HONDA

2009

2010

14,150,000

16,094,000

1,238,000

55,236,625

12,912,000

-39,142,625

614,018

294,213

Depreciation

26,844

25,462

Other Income

64,844

26,368

12,335,982

-39,435,932

222,769

455,128

12,113,213

-39,891,060

Sales
Cost Of Sales
Gross Profit
Expenses

Operating Profit
Finance Cost
Profit Before Tax
Taxation

-220,452

-135,780

12,333,665

-39,755,280

12,583,278
0

-39,274,690
0

2009

2010

100.00%

100.00%

8.75%

343.21%

91.25%

-243.21%

Expenses

4.34%

1.83%

Depreciation

0.19%

0.16%

Other Income

0.46%

0.16%

87.18%

-245.03%

1.57%

2.83%

Profit Before Tax

85.61%

-247.86%

Taxation

-1.56%

-0.84%

Profit After Tax

87.16%

-247.02%

Profit After Tax

NOPAT
Dividends

Sales
Cost Of Sales
Gross Profit

Operating Profit
Finance Cost

Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

Total Revenue 000's

25,638,698.00
17,055,115.00
14,715,495.00
14,150,000.00
16,094,000.00
21,827,000.00
16,600,000.00
30,275,000.00
39,153,000.00
49,221,785.12
63,059,066.87
79,839,170.49
109,157,426.81
139,274,036.96

2020

179,594,001.31

Approximat
2011

2012

2013

2014

53,625

33,409

280,530

1,023,576

-36,284,304

-415,215

244,525

1,073,415

-36,110,259
0

-254,677
0

463,836
42,840.00

1,149,317
428,400.00

2015
49,221,785.12
47,283,845.49
1,937,939.63
1,273,799.63
39,941.15
431,125.24
1,055,324.08
269,393.60
785,930.48
613,986.46
171,944.02
481,279
284868.9074914

21,827,000

16,600,000

30,275,000

39,153,000

57,613,542

16,644,000

28,828,000

36,296,000

-35,786,542

-44,000

1,447,000

2,857,000

354,069

381,724

916,068

954,655

21,790

8,612

28,744

37,827

83,977

204,456

213,434

270,548

-36,078,424

-229,880

715,622

2,135,066

152,255

151,926

190,567

38,075

-36,230,679

-381,806

525,055

2,096,991

2011

2012

2013

2014

2015

100.00%

100.00%

100.00%

100.00%

100.00%

263.96%

100.27%

95.22%

92.70%

-163.96%

-0.27%

4.78%

7.30%

1.62%

2.30%

3.03%

2.44%

0.10%

0.05%

0.09%

0.10%

0.38%

1.23%

0.70%

0.69%

-165.29%

-1.38%

2.36%

5.45%

0.70%

0.92%

0.63%

0.10%

-165.99%

-2.30%

1.73%

5.36%

0.25%

0.20%

0.93%

2.61%

-166.24%

-2.50%

0.81%

2.74%

96.06%
3.94%
2.59%
0.08%
0.88%
2.14%
0.55%
1.60%
1.25%
0.35%

Growth
-33%
-14%
-4%
14%
36%
-24%
82%
21%
26%
28%
27%
37%
28%

approx

Payout Ratio
42%
0%
0%
0%
0%
0%
0%
9%
37%
23%
30%
27%
29%
28%

approx
29%

28%

Approximates
2016
2017
2018
63,059,066.87
79,839,170.49
109,157,426.81
59,693,038.26
75,428,835.94
103,772,661.91
3,366,028.61
4,410,334.55
5,384,764.89
1,692,498.81
2,051,902.66
2,853,343.28
57,321.02
71,498.40
95,184.85
477,539.85
618,533.93
876,133.03
2,093,748.62
2,905,467.42
3,312,369.79
267,792.03
284,552.36
483,342.23
1,825,956.59
2,620,915.06
2,829,027.56
1,006,483.98
1,452,482.77
1,696,577.72
819,472.61
1,168,432.29
1,132,449.83
1,144,586
1,524,483
1,710,977
681314.61784751 904895.02465382 1017026.06655728
2016

