied long run growth of the sector [%] 102 11.37% 104 27.60% 106 43.83% 108 60.06% 110 76.29% 112 92.53% 114 108.76% 116 124.99%
7 947.3
7 721.2
Business cycle in net revenue per company

Pressure for rise of prices dynamics Forecast
expec ted high but falling us e of c apac ity utilis ation ratio and as s oc iated pos s ible growth in dynamic s of pric es and employment in 3 rd quarter 2 0 1 1
Pressure for fall of
prices dynamics
Negative part of business cycle
Correlation of decumulated net revenue Y/Y growth with past GDP growth Lead of net sales Y/Y Value (quarterly data) + 0Q 56.50% + 1Q 42.74% + 2Q 18.21% + 3Q -3.79%
Correlation of decumulated net revenue Y/Y growth with future GDP growth Lag of net sales Y/Y Value (quarterly data) - 0Q 56.50% - 1Q 31.88% - 2Q -20.63% - 3Q -64.69%
< 1 ; 0.8 )
< 0.8 ; 0.6 )
Ju n08 Se p08 D ec -0 8 M ar -0 9 Ju n09 Se p09 D ec -0 9 M ar -1 0 Ju n10 Se p10 D ec -1 0 M ar -1 1 Ju n11 Se p11 D ec -1 1 M ar -1 2 Ju n12
Se p0
ec -0 7
ar -
08
Period Positive part of business cycle
Degree of correlation
< 0.6 ; 0.4 ) < 0.4 ; 0.2 ) < 0.2 ; 0 ) < 0 ; -0.2 ) < -0.2 ; -0.4 ) < -0.4 ; -0.6 ) < -0.6 ; -0.8 ) < -0.8 ; -1 )
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Retail T rade
Seasonality in Revenues. Seasonal Adjusted Revenues

Seasonality in net revenue per company
10 000
Forecast
800 600 400 200 0 -200 -400 -600

ar -0 8 Ju n08 Se p08 D ec -0 8 M ar -0 9 Ju n09 Se p09 D ec -0 9 M ar -1 0 Ju n10 Se p10 D ec -1 0 M ar -1 1 Ju n11 Se p11 D ec -1 1 M ar -1 2 Ju n12 ec 07
9 000 8 000
[mn INR]
6 000 5 000 4 000 3 000 2 000 1 000 0

Se p0 7
Period Net revenue per company Seasonality in net revenue per company
Seasonality (additive deviation)
7 000
Seasonality (per quarter) in net revenue per company

10 000 9 000 8 000 Seasonality (additive deviation) 7 000 [mn INR] 6 000 5 000 4 000 3 000 2 000 1 000 0
07 08 11 08 09 10 08 09 10 11 09 10 07 08 09 Q 3 Q 1 Q 1 Q 1 Q 2 Q 2 Q 2 Q 2 Q 3 Q 3 Q 3 Q 3 Q 4 Q 4 Q 4 Q 4 10
in Q 1 negative
800
s eas onal deviation prevails in Q 2 negative s eas onal deviation prevails in Q 3 pos ivive s eas onal deviation prevails in Q 4 pos ivive s eas onal deviation prevails
1st quarter
2nd quarter
3rd quarter
4th quarter 600 400 200 0 -200 -400 -600
Period Net revenue per company (per quarter) Seasonality (per quarter) in net revenue per company
Net revenue per company Seasonally adjusted net revenue per company
10 000 9 000 8 000 7 000 Forecast
[mn INR]
6 000 5 000 4 000 3 000 2 000 1 000 0
Se p08
ar -1 0
Se p11
Se p09
Se p07
ar -0 8
ar -0 9
n10 Se p10
ar -1 1
ar -1 2 M
n08
n09
ec -0 8
ec -0 7
ec -0 9
ec -1 0
Ju
Ju
Ju
Ju
ec -1 1
Period Net revenue per company Seasonally adjusted net revenue per company
Ju
n12
n11
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Retail T rade
Concentration in the Sector

Distribution of net revenues in the sector (2010)
100%
90%
80%
Perfect Equality Line
70%
60%
50%
Gini Coefficient 99.32%
40%
30%
20%
10%
Lorenz Curve Perfect Inequality Line
0% 100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Cumulative share of companies from lower market share
Market share of top companies in the sector

Year The Herfindahl-Hirschman Index Top 1 company Top 2 companies Top 3 companies Top 4 companies Top 5 companies Number of listed and non-listed companies in the sector 2010 8445 91.87% 93.09% 94.14% 95.03% 95.52% 279
Cumulative market share
Market power concentration measured by HerfindahlHirschman Index was strong in 2010 Net sales of top five companies in the sector reached the market share of 95.52% in 2010
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Analysis of Financial Ratios

Distributions of Financials in the sector
Average value for the company in Q111 0 50 40.19% 38.78% 44.90% 39.90% 62.67% 52.87% 64.32% 57.22% 4.56% 1.69% 23.36% 64.00% Q211 0 56 46.51% 47.93% -120.47% 15.94% -81.06% 13.79% -77.40% 17.77% 3.55% 0.79% 23.29% 69.64%
DIST RIBUT ION OF PA RA ME T E RS (The distribution of financial indicators in the sector)

20% 40% 60% 80%
II
III
IV
General Indicators
N umber of c ompanies Y /Y dynamic s of net revenue per c ompany [% ]
Y/Y dynamics of total operating (excl. depreciation) cost per company [%]
-30.37% -13.06% -30.63% 5.51% -64.84% -28.66% -67.93% -27.15% 1.78% 0.29% 7.05%
0.06% 10.41% 15.60% 20.31% 0.00% 12.42% -3.15% 13.50% 6.64% 1.35% 27.15%
27.43% 36.60% 34.96% 41.14% 30.06% 49.47% 31.00% 35.18% 12.02% 5.47% 31.50%
89.12% 112.37% 174.55% 160.89% 142.41% 142.56% 154.81% 161.16% 35.88% 19.91% 33.49%
Y /Y dynamic s of E BI T D A profit per c ompany [% ] Y /Y dynamic s of E BI T D A profit per profit-making c ompany [% ] Y /Y dynamic s of gros s profit per c ompany [% ] Y /Y dynamic s of gros s profit per profit- making c ompany [% ] Y /Y dynamic s of net profit per c ompany [% ] Y /Y dynamic s of net profit per profit- making c ompany [% ]
Profitability Ratios
E BI T D A Sales M argin [% ] N et Sales M argin [% ] E ffec tive tax rate [% ] Share of profit-making c ompanies [% ]
2009
2010
I
-73.96% -73.98% 0.34% 0.39% 0.00% 189.11% 126.66% 4.73% 3.38% -43 10 1 22 0.00% 43.72% 99.90% 0.00% 0.0 0.33% 0.00% 54.25% 0.00% 63.04% 0.00 0.00% 0.00% 0.00% -3.87% 0.06% 0.00% 0.00% 0.00% 0.00% 1.57% 0.00%
II
-66.67% -66.63% 2.35% 2.25% 0.00% 320.63% 242.54% 20.55% 48.78% -3 29 20 53 2.78% 67.32% 100.00% 0.00% 1.0 1.69% 0.10% 69.51% 49.10% 261.95% 0.39 0.00% 0.70% 207.46% 16.73% 1.37% 0.00% 0.00% 54.36% 0.05% 4.22% 0.13% 0.41%
III
-58.61% -54.62% 5.03% 3.39% 1.01% 820.74% 532.96% 64.00% 131.16% 52 54 35 98 35.44% 91.93% 100.00% 167.05% 2.6 3.39% 0.44% 92.63% 148.28% 754.10% 2.46 4.85% 12.07% 1369.91% 89.89% 3.82% 0.00% 0.23% 79.56% 2.42% 21.63% 0.45% 1.42%
IV
52.89% 54.74% 11.85% 7.89% 11.34% 5962.05% 5962.05% 652.97% 444.93% 98 113 75 142 86.67% 100.00% 100.00% 599.81% 5.3 6.37% 2.19% 98.69% 344.89% 2572.24% 14.62 26.17% 31.30% 8268.13% 471.17% 8.06% 0.00% 1.08% 95.47% 6.26% 67.04% 3.23% 3.87%
General Indicators
Y /Y dynamic s of c as h flow per c ompany [% ] Y /Y dynamic s of c as h flow per profit- making c ompany [% ]
-45.26% -47.19% 36.61% 15.14% 5.37% 188.01% 104.25% 4.94% 43.57% -3 11 38 52 141.85% 41.35% 100.00% 23.55% 2.52 1.62% 0.41% 89.01% 268.51% 752.71% 2736.15 5.46% 12.43% 624.78% 78.61% 1.59% 0.00% 0.40% 87.05% 3.87% 4.47% 0.67%
-245.34% -252.72% 11.55% 4.35% 12.49% 162.08% 71.33% 2.75% 33.84% -2 8 44 54 165.38% 37.68% 100.00% 20.24% 4.61 1.62% 0.49% 91.83% 320.70% 709.12% 2305.75 5.05% 9.48% 812.89% 58.94% 1.59% 0.00% 0.48% 89.65% 3.10% 3.68% 0.36%
Return on E quity [% ] Return on A s s ets [% ] E quity dividend ratio [% ]
Liquidity Ratios
C urrent ratio [% ] Q uic k ratio [% ] Super quic k ratio [% ] Sundry debtors to s undry c reditors ratio [% ]
Financial Cycles
D ays of c overage for C as h & E quivalent [days ] D ays of c overage for rec eivables [days ] D ays of c overage for inventories [days ] D ays of c overage for s hort term liabilities [days ]
Financial Leverage Ratios

