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Sales Figures

2010

Sales of Hero

Industry Total sales

Production Figures

Hero MotoCorp Ltd

4600130

9936924

2010

4596245

Capacity
Desirable utilization
Plant utilization

2011

2012

2013

2014

2015

2016

5402444
17%

6235205
15%

6073581
-3%

6245960
3%

6631703
6%

7315868.7
10%

12602187
27%

14598319
16%

14961494
2%

16160444
8%

2011

2012

2013

2014

5400849
18%

6266516
16%

6061613
-3%

6237287
3%

17696828 18758637.7
10%
6%

2015

2016

6644687 7375602.57
7%
11%

7500000
6750000

7500000
6750000

2017

2018

7827979.5 8670992.68
7%
11%

2019

2020

2021

9364672.1 10113845.9 10720676.6 11363917.2


8%
8%
6%
6%

20071742.3 21677481.7 23411680.2 25284614.7 26801691.5


7%
8%
8%
8%
6%

2017

2018

2022

2019

2020

2021

28409793
6%

2022

7965650.78 8602902.84 9291135.06 10127337.2 10684340.8 11325401.2


8%
8%
8%
9%
5%
6%

8700000
7830000

9900000
8910000
840992.681

10500000
9450000

10500000
9450000

1534672.1 2283845.86

2023

2024

2025

12045752.2 12768497.4 13534607.2


6%
6%
6%

30114380.6 31921243.4 33836518.1


6%
6%
6%

2023

2024

2025

12004925.3 12725220.8 13488734.1


6%
6%
6%

Assumptions

Market Share of Hero MotoCorp is assumed to be 39~40 %


Industry is expected to grow at 6% in FY2016 and at CAGR 8%
thereafter till 2020. Thereafter the 2W industry is expected to
mature an grow at about 6% till 2025

Prodution is expected to grow wrt to the demand

Firstly the exisiting capacity will be utilized to 90% of its


maximum value as per the ongoing trend of Hero

Notes

Current established capacity= 7500000

Source: HeroMoto Corp Annual R

New Plant at Halol increases the capacity by


1200000 expected to commission in FY 2017
Plant at AP will increase the capacity of Hero
MotoCorp by 1800000 andwill be commissioned in
FY 2018
Both halol and AP plant will be funded by internal
cash accrual and no debt will be taken
Investment in AP plant 1600 Cr.

Source: Crisil research

ce: HeroMoto Corp Annual Report

Source: Crisil research

Year End

SOURCES OF FUNDS
Share Capital
Share warrants & Outstandings
Reserve
Shareholder's Funds
Secured Loans
Unsecured Loans
Total Debts
Total Liabilities
Net_Block
Less: Accumulated Depreciation
Less: Impairment of Assets
Lease Adjustment A/c
Capital Work in Progress
Pre-operative Expenses pending
Assets in transit
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors (Debotrs)
Cash and Bank
Other Current Assets
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written of
Deferred Tax Assets / Liabilities
Total Assets
Contingent Liabilities

2010

2011

2012

399.4
0
34250.8
34650.2
0
660.3
660.3
35310.5
27509.8
10922
0
0
481.4
0
0
39257.1

399.4
0
29161.2
29560.6
0
15067.2
15067.2
44627.8
55384.6
14581.8
0
0
499.6
0
0
54874.7

399.4
0
42498.9
42898.3
0
10493.9
10493.9
53392.2
63082.6
25227.5
0
0
388.4
0
0
45239.1

4364
1083.9
19072.1
1833
2472.8
28825.8

5249.3
1305.9
715.2
2582.9
1232.2
11085.5

6755.7
2723.1
768.2
2738
2421.6
15406.6

38050.6
10263.5
48314.1
-19488.3
0
-1527.5
35310.5
137.2

49713.2
10453.9
60167.1
-49081.6
0
-2467.7
44627.8
303.6

32893.7
10520.7
43414.4
-28007.8
0
-2082.6
53392.2
399.9

2013

2014

2015

399.4
0
49663
50062.4
0
3323.2
3323.2
53385.6
66850.7
36140.9
0
0
620.9
0
0
44403.3

399.4
0
55599.3
55998.7
0
744.3
744.3
56743
69089.4
46656.9
0
0
8541.1
0
0
46139.7

399.4
6.7
65007.2
65413.3
0
969.5
969.5
66382.8
81140.3
52013.4
0
0
7125.5
0
0
38311.2