2017

2018

100.00%

100.00%

100.00%

94.66%
5.34%
2.68%
0.09%
0.76%
3.32%
0.42%
2.90%
1.60%
1.30%

94.48%
5.52%
2.57%
0.09%
0.77%
3.64%
0.36%
3.28%
1.82%
1.46%

95.07%
4.93%
2.61%
0.09%
0.80%
3.03%
0.44%
2.59%
1.55%
1.04%

DPS
Discounted
Price

CAPM
No. shares 000's
2014
2015
3.6242863549
3.2372301671
150.9063878249

0.12
78600
2016
2017
8.668124909 11.51266
6.9155593162 8.204061

2006
0.3561

Terminal Cash Flow

5.00%

2018
12.9392629333
8.2359525834

2007
0.3721

2008
0.3603

2009
0.5657

2010
0.3424

2011
0.4298

2012
0.5854

2013
0.5852

2014
0.5986

2015
0.5919

2016
0.59525

2017
59%

2018
59%

INDUS
2009

2010

2011

Sales

37,864,604

60,093,139

61,702,677

Cost Of Sales

35,540,418

55,236,625

57,613,542

2,324,186

4,856,514

4,089,135

Expenses

504,106

479,730

647,490

Depreciation

473,894

786,270

861,510

Other Income

727,080

1,796,000

1,507,878

2,073,266

5,386,514

4,088,013

27,000

144,000

77,000

2,046,266

5,242,514

4,011,013

660,911

1,799,136

1,268,071

1,385,355

3,443,378

2,742,942

Gross Profit

Operating Profit
Finance Cost
Profit Before Tax
Taxation
Profit After Tax
NOPAT
Dividends

1,412,355 3,587,378 2,819,942

798969.224 1228318.23 1212011.07
2009

2010

2011

100.00%

100.00%

100.00%

93.86%

91.92%

93.37%

Gross Profit

6.14%

8.08%

6.63%

Expenses

1.33%

0.80%

1.05%

Depreciation

1.25%

1.31%

1.40%

Other Income

1.92%

2.99%

2.44%

Operating Profit

5.48%

8.96%

6.63%

Finance Cost

0.07%

0.24%

0.12%

Profit Before Tax

5.40%

8.72%

6.50%

Taxation

1.75%

2.99%

2.06%

Profit After Tax

3.66%

5.73%

4.45%

Sales
Cost Of Sales

Year
Total
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018

Revenue 000's
35236535
39061226
41423843
37,864,604
60,093,139
61,702,677
76,962,642
63,829,075
57,064,622

66325288
71454221
77702118
82011796

Growth
11%
6%
-9%
59%
3%
25%
-17%
12%
16%
8%
9%
6%

2019
2020

90269289
98992980

10%
10%

2012

2013

2014

76,962,642

63,829,075

57,064,622

70,400,788

57,972,038

51,270,040

6,561,854

5,857,037

5,794,582

1,003,027

606,224

595,095

960,973

1,287,776

1,257,905

1,776,572

1,037,840

1,113,000

6,374,426

5,000,877

5,054,582

61,000

31,000

38,000

6,313,426

4,969,877

5,016,582

2,009,552

1,612,230

1,143,000

4,303,874

3,357,647

3,873,582

4,364,874 3,388,647
2555197.24 1983036.22

3,911,582
2341473

Approximates
2015
2016
66,325,287.98
71,454,221.05
60,166,637.23
64,638,423.84
6,158,650.75
6,815,797.21
728,665.16
736,271.20
1,209,444.43
1,439,896.45
1,301,024.50
1,319,037.59
5,521,565.65
5,958,667.15
42,982.68
42,864.02
5,478,582.97
5,915,803.13
1,578,524.63
1,645,548.21
3,900,058.34
4,270,254.92
3,943,041
4,313,119
2333885.978642 2567384.048084

