Section- F2/LMN Group No- 13 Name of the Evaluator Name Name - Anand

company- BHEL Swaminathan

Parameters Weightage Scale 1 Scale 2 Scale 3

Robustness of the model 20% 1 (the model was 2 (Less robust) 3 (reasonably robust)
least robust and not
responding to change
in assumptions)

reasonableness of the 20% 1(not reasonable) 2 (the assumptions are 3( Assumptions suitable
assumptions not suitable justified) but not justified)

Usage of relevant data 20% 1 ( the data not taken 2( Adequate data not 3(relevance data and
and information for the from authentic provided for the reasonable research on
assumptions sources assumptions) the assumptions)
readability and usability 20% 1 (not readable and 2 (Not readable and 3 (readable but complex
of the model looks clumsy) difficult to use ) to use)
VIVA performance and 20% 1(no group 2(reasonable 3(reasonable spontaneity
group dynamics dynamism and spontaneity but no and group dynamism)
spontaneity ) group dynamism)

Maximum Marks 5 10 15
Name- Aishwarya Name- Chaithan
Nair P V Sreenath

Scale 4 Scale 5
4 (good robustness but 5( highly robust; been
few key elements are able to change the model
not being taken care as per the requirement
with high accuracy)

4( Assumptions are 5( highly reasonable with

suitable and justifiable) consistent ratios and
suitable justifications

4(most possible 5(All possible recent data

relevant data being used being used for the
assumptions)
4 (Readable and easy to 5( professionally made
use) and very user friendly)
4(Good group 5(Excellent dynamism
dynamism and and all the members
spontaneity) equally contributed to the
project)

20 25
Bharat Heavy Electricals Limited
What does the company do?
Who are their competitors?
What is happening in the
company?
Revenue drivers
Cost Drivers
Manufacturing of power plants and items related with
Power, Transportation(Railways), Oil and Gas
Siemens, Engineers India, ABB India, Thermax
57% contribution to India's aggregate Production; 65%
share in the power generation; 72% Market Share in
Power Sector; Huge Volume of Production Capacity;
Diversification into Renewable Energy and Defense
Sector
Capacity
Order Book
New Order Booking
Power Sector Orders
Other Orders
Order Book as per Revenue
Revenue to Order Book Ratio
Power Capacity in India
Gross Revenue
Excise Duty as % of revenue
Other Operational Income as % of revenue
Consumption of Stores and Spares
Consumption of Raw Materials
Errection and Engineering Expense
Interest Expense
Rent
Power
Repairs
Carriage Outwards
Staff Welfare Expense
Bharat Heavy Electricals Limited

Net Profit
8,000
7,000
7,088
6,694
6,000
6,053
5,000
4,000
3,000 3,502

2,000
1,000 1,450
-
FY11 FY12 FY13 FY14 FY15

Net Revenue
60,000

50,000
47,600 48,107
40,000 41,855
38,848 N
30,000
30,148
20,000

10,000

-
FY11 FY12 FY13 FY14 FY15

Cash and Cash Equivalents

14,000

12,000
12,020
10,000
9,706 9,949
8,000 Cash and Cash E
7,853
6,000 6,734
 Cash and Cash Equivalents
14,000

12,000
12,020
10,000
9,706 9,949
8,000 Cash and Cash E
7,853
6,000 6,734

4,000

2,000

-
FY11 FY12 FY13 FY14 FY15
ofit

Net Profit

3,502

1,450

FY14 FY15

enue

38,848 Net Revenue

30,148

FY14 FY15

Equivalents

9,949
Cash and Cash Equivalents
Equivalents

9,949
Cash and Cash Equivalents

FY15
 Bharat Heavy Electricals Limited

(in Rs. Crs) FY11 FY12 FY13 FY14 FY15 FY16

Growth 1% 1% 1% 1% 1% 1%
FY17 FY18 FY19 FY20

1% 1% 1% 1%
 Bharat Heavy Electricals Limited

(in Rs. Crs) FY11 FY12 FY13 FY14

Revenue from Operations 43,636 49,898 50,673 40,802

Less: Excise Duty & Service tax 1,781 2,298 2,566 1,954
Net Revenue from operations 41,855 47,600 48,107 38,848
Other Operating Revenue 684 756 810 721
Other Income 1,027 1,272 1,129 1,623

