BALANCE SHEET

Owner's fund
Equity share capital 61.98 50.73 50.69 36.66 32.05
Share application money - - - 13.49 16.72
Preference share capital - 156.87 156.87 347.76 -
Reserves & surplus 3,992.22 2,999.41 2,886.14 959.39 951.15

Loan funds
Secured loans 3,613.87 4,062.56 3,559.57 150.29 -
Unsecured loans 3,332.00 2,308.00 7,338.00 730.10 1,024.29
Total 11,000.07 9,577.57 13,991.26 2,237.69 2,024.20

Uses of funds
Fixed assets
Gross block 62.87 55.55 52.41 18.30 16.32
Less : revaluation reserve - - - - -
Less : accumulated depreciation 22.88 15.70 9.31 1.56 0.32
Net block 39.99 39.86 43.10 16.74 16.01
Capital work-in-progress 0.29 1.04 1.81 2.05 -
Investments 1,002.21 1,373.75 310.61 732.25 634.99

Net current assets

Current assets, loans & advances
Less : current liabilities & provisions
Total net current assets
Miscellaneous expenses not written
Total
11,046.43 8,585.50 14,856.97 1,608.20 1,431.46
1,088.85 422.58 1,221.24 121.55 58.26
9,957.59 8,162.92 13,635.73 1,486.65 1,373.21
- - - - -
11,000.07 9,577.57 13,991.26 2,237.69 2,024.20

Notes:
Book value of unquoted investments 1,002.21 1,373.75 310.61 732.25 634.99
Market value of quoted investments - - - - -
Contingent liabilities 0.10 584.60 543.34 677.46 361.01
Number of equity sharesoutstanding
3098.95 2536.30 2534.27 1832.75 1602.25
(Lacs)
Profit loss account
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Income
Operating income 1,420.81 1,780.90 1,325.66 352.18 211.46

Expenses
Material consumed - - - - -
Manufacturing expenses  3.87 3.86 7.25 - -
Personnel expenses 109.50 138.36 208.02 22.00 12.01
Selling expenses 9.33 7.46 5.49 0.72 0.84
Adminstrative expenses 370.29 422.40 149.64 34.42 24.95
Expenses capitalised - - - - -
Cost of sales 492.99 572.08 370.40 57.14 37.80
Operating profit 927.82 1,208.81 955.26 295.04 173.66
Other recurring income 0.40 0.77 0.06 0.47 0.09
Adjusted PBDIT 928.23 1,209.58 955.32 295.51 173.75
Financial expenses 533.88 951.89 384.53 64.41 64.43
Depreciation  7.37 6.81 6.05 1.25 0.30
Other write offs - - - - -
Adjusted PBT 386.97 250.88 564.74 229.85 109.03
Tax charges  130.43 53.67 184.85 77.83 34.79
Adjusted PAT 256.54 197.21 379.89 152.02 74.24
Non recurring items -0.92 -5.83 0.04 1.09 0.02
Other non cash adjustments -4.63 -1.21 2.04 - -
Reported net profit 251.00 190.17 381.97 153.10 74.26
Earnigs before appropriation 387.64 271.39 461.77 153.26 93.55
Equity dividend 154.95 50.73 218.21 55.41 29.06
Preference dividend 7.82 15.69 9.11 11.53 -
Dividend tax 27.06 11.29 38.63 10.09 4.08
Retained earnings 197.80 193.69 195.82 76.23 60.41
Cash flow
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Profit before tax 394.25 246.90 566.86 230.94 109.05
Net cashflow-operating activity -2,914.37 830.27 -4,471.37 -2,102.21 408.29
Net cash used in investing activity 509.41 -360.44 -14.95 -313.01 -545.82
Netcash used in fin. activity 1,334.73 -4,449.33 10,797.13 2,711.88 202.41
Net inc/dec in cash and equivlnt -1,070.24 -3,979.50 6,310.81 296.65 64.88
Cash and equivalnt begin of year 1,359.67 6,940.09 629.28 68.08 3.20
Cash and equivalnt end of year 289.43 2,960.60 6,940.09 364.73 68.08

Dividend
Year Month Dividend (%)
2010 Oct 250
2010 Apr 250
2009 Jun 100
2008 Apr 425
2007 Apr 50
2007 Jan 100
2006 Apr 15
2006 Jan 25
2005 Oct 50

