Balance Sheet 2011 Sources of Funds Shareholder funds Share Capital Reserves & Surplus Loan Funds Secured

Loans Unsecured Loans Deferred Tax Liability (Net)

As of 31-March (IN

1 2

100 1,846 1,946 74 95 169 40 2,155

3 4 5

Application of Funds Fixed Assets Gross Block Less: Accumulated Depreciation Net Block Capital Work-in-progress (incl Cap Adv)

6(i)

1,092 426 666 103 769

Intangible Assets Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Balances Loans and Advances Less: Current Liabilities and Provisions Current Liabilities Provisions Net Current Assets

6(ii) 7

13 486

8 9 10 11

275 418 210 409 1,312 315 110 425 887 2,155

12 13

Liquidity Ratios (1) Current Ratio Current Assets/Current Liabilities

2011 4.17

(2) Acid Test Ratio (Current Assets-Inventories) / Current Liabilities (3) Average Collection Period Average Receivables / Average per day Sales (4) Inventory Holding Period Average Inventory / Average COS per day

3.29

115.15

148.28

Turnover Ratios (1) Sundry Debtors Turnover Net Sales / Net Sundry Debtors (2) Inventory Turnover COS/Inventory (2) Sundry Creditors Turnover COS/Sundry Creditors Sundry Cerditors (from Annual Report) (3) Fixed Assets Turnover Net Sales / Net Fixed Assets (4) Total Assets Turnover Net Sales / Total Assets Leverage Ratios (1) Debt Total External Liabilities/Total Assets (2) Debt:Equity Total Liabilities/Total Shareholder equity Analysis: 1. For every rupee of shareholders funds in the company, there is Rs. 0.09 of lender's claims 2. Such low level is an indicator that the company is under-leveraged (3) Long Term Debt:Equity Long-term Debt/Shareholders funds (4) Interest Cover EBIT/Interest (5) DSCR (PAT + Depn + Interest) / Interest + Instalment Due

2011 3.17

2.33

3.50 183

1.99

0.61 2011 0.08

0.09

0.04

305

276

Profitability Ratios (1) Gross Profit Margin Gross Profit/Net Sales (2) Net Profit Margin PAT/Net Sales (3) Operating Profit Margin EBIT/Sales (4) Operating Cash Profit Margin EBITDA/Net Sales (5) Return on Assets PAT/Total Assets (6) Return on Investment EBIT/Total Assets (7) Return on Equity PAT/Shareholders Funds Valuation Ratios (1) Earnings Per Share PAT/No of equity shares No of equity shares (cr) (2) Price Earnings Ratio Market Price / EPS Market Price as on 31-Mar * * (Source: in.finance.yahoo.com) (3) Yield (Dividend + Price Change)/Price Paid per share (4) Dividend Payout Ratio Dividend Paid/PAT Du Pont Analysis ROE Net Profit Margin X Total Assets Turnover X Financial leverage Net Profit/Sales X Sales/Total Assets X Total Assets/Sharholders' funds

2011 72%

35%

39%

46%

21%

24%

24% 2011 23 20

15 344

1.31%

0.20 2011

24%

As of 31-March (INR Crs) Common Common 2010 Size Size

2009

Common Size

5% 86% 90% 3% 4% 8% 2% 100%

100 1,466 1,566 90 102 192 41 1,799

5% 68% 73% 4% 5% 9% 2% 100%

100 1,275 1,375 101 63 164 41 1,580

5% 59% 64% 5% 3% 8% 2% 100%

51% 20% 31% 5% 36% 1% 23%

1,002 342 660 58 718 18 419

46% 16% 31% 3% 33% 1% 19%

948 273 675 38 713 39 347

44% 13% 31% 2% 33% 2% 16%

13% 19% 10% 19% 61% 15% 5% 20% 41% 100%

245 384 77 403 1,109 382 83 465 644 1,799

11% 18% 4% 19% 51% 18% 4% 22% 30% 83%

195 296 6 280 777 220 76 296 481 1,580

9% 14% 0% 13% 36% 10% 4% 14% 22% 73%

2010 2.90

2009 3.53

2.26

2.65

124.26

119.65

146.80

163.98

2010 2.94

2009 3.05

2.23

2.07

2.94 186

3.81 106

1.71

1.34

0.63 2010 0.11

0.57 2009 0.10

0.12

0.12

0.06

0.07

179

59

165

38

2010 60%

2009 65%

22%

12%

24%

24%

32%

32%

14%

7%

15%

14%

16% 2010 12 20 20

8% 2009 6

24 297

26 147

1.18%

2.04%

0.28 2010

0.54 2009

16%

8%

Profit & Loss Account

For the period ending 31-Mar (INR Crs 2011

Income Gross Sales Less: Excise Duty Net Sales Licensing & Development Fee Other Income Expenditure Mfg, Contract Research & Others Interest & Finance Charges Earnings Before Depreciation, Exception Items & Taxes Depreciation/Ammortization Profit Before Taxes & Exceptional Items Provision for Income Tax Profit After Taxes, Before Exceptional Items Exceptional Items (Net) Add/(Less): Tax effect on Exceptional Items Profit for the year Balance brought forward from previous year Profit available for appropriation Interim Dividend on equity shares Final Dividend on equity shares Tax on Proposed Dividend Transfer to General Reserve Balance transferred to Balance Sheet Earnings Per Share (Equity Shares, Par Value of Rs 5 each) Basic (Rs.) Diluted (Rs.) Weighted average no of shares used in computing earnings per share Basic Diluted

1 2 3 4

1,364 39 1,325 206 61 1,592 982 2 984 608 91 517 58 459 459 947 1,406 30 60 9 46 1,261 23.49 23.27 195,542,464 197,368,418

5 6 7 8 9 10

11 12 13 14 15 16 17 18 19 20

Analysis

Analysis

Analysis

Analysis

Analysis

Analysis

For the period ending 31-Mar (INR Crs) 2010 1,158 30 1,128 35 66 1,229 871 2 873 356 80 276 28 248 248 801 1,049 70 7 25 947 12.77 12.57 194,490,677 197,626,701 2009 929 26 903 9 75 987 694 5 699 288 74 214 10 204 (100) 8 112 770 882 60 10 11 801 5.79 5.64 192,944,832 198,359,510

Profit & Loss Account

For the period ending 31-Mar (INR Crs Common 2011 2010 Size 1325 267 640 952 343 609 2 91 516 58 458 458 100% 20% 48% 72% 26% 46% 0% 7% 39% 4% 35% 0% 35% 1128 101 547 682 324 358 2 80 276 28 248 248

Net Sales Other Income Cost of Goods Sold Gross Profit Operating Exps EBIDTA Interest Depreciation PBT Tax Net Income Exceptional Items* PAT

* Mark to market losses on forex forward contracts

alysis

alysis

alysis

alysis

alysis

alysis

d ending 31-Mar (INR Crs) Common 2009 Size 100% 9% 48% 60% 29% 32% 0% 7% 24% 2% 22% 0% 19% 903 84 404 583 290 293 5 74 214 10 204 (92) 112

Common Size 100% 9% 45% 65% 32% 32% 1% 8% 24% 1% 23% -10% 8%