Profit & Loss account of Biocon Ltd.

------------------- in Rs. Cr. -------------------

Mar '15 Mar '16 Mar '17 Mar '18

Income
Sales Turnover 9,845.98 11,343.77 12,753.15 10,088.18
Excise Duty 130.6 140.3 150.2 163.3
Net Sales 9,752.47 11,219.84 12,626.20 10,080.58
Other Income 180.63 186.85 88.47 131.12
Stock Adjustments 1501.1 1587.2 1602.3 1627.8
Total Income 10,103.90 11,579.41 12,899.93 10,127.03
Expenditure
Raw Materials 3,511.88 3,852.00 3,996.93 3,782.94
Power & Fuel Cost 336.39 350.35 334.23 381.32
Employee Cost 1,052.55 1,218.09 1,403.03 1,441.64
Other Manufacturing Expenses 0 0 0 0
Selling and Admin Expenses 6928 7510 7821 8161.5
Miscellaneous Expenses 1,649.20 1,985.12 2,591.15 2,304.15
Preoperative Exp Capitalised 0 0 0 0
Total Expenses 6,550.02 7,405.56 8,325.34 7,910.05

Operating Profit 3,373.25 3,987.00 4,486.12 2,085.86

PBDIT 3,553.88 4,173.85 4,574.59 2,216.98
Interest 4.90 24.11 29.42 33.24
PBDT 3,548.98 4,149.74 4,545.17 2,183.74
Depreciation 336.79 305.61 366.11 389.81
Other Written Off 10.1 13,8 23.5 53.8
Profit Before Tax 3,212.19 3,844.13 4,179.06 1,793.93
Extra-ordinary items 15.2 10.6 17.1 14.3
PBT (Post Extra-ord Items) 3,212.19 3,844.13 4,179.06 1,793.93
Tax 814.84 1,013.26 1,037.73 449.27
Reported Net Profit 2,397.35 2,830.87 3,141.33 1,344.66
Total Value Addition 3,038.14 3,553.56 4,328.41 4,127.11
Preference Dividend 0 0 0 0
Equity Dividend 337.12 337.12 338.24 338.81
Corporate Dividend Tax 68.64 68.64 68.86 68.97
Per share data (annualised)
Shares in issue (lakhs) 4,494.88 4,505.83 4,515.77 4,520.83
Earning Per Share (Rs) 53.34 62.83 69.56 29.74
Equity Dividend (%) 375 375 375 250
Book Value (Rs) 200.84 264.39 327.3 349.16
Mar '19 Cross check

11,356.32 11,356.32
191.2 191.20
11,356.32 11,356.32
-48.64 -48.64
-1743.3 -1,743.30
11,454.91 11,454.91

4,430.56 4,430.56
416.3 416.30
1,515.42 1,515.42
0 0.00
9219.6 9,219.60
2,288.49 2,288.49
0 0.00
8,650.77 8,650.77

2,852.78 2,852.78
2,804.14 2,804.14
35.47 35.47
2,768.67 2,768.67
426.3 426.30
141.9 141.90
2,342.37 2,342.37
23.5 23.50
2,342.37 2,342.37
803.54 803.54
1,538.83 1,538.83
4,220.21 4,220.21
0 0.00
226.08 226.08
46.47 46.47

4,524.94 4,524.94
34.01 34.01
250 250.00
378.29 378.29
Balance Sheet of Biocon Ltd.
------------------- in Rs. Cr. -------------------
Mar '15 Mar '16 Mar '17 Mar '18

12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 89.9 90.12 90.32 90.42
Equity Share Capital 89.9 90.12 90.32 90.42
Share Application Money 0 0 0 0
Preference Share Capital 0 0 0 0
Reserves 8,937.84 11,822.95 14,689.92 15,694.54
Revaluation Reserves 0 0 0 0
Networth 9,027.74 11,913.07 14,780.24 15,784.96
Secured Loans 20.95 220.57 97 8.21
Unsecured Loans 19.14 166.25 491.51 4.08
Total Debt 40.09 386.82 588.51 12.29
Total Liabilities 9,067.83 12,299.89 15,368.75 15,797.25

Application Of Funds
Gross Block 3,274.26 2,644.15 3,656.80 4,346.79
Less: Accum. Depreciation 1,238.66 299.22 644.28 1,006.13
Net Block 2,035.60 2,344.93 3,012.52 3,340.66
Capital Work in Progress 489.96 624.25 480.76 1,171.04
Investments 3,444.23 3,740.82 6,913.92 5,362.85
Inventories 1,739.51 1,913.96 2,125.66 2,180.02
Sundry Debtors 2,515.21 4,545.15 3,902.45 4,946.31
Cash and Bank Balance 59.3 34.96 172.84 110.96
Total Current Assets 4,314.02 6,494.07 6,200.95 7,237.29
Loans and Advances 723.9 1,032.07 1,240.09 1,569.16
Fixed Deposits 0 0 0 0
Total CA, Loans & Advances 5,037.92 7,526.14 7,441.04 8,806.45
Deffered Credit 0 0 0 0
Current Liabilities 1,341.24 1,703.54 2,171.16 2,530.42
Provisions 598.64 232.71 308.33 353.33
Total CL & Provisions 1,939.88 1,936.25 2,479.49 2,883.75
Net Current Assets 3,098.04 5,589.89 4,961.55 5,922.70
Miscellaneous Expenses 0 0 0 0
Total Assets 9,067.83 12,299.89 15,368.75 15,797.25

