Educomp Solutions Ltd.

Company Analysis
Fundamental Analysis Technical analysis

Vision
To solve critical education problems by applying innovative solutions focused on Quality of Education and Access to Education

Mission
To reach out to 20 million learners through our products, services and solutions, as well as to be amongst the top 5 education companies worldwide, by the year 2012 Educomp Group reaches out to over 26,000 Schools and over 15 million learners and educators across the world.

Overview of ICT Solution

Educomp participates in government initiatives in a Public Private Partnership model to IT enable 1,000,000 government schools in India Educomp sets up Computer Labs in Govt. Schools and provides: Multimedia Content in regional languages Testing and certification in computer education Full time assistants as well as teacher training Monitoring and Supervision

Overview of Professional Development programs

Educomp conducts interactive workshops for teachers on Brain-based Instruction, Art of Questioning, Effective Strategies, and Assessment Toolkit & Group Learning Partnerships with Microsoft, Michael & Susan Dell Foundation, etc. for education initiatives Ongoing partnerships with 15 state governments in India 200+ member team of trainers

Pre-Schools Indias largest Pre-School company

First structured and process driven IP in the fragmented space for early childhood education (2 to 4 years) 224 pre-schools franchisee sign-ups till date catering to over 5000 kids Created pioneering IP of over 100,000 pages Roots-to-Wings has been awarded 'Emerging Franchisor of the Year 2008' for excellence in Franchising and Business Development, by Franchise India Holdings Ltd.

Eurokids: Indias leading chain of Pre-Schools 506 pre-schools franchisee sign-ups in the country catering to over 27,000 kids enrolled from age 2-4 28 owned pre-schools 14 Euroschools (K12 schools), operational on Franchise Basis Recipient of Best Franchisor Award, 2008 at Franchise India 2008

Creating core K2 Schools capacity

Financials
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07

12 mths Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 505.10 537.68 68.72 468.96 41.11 0.00 427.85 8.49 436.34 47.44 388.87 515.56 0.00 5.76 0.00 955.44 40.70 30.00 168.16

12 mths 470.03 501.36 37.88 463.48 90.74 0.00 372.74 -0.92 371.82 149.96 221.87 362.18 0.00 26.20 4.39 950.15 23.35 137.50 127.28

12 mths 275.12 291.48 14.16 277.32 75.22 0.04 202.06 -4.61 197.45 65.86 131.59 226.05 0.00 4.33 0.74 172.86 76.12 25.00 221.61

12 mths 126.33 141.13 5.82 135.31 32.30 0.02 102.99 0.00 102.99 32.94 70.06 135.76 0.00 4.32 0.73 172.47 40.62 25.00 161.51

12 mths 51.29 56.36 1.99 54.37 9.39 0.02 44.96 -0.74 44.22 15.64 28.65 55.28 0.00 3.31 0.56 159.85 17.92 20.00 71.75

FINANCIAL PERFORMANCE
The financial performance of Educomp Solutions Limited (Educomp) as per Indian GAAP isdiscUS$ed in two parts: (i) Educomp (Standalone) which excludes the performance of subsidiaries of Educomp. (ii) Educomp (Consolidated) which includes performance of subsidiaries of Educomp. TheConsolidated Financial Statements bring out comprehensively the performance of the Educompgroup and are more relevant for understanding the overall performance of the group. Overview of the Financial performance summary (Standalone) The total revenues of Educomp aggregated Rs. 8,727.12 million in FY10 as compared to Rs5,175.30 million in FY09, registering a growth of 68.63%. In fiscal 2010, the Company's profit before taxes aggregated Rs. 3,746.21 million (Rs2,018.62 million in fiscal 2009). In fiscal 2010, the Company's profit after taxes and prior period aggregated Rs2,218.66 million as against Rs. 1,315.88 million in fiscal 2009, up by 68.61%. In fiscal 2010, the Company's earnings per share (basic) was Rs. 23.99 (Rs 15.23 infiscal 2009). Overview of the Financial performance summary (consolidated) In fiscal 2010, the total consolidated revenues of Educomp Solutions Limited aggregatedRs 11,650.15 million as compared to Rs. 6,598.00 million in fiscal 2009, registering agrowth of 76.57%. The consolidated profit before taxes aggregated Rs. 4,421.03 million in fiscal 2010 (Rs2,186.75 million in fiscal 2009). In fiscal 2010, the Company's consolidated profit after taxes, prior period andminority interest aggregated Rs. 2,758.64 million (Rs 1,328.94 million in fiscal 2009). In fiscal 2010, the Company's consolidated earnings per share (basic) were Rs. 29.83 (Rs15.38 in fiscal 2009)

Competition
Name Last Price Market Cap. (Rs. cr.) 3,121.10 2,543.47 793.28 725.94 655.76 614.77 522.05 491.32 222.97 8.22 7.12 Sales Turnover 14.26 1,020.66 648.01 210.65 94.22 78.62 43.90 107.42 4.93 6.55 Net Profit Total Assets CORE Education Educomp Sol NIIT Everonn Edu Tree House Edu Aptech Career Point Zee Learn Edserv Softsyst Prithvi Softech Software Tech 279.65 264.90 48.05 378.10 194.50 126.00 287.90 18.70 93.95 14.95 4.80 123.70 388.87 49.74 43.40 7.88 27.37 1.85 41.74 1.23 0.26 1,765.63 2,297.00 666.05 742.23 169.27 265.39 273.18 119.13 165.39 11.97 26.40