6367.6
6650
1810.4
1780.5
4074
20682.5

6695.5
9205.8
1175
1675.9
4047.7
22799.9

8154.9
13895.9
1592.5
3923.9
2350.8
29918

27609.8
14097
41706.8
-21024.3
0
-1324.1
53385.6
470.9

28786.7
15443.3
44230
-21430.1
0
1059.8
56743
292.4

31493.6
7340.6
38834.2
-8916.2
0
735.4
66382.8
40.9

2018

2019

Sales from AP Plant (Mn Vehicles)


Price/Vehicle
Sales (Millions)
COGS @ 73% of sales
Gross profit
SG&A @ 7% of sales
Operating profit
Depriciation @ 3 % of sales
EBIT
Tax@30%
PAT

0.8840992
47898.4686
42346.9977
30913.3083
11433.6894
2964.28984
8469.39955
1270.40993
7198.98961
2159.69688
5039.29273

1.534672
49335.4226
75713.6917
55270.9949
20442.6968
5299.95842
15142.7383
2271.41075
12871.3276
3861.39828
9009.92931

Inventories
Inventory days

1020.38862 1824.38882

Accounts Receivables
Recievable days
Accounts Payable
Payable Days

8.8
764.566343 1366.99515
6.5
4168.76221 7453.47707
26.6

Working Capital
Change in Working Capital

-2383.80725 -4262.09311
-1878.28586

Capital Expenditure

84.6939955 151.427383
0.2% of revenue

FCFF
Initial Investment
Wacc
NPV

-16000 8608.81592 15392.0058


16000
12%
43,266.94

2020

2021

2022

2023

2024

1.62
50815.485293
82321.086174
60094.392907
22226.693267
5762.4760322
16464.217235
2469.6325852
13994.58465
4198.3753949
9796.2092547

1.62
52339.9499
84790.7188
61897.2247
22893.4941
5935.35031
16958.1438
2543.72156
14414.4222
4324.32666
10090.0955

1.62
53910.1483
87334.4403
63754.1414
23580.2989
6113.41082
17466.8881
2620.03321
14846.8549
4454.05646
10392.7984

1.62
55527.4528
89954.4735
65666.7657
24287.7079
6296.81315
17990.8947
2698.63421
15292.2605
4587.67815
10704.5824

1.62
57193.2764
92653.1077
67636.7686
25016.3391
6485.71754
18530.6215
2779.59323
15751.0283
4725.30849
11025.7198

1983.599871 2043.10787

1486.2902956

2104.4011 2167.53314 2232.55913

1530.879 1576.80537 1624.10954 1672.83282

8103.928296 8347.04614 8597.45753 8855.38126 9121.04269

-4634.038129 -4773.05927 -4916.25105 -5063.73858 -5215.65074


-371.9450189 -139.021144 -143.191778 -147.487532 -151.912157
164.64217235 169.581438 174.668881 179.908947 185.306215

16735.237797 17237.2949 17754.4138 18287.0462 18835.6576

2025

2026

2027

2028

2029

2030

1.62
58909.0747
95432.701
69665.8717
25766.8293
6680.28907
19086.5402
2862.98103
16223.5592
4867.06775
11356.4914

1.62
60676.3469
98295.682
71755.8479
26539.8341
6880.69774
19659.1364
2948.87046
16710.2659
5013.07978
11697.1862

1.62
62496.6373
101244.552
73908.5233
27336.0292
7087.11867
20248.9105
3037.33657
17211.5739
5163.47218
12048.1017

1.62
64371.5364
104281.889
76125.779
28156.11
7299.73223
20856.3778
3128.45667
17727.9211
5318.37634
12409.5448

1.62
66302.6825
107410.346
78409.5524
29000.7933
7518.7242
21482.0691
3222.31037
18259.7588
5477.92763
12781.8311

1.62
68291.763
110632.656
80761.8389
29870.8171
7744.28593
22126.5312
3318.97968
18807.5515
5642.26546
13165.2861

2299.5359 2368.52198 2439.57764 2512.76497 2588.14792 2665.79236

1723.01781 1774.70834 1827.94959 1882.78808 1939.27172 1997.44987

9394.67397 9676.51419 9966.80962 10265.8139 10573.7883

10891.002

-5372.12026 -5533.28387 -5699.28239 -5870.26086 -6046.36868 -6227.75974


-156.469522 -161.163608 -165.998516 -170.978472 -176.107826 -181.39106
190.865402 196.591364 202.489105 208.563778 214.820691 221.265312