Contingent Liabilities 602.36 6,772.36 7,207.43 7,044.23

Book Value (Rs) 200.84 264.39 327.3 349.16
Mar '19

12 mths Cross check

90.5 90.5
90.5 90.5
0 0
0 0
17,026.77 17026.77
0 0
17,117.27 17117.27
1.68 1.68
0.53 0.53
2.21 2.21
17,119.48 17119.48

4,746.18 4746.18
1,373.23 1373.23
3,372.95 3372.95
1,199.09 1199.09
7,388.47 7388.47
2,305.98 2305.98
3,724.32 3724.32
61.44 61.44
6,091.74 6091.74
1,637.96 1637.96
0 0
7,729.70 7729.7
0 0
1,870.89 1870.89
699.84 699.84
2,570.73 2570.73
5,158.97 5158.97
0 0
17,119.48 17119.48

8,718.61 8718.61
378.29 378.29
Income Statement (Rs Crore)
Year Ending March. 31,
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Sales 9,571.84 11,032.99 12,537.73 9,949.46 11,404.96
Cost of Sales 9,629.75 10,713.21 11,815.18 11,907.29 13,023.51
Other Income 10,103.90 11,579.41 12,899.93 10,127.03 11,454.91
Stock Adjustments 0.00 0.00 0.00 0.00 0.00
Gross Operating Income 10,045.99 11,899.19 13,622.48 8,169.20 9,836.36

Selling, General & Admn. Expenses 0 0 0 0 0

Other net (Income)/Expenses 6550.02 7405.56 8325.34 7910.05 8650.77
Operating Profit -6,607.93 -7,085.78 -7,602.79 -9,867.88 -10,269.32
EBIT 3,495.97 4,493.63 5,297.14 259.15 1,185.59
Interest (Income) 0 0 0 0 0
Interest Expense 336.79 305.61 366.11 389.81 426.30
Depreciation 3212.19 3844.13 4179.06 1793.93 2342.37
Pre-Tax Income -53.01 343.89 751.97 -1,924.59 -1,583.08

Income Taxes 3038.14 3553.56 4328.41 4127.11 4220.21

Net Income -3,091.15 -3,209.67 -3,576.44 -6,051.70 -5,803.29

Dividends 68.64 68.64 68.86 68.97 46.47

Addition to Retained Earnings -3,159.79 -3,278.31 -3,645.30 -6,120.67 -5,849.76

Balance Sheet (Rs Million)

Assets
Cash and Marketable Securities 59.3 34.96 172.84 110.96 61.44
Accounts Receivable 2515.21 4545.15 3902.45 4946.31 3724.32
Deffered Tax Credit 0 0 0 0 0
Inventories 1739.51 1913.96 2125.66 2180.02 2305.98
Other Current Assets ( L& A and FD) 723.9 1032.07 1240.09 1569.16 1637.96
Total Current Assets 5037.92 7526.14 7441.04 8806.45 7729.7

Property, Plant and Equipment, Gross 3274.26 2644.15 3656.8 4346.79 4746.18
Accumulated Depreciation 1238.66 299.22 644.28 1006.13 1373.23
Property, Plant, and equipment, Net 2035.6 2344.93 3012.52 3340.66 3372.95

Miscellaneous Expenses 0 0 0 0 0
Other Non-Current Assets ( CWP+INVST) 3934.19 4365.07 7394.68 6533.89 8587.56
Total Non-Current Assets 3934.19 4365.07 7394.68 6533.89 8587.56

Total Assets 11007.71 14236.14 17848.24 18681 19690.21

Liabilities and Shareholders' Equity

Accounts Payable 1341.24 1703.54 2171.16 2530.42 1870.89
Short-Term Debt (Unsecured Loan) 19.14 166.25 491.51 4.08 0.53
Other Current Liabilities (Provisions) 598.64 232.71 308.33 353.33 699.84
Total Current Liabilities 1959.02 2102.5 2971 2887.83 2571.26

Long-Term Debt (Secured Loans) 20.95 220.57 97 8.21 1.68

Deferred Income Taxes 0 0 0 0 0
Other Non-Current Liabilities (Rev. Reserve) 0 0 0 0 0
Total Liabilities 1979.97 2323.07 3068 2896.04 2572.94