D ebt to E quity ratio [% ] E quity to total as s ets ratio [% ] Share of loans from banks in total debt [% ] Sec ured to uns ec ured loans ratio [% ] O perating profit c overage [years ]
Production Factors
L abour intens ity of produc tion [% ] E nergy intens ity of produc tion [% ] M aterial intens ity of produc tion [% ] T otal as s ets turnover [% ] N et fixed as s ets produc tivity [% ]
Investments
I nves tment outlays per c ompany [mn I N R] Share of quoted equity inves tments [% ] I nves tment outlays as s hare in net revenue [% ] I nves tment outlays to deprec iation ratio [% ] I nves tment outlays index [% ]
Costs
Share of labor c os ts in total operating c os ts [% ] Share of s toc k inc reas e c os ts in total operating c os ts [% ] Share of energy c os ts in total operating c os ts [% ] Share of raw material c os t in total operating c os ts [% ] Share of other manufac turing expens es in total operating c os ts [% ] Share of s elling and admin. expens es in total operating c os ts [% ] Share of mis c ellaneous expens es in total operating c os ts [% ] Share of deprec iation in total operating c os ts [% ]
1.95% 1.14% 0.00% ISIEmergingMarketsPDF in-spjainmr from 61.8.139.218 on 2012-04-03 10:17:37 EDT. DownloadPDF.
Sourc e: I SI , E M I S , C E I C
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Retail T rade
General Indicators
Number of companies
P eriod Value Q /Q inc reas e Y /Y inc reas e P eriod Value Q /Q inc reas e Y /Y inc reas e P eriod Value Q /Q inc reas e Y /Y inc reas e P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 7 245.7 1 4 .0 7 % 4 3 .8 8 % Q 309 5 086.5 1 2 .4 5 % -2 9 .8 0 % Q 310 6 064.0 1 1 .3 6 % 1 9 .2 2 % Q 308 7 753.6 2 0 .6 9 % 6 1 .9 4 % Q 309 5 077.4 1 8 .3 5 % -3 4 .5 2 % Q 310 5 636.3 -0 .9 6 % 1 1 .0 1 % Q 310 56 -3 3 Q 408 6 462.4 -1 0 .8 1 % 1 1 .8 2 % Q 409 6 009.8 1 8 .1 5 % - 7 .0 0 % Q 410 6 683.4 1 0 .2 1 % 1 1 .2 1 % Q 408 6 399.3 -1 7 .4 7 % 1 1 .1 5 % Q 409 5 982.7 1 7 .8 3 % - 6 .5 1 % Q 410 6 575.9 1 6 .6 7 % 9 .9 2 % Q 309 53 -6 1 Q 410 57 1 6 Q 109 5 080.2 - 2 1 .3 9 % - 2 0 .8 6 % Q 110 6 270.7 4 .3 4 % 2 3 .4 3 % Q 111 8 790.8 3 1 .5 3 % 4 0 .1 9 % Q 109 4 103.2 - 3 5 .8 8 % - 3 5 .7 3 % Q 110 6 090.5 1 .8 0 % 4 8 .4 3 % Q 111 8 452.2 2 8 .5 3 % 3 8 .7 8 % Q 308 52 -6 0 Q 409 51 -2 2 Q 111 50 -7 -5 Q 209 4 523.2 -1 0 .9 7 % -2 8 .7 9 % Q 210 5 445.3 -1 3 .1 6 % 2 0 .3 9 % Q 211 7 977.9 -9 .2 5 % 4 6 .5 1 % Q 209 4 290.0 4 .5 5 % -3 3 .2 2 % Q 210 5 691.1 -6 .5 6 % 3 2 .6 6 % Q 211 8 418.8 -0 .3 9 % 4 7 .9 3 % Q 408 49 -3 -2 Q 110 55 4 0 Q 211 56 6 -3 Q 109 55 6 2 Q 210 59 4 0 Q 209 59 4 1
rise of number of listed companies covered by the database in Q211 comparing to the value in Q111
Net revenue per company [mn INR]

rise of Y/Y dynamics of net revenue per company in Q211 comparing to the value in Q111
Total operating cost (incl. depreciation) per company [mn INR]

rise of Y/Y dynamics of total operating cost (incl. depreciation) per company in Q211 comparing to the value in Q111
Net revenue & total operating costs per company

10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0
0 4 09 1 11 8 8 9 9 9 0 0 0 30 4 0 1 0 2 0 3 0 1 1 2 1 41 3 1 Q Q Q Q Q Q
[mn INR]
Period
N et revenue per c ompany [mn I N R] T otal operating c os t (inc l. deprec iation) per c ompany [mn I N R] ISIEmergingMarketsPDF in-spjainmr from 61.8.139.218 on 2012-04-03 10:17:37 EDT. DownloadPDF.
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Retail T rade
EBITDA profit per company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 -408.8 -4 0 8 0 .8 4 % - 2 1 2 .8 7 % Q 309 126.8 -6 0 .5 2 % 1 3 1 .0 2 % Q 310 558.7 4 7 0 .6 1 % 3 4 0 .5 7 % Q 408 173.9 1 4 2 .5 4 % 2 3 .3 3 % Q 409 195.5 5 4 .1 8 % 1 2 .4 4 % Q 410 252.7 -5 4 .7 7 % 2 9 .2 4 % Q 109 1 122.9 5 4 5 .7 7 % 5 5 0 .4 9 % Q 110 392.9 1 0 0 .9 5 % - 6 5 .0 1 % Q 111 569.3 1 2 5 .3 0 % 4 4 .9 0 % Q 209 321.2 -7 1 .3 9 % 3 0 2 8 .2 2 % Q 210 -150.8 - 1 3 8 .3 7 % - 1 4 6 .9 3 % Q 211 -332.4 - 1 5 8 .3 8 % - 1 2 0 .4 7 %
fall of Y/Y dynamics of EBITDA profit per company in Q211 comparing to the value in Q111

1 200 1 000 800 3500% Y/Y dynamics of EBITDA profit per company (all 3000% 2500% 2000% 1500% 1000% 500% 0% -5 0 0 %
10 09 09 09 09 11 08 10 08 10 10 1 2 3 3 1 3 4 2 4 4 Q 1 Q Q Q Q Q Q Q Q Q Q 2 11
[mn INR]
600 400 200 0 -2 0 0 -4 0 0 -6 0 0

Q
Period
E BI T D A profit per c ompany [mn I N R] Y /Y dynamic s of E BI T D A profit per c ompany (all c ompanies ) [% ]
EBITDA profit per profit-making company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 95.0 2 1 .4 7 % -8 1 .3 5 % Q 309 182.2 -6 0 .5 8 % 9 1 .8 6 % Q 310 745.8 4 9 0 .9 7 % 3 0 9 .2 5 % Q 408 260.1 1 7 3 .8 7 % 3 3 .4 6 % Q 409 269.6 4 7 .9 1 % 3 .6 2 % Q 410 369.6 -5 0 .4 4 % 3 7 .1 2 % Q 109 1 931.6 6 4 2 .5 6 % 6 1 1 .2 2 % Q 110 636.0 1 3 5 .9 4 % - 6 7 .0 8 % Q 111 889.7 1 4 0 .7 2 % 3 9 .9 0 % Q 209 462.3 -7 6 .0 7 % 4 9 1 .2 3 % Q 210 126.2 -8 0 .1 6 % -7 2 .7 0 % Q 211 146.3 -8 3 .5 6 % 1 5 .9 4 %
fall of Y/Y dynamics of EBITDA profit per profit-making company in Q211 comparing to the value in Q111

2 500 2 000 700% profit per company (profitY/Y dynamics of EBITDA making companies) [%] 600% 500% 400% 1 500 1 000 500 0
08 08 09 09 09 09 10 10 10 10 3 1 11 4 3 1 2 3 4 1 2 4 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
[mn INR]
300% 200% 100% 0% -1 0 0 % -2 0 0 %
E BI T D A profit per profit- making c ompany [mn I N R] Y /Y dynamic s of E BI T D A profit per c ompany (profit- making c ompanies ) [% ]
Period
companies) [%]
-14-
Retail T rade
Gross profit per company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 -578.1 - 3 9 8 .2 1 % - 3 0 8 .6 5 % Q 309 -9.3 - 1 0 4 .2 3 % 9 8 .3 9 % Q 310 429.4 2 5 8 .2 1 % 4 7 2 6 .2 0 % Q 408 -70.1 8 7 .8 8 % -3 0 1 .4 1 % Q 409 69.1 8 4 4 .2 6 % 1 9 8 .6 1 % Q 410 117.6 -7 2 .6 2 % 7 0 .1 9 % Q 109 980.5 1 4 9 9 .6 3 % 1 8 9 0 .6 7 % Q 110 247.8 2 5 8 .7 5 % - 7 4 .7 2 % Q 111 403.1 2 4 2 .9 0 % 6 2 .6 7 % Q 209 219.2 -7 7 .6 4 % 2 8 8 .9 3 % Q 210 -271.4 - 2 0 9 .5 2 % - 2 2 3 .8 0 % Q 211 -491.4 - 2 2 1 .9 0 % -8 1 .0 6 %
fall of Y/Y dynamics of gross profit per company in Q211 comparing to the value in Q111

1 200 1 000 800 profit per company (all Y/Y dynamics of gross 4000% 3000% 2000% 1000% 0% -1 0 0 0 %
10 10 10 11 08 08 09 09 09 09 10 1 2 3 4 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Q Q Q 2 11
5000%
[mn INR]
600 400 200 0 -2 0 0 -4 0 0 -6 0 0 -8 0 0

Q
Period
G ros s profit per c ompany [mn I N R] Y /Y dynamic s of gros s profit per c ompany (all c ompanies ) [% ]
Gross profit per profit-making company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 65.3 9 .4 6 % -8 3 .2 5 % Q 309 45.6 -8 5 .5 5 % -3 0 .1 5 % Q 310 573.7 6 6 2 .8 6 % 1 1 5 6 .9 3 % Q 408 29.0 -5 5 .5 6 % -4 6 .9 2 % Q 409 95.3 1 0 8 .8 8 % 2 2 8 .3 4 % Q 410 172.5 -6 9 .9 3 % 8 0 .9 5 % Q 109 1 687.2 5 7 1 0 .7 4 % 1 8 7 8 .5 6 % Q 110 412.3 3 3 2 .4 7 % - 7 5 .5 6 % Q 111 630.3 2 6 5 .3 6 % 5 2 .8 7 % Q 209 315.8 -8 1 .2 8 % 4 2 9 .0 1 % Q 210 75.2 -8 1 .7 6 % -7 6 .1 9 % Q 211 85.6 -8 6 .4 2 % 1 3 .7 9 %
fall of Y/Y dynamics of gross profit per profit-making company in Q211 comparing to the value in Q111

1 800 1 600 1 400 1500% 1000% 500% 0% -5 0 0 %
10 09 09 08 08 09 09 10 10 2 1 3 3 4 10 11 3 4 4 1 2 1 Q Q Q Q Q Q Q Q Q Q Q 2 11
2000% profit per company (profitmaking companies) [%] Y/Y dynamics of gross
[mn INR]
1 200 1 000 800 600 400 200 0

Q
G ros s profit per profit- making c ompany [mn I N R] Y /Y dynamic s of gros s profit per c ompany (profit- making c ompanies ) [% ]
Period
companies) [%]
-15-
Retail T rade
Net profit per company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 -591.7 - 3 5 8 .3 2 % - 4 1 4 .3 3 % Q 309 -2.5 - 1 0 1 .7 1 % 9 9 .5 7 % Q 310 403.2 2 4 0 .4 4 % 1 6 0 4 3 .2 0 % Q 408 -78.8 8 6 .6 8 % -4 4 1 .5 3 % Q 409 52.8 2 1 8 7 .0 1 % 1 6 6 .9 4 % Q 410 78.4 -8 0 .5 5 % 4 8 .5 6 % Q 109 945.2 1 2 9 9 .0 0 % 7 1 6 .6 6 % Q 110 158.4 2 0 0 .1 2 % - 8 3 .2 4 % Q 111 260.3 2 3 1 .9 6 % 6 4 .3 2 % Q 209 147.9 -8 4 .3 5 % 2 1 4 .5 6 % Q 210 -287.1 - 2 8 1 .2 4 % - 2 9 4 .1 0 % Q 211 -509.2 - 2 9 5 .6 7 % -7 7 .4 0 %
fall of Y/Y dynamics of net profit per company in Q211 comparing to the value in Q111

