ANALYSIS OF AMBUJA CEMENT LTD

Ambuja Cements was set up in 1986.

In the last decade the company has grown tenfold.
The total cement capacity of the company is 18.5 MT.
Net Profit Rs. crore 318 for Qtr. Jul Sep. 2009 whereas Qtr. Jul
Sep 2008 Net Profit Rs. crore 250.
Over 40% of the production cost of cement is power.
Cheaper and higher quality coal from South Africa & furnace oil
from the Middle East.

Share holding pattern

Share holding pattern as on :
Face value
31-122013
No. Of
Shares

31-122013

30-09-2013

30/06/2013

31-09-2013
%
Holding

30-06-2013

No. Of Shares

% Holding

No. Of
Shares

% Holding

Promoter's holding

Foreign Promoters

780308553

50.48

780308553

50.51

780308553

50.55

Sub total

780308553

50.48

780308553

50.51

780308553

50.55

Non promoter's holding

Institutional investors

Banks Fin. Inst. and

Insurance

136240178

8.81

138584776

8.97

142711052

9.24

FII's

471535694

30.5

465247464

30.11

443237758

28.71

Sub total

616718258

39.89

612779725

39.66

601198097

38.94

Other investors
Private Corporate
Bodies

5611483

0.36

7212572

0.47

6396516

0.41

NRI's/OCB's/Foreign
Others

14881830

0.96

14973332

0.97

15213281

0.99

GDR/ADR

24683827

1.6

25725099

1.67

34827481

2.26

868215

0.06

829662

0.05

699168

0.05

45979672

2.97

48740665

3.15

57071563

3.7

General public

102788120

6.65

103017710

6.67

105120190

6.81

Grand total

1.546E+09

100

1544846653

100

1543698403

100

Others
Sub total

100
90
80
70
60

Other Investor
Non Promoter

50

Promoter
40
30
20
10
0
Dec

Sep

July

MUTUAL FUND HOLDING

SCHEME NAME

DEC '13
(Rs. cr.)

Axis Equity Fund (G)

Axis Equity Fund - Direct (G)
Baroda Pioneer ELSS 96
Baroda Pioneer ELSS 96 - Direct
Baroda Pioneer Growth (G)
Baroda Pioneer Growth -Direct (G)
Baroda Pioneer Infra. - Direct (G)
Baroda Pioneer Infrastructure (G)
Birla SL Index Fund -Direct (G)
Birla SL MNC Fund -Direct (G)
Birla Sun Life Index Fund (G)
Birla Sun Life MNC Fund (G)
Birla Sun Life Nifty ETF
BOI AXA Equity Fund - Direct (G)

SEP '13
No. of
share

JUN '13
No. of share

MAR '13
No. of share

No. of share

1,52,641

1,52,641

4,988

38,813

79,691

12,000

46

85

12,000

12,000

17,631

12,000

0.5

159

0.58%

603

1,171

8,037

6.59

7,613

2.11%

7,021

3,505

5,74,053

21.62

6,865

0.58%

7,409

6,116

8,037

406.19

469,237

2.11%

559,654

557,194

5,74,053

1.2

547

0.68%

548

535

574

87

30,150

29,509

30,150

4,061

4,530

23

28,836

30,615

28,836

33

35

50

1,929

1,794

1,894

69

54

1,894

74

22,960

2,046

2,120

21,968

22,960

1,895

3,50,000

354,906

3,50,000

4.27

1,590

0.68%

1,676

1,724

1,773

0.17

63

0.68%

92

71

1,773

313

313

BOI AXA Equity Fund -RP (G)

BOI AXA Equity Fund-Eco (G)
BOI AXA Focused Infra.- Direct (G)
BOI AXA Focused Infrast. (G)
BOI AXA Reg. Return-EP (G)
BOI AXA Reg. Return-RP (G)
BOI AXA Regular Return -Direct (G)
BOI AXA Tax Advantage - Direct (G)
BOI AXA Tax Advtg -Eco (G)
BOI AXA Tax Advtg -RP (G)
Can Robeco Equity Div. - Direct (G)
Can Robeco Equity Divers (G)
Can Robeco Nifty Index (G)
Can Robeco Nifty Index - Direct (G)
Edelweiss Eqty Enhancer -Direct (G)
Edelweiss Equity Enhancer -A (G)

Edelweiss Equity Enhancer -B (G)