19400.7273 19982.7491 20582.2316 21199.6985 21835.6895 22490.7602

Gross sales (Rs Millions)

units sold (millions)


Realization/vehicle

2011

2012

2013

2014

209841.3

253160.9

256596.7

270195.5

5.402444
6.235205
6.073581
6.24596
38841.9204 40601.8567 42248.0082 43259.2428

2015

2016

2017

2018

2019

330303.39652 364027.384 415327.238 462010.051


6.631703
7.315868
7.827979
8.670992
9.364672
43833.883996 45148.900516 46503.3675 47898.4686 49335.4226
290693.3

2020

2021

2022

2023

2024

2025

513939.942 561119.644 61263.0451 668869.926 730272.178 797311.174


10.113845 10.720676 1.1363917 12.045752 12.768497 13.534607
50815.4853 52339.9499 53910.1483 55527.4528 57193.2764 58909.0747

60676.3469 62496.6373 64371.5364 66302.6825

68291.763 70340.5159

72450.7314 74624.2533

(Figures in Rs.Millions)

2010 - 11

2011 - 12

Gross sales

209841.3

100%

253160.9

Total excise & indirect taxes

-14203.0

-7%

-16661.8

Net sales

195638.3

93%

236499.1

1664.1

1%

2289.4

197302.4

94%

238788.5

157202.8

75%

186490.0

Other related income


Operating income

cogs
Expenditure:
Material costs

0%
141483.4

67%

173790.3

Traded goods purchased

3196.2

2%

2945.2

|Accretion|: Decretion to stocks

-245.4

0%

-921.6

877.7

0%

1022.8

Power and fuel

1004.7

0%

1126.6

Employee costs

6189.5

3%

7355.2

Other manufacturing expenses

4696.7

2%

1171.5

Other expenses

5157.0

2%

6329.2

Selling expenses

8680.6

4%

9639.3

171040.4

82%

202458.5

26262.0

13%

36330.0

130.4

0%

213.0

26131.6

12%

36117.0

4023.8

2%

10973.4

22107.8

11%

25143.6

2744.3

1%

3510.0

24852.1

12%

28653.6

Cash adjustments

0.0

0%

0.0

Non cash Adjustments

0.0

0%

0.0

Extraordinary income

0.0

0%

0.0

-804.5

0%

-6.5

PBT

24047.6

11%

28647.1

Tax

3828.4

16%

5250.9

940.2

0%

-385.1

19279.0

9%

23781.3

Consumable stores

Cost of sales
OPBDIT
Interest and finance charges
OPBDT
Depreciation
OPBT
Non-operating income
APBT

Extraordinary expenses

Provision for deferred tax


Profit after tax |PAT|

2012-13

2013-14

100%

256596.7

100%

270195.5

100%

-7%

-18871.5

-7%

-18800.8

-7%

93%

237725.2

93%

251394.7

93%

1%

2062.9

1%

1739.8

1%

94%

239788.1

93%

253134.5

94%

74%

188578.0

73%

197296.3

73%

0%

0%

0%

69%

173897.5

68%

182392.7

68%

1%

1815.9

1%

142.9

0%

0%

370.2

0%

311.0

0%

0%

1058.7

0%

821.4

0%

0%

1291.8

1%

1374.6

1%

3%

8209.2

3%

9300.4

3%

0%

1934.7

1%

2953.3

1%

3%

7066.0

3%

8056.2

3%

4%

11222.7

4%

12237.1

5%

80%

206866.7

81%

217589.6

81%

14%

32921.4

13%

35544.9

13%

0%

119.1

0%

118.2

0%

14%

32802.3

13%

35426.7

13%

4%

11417.5

4%

11073.7

4%

10%

21384.8

8%

24353.0

9%

1%

3913.1

2%

4324.0

2%

11%

25297.9

10%

28677.0

11%

0%

0.0

0%

0.0

0%

0%

0.0

0%

0.0

0%

0%

0.0

0%

0.0

0%

0%

-5.9

0%

-4.5

0%

11%

25292.0

10%

28672.5

11%

18%

4868.9

19%

9965.6

35%

0%

-758.5

0%

-2383.9

-1%

9%

21181.6

8%

21090.8

8%

2014-15

290693.3
-17225.1
273468.2
2331.4
275799.6
215259.6
198176.9
10.9
-394.3
1069.6
1584.7
11728.7
3083.5
9936.7
15253.3
240449.6
35350.0
110.9
35239.1
5400.1
29839.0
5006.8
34845.8
0.0
0.0
0.0
-1905.6
32940.2
8989.1
324.4
23626.7