Key Financial Ratios of Educomp Solutions

Mar '11 Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Mar '10 Mar '09 Mar '08 Mar '07

2.00 0.60 52.87 106.83

2.00 2.75 49.47 87.59

10.00 2.50 159.15 289.92

10.00 2.50 73.25 151.97

10.00 2.00 32.09 66.67

49.48 44.24 45.45

56.47 44.49 45.57

54.89 39.26 39.88

48.20 34.24 35.87

48.12 37.36 49.51

3.23 3.64 0.42 0.40

2.79 3.68 0.49 0.44

1.84 2.29 1.36 1.28

3.70 5.39 1.32 1.25

3.18 4.40 1.09 1.02

9.10 0.42

10.78 0.49

17.81 1.36

25.42 1.32

35.71 1.09

28.24 2.02

28.58 2.17

17.38 2.63

185.88 3.20

34.47 2.86

mpeneral Information Name Sector Current Price Price Change Previous Close Average Volume Nse Code Bse Code Part of Index BSE Part of Index NSE Futures and options Educomp Solutions Ltd. COMPUTERS - SOFTWARE 264.9 -7.85 / -2.88% 272.75 1778010.0 EDUCOMP 532696 BSE 100 Nifty Junior Yes More F&O Shares

Pivot Point - Support Resistance Pivot Point - 267.43 Support Support1 Support2 Support3 Price 259.467 254.033 246.067 Resistance Resistance1 Resistance2 Resistance3 Price 272.867 280.833 286.267

Intra Day support & resistance Only Valid for 04/11/2011

Performance of Educomp Solutions Ltd. in terms of appreciation

Period

One Week

Two Week

One Month

Three Month

Six Month

One Year

Period Old Price

256.65

252.05

246.05

325.15

437.25

548.9

Price Gain

8.25

12.85

18.85

-60.25

172.35

284.00

Gain in %

3.21

5.10

7.66

-18.53

-39.42

-51.74

Candlestick Chart of Educomp Solutions Ltd.

GVK POWER & INFRASTRUCTURE LTD

ENERGY
901 MW OPERATIONAL ASSETS 870 MW ASSETS UNDER CONSTRUCTION 2,660 MW ASSETS UNDER DEVELOPMENT

GVK Industries Ltd (Phase 1 & 2)

HIGHLIGHTS
Phase 1:

PLF for Q3 FY 2011 80% as compared to 90% in Q3 FY 2010 373 Mn units sold in Q3 FY 2011 as compared to 432 Mn units in Q3 FY 2010 Phase 2: PLF for Q3 FY 2011 80% as against 97% in Q3 FY2010 379 Mn units sold in Q3 FY 2011 as compared to 458 Mn units in Q3 FY 2010

Gautami Power Ltd

HIGHLIGHTS

PLF for Q3 FY 2011 79% as compared to 81% in Q3 FY 2010

780 Mn units sold in Q3 FY 2011 as compared to 807 Mn units in Q3 FY 2010

Alaknanda Hydro Power Ltd

HIGHLIGHTS
12% of output to be given free to Uttarakhand State Project being evaluated for carbon credits 99% of excavation in forebay area completed & 99% of concreting completed Excavation on right & left flanks of dam completed 99% of excavation in desilting basin completed 48% of concreting in power channel area completed Lining of tunnel has commenced in forebay

GVK Power Goindwal Sahib Ltd

HIGHLIGHTS
1,075 acres of land acquired at a cost of ` 1,677.5 Mn Compound wall construction, site grading work and approach roads work completed Work in progress at Boiler area, ESP area, Power House Building, TG Foundation and Coal Handling Area BTG contract awarded to BHEL and BOP contract awarded to Punj Lloyd Coal to be sourced from captive mines (Tokisud & Seregarha) in Jharkhand Coal Transportation Agreement signed with Indian Railways

AIRPORTS
OPERATING, MANAGING & DEVELOPING TWO OF INDIAS LARGEST AIRPORTS MUMBAI & BENGALURU

Mumbai International Airport Ltd

Bangalore International Airport Ltd

TRANSPORTATION
DEVELOPED & MANAGING INDIAS FIRST SUCCESSFUL 6 LANE ROAD PROJECT JAIPUR KISHANGARH EXPRESSWAY AWARDED A 4 LANE BOT DEOLI KOTA EXPRESSWAY

Jaipur-Kishangarh Expressway Ltd

HIGHLIGHTS
Increase in Toll Revenue due to: 10% increase in toll rates from 1st July 2010 Increase in PAT due to: Major Maintenance Expenditure 1st Periodic overlay 37.5 Mil during previous year Lower Tax Expense

Deoli-Kota Expressway Ltd

HIGHLIGHTS
Project consists of 4-laning the current 2 lane road Project is on NH-12 (Jaipur to Jabalpur) in the state of Rajasthan Current daily traffic is estimated to be approximately 22,000 PCUs Freight traffic currently accounts for 80% of traffic

Attribute PE ratio EPS (Rs) Sales (Rs crore) Face Value (Rs) Net profit margin (%) Last bonus Last dividend (%) Return on average equity

Value Date 32.29 01/11/11 6.45 Mar, 11 6,085.22 Sep, 11 1 22.91 Mar, 11 1:1 18/06/10 445 20/05/11 31.36 Mar, 11