Edelweiss Equity Enhancer -C (G)
Franklin (I) Index - NSE (G)
Franklin (I) Index-NSE -Direct (G)
GS CNX 500 Fund (G)

108

111.6

49,491

0.81%

48,010

45,457

1,25,969

33.3

14,768

0.81%

54,065

71,970

1,25,969

57.8

15,190

0.48%

17,139

18,412

19,141

1.5

394

0.48%

352

249

19,141

371.48

137,230

0.67%

145,834

199,870

1,79,983

0.78

909

2.14%

967

894

669

46.93

17,471

0.68%

22,445

23,062

26,127

1.74

648

0.68%

822

781

26,127

201,493

2,00,000

3,010

2,00,000

62.48

20,850

0.61%

1,420

27,752

34,346

3.59

1,199

0.61%

155

5,140

34,346

6.33

2,323

0.67%

2,435

2,345

520

30,120

35,511

55,588

2,379

11,697

55,588

19,174

15,718

15,718

3,026

2,634

3,273

276

356

3,273

8.88

3,290

0.68%

3,530

4,260

4,980

5.09

1,839

0.66%

2,426

2,977

3,200

0.39

141

0.66%

172

197

3,200

4,018

4,018

12,622

5,166

5,166

297,884

2,96,086

131

2,96,086

39.79

14,710

0.68%

14,551

19,392

18,455

10,000

GS CNX 500 Fund - Direct (G)

GS Nifty BeES
GS Shariah BeES
HDFC Index - Nifty Plan
HDFC Index - Nifty Plan - Direct
HDFC RGESS -Sr 1-Feb-13 (G)
HDFC RGESS -Sr 1-Feb-13- Direct (G)
ICICI Pru Index Fund (G)
ICICI Pru Index Fund - Direct (G)
ICICI Prudential Nifty ETF
IDBI Nifty Index Fund (G)
IDBI Nifty Index Fund - Direct (G)
IDFC Arbitrage - Inst (G)
IDFC Arbitrage Fund (G)
IDFC Arbitrage Fund - Direct (G)
IDFC Nifty Fund (G)
IDFC Nifty Fund - Direct (G)
IIFL Nifty ETF
Indiabulls Blue Chip Fund (G)
Indiabulls Blue Chip Fund - Dir (G)
ING Balanced Portfolio (G)
ING Balanced Portfolio -Direct (G)
ING Multi-Mgr Eqty -A (G)
ING Multi-Mgr Eqty-A -Direct (G)
JM Multi Strategy Fund (G)
JM Multi Strategy Fund -Direct (G)
Kotak Nifty ETF
LIC Infrastructure - Direct (G)

LIC Infrastructure Sr-1 (G)

LIC NOMURA Balanced - Direct (G)
LIC NOMURA Balanced C (G)
LIC NOMURA Childrens Fund
LIC NOMURA Childrens Fund Direct

10,000

77

19,967

19,660

19,967

4.92

997

0.37%

1,019

4,004

4,005

0.37%

4,005

5,200

2,194

5,569

5,200

22.28

8,173

0.67%

10,430

10,783

13,831

2,922

2,870

0.33

121

0.67%

247

837

13,831

15

2,870

71.93

3,938

0.10%

2,168

5,410

5,200

0.07

0.10%

5,200

72

47,283

47,487

500

21.71

2,258

0.19%

2,196

4,519

7,000

5.4

562

0.19%

500

1,382

7,000

2,000

2,000

500

36,000

36,000

10,500

10,500

23,000

23,000

4,946

4,752

4,752

120,163

1,15,000

75

1,15,000

10.54

3,866

0.67%

5,653

6,306

9,132

0.04

15

0.67%

279

1,513

9,132

LIC NOMURA Floater MIP -Direct (G)

LIC NOMURA Floater MIP-Plan A (G)
LIC NOMURA Index - Nifty Plan (G)
LIC NOMURA Index - Sensex Adv (G)
LIC NOMURA Index Nifty- Direct (G)
LIC NOMURA Index Sen Adv-Direct
(G)
LIC NOMURA MIP (G)
LIC NOMURA MIP - Direct (G)
LIC NOMURA Unit Linked Insurance
LIC NOMURA Unit Linked Insurance
Peerless Child Plan - Direct (G)
Peerless Equity Fund (G)
Peerless Equity Fund - Direct (G)
Peerless Income Plus - Direct (G)
Peerless Income Plus Fund (G)
Peerless MF Child Plan (G)
Pramerica Dynamic AAF (G)
Pramerica Dynamic AAF -Direct (G)
Pramerica Dynamic MIF (G)
Pramerica Dynamic MIF -Direct (G)
Pramerica Large Cap Equity (G)
Pramerica Large Cap Equity -Dir (G)
Principal Balanced (G)
Principal Balanced - Direct (G)
Principal Growth Fund (G)
Principal Growth Fund -Direct (G)
Principal Index Fund (G)
Principal Index Fund - Direct (G)