Total Operating Revenue 43,565 49,628 50,045 41,192

Expenses
Cost of Material 23,367 29,133 28,171 22,462
Change in Inventories of FG,WIP (126) (830) 121 1,057
Employee Benefits Expenses 5,453 5,529 5,824 5,957
Other Expenses 2,557 3,251 3,808 3,324
Provisions 2,721 1,406 1,584 2,261
Less:Cost of jobs done for internal use 69 104 76 70

Total Operational Expenses 33,903 38,385 39,433 34,990

EBIDTA 9,662 11,243 10,612 6,202

EBIDTA Margins 23.09% 23.62% 22.06% 15.97%

Depreciation & Amortization Expense 546 803 957 985

Adjustments (6) 19 (4) 6

EBIT 9,122 10,421 9,659 5,211

Finance Costs 56 53 128 133

EBT 9,065 10,368 9,531 5,077

Taxes 3,012 3,280 2,838 1,575

PAT 6,053 7,088 6,694 3,502

FY15 FY16 FY17 FY18 FY19 FY20

31,555 31,870 32,189 32,511 32,836 33,164

1,407 1,421 1,436 1,450 1,464 1,479
30,148 30,449 30,753 31,061 31,372 31,685
641 647 654 660 667 674
843 - - - - -

31,631 31,096 31,407 31,722 32,039 32,359

17,775 17,610 17,940 18,275 18,614 18,801

(340) - - - - -
5,475 5,530 5,586 5,641 5,698 5,755
5,348 3,472 3,507 3,542 3,578 3,613
- - - - -
- - - - -

28,259 26,613 27,033 27,458 27,890 28,169

3,372 4,484 4,375 4,263 4,149 4,190

11.19% 14.73% 14.23% 13.73% 13.23% 13.23%

1,082 1,135 1,180 1,219 1,252 1,330

10

2,280 3,348 3,194 3,044 2,897 2,860

92 92 92 92 92 92

2,187 3,256 3,102 2,952 2,805 2,768

737 1,097 1,061 1,024 987 988

1,450 2,159 2,042 1,928 1,818 1,780

 Bharat Heavy Electricals Limited

(in Rs. Crs) FY11 FY12 FY13 FY14

Liabilities

ShareHolder Funds
Share Capital 490 490 490 490
Reserves & Surplus 19,665 24,914 30,043 32,667
Total Shareholder's Funds 20,155 25,403 30,533 33,157
Share application money pending allotment 16 13
Minority Interest 5 5 4

Non Current Liabilities

Long Term Borrowings 102 282 1,233 1,961
Other Long Term Liabilities 9,171 7,575 5,796 6,600
Long Term Provisions 4,932 5,024 5,974 7,510
Total Non Current Liabilities 14,205 12,881 13,002 16,072

Current Liabilities
Short Term Borrowings 94 87 1,390 2,659
Trade Payables 8,163 10,353 9,754 8,833
Other Current Liabilities 14,299 16,032 14,027 11,663
Short Term Provisions 2,702 2,670 3,027 2,841
Total Current Liabilities 25,257 29,142 28,197 25,996

Total Liabilities 59,618 67,430 71,753 75,243

Assets

Non-Current Assets (Net Assets)

Tangible Assets 3,288 4,196 4,337 4,562
Intangible Assets 322 323 330 168
Capital Work in Progress 1,746 1,739 2,427 2,907
Intangible Assets under development 10 24 39 21
Total Fixed Assets 5,366 6,282 7,134 7,658

Non Current Investments 11 6 6 6

Deferred tax assets 2,165 1,549 1,556 1,976
Long Term Loans and Advances 1,088 957 930 1,315
Other Non Current Assets 7,398 9,416 10,717 11,893
10,663 11,929 13,208 15,190
Current Assets
Inventories 10,903 13,633 11,869 9,809
Trade Recievables 20,252 26,551 29,370 28,199
Cash and Cash equivalents 9,706 6,734 7,853 12,020
Short Term Loans and Advances 2,416 2,148 2,116 2,113
Other Current Assets 310 152 203 254
Total Current Assets 43,588 49,219 51,411 52,395

