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Company Name: Raymond Ltd.

INDUSTRY: Textiles
Profit & Loss A/C (Income Statement) FOR THE YEAR ENDED…..

Yea
31-M
INCOME: Amount
Sales +other operating income 2,792
Less: Excise Duty
Total 2,792
Total Inc.(Incl. extraordinary income) 2,923
EXPENSES: (Rs) & % to Net Sales
Cost of Materials consumed 586
Purchases of stock-in-trade 665
Changes in inventories -71
COGS 1180
Employee benefit expenses 341
Manufacturing costs 433
Other expenses 609.1
Total Mfg. Exps & Overheads 2,564
PBDIT (Rs) & % to Net Sales 228
Depreciation charged during year 92
PBIT (Rs) & % to Net Sales 136
Interest Expense 155
Profit from Operating Activities (19)
Add:Other Income 131
Add/Less:Extraordinary Income/Expenses(Rs & % to TI)
PBT (Rs) & % to Total Income 112
Tax (Rs) & % to Total Income 39
Total Exps(Rs) & % to TI 2,849
PAT(Rs) & % to Tot. Inc. 74
Total other Comprehensive Income(net of tax) 2
Total Comprehensive Income for the year 76
TOTAL 2,923
Balance B/F 1,104
Profit avail. for appropriation 1,180
Less: Provision for Dividend 18
less: other appropriations 3
Retained Earnings (Tr. to BS ) 1,158
Per share data
No. of equity Shares in issue 61,380,854
No. of preference Shares in issue *

Earning Per Share (Rs) - Basic 12.02


Weighted Av. No. of shares used in computing EPS
-- Basic 61,380,854
denotes Income denotes Expenses
For %, Total Income = 100%
All figures (Currency) in Rs Crore
Year 1 Year 2 Growth Year 3 Growth
1-Mar-16 31-Mar-17 Y-o-Y 31-Mar-18 Y-o-Y
% Amount % '17/'16 Amount % '18/'17
2,822 3,012

2,822 1% 3,012 7%
100% 2,957 100% 1% 3,087 100% 4%

570 -3% 645 13%


695 825
-29 -236
40.39% 1237 41.83% 1233 39.95%
375 423
410 414
641.97 732
87.72% 2,663 90.07% 4% 2,802 90.78% 5%
159 209
3.14% 90 3.06% -2% 96 3.10% 6%
69 114
5.30% 144 4.88% -7% 147 4.78% 2%
(76) (34)
129 125
6 -50
47 141
1.32% 13 0.45% -66% 43 1.41% 227%
97.48% 2,911 98.45% 2% 3,089 100.06% 6%
2.52% 34 1.14% -54% 98 3.18% 190%
(7) (4)
27 102
2,945 3,187
1,158 1,163
1,185 1,265
18 8
4 2
1,163 1,256

61,380,854 61,380,854

5.51 16.0
61,380,854 61,380,854
0.5

CAGR
'18/'16

4%
3%

5%

5%
-4%
2%
-9%
-2%

12%
6%
4%
15%
Company Name: Arvind Textiles
INDUSTRY: Textile Industry
Profit & Loss A/C (Income Statement) FOR THE YEAR ENDED…..

Year 1 Year 2
31-Mar-16 31-Mar-17
INCOME: Amount % Amount %
Sales +other operating income 5,415 5,956
Less: Excise Duty (8)
Other Income 106 98
Total 5,422 5,956
Total Inc.(Incl. extraordinary income) 5,513 100.00% 6,054 100.00%
EXPENSES: (Rs) & % to Net Sales
Raw Materials 2,078 2,385
Purchase of stock- in trade 117 247
Change in inventories -52 -100
COGS 2143 39.52% 2532 41.83%
Project expenses 10 13
Employee benefit expenses 652 778
Other Expenses 1794 1911
Impairment loss 2.81
Total Mfg. Exps & Overheads 4,599 83.41% 5,236 86.50%
PBDIT (Rs) & % to Net Sales 824 719
Depreciation charged during year 147 2.66% 182 3.01%
PBIT (Rs) & % to Net Sales 677 537
Exceptional Item 7.95 0.14% 18.06 0.30%
Interest Expense 311 5.64% 234 3.87%
Profit from Operating Activities 358 285
Add:Extraordinary Income(Rs & % to TI) 106 98
PBT (Rs) & % to Total Income 464 383
Tax (Rs) & % to Total Income 130 2.36% 112 1.85%
Total Exps(Rs) & % to TI 5,179 93.94% 5,782 95.51%
PAT(Rs) & % to Tot. Inc. 334 6.06% 272 4.49%
TOTAL 5,513 100.00% 6,054 100.00%
Balance B/F 2,543 2,728
Profit avail. for appropriation 2,877 3,000
Less: Provision for Dividend 66 62
less: other appropriations 100
Retained Earnings (Tr. to BS ) 2,711 2,938
Per share data
No. of equity Shares in issue 258,243,069 258,267,891
No. of preference Shares in issue * 0 0