Financials
Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

Mar '11

Mar '10

Mar '09

Mar '08

12 mths 7.55 88.34 14.95 73.39 0.08 0.00 73.31 -0.23 73.08 4.79 68.29 35.22 0.00 0.00 0.00 15,792.10 0.43 0.00 16.05

12 mths 19.33 32.89 1.50 31.39 0.04 0.00 31.35 -1.23 30.12 8.43 21.69 27.35 0.00 0.00 0.00 15,792.10 0.14 0.00 15.61

12 mths 10.13 26.47 0.23 26.24 0.03 0.00 26.21 -0.78 25.43 4.42 21.00 17.77 0.00 0.00 0.00 14,058.49 0.15 0.00 12.37

12 mths 13.79 105.70 6.49 99.21 0.01 0.00 99.20 0.44 99.64 8.79 90.41 13.17 0.00 0.00 0.00 14,058.49 0.64 0.00 12.22

Key Financial Ratios of GVK Power & Infrastructure

Mar '11 Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Cash Profit Margin(%) Mar '10 Mar '09 Mar '08 Mar '07

17.65 16.89 17.46 -24.34

41.40 32.01 41.31 38.11

-----

51.15 11.59 51.11 76.06

36.17 9.40 39.22 34.65

Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio

246.83 246.74 0.04 0.04

268.52 268.38 0.04 0.04

223.04 222.90 ---

266.99 266.75 ---

0.26 2.96 1.00 --

0.62 0.04

38.00 0.04

---

16.28 --

1.89 1.00

-15.72

-9.23

-4.70

-7.73

-9.00

Competition
Name Last Price Market Cap. (Rs. cr.) 146,851.72 48,195.44 30,136.82 27,756.73 25,012.18 18,682.90 13,639.78 Sales Turnover 54,874.00 8,388.70 4,225.25 36.38 6,599.36 2,106.43 3,949.08 Net Profit Total Assets NTPC Power Grid Corp NHPC Reliance Power Tata Power Adani Power Neyveli Lignite 178.10 104.10 24.50 98.95 105.40 85.70 81.30 9,102.59 2,696.89 2,166.67 274.55 970.01 523.75 1,298.33 111,572.36 62,092.11 39,153.15 17,450.62 18,229.27 23,668.77 15,178.57

Reliance Infra Torrent Power Jaiprakash Pow SJVN JSW Energy KSK Energy Vent CESC IndiaBPower GVK Power BF Utilities Guj Ind Power DPSC Orient Green Entegra Energy Dev Indowind Energy Bil Energy

465.65 230.75 36.25 22.20 51.40 101.35 275.45 11.05 13.40 489.35 79.85 1,913.85 13.80 16.45 40.60 8.65 60.15

12,277.81 10,901.74 9,514.74 9,183.31 8,429.88 3,776.61 3,470.67 2,235.46 2,116.14 1,843.27 1,207.74 810.30 645.95 229.87 111.65 77.63 63.58

9,195.41 6,834.56 840.74 1,812.67 3,861.93 159.68 3,940.00 0.75 41.48 17.46 1,089.46 2.24 0.91 47.02 45.31 -

1,080.91 1,065.72 165.14 912.13 885.61 33.50 488.00 9.66 68.29 -3.45 162.95 5.21 -41.93 6.92 4.70 -

21,636.80 7,846.63 17,551.83 8,959.44 11,494.45 3,559.82 8,585.82 4,829.01 2,635.13 161.16 2,478.61 1,310.30 980.15 193.15 306.33 107.02

General Information Name Sector Current Price Price Change Previous Close Average Volume Nse Code Bse Code Part of Index BSE Part of Index NSE Futures and options GVK Power & Infrastructures Ltd. POWER 13.4 0.10 / 0.75% 13.3 8998750.0 GVKPIL 532708 BSE Midcap Nifty Midcap 50 Yes More F&O Shares

Pivot Point - Support Resistance Pivot Point - 13.40 Support Support1 Support2 Support3 Price 13.15 12.9 12.65 Resistance Resistance1 Resistance2 Resistance3 Price 13.65 13.9 14.15

Intra Day support & resistance Only Valid for 04/11/2011

Performance of GVK Power & Infrastructures Ltd. in terms of appreciation Period Period Old Price Price Gain Gain in % One Week 13.95 -0.55 -3.94 Two Week 14.3 -0.90 -6.29 One Month 15.5 -2.10 -13.55 Three Month 17.45 -4.05 -23.21 Six Month 22.85 -9.45 -41.36 One Year 43.7 -30.30 -69.34

Candlestick Chart of GVK Power & Infrastructures Ltd.

ITC
FAST MOVING CONSUMER GOODS

India is expected to be the third largest economy by 2050. Studies indicate a near tripling of household disposable incomes and a burgeoning middle-class which will comprise over 40% of Indias population. These trends augur well for the nation and could provide enormous opportunities for private enterprise and sustaining the growth trajectory. Latest research findings published in the Global Adult Tobacco Survey (GATS) show that cigarettes are the least popular form of tobacco consumption in India - only 5.7% of all adults smoke cigarettes while almost 35% adults consume tobacco. Per capita consumption of cigarettes in India is among the lowest in the world while tax per 1000 cigarettes as a percentage of per capita GDP is one of the highest.

Unique business models like the ITC e-Choupal can supplement the efforts of the government in creating societal value and enhancing societal capital. It is an essential prerequisite of rural development that markets are co-created with local communities and in a constructive public-private-people partnership.