1 200 1 000 800 600 400 200 0 -2 0 0 -4 0 0 -6 0 0 -8 0 0
10 10 09 09 09 08 08 09 10 10 11 1 2 1 2 3 4 3 4 3 4 1 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
18000% 14000% 12000% 10000% 8000% 6000% 4000% 2000% 0% -2 0 0 0 % Y/Y dynamics of net profit 16000% per company (all companies)
[mn INR]
Period
N et profit per c ompany [mn I N R] Y /Y dynamic s of net profit per c ompany (all c ompanies ) [% ]
Net profit per profit-making company [mn INR]

P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] P eriod Value [mn INR] Q /Q dynamic s [% ] Y /Y dynamic s [% ] Q 308 46.9 1 5 .8 1 % -8 2 .3 4 % Q 309 34.3 -8 3 .9 0 % -2 6 .7 4 % Q 310 538.7 9 5 8 .9 5 % 1 4 6 9 .5 9 % Q 408 19.9 -5 7 .6 1 % -4 6 .2 3 % Q 409 72.9 1 1 2 .2 9 % 2 6 6 .9 1 % Q 410 115.2 -7 8 .6 2 % 5 8 .1 0 % Q 109 1 632.2 8 1 1 9 .0 0 % 7 9 1 .1 8 % Q 110 259.4 2 5 5 .9 4 % - 8 4 .1 1 % Q 111 407.8 2 5 3 .9 6 % 5 7 .2 2 % Q 209 213.2 -8 6 .9 4 % 4 2 6 .9 4 % Q 210 50.9 -8 0 .3 8 % -7 6 .1 4 % Q 211 59.9 -8 5 .3 1 % 1 7 .7 7 %
fall of Y/Y dynamics of net profit per profit-making company in Q211 comparing to the value in Q111

1 800 1 600 1 400 1600% Y/Y dynamics of net profit 1400% 1200% 1000% 800% 600% 400% 200% 0% -2 0 0 %
09 09 08 10 08 09 3 4 1 10 4 2 2 4 1 3 1 Q Q Q 3 Q Q Q Q Q Q Q Q 2 11 09 10 10 11
per company (profit-making
[mn INR]
1 200 1 000 800 600 400 200 0

Q
N et profit per profit- making c ompany [mn I N R] Y /Y dynamic s of net profit per c ompany (profit- making c ompanies ) [% ]
Period
companies) [%]
[%]
-16-
Retail T rade
Cash flow per company [mn INR]

P eriod Value [mn INR] Y /Y dynamic s [% ] 2007 -11.06 - 1 4 1 .4 1 % 2008 63.18 6 7 1 .0 5 % 2009 34.59 - 4 5 .2 6 % 2010 -50.27 - 2 4 5 .3 4 %
fall of Y/Y dynamics of cash flow per company in 2010 comparing to the value in 2009

80 800%
60
600%
40 400%
20 200% 0 0% -2 0 -2 0 0 %
-4 0
-6 0
7 8 9 00 00 00 2 2 2 2 01 0
-4 0 0 %
Period
C as h flow per c ompany [mn I N R] Y /Y dynamic s of c as h flow per c ompany [% ]
Cash flow per profit-making company [mn INR]

P eriod Value [mn INR] Y /Y dynamic s [% ] 2007 -15.16 - 2 1 2 .6 8 % 2008 84.24 6 5 5 .5 6 % 2009 44.49 - 4 7 .1 9 % 2010 -67.94 - 2 5 2 .7 2 %
fall of Y/Y dynamics of cash flow per profit-making company in 2010 comparing to the value in 2009

100 80 60 500% 40 400% 300% 200% 100% 0% -4 0 -1 0 0 % -6 0 -8 0
7 8 00 9 00 00 2 2 2 2 01 0
800% 700%
20 0 -2 0
-2 0 0 % -3 0 0 %
Period
C as h flow per profit- making c ompany [mn I N R] Y /Y dynamic s of c as h flow per profit- making c ompany [% ]
Y/Y dynamics of cash flow per profit-making company [%]
600%
[mn INR]
Y/Y dynamics of cash flow per company [%]
[mn INR]
-17-
Retail T rade
Share of profit-making companies [%]
P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] Q 308 67.31% 0 .0 7 % -3 .8 5 % Q 309 69.81% 0 .3 2 % 2 .5 0 % Q 310 75.00% 1 0 .5 9 % 5 .1 9 % Q 408 67.35% 0 .0 4 % - 5 .2 0 % Q 409 72.55% 2 .7 4 % 5 .2 0 % Q 410 68.42% - 6 .5 8 % - 4 .1 3 % Q 109 58.18% -9 .1 7 % -5 .9 7 % Q 110 61.82% - 1 0 .7 3 % 3 .6 4 % Q 111 64.00% -4 .4 2 % 2 .1 8 % Q 209 69.49% 1 1 .3 1 % 2 .2 5 % Q 210 64.41% 2 .5 9 % -5 .0 8 % Q 211 69.64% 5 .6 4 % 5 .2 4 %
rise of share of profit-making companies in Q211 comparing to the value in Q111

80% 70% 60% 50% 40% 30% 20% 10% 0%
08 09 08 09 09 09 10 10 10 11 10 3 4 1 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
Period
EBITDA Sales Margin [%]

P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] Q 308 -0.33% -3 .2 4 % -4 .9 4 % Q 309 8.25% 3 .0 6 % 8 .5 8 % Q 310 4.19% 1 .7 1 % -4 .0 6 % Q 408 -0.20% 0 .1 3 % - 4 .6 4 % Q 409 8.53% 0 .2 8 % 8 .7 3 % Q 410 4.31% 0 .1 2 % - 4 .2 3 % Q 109 3.57% 3 .7 7 % 0 .0 3 % Q 110 4.73% -3 .8 0 % 1 .1 6 % Q 111 4.56% 0 .2 5 % -0 .1 8 % Q 209 5.19% 1 .6 1 % 2 .2 8 % Q 210 2.47% -2 .2 6 % -2 .7 1 % Q 211 3.55% -1 .0 1 % 1 .0 8 %
fall of EBITDA sales margin in Q211 comparing to the value in Q111

10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% -1 %
08 08 09 09 09 10 09 10 10 10 3 4 1 2 3 4 1 2 3 4 Q Q Q Q Q Q Q Q Q Q Q 1 Q 2 11 11
Period
-18-
Retail T rade
Net Sales Margin [%]

P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] Q 308 -2.26% -3 .1 0 % -4 .7 5 % Q 309 4.78% 2 .9 7 % 7 .0 4 % Q 310 1.38% 1 .7 2 % -3 .4 1 % Q 408 -2.58% - 0 .3 3 % - 4 .4 7 % Q 409 5.52% 0 .7 4 % 8 .1 1 % Q 410 1.44% 0 .0 7 % - 4 .0 8 % Q 109 0.58% 3 .1 6 % -0 .9 8 % Q 110 1.63% -3 .8 9 % 1 .0 5 % Q 111 1.69% 0 .2 4 % 0 .0 6 % Q 209 1.81% 1 .2 3 % 0 .9 7 % Q 210 -0.34% -1 .9 7 % -2 .1 6 % Q 211 0.79% -0 .9 0 % 1 .1 3 %
fall of net sales margin in Q211 comparing to the value in Q111

6% 5% 4% 3% 2% 1% 0% -1 % -2 % -3 % -4 %
11 10 08 10 09 09 08 09 09 10 10 4 3 2 4 2 4 1 1 3 1 3 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
Period
Effective tax rate [%]

P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] P eriod Value [%] Q /Q inc reas e [% ] Y /Y inc reas e [% ] Q 310 20.30% -1 3 .2 9 % 1 1 .7 2 % Q 309 8.58% -0 .2 6 % n/a Q 410 21.85% 1 .5 5 % 1 2 .9 2 % Q 308 n/a n/a n/a Q 409 8.93% 0 .3 5 % n/a Q 408 n/a n/a n/a Q 110 33.30% 2 4 .3 7 % 2 7 .7 6 % Q 111 23.36% 1 .5 1 % -9 .9 4 % Q 109 5.54% n/a -4 .9 5 % Q 209 8.84% 3 .3 0 % -2 .0 1 % Q 210 33.58% 0 .2 9 % 2 4 .7 5 % Q 211 23.29% -0 .0 7 % -1 0 .3 0 %
fall of effective tax rate in Q211 comparing to the value in Q111

40% 35% 30% 25% 20% 15% 10% 5% 0%
08 08 09 09 09 09 10 10 10 10 11 3 4 1 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
Period
-19-
Retail T rade
Return on Equity [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 13.71% -1 7 .3 8 % 2008 -20.26% -3 3 .9 7 % 2009 36.61% 5 6 .8 7 % 2010 11.55% -2 5 .0 6 %
fall of return on equity in 2010 comparing to the value in 2009

40% 30% 20% 10% 0% -1 0 % -2 0 % -3 0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
Return on Assets [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 6.18% -9 .1 4 % 2008 -8.09% -1 4 .2 7 % 2009 15.14% 2 3 .2 3 % 2010 4.35% -1 0 .7 8 %
fall of return on assets in 2010 comparing to the value in 2009

20% 15% 10% 5% 0% -5 % -1 0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
Equity dividend ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 10.12% 1 .5 5 % 2008 17.75% 7 .6 3 % 2009 5.37% - 1 2 .3 8 % 2010 12.49% 7 .1 2 %
rise of equity dividend ratio in 2010 comparing to the value in 2009

20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
7 8 00 00 9 2 2 2 00 2 01 0
Period
-20-
Retail T rade
Liquidity Ratios
Current ratio [%]
P eriod Value [%] Y /Y inc reas e [% ] 2007 180.48% -1 1 .3 1 % 2008 181.99% 1 .5 1 % 2009 188.01% 6 .0 1 % 2010 162.08% -2 5 .9 3 %
fall of current ratio in 2010 comparing to the value in 2009
Current ratio [%]

195% 190% 185% 180% 175% 170% 165% 160% 155% 150% 145%
7 8 9 00 00 00 2 2 2 2 01 0
Period
Quick ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 84.05% -1 7 .1 3 % 2008 96.80% 1 2 .7 4 % 2009 104.25% 7 .4 5 % 2010 71.33% -3 2 .9 1 %
fall of quick ratio in 2010 comparing to the value in 2009
Quick ratio [%]

120% 100% 80% 60% 40% 20% 0%
7 8 9 00 00 00 2 2 2 2 01 0
Period
Super quick ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 3.98% -2 .2 8 % 2008 5.68% 1 .7 1 % 2009 4.94% -0 .7 4 % 2010 2.75% -2 .1 9 %
fall of super quick ratio in 2010 comparing to the value in 2009