Paid-In Capital 89.9 90.12 90.32 90.42 90.5

Share Application Money 0.00 0.00 0.00 0.00 0.00
Reserves 8,937.84 11,822.95 14,689.92 15,694.54 17,026.77
Total Shareholders' Equity 9027.74 11913.07 14780.24 15784.96 17117.27

Total Liabilities and Shareholders' Equity 11007.71 14236.14 17848.24 18681 19690.21
Income Statement (Rs Crore)
Year Ending March. 31,
Mar '15 Mar '16 Mar '17 Mar '18
Sales 9,571.84 11,032.99 12,537.73 9,949.46
Cost of Sales 9,629.75 10,713.21 11,815.18 11,907.29
Other Income 10,103.90 11,579.41 12,899.93 10,127.03
Stock Adjustments 0.00 0.00 0.00 0.00
Gross Operating Income 10,045.99 11,899.19 13,622.48 8,169.20

Selling, General & Admn. Expenses 0 0 0 0

Other net (Income)/Expenses 6550.02 7405.56 8325.34 7910.05
Operating Profit -6,607.93 -7,085.78 -7,602.79 -9,867.88
EBIT 3,495.97 4,493.63 5,297.14 259.15
Interest (Income) 0 0 0 0
Interest Expense 336.79 305.61 366.11 389.81
Depreciation 3212.19 3844.13 4179.06 1793.93
Pre-Tax Income -53.01 343.89 751.97 -1,924.59

Income Taxes 3038.14 3553.56 4328.41 4127.11

Net Income -3,091.15 -3,209.67 -3,576.44 -6,051.70

Dividends 68.64 68.64 68.86 68.97

Addition to Retained Earnings -3,159.79 -3,278.31 -3,645.30 -6,120.67

Balance Sheet (Rs Million)

Assets
Cash and Marketable Securities 59.3 34.96 172.84 110.96
Accounts Receivable 2515.21 4545.15 3902.45 4946.31
Deffered Tax Credit 0 0 0 0
Inventories 1739.51 1913.96 2125.66 2180.02
Other Current Assets ( L& A and FD) 723.9 1032.07 1240.09 1569.16
Total Current Assets 5037.92 7526.14 7441.04 8806.45

Property, Plant and Equipment, Gross 3274.26 2644.15 3656.8 4346.79

Accumulated Depreciation 1238.66 299.22 644.28 1006.13
Property, Plant, and equipment, Net 2035.6 2344.93 3012.52 3340.66

Miscellaneous Expenses 0 0 0 0
Other Non-Current Assets ( CWP+INVST) 3934.19 4365.07 7394.68 6533.89
Total Non-Current Assets 3934.19 4365.07 7394.68 6533.89

Total Assets 11007.71 14236.14 17848.24 18681

Liabilities and Shareholders' Equity

Accounts Payable 1341.24 1703.54 2171.16 2530.42
Short-Term Debt (Unsecured Loan) 19.14 166.25 491.51 4.08
Other Current Liabilities (Provisions) 598.64 232.71 308.33 353.33
Total Current Liabilities 1959.02 2102.5 2971 2887.83

Long-Term Debt (Secured Loans) 20.95 220.57 97 8.21

Deferred Income Taxes 0 0 0
Other Non-Current Liabilities (Rev. Reserve) 0 0 0 0
Total Liabilities 1979.97 2323.07 3068 2896.04

Paid-In Capital 89.9 90.12 90.32 90.42

Share Application Money 0.00 0.00 0.00 0.00
Reserves 8,937.84 11,822.95 14,689.92 15,694.54
Total Shareholders' Equity 9027.74 11913.07 14780.24 15784.96

Total Liabilities and Shareholders' Equity 11007.71 14236.14 17848.24 18681

 Commonsize Statement (Sales Driven Approach) Year Ending Mar. 31,
Mar '19 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
11,404.96 100% 100% 100% 100% 100%
13,023.51 101% 97% 94% 120% 114%
11,454.91 106% 105% 103% 102% 100%
0.00 0% 0% 0% 0% 0%
9,836.36 105% 108% 109% 82% 86%

0 0% 0% 0% 0% 0%
8650.77 68% 67% 66% 80% 76%
-10,269.32 -69% -64% -61% -99% -90%
1,185.59 37% 41% 42% 3% 10%
0 0% 0% 0% 0% 0%
426.30 4% 3% 3% 4% 4%
2342.37 34% 35% 33% 18% 21%
-1,583.08 -1% 3% 6% -19% -14%

4220.21 32% 32% 35% 41% 37%

-5,803.29 -32% -29% -29% -61% -51%

46.47 1% 1% 1% 1% 0%
-5,849.76 -33% -30% -29% -62% -51%

61.44 1% 0% 1% 1% 1%
3724.32 26% 41% 31% 50% 33%
0 0% 0% 0% 0% 0%
2305.98 18% 17% 17% 22% 20%
1637.96 8% 9% 10% 16% 14%
7729.7 53% 68% 59% 89% 68%