2012

2013

2014

2015

2016

100.00%

100.00%

100.00%

100.00%

100.00%

91.47%

90.82%

89.85%

8.53%

9.18%

10.15%

1.30%

0.95%

1.04%

1.25%

2.02%

2.20%

2.31%

1.63%

1.95%

8.28%

7.83%

8.86%

0.08%

0.05%

0.07%

8.20%

7.79%

8.79%

2.61%

2.53%

2.00%

5.59%

5.26%

6.79%

90.71%
9.29%
1.10%
1.82%
1.96%
8.32%
0.06%
8.26%
2.38%
5.88%

90.46%
9.54%
1.03%
2.02%
1.85%
8.34%
0.06%
8.28%
2.30%
5.98%

Growth

approx

Payout Ratio
36%
37%
36%
57%
34%
43%
59%
59%
60%
59%
60%
59%
59%

2014
DPS
Discounted
Price

approx
59%
59%

Approximates
2017
2018
77,702,118.31
82,011,796.42
70,196,446.91
74,225,115.18
7,505,671.39
7,786,681.23
821,538.57
871,054.26
1,565,176.41
1,600,040.52
1,491,360.45
1,565,578.29
6,610,316.86
6,881,164.75
49,570.10
51,555.07
6,560,746.76
6,829,609.68
1,731,697.09
1,889,428.82
4,829,049.67
4,940,180.85
4,878,620
4,991,736
2895826.72898 2967150.233174
2017

2018

100.00%

100.00%

90.34%
9.66%
1.06%
2.01%
1.92%
8.51%
0.06%
8.44%
2.23%
6.21%

90.51%
9.49%
1.06%
1.95%
1.91%
8.39%
0.06%
8.33%
2.30%
6.02%

CAPM
No. shares 000's
2015
29.6932058351
26.5221156049
465.5465836674

0.12
Terminal Cash Flow
78600
2016
2017
2018
32.6639191868 36.84258
37.7500029666
26.0597618294 26.25447
24.0282028473

2006
0.3561

2007
0.3721

5.00%

2008
0.3603

2009
0.5657

2010
0.3424

2011
0.4298

2012
0.5854

2013
0.5852

2014
0.5986

2015
0.5919

2016
0.59525

2017
59%

2018
59%

Profitability
Gross profit / (loss) margin
Operating profit / (loss) margin
Profit / (loss) after tax

%
%
%

Liquidity
Current ratio
Quick ratio
Long term debt to equity
Total liabilities to equity

Times
Times
Times
Times

Activity
Total assets turnover
Fixed assets turnover
Stock turnover ratio
Interest cover (AT)
Number of days stock

Times
Times
Days
Times
Times

Earnings
Return on capital employed
Return on equity (BT)
Return on equity (AT)
Earnings / (loss) per share (BT)
Earnings / (loss) per share (AT)
Price earning ratio (AT)
Dividend per ordinary share
Dividend pay out ratio

