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Standalone Profit & Loss

------------------account in Rs. Cr. ------------------Mar '11

Mar '12

Mar '13

12 mths

12 mths

12 mths

275.6

301.43

338.39

Net Sales

275.6

301.43

338.39

Other Income

19.11

11.5

16.97

294.71

312.93

355.36

Income
Sales Turnover
Excise Duty

Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost

Employee Cost

56.44

62.86

73.56

Other Manufacturing Expenses

18.11

16.74

17.92

Selling and Admin Expenses

97.54

15.2

Miscellaneous Expenses

16.86

105.91

142.7

Preoperative Exp Capitalised


Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation

188.95

200.71

234.18

Mar '11

Mar '12

Mar '13

12 mths

12 mths

12 mths

86.65

100.72

104.21

105.76

112.22

121.18

1.12

0.02

104.64

112.22

121.16

33.6

32.46

31.72

Other Written Off

Profit Before Tax

71.04

79.76

89.44

2.63

1.25

PBT (Post Extra-ord Items)

73.67

79.76

90.69

Tax

21.45

23.24

23.02

Reported Net Profit

52.21

56.51

67.67

Total Value Addition

188.95

200.72

234.18

Preference Dividend

Equity Dividend

4.77

Corporate Dividend Tax

0.81

Shares in issue (lakhs)

476.7

476.7

476.7

Earning Per Share (Rs)

10.95

11.85

14.2

10

80.49

92.34

105.37

Extra-ordinary items

Per share data (annualised)

Equity Dividend (%)


Book Value (Rs)

FY11
REVENUE
QoQ
YoY
COGS
QoQ
YoY
GROSS PROFIT
QoQ
YoY
Gross Profit margin
SG&A
QoQ
YoY
SG&A margin
EBITDA
QoQ
YoY
EBITDA margin
DEPRECIATION
QoQ
YoY
EBIT
QoQ
YoY
INTEREST INCOME
QoQ
YoY
INTEREST EXPENSE
QoQ
YoY
PBT
QoQ
YoY
TAX
QoQ
YoY
PAT
QoQ
YoY
EPS
DIVIDEND PAYOUT (%)
DIVIDEND (Rs.)
DPS
FACE VALUE
DIVIDEND (%)

FY12

FY13

FY14

294.71

312.93

355.36

74.55

6.2%
79.6

13.6%
91.48

220.16

6.8%
233.33

14.9%
263.88

75%
114.4

6.0%
75%
121.11

13.1%
74%
142.7

39%
105.76

5.9%
39%
112.22

17.8%
40%
121.18

36%

6.1%
36%

8.0%
34%

33.6

32.46

31.72

72.16

-3.4%
79.76

-2.3%
89.46

10.5%

12.2%

1.25

2.63

FY15

-100.0%
1.12

0.02

73.67

-100.0%
79.76

90.69

8.3%

13.7%

21.45

23.24

23.02

52.22

8.3%
56.52

-0.9%
67.67

8.2%

19.7%

10.95

11.85

14.2

10

10

10

10

10

CMP
DIVIDEND YIELD
RETAIN EARNINGS
No of shares
As a % of revenue
COGS
SG&A
Depreciation
Interest expense
Interest income
Tax
Cash balance
Debt