Earning Per Share (Rs) - Basic 12.4 10.5


denotes Income
denotes Expenses
For %, Total Income = 100%
All figures (Currency) in Rs crores 0.5
Growth Year 3 Growth
Y-o-Y 31-Mar-18 Y-o-Y CAGR
'17/'16 Amount % '18/'17 '18/'16
6,423

75
10% 6,423 8% 9%
10% 6,498 100.00% 7% 9%

15% 2,601 9% 12%


326
74
3000 46.16%
9
19% 785 1% 10%
2004
0
14% 5,797 89.21% 11% 12%
626 -13%
24% 209 3.21% 15% 19%
417 -22%
22.72 0.35%
-25% 178 2.74% -24% -24%
216
75
291 -21%
-14% 42 0.64% -63% -43%
12% 6,249 96.16% 8% 10%
-19% 250 3.84% -8% -14%
6,498 100.00%
2.0% 3,460
3,710
67

3,643

258,551,491
0

9.7
Company Name: Raymond Ltd
INDUSTRY: Textiles denotes Liabilities
Balance Sheet as on 31st MARCH ….

Year 1
LIABILITIES 31-Mar-16
Sources Of Funds Amount %
Equity Share Capital 61.38 1.76%
Preference Share Capital
Reserves & Surplus 1,158 33.19%
Networth 1,220 34.95%
Financial Liabilities 792 22.69%
Total Long Term Debt 792 22.69%
Other non-current Liabilities 19 0.56%
Total Non Current Liabilities/TOTAL LT SO 811 23.25%
Current Liabilities & Provisions
Short Term borrowings 539 15.44%
Trade Payables 322 9.23%
Other Current Liabilities 567 16.26%
Provisions 30 0.87%
Total CL & Provisions 1,458 41.80%
TOTAL LIABILITIES 3,489 100.00%
ASSETS 31-Mar-16
Use / Application of Funds Amount %
Gross Block
Less: Accum. Depreciation
= Net Block 600 17.21%
Add: Capital Work in Progress 197 5.64%
0.00%
Net Fixed Assets 797 22.85%
0.00%
plus Intangible assets
plus Investments & other non-current assets 787 22.56%
Non current Assets 1,585 45.41%
Interest accrued on investements/Other current 440 12.61%
Inventories 657 18.83%
Receivables 726 20.81%
Cash and Bank Balance 65 1.87%
Loans and Advances 16 0.46%
Total CA, Loans & Advances 1905 54.59%
TOTAL ASSETS 3,489 100.00%
denotes Assets
For %, Total Assets/Liabilities = 100%
All figures (Currency) in Rs Crore
Year 2 Growth Year 3 Growth
31-Mar-17 Y-o-Y 31-Mar-18 Y-o-Y
Amount % '17/'16 Amount % '18/'17
61.38 1.70% - 61.38 1.54% 0%

1,163 32.24% 0% 1,256 31.44% 8%


1,224 33.94% 0% 1,317 32.98% 8%
474 13.14% -40% 453 11.35% -4%
474 13.14% -40% 453 11.35% -4%
18 0.50% 18 0.46%
492 13.64% -39% 472 11.81% -4%

812 22.52% 748 18.72%


400 11.09% 541 13.55%
639 17.71% 879 22.00%
39 1.08% 38 0.94%
1,890 52.42% 2,205 55.21%
3,606 100.00% 3% 3,994 100.00% 11%
31-Mar-17 Y-o-Y 31-Mar-18 Y-o-Y
Amount % '17/'16 Amount % '18/'17

569 15.77% 0 1057 26.47% 86%


285 7.91%
0.00% 0 10 0.25%
0.00% -96%

854 23.69%
0.00% 7% 1,067 26.72%
0.00% 25%
50.0225
853 23.66% 801 20.06%
1,707 47.34% 1,918 48.03%
436 12.08% 439 10.99%
698 19.36% 6% 937 23.46% 34%
714 19.80% -2% 619 15.50% -13%
39 1.07% 67 1.68%
12 0.34% 14 0.34%
1,899 52.66% 0% 2,076 51.97% 9%