4746.18 34% 24% 29% 44% 42%

1373.23 13% 3% 5% 10% 12%
3372.95 21% 21% 24% 34% 30%

0 0% 0% 0% 0% 0%
8587.56 41% 40% 59% 66% 75%
8587.56 41% 40% 59% 66% 75%

19690.21 115% 129% 142% 188% 173%

1870.89 14% 15% 17% 25% 16%

0.53 0% 2% 4% 0% 0%
 699.84 6% 2% 2% 4% 6%
2571.26 20% 19% 24% 29% 23%

1.68 0% 2% 1% 0% 0%
0 0% 0% 0% 0% 0%
0 0% 0% 0% 0% 0%
2572.94 21% 21% 24% 29% 23%

90.5 1% 1% 1% 1% 1%
0.00 0% 0% 0% 0% 0%
17,026.77 93% 107% 117% 158% 149%
17117.27 94% 108% 118% 159% 150%

19690.21 115% 129% 142% 188% 173%

h) Year Ending Mar. 31,
Average
100%
105%
103%
0%
98%

0%
71%
-77%
27%
0%
3%
28%
-5%

35%
-40%

1%
-41%

1%
36%
0%
19%
11%
67%

35%
9%
26%

0%
56%
56%

149%

18%
1%
 4%
23%

1%
0%
0%
24%

1%
0%
125%
126%

149%
Income Statement (Rs Crore)
Year Ending March. 31,
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Sales (Net) 9,571.84 11,032.99 12,537.73 9,949.46 11,404.96
Cost of Sales 9,629.75 10,713.21 11,815.18 11,907.29 13,023.51
Other Income 10,103.90 11,579.41 12,899.93 10,127.03 11,454.91
Stock Adjustments 0.00 0.00 0.00 0.00 0.00
Gross Operating Income 10,045.99 11,899.19 13,622.48 8,169.20 9,836.36

Selling, General & Admn. Expenses 0 0 0 0 0

Other net (Income)/Expenses 6550.02 7405.56 8325.34 7910.05 8650.77
Operating Profit -6,607.93 -7,085.78 -7,602.79 -9,867.88 -10,269.32
EBIT 3,495.97 4,493.63 5,297.14 259.15 1,185.59
Interest (Income) 0 0 0 0 0
Interest Expense 336.79 305.61 366.11 389.81 426.30
Depreciation 3212.19 3844.13 4179.06 1793.93 2342.37
Pre-Tax Income -53.01 343.89 751.97 -1,924.59 -1,583.08

Income Taxes 3038.14 3553.56 4328.41 4127.11 4220.21

Net Income -3,091.15 -3,209.67 -3,576.44 -6,051.70 -5,803.29

Dividends 68.64 68.64 68.86 68.97 46.47

Addition to Retained Earnings -3,159.79 -3,278.31 -3,645.30 -6,120.67 -5,849.76

Balance Sheet (Rs Million)

Assets
Cash and Marketable Securities 59.3 34.96 172.84 110.96 61.44
Accounts Receivable 2515.21 4545.15 3902.45 4946.31 3724.32
Deffered Tax Credit 0 0 0 0 0
Inventories 1739.51 1913.96 2125.66 2180.02 2305.98
Other Current Assets ( L& A and FD) 723.9 1032.07 1240.09 1569.16 1637.96
Total Current Assets 5037.92 7526.14 7441.04 8806.45 7729.7

Property, Plant and Equipment, Gross 3274.26 2644.15 3656.8 4346.79 4746.18
Accumulated Depreciation 1238.66 299.22 644.28 1006.13 1373.23
Property, Plant, and equipment, Net 2035.6 2344.93 3012.52 3340.66 3372.95

Miscellaneous Expenses 0 0 0 0 0
Other Non-Current Assets ( CWP+INVST) 3934.19 4365.07 7394.68 6533.89 8587.56
Total Non-Current Assets 3934.19 4365.07 7394.68 6533.89 8587.56

Total Assets 11007.71 14236.14 17848.24 18681 19690.21

Liabilities and Shareholders' Equity
Accounts Payable 1341.24 1703.54 2171.16 2530.42 1870.89
Short-Term Debt (Unsecured Loan) 19.14 166.25 491.51 4.08 0.53
Other Current Liabilities (Provisions) 598.64 232.71 308.33 353.33 699.84
Total Current Liabilities 1959.02 2102.5 2971 2887.83 2571.26

Long-Term Debt (Secured Loans) 20.95 220.57 97 8.21 1.68

Deferred Income Taxes 0 0 0 0
Other Non-Current Liabilities (Rev. Reserve) 0 0 0 0 0
Total Liabilities 1979.97 2323.07 3068 2896.04 2572.94

Paid-In Capital 89.9 90.12 90.32 90.42 90.5

Share Application Money 0.00 0.00 0.00 0.00 0.00
Reserves 8,937.84 11,822.95 14,689.92 15,694.54 17,026.77
Total Shareholders' Equity 9027.74 11913.07 14780.24 15784.96 17117.27