219.85

243.8

327.6

476

476

476

25%
39%
11%

25%
39%
10%

26%
40%
9%

7%

7%

6%

476

476

FY09

FY10

FY11

FY12

FY13

Sources Of Funds
Total Share Capital

47.67

47.67

47.67

47.67

47.67

Equity Share Capital

47.67

47.67

47.67

47.67

47.67

Share Application Money

Preference Share Capital

265.95

283.82

336.03

392.54

454.63

313.62

331.49

383.7

440.21

502.3

20

10

90.07

23.43

Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt

110.07

33.43

Total Liabilities

423.69

364.92

383.7

440.21

502.3

Mar '09

Mar '10

Mar '11

Mar '12

Mar '13

12 mths

12 mths

12 mths

12 mths

12 mths

Gross Block

366.45

365.95

367.55

240.19

218.74

Less: Accum. Depreciation

117.57

154.16

187.53

90.45

98.39

Net Block

248.88

211.79

180.02

149.74

120.35

2.05

1.11

1.15

0.09

39.03

40.03

93.1

185.03

317.83

58.57

68.2

103.8

92.24

99.41

Application Of Funds

Capital Work in Progress


Investments
Inventories
Sundry Debtors
Cash and Bank Balance

4.2

6.5

5.61

51.48

12.24

Total Current Assets

62.77

74.7

109.41

143.72

111.65

Loans and Advances

114.38

94.16

67.04

36.42

33.21

7.45

17.75

17.63

6.57

184.6

186.61

194.08

180.14

151.43

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit

47.94

71.77

81.35

62

58.89

2.92

2.84

3.3

12.77

28.4

Total CL & Provisions

50.86

74.61

84.65

74.77

87.29

Net Current Assets

133.74

112

109.43

105.37

64.14

Current Liabilities
Provisions

Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

423.7

364.93

383.7

440.23

502.32

0.01

1.11

0.09

0.15

0.08

65.79

69.54

80.49

92.34

105.37

Entertainment Network India

Previous Years

Cash Flow

Net Profit Before Tax

------------------- in Rs. Cr. ---------------Mar '09

Mar '10

Mar '11

Mar '12

12 mths

12 mths

12 mths

12 mths

1.96

18.27

73.66

79.75

Net Cash From Operating Activities

109.92

94.89

51.62

112.91

Net Cash (used in)/from

-17.55

1.57

-18.08

-84.19

-92.81

-83.86

-34.55

Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents

-0.44

12.6

-1.01

28.72

Opening Cash & Cash Equivalents

12.09

11.65

24.25

15.61

Closing Cash & Cash Equivalents

11.65

24.25

23.24

44.33

Previous Years

------------------- in Rs. Cr. ------------------Mar '13


12 mths
89.44
86.16
-118.24
-0.02
-32.09
44.33
12.24

Previous Years

Entertainment Network India

------------------- in Rs. Cr. -------------------

Mar '09

Mar '10

Mar '11

Mar '12

Mar '13

10

10

10

10

10

--

--

--

--

--

Investment Valuation Ratios


Face Value
Dividend Per Share
Operating Profit Per Share (Rs)

-1.78

9.39

19.78

20.88

21.91

Net Operating Profit Per Share (Rs)

89.41

88.53

95.27

65.18

71.23

Free Reserves Per Share (Rs)

69.77

66.56

70.2

--

--

--

--

--

--

--

Bonus in Equity Capital


Profitability Ratios
Operating Profit Margin(%)

-1.99

10.6

20.76

32.04

30.75

Profit Before Interest And Tax Margin(%)

-14.21

-1.84

11.29

20.76

20.36

Gross Profit Margin(%)

-14.32

-1.85

11.45

21.56

21.4

Cash Profit Margin(%)

-5.17

7.32

16.04

27.38

27.67

Adjusted Cash Margin(%)

-5.17

7.32

16.04

27.38

27.67

Net Profit Margin(%)

-14.03

-3.61

3.72

17.38

19.13

Adjusted Net Profit Margin(%)

-14.03

-3.61

3.72

17.38

19.13

Return On Capital Employed(%)

-10.89

-1.37

15.27

18.03

17.94

Return On Net Worth(%)

-15.84

-4.19

4.49

12.79

13.6

Adjusted Return on Net Worth(%)