Principal Retail Eqty Sav-Direct(G)

Principal Retail Equity Saving (G)
Principal Tax Savings

16

8,546

8,958

8,546

99,351

95,034

70

95,034

2.17

807

0.68%

905

907

916

6.18

1,891

0.56%

1.19

437

0.67%

701

390

20,316

29.16

10,697

0.67%

13,077

14,939

20,316

667

7,745

69

1,920

3,751

2,333

12

12

2,333

3,156

6,095

3,843

12

15

3,843

1,251

26

2,19,508

350

25.71

9,853

0.70%

11,973

11,489

25,305

0.75

287

0.70%

6,087

13,215

25,305

104

13

72,593

112.57

74,574

1.21%

78,088

2.49

1,650

1.21%

812

18.71

2,969

0.29%

52.94

29,548

1.02%

0.02

0.29%

0.01

1.02%

0.46

174

0.69%

154

128

2,611

4.59

1,734

0.69%

2,221

2,468

2,611

413.12

151,541

0.67%

0.07

26

0.67%

Principal Tax Savings - Direct

Quantum Index Fund (G)
R*Shares CNX 100 Fund
Reliance Index - Nifty -Direct (G)
Reliance Index Fund - Nifty (G)
Religare Invesco Nifty ETF
Sahara Growth Fund (G)
Sahara Growth Fund - Direct (G)
Sahara Infrastructure-FPO (G)
Sahara Infrastructure-FPO-Direct(G)
Sahara Infrastructure-VPO (G)
Sahara Infrastructure-VPO-Direct(G)
Sahara Super 20 Fund (G)
Sahara Super 20 Fund -Direct (G)
SBI Magnum Comma Fund (G)
SBI Magnum Comma Fund - Direct
(G)
SBI Magnum Index Fund (G)
SBI Magnum Index Fund - Direct (G)
Sundaram Balanced - RP (G)
Sundaram Eqty Multiplier-Direct (G)
Sundaram Equity Multiplier (G)
Tata Ethical Fund (G)
Tata Ethical Fund - Direct (G)
Tata Growing Eco-Infra - A (G)
Tata Growing Eco-Infra - B (G)
Tata Growing Eco-Infra-A-Direct (G)
Tata Growing Eco-Infra-B-Direct (G)
Tata Index Fund - Nifty - Direct
Tata Index Fund Nifty Plan (A)
Tata Indo-Global Infra (G)
Tata Indo-Global Infra - Direct (G)

Tata Infra Tax Saving Fund (G)

5.81

3,100

0.97%

1.05

558

0.97%

661.29

351,192

0.97%

Tata Infrastructure - Direct (G)

Tata Infrastructure Fund (G)
Tata Monthly Income - Direct (G)
Tata Monthly Income Fund (G)
Tata SIP Fund Series 3 (36 M) (G)
Taurus Bonanza Fund (G)

0.14

15

0.19%

37.78

3,930

0.19%

13.79

15,000

1.99%

26,970

30,572

30,572

9,530

33,231

33,487

66

142

33,487

343

292

313

343

25,766

35,000

48

35,000

2,942.41

1,738,880

1.08%

2,069,585

3,781,828

49,50,000

33.91

20,040

1.08%

19,891

18,395

49,50,000

2,369.77

298,247

0.23%

338,330

728,086

11,40,000

16.08

2,024

0.23%

1,958

1,192

11,40,000

186,410

2,70,000

559

2,70,000

1.01

326

0.59%

268

210

97,150

305.12

98,561

0.59%

99,487

98,669

97,150

1,405,315

14,00,000

378

14,00,000

40,878

1,26,000

1,26,000

2,226.29

889,298

0.73%

1,164,935

1,643,983

20,25,000

15.22

6,080

0.73%

3,822

3,307

20,25,000

273.87

602,769

4.02%

631,667

644,769

6,12,000

4.75

10,454

4.02%

8,908

3,949

6,12,000

126.84

46,528

0.67%

55,045

53,481

67,756

Taurus Bonanza Fund -Direct (G)