Net Turnover at ` 21167.58 crores grew by 16.6% primarily driven by a 23.1% growth in the non-cigarette FMCG businesses, 22.9% growth in Agri business and 17.6% growth in the Hotels segment.

Branded Packaged Foods

Your Companys Branded Packaged Foods business continued to expand rapidly with sales recording an impressive growth of 25% over the previous year. The Personal Care Product business continues to receive accolades for its product innovation initiatives. Last year the Fiama Di Wills gel bathing bar was voted the Product of the Year in the soap category and this year three of its products, namely Fiama Di Wills Aqua Pulse shower gel, Vivel Active Fair skin cream and Vivel Deo Spirit soap, have been voted Product of the Year.

Education & Stationery Products

The Education & Stationery Products business recorded an impressive sales growth powered by brand Classmate which continued to consolidate its leadership position in student notebooks.

Lifestyle Retailing
During the year, ITCs Lifestyle Retailing business received several industry recognitions, including Retailer of the year Fashion & Lifestyle and Best Retail Marketing Campaign of the Year at the Asia Retail Congress 2011 and Winner Customer & Brand Loyalty at the Loyalty Awards 2011.

Paperboards & Specialty Papers

The continued growth of the Indian economy coupled with favourable demographics, demand expansion in rural markets, rising demand for branded and packaged products supported by growth in organised retail and differentiated packaging, are expected to augur well for the paperboard industry.

Cigarette Leaf Tobacco

Your Company with its unmatched R&D capability, state-of-the-art facilities, unique crop development and extension expertise, deep understanding of customer and farmer needs, is well poised to leverage emerging opportunities for Indian leaf tobacco.

Shareholding Pattern as on 31st March, 2011

ITC Share Price vis--vis S&P CNX Nifty

ITC Share Price & Volume traded on NSE

Financial Highlights

Financials
Mar '11 Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths Mar '07 12 mths 12 mths

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition

7,199.0 3 7,974.7 9 78.11 7,896.6 8 655.99 0.00 7,240.6 9 35.21 7,275.9 0 2,287.6 9 4,987.6 1 5,629.0

6,132.3 2 6,677.3 7 90.28 6,587.0 9 608.71 0.00 5,978.3 8 48.65 6,027.0 3 1,965.4 3 4,061.0 0 4,846.9

4,922.0 2 5,348.2 3 47.65 5,300.5 8 549.41 0.00 4,751.1 7 81.52 4,832.6 9 1,565.1 3 3,263.5 9 3,829.1

4,449.1 5 4,965.6 5 24.61 4,941.0 4 438.46 0.00 4,502.5 8 117.41 4,619.9 9 1,480.9 7 3,120.1 0 3,307.7

4,022.9 1 4,299.1 3 16.04 4,283.0 9 362.92 0.00 3,920.1 7 61.94 3,982.1 1 1,263.0 7 2,699.9 7 2,806.4

9 Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 77,381. 44 6.45 445.00 20.55 0.00 3,443.4 7 558.62

0 0.00 3,818.1 8 634.15

3 0.00 1,396.5 3 237.34

2 0.00 1,319.0 1 224.17

0 0.00 1,166.2 9 198.21

38,181. 77 10.64 1,000.0 0 36.69

37,744. 00 8.65 370.00 36.24

37,686. 10 8.28 350.00 31.85

37,622. 23 7.18 310.00 27.59

Key Financial Ratios of ITC

Mar '11 Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) 34.08 30.05 30.97 33.02 28.97 29.74 32.84 28.37 29.17 31.57 27.50 28.44 32.51 28.86 34.05 Mar '10 Mar '09 Mar '08 Mar '07

Cash Profit Margin(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio

25.17

23.98

24.22

23.45

24.28

1.08 0.50 0.01 0.01

0.92 0.39 0.01 0.01

1.42 0.61 0.01 0.01

1.36 0.56 0.02 0.01

1.33 0.58 0.02 0.01

123.30 0.01

82.46 0.01

168.97 0.01

258.92 0.02

456.67 0.02

6.05 23.91 6.05

6.04 24.31 6.04

5.26 21.32 5.26

5.51 20.43 5.51

3.76 20.79 6.05

Earnings Per Share Book Value

6.45 20.55

10.64 36.69

8.65 36.24

8.28 31.85

7.18 27.59

Competition
Name Last Price Market Cap.
(Rs. cr.)

Sales Turnover 21,167.58

Net Profit

Total Assets

ITC

210.20

163,488.61

4,987.61

16,052.47

Godfrey Phillip VST Kothari Product Golden Tobacco

3,449.85 1,250.05 488.35 57.00

3,587.42 1,930.32 323.87 100.37

1,631.95 584.57 1,350.92 93.57

166.03 95.01 61.61 -33.88

1,015.77 264.44 686.26 152.53

General Information Name Sector Current Price Price Change Previous Close Average Volume Nse Code Bse Code Part of Index BSE Part of Index NSE Futures and options I T C Ltd. CIGARETTES 210.2 0.85 / 0.41% 209.35 7747800.0 ITC 500875 BSE 30 Nifty 50 Yes More F&O Shares

Pivot Point - Support Resistance Pivot Point - 209.67 Support Support1 Support2 Support3 Price 208.533 206.867 205.733 Resistance Resistance1 Resistance2 Resistance3 Price 211.333 212.467 214.133

Performance of I T C Ltd. in terms of appreciation Period Period Old Price Price Gain Gain in % One Week 211.05 -0.85 -0.40 Two Week 205.05 5.15 2.51 One Month 194.35 15.85 8.16 Three Month 206.85 3.35 1.62 Six Month 186.85 23.35 12.50 One Year 175.55 34.65 19.74

Candlestick Chart of ITC Ltd.