Total Assets 59,618 67,430 71,753 75,243

Difference - - - -
Current working capital 8,625 13,343 15,361 14,379
Changes in Working Capital 4,719 2,018 (982)
FY15 FY16 FY17 FY18 FY19 FY20

490 490 490 490 490 490

33,900 36,059 38,100 40,028 41,846 43,626
34,389 36,548 38,590 40,517 42,335 44,115
-
2 3 3 3 3 3

1,734 1,734 1,734 1,734 1,734 1,734

5,359 5,359 5,359 5,359 5,359 5,359
6,770 6,770 6,770 6,770 6,770 6,770
13,863 13,863 13,863 13,863 13,863 13,863

96 1,020 1,078 743 967 948

9,088 7,425 7,921 8,313 8,042 8,254
9,312 9,142 9,322 9,445 9,489 9,607
4,139 2,774 3,091 3,405 3,150 3,280
22,634 20,361 21,411 21,905 21,648 22,090

70,889 70,775 73,867 76,289 77,849 80,071

6,852 3,473 3,292 3,073 2,821 2,491

6 6 6 6 6 6
2,229 2,229 2,229 2,229 2,229 2,229
1,313 1,313 1,313 1,313 1,313 1,313
11,447 11,447 11,447 11,447 11,447 11,447
14,995 14,995 14,995 14,995 14,995 14,995

10,112 8,471 8,879 9,342 9,074 9,281

26,520 22,492 24,031 24,847 24,261 24,870
9,949 16,163 17,311 18,571 21,324 22,993
2,282 1,767 1,928 2,034 1,947 2,009
178 169 185 181 182 186
49,041 49,062 52,334 54,975 56,787 59,339

70,889 67,530 70,622 73,044 74,604 76,826

- (3,245) (3,245) (3,245) (3,245) (3,245)

16,458 12,538 13,612 14,498 13,816 14,256
2,079 (3,919) 1,073 886 (683) 440
 Bharat Heavy Electricals Limited

(in Rs. Crs) FY11 FY12

Installed Capacity MW 17,500 20,000

Production MW 9,000
Capacity Utilisation % 0.00% 45.00%

Revenue Drivers

Order Book Rs Crore 164,100 135,300

New Order Booking Rs Crore 60,507 22,096
Power Sector Orders Rs Crore 46,393 14,012
Other Orders Rs Crore 14,114 8,084

Order Book as per Revenue Rs Crore 138,596

Revenue to Order Book Ratio 0.27 0.30

Power Capacity in India MW

Gross Revenue Rs Crore 43,636 49,898

Excise Duty as % of revenue % 4.08% 4.61%
Other Operational Income as % of revenue % 1.63% 1.59%

Cost Drivers

Raw Material Cost As % of Sales 55.53% 59.46%

Employee Expense and Benefits As % of Sales 13.03% 11.62%
Number of Employees Nos 46,748 49,390
Avg Salary Per Employee Rs. 1,166,381 1,119,532

Other Expenses As % of Sales 6.11% 6.83%

as % of Gross
Depreciation 10.18% 12.79%
Fixed
As % Assets
of Total
Finance Cost 0.13% 0.11%
Debt
Taxes As % of Sales 7.20% 6.89%
Effective Tax Rate 33.23% 31.64%
Sales Per Day Rs. Crores 115 130

Working Capital Drivers

Short Term Borrowings 94 87

Trade Payables 8,163 10,353
Other Current Liabilities 14,299 16,032
Short Term Provisions 2,702 2,670
Total Current Liabilities 25,257 29,142

Inventories 10,903 13,633

Trade Recievables 20,252 26,551
Short Term Loans and Advances 2,416 2,148
Other Current Assets 310 152
Total Current Assets 33,882 42,485

In terms of days sales outstanding

Current Liabilities
Short Term Borrowings Days 1 1
Trade Payables Days 71 79
Other Current Liabilities Days 125 123
Short Term Provisions Days 24 20

Current Assets
Inventories Days 95 105
Trade Recievables Days 177 204
Short Term Loans and Advances Days 21 16
Other Current Assets Days 3 1