Total Liabilities and Shareholders' Equity 11007.71 14236.14 17848.24 18681 19690.21

Stock price (Year end) 2037.5 1464.85 1445.2 737.1 783.2

Avg.no.of Outstanding Shares(Millions) 783 832 856 890 905
Avg.no.of Outstanding Shares(Crore) 7.83 8.32 8.56 8.9 9.05

Financial Indicators

EPS -394.783 -385.778 -417.808 -679.966 -641.248

Dividend per Share 8.766 8.250 8.044 7.749 5.135
P/E Ratio -5.161 -3.797 -3.459 -1.084 -1.221
Book value per share 1152.968 1431.859 1726.664 1773.591 1891.411
P/B (price to book) Ratio 1.767 1.023 0.837 0.416 0.414
Dividend Payout Ratio -2.22% -2.14% -1.93% -1.14% -0.80%

Profitability Ratios
Return on Equity (ROE) -34.24% -26.94% -24.20% -38.34% -33.90%
Return on Sales (ROS) 36.52% 40.73% 42.25% 2.60% 10.40%

Growth Rates
EPS Growth Rate 2.33% -7.67% -38.55% 6.04% -
Dividend Growth Rate 0.00% -0.32% -0.16% 48.42% -
Sales Growth Rate -13.24% -12.00% 26.01% -12.76% -
EBIT Growth Rate -22.20% -15.17% 1944.04% -78.14% -
Net Income Growth Rate -3.69% -10.26% -40.90% 4.28% -
Plant Property Equipments Growth Rate Gross 23.83% -27.69% -15.87% -8.41% -
Liquidity Ratios
Current Ratio 2.57 3.58 2.50 3.05 3.01
Quick Ratio 1.68 2.67 1.79 2.29 2.11

Operating Efficiency Ratios

Inventory Turnover Ratio 5.50 5.76 5.90 4.56 4.95
Receivable Turnover Ratio 3.81 2.43 3.21 2.01 3.06

Leverage Ratios
Total Debt to Total Capitalization 0.004 0.031 0.038 0.001 0.000
Long-Term Debt to Total Capitalization 0.002 0.018 0.006 0.001 0.000
Total Debt to Equity 0.004 0.032 0.040 0.001 0.000
Only Equity (No prederence capital)
Income Statement (Rs Million)

Forecasting Factor
Sales 5%
Cost of Sales 105%
Other Income 103.12%
Stock Adjustments 0%
Gross Operating Income

Selling, General & Admn. Expenses 0%

Other net (Income)/Expenses 71%
Operating Profit

Interest (Income) 7%

Interest Expense 8%
Depriciation 28%
Pre-Tax Income

Income Taxes 30%

Net Income

Dividends 40%
Addition to Retained Earnings

Balance Sheet (Rs Million)

Assets
Cash and Marketable Securities 1%
Accounts Receivable 36%
Deffered Tax Credit 0%
Inventories 19%
Other Current Assets 11%
Total Current Assets

Property, Plant and Equipment, Gross 35%

Accumulated Depreciation
Property, Plant, and equipment, Net

Miscellaneous Expenses 0%
Other Non-Current Assets (CWP+Invest) 10%
Total Non-Current Assets

Total Assets

Liabilities and Shareholders' Equity

Accounts Payable 18%
Short-Term Debt (Unsecured Loan) Balancing Figure (TA-AP-OCL-LTD-ONCL-TSEQ)
Other Current Liabilities (Provisions) 598.64
Total Current Liabilities

Long-Term Debt 20.95

Deferred Income Taxes 0%
Other Non-Current Liabilities (Rev Reserves) 0%
Total Liabilities

Paid-In Capital 89.9

Share Application Money 0
Retained Earnings
Total Shareholders' Equity

Total Liabilities and Shareholders' Equity

 Based on Input from Top Management
% of Sales
% of Sales
% of Sales

% of Sales
% of Sales

% Cash and MS (Based on Top Management Input)

Long Term Interest+ % of Average of Current year and
Previous year Short term Debt (Mgt Input)
PPEC(Gross) * Based on Market Average

IT Act

Net Income* Management Input

Balancing Figure (Net Income-Dividends)

Based on Historical Average (On sales)

Based on Historical Average
Based on Historical Average
Based on Historical Average
Based on Historical Average

Based on Historical Average

Previous Year Balance + Current Year Depriciation
Gross Prop- CY Depriciation

Based on Historical Average

Based on Input from management

Based on Historical Average

Balancing Figure
Same as in Year 2018

Same as 2018
 Based on Historical Average
Based on Historical Average

Same as 2018
Nil
Previous Year R&S +Current year Addition to RE
Income Statement (Rs..Cr)
Year Ending March. 31,
Mar '19 Mar '20 Mar '21
Sales 11,404.96 11975.21 12573.97
Cost of Sales 13,023.51 12593.44 13223.11
Other Income 11,454.91 12349.38 12966.85
Stock Adjustments 0.00 0.00 0.00
Gross Operating Income 9,836.36 11,731.15 12,317.71

