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Cost Structure

Particular VC FC

Raw Material 60% 40%


Power and fuel 70% 30%
Employee Cost 50% 50%
other manufacturing 70% 30%
Admin Expenses 60% 40%
selling and distriution 70% 30%
miscellaneous 70% 30%

Assumptions other companies Reliance


Sales Units 105% 130%
Sales price 98% 140%
Cost of raw material 105% 105%
Other expenses cost 110% 110%
power and fuel 115% 115%
Employee Cost 110% 110%
depreciation and interest 115% 115%
CAGR of Telecom industry being 5%
Selling and Admin
Inflation 6% costs Breakup
Selling Expenses
Admin Expenses

Due to the lower costs offered by reliance JIO the sales units of other companies also rise in a slower rate
Sales price of the units will go down for companies to leverage the prices offered by JIO
40%
60%

a slower rate
NET SALES 60300.2 55496.4 49918.5 45350.9 41603.8

Other
0 0 0 0 0
Income
TOTAL
61785.8 60689.4 50771.9 46814 42228.5
INCOME
EXPENDITURE:

Manufacturin
19113.4 18717.6 16921.1 15690.9 13257.3
g Expenses

Material
51.6 71.4 20.5 183.6 236.5
Consumed
Personal
1869.3 1691.5 1648.1 1511.3 1391.5
Expenses
Selling
0 0 0 0 0
Expenses

Administrativ
16929.7 15584.8 15030 14494.4 13074.8
e Expenses

Expenses
0 0 0 0 0
Capitalised
Provisions
0 0 0 0 0
Made
TOTAL
EXPENDITU 37964 36065.3 33619.7 31880.2 27960.1
RE
Operating
22336.2 19431.1 16298.8 13470.7 13643.7
Profit
EBITDA 23821.8 24624.1 17152.2 14933.8 14268.4

Depreciation 9543.1 7559.7 7231.3 6826.7 5916

Other Write-
0 0 0 0 0
offs
EBIT 14278.7 17064.4 9920.9 8107.1 8352.4
Interest 3559 1409.1 1336.4 1652.3 1396.2

EBT 10719.7 15655.3 8584.5 6454.8 6956.2

Taxes 2493.3 2454.8 1777.2 1358.5 1226.2

Profit and
Loss for the 8226.4 13200.5 6807.3 5096.3 5730
Year

Non
Recurring -679.9 0 -207.1 0 0
Items

Other Non
Cash 0 0 0 0 0
Adjustments

Other
0 0 0 0 0
Adjustments

REPORTED
7546.5 13200.5 6600.2 5096.3 5730
PAT
KEY ITEMS
Preference
0 0 0 0 0
Dividend
Equity
613.6 1480.4 657.3 379.8 318.2
Dividend
Equity
30.69 74.06 32.88 20 16.75
Dividend (%)

Shares in
Issue 39974 39974 39974 37975.3 37975.3
(Lakhs)

EPS -
Annualised 18.88 33.02 16.51 13.42 15.09
(Rs)
Airtel
15-16 16-17
Income
Net Sales 60300.2 62048.906
other income 805.7 805.7
Total Income 61105.9 62854.606

Expenditure
Variable Costs
Raw Material 30.96 32.508
Power and fuel 0 0
Employee Cost 934.65 1028.115
other manufacturing 13379.38 14717.318
Admin Expenses 10157.82 11173.602
selling and distriution
miscellaneous 0
Total VC 24502.81 26951.543

Fixed Costs
Raw Material 20.64 21.672
Power and fuel 0 0
Employee Cost 934.65 1028.115
other manufacturing 5734.02 6307.422
Admin Expenses 6771.88 7449.068
selling and distriution
miscellaneous 0
Total FC 13461.19 14806.277

contribution 35797.39 35097.363


PBDIT 35797.39 35097.363
interest 3559 4092.85
PBDT 32238.39 31004.513
Depreciation 9543.1 1097457%
PBT 22695.29 20029.948
Tax 2493.3 10.98598
PAT 20201.99 20018.962
shares issued 39974 39974
PV Ratio 0.585825 0.5583897
BEP 22978.16 26516.029
EPS 50.53782 50.079957
Profit & ---------------
Loss ---- in Rs.
account of Cr.
Idea ---------------
Cellular ----
Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales
35,816.55 31,279.47 26,110.40 22,043.44 19,275.32
Turnover

Net Sales 35,816.55 31,279.47 26,110.40 22,043.44 19,275.32

Other
183.44 452.34 69.07 43.44 47.02
Income
Total
35,999.99 31,731.81 26,179.47 22,086.88 19,322.34
Income
Expenditure
Power &
2,460.36 2,394.40 2,233.87 1,841.48 1,553.25
Fuel Cost
Employee
1,464.44 1,358.73 1,161.01 1,003.83 858.83
Cost