Working Capital Cycle Days 75 102

FY13 FY14 FY15 FY16 FY17 FY18

20,000 20,000 20,000 20,000 20,000 20,000

10,340 13,452
51.70% 67.26% 0.00% 0.00% 0.00% 0.00%

115,100 143,107 116,200

31,650 28,007
25,560 20,433
6,090 7,574

118,843 104,259 112,959

0.37 0.35 0.22

50,673 40,802 31,555 31,870 32,189 32,511

5.06% 4.79% 4.46% 4.46% 4.46% 4.46%
1.68% 1.86% 2.13% 2.13% 2.13% 2.13%

58.81% 60.54% 57.84% 57.84% 58.34% 58.84%

12.11% 15.33% 18.16% 18.16% 18.16% 18.16%
48,399 47,525 45,722 45,722 45,722 45,722
1,203,331 1,253,355 1,197,559 1,209,535 1,221,630 1,233,846

7.92% 8.56% 17.74% 11.40% 11.40% 11.40%

13.42% 12.87% 15.79% 32.69% 35.85% 39.67%

0.27% 0.34% 0.31% 0.30% 0.30% 0.30%
5.90% 4.06% 2.44% 2.44% 2.49% 2.54%
29.77% 31.03% 33.69% 33.69% 34.19% 34.69%
132 106 83 83 84 85

1,390 2,659 96 1,020 1,078 743

9,754 8,833 9,088 7,425 7,921 8,313
14,027 11,663 9,312 9,142 9,322 9,445
3,027 2,841 4,139 2,774 3,091 3,405
28,197 25,996 22,634 20,361 21,411 21,905

11,869 9,809 10,112 8,471 8,879 9,342

29,370 28,199 26,520 22,492 24,031 24,847
2,116 2,113 2,282 1,767 1,928 2,034
203 254 178 169 185 181
43,558 40,375 39,092 32,900 35,023 36,404

11 25 1 12 13 9
74 83 110 89 94 98
106 110 113 110 111 111
23 27 50 33 37 40

90 92 122 102 105 110

223 265 321 270 285 292
16 20 28 21 23 24
2 2 2 2 2 2

117 135 199 150 162 170

FY19 FY20

20,000 20,000

0.00% 0.00%

32,836 33,164
4.46% 4.46%
2.13% 2.13%

59.34% 59.34%
18.16% 18.16%
45,722 45,722
1,246,185 1,258,647

11.40% 11.40%

44.37% 53.38%
0.29% 0.29%
2.59% 2.64%
35.19% 35.69%
86 87

967 948
8,042 8,254
9,489 9,607
3,150 3,280
21,648 22,090

9,074 9,281
24,261 24,870
1,947 2,009
182 186
35,464 36,346

11 11
94 95
110 111
37 38

106 107
282 286
23 23
2 2

161 164
 Bharat Heavy Electricals Limited

(in Rs. Crs) FY11 FY12 FY13

Tangible Assets
Gross Tangible Assets 7,782 9,407 10,442
Accumulated Depreciation 4,517 5,250 6,130
Lease Adjustment Account 0 (4) (3)
Net Tangible Assets 3,265 4,161 4,315

Intangible Assets
Gross Intangible Assets 268 300 342
Accumulated Amortisation 132 164 198
Net Intangible Assets 136 136 144

Total Gross Long term Assets In crores 8,050 9,707 10,783

Accumulated Depriciation In crores 4,649 5,413 6,328
Net Long Term Assets In crores 3,401 4,293 4,455

Gross LTA In Rs 4,599,817 4,853,320 5,391,630

Depriciation 546 803 957

Depriciation as % of Gross LTA % 6.79% 8.28% 8.88%

Capital Expenditure
On account of new capacity
On account of wear and Tear
Total Capex
FY14 FY15 FY16 FY17 FY18 FY19