6% 5% 4% 3% 2% 1% 0%
7 8 9 00 00 00 2 2 2 2 01 0
Period
-21-
Retail T rade
Sundry debtors to sundry creditors ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 31.79% -1 1 .8 9 % 2008 41.35% 9 .5 5 % 2009 43.57% 2 .2 3 % 2010 33.84% -9 .7 3 %
fall of sundry debtors to sundry creditors ratio in 2010 comparing to the value in 2009

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
7 8 9 00 00 00 2 2 2 2 01 0
Period
Financial Cycles
Days of coverage for Cash & Equivalent [days]
P eriod Value [days] Y /Y inc reas e [days ] 2007 3 15 2008 -1 -3 2009 -3 -2 2010 -2 1
rise of days of coverage for cash & equivalent in 2010 comparing to the value in 2009

4 3 2 1 0 -1 -2 -3 -4
7 8 9 00 00 00 2 2 2 2 01 0
Period
Days of coverage for receivables [days]

P eriod Value [days] Y /Y inc reas e [days ] 2007 7 -1 2008 8 1 2009 11 2 2010 8 -3
fall of days of coverage for receivables in 2010 comparing to the value in 2009

12 10 8 6 4 2 0
9 7 8 00 00 2 00 2 2 2 01 0
Period
-22-
Retail T rade
Days of coverage for inventories [days]

P eriod Value [days] Y /Y inc reas e [days ] 2007 39 5 2008 30 -9 2009 38 9 2010 44 6
rise of days of coverage for inventories in 2010 comparing to the value in 2009

50 45 40 35 30 25 20 15 10 5 0
9 7 8 00 00 00 2 2 2 2 01 0
Period
Days of coverage for short term liabilities [days]

P eriod Value [days] Y /Y inc reas e [days ] 2007 44 -1 1 2008 39 -5 2009 52 13 2010 54 2
rise of days of coverage for short term liabilities in 2010 comparing to the value in 2009

60 50 40 30 20 10 0
7 8 9 00 00 00 2 2 2 2 01 0
Period
Financial Leverage Ratios

Debt to Equity ratio [%]
P eriod Value [%] Y /Y inc reas e [% ] 2007 121.88% 1 8 .9 2 % 2008 150.39% 2 8 .5 1 % 2009 141.85% -8 .5 3 % 2010 165.38% 2 3 .5 2 %
rise of debt to equity ratio in 2010 comparing to the value in 2009

180% 160% 140% 120% 100% 80% 60% 40% 20% 0%
9 7 8 00 00 00 2 2 2 2 01 0
Period
-23-
Retail T rade
Equity to total assets ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 45.07% -4 .2 0 % 2008 39.94% - 5 .1 3 % 2009 41.35% 1 .4 1 % 2010 37.68% -3 .6 6 %
fall of equity to total assets ratio in 2010 comparing to the value in 2009

46% 44% 42% 40% 38% 36% 34% 32%
7 8 9 00 00 00 2 2 2 2 01 0
Period
Share of loans from banks in total debt [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 100.00% 0 .0 0 % 2008 100.00% 0 .0 0 % 2009 100.00% 0 .0 0 % 2010 100.00% 0 .0 0 %
stabilisation of share of loans from banks in total debt in 2010 comparing to the value in 2009

1 2 0 .0 0 % 1 0 0 .0 0 % 8 0 .0 0 % 6 0 .0 0 % 4 0 .0 0 % 2 0 .0 0 % 0 .0 0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
Secured to unsecured loans ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 22.26% -1 3 .6 9 % 2008 15.43% - 6 .8 3 % 2009 23.55% 8 .1 1 % 2010 20.24% -3 .3 1 %
fall of secured to unsecured loans ratio in 2010 comparing to the value in 2009

25%
20%
15%
10%
5%
0%
9 7 8 00 00 2 00 2 2 2 01 0
Period
-24-
Retail T rade
Operating profit coverage [years]

P eriod Value [year] Y /Y inc reas e [year] 2007 3.72 1 .2 7 2008 -89.26 - 9 2 .9 8 2009 2.52 9 1 .7 8 2010 4.61 2 .1 0
rise of operating profit coverage in 2010 comparing to the value in 2009

2 0 .0 0 .0 -2 0 .0 -4 0 .0 -6 0 .0 -8 0 .0 -1 0 0 .0
7 8 9 00 00 00 2 2 2 2 01 0
Period
Production Factors
Labour intensity of production [%]
P eriod Value [%] Y /Y inc reas e [% ] 2007 1.13% -0 .1 5 % 2008 1.17% 3 .3 5 % 2009 1.62% 3 9 .4 1 % 2010 1.62% 0 .0 2 %
rise of labour intensity of production in 2010 comparing to the value in 2009

1 .8 % 1 .6 % 1 .4 % 1 .2 % 1 .0 % 0 .8 % 0 .6 % 0 .4 % 0 .2 % 0 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
Energy intensity of production [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 0.23% -1 .8 2 % 2008 0.21% - 7 .2 2 % 2009 0.41% 9 4 .7 6 % 2010 0.49% 1 9 .5 2 %
rise of energy intensity of production in 2010 comparing to the value in 2009

0 .6 % 0 .5 % 0 .4 % 0 .3 % 0 .2 % 0 .1 % 0 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
-25-
Retail T rade
Material intensity of production [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 91.77% 1 .6 1 % 2008 89.64% - 2 .1 3 % 2009 89.01% -0 .6 3 % 2010 91.83% 2 .8 2 %
rise of material intensity of production in 2010 comparing to the value in 2009

93% 92% 92% 91% 91% 90% 90% 89% 89% 88% 88% 87%
7 8 9 00 00 00 2 2 2 2 01 0
Total assets turnover [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 336.86% -9 .5 3 % 2008 315.28% - 6 .4 1 % 2009 268.51% - 1 4 .8 3 % 2010 320.70% 1 9 .4 4 %
rise of total assets turnover in 2010 comparing to the value in 2009
Total assets turnover [%]

400% 350% 300% 250% 200% 150% 100% 50% 0%
7 8 9 00 00 00 2 2 2 2 01 0
Net fixed assets productivity [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 884.06% -7 6 .3 3 % 2008 984.72% 1 0 0 .6 6 % 2009 752.71% -2 3 2 .0 1 % 2010 709.12% -4 3 .5 8 %
fall of net fixed assets productivity in 2010 comparing to the value in 2009

1200% 1000% 800% 600% 400% 200% 0%
7 8 9 00 00 00 2 2 2 2 01 0
-26-
Retail T rade
Investment Outlays
Investment outlays per company [mn INR]
P eriod Value [mn INR] Y /Y dynamic s [% ] 2007 1 672.69 -1 1 .6 3 % 2008 3 488.38 1 0 8 .5 5 % 2009 2 736.15 - 2 1 .5 6 % 2010 2 305.75 -1 5 .7 3 %
fall of investment outlays per company in 2010 comparing to the value in 2009

4 000 3 500 3 000 120% 100% 80% 60% 40% 20% 0% -2 0 % -4 0 %
7 8 9 00 00 00 2 2 2 2 01 0
[mn INR]
2 500 2 000 1 500 1 000 500 0
Period
I nves tment outlays per c ompany [mn I N R] Y /Y dynamic s of inves tment outlays per c ompany [% ]
Share of quoted equity investments [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 2.59% 0 .2 9 % 2008 4.09% 1 .5 0 % 2009 5.46% 1 .3 7 % 2010 5.05% -0 .4 1 %
fall of share of quoted equity investments in 2010 comparing to the value in 2009

6 .0 % 5 .0 % 4 .0 % 3 .0 % 2 .0 % 1 .0 % 0 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
Investment outlays as share in net revenue [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 8.27% -0 .4 9 % 2008 12.19% 3 .9 3 % 2009 12.43% 0 .2 4 % 2010 9.48% -2 .9 6 %
fall of investment outlays as share in net revenue in 2010 comparing to the value in 2009

14% 12% 10% 8% 6% 4% 2% 0%
7 8 9 00 00 00 2 2 2 2 01 0
Y/Y dynamics of investment outlays per company [%]
-27-
Retail T rade
Investment outlays to depreciation ratio [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 791.45% 1 4 .9 8 % 2008 -24296.82% - 3 1 6 9 .9 1 % 2009 624.78% -1 0 2 .5 7 % 2010 812.89% 3 0 .1 1 %
rise of investment outlays to depreciation ratio in 2010 comparing to the value in 2009
Investment outlays to depreciation ratio [%]

5000%
0%
-5 0 0 0 %
-1 0 0 0 0 %
-1 5 0 0 0 %
-2 0 0 0 0 %
-2 5 0 0 0 %
-3 0 0 0 0 %
7 8 9 00 2 2 00 00 2 2 01 0
Investment outlays index [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 63.84% -8 .0 3 % 2008 120.55% 5 6 .7 0 % 2009 78.61% - 4 1 .9 4 % 2010 58.94% -1 9 .6 6 %
fall of investment outlays index in 2010 comparing to the value in 2009

140%
120%
100%
80%
60%
40%
20%
0%
8 7 9 00 00 00 2 2 2 2 01 0
Investments structure [%] Period

Q uoted E quity [% ] U nquoted E quity [% ] O ther I nves tments [% ] 2008 4 .0 9 % 0 .9 7 % 9 4 .9 4 % 2009 5 .4 6 % 0 .4 6 % 9 4 .0 8 % 2010 5 .0 5 % 0 .0 6 % 9 4 .8 9 %
-28-
Retail T rade
Investments structure [%] (2010)

5 .1 % 0 .1 %
9 4 .9 %
Q uoted E quity [% ]
U nquoted E quity [% ]
O ther I nves tments [% ]
Investments structure [%]

100%
80%
60%
40%
20%
0%
2008
2009 Period
2010
Q uote d Equity [%]
Unquote d Equity [%]
O the r Inve stm e nts [%]
Costs
Share of labor costs in total operating costs [%]
P eriod Value [%] Y /Y inc reas e [% ] 2007 1.11% -0 .0 1 % 2008 1.15% 0 .0 4 % 2009 1.59% 0 .4 3 % 2010 1.59% 0 .0 0 %
fall of share of labor costs in total operating costs in 2010 comparing to the value in 2009

1 .8 % 1 .6 % 1 .4 % 1 .2 % 1 .0 % 0 .8 % 0 .6 % 0 .4 % 0 .2 % 0 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
-29-
Retail T rade
Share of stock increase costs in total operating costs [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 0.00% 0 .0 0 % 2008 0.45% 0 .4 5 % 2009 0.00% -0 .4 5 % 2010 0.00% 0 .0 0 %
stabilisation of share of stock increase costs in total operating costs in 2010 comparing to the value in 2009