%
%
%
Rs
Rs
Times
Rs.
%

2014

2013

2012

2011

2010

2009

2008

2007

7.3
5.5
2.7

4.8
2.4
0.8

-0.3
-2.1
-3.2

0.9
-0.4
-1.4

-1.5
-3.4
-5.4

1.3
-2.8
-2.8

4.3
2
0.5

0.6
-1
-1.6

0.9
0.5

0.8
0.4

0.7
0.2
0.5
6.3

0.6
0.2
0.8
4.5

0.7
0.2
0.5
3.5

0.8
0.2
0.2
2.1

0.9
0.2
1
3.4

5.2

11.1

0.6
0.2
0.2
8.4

3.2
12.9
8.9
29.2
41

2
8.6
8
2.3
46

1.7
4.5
5.3
-2.5
69

2.1
5.6
7.6
-1
48

1.8
3.5
6.1
-0.9
60

1.4
2.6
6.1
-0.8
60

2.2
3.7
6.5
1.3
56

2.1
3.9
4.9
0.1
74

-28
-35.6
-37.9
-3.5
-3.7
-3

-10
-13.4
-16.3
-1.7
-2.1
-4.8

-21.8
-41.1
-35.5
-6.9
-6
-2.7

-10
-20.5
-13.3
-4.4
-2.8
-4.3

1.7
2.3
2.6
0.5
0.5
88

-6.1
-18.7
-10.3
-6.8
-3.7
-15.7

57.2
111.7
57.2
14.7
7.5
7.3
3
39.9

18.4
42.1
19.6
3.7
1.7
17.1
0.3 17.6 -

2006

4.6
4.6
2.7

1.1
0.4
0.4
3.4

2.8
10.9
6.7
16.2
54

24.3
47.3
29.4
27
16.8
6.7
7
41.7

Total Revenue 000's

2013
2012
2011
2010
2009
2008
2007
2006

Operating Profit 000's

63830000
76960000
61700000
60093139
37864604
41423843
39061226
35236535

5000000
6373000
4088000
5246115
2072553
3544471
4273370
4199722

Profitability
Gross profit / (loss) margin
Operating profit / (loss) margin
Profit / (loss) after tax
Liquidity
Current ratio
Quick ratio
Long term debt to equity
Activity
Total assets turnover
Fixed assets turnover
Stock turnover ratio
Interest cover (AT)
Number of days stock
Earnings
Return on capital employed
Return on equity (BT)
Return on equity (AT)
Earnings / (loss) per share (BT)
Earnings / (loss) per share (AT)
Price earning ratio (AT)
Dividend per ordinary share
Dividend pay out ratio

NI after taxes 000's

Current Ratio

3358000
4303000
2743000
3443403
1385102
2290845
2745701
2648464

2.99
2.32
1.84
1.67
1.69
2.56
1.83
1.49

%
%
%

Times
Times
Times

Times
Times
Days
Times
Times

%
%
%
Rs
Rs
Times
Rs.
%

Sales/Equity

Debt to Equity

ROA

4.77
3.68
4.39
2.86
5.63

0
0
0
1.16
1.01
0.46
0.95
1.53

12.69
6.7
16.66
17.53
16.74

2014

2013

2012

9.18
5.26
5%

8.53
5.59
6%

2.99
1.929
0

2.32
1.86
0

20.54
8

19.99
11

11

19

25.3

42.7
7.28
25
36

54.7
4.48
32
37

ROE

NP margin

GP margin

EPS

DPS

P/E

19
25.3
19.4
27.36
13.45
24.28
34.13
42.32

5.26
5.59
4.45
5.73
3.66
5.53
7.03
7.52

9.18
8.53
6.63
7.84
6.14
9.29
11.37
11.77

42.7
54.7
34.9
43.81
17.62
29.15
34.93
33.7

25
32
15
15
10
10.5
13
12

7.28
4.48
6.3
5.99
6.11
6.86
8.75
5.67

2011

2010

2009

2008

2007

2006

6.63
4.45
4%

7.84
5.73
6%

6.14
3.66
4%

9.29
5.53
6%

11.37
7.03
7%

11.77
7.52
8%

1.84

1.67

1.69

1.16

1.01

1.83
1.66
0.95

1.49

2.56
2.224
0.46

16.34
11

16.56
12

9.5
11

13.52
14

20.5
10

25.95
9

19.4

27.36

13.45

24.28

34.13

42.32

34.9
6.3
15
36

43.81
5.99
15
57

17.62
6.11
10
34

29.15
6.86
10.5
43

34.93
8.75
13
59

33.7
5.67
12
59

1.53

11

Indus
2009

2010

Sales

14,149,646.00 $

15,854,142.00

Cost Of Sales

(13,973,144.00) $

(16,093,687.00)