11,645
7,122
(3)
4,525 -

406
238
168 -

12,050 12,050 13,050 14,050 15,050 16,050

7,360 8,442 9,578 10,758 11,977 13,229
4,690 6,852 3,473 3,292 3,073 2,821

6,025,245 6,025,245 5,814,040 5,954,843 5,931,376 5,900,086

985 1,082 1,135 1,180 1,219 1,252

8.18% 8.98% 8.70% 8.40% 8.10% 7.80%

- - - - -
- 1,000 1,000 1,000 1,000
- 1,000 1,000 1,000 1,000
FY20

17,050
14,559
2,491

5,928,769

1,330
7.80%

-
1,000
1,000
 Bharat Heavy Electricals Limited

(in Rs. Crs) FY15 FY16 FY17 FY18 FY19 FY20

Net Profit 2,159 2,042 1,928 1,818 1,780

Add Depriciation and Amortisation 1,135 1,180 1,219 1,252 1,330
Less Changes in NWC (3,919) 1,073 886 (683) 440

Cash Flow from Operating Activities 7,214 2,148 2,260 3,752 2,670

Capital Expenditure 1,000 1,000 1,000 1,000 1,000

Increase in Investments - - - - -

Cash Flow from Investing Activities (1,000) (1,000) (1,000) (1,000) (1,000)

Issue of Shares - - - - -
Issue of Debt - - - - -
Dividends paid - - - - -

Cash Flow from Financing Activities - - - - -

Net Cash Flow During the year 6,214 1,148 1,260 2,752 1,670
Opening Cash 9,949 16,163 17,311 18,571 21,324
Closing Cash 9,949 16,163 17,311 18,571 21,324 22,993
 Bharat Heavy Electricals Limited

10/14/2017 3/31/2016 3/31/2017

(in Rs. Crs) FY15 FY17 FY18 FY19
Liabilities
Net Income 2,159 2,042 1,928 1,818
Plus: Depriciation 1,135 1,180 1,219 1,252
Less: Change in WC (3,919) 1,073 886 (683)
less: Capex 1,000 1,000 1,000 1,000
Add: Net Loan - - - -
FCFE 6,214 1,148 1,260 2,752
Growth In FCFE -82% 10% 118%
No of Years to the Cash Flow -1.54 -0.54 0.46 1.46

Cost of Equity
Risk Free Rate 7.50%
Beta 1.12
Market risk Premium 7.50%
Cost of Equity 15.92%

Terminal Growth Rate 1%

Present Value of Cash Flow 7,801 1,244 1,178 2,218

PV of Explicit Cash Flows 15,982

Pv of Terminal Value 52,800
Cash and Cash Equivalents 9,949

Total Equity Value 78,731

No of Shares outstandsing 244.76
Intrinsic Value Per Share 321.67
Current Market Price 272

Cost of
Te
Equity
321.67 0.10% 0.20% 0.50% 0.75%
10.92% 382.96 385.81 394.68 402.47
11.92% 362.78 365.22 372.80 379.42
12.92% 345.75 347.87 354.43 360.15
13.92% 331.18 333.05 338.81 343.81
14.92% 318.59 320.25 325.36 329.78
15.92% 307.61 309.09 313.66 317.61
16.92% 297.94 299.28 303.41 306.96
17.92% 289.38 290.60 294.35 297.58
18.92% 281.75 282.87 286.30 289.24
19.92% 274.91 275.94 279.09 281.80
20.92% 268.75 269.70 272.62 275.11
FY20 FY21 FY22 FY23 FY24 FY25

1,780
1,330
440
1,000
-
1,670 1,180 944 991 1,021 1,052
-39% -29% -20% 5% 3% 3%
2.46 3.46 4.46 5.46 6.46 7.46

1,161 708 488 442 393 349 52,800

Terminal Growth Rate

0.85% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

405.70 410.66 447.99 494.74 555.01 635.64 749.04
382.15 386.35 417.54 455.73 503.56 565.22 647.71
362.50 366.11 392.66 424.57 463.63 512.56 575.62
345.86 349.00 371.95 399.11 431.74 471.69 521.72
331.59 334.36 354.46 377.92 405.69 439.05 479.89
319.23 321.69 339.48 360.02 384.01 412.40 446.50
308.42 310.63 326.53 344.71 365.70 390.22 419.23
298.89 300.90 315.22 331.46 350.04 371.50 396.55
290.44 292.27 305.27 319.90 336.50 355.48 377.40
282.90 284.57 296.45 309.73 324.68 341.63 361.02
276.13 277.67 288.59 300.72 314.28 329.55 346.86
 Bharat Heavy Electricals Limited

BHEL Electrical Machines Ltd.