Other
Manufactur
18,708.90 16,664.56 14,416.59 13,135.92 11,763.14
ing
Expenses

Miscellane
ous 1,358.59 1,188.37 1,044.69 949.19 834.28
Expenses

Total
23,992.29 21,606.06 18,856.16 16,930.42 15,009.50
Expenses

Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Operating
11,824.26 9,673.41 7,254.24 5,113.02 4,265.82
Profit
PBDIT 12,007.70 10,125.75 7,323.31 5,156.46 4,312.84
Interest 1,797.96 931.66 624.79 813.46 907.8
PBDT 10,209.74 9,194.09 6,698.52 4,343.00 3,405.04
Depreciatio
6,199.50 4,855.01 4,093.24 3,054.36 2,562.77
n

Profit
4,010.24 4,339.08 2,605.28 1,288.64 842.27
Before Tax
PBT (Post
Extra-ord 4,010.24 4,339.08 2,605.28 1,288.64 842.27
Items)

Tax 1,393.59 1,529.25 915.98 470.38 265.72

Reported
2,616.66 2,809.84 1,689.31 818.26 576.54
Net Profit

Total Value
23,992.29 21,606.06 18,856.16 16,930.42 15,009.50
Addition

Equity
216.12 226.94 132.86 99.43 0
Dividend

Corporate
Dividend 44 45.83 22.58 16.9 0
Tax

Per share data


(annualised)
Shares in
issue 36,005.09 35,978.44 33,196.32 33,143.22 33,088.45
(lakhs)

Earning
Per Share 7.27 7.81 5.09 2.47 1.74
(Rs)

Equity
Dividend 6 6 4 3 0
(%)

Book Value
67.48 60.84 46.95 42.3 39.09
(Rs)
Idea
15-16 16-17
Income
Net Sales 35,816.55 36855.22995
other income 183.44 183.44
Total Income 35999.99 37038.66995

Expenditure
Variable Costs
Raw Material 0 0
Power and fuel 1722.252 1980.5898
Employee Cost 732.22 805.442
other manufacturing 13096.23 14405.853
Admin Expenses 0 0
selling and distriutio 0 0
miscellaneous 951.013 1046.1143
Total VC 16501.715 18237.9991

Fixed Costs
Raw Material 0 0
Power and fuel 2829.414 3253.8261
Employee Cost 560.79 616.869
other manufacturing 5612.67 6173.937
Admin Expenses 0 0
selling and distriutio 0
miscellaneous 407.577 448.3347
Total FC 9410.451 10492.9668

contribution 19314.835 18617.23085


PBDIT 19314.835 18617.23085
interest 1,797.96 2067.654
PBDT 17516.875 16549.57685
Depreciation 6,199.50 712943%
PBT 11317.375 9420.15185
Tax 1,393.59 12.3137211588
PAT 9,923.79 9,407.84
Shares in issues 36,005.09 35,978.44
PV Ratio 0.5365233435 0.5026430721
BEP 17539.6860442 20875.58226209
EPS 27.5621724595 26.1485437635
INCOME I Revenue from Operations 21 4 4 II Other Income 22 3,22 1,33 Total Revenue 3,26 1,37 III EXPENDITURE Employee Be

Profit &
---------------
Loss
---- in Rs.
account of
Cr.
Reliance
---------------
Communic
----
ations

Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales
9,974.00 10,801.00 11,176.00 11,267.00 11,110.00
Turnover
Net Sales 9,974.00 10,801.00 11,176.00 11,267.00 11,110.00

Other
321 3,304.00 1,269.00 1,553.00 753
Income
Total
10,295.00 14,105.00 12,445.00 12,820.00 11,863.00
Income
Expenditure
Employee
191 269 286 290 476
Cost

Other
Manufactur
6,961.00 8,294.00 7,855.00 7,270.00 6,911.00
ing
Expenses

Miscellane
ous 715 582 1,218.00 979 1,315.00
Expenses

Total
7,867.00 9,145.00 9,359.00 8,539.00 8,702.00
Expenses

Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Operating
2,107.00 1,656.00 1,817.00 2,728.00 2,408.00
Profit
PBDIT 2,428.00 4,960.00 3,086.00 4,281.00 3,161.00
Interest 2,033.00 1,680.00 1,796.00 1,976.00 1,265.00
PBDT 395 3,280.00 1,290.00 2,305.00 1,896.00
Depreciatio
2,019.00 1,940.00 2,048.00 1,681.00 1,741.00
n

Profit
-1,624.00 1,340.00 -758 624 155
Before Tax

PBT (Post
Extra-ord -1,624.00 1,340.00 -758 624 155
Items)

Tax 0 1,494.00 -1,488.00 0 -1

Reported
-1,624.00 -154 730 624 156
Net Profit

Total Value
7,867.00 9,145.00 9,359.00 8,539.00 8,702.00
Addition

Equity
0 0 0 52 52
Dividend

Corporate
Dividend 0 0 0 9 8
Tax

Per share data


(annualised)
Shares in
issue 24,889.80 24,889.80 20,427.48 20,640.27 20,640.27
(lakhs)

Earning
Per Share -6.52 -0.62 3.57 3.02 0.76
(Rs)

Equity
Dividend 0 0 0 5 5
(%)