Taurus Ethical Fund (G)
Taurus Ethical Fund - Direct (G)
Taurus Nifty Index - Direct (G)
Taurus Nifty Index Fund (G)
UTI CCP Advantage Fund (G)
UTI CCP Advantage Fund - Direct (G)
UTI Dividend Yield Fund (G)
UTI Dividend Yield Fund -Direct (G)
UTI Equity Fund (G)
UTI Equity Fund - Direct (G)
UTI Equity Tax Saving (G)
UTI Equity Tax Saving - Direct (G)
UTI India Lifestyle Fund -Direct(G)
UTI India Lifestyle Fund(G)
UTI Infrastructure Fund (G)
UTI Infrastructure Fund -Direct (G)
UTI Long Term Advantage S2 (G)
UTI Mastershare (G)
UTI Mastershare - Direct (G)
UTI MNC Fund (G)
UTI MNC Fund - Direct (G)
UTI Nifty Index Fund (G)
UTI Nifty Index Fund - Direct (G)

2.22

0.67%

67,756

814

3,299

12,552

UTI Opportunities Fund (G)

3,446.50

2,206,514

1.17%

2,283,920

2,672,754

44,70,000

118.53

75,885

1.17%

65,964

42,452

44,70,000

23.92

8,774

0.67%

9,064

9,116

9,285

1.05

385

0.67%

397

397

9,285

547.85

371,729

1.24%

395,622

830,957

13,59,000

2.42

1,642

1.24%

319

424

13,59,000

520.23

142,334

0.50%

136,701

142,937

1,37,782

3.17

867

0.50%

705

554

1,37,782

85,25,190

1,52,30,002

3,85,00,784

UTI Opportunities Fund - Direct (G)

UTI RGESS (G)
UTI RGESS - Direct Plan (G)
UTI Top 100 Fund (G)
UTI Top 100 Fund - Direct (G)
UTI Wealth Builder Sr-2 RP (G)
UTI Wealth Builder Sr-2- Direct (G)
Total

79,68,604

Mutual funds Holding

40,000,000
35,000,000
30,000,000
25,000,000
Mutual funds Holding

20,000,000
15,000,000
10,000,000
5,000,000
0
dec

Sep

June

mar

PUBLIC SHARE HOLDING

Life Insurance Corporation of India

9,26,65,449

5.99

Oppenheimer Developing Markets Fund

6,04,68,289

3.91

Aberdeen Global Indian Equity Mauritius

5,38,48,913

3.48

Genesis Indian Investment Company Ltd

3,81,62,809

2.47

JP Morgan Sicav Investment Company (Mauritius)

1,65,00,529

1.07

26,16,45,989

16.93

Total

Shares as % of Total No. of Shares

Life Insurance Corporation of
India
Oppenheimer Developing
Markets Fund
Aberdeen Global Indian Equity
Mauritius
Genesis Indian Investment
Company Ltd
JP Morgan Sicav Investment
Company (Mauritius)

PROMOTER
Total Shares held
As a % of
grand total
Name of the Shareholder

Number

Holderind Investments Ltd

62,96,38,433

Holcim India Pvt Ltd

Total

(A) + (B) + (C)

Shares pledged or otherwise encumbered

% of
As a % of
Total
grand total
shares
Number
held
(A) + (B) + (C)

40.73

15,06,70,120

9.75

78,03,08,553

50.48

SWOT ANALYSIS

STRENGTHS
Brand name
Most profitable cement co. in
India
Lowest cost producer
Sea transportation
Captive power plant
Fuel efficiency
OPPORTUNITIES
Government infrastructure
spending
Investment in industrial and
commercial projects
Commercial construction activity

WEAKNESSES
Cement industry is highly fragmented
Demand-supply gap, overcapacity
Increasing cost of production
High interest rates
Packaging

THREATS
Imports from Pakistan affecting
markets in North India
Excess overcapacity can hurt margins
as well as prices
Consolidation through Mergers &
Acquisitions

Net sales

Company Name

Last
Price

Change

%
Change

Net Sales

Company Name

(Rs. cr)

UltraTechCement
ACC

1,665.20

-21.65

-1.28

20,174.94

1,010.45

-6.75

-0.66

Ambuja Cements

151.05

-3.2

4,250.00

Prism Cement
India Cements

Net
Sales
(Rs. cr)