Cipla

Performance Review
During the year under review, the Companys total income from operations increased by 12 per cent. Domestic turnover rose by 12 per cent while export income went up by 16 per cent. Profi t after tax for the year was `960 crorecompared to `1081 crore last year, excluding the one-time sale of the I-pill brand last year. This year, there was a dip in operating margins of about 3 per cent, as a percentage of total revenue. This was mainly due to lower technical fees (`60 crore compared to `150 crore last year), as the development stage of several projects reached completion and the products have either been commercially launched or will be launched by the Companys partners. Another major reason for the decline is that the Indore SEZ factory is in its fi rst year of operations and is still to reach its optimum capacity levels. Besides, the Rupee has appreciated compared to the US dollar which has in turn reduced earnings by about 4 per cent.

Opportunities

Domestic Markets
According to ORG IMS, Cipla is one of the largest pharmaceutical companies in India. New technology and new products, including dosage forms, which are being introduced every year, off er significant growth opportunities for the Company. Cipla is increasing its focus in various segments to meet the growing market needs in the future. The Company is giving a renewed focus to two therapeutic segments namely, oncology and neuropsychiatry. The Companys venture on biotechnology products is making signifi cant progress and the regulatory process is underway.

International Markets
Ciplas international business continues to be a major revenue driver for the Company. During the year under review, almost 55 per cent of the total income originated from international markets. As a result, Cipla contributed signifi cant net foreign exchange earnings to the tune of USD 420 million. The Company is in the process of consolidating and rationalising its international business and strategies are being reviewed to optimize value for its technology and product range. The Company continues to forge partnerships and alliances with large generic pharmaceutical companies for product development and supply in developed markets. Cipla continues its humanitarian mission of making affordable medicines available to the entire world. It is today the largest single supplier of HIV and anti-malarial drugs in the world in terms of volume.

Threats, Risks, Concerns

Patents
The Company is currently involved in a number of patent litigations at the pre grant, post grant, appellate board and at the level of the judicial courts. As anticipated, the number of patent litigations has gone up dramatically post Patents Amendment Act, 2005 and more so because companies are fi ling frivolous patent applications and multiple applications with almost identical claims. The Appellate Board is saddled with a huge backlog of pending cases. Cipla, so far, has been successful in challenging a number of patent applications at diff erent stages in the grant process. The government is yet to decide conclusively on the issues of Data Exclusivity and Data Protection which are both Trips Plus measures. The European Union government is pushing for Trips Plus provisions and dilution of the Patents Act through bilateral agreements. There is a lot of uncertainty with regard to the governments position on these two vital issues. Taking advantage of the new patents regime, the Company is witnessing an increase in the number of patented products being launched in India by multinational companies. A number of these products have been launched at exorbitant prices. Cipla has sought a voluntary license on anti-HIV drugs, Raltegravir and Rilpivirine and will continue to pursue the in-licensing route to bring the latest products to the Indian consumers at aff ordable prices. The Government of India must also clearly spell out its policy on how it plans to control the prices of patented products which enjoys a monopoly. India is considered the pharmaceutical hub of the world and the Government of India must try to preserve and promote the Indian industry in every which way. In the light of these threats, Cipla is continuously fi ghting these issues on various fronts, not only to protect the interest of the Company but also of the Indian patients.

Manufacturing Facilities
In April 2010, the Company commenced commercial production of pharmaceutical formulations at the Special Economic Zone (SEZ) project, at Indore, Madhya Pradesh. This project includes facilities for

the manufacture of aerosols, respules, liquid orals, pre-fi lled syringes (PFS), nasal sprays, large volume parenterals (LVP), eye drops, tablets and capsules. The total investment for this project is about `900 crore. The Company is setting up API facilities at Bengaluru and Kurkumbh. It is also upgrading the API facilities at Patalganga. The total investment for these projects is about 400 crore.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Activities relating to exports, initiative taken to increase exports, development of new export markets for products and services and export plans: Exports sales were `3361 crore for the fi nancial year 2010-11. Exports constituted more than 50 per cent of total turnover. In addition, the Company earned `55 crore towards technical know-how/fees. The Company continues to leverage on its strategic marketing alliances and partnerships in more than 170 countries. Total foreign exchange used and earned: During the year, the foreign exchange outgo was `1562 crore and the earnings in foreign exchange was `3418 crore . Details of the same have been given in Notes 12 to 14 in Schedule S to the Accounts.