Capital In Rs. Crores 5.36
Turnover In Rs. Crores 37.03
PAT % (1.06%)
Bharat Heavy Electricals Limited

Nifty BHEL
Date Nifty Closing Closing Price Return on Market
5-May-15 8324.80 245.15 -
6-May-15 8097.00 229.70 -0.0273640208
7-May-15 8057.30 228.70 -0.0049030505
8-May-15 8191.50 231.35 0.0166557035
11-May-15 8325.25 234.70 0.0163279009
12-May-15 8126.95 222.60 -0.0238191045
13-May-15 8235.45 227.75 0.013350642
14-May-15 8224.20 230.00 -0.0013660456
15-May-15 8262.35 230.95 0.0046387491
18-May-15 8373.65 234.55 0.0134707438
19-May-15 8365.65 235.15 -0.0009553779
20-May-15 8423.25 231.15 0.0068852988
21-May-15 8421.00 232.45 -0.0002671178
22-May-15 8458.95 234.00 0.0045065907
25-May-15 8370.25 234.15 -0.010485935
26-May-15 8339.35 241.45 -0.003691646
27-May-15 8334.60 249.85 -0.0005695888
28-May-15 8319.00 252.70 -0.0018717155
29-May-15 8433.65 251.65 0.0137817045
1-Jun-15 8433.40 254.05 -2.9643155692E-05
2-Jun-15 8236.45 251.10 -0.0233535703
3-Jun-15 8135.10 245.85 -0.0123050586
4-Jun-15 8130.65 248.00 -0.0005470123
5-Jun-15 8114.70 246.75 -0.0019617128
8-Jun-15 8044.15 243.05 -0.0086940984
9-Jun-15 8022.40 241.35 -0.0027038282
10-Jun-15 8124.45 251.25 0.0127206322
11-Jun-15 7965.35 243.75 -0.0195828641
12-Jun-15 7982.90 248.30 0.002203293
15-Jun-15 8013.90 247.80 0.0038833006
16-Jun-15 8047.30 245.60 0.0041677585
17-Jun-15 8091.55 240.80 0.0054987387
18-Jun-15 8174.60 243.25 0.0102637937
19-Jun-15 8224.95 241.25 0.0061593228
22-Jun-15 8353.10 246.65 0.0155806418
23-Jun-15 8381.55 243.80 0.0034059212
24-Jun-15 8360.85 254.10 -0.0024697103
25-Jun-15 8398.00 256.00 0.0044433281
26-Jun-15 8381.10 250.95 -0.0020123839
29-Jun-15 8318.40 247.25 -0.0074811182
30-Jun-15 8368.50 247.90 0.0060227928
1-Jul-15 8453.05 257.70 0.0101033638
2-Jul-15 8444.90 255.80 -0.000964149
3-Jul-15 8484.90 259.10 0.0047365866
6-Jul-15 8522.15 260.00 0.0043901519
7-Jul-15 8510.80 259.00 -0.0013318235
8-Jul-15 8363.05 255.70 -0.0173602952
9-Jul-15 8328.55 264.30 -0.0041252892
10-Jul-15 8360.55 268.60 0.0038422054
13-Jul-15 8459.65 269.35 0.0118532872
14-Jul-15 8454.10 273.15 -0.0006560555
15-Jul-15 8523.80 273.55 0.0082445204
16-Jul-15 8608.05 280.20 0.0098840893
17-Jul-15 8609.85 286.55 0.0002091066
20-Jul-15 8603.45 282.35 -0.0007433347
21-Jul-15 8529.45 283.65 -0.0086012007
22-Jul-15 8633.50 284.95 0.0121989108
23-Jul-15 8589.80 284.65 -0.0050616783
24-Jul-15 8521.55 280.35 -0.0079454702
27-Jul-15 8361.00 272.00 -0.0188404692
28-Jul-15 8337.00 278.90 -0.00287047
29-Jul-15 8375.05 283.60 0.0045639918
30-Jul-15 8421.80 286.90 0.0055820562
31-Jul-15 8532.85 278.35 0.0131860172
3-Aug-15 8543.05 282.95 0.0011953802
4-Aug-15 8516.90 281.80 -0.0030609677
Return on Stock Covariance 0.010810965%
- Variance 0.009627191%
-0.0630226392 BETA 1.122962
-0.0043535046
0.0115872322
0.0144802248
-0.0515551768
0.0231356694
0.0098792536
0.0041304348
0.0155877896
0.00255809
-0.0170104189
0.0056240536
0.0066681007
0.0006410256
0.0311765962
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-0.0040643223
 Bharat Heavy Electricals Limited