0 .5 % 0 .5 % 0 .4 % 0 .4 % 0 .3 % 0 .3 % 0 .2 % 0 .2 % 0 .1 % 0 .1 % 0 .0 %
7 00 8 9 2 2 2 2 01 00 00 0
Period
Share of energy costs in total operating costs [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 0.22% -0 .0 1 % 2008 0.21% - 0 .0 2 % 2009 0.40% 0 .1 9 % 2010 0.48% 0 .0 8 %
rise of share of energy costs in total operating costs in 2010 comparing to the value in 2009

0 .6 % 0 .5 % 0 .4 % 0 .3 % 0 .2 % 0 .1 % 0 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
Share of raw material cost in total operating costs [%]

P eriod Value [%] Y /Y inc reas e [% ] 2007 90.43% 0 .7 0 % 2008 88.79% - 1 .6 5 % 2009 87.05% -1 .7 3 % 2010 89.65% 2 .6 0 %
rise of share of raw material cost in total operating costs in 2010 comparing to the value in 2009
Share of raw material cost in total operating costs [%]

9 1 .0 % 9 0 .0 % 8 9 .0 % 8 8 .0 % 8 7 .0 % 8 6 .0 % 8 5 .0 %
7 8 9 00 00 00 2 2 2 2 01 0
Period
-30-
Retail T rade
Share of other manufacturing expenses in total operating costs [%]

fall of share of other manufacturing expenses in total operating costs in 2010 comparing to the value in 2009
Share of other manufacturing expenses in total operating costs [%]

4 .5 % 4 .0 % 3 .5 % 3 .0 % 2 .5 % 2 .0 % 1 .5 % 1 .0 % 0 .5 % 0 .0 %
7 8 00 00 9 2 2 2 00 2 01 0
Period
Share of selling and admin. expenses in total operating costs [%]

fall of share of selling and administration expenses in total operating costs in 2010 comparing to the value in 2009
Share of selling and admin. expenses in total operating costs [%]

5 .0 % 4 .5 % 4 .0 % 3 .5 % 3 .0 % 2 .5 % 2 .0 % 1 .5 % 1 .0 % 0 .5 % 0 .0 %
8 7 00 00 9 00 2 2 2 2 01 0
Period
Share of miscellaneous expenses in total operating costs [%]

fall of share of miscellaneous expenses in total operating costs in 2010 comparing to the value in 2009
Share of miscellaneous expenses in total operating costs [%]

0 .8 % 0 .7 % 0 .6 % 0 .5 % 0 .4 % 0 .3 % 0 .2 % 0 .1 % 0 .0 %
8 7 00 00 9 00 2 2 2 2 01 0
Period
-31-
Retail T rade
Share of depreciation in total operating costs [%]

fall of share of depreciation in total operating costs in 2010 comparing to the value in 2009

2 .5 %
2 .0 %
1 .5 %
1 .0 %
0 .5 %
0 .0 %
8 7 00 00 9 00 2 2 2 2 01 0
Period
Costs structure [%] Period

I nc reas e in Stoc k [% ] Raw M aterials C os ts [% ] P ower G eneration & D is tribution C os t [% ] O ther M anufac turing E xpens es [% ] E mployee C os t [% ] Selling and A dminis tration E xpens es [% ] M is c ellaneous E xpens es [% ] D eprec iation [% ] O ther operational c os ts [% ] 2008 0 .4 5 % 8 8 .7 9 % 0 .2 1 % 3 .1 9 % 1 .1 5 % 3 .5 3 % 0 .4 3 % 0 .0 0 % 2 .2 6 % 2009 0 .0 0 % 8 7 .0 5 % 0 .4 0 % 3 .8 7 % 1 .5 9 % 4 .4 7 % 0 .6 7 % 1 .9 5 % 0 .0 0 % 2010 0 .0 0 % 8 9 .6 5 % 0 .4 8 % 3 .1 0 % 1 .5 9 % 3 .6 8 % 0 .3 6 % 1 .1 4 % 0 .0 0 %
raw materials costs dominate in the cost structure
Costs structure [%]

100%
80%
60%
40%
20%
0%
2008
Incre a se in Stock [%] Powe r Ge ne ra tion & Distribution C ost [%] Em ploye e C ost [%] Misce lla ne o us Ex pe nse s [%] O the r ope ra tiona l costs [%]
2009 Period
R a w Ma te ria ls C osts [%]
2010
O the r Ma nufa cturing Ex pe nse s [%] Se lling a nd Adm inistra tion Ex pe nse s [%] De pre cia tion [%]
-32-
Retail T rade
Costs structure [%] (2010)

0 .5 %3 .1 % 1 .6 % 3 .7 % 0 .0 % 0 .4 %0 .0 % 1 .1 %
8 9 .7 % I nc reas e in Stoc k [% ] P ower G eneration & D is tribution C os t [% ] E mployee C os t [% ] M is c ellaneous E xpens es [% ] O ther operational c os ts [% ] Raw M aterials C os ts [% ] O ther M anufac turing E xpens es [% ] Selling and A dminis tration E xpens es [% ] D eprec iation [% ]
Structure of Fixed Assets

Fixed assets structure [%] Period
G oodwill [% ] Freehold L and [% ] L and I mprovements [% ] Buildings [% ] P lant & M ac hinery [% ] Furniture & Fixtures & O ffic e A pplianc es [% ] V ehic les [% ] Railway T rac ks & Sidings [% ] A irc rafts & H elic opters [% ] L eas ehold L and [% ] C omputer Software [% ] T ec hnic al know-how [% ] O ther F ixed A s s ets [% ] 2008 0 .0 1 % 4 .1 6 % 0 .5 4 % 1 0 .2 8 % 7 1 .9 9 % 3 .8 3 % 0 .7 4 % 1 .2 9 % 0 .1 1 % 1 .3 2 % 0 .7 1 % 0 .0 0 % 5 .0 3 % 2009 0 .0 0 % 3 .7 2 % 0 .5 1 % 9 .9 7 % 7 2 .8 1 % 3 .7 3 % 0 .7 0 % 1 .1 0 % 0 .0 8 % 1 .5 9 % 0 .7 9 % 0 .0 0 % 4 .9 9 % 2010 0 .0 0 % 2 .4 0 % 0 .5 0 % 9 .0 6 % 7 5 .6 7 % 3 .4 0 % 0 .5 6 % 0 .9 7 % 0 .0 2 % 1 .4 5 % 0 .6 9 % 0 .0 0 % 5 .2 8 %
plant& machinery dominate in the fixed assets structure
Fixed assets structure [%]

100%
80%
60%
40%
20%
0%
2008
Goodwill [%] Land Im prove m e nts [%] Plant & Machine ry [%] Ve hicle s [%] Aircrafts & He licopte rs [%] C om pute r So ftware [%] O the r Fix e d Asse ts [%]
2009 Period
2010
Fre e hold La nd [%] Buildings [%] Furniture & Fix ture s & O ffice Appliance s [%] Railwa y Track s & Sidings [%] Le ase ho ld Land [%] Te chnical k no w-how [%]
-33-
Retail T rade
Fixed assets structure [%] (2010)

0 .0 % 3 .4 % 0 .0 % 5 .3 % 0 .0 % .4 % 0 .5 % 2 9 .1 % 1 .5 %.7 % 0 0 .6 %.0 % 1
7 5 .7 % G oodwill [% ] L and I mprovements [% ] P lant & M ac hinery [% ] V ehic les [% ] A irc rafts & H elic opters [% ] C omputer Software [% ] O ther Fixed A s s ets [% ] Freehold L and [% ] Buildings [% ] Furniture & Fixtures & O ffic e A pplianc es [% ] Railway T rac ks & S idings [% ] L eas ehold L and [% ] T ec hnic al know- how [% ]
Structure of Current Assets

Current assets structure [%] Period
I nventories [% ] Sundry D ebtors [% ] C as h & Bank [% ] L oans and A dvanc es [% ] O ther c urrent as s ets [% ] 2008 4 6 .8 1 % 1 2 .8 8 % 3 .1 2 % 3 5 .6 0 % 1 .5 8 % 2009 4 4 .5 5 % 1 2 .3 8 % 2 .6 3 % 3 9 .0 9 % 1 .3 5 % 2010 5 5 .9 9 % 1 0 .3 8 % 1 .7 0 % 3 0 .8 3 % 1 .1 0 %
inventories dominate in the current assets structure
Current assets structure [%]

100%
80%
60%
40%
20%
0%
2008
2009 Period
2010
Inve ntorie s [%]
Sundry De btors [%]
C a sh & Ba nk [%]
Loa ns a nd Adva nce s [%]
O the r curre nt a sse ts [%]
-34-
Retail T rade
Current assets structure [%] (2010)

1 .1 %
3 0 .8 %
5 6 .0 % 1 .7 % 1 0 .4 %
I nventories [% ]
Sundry D ebtors [% ]
C as h & Bank [% ]
L oans and A dvanc es [% ]
O ther c urrent as s ets [% ]
Structure of Current Liabilities

Short-term liabilities structure [%] Period
Sundry C reditors [% ] U nc laimed D ividend [% ] I nteres t A c c rued But N ot D ue [% ] P rovis ions [% ] O ther Short- term L iabilities [% ] 2008 5 1 .3 7 % 0 .0 6 % 0 .9 2 % 9 .3 8 % 3 8 .2 7 % 2009 4 7 .0 9 % 0 .0 4 % 0 .7 9 % 1 1 .8 2 % 4 0 .2 7 % 2010 4 4 .5 9 % 0 .0 2 % 0 .7 6 % 1 0 .3 0 % 4 4 .3 2 %
sundry creditors dominate in the short-term liabilities structure
Short-term liabilities structure [%]