Financials

Mar '11 12 mths Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) 1,281.32 1,391.12 10.87 1,380.25 228.86 0.00 1,151.39 0.00 1,151.39 191.00 960.39 2,077.87 0.00 224.81 36.72

Mar '10 12 mths 1,380.93 1,506.64 28.30 1,478.34 165.25 0.00 1,313.09 11.90 1,324.99 243.50 1,081.49 1,721.31 0.00 160.58 26.67

Mar '09 12 mths 1,244.84 1,105.33 52.23 1,053.10 151.79 0.00 901.31 0.00 901.31 124.50 776.81 1,589.89 0.00 155.46 26.42

Mar '08 12 mths 852.17 987.09 18.05 969.04 130.68 0.00 838.36 0.00 838.36 136.93 701.43 1,230.01 0.00 155.46 26.42

Mar '07 12 mths 821.83 922.51 11.16 911.35 103.37 0.00 807.98 0.00 807.98 139.95 668.03 954.54 0.00 155.46 26.42

Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

8,029.21 11.96 140.00 82.25

8,029.21 13.47 100.00 73.55

7,772.91 9.99 100.00 55.86

7,772.91 9.02 100.00 48.20

7,772.91 8.59 100.00 41.52

Key Financial Ratios of Cipla

Mar '11 Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Return on Long Term Funds(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund 222.40 0.07 1.94 1.56 0.07 20.27 16.41 16.65 17.29 2.00 2.80 15.96 78.70

Mar '10

Mar '09

Mar '08

Mar '07

2.00 2.00 17.20 69.82

2.00 2.00 16.02 67.34

2.00 2.00 10.96 54.08

2.00 2.00 10.57 45.83

24.63 21.32 21.68 22.16

23.78 20.52 20.88 26.79

20.27 16.90 17.16 18.24

23.07 19.80 24.27 23.45

2.17 1.57 --

1.81 1.93 0.22

2.62 1.88 0.15

2.65 1.76 0.04

57.08 0.00

35.92 0.22

67.27 0.15

112.84 0.04

Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio 3.73 4.14 3.73 4.18 3.31 4.18 3.79 3.24 3.79 3.83 3.47 3.83 3.71 3.74 3.74

Competition
Name Sun Pharma Dr Reddys Labs Cipla Lupin Ranbaxy Labs GlaxoSmithKline Cadila Health Ipca Labs Jubilant Life Abbott India Sun Pharma Adv Sterling Bio FDC Orchid Chemical Plethico Pharma Unichem Labs Last Price 510.00 1,615.60 292.45 481.90 504.55 2,090.00 761.95 266.55 210.00 1,519.00 83.00 63.15 91.95 183.85 378.45 127.15 Market Cap.
(Rs. cr.)

52,814.68 27,388.70 23,481.44 21,518.76 21,292.00 17,702.93 15,600.81 3,350.70 3,344.90 3,227.77 1,719.07 1,691.62 1,690.32 1,295.08 1,289.25 1,148.21

Sales Turnover 1,933.12 5,249.07 6,123.84 4,508.50 5,672.10 2,146.43 2,919.88 1,881.10 2,206.30 1,018.95 58.35 1,627.22 703.19 1,668.28 432.83 764.74

Net Profit 1,383.80 893.31 967.12 809.98 1,148.73 563.69 610.38 255.37 279.63 60.94 -8.50 146.21 148.75 159.48 57.91 108.50

Total Assets 6,731.06 7,465.00 7,054.34 4,135.95 9,393.11 1,935.96 2,653.90 1,584.17 5,129.93 305.38 11.94 6,214.79 614.19 2,979.20 1,280.29 708.47

Merck Ind-Swift Labs Shasun Pharma Surya Pharma Vivimed Labs Parenteral Drug Alembic Piramal Life Parabolic Drugs Amrutanjan Heal Suven Life Scie Venus Remedies SMS Pharma Bal Pharma Country Condos Mangalam Drugs Alpa Laboratori KDL Biotech Panchsheel Org

663.00 99.10 66.55 15.35 275.00 98.05 18.15 92.60 38.30 776.40 16.30 201.10 172.00 22.45 2.75 13.60 8.40 4.55 17.10

1,100.54 360.57 323.07 311.22 279.51 253.62 242.33 240.39 237.05 235.25 190.27 183.59 172.26 23.53 21.34 17.92 17.67 10.94 8.58

512.19 1,031.21 567.85 1,608.22 310.10 397.23 200.99 15.90 634.85 103.41 150.43 357.27 224.22 116.88 3.88 131.36 82.87 7.85 26.48

63.18 87.62 4.88 104.90 27.76 8.86 -12.90 -142.98 52.36 9.46 10.40 49.06 8.33 0.52 0.25 2.09 0.90 -61.35 1.42

346.42 1,399.26 390.42 1,638.62 381.92 588.79 277.37 195.33 853.41 129.57 192.51 433.44 407.06 94.24 16.76 94.86 106.70 34.24 20.04

General Information Name Sector Current Price Price Change Previous Close Average Volume Nse Code Bse Code Part of Index BSE Part of Index NSE Futures and options Cipla Ltd. PHARMACEUTICALS 291.05 1.20 / 0.41% 289.85 1402300.0 CIPLA 500087 BSE 30 Nifty 50 Yes More F&O Shares

Pivot Point - Support Resistance Pivot Point - 290.33 Support Support1 Support2 Support3 Price 288.317 285.583 283.567 Resistance Resistance1 Resistance2 Resistance3 Price 293.067 295.083 297.817

Intra Day support & resistance Only Valid for 04/11/2011

Performance of Cipla Ltd. in terms of appreciation Period Period Old Price Price Gain Gain in % One Week 288.5 2.55 0.88 Two Week 288.8 2.25 0.78 One Month 284.35 6.70 2.36 Three Month 313.3 -22.25 -7.10 Six Month 310.3 -19.25 -6.20 One Year 347.25 -56.20 -16.18

Candlestick Chart of Cipla Ltd.