Key Financial Ratios

2011 2012 2013
Investment Valuation Ratios
Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs) 177.99 202.76 204.47
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios
Operating Profit Margin(%) 33.08% 30.51% 30.76%
Profit Before Interest And Tax Margin(%) 21.79% 21.89% 20.08%
Cash Profit Margin(%)
Net Profit Margin(%) 14.46% 14.20% 13.21%
Return On Capital Employed(%) 26.55% 27.22% 22.18%
Return On Net Worth(%) 45.26% 41.02% 31.63%
Return on Assets Excluding Revaluations 112.80% 112.83% 93.83%
Return on Long Term Funds(%) 42.61% 55.03% 51.48%
Liquidity And Solvency Ratios
Current Ratio 1.73 1.69 1.82
Quick Ratio 1.29 1.22 1.40
Debt Equity Ratio 1.96 1.65 1.35
Long Term Debt Equity Ratio 0.70 0.51 0.43
Debt Coverage Ratios
Interest Cover 161.79 196.36 75.69
Total Debt to Owners Fund 1.96 1.65 1.35
Financial Charges Coverage Ratio Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio 3.84 3.49 4.05
Debtors Turnover Ratio 2.07 1.79 1.64
Investments Turnover Ratio 3703.95 8013.40 8098.79
Fixed Assets Turnover Ratio 7.80 7.58 6.74
Total Assets Turnover Ratio 0.70 0.71 0.67
Asset Turnover Ratio 0.70 0.71 0.67
Profit & Loss Account Ratios
Material Cost Composition 55.53% 59.46% 58.81%
Imported Composition of Raw Materials Consumed
Selling Distribution Cost Composition 6.11% 6.83% 7.92%
Expenses as Composition of Total Sales 81.00% 80.64% 81.97%
 2014 2015 2016 2017 2018 2019 2020

168.30 129.23 127.05 128.32 129.60 130.90 132.21

25.98% 26.13% 26.13% 25.63% 25.13% 24.63% 24.63%

13.41% 7.56% 11.00% 10.39% 9.80% 9.23% 9.03%
23.77% 33.96% 35.98% 47.81% 70.73% 75.51%
8.58% 4.60% 6.77% 6.34% 5.93% 5.54% 5.37%
10.58% 4.72% 7.10% 6.49% 5.95% 5.47% 5.23%
15.72% 6.63% 9.16% 8.28% 7.51% 6.84% 6.48%
45.73% 21.17% 62.17% 62.01% 62.72% 64.42% 71.45%
21.79% 10.46% 15.57% 14.73% 13.91% 13.11% 12.84%

2.02 2.17 2.41 2.44 2.51 2.62 2.69

1.64 1.72 1.99 2.03 2.08 2.20 2.27
1.27 1.06 0.94 0.91 0.88 0.84 0.82
0.48 0.40 0.38 0.36 0.34 0.33 0.31

39.04 24.66 36.22 34.56 32.93 31.34 30.95

1.27 1.06 0.94 0.91 0.88 0.84 0.81

3.96 2.98 3.59 3.46 3.32 3.46 3.41

1.38 1.14 1.35 1.28 1.25 1.29 1.27
6573.26 5101.10 5152.11 5203.64 5255.67 5308.23 5361.31
5.07 4.40 8.77 9.34 10.11 11.12 12.72
0.52 0.43 0.45 0.44 0.43 0.42 0.41
0.52 0.43 0.45 0.44 0.43 0.42 0.41

60.54% 57.84% 57.84% 58.34% 58.84% 59.34% 59.34%

8.56% 17.74% 11.40% 11.40% 11.40% 11.40% 11.40%

90.07% 93.74% 87.40% 87.90% 88.40% 88.90% 88.90%