20,174.94

11,357.96

UltraTechCement
ACC

-2.07

9,730.30

Ambuja Cements

9,730.30

-52

-1.21

5,590.25

Shree Cements

5,590.25

22.85

-0.15

-0.65

4,768.47

Prism Cement

4,768.47

49.1

4,597.04

India Cements

4,597.04

Ramco Cements

164.5

1.9

1.17

3,273.57

Ramco Cements

3,273.57

J. K. Cement

157.1

-1.4

-0.88

2,911.97

J. K. Cement

2,911.97

Birla Corp

230

2,602.96

Birla Corp

2,602.96

JK Lakshmi Cem

68.4

0.7

1.03

2,054.87

JK Lakshmi Cem

2,054.87

152.05

-3.25

-2.09

1,817.29

OCL India

1,817.29

Orient Cement

37.1

-1.2

-3.13

1,521.84

Orient Cement

1,521.84

Heidelberg Cem
KCP

33.45

-0.2

-0.59

1,103.95

1,103.95

27.25

0.25

0.93

699.71

Heidelberg Cem
KCP

95.4

-4.25

-4.26

631.03

Mangalam Cement

631.03

12.49

0.09

0.73

445.71

Guj Sidhee Cem

445.71

9.01

383.32

Shree Digvijay

383.32

Shree Cements

OCL India

Mangalam
Cement

Guj Sidhee Cem

Shree Digvijay

11,357.96

699.71

Dalmia Bharat

160

-1.65

-1.02

156.79

Dalmia Bharat

156.79

Barak Vally Cem

7.52

-0.38

-4.81

108.88

Barak Vally Cem

108.88

Burnpur Cement

0.1

1.12

83.76

Burnpur Cement

83.76

36

0.3

0.84

69.09

Rain Industries

69.09

JK Udaipur

4.75

-0.18

-3.65

JK Udaipur

Andhra Cement

5.72

-0.06

-1.04

Andhra Cement

Rain Industries

Net Sales (Rs. cr)

25,000.00
20,000.00
15,000.00
10,000.00
Net Sales (Rs. cr)

5,000.00

UltraTechCement
ACC
Ambuja Cements
Shree Cements
Prism Cement
India Cements
Ramco Cements
J. K. Cement
Birla Corp
JK Lakshmi Cem
OCL India
Orient Cement
Heidelberg Cem
KCP
Mangalam Cement
Guj Sidhee Cem
Shree Digvijay
Dalmia Bharat
Barak Vally Cem
Burnpur Cement
Rain Industries
JK Udaipur
Andhra Cement

0.00

Net profit
Company Name

UltraTechCement
Ambuja Cements
ACC
Shree Cements
Ramco Cements
Birla Corp
J. K. Cement
JK Lakshmi Cem
India Cements
Orient Cement
OCL India
Rain Industries
Mangalam
Cement
Shree Digvijay
Guj Sidhee Cem
Dalmia Bharat

Last
Price

Change

%
Change

Net
Profit

Company Name

(Rs. cr)

1,665.20

-21.65

-1.28

2,655.43

151.05

-3.2

-2.07

1,297.06

1,010.45

-6.75

-0.66

1,061.19

4,250.00

-52

-1.21

1,003.97

164.5

1.9

1.17

385.11

230

269.82

157.1

-1.4

-0.88

233.55

68.4

0.7

1.03

175.74

49.1

163.55

37.1

-1.2

-3.13

161.67

152.05

-3.25

-2.09

156.39

36

0.3

0.84

56.37

95.4

-4.25

-4.26

55.99

9.01

41.26

12.49

0.09

0.73

40.31

160

-1.65

-1.02

32.4

Net
Profit
(Rs. cr)

UltraTechCement
Ambuja Cements
ACC
Shree Cements
Ramco Cements
Birla Corp
J. K. Cement
JK Lakshmi Cem
India Cements
Orient Cement
OCL India
Rain Industries

2,655.43
1,297.06
1,061.19
1,003.97

Mangalam
Cement
Shree Digvijay
Guj Sidhee Cem
Dalmia Bharat

385.11
269.82
233.55
175.74
163.55
161.67
156.39
56.37
55.99
41.26
40.31
32.4

Net Profit (Rs. cr)

UltraTechCement
Ambuja Cements
ACC
Shree Cements
Ramco Cements
Birla Corp
J. K. Cement
JK Lakshmi Cem
India Cements
Orient Cement