3,606 100.00% 3% 3,994 100.00% 11%


0.5

CAGR
'18/'16
0%

4%
4%
-24%
-24%

-24%

7%
CAGR
'18/'16

33%
-77%

16%

19%
-8%
1%

4%

7%
Company Name: Arvind Ltd.
INDUSTRY: Textile denotes Liabilities
Balance Sheet as on 31st MARCH …. For %, Total Assets/Liabilities = 100%
All figures (Currency) in Rs Crore
Year 1 Year 2 Growth
LIABILITIES 31-Mar-16 31-Mar-17 Y-o-Y
Sources Of Funds Amount % Amount % '17/'16
Equity Share Capital 258 3.646% 258 3.612% 0%
Preference Share Capital
Reserves & Surplus 2,756 38.9% 2,983 41.705% 8%

Networth 3,014 3,242 8%

Secured Loans 1,332 18.8% 1,085 15.169% -19%


Unsecured Loans
Long Term Provisions 15 0.2% 27 0.380%
Other financial liability - 1 0.014%
Total Long Term Debt 1,347 1,113 -17%

Deferred tax liabilities(net) 120 1.7% 68 0.955%


Government Grants - 31 0.430%
Total Non Current Liabilities/ 1,468 1,212 -17%
Current Liabilities & Provisions
Short Term borrowings 1,325 18.7% 1,750 24.467%
Other financial liability - 212 2.963%

Current maturities of long term


debt (can be removed if the same
is added to short term borrowings)
Current Liabilities 401 5.7% 58 0.816%
Provisions 79 1.1% 6 0.089%
Trade Payable 796 11.2% 668 9.334%
Government Grants - 5 0.066%
Total CL & Provisions 2,601 2,699

Total Equity & Liabilities 7,083 100% 7,154 100% 1%


ASSETS 31-Mar-16 31-Mar-17 Y-o-Y
Use / Application of Funds Amount % Amount % '17/'16

Gross Block 2797.16 39.5% 2,878 40.2% 3%


Less: Accum. Depreciation
= Net Block 2,797 2,878 3%
Add: Capital Work in Progress 74.08 1.0% 58 0.8% -21%
Net Fixed Assets 2,871 2,936 2%
plus Intangible assets 38.69 0.5% 80.36 1.1%
plus Investments 1098.76 15.5% 118 1.6%
Financial Assets 380 5.4% 1,311 18.3%
Other non-current assets 5.05 0.1% 60 0.8%
Non current Assets 4,394 4,505
Interest accrued on investements 0.0%
Inventories 1137 16.1% 1,299 18.2% 14%
Receivables 420 5.9% 490 6.9% 17%
Cash and Bank Balance 23 0.3% 13 0.2%
Loans and Advances 801 11.3% 353 4.9%
Other financial assets 0 162 2.3%
Current tax assets 0 40 0.6%
Other current assets 308 4.3% 291 4.1%
Total CA, Loans & Advances 2,689 2,648 -2%

TOTAL ASSETS 7,083 100% 7,154 100% 1%


denotes Assets
= 100%
ore 0.5
Year 3 Growth
31-Mar-18 Y-o-Y CAGR
Amount % '18/'17 '18/'16
259 3.7% 0% 0%

2,900 41.2% -3% 3%

3,158 -3% 2%

776 11.0% -28% -24%

37 0.5%
1
813 -27% -22%

92 1.3%
34 0.5%
939 -23% -20%

1661.43 23.6%
276.87 3.9%

45 0.6%
8 0.1%
949 13.5%
6 0.1%
2,946

7,044 100% -2% 0%


31-Mar-18 Y-o-Y CAGR
Amount % '18/'17 '18/'16

3,013 42.8% 5% 4%

3,013 5% 4%
33 0.5% -43% -33%
3,047 4% 3%
117.84 1.7%
43 0.6%
916 13.0%
69 1.0%
4,192

1,308 18.6% 1% 7%
737 10.5% 50% 32%
14 0.2% -22%
219 3.1%
96 1.4%
102 1.4%
376 5.3%
2,852 8% 3%