Book Value
129.76 144.12 153.62 160.57 217.53
(Rs)
II EXPENDITURE Employee Benefits Expense 23 4,08 3,16 Finance Costs (Interest) 1,43 1,63 Depreciation and Amortisation Expense 4,33 3,
Amortisation Expense 4,33 3,36 Operating and Other expenses 24 17,30 16,34 Total Expenses 27,14 24,49 IV Loss for the year (23,88) (23,1
oss for the year (23,88) (23,12) V Earnings per equity share of face value Rs. 10 each Basic (in Rupees) 30 (0.01) (0.01) Diluted (in Rupees) 3
1) (0.01) Diluted (in Rupees) 30 (0.01) (0.01) Significant Accounting Policies 1 Notes to the Financial Statements 2 - 41
Reliance
15-16 16-17
Income
Net Sales 9,974.00 18152.68
other income 321
Total Income 10,295.00 18152.68

Expenditure
Variable Costs
Raw Material 0
Power and fuel 0
Employee Cost 95.5 105.05
other manufacturing 4,872.70 5359.97
Admin Expenses 0
selling and distriution 0
miscellaneous 500.5 550.55
Total VC 5468.7 5465.02

Fixed Costs
Raw Material 0 0
Power and fuel 0 0
Employee Cost 95.5 105.05
other manufacturing 2088.3 2297.13
Admin Expenses 0 0
Selling and distriution 0 0
Miscellaneous 214.5 235.95
Total FC 2398.3 2402.18

Contribution 4505.3 12687.66


PBDIT 4505.3 12687.66
interest 2,033.00 2337.95
PBDT 2472.3 10349.71
Depreciation 2,019.00 232185%
PBT 453.3 8027.86
Tax 46.00 10.1478049857
PAT 407.30 8,017.71
Shares in issue 24,889.80 24,889.80
PV Ratio 0.437620204 0.6989414235
BEP 5480.322841986 3436.883148067
EPS 1.6364133099 32.212842992
Industry Average

PV Ratio 0.51999
BEP 15332.72
Airtel Idea
15-16 16-17 15-16 16-17
Income
Net Sales 60300.20 62048.91 35816.55 36855.23
Other Income 805.70 805.70 183.44 183.44
Total Income 61105.90 62854.61 35999.99 37038.67
Expenditure
Variable Costs
Raw Material 30.96 32.51 0.00 0.00
Power and Fuel 0.00 0.00 1722.25 1980.59
Employee Cost 934.65 1028.12 732.22 805.44
Other Manufacturing 13379.38 14717.32 13096.23 14405.85
Admin Expenses 10157.82 11173.60 0.00 0.00
Selling and Distriution 0.00 0.00 0.00 0.00
Miscellaneous 0.00 0.00 951.01 1046.11
Total VC 24502.81 26951.54 16501.72 18238.00
Fixed Costs
Raw Material 20.64 21.67 0.00 0.00
Power and fuel 0.00 0.00 2829.41 3253.83
Employee Cost 934.65 1028.12 560.79 616.87
Other Manufacturing 5734.02 6307.42 5612.67 6173.94
Admin Expenses 6771.88 7449.07 0.00 0.00
Selling and Distriution 0.00 0.00 0.00 0.00
Miscellaneous 0.00 407.58 448.33
Total FC 13461.19 14806.28 9410.45 10492.97
Contribution 35797.39 35097.36 19314.84 18617.23
PBDIT 35797.39 35097.36 19314.84 18617.23
Interest 3559.00 4092.85 1797.96 2067.65
PBDT 32238.39 31004.51 17516.88 16549.58
Depreciation 9543.10 10974.57 6199.50 7129.43
PBT 22695.29 20029.95 11317.38 9420.15
Tax 2493.30 10.99 1393.59 12.31
PAT 20201.99 20018.96 9923.79 9407.84
Shares Issued 39974.00 39974.00 36005.09 35978.44
PV Ratio 0.59 0.56 0.54 0.50
BEP 22978.16 26516.03 17539.69 20875.58
EPS 0.51 0.50 0.28 0.26
70000

Relaince
60000 61105.90
15-16 16-17

50000
9974.00 18152.68
321.00
10295.00 18152.68 40000

35999.99
30000
0.00 0.00
0.00 0.00
20000
95.50 105.05
4872.70 5359.97
0.00 0.00 10000
10295.00
0.00 0.00
500.50 550.55
0
15-16
5468.70 5465.02
Ai rtel Idea Rel ai nce

0.00 0.00
0.00 0.00
95.50 105.05
2088.30 2297.13
0.00 0.00
0.00 0.00
214.50 235.95
2398.30 2402.18
4505.30 12687.66
4505.30 12687.66
2033.00 2337.95
2472.30 10349.71
2019.00 2321.85
453.30 8027.86
46.00 10.15
407.30 8017.71
24889.80 24889.80
0.44 0.70
5480.32 3436.88
0.16 0.32
62854.61

37038.67

18152.68

295.00

16-17

Ai rtel Idea Rel ai nce