-19.65

-5.89

8.27

12.73

13.35

79.82

76.6

80.2

91.97

105.35

Return on Assets Excluding Revaluations


Return on Assets Including Revaluations

79.82

76.6

80.2

91.97

105.35

-13.07

-1.37

15.27

18.03

17.94

Current Ratio

1.32

2.21

2.14

2.27

1.78

Quick Ratio

2.67

2.03

2.27

1.78

Debt Equity Ratio

0.39

0.16

--

--

--

Long Term Debt Equity Ratio

0.16

0.16

--

--

--

-3.44

-0.43

16.48

54,775.14

5,365.23

Return on Long Term Funds(%)


Liquidity And Solvency Ratios

Debt Coverage Ratios


Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax

0.39

0.16

--

--

--

-0.29

3.48

28.4

77,313.91

7,254.40

0.56

3.78

17.77

61,400.64

5,958.03

--

--

--

--

--

3.18

3.07

3.58

3.01

3.53

Management Efficiency Ratios


Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio

--

--

--

--

--

Fixed Assets Turnover Ratio

1.93

1.82

3.02

2.08

2.29

Total Assets Turnover Ratio

1.29

1.76

2.46

0.89

0.79

Asset Turnover Ratio

1.93

1.82

1.11

0.76

0.72

Average Raw Material Holding

--

--

--

--

--

Average Finished Goods Held

--

--

--

--

--

194.44

138.74

90.01

121.61

71.01

Material Cost Composition

--

--

--

--

--

Imported Composition of Raw Materials Consumed

--

--

--

--

--

5.28

4.65

5.97

--

--

--

--

--

--

--

Dividend Payout Ratio Net Profit

--

--

--

--

8.16

Dividend Payout Ratio Cash Profit

--

--

--

--

5.57

Earning Retention Ratio

--

--

100

100

91.69

Cash Earning Retention Ratio

--

100

100

100

94.36

AdjustedCash Flow Times

--

1.85

--

--

--

Number of Days In Working Capital


Profit & Loss Account Ratios

Selling Distribution Cost Composition


Expenses as Composition of Total Sales
Cash Flow Indicator Ratios

Source : Dion Global Solutions Limited

ous Years

-- in Rs. Cr. -------------------

FY 11
ASSETS
Gross Block
Accumulated Depreciation
NET BLOCK
CWIP
Net Fixed Assets
Investments
CURRENT ASSETS
Inventory
no. of days of cogs
sundry debtors
no of days of net sale
cash and bank balance
loan and advances
no of days of net sale

367.55
187.53
180.02
1.15
181.17
93.1

FY 12
FY 13
FY 14E
-127.36
-21.45
240.19
218.74
90.45
98.39
149.74
120.35
0.09
0
149.83
120.35
91.93
132.8
185.03
317.83

0
0

0
0

0
0

103.8
129
5.61
67.04
83

92.24
108
51.48
36.42
42

99.41
102
12.24
33.21
34

3.3
1.1%

12.77
4.1%

28.4
8.0%

4760

4760

4760

0
0
0

0
0
0

0
0
0

TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Sundry Creditors
No.of days of COGS
Other Liabilities & Trade Security Deposits
No. of days of COGS
Provisions
Total provisions as a % of Net Sales
Total Current Liabilities
Net Current Assets
Working Capital ex cash
Shareholders equity
equity share capital
share premium
general reserve
profit and loss account balance
total
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Equity & Liabilities

FY 15E

DCF Valuation
particulars
cash flow from operations
profit after tax
(+) Depreciation
(+) Intrest expense
(-)Intrest Income
(-)net change in w cap
CFFO
(-) Capital expenditure
FCF
terminal cash flow
final cashflow
enterprise value
debt
cash
market cap
fair value
CMP
Upside/(Downside)
rating
WACC Calculation
Rf
Beta
Rm-Rf
cost of equity
cost of debt
cost of debt after tax
weightage of equity
weightage of debt
WACC

FY11

FY12

FY13

FY14E

52.22
33.6
1.12
2.63

56.52
32.46
0
0

67.67
31.72
0.02
1.25

82.07
0

-127.36

-21.45

FY15E