7,044 100% -2% 0%


I19: Very high level of debt (LT 46%) and ST (32%) - Opportune time for issue of equity
Company→ Raymond Ltd.
Ratios↓ Mar'16 Mar'17
Liquidity Ratios:
Current Ratio 1.31 1.00
Quick Ratio 0.86 0.64
Cash ratio 0.0448 0.0205
NWC to TA 0.13 0.00
Profitability Ratios:
Operating profit margin 4.88% 2.43%
ROA 2.11% 0.95%
ROCE 13.16% 11.16%
ROE 6.05% 3.99%
DuPoint 6.05% 2.76%
PAT/PBT 65.62% 71.83%
PBT/Profit from operations -605.13% -62.17%
Profit from operations/PBIT -13.64% -110.34%
PBIT/Sales 4.88% 2.43%
Sales/Av. Total Assets 80.02% 79.55%
Av. Total Assets/NW 286.09% 289.83%
Solvency Ratios:
Debt Equity Ratio 0.65 0.39
Debt Ratio 0.23 0.13
Times Interest Earned 2.07 1.86
NWC to CA 0.23 0.00
Efficiency Ratios:
Capital Turnover Multiple 1.37 1.64
Working Capital turnover Multiple 6.26 325.90
Inventory Turnover Multiple 1.80 1.83
Days Sales in Inventory (DSI) 203.11 206.08
Receivables Turnover Multiple 3.84 3.92
Days sales in Receivables outstanding(DSO) 94.94 92.34
Payables Turnover Multiple 3.67 3.43
Days Sales in Payables outstanding(DPO) 99.59 118.07
Cash Conversion Cycle 198.47 180.35
Valuation Ratios:
EPS 12.03 5.51
PE Multiple 35.42 114.93
Book Value per Share 198.69 199.42
Dividend Payout Ratio 24.96% 54.44%
Assumptions
1. As there was no clear mention of Prepaid expenses in Raymond's Balance-sheet, so onl
2. Investmensts include all types of short-term investments, thus it has not been consider
3. The closing values of FY2016 have been considered instead of averages while calculati
4. Since no preference shares have been issued, thus no preferential dividend has been a
5. Only long-term debt has been considered to calculate solvency ratios.
6. While calculating PE Multiple, The Market price of Raymond Ltd. has been taken as
7. While calculating PE Multiple, The Market price of Arvind Ltd. has been taken as ₹332.6
mond Ltd. Arvind Ltd. Industry
Mar'18 Mar'16 Mar'17 Mar'18 Mar'16 Mar'17
Liquidity Ratios:
0.94 1.03 0.98 0.97 1.03 0.96
0.52 0.59 0.49 0.52 0.52 0.51
0.0304 0.0090 0.0049 0.0049 0.0088 0.056
-0.03 0.01 -0.01 -0.01 0.026 0.004
Profitability Ratios:
3.77% 12.50% 6.43% 6.49% 3.17% 3.49%
2.58% 4.87% 3.81% 3.52% -0.80% 0.10%
16.15% 15.11% 12.07% 10.18% 4.85% 5.17%
7.72% 11.09% 8.36% 7.91% -0.32% 0.35%
7.45% 11.09% 8.36% 7.91%
69.32% 71.98% 70.81% 85.73%
-418.70% 129.68% 134.18% 134.65%
-29.72% 52.90% 53.10% 51.87%
3.77% 12.49% 9.02% 6.49%
79.25% 78.95% 83.67% 90.49%
288.52% 227.84% 219.58% 224.77%
Solvency Ratios:
0.34 0.45 0.34 0.26 2.05 2.03
0.11 0.19 0.16 0.12 0.259 0.257
2.31 2.55 2.94 3.58 1.63 1.44
-0.06 0.03 -0.02 -0.03 0.057 0.0080
Efficiency Ratios:
1.68 1.21 1.34 1.57 1.53 1.48
-23.25 61.41 -116.64 -68.20 33.17 230.6
1.51 1.97 2.08 2.30
277.28 193.71 187.27 159.12
4.52 6.14 13.09 5.24 5.40 5.06
75.02 28.29 30.03 41.86 67.63 72.18
2.62 2.83 3.46 3.71
160.14 135.55 96.24 115.46
192.16 86.45 121.05 85.51
Valuation Ratios:
15.97 12.35 10.49 9.67 3.7 3.628
56.23 26.20 32.80 39.71
214.57 116.71 125.53 122.14
7.82% 19% 23% 25%

nd's Balance-sheet, so only Inventories have been deducted while calculating Quick Ratio.
us it has not been considered while calculating Cash Ratio.
of averages while calculating ratios for Raymond Ltd. For rest of the years, Averages have been co
ential dividend has been announced in any of the financial years.
cy ratios.
Ltd. has been taken as ₹426.10, ₹633.33 and ₹898.38 for the year ending 2016, 2017 & 2018 respectvely.
d. has been taken as ₹332.6, ₹344.05 and ₹384 for the year ending 2016, 2017 & 2018 respectvely.
ndustry
Mar'18

1.14
0.65
0.28
0.059

-7.41%
2.62%
-5.30%
6.70%

1.99
0.118
2.35
0.203

0.72
9.2

6.67
54.8

4.21
30.52

1.2

lating Quick Ratio.

rs, Averages have been considered.


17 & 2018 respectvely.
18 respectvely.