100%
80%
60%
40%
20%
0%
2008
2009 Period
2010
Sundry C re ditors [%] Provisions [%]
Uncla im e d Divide nd [%] O the r Short-te rm Lia bilitie s [%]
Inte re st Accrue d But Not Due [%]
-35-
Retail T rade
Short-term liabilities structure [%] (2010)
4 4 .3 %
4 4 .6 %
1 0 .3 %
00 .0 % .8 %
Sundry C reditors [% ] P rovis ions [% ]
U nc laimed D ividend [% ] O ther Short-term L iabilities [% ]
I nteres t A c c rued But N ot D ue [% ]
Main Leverages
Main leverages
P eriod Tot al leverage (DTL) Financ ial leverage (D FL ) E BI T D A leverage (D O L ) P eriod Tot al leverage (DTL) Financ ial leverage (D FL ) E BI T D A leverage (D O L ) P eriod Tot al leverage (DTL) Financ ial leverage (D FL ) E BI T D A leverage (D O L ) Q 308 2.42 2 .2 9 1 .0 5 Q 309 1.98 2 .2 1 0 .8 9 Q 310 1.94 2 .2 0 0 .8 8
Main leverages
3 .0 2 .5 2 .0 1 .5 1 .0 0 .5 0 .0
10 08 08 09 09 09 09 10 10 10 11 4 3 4 1 2 3 4 1 2 3 1 Q Q Q Q Q Q Q Q Q Q Q Q 2 11
Q 408 2.42 2 .2 9 1 .0 6 Q 409 1.96 2 .1 9 0 .8 9 Q 410 1.94 2 .2 0 0 .8 8
Q 109 2.05 2 .2 1 0 .9 3 Q 110 1.96 2 .1 9 0 .8 9 Q 111 2.00 2 .1 8 0 .9 2
Q 209 1.93 2 .2 1 0 .8 7 Q 210 1.96 2 .1 9 0 .8 9 Q 211 2.00 2 .1 8 0 .9 2
strong degree of total leverage strong degree of financial leverage moderate degree of EBITDA leverage
Period
DTL DFL DO L
Leverage DFL DEL DTL EBITDA NS NP
Name of leverage Degree of financial leverage Degree of EBITDA leverage Degree of total leverage
Definition of leverage = (NP / NP) / (EBITDA / EBITDA) = (EBITDA / EBITDA) / (NS / NS) = DFL * DOL Key:
Earnings before interest, taxes, amortization and depreciation Net sales Net profit
-36-
Retail Trade
DuPonts Pyramid
Return on equity ROE = ROA * leverage ROE
2007
2008 2010
2009
13.7%
-20.3% 11.6%
36.6%
Return on assets ROA = ROS * TAT company 2007 2010 2008 2009 ROA
leverage = Assets per
*
2.22 2.42 2.65 2.50
company / Equity per Leverage
2007 2010
2008
2009
6.2% 4.4%
-8.1%
15.1%
Return on net sales TAT = Net revenue per company / Assets per company 2007 2008 2009 2010 TAT
Assets turnover
ROS = Net profit per
company / Net revenue per
ROS
company
*
3.37 3.15 2.69 3.21
2007
2008
2009
2010
1.8%
-2.6%
5.6%
1.4%
Net Net revenue per company 2008 2009 2010 [mn INR]
Net profit per company (*)
profit
Net revenue per company (*)
Assets per company (**) [mn INR]
Assets per company 2007 2008 2009 2010
Equity per company (**) [mn INR]
Equity per comapny 2007 2008 2009 2010
[mn INR]
per
/ /
6 007 9 076 8 196 7 586
company
/
28 613 22 007 24 328
2007
2008
2009
2010
2007
371
-734
1 241
330
20 236
2 707
3 625
3 389
2 859
(*) Net profit per company or net revenue per company from a given year
(**) Value of assets per company or equity per company from the end of year
-37-
Retail T rade
Companies from the Sector

Top players - Market Shares
Market shares of top listed companies from the sector Q2 2011
Company Hindustan Petroleum C orporation Ltd. United Spirits Ltd. Shoppers Stop Ltd. Mandhana Industries Ltd. Trent Ltd. C ompetent Automobiles C ompany Ltd. India Motor Parts & Accessories Ltd. United Breweries Holdings Ltd. Baid Global Ventures Ltd Linkson International Ltd. Net sales 1 457 353.4 68 966.1 17 615.2 8 995.1 7 435.1 7 190.1 4 505.8 4 272.6 3 289.3 2 781.3 Market share 55.81% 2.64% 0.67% 0.34% 0.28% 0.28% 0.17% 0.16% 0.13% 0.11% Net sales dynamics 28.56% 33.08% 19.35% 35.63% 18.51% 4.83% 17.70% 12.28% 1886.53% 55.87% Net profit 3 430.4 4 197.1 768.4 695.0 452.7 69.1 293.3 343.9 44.4 51.5
D ata on net s ales and net profit are in mn I N R and repres ent s tandlone values from 4 las t quarters
Top listed companies and their market shares (Q2 2011)

0
H indus tan P etroleum C orporation L td. U nited Spirits L td. Shoppers Stop L td. M andhana I ndus tries L td. T rent L td. C ompetent A utomobiles C ompany L td. I ndia M otor P arts & A c c es s ories L td. U nited Breweries H oldings L td. B aid G lobal V entures L td L inks on I nternational L td. 2 .6 4 % 0 .6 7 % 0 .3 4 % 0 .2 8 % 0 .2 8 % 0 .1 7 % 0 .1 6 % 0 .1 3 % 0 .1 1 %
500
1000
1500
2000
5 5 .8 1 %
0%
20%
40%
60%
-38-
Retail Trade
Top Players from the Sector

Main indicators
Y/Y Net Profit [mn INR] net profit [mn INR] [mn INR] dynamics of of revenue cutting Equity ROE leverage ROA TAT ROS Assets Y/Y increase cost tax rate net Effective leverage increase improve of tax shield
Data from 2010

DuPont pyramid Strategic conclusions Potential for:
Public
com-
pany
Market
Net
*)
share in
Revenue
dynamics of
Share of net revenues of top 10 companies in the sector 97.66%

13 013.7 126.33% 115 579.7 328 603.4 11.26% 2.84 3.96% 3.31 1.20% 38.76%
2010
[mn INR]
revenues
Hindustan Petroleum Corporation Ltd. (Mar,2010)
91.87%
1 087 371.8
-13.35%
+ ++ ++ ++
+ o ++ ++
o + o ++
++ o
United Spirits Ltd. (Mar,2010)

3 760.2 26.75% 47 857.8 83 018.6 7.86% 1.73 4.53% 0.59 7.63% 20.62%
1.22%
49 289.2
20.53%
Fiat India Automobiles Ltd. (Mar,2010)

-2 889.7 52.73% 7 361.3 34 356.7 -39.26% 4.67 -8.41% 0.80 -10.45%
1.05%
27 644.9
293.07%
Reliance Fresh Ltd. (Mar,2010)

-1 351.6 45.78% -4 118.8 16 890.0 32.82% -4.10 -8.00% 1.23
0.88%
20 839.9
17.21%
-6.49%
Shoppers Stop Ltd. (Mar,2010)

502.3 178.83% 3 088.9 5 003.0 16.26% 1.62 10.04%
0.49%
14 055.0
11.27%
2.81
3.57%
21.26%
+
12.31 2.26% 32.80%
o o
5.45 1.03% 20.32%
+ o o + ++ +
+ + o
Sai Service Station Ltd. (Mar,2010)

259.9 84.08% 785.3 933.1 33.09% 1.19
0.44%
11 487.0
24.43%
27.85%

117.6
1864494.06%
Concast Exim Ltd. (Mar,2010)

1 021.8 2 093.0 11.51% 2.05
0.44%
11 411.4
5.62%
Panasonic India Pvt Ltd. (Mar,2010)

60.1 1 627.6 2 106.8 3.70% 2139.02%
0.43%
11 190.3
173.79%
1.29
2.85%
5.31
0.54%
+
1.44 3.53% 1.82 1.94% 34.48%
++ + +
++ + +
Avenue Supermarts Pvt Ltd. (Mar,2010)

212.1 4 179.8 6 009.2 284.34%
0.42%
10 952.9
75.62%
5.07%
Popular Vehicles & Services Ltd. (Mar,2010)

114.9 315.1 643.79% 1 379.9 186807.57% 17 769.8
0.41%
10 751.5
30.08%
714.4
36.46%
2.27
16.08%
15.05
1.07%
34.65%
o
47 972.8 11.88% 1.50 5.81% 4.87 0.23% 28.98%
+ +
In duPont Pyramid stock variables are not averaged over time for calculation purposes due to lack of these data
o ++
++ + o
++ +
High potential Medium potential Low potential
Average
9.77%
125 499.4
70.29%
The data for 2008 and 2009 are from the Accord Fintech database. Hence, the quality of presented data is strictly limited by the quality of data in the Accord Fintech database. *) Public companies represent only these PLC that are listed on NSE (National Stock Exchange) or BSE (Bombay Stock Exchange) The date below the company's name represents the end of fiscal year.
-39-
Retail Trade
Listed companies from the sector (from BSE & NSE)

Financial Indicators (2010)
DuPont's pyramid
Average Effective Book tax rate ROE [bn INR] [mn INR] (y/y) leverage ROA TAT ROS last year P P/E P/BV L value %P Value [mn INR] Liquidity volume s market U L U daily Company'
Data from 2010

Market Indicators (30/09/2011)
Price Beta () Market multiples
Main indicators
Market
Required return rate
Market
Net
share in
Revenue
Net Profit
Company's name (End of fiscal year)
2010
[mn INR]
[mn INR]
NSE 115 579.7 0.1 123.7 365.4 -28.2% 9.5 11.26% 2.843 3.96% 3.309 1.20% 38.76% 0.4 124.1
Hindustan Petroleum Corporation Ltd. (Mar,2010)

366.6 -27.7% 9.5
BSE
91.87%
1 087 371.8
13 013.7
1.1 1.1
0.53 0.51
0.25 0.24
11.3% 11.3%
9.8% 9.8%
+++ +++
0.3 99.9 100.1 797.3 -49.3% 0.0 795.8 -49.4% 26.6 26.6
United Spirits Ltd. (Mar,2010)

47 857.8 7.86% 1.735 4.53% 0.594 7.63% 20.62%
NSE
BSE
1.22%
49 289.2
3 760.2
2.1 2.1
1.23 1.21
0.78 0.77
15.0% 15.2%
12.6% 12.8%
+++ +++
0.0 12.2 12.2 348.0 0.0 349.8 -46.6% -46.7%
Shoppers Stop Ltd. (Mar,2010)

3 088.9 16.26% 1.620 10.04% 2.809 3.57% 21.26%
NSE
BSE
0.49%
14 055.0
502.3
24.3 24.2
4.0 3.9
0.86 -
0.58 -
13.1% -
11.6% -
+++ +++
-
Sai Service Station Ltd. (Mar,2010)

785.3 33.09% 1.188 27.85% 12.311 2.26% 32.80%
BSE
0.44%
11 487.0
259.9
0.0 0.3
524.2 10.36% 1.291 8.03% 9.363 0.86% 36.00%
Competent Automobiles Company Ltd. (Mar,2010)
BSE
0.29%
6 335.8
54.3
48.0
-18.6%
5.4
0.6
1.01
0.85
14.1%
13.2%
++
0.0 0.0
Mandhana Industries Ltd. (Mar,2010)

1 933.4 22.45% 3.142 7.14% 1.030 6.93% 34.83%
NSE
BSE
0.29%
6 259.6
434.0
5.3 5.3
213.6 215.0
8.5% 10.4%
12.2 12.3
2.7 2.8
+++ +++ +++ +++ +++ +++

6.85% 0.0 0.0 22.0 22.0 1 099.7 1 099.6 4.6% 4.5% 54.8 54.8 3.4 3.4 0.86 0.86 13.1% 13.2% 18.71% 0.0 0.0 7.1 7.1 106.9 106.7 -64.4% -64.7% 10.2 10.1 0.5 0.5 1.94 2.52 18.8% 22.4% 6.90% 32.02% 0.0 0.0 2.6 2.6 615.0 630.0 -10.2% -8.0% 10.3 10.6 2.2 2.3 0.55 0.34 0.55 0.34 11.4% 10.4%
Trent Ltd. (Mar,2010)