Selling, General & Admn. Expenses 0 0.00 0.00

Other net (Income)/Expenses 8,650.77 8557.67 8985.55
Operating Profit -10,269.32 -9,175.90 -9,634.69
EBIT 1,185.59 3,173.48 3,332.16
Interest (Income) 0 6.65 6.99
Interest Expense 426.30 -399.75 -876.21
Depreciation 2,342.37 1160.26 1218.27
Pre-Tax Income -1,583.08 2,419.63 2,997.09

Income Taxes 4,220.21 725.89 899.13

Net Income -5,803.29 1,693.74 2,097.96

Dividends 46.47 677.50 839.18

Addition to Retained Earnings -5,849.76 1,016.24 1,258.78

Balance Sheet (Rs Million)

Assets
Cash and Marketable Securities 61.44 95.06 99.81
Accounts Receivable 3,724.32 4334.27 4550.98
Deffered Tax Credit 0 0 0
Inventories 2,305.98 2265.83 2379.12
Other Current Assets ( L& A and FD) 1,637.96 1363.77 1431.95
Total Current Assets 7729.70 8058.9200848 8461.8660891

Property, Plant and Equipment, Gross 4,746.18 4134.88 4341.62

Accumulated Depreciation 1,373.23 2533.49 3751.76
Property, Plant, and equipment, Net 3372.95 1601.388648 589.86209647

Miscellaneous Expenses 0 0.00 0.00

Other Non-Current Assets ( CWP+INVST) 8,587.56 1197.52 1257.40
Total Non-Current Assets 8587.56 1197.5208 1257.39684

Total Assets 19690.21 10857.829533 10309.125026

Liabilities and Shareholders' Equity

Accounts Payable 1,870.89 2,122.17 2,228.28
Short-Term Debt (Unsecured Loan) 0.53 -9,997.57 -11,911.16
Other Current Liabilities (Provisions) 699.84 598.64 598.64
Total Current Liabilities 2571.26 -7276.7632946 -9084.2444733

Long-Term Debt (Secured Loans) 1.68 1.68 1.68

Deferred Income Taxes 0 0.00 0.00
Other Non-Current Liabilities (Rev. Reserve) 0 0.00 0.00
Total Liabilities 2572.94 -7275.0832946 -9082.5644733

Paid-In Capital 90.5 89.90 89.90

Share Application Money 0.00 0.00 0.00
Reserves 17,026.77 18043.01 19301.79
Total Shareholders' Equity 17117.27 18132.912827 19391.689499

Total Liabilities and Shareholders' Equity 19690.21 10857.829533 10309.125026

9.042 9.042 9.042

Financial Indicators
Particulars Mar '19 Mar '20 Mar '21
EPS 34.010 187.319 232.024
Dividend per Share 5.000 74.928 92.810
P/E Ratio 26.100 - -
Book value per share 378.280 2005.410 2144.624
P/B (price to book) Ratio 2.400 - -
Dividend Payout Ratio 14.69% 40.00% 40.00%

Profitability Ratios
Return on Equity (ROE) 8.98% 9.34% 10.82%
Return on Sales (ROS) 15.36% 26.50% 26.50%

Growth Rates
EPS Growth Rate 19.45% 16.32% 23.87%
Dividend Growth Rate 5.78% 7.42% 13.56%
Sales Growth Rate 7.57% 5.00% 5.00%
EBIT Growth Rate 7.25% 4.61% 5.00%
Net Income Growth Rate 10.56% 8.42% 23.87%
Plant Property Equipments Growth Rate (Gross) 8.47% -12.88% 5.00%

Liquidity Ratios
Current Ratio 4.75 -1.11 -0.93
Quick Ratio 3.59 -0.80 -0.67

Operating Efficiency Ratios

Inventory Turnover Ratio 4.92 5.29 5.29
Receivable Turnover Ratio 3.56 2.76 2.76

Leverage Ratios
 Total Debt to Total Capitalization 0.141 -1.228 -1.592
Long-Term Debt to Total Capitalization 0.003 0.000 0.000
Total Debt to Equity 0.000 -0.551 -0.614
March. 31, Forecasting
Mar '22 Mar '23 Mar '24
13202.67 13862.80 14555.94 5%
13884.27 14578.48 15307.40 105.0%
13615.19 14295.95 15010.75 103.1%
0.00 0.00 0.00 0.0%
12,933.59 13,580.27 14,259.28

0.00 0.00 0.00 0.0%

9434.83 9906.57 10401.90 71.0%
-10,116.43 -10,622.25 -11,153.36
3,498.76 3,673.70 3,857.39
7.34 7.70 8.09 7%
-1,035.06 -1,205.78 -1,389.10
1279.18 1343.14 1410.30 28%
3,261.98 3,544.04 3,844.28