Gross Profit

176,502

Operating Profit

Other Income

Profit Before Tax

(399,516.00) $

(532,852.00)

Taxation

220,452.00 $

135,780.00

Profit After Tax

(464,360.00) $
64,844.00 $

-239,545

(559,220.00)
26,368.00

-179,064

-397,072

-179,064
0

-397,072
0

2009

2010

Sales

100.00%

100.00%

Cost Of Sales

-98.75%

-101.51%

1.25%

-1.51%

-3.28%

-3.53%

NOPAT
Dividends

Gross Profit
Operating Profit
Other Income
Profit Before Tax
Taxation
Profit After Tax

Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

0.46%

0.17%

-2.82%

-3.36%

1.56%

0.86%

-1.27%

-2.50%

Total Revenue 000's

35236535
39061226
41423843
37864604
60093139
61700000
76960000
63830000
71548168
83159404
89590293
97425015
102829720
113183877
124122783

Growth
11%
6%
-9%
59%
3%
25%
-17%
12%
16%
8%
9%
6%
10%
10%

2011
2012
2013
2014
$ 22,026,109.00 $ 16,599,608.00 $ 30,274,604.00 $ 39,153,254.00
$ (21,826,799.00) $ (16,643,607.00) $ (28,827,522.00) $ (36,296,009.00)
199,310

$
$

(176,549.00) $
83,977.00 $

(92,572.00) $

(53,625.00) $

-43,999

(551,334.00) $
204,456.00
(346,878.00) $

(33,409.00)

1,447,082

502,350.00
213,434

715,784.00 $
-280,530 $

2,857,245

1864773.0
270548.0
2,135,321.00
(1,023,576.00)

-146,197

-380,287

435,254

1,111,745

-146,197
0

-380,287
0

435,254
76604.704

1,111,745
443586.255

2011

2012

2013

100.00%

100.00%

100%

2014
100.00%

-99.10%

-100.27%

-95.22%

-92.70%

0.90%

-0.27%

4.78%

7.30%

-0.80%

-3.32%

1.66%

4.76%

Growth

approx

0.38%

1.23%

0.70%

0.69%

-0.42%

-2.09%

2.36%

5.45%

-0.24%

-0.20%

-0.93%

-2.61%

-0.66%

-2.29%

1.44%

2.84%

Payout Ratio
42%
0%
0%
0%
0%
0%
0%
18%
40%
29%
34%
32%
33%
32%
33%

Approximates
2015
2016
83159404
89590293
-78137637.8
-83616270.3

2017
97425015
-91235174.5

2018
102829720
-96134683.2

5,021,767

5,974,022

6,189,841

6,695,037

2670275.5
580448.9

3571869.2
622201.4

3506290.1
678317.8

3900257.2
715048.3

3,250,724.45 $

4,194,070.60 $

4,184,607.83 $

-1472295.3

-1964146.4

-1930386.4

1,778,429

2,229,924

2,254,221

2015
100.00%
-93.96%
6.04%
3.21%
0.70%
3.91%
-1.77%
2.14%

2016
100.00%
-93.33%
6.67%
3.99%
0.69%
4.68%
-2.19%
2.49%

4,615,305.48

-2145939.3
2469366.201635
1,778,429
2,229,924
2,254,221
2,469,366
511298.3899887 765421.49686281 773761.5088222 813193.1572758

CAPM
No. shares 000's
2014
2015
DPS
5.6435910305
Discounted
4.7236189951
Price
67.5801683183

2017
2018
100.00%
100.00%
-93.65%
-93.49%
6.35%
6.51%
3.60%
3.79%
0.70%
0.70%
4.30%
4.49%
-1.98%
-2.09%
2.31%
2.40%
19.48% Terminal growth
8.50%
78600
2016
2017
2018
6.5050685749
9.738186983 9.84429
4.5571206925
5.7099997151 4.83128