Infosys
Business
Our total income increased to Rs.25,385 crore from Rs. 21,140 crore in the previous year, at a growth rate of 20.1%. Our software export revenues aggregated to Rs. 24,791 crore, up by 18.8% from Rs. 20,871 crore in the previous year. Out of the total revenue 66.2% came from North America, 20.7% from Europe and 10.7% from the Rest of the World. Our revenues from India have increased from Rs. 269 crore to Rs. 594 crore, with a growth rate of 120.8% which is higher than that of the other regions. The share of the fixed-price component of the business was 42.1%, compared to 40.8% during the previous year. Our gross profit amounted to Rs. 11,118 crore (43.8% of revenue) as against Rs. 9,581 crore (45.3% of revenue) in the previous year. Theonsite revenues increased from 48.7% in the previous year to 50.2% in the current year. The onsite person-months comprised 26.5% of the total billed efforts, compared to 26.1% during the previous year. The Profit Before Interest, Depreciation, Taxes and Amortization (PBIDTA) amounted to Rs. 8,414 crore (33.1% of revenue) as against Rs. 7,360 crore (34.8% of revenue) in the previous year. Sales and marketing costs were 4.8% and 4.6% of our revenue for the years ended March 31, 2011 and March 31, 2010 respectively. General and administration expenses were 5.8% and 5.9% of our revenues during the current year and previous year respectively. The net profit after tax was Rs. 6,443 crore (25.4% of revenue) as against Rs. 5,803 crore (27.5% of revenue) in the previous year. The net profit for the previous year includes income from sale of investments in OnMobile Systems Inc., U.S., of Rs. 48 crore, net of taxes and transaction costs. We seek long-term partnerships with our clients that enhance their value while addressing their IT requirements. Our customer- centric approach has resulted in high levels of client satisfaction. We derived 98% of our revenues from repeat business. We, along with our subsidiaries, added 139 new clients, including a substantial number of large global corporations. The total client base at the end of the year stood at 620. Further, we have 366 million-dollar clients (338 in the previous year), 187 five-million-dollar clients (159 in the previous year), 126 ten-million-dollar clients (97 in the previous year), 28 fifty-million-dollar clients (26 in the previous year), and 11 hundred-million-dollar clients (6 in the previous year). During the year, we added 19.86 lakh sq. ft. of physical infrastructure space. The total available space now stands at 276.63 lakh sq. ft. The number of marketing offices as at March 31, 2011 was 64 as compared to 65 in the previous year.

Building Tomorrows Enterprise

During the year, we formally launched our new corporate strategy, Building Tomorrows Enterprise to showcase our plan for leading the services industry into the new era as the next generation global consulting and services company. In our journey to increase our client relevance and sustain industry leadership, we have made organizational changes towards creating Infosys 3.0 a truly global enterprise partner for our clients to drive their transformational, operational and innovation priorities and helping them build their enterprise of the future. To further our transition towards business-led consulting combined with innovative products and solutions, we have regrouped our existing industry units globally into the following groups : - Financial Services and Insurance - Manufacturing - Energy, Utilities, Communications and Services - Retail, Consumer Packaged Goods, Logistics and Life Sciences This transition will enable us to increase our client relevance, strengthen our strategic partnerships with our clients and evolve our business model. It will help us to sharpen our industry vertical focus, allow us to invest in capabilities to deliver higher business value and align our innovation agenda with that of our clients. The new structure will also significantly expand our global market and provide opportunities for the next generation of leaders.

Capital expenditure
During the year, we capitalized Rs. 1,017 crore excluding Rs. 3 crore, which was due to the movement in land from leasehold to freehold to our gross block. This comprises of Rs. 251 crore for investment in computer equipment. The balance of Rs.764 crore was due to infrastructure investment along with Rs. 2 crore on vehicles. We invested Rs. 225 crore to acquire 267 acres of land in Bangalore, Delhi and Mangalore. During the previous year, we capitalized Rs. 787 crore to our gross block. This comprised of Rs. 140 crore for investment in computer equipment. The balance of Rs. 646 crore was due

to infrastructure investment along with Rs. 1 crore on vehicles. We invested Rs. 43 crore to acquire 161 acres of land in Hyderabad, Mysore and Mangalore.

Liquidity
We continue to be debt-free, and maintain sufficient cash to meet our strategic objectives. We clearly understand that the liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and business risks. Liquidity also enables us to make a rapid shift in direction, should the market so demand. During fiscal 2011, internal cash flows have more than adequately covered working capital requirements, capital expenditure, investment in subsidiaries and dividend payments. As at March 31, 2011, we had liquid assets of Rs. 15,284 crore as against Rs. 14,794 crore at the previous year-end. These funds have been invested in deposits with banks, highly rated financial institutions, certificates of deposits and liquid mutual funds.

Increase in share capital

During the year, we issued 3,26,367 shares on the exercise of stock options under the 1998 and 1999 Employee Stock Option Plans. As a result of this, the outstanding issued, subscribed and paid-up equity shares increased from 57,38,25,192 to 57,41,51,559 shares as at March 31, 2011.