978.59 1063.21 1153.28 30

2,283.38 2,480.83 2,691.00

913.35 992.33 1076.40

1,370.03 1,488.50 1,614.60

104.80 110.04 115.54

4778.53 5017.46 5268.33 36.00%
0 0 0 0.00%
2498.08 2622.98 2754.13
1503.55 1578.73 1657.67 11%
8884.9593935 9329.2073632 9795.6677313

4558.70 4786.64 5025.97 35

5030.94 6374.08 7784.39
-472.24078263 -1587.4488057 -2758.4172299

0.00 0.00 0.00 0%

1320.27 1386.28 1455.59 10%
1320.266682 1386.2800161 1455.5940169
Balancing Figure (TA-AP-OCL-LTD-ONCL-TSEQ)
9732.9852929 9128.0385736 8492.8445184

2,339.69 2,456.67 2,579.51 18%

-13,968.74 -16,179.17 -18,551.80 598.64%
 598.64 598.64 598.64
-11030.414919 -13123.860225 -15373.651689

1.68 1.68 1.68 21%

0.00 0.00 0.00 0
0.00 0.00 0.00 0
-11028.734919 -13122.180225 -15371.971689

89.90 89.90 89.90 90%

0.00 0.00 0.00 0
20671.82 22160.32 23774.92
20761.720212 22250.218798 23864.816208

9732.9852929 9128.0385736 8492.8445184

9.042 9.042 9.042

Mar '22 Mar '23 Mar '24

252.531 274.368 297.611
101.012 109.747 119.044
- - -
2296.142 2460.763 2639.329
- - -
40.00% 40.00% 40.00%

11.00% 11.15% 11.28%

26.50% 26.50% 26.50%

8.84% 8.65% 8.47%

8.84% 8.65% 8.47%
5.00% 5.00% 5.00%
5.00% 5.00% 5.00%
8.84% 8.65% 8.47%
5.00% 5.00% 5.00%

-0.81 -0.71 -0.64

-0.58 -0.51 -0.46

os
5.29 5.29 5.29
2.76 2.76 2.76
-2.056 -2.664 -3.490
0.000 0.000 0.000
-0.673 -0.727 -0.777
-LTD-ONCL-TSEQ)
 FINANCIAL INDICATORS

EPS
350.000

300.000

250.000

200.000

150.000

100.000

50.000

0.000
0 1 2 3 4 5 6 7

EPS The EPS of the company increases drastically as the earning increase and for the purpose o
DPS Similarly, even the Dividend per share of the company increases drastically. In real life, with
BV/Share Keeping up with the EPS and DPS, the book value per share will also show a similar increase
Dividend Payout Ratio The Dividend Payout Ratio will increase from 15% and would stabilize around 40% over the

PROFITABILITY RATIOS

Return on Equity (ROE)

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
0 1 2 3 4 5 6 7

ROE The return on euity will increase from 8.98% and will stabilize around 13-14% over the nex
ROS The return on sales will increase from 15.36% and will stabilize around 26% over the next 5

GROWTH RATES

EPS Growth Rate

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
0 1 2 3 4 5 6 7

EPS Growth Rate The EPS growth rate will decline gradually over the next few years as the earnings stabilize
Dividend Growth Rate The Divident Growth Rate will increase for the first few years and after that it will correct it
Sales Growht Rate The sales growth rate will decrease from 7.57% and will stabilize around 5% for the next 5
EBIT Growth Rate The EBIT growth rate will decrease form 7.25% and will stabilize around 4-5% for the next 5
Net Income Growth Rate The net income of the company will reduce over the next 5 years as compared to the curre
Plant Growth Rate The plant property equipnents growth rate will come down from 8.47% to 5.99% in the nex

LIQUIDITY RATIOS

Current Ratio
6.00

5.00

4.00

3.00

2.00

1.00

0.00
0 1 2 3 4 5 6 7
-1.00

-2.00
 1.00

0.00
0 1 2 3 4 5 6 7
-1.00

-2.00

Current Ratio Both the current ratios and quick ratio show a similar trend over the next few years but the
Quick Ratio The fluctuations in both can be attributed to the increasing current assets and current liabi

OPERATING EFFICIENCY RATIOS

Inventory Turnover Ratio

5.40

5.30

5.20

5.10

5.00

4.90

4.80

4.70
0 1 2 3 4 5 6 7

Inventory Turnover Ratio The inventory turnover ratio increases with the higher increase in sale as compared to the
Receivable Turnover Ratio The accounts receivable increases highly in the next year as a result of which the receivable

LEVERAGE RATIOS

Total Debt to Total Capitalization

0.500

0.000
0 1 2 3 4 5 6 7
-0.500

-1.000

-1.500

-2.000

-2.500

-3.000

-3.500

-4.000
 -2.000

-2.500

-3.000

-3.500

-4.000

Debt to Capitalization Over the next few years, the debt increases substantially every year and hence the debt to
Long term debt to Capitalization Over the next few years, the long term debt to capitalization ratios increases gradually from
Debt to Equity As the total debt increases over the years, the ratios always increases in terms of absolute
 Dividend per Share
140.000 3000.000

120.000 2500.000

100.000
2000.000
80.000
1500.000
60.000
1000.000
40.000

500.000
20.000

0.000 0.000
6 7 0 1 2 3 4 5 6 7 0 1

ase and for the purpose of forecasting, the number of outstanding shares have been taken constant but in real life, it will also increase acc
drastically. In real life, with increased earnings the company would issue more shares and the EPS and DPS will come down
lso show a similar increase.
bilize around 40% over the next 5 years. This increase is because of the increased earnings and hence the increased dividend.