Indus
2009

2010

Sales

37,864,604

60,093,139

Cost Of Sales

35,540,418

55,382,306

Gross Profit

2,324,186

4,710,833

Operating Profit

2,072,553

5,246,115

Other Income

727,080

1,801,459

Finance Cost

26,540

3,576

2,046,013

5,242,539

660,911

1,799,136

1,385,102

3,443,403

Profit Before Tax

Taxation
Profit After Tax

1,411,642 3,446,979
479958.28 1964778.03

NOPAT
Dividends

2009

2010

100.00%

100.00%

93.86%

92.16%

Gross Profit

6.14%

7.84%

Operating Profit

5.47%

8.73%

Other Income

1.92%

3.00%

Finance Cost

0.07%

0.01%

Profit Before Tax

5.40%

8.72%

Taxation

1.75%

2.99%

Profit After Tax

3.66%

5.73%

Sales
Cost Of Sales

Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Total Revenue 000's

35236535
39061226
41423843
37864604
60093139
61700000
76960000
63830000
71548168
83159404
89590293
97425015
102829720
113183877
124122783

Growth
11%
6%
-9%
59%
3%
25%
-17%
12%
16%
8%
9%
6%
10%
10%

2011

2012

2013

61,702,677

76,962,642

63,829,075

57,613,542

70,400,788

57,972,038

4,089,135

6,561,854

5,857,037

2,936,488

4,597,500

5,000,479

1,507,878

1,773,572

1,037,840

77,115

58,805

30,704

4,011,455

6,312,267

4,969,775

1,268,071

2,009,552

1,612,230

2,743,384

4,302,715

3,357,545

2,820,499 4,361,520
1015379.64 1613762.4

3,388,249
1219769.64

2011

2012

2013

100.00%

100.00%

100%

93.37%

91.47%

90.82%

6.63%

8.53%

9.18%

4.76%

5.97%

7.83%

2.44%

2.30%

1.63%

0.12%

0.08%

0.05%

6.50%

8.20%

7.79%

2.06%

2.61%

2.53%

4.45%

5.59%

5.26%

Growth

approx

Payout Ratio
59%
59%
43%
34%
57%
36%
37%
36%
40%
41%
38%
38%
39%
39%
39%

2014
2015
71548168
83159404
66066622.8 76534948.2
5481545.7
6624456.1
4689339.2
5630060.7
1615871.7
1934358.2
46582.4
53312.9
5239698.8
6409328.3
1707344.2
2091003.3
3532354.5531 4318325.006
3,578,937
4,371,638
1431574.8
1801114.8
2014
100.00%
92.34%
7.66%
6.55%
2.26%
0.07%
7.32%
2.39%
4.94%

2015
100.00%
92.03%
7.97%
6.77%
2.33%
0.06%
7.71%
2.51%
5.19%

Approximates
2016
89590293
82430841.8
7159450.8
5714292.2
1963591.6
67856.5
6722794.4
2166794.9
4555999.5144139
4,623,856
1758914.8
2016
100.00%
92.01%
7.99%
6.38%
2.19%
0.08%
7.50%
2.42%
5.09%

CAPM
No. shares 000's
2014
2015
DPS
18.2134195404
Discounted
16.4536074969
Price
332.8665114307

imates
2017
2018
97425015
102829720
89373658.8
94385566.0
8051356.3
8444154.1
6529502.9
7041533.5
2086199.9
2168386.0
64196.7
65595.8
7506076.1
7820212.8
2427096.4
2537096.9
5078980 5283115.8259
5,143,176
5,348,712
1977448.5
2071962.5
2017
2018
100.00%
100%
91.74%
92%
8.26%
8%
6.70%
7%
2.14%
2%
0.07%
0%
7.70%
8%
2.49%
2%
5.21%
5%
0.11
Terminal Cash Flow
78600
2016
2017
2018
22.91494653
22.3780513
25.1583773385
18.70071153 16.497995822
16.755646611

4.10%

enterprise value/EBIT

25