6 405.1 6.28% 1.391 4.51% 0.659
NSE
BSE
0.27%
5 874.8
402.2
NSE 15 707.7 4.47% 1.578 2.83% 0.151
United Breweries Holdings Ltd. (Mar,2010)
BSE
0.17%
3 753.4
702.3
NSE 1 142.0 21.71% 1.001 21.69%
India Motor Parts & Accessories Ltd. (Mar,2010)

3.143
BSE
0.16%
3 592.8
248.0
11.4% 10.4%
+ ++
2.949 1.02% 43.00%
Linkson International Ltd. (Mar,2010)

78.2 21.26% 7.075
BSE
0.07%
1 631.2
16.6
3.01%
0.0
0.1
49.3
36.8%
4.3
0.9
0.54
0.12
11.5%
9.2%
+
9.36% 3.632 5.59% 32.41%
Average
19 310.2 15.50% 2.286
0.1 0.0
+++ ++ +
9.53%
118 965.1
1 939.4
39.0 30.4
- high liquidity - average liquidity - low liquidity
506.8 406.6
-26.5% -18.2%
21.1 17.5
2.3 1.9
1.00 1.00
0.54 0.46
13.8% 14.0%
11.4% 11.1%
+++ +++
There are given both market indidators for each company, top value represents value on NSE (National Stock Exchange), botton for BSE (Bombay Stock Exchange). The date below the company's name represents the end of fiscal year. All financials are audited and standalone.
-40-
Retail Trade
Mergers and Acquisitions

Last mergers
Seller's Name Buyer's Name Announcement date (Status of a deal) Taken over company Taking over company
The largest buy/sell offers
Value of a deal [mn USD] (Status of a deal) Repsol YPF S.A. Gazprom, LukOil, ONGC Videsh Ltd, Rosneft Mar-15,2011 (completed) Medimart India Pvt Ltd
Announcement date
Target Company
17 000.01 (completed)
Aug-12,2009
YPF S.A.
Surya Healthcare Ltd
128.47 (announced) Future Group Indiareit Fund Advisors Pvt Ltd Feb-25,2011 (completed)
Jul-14,2010
SoBo Central Mall
Prism Medical & Pharmacy Pvt Ltd.
Woolite Mercantile Company Ltd
100.01 (completed) SuperValu Inc Tata Consultancy Services Sep-23,2010 (completed)
Sep-16,2010
Super-Valu Services India Pvt Ltd
Arena Bilgisayar Sanayi ve Ticaret A.S.
Redington India Ltd.
45.50 (completed) Lornamead Group Wipro Consumer Care and Lighting
Nov-06,2009
"Yardley" cosmetics brand
Sep-16,2010 (completed)
Super-Valu Services India Pvt Ltd
Tata Consultancy Services
42.48 (completed) Redington India Ltd.
Sep-23,2010
Ahmet Umur Serter Arena Bilgisayar Sanayi (private investor), Alvi ve Ticaret A.S. Mazon (private investor), Fatma Ece Lee Cooper Group Limited
Aug-17,2010 (completed)
Mobango
Mauj Mobile
37.48 (completed)
Oct-02,2006
Indus League Clothing Limited
Aug-14,2010 (completed)
Healthcare brand 'Ingwe'
Marico Ltd
37.01 (completed) Sterling Infotech Ltd
Mar-09,2007
Barista Coffee Company, Fresh & Honest Cafe
Luigi Lavazza S.P.A.
Jul-23,2010 (announced)
DLF-Brands Ltd (DBL) Undisclosed Buyer
36.56 (completed) RP Goenka Group
Dec-20,2008
RPG Cellucom
Cellucom
Jul-14,2010 (announced)
SoBo Central Mall
Indiareit Fund Advisors Pvt Ltd
33.01 (completed)
Sep-01,2006
Nilgiris Dairy Farm
Actis Capital LLP, GIC Special investments Ltd
Mar-15,2010 (announced)
Tura International Ltd
Godrej Consumer Products Ltd
32.40 (announced)
Feb-02,2010
The Grooming Company (TGC)
VLCC
Feb-24,2010 (completed)
Wavetel Mobiles
Sangeetha Mobiles The last mergers refer to the transactions affecting analysed sector. The data source is ISI Dealwatch
The largest buy/sell offers refer to the transactions affecting analysed sector. The data source is ISI Dealwatch
The status of presented deals may change or some of deals may drop out from the subsequent reports (e.g. due to cancelations of them)
-41-
Retail T rade
Key Concepts
Definitions of Indices
Quarterly financials
Definition of index
Number of reporting listed companies Net sales ----------------------------Number of companies Net Sales - EBIT ----------------------------Number of companies EBIT + Depreciation ----------------------------Number of companies EBITDA --------------------------------------------Number of profit-making companies Profit before tax ----------------------------Number of companies Profit before tax --------------------------------------------Number of profit-making companies Profit after tax ---------------------------Number of companies Profit after tax --------------------------------------------Number of profit-making companies EBITDA -------------Net sales Profit after tax ---------------------Net sales Profit befor tax - Profit after tax ------------------------------------------Profit befor tax Number of profit making companies --------------------------------------------Number of companies V V --V V --V V --V V --V V --V V --V V --V V --V SV4 ----SV4 SV4 ----SV4 SV4 ----SV4 V ----V
Number of companies
Net revenue per company [mn INR]
Total operating cost (incl. depreciation) per company [mn INR]
General indices Profitability ratios
V - Value for a given quarter SV4 - Sum of values over the last four quarters AV4 - Average of values over the last four quarters
Yearly financials
Definition of index
Net cash flow --------------------------Number of companies Net cash flow --------------------------------------------Number of profit-making companies Profit after tax -------------------------Shareholders' funds Profit after tax ----------------------Total assets Equity dividend for ordinary and prefered shares -----------------------------------------------------Profit after tax Current assets -----------------------Short-term liabilities Current assets - Inventory ------------------------------Short-term liabilities Cash & Bank ------------------------Short-term liabilities Sundry debtors -----------------------Sundry creditors V --V V --V V --V V --V V --V V --V V --V V --V V --V
General indicators Profitability ratios Liquidity ratios
Current ratio [%]
Quick ratio [%]

V - Value for a given year
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Retail T rade
Yearly financials
Definition of index
(Receivables + Inventories - Short term liabilities) * 360 -----------------------------------------------------------------Net sales Receivables * 360 ------------------------Net sales Inventories * 360 ---------------------------Net sales Short term liabilities * 360 ----------------------------------Net sales Total debt ----------------------Shareholders' funds Shareholders' funds -----------------------Total assets Secured and unsecured loans from banks ------------------------------------------------Total debt Secured loans ----------------------Unsecured loans Total debt --------------EBITDA Cost of employees ----------------------Net sales Power generation and distribution costs -------------------------------------------Net sales Raw material costs -------------------------------------------Net sales Net sales -----------------Total assets Net sales -----------------Net block Investments -------------------------Number of companies Quoted equity investments ----------------------------------Investments Investments ---------------------Net sales Investments ---------------------Depreciation Investments - Depretiation ----------------------------------Net block Cost of employees ------------------------Total operating costs Stock increase costs --------------------------Total operating costs Power generation and distribution costs -----------------------------------------------Total operating costs Raw material costs -----------------------------------------------Total operating costs Other manufacturing expenses ------------------------------------Total operating costs Selling and administration expenses -----------------------------------------Total operating costs Miscellaneous expenses ----------------------------Total operating costs Depreciation ------------------------Total operating costs V --V V --V V --V V --V V --V V --V V --V V --V V ----V V --V V --V V --V V --V V ----V V --V V --V V --V V --V V --V V --V V --V V --V V --V V --V V --V V --V V --V
Financial cycles Financial leverage ratios Production factors Investment outlays Costs
Total assets turover [%]
Investment outlays to depretiation ratio [%]
Share of raw material cost in total operating costs [%] Share of other manufacturing expenses in total operating costs [%] Share of selling and administration expenses in total operating costs [%] Share of miscellaneous expenses in total operating costs [%]