Financials
Mar '11 12 mths Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items 8,415.00 9,562.00 1.00 9,561.00 740.00 0.00 8,821.00 0.00 Mar '10 12 mths 7,362.00 8,329.00 2.00 8,327.00 807.00 0.00 7,520.00 0.00 Mar '09 12 mths 6,908.00 7,410.00 2.00 7,408.00 694.00 0.00 6,714.00 -1.00 Mar '08 12 mths 4,964.00 5,647.00 1.00 5,646.00 546.00 0.00 5,100.00 0.00 Mar '07 12 mths 4,226.00 4,605.00 1.00 4,604.00 469.00 0.00 4,135.00 -5.00

PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

8,821.00 2,378.00 6,443.00 16,947.00 0.00 3,445.00 568.00 5,741.52 112.22 1,200.00 426.73

7,520.00 1,717.00 5,803.00 13,756.00 0.00 1,434.00 240.00 5,738.25 101.13 500.00 384.02

6,713.00 895.00 5,819.00 13,336.00 0.00 1,345.00 228.00 5,728.30 101.58 470.00 310.90

5,100.00 630.00 4,470.00 10,666.00 0.00 1,902.00 323.00 5,719.96 78.15 665.00 235.84

4,130.00 352.00 3,783.00 8,901.00 0.00 649.00 102.00 5,712.10 66.23 230.00 195.41

Key Financial Ratios of Infosys

Mar '11 Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Profit Margin(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio 62.28 55.86 37.34 5.11 5.02 7,184.00 5.00 60.00 146.56 24.31

Mar '10

Mar '09

Mar '08

Mar '07

5.00 25.00 128.30 26.36

5.00 23.50 120.59 27.52

5.00 33.25 86.78 27.37

5.00 11.50 73.98 28.05

4.28 4.20 3,306.00

4.71 4.67 3,257.50

3.30 3.28 5,017.00

4.96 4.91 4,253.00

-6.81 --

-6.37 --

-6.25 --

-5.81 --

-6.90 --

28.84 25.32 70.67

27.03 24.15 74.60

49.77 44.35 50.17

19.85 17.66 79.91

Competition
Name Last Price Market Cap.
(Rs. cr.)

Sales Turnover

Net Profit

Total Assets

TCS Infosys Wipro HCL Tech Oracle Financ Mahindra Satyam Tech Mahindra Mphasis Patni Computer Financial Tech Hexaware Tech MindTree Infotech Enter Polaris NIIT Tech Rolta Persistent Tata Elxsi Hinduja Global Hinduja Venture Zensar Tech Geodesic 3i Infotech Infinite Comp Sasken Comm Geometric ICSA Mastek Ramco System Blue Star Info Saksoft Acropetal Tech Thinksoft Bodhtree Cons

1,101.90 2,819.55 371.75 438.80 2,085.00 73.95 623.95 339.50 355.50 738.00 88.90 390.00 125.05 139.95 227.75 80.35 311.90 230.00 341.15 336.80 129.50 60.00 25.50 96.50 110.35 44.70 54.30 88.35 65.30 70.25 58.00 13.45 45.90 17.70

215,666.18 161,899.43 91,341.35 30,283.33 17,500.91 8,702.00 7,936.19 7,130.69 4,765.94 3,400.60 2,605.41 1,570.43 1,393.05 1,390.12 1,351.49 1,296.28 1,247.60 716.18 702.40 692.31 561.95 540.85 489.57 411.50 283.72 279.87 261.39 238.11 101.31 72.95 58.81 52.31 46.14 0.00

29,275.41 25,385.00 26,340.70 6,794.48 2,360.51 4,776.10 4,965.49 3,770.09 2,030.61 357.69 423.65 1,509.00 647.67 1,407.88 729.28 1,448.75 610.13 412.06 544.88 83.48 584.52 672.14 550.25 223.39 394.20 234.99 1,230.38 363.97 157.74 104.20 42.18 -

7,569.99 6,443.00 4,843.70 1,198.28 967.98 -127.60 696.72 996.88 655.05 91.94 92.83 123.10 117.88 187.03 123.25 495.37 133.59 31.73 75.19 57.61 88.48 241.64 119.39 34.38 89.68 22.31 129.78 -1.33 4.77 8.28 1.54 -

19,620.61 24,501.00 26,065.00 6,889.31 5,150.34 3,423.10 5,190.40 2,909.44 2,968.30 2,464.55 874.31 781.00 907.94 917.11 584.19 3,101.06 747.33 205.91 702.40 645.50 366.95 1,583.39 2,910.89 282.44 406.15 230.59 1,684.32 378.27 325.66 83.78 82.47 337.89 66.42 -

General Information Name Sector Current Price Price Change Previous Close Average Volume Nse Code Bse Code Part of Index BSE Part of Index NSE Futures and options Infosys Technologies Ltd. COMPUTERS - SOFTWARE 2802.1 -32.30 / -1.14% 2834.4 1689740.0 INFY 500209 BSE 30 Nifty 50 Yes More F&O Shares

Pivot Point - Support Resistance

Pivot Point - 2803.77 Support Support1 Support2 Support3 Price 2765.53 2728.97 2690.73 Resistance Resistance1 Resistance2 Resistance3 Price 2840.33 2878.57 2915.13

Intra Day support & resistance Only Valid for 04/11/2011

Performance of Infosys Technologies Ltd. in terms of appreciation Period Period Old Price Price Gain Gain in % One Week 2858.7 -56.60 -1.98 Two Week 2747.55 54.55 1.99 One Month 2475.9 326.20 13.18 Three Month 2732.6 69.50 2.54 Six Month 2911.05 -108.95 -3.74 One Year 3024.35 -222.25 -7.35

Candlestick Chart of Infosys Technologies Ltd.