Return on Sales (ROS)

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
6 7 0 1 2 3 4 5 6 7

und 13-14% over the next 5 years.

ound 26% over the next 5 years.

Dividend Growth Rate

16.00% 8.00%

14.00% 7.00%

12.00% 6.00%

10.00% 5.00%

8.00% 4.00%

6.00% 3.00%

4.00% 2.00%

2.00% 1.00%

0.00% 0.00%
6 7 0 1 2 3 4 5 6 7 0 1

s as the earnings stabilize

after that it will correct itself, coming back to the normal range of around 10%
around 5% for the next 5 years
around 4-5% for the next 5 years
as compared to the current rate
8.47% to 5.99% in the next year and then it will stabilize around 5% in the next few years.

Quick Ratio
4.00

3.00

2.00

1.00

The ratios are negative bec

0.00
0 1 2 3 4 5 6 7
6 7
-1.00

-2.00
 0.00
0 1 2 3 4 5 6 7
6 7
-1.00

-2.00

the next few years but the degree of fluctuation is more for current ratio as compared to quick ratio
nt assets and current liabilities over the next few years.

Receivable Turnover Ratio

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00
6 7 0 1 2 3 4 5 6 7

n sale as compared to the increase of invetory in the next year. After that, both sales and inventory increase gradually and in similar amoun
ult of which the receivable turnover ratio decreases. But after that year, the sales and receivables increase in similar accounts and the rati

Long-Term Debt to Total Capitalization

0.004 0.000
0 1
-0.100
0.003
6 7
-0.200
0.003
-0.300
0.002
-0.400

0.002 -0.500

0.001 -0.600

-0.700
0.001
-0.800
0.000
0 1 2 3 4 5 6 7 -0.900
 0.002 -0.500

0.001 -0.600

-0.700
0.001
-0.800
0.000
0 1 2 3 4 5 6 7 -0.900

ear and hence the debt to capitalization ratio increases.

os increases gradually from 0.003 to 0.005. This is because of the increasing short term debt which is taken as negative here, and hence re
ases in terms of absolute value without the negative sign.
 Book value per share Dividend Payo
3000.000 45.00%

40.00%
2500.000
35.00%
2000.000 30.00%

25.00%
1500.000
20.00%
1000.000 15.00%

10.00%
500.000
5.00%
0.000 0.00%
0 1 2 3 4 5 6 7 0 1 2 3

l life, it will also increase accordingly

come down

ased dividend.
 Sales Growth Rate EBIT Gro
8.00% 8.00%

7.00% 7.00%

6.00% 6.00%

5.00% 5.00%

4.00% 4.00%

3.00% 3.00%

2.00% 2.00%

1.00% 1.00%

0.00% 0.00%
0 1 2 3 4 5 6 7 0 1 2 3

The ratios are negative because total current liabilites are taken as negative
adually and in similar amounts which results in the ratio getting stable at 5.29
imilar accounts and the ratio stabilizes at 2.76

Total Debt to Equity

0.000
0 1 2 3 4 5 6 7
-0.100

-0.200

-0.300

-0.400 The debt is taken as negative, hence t

-0.500

-0.600

-0.700

-0.800

-0.900
 -0.500

-0.600

-0.700

-0.800

-0.900

negative here, and hence reduces the amount in the denominator which thus increases the ratio
 Dividend Payout Ratio

1 2 3 4 5 6 7
 EBIT Growth Rate Net Income Growth Rate
30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
1 2 3 4 5 6 7 0 1 2 3 4
s taken as negative, hence the ratios are negative
Income Growth Rate Plant Property Equipments Growth Rate (Gross)
10.00%

5.00%

0.00%
0 1 2 3 4 5 6

-5.00%

-10.00%

3 4 5 6 7 -15.00%
Growth Rate (Gross)

4 5 6 7
Sales sensitivity analysis

FCF 681 45662 5% 6% 6% 7% 8%

WACC 1% 5.0% 45662 45662 45662 45662 45662
Growth 7.57% 7.6% 45662 45662 45662 45662 45662
10.0% 45662 45662 45662 45662 45662
Terminal v 45662 12.6% 45662 45662 45662 45662 45662
15.0% 45662 45662 45662 45662 45662