V - Value for a given year
-43-
Retail T rade
Definitions of Selected Concepts

EconTrends for India are based to large extent on the structure of the North American Industry Classification System (NAICS). Analyses made for respective industry divisions, groups, classes and sub-classes are consistent with this classification. However the used system of industry classification is not fully compatible with the National Industrial Classification in India due to Indian statistics specific factors. Moreover the reports are based on the bottom-up aggregation of individual companies financial data from the Accord Fintech database, which provides the financials not for all, but for all major companies from the non-financial sector. The measurement units in several observations in the database have been adjusted to ensure appropriate consistency and accuracy of the data. Quarterly financial data from Income Statement are adjusted to assert their consistency with yearly audited figures. Hence the report covers not the full sector but only its major part. It is worth emphasizing that the aggregated financials from a given year/quarter apply to companies whose fiscal year/quarter ended in that year/quarter. Aggregated financials are calculated only for listed companies reported on quarterly basis to assert maximum consistency between quarterly and yearly figures.
Seasonal adjustment
Seasonal adjustment is an econometric procedure consisting of elimination of seasonal deviations that impair the effectiveness of econometric modeling. This statistical procedure is based on appropriate, specialized econometric tools (the Tramo/Seats method). The software applied performs seasonal adjustment according to the Indian calendar (e.g. public and religious holidays, etc.), to set off the impact of differences in the number of working days in particular quarters. Forecasts of financial parameters in the given sectors are derived based on forecasts of deseasonalised trend. The accuracy of the seasonal adjustment procedure is additionally supported by verification of key statistical tests, inclusion of incidental factors and drastic leaps in production volume, as well as testing the model.
Seasonal deviations
Seasonal deviations are obtained by using the Tramo/Seats econometric procedure. A seasonal deviation shows the average deviation of the value of revenue at a given quarter from the long term trend. Seasonal variation informs us about an additional changeability associated with a particular season of the year, which is a result of temporarily increased or decreased revenue. Skilful assessment of seasonal deviation may be one of the advantages of a firm, which will be able to assess the level of revenue in a given quarter, that in turn will result in better production planning. However, a bad assessment of seasonal changes may be a source of additional risk. The graph of seasonal deviation for the period shows deviation from the long term trend in a given quarter (quarterly values are arranged chronologically in years i.e. January '98, '99 etc.), which allows for precise forecasting of deviation in the analyzed quarter. In the above materials we can see two methods of presenting seasonality. The first is the additive one, when the revenues are decomposed as a sum of long term trend and nominal value seasonal deviations. The second way of presenting seasonality is the multiplicative one, where seasonal deviations are calculated as the percentage deviations from the long term trend (in that case a deviation of 103 means a deviation of 3% from the value of the trend, and e.g. 98 a deviation of -2%).
Forecasting models
Forecasting models used in EconTrends have a hierarchical structure. The first layer consists of models that transmit behavior of macroeconomic variables like nominal GDP growth, increases in prices to the behaviors of financial parameters like net sales per company and EBITDA margin in all analyzed economic divisions. EBITDA margin should be understood as earnings before interest, taxes, amortisation and depreciation. The next and last layer of models translates the behavior of the above parameters in economic divisions into the groups within them. The econometric models that are used in respective layers have a linear structure and belong to a well known group of ADL (Autoregressive Distributed Lags) models. The long term relation between GDP growth and growth of sales in a given sector (called implied long term growth) is also developed on the ground of these models.
-44-
Retail T rade
Risk-profitability maps
Risk-profitability maps show the location of sectors depending on the value of profitability and risk they achieve. Sectors singled out by being encircled by a red ring are most useful efficient for investors, due to the relatively highest return at the lowest variability of profit (relatively high value of the Sharps index). On the basis of the coordinate values of efficient sectors, the preferences of investors on the market are shown by a grey dotted line visible on the graphs this is a level line of the linear function of utility for investors (Investors Utility Function). The level line shows preferences of the majority of investors with regard to achieved profitability at a given risk. Sectors, which are placed above the linear function of usefulness are preferred by investors due to the possibility of achieving a high profitability, at a particular level of risk. Sectors lying below the level line are not as attractive for investors, due to the relatively high variability in profit as against their profitability.
The forces map The forces map shows decompositions of the profitability index into particular driving forces. The idea of the strengths map is to show the effect of particular variables on the dynamics of profit both in current and forecasted situation. Concentration measures
Several concentration measures are used to examine the degree of the market power concentration within the analyzed sectors.
Herfindahl-Hirschman Index Several concentration measures (known as to examine the degree of size of firms power concentration The Herfindahl-Hirschman Index are used HHI) is a measure of the the market in relationship to the within the analyzed sectors. The Herfindahl-Hirschman Index (known It is defined as the of the the industry and an indicator of the amount of competition among them.as HHI), is a measure sum of size of firms of the market shares of each individual firm: ie the average of competition among by market squares in relationship to the industry and an indicator of the amountmarket share, weighted them. It is defined as the it can the squares to 10,000 moving from each large amount ie the small firms to a share. As such,sum of range from 0of the market shares of a veryindividual firm: of very average market share, weighted by market share. As such, it can range from 0 generally moving a loss of market single monopolistic producer. Decreases in the Herfindahl index to 10,000 indicate from a very large amount of an increase in competition, whereas increases imply the Decreases in the Herfindahl index power and very small firms to a single monopolistic producer. opposite. generally indicate a loss of market power and an increase in competition, whereas increases imply the Lorenz Curve opposite. The Lorenz curve in turn, is a graph showing the proportion of the distribution assumed by The Lorenz curve in turn, is a graph showing the proportion of the distribution assumed by the bottom the bottom % market share values. It is used to represent market shares distribution, where it shows % market share values. It is used to represent market shares distribution, where it shows for the for the bottom x% of companies in the sector, what percentage y% of the market share they have. bottom x% of companies in the sector, what percentage y% of the market share they have. The The percentage of companies is plotted on the x-axis, the percentage of market share on the y-axis. percentage of companies is plotted on the x-axis, the percentage of market share on the y-axis. It is It is considered it to be a measure of inequality of the market shares within the given sector. The Gini considered it to be a measure of inequality of the market shares within the given sector. coefficient is a measure of statistical dispersion in the market shares defined as the field between the Gini coefficient diagonal and the Lorentz curve. It is defined as a ratio with values between 0 and 1. A low Gini The Gini coefficient more equal market shares, while a high Gini coefficient indicates more unequal coefficient indicates is a measure of statistical dispersion in the market shares defined as the field between the corresponds to Lorentz curve. (all defined as a ratio with values between 0 and 1. A distribution. 0diagonal and the perfect equality It is companies having exactly the same market share) low 1 coefficient to perfect inequality (where one monopolist has all the market share, more and Ginicorresponds indicates more equal market shares, while a high Gini coefficient indicates while unequal distribution. 0 corresponds the market). It is worth noting that exactly the same market everyone else has zero share in to perfect equality (all companies havingconcentrations measures share) and 1 corresponds to perfect inequality (where one monopolist sector consists of a only few presented above may be of limited use if the dataset for an analyzed has all the market share, while everyone else has zero share in the are calculated for listed and non-listed companies reporting on companies. Concentration measuresmarket). yearly basis. It is worth noting that concentrations measures presented above may be of limited use if the dataset for an analyzed sector consists of a only few companies. Y/Y Increase (Q/Q Increase), Y/Y Dynamics (Q/Q dynamics)
Y/Y Increase (Q/Q Increase), Y/Y Dynamics (Q/Q dynamics). Increases are calculated as absolute differences with respect to the preceding year (Y/Y) or preceding quarter (Q/Q). Dynamics are calculated as relative [%] differences with respect to the preceding year (Y/Y) or preceding quarter (Q/Q).
Forecasts
Forecasts presented in EconTrends for India relate to a period of two quarters ahead in relation to the end of the time period for which statistical data are available.
-45-
Retail T rade
The business cycle The business cycle shows fluctuations of business activity for a given sector around a long-term trend representing the potential level of production for the sector. Positive values of the business cycle indicate a possibility of price dynamics increase pressure, increase of employment or rebound in investments, since the capacity utilization ratio remains currently high. Negative values of the business cycle indicate a possibility of price dynamics decrease pressure, decrease of employment or deterioration in investment activity, since the capacity utilization ratio remains relatively weak. The long-term trend
The long-term trend indicates so-called potential level of production for a given sector i.e. a level at which there is no significant tension for a rise/fall in price dynamics and employment within the sector. Distributions of Financials Distributions of Financials present critical values of the distributions of various financials in the analyzed sector. The presented critical values represent quartiles of the empirical distribution i.e. they are calculated for 20%, 40%, 60% and 80% of the total population of companies from the given sector in a given year. These distributions make possible easy comparison of an analyzed company to other companies in the sector, looking at it from various financial angles.
DuPont Pyramid
DuPont Pyramid is a very useful tool to decompose Return on Equity (ROA) into various ratios like: Return on Assets (ROA), Return on Sales (ROS) and Total Assets Turnover (TAT). It enables easy drawing of conclusions about the efficiency of an analyzed company in various areas of its activity.
Market multiples (P/E, P/BV)
Market multipliers (P/E, P/BV) - are widely used for the valuation purposes. Price to Earnings (P/E) is calculated by dividing closury company's capitalisation in the quarter after analysed quarter by the earnings (net profits) from the last audited year. For the calculation of Price to Book Value (P/BV) the ending year book value is taken.
Betas and Required Rates of Return
Betas and Required Rates of Return - are calculated for listed companies under CAPM model.
L =
U =
Cov (R i , R M Var (R M )
- Leveraged Beta,
L
1 + (1
Ri = R f + (RM R f )
R i
)D
E
- Unleveraged Beta, - Required Rate of Return, where:
Ri
- rate of return from investments in shares of an analysed company, - required (by investors) rate of return from investments in the shares of an analysed company; i.e. the expected rate of return w hen the market stays in equilibrium under CAPM assumptions, - rate of return of a stock market index (BSESN, NSEI), - expected rate of return of the stock market index (BSESN, NSEI), - risk-free rate of return (Yield of 364-days Treasury Bills) - debt to equity ratio, - effective tax rate.
RM
R M
D E
Liquidity
Liquidity (of public company) - ranked accordingly to the averaged daily shares' turnover from the last year
-46-

Retail Trade (44) - Q2, 2011

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ISIEmergingMarketsPDF in-spjainmr from 61.8.139.218 on 2012-04-03 10:17:37 EDT. DownloadPDF.

Please address all comments and enquiries to: info-in@securities.com

Only the groups marked by an arrow are covered by EconTrends reports.

Q4 2010 119.0 108.3 109.2 108.9 44.86

Q1 2011 117.2 107.8 109.0 109.6 45.26

Q2 2011 116.7 107.7 108.9 109.6 44.74

Q3 2011 116.0 106.9 109.2 109.7 45.76

Q4 2011 116.0 107.0 109.3 109.4 51.01

Nominal GDP Growth

120 115 110 105

Inflation (CPI) eop

Inflation (PPI) eop

Analysis of Investment Attractiveness

Driving Forces of Attractiveness

"+" "-" "o"

Net revenue per company - Y/Y dynamics

Net revenue per company Y/Y dynamics

50% 40% 30% 20% 10% 0% -1 0 % -2 0 % -3 0 % -4 0 %

Profitability index - Y/Y dynamics

EBITDA Margin - Y/Y dynamics

Period EBITDA Margin - Y/Y dynamics Profitability index - Y/Y dynamics

Profitability index - Y/Y dynamics

EBITDA Margin - Y/Y dynamics

risk - profitability map (current situation)

0.0 0.0 -0.2

Risk - Profitability Map (current situation) Zoom

All sectors groups belonging to selected Investors' utility function

Most efficient sectors Selected sector (Division): Retail Trade

Risk - Profitability Map (forecasted situation)

risk - profitability map (forecasted situation)

0.0 0.0 -0.2

Risk - Profitability Map (forecasted situation) Zoom

All sectors groups belonging to selected Investors' utility function

Most efficient sectors Selected sector (Division): Retail Trade

Ris e of long-term trend in net revenue per c ompany

6 000 5 000 4 000 3 000 2 000 1 000 0

Period Net revenue per company

Long-term trend in net revenue per company

Net Revenues per company [mn INR]

Longterm trend in net sales per company [mn INR]

Forecast of sector's long run growth

Business cycle in net revenue per company

Pressure for fall of

Negative part of business cycle

< 0.8 ; 0.6 )

Ju n08 Se p08 D ec -0 8 M ar -0 9 Ju n09 Se p09 D ec -0 9 M ar -1 0 Ju n10 Se p10 D ec -1 0 M ar -1 1 Ju n11 Se p11 D ec -1 1 M ar -1 2 Ju n12

Period Positive part of business cycle

Seasonality in Revenues. Seasonal Adjusted Revenues

800 600 400 200 0 -200 -400 -600

6 000 5 000 4 000 3 000 2 000 1 000 0

Seasonality (additive deviation)

Seasonality (per quarter) in net revenue per company

4th quarter 600 400 200 0 -200 -400 -600

6 000 5 000 4 000 3 000 2 000 1 000 0

Concentration in the Sector

Perfect Equality Line

Gini Coefficient 99.32%

Cumulative share of companies from lower market share

Market share of top companies in the sector

Cumulative market share

Analysis of Financial Ratios

DIST RIBUT ION OF PA RA ME T E RS (The distribution of financial indicators in the sector)