Share holding
Share holding pattern as on : 30/09/2010 30/06/2010 31/03/2010
Face value 2.00 2.00 2.00
 No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
Promoter's holding
Indian Promoters 100555118 32.40 100555118 32.41 85612251 27.63
Sub total 100555118 32.40 100555118 32.41 85612251 27.63
Non promoter's holding
Institutional investors
Banks Fin. Inst. and
127970 0.04 137080 0.04 183050 0.06
Insurance
FII's 115221988 37.13 111414858 35.91 125159353 40.39
Sub total 127270543 41.01 122774601 39.57 134995941 43.56
Other investors
Private Corporate
17013806 5.48 14647219 4.72 14930399 4.82
Bodies
NRI's/OCB's/Foreign
27738836 8.94 31060538 10.01 31349365 10.12
Others
Others 8253778 2.66 13121719 4.23 13878048 4.48
Sub total 53006420 17.08 58829476 18.96 60157812 19.41
General public 29509547 9.51 28096647 9.06 29128517 9.40
Grand total 310341628 100.00 310255842 100.00 309894521 100.00

Capital structure
Paid Up
From To Class Of Authorized Issued Paid Up Paid Up
Face
Year Year Share Capital Capital Shares (Nos) Capital
Value
Equity
2009 2010 400.00 61.98 309894521 2 61.98
Share
Equity
2008 2009 400.00 50.73 253629769 2 50.73
Share
Equity
2007 2008 400.00 50.69 253426989 2 50.69
Share
Equity
2006 2007 100.00 36.66 183275378 2 36.66
Share
Equity
2005 2006 50.00 32.05 160225378 2 32.05
Share
Equity
2004 2005 50.00 26.65 133239074 2 26.65
Share
Equity
2003 2004 25.00 16.31 81562555 2 16.31
Share
Ratios
  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Per share ratios

Adjusted EPS (Rs) 8.03 7.16 14.63 7.67 4.63
Adjusted cash EPS (Rs) 8.26 7.43 14.87 7.73 4.65
Reported EPS (Rs) 8.27 6.88 14.71 7.72 4.63
Reported cash EPS (Rs) 8.51 7.15 14.95 7.79 4.65
Dividend per share 5.00 2.00 8.50 3.00 1.80
Operating profit per share (Rs) 29.94 47.66 37.69 16.10 10.84
Book value (excl rev res) per share (Rs) 130.83 120.26 115.88 54.35 61.36
Book value (incl rev res) per share (Rs.) 130.83 120.26 115.88 54.35 61.36
Net operating income per share (Rs) 45.85 70.22 52.31 19.22 13.20
Free reserves per share (Rs) 121.10 110.91 108.03 49.58 58.06

Profitability ratios
Operating margin (%) 65.30 67.87 72.05 83.77 82.12
Gross profit margin (%) 64.78 67.49 71.60 83.42 81.98
Net profit margin (%) 18.58 10.67 28.81 43.41 35.10
Adjusted cash margin (%) 18.56 11.45 29.11 43.46 35.23
Adjusted return on net worth (%) 6.13 5.95 12.62 14.10 7.55
Reported return on net worth (%) 6.32 5.72 12.69 14.21 7.55
Return on long term funds (%) 13.00 18.17 13.12 19.30 17.64

Leverage ratios
Long term debt / Equity 0.74 1.17 1.46 0.53 -
Total debt/equity 1.71 2.14 3.76 1.23 1.04
Owners fund as % of total source 36.85 31.84 20.99 44.78 48.97
Fixed assets turnover ratio 29.92 40.23 29.97 19.59 12.96

Liquidity ratios
Current ratio 10.15 20.32 12.17 13.23 24.57
Current ratio (inc. st loans) 1.97 2.07 1.73 1.66 1.32
Quick ratio 10.11 20.20 12.13 13.18 24.54
Inventory turnover ratio - - - - -

Payout ratios
Dividend payout ratio (net profit) 71.00 35.54 68.88 46.27 44.61
Dividend payout ratio (cash profit) 69.01 34.20 67.78 45.86 44.43
Earning retention ratio 26.83 65.84 30.73 53.38 55.37
   Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Cash earnings retention ratio 28.93 67.08 31.85 53.79 55.55

Coverage ratios
Adjusted cash flow time total debt 26.32 31.23 28.24 5.74 13.74
Financial charges coverage ratio 1.74 1.27 2.48 4.59 2.70
Fin. charges cov.ratio (post tax) 1.51 1.21 2.01 3.40 2.16

Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component 0.65 0.41 0.41 0.20 0.39
Exports as percent of total sales - - - - -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.08 0.14 0.02 0.31 0.31
Bonus component in equity capital (%) 24.82 30.33 30.35 41.97 48.01