FINANCIAL RATIOS
Dec '12

Dec '11

Dec '10

Dec '09

Dec '08

Investment Valuation Ratios

Face Value

Dividend Per Share

--

--

--

--

--

Operating Profit Per Share

(Rs)

16.04

12.66

11.83

12.58

11.77

Net Operating Profit Per

Share (Rs)

63.51

55.33

48.18

46.49

40.87

--

49.39

44.92

39.32

34.11

63.1

63.42

63.61

63.86

63.91

Operating Profit Margin(%)

25.25

23.07

24.55

27.05

28.79

Profit Before Interest And

Tax Margin(%)

18.77

17.36

18.97

22.3

24.05

Gross Profit Margin(%)

19.44

17.86

19.3

22.85

24.61

Cash Profit Margin(%)

21.09

19.25

19.88

20.44

20.96

Adjusted Cash Margin(%)

21.07

17.86

19.39

20.44

20.96

Net Profit Margin(%)

12.74

14.12

16.83

16.76

21.82

Adjusted Net Profit

Margin(%)

12.74

13.92

16.83

16.76

21.82

Return On Capital
Employed(%)

25.46

21.9

20.98

27.03

28.08

Return On Net Worth(%)

14.69

15.22

17.24

18.82

24.52

Adjusted Return on Net

Worth(%)

17.83

13.78

14.56

18.33

18.94

Return on Assets Excluding

Revaluations

57.05

52.35

47.88

42.43

37.22

Return on Assets Including

Revaluations

57.05

52.35

47.88

42.43

37.22

Return on Long Term

Funds(%)

25.49

21.02

21

27.03

28.08

Current Ratio

1.21

1.14

1.07

0.89

1.26

Quick Ratio

0.95

0.87

0.75

0.57

0.74

Debt Equity Ratio

0.01

0.01

0.01

0.03

0.05

--

0.01

0.01

0.03

0.05

Free Reserves Per Share

(Rs)
Bonus in Equity Capital
Profitability Ratios

Liquidity And Solvency Ratios

Long Term Debt Equity

Ratio

Dec '12

Dec '11

Dec '10

Dec '09

Dec '08

Current Ratio

1.21

1.14

1.07

0.89

1.26

Quick Ratio

0.95

0.87

0.75

0.57

0.74

Debt Equity Ratio

0.01

0.01

0.01

0.03

0.05

--

0.01

0.01

0.03

0.05

28.72

33.29

31.86

80.08

51.73

0.01

0.01

0.01

0.03

0.05

Financial Charges Coverage

Ratio

35.97

40.46

39.82

93.26

59.38

Financial Charges Coverage

Ratio Post Tax

24.73

32.54

34.9

68.57

51.66

Inventory Turnover Ratio

9.92

9.24

9.19

11.36

7.59

Debtors Turnover Ratio

41.83

45.6

52.58

37.6

34.58

Investments Turnover Ratio

11.21

10.38

9.19

11.36

7.59

Fixed Assets Turnover Ratio

0.96

0.89

0.85

1.15

1.1

Total Assets Turnover Ratio

1.11

1.06

0.93

1.08

1.05

Asset Turnover Ratio

1.15

0.88

0.85

1.15

1.1

Average Raw Material

Holding

--

15.51

19.91

14.69

36.44

Average Finished Goods

Held

--

5.97

5.98

4.57

7.97

29.13

20.53

10.12

-12.72

27.97

Material Cost Composition

13.79

19.49

20.01

23.18

20.3

Imported Composition of
Raw Materials Consumed

--

--

--

--

--

23.47

19.88

20.25

18.58

19.35

--

--

--

--

--

Dividend Payout Ratio Net

Profit

49.86

46.45

36.61

35.15

28.19

Dividend Payout Ratio Cash

Profit

34.63

34.06

28.01

28.21

23.72

Earning Retention Ratio

58.91

48.49

56.65

63.92

63.49

Cash Earning Retention

Ratio

69.84

63.29

68.21

71.19

70.65

0.02

0.04

0.04

0.11

0.22

Liquidity And Solvency Ratios

Long Term Debt Equity

Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund

Management Efficiency Ratios

Number of Days In Working

Capital
Profit & Loss Account Ratios

Selling Distribution Cost

Composition
Expenses as Composition of
Total Sales
Cash Flow Indicator Ratios

AdjustedCash Flow Times