100%
-6%
94%
1%
95%
74%
0%
68%
0%
0%
0%
1%
4%
1%
3%
5%
83%
12%
0%
12%
2%
10%
2%
12%
0%
0%
0%
-1%
11%
27%
0%
8%

171040.4

202458.5

206866.7

217589.6

240449.6

8680.6

9639.3

11222.7

12237.1

15253.3

5157.0

6329.2

7066.0

8056.2

9936.7

13837.6

15968.5

18288.7

20293.3

25190.0

0.0712741 0.07510599

0.0866549

0.06594317 0.06307649

Year End

Earnings Per Share (Rs)


CEPS(Rs)
Adjusted EPS (Rs.)
DPS(Rs)
Adjusted DPS(Rs)
Book NAV/Share(Rs)
Adjusted Book Value (Rs)
Tax Rate(%)
Dividend Pay Out Ratio(%)
Margin Ratios
Core EBITDA Margin(%)
EBIT Margin(%)
Pre Tax Margin(%)
PAT Margin (%)
Cash Profit Margin (%)
Performance Ratios
ROA (%)
ROE (%)
ROCE (%)
Asset Turnover(x)
Inventory Turnover(x)
Debtors Turnover(x)
Sales/Fixed Asset(x)
Working Capital/Sales(x)
Efficiency Ratios
Fixed Capital/Sales(x)
Receivable days
Inventory Days
Payable days
Growth Ratio
Net Sales Growth(%)
Core EBITDA Growth(%)
EBIT Growth(%)
PAT Growth(%)
EPS Growth(%)
Financial Stability Ratios
Total Debt/Equity(x)
Current Ratio(x)
Quick Ratio(x)
Interest Cover(x)

2010

2011

2012

111.76
121.35
111.76
110
110
173.51
173.51
21.18
98.43

96.54
116.69
96.54
105
105
148.03
148.03
19.83
108.76

119.09
174.03
119.09
45
45
214.81
214.81
16.99
37.79

15.56
16.89
16.88
13.3
14.44

12.29
11.63
11.55
9.26
11.2

14.01
11.44
11.35
9.42
13.77

30.59
61.43
76.48
2.3
43.97
129.92
6.37
10.3

20.04
60.05
55.94
2.16
43.31
174.2
5.02
-85.01

23.07
65.64
51.81
2.45
42.04
125.27
4.26
51.55

0.16
2.81
8.3
26.26

0.2
2.1
8.43
35.68

0.23
2.91
8.68
39.77

27.92
53.99
58.85
74.12
74.12

23.1
-4.07
-14.61
-13.62
-13.62

21.55
37.26
19.26
23.35
23.35

0.02
1.34
1.25
1349.44

0.73
0.96
0.87
159.52

0.4
1.11
0.96
135.49

2013

2014

2015

106.07
163.24
106.07
60
60
250.69
250.69
16.25
56.57

105.61
161.06
105.61
65
65
280.41
280.41
26.44
61.55

119.46
146.5
119.46
60
60
327.52
327.52
28.33
50.23

12.44
9.9
9.86
8.25
12.7

12.69
10.6
10.56
7.77
11.84

11.78
11.4
11.36
8.14
9.98

21.69
45.57
42.46
2.63
39.11
54.75
3.95
28.29

21.49
39.77
48.66
2.77
41.58
34.25
4
23.97

23.34
39.3
53.76
2.87
39.46
25.37
3.9
20.95

0.25
6.67
9.33
37.38

0.25
10.66
8.78
35.52

0.26
14.39
9.25
40.98

0.8
-7.54
-11.95
-10.93
-10.93

6.34
8.24
13.3
-0.43
-0.43

9.14
1.22
16.01
13.11
13.11

0.19
1.22
1.06
213.36

0.05
1.26
1.1
243.58

0
1.36
1.15
301.16

sales (Rs Millions)

COGS @73% of Gross Sales


Gross Profit
Capital Exp

2011

2012

2013

209841.3

253160.9

256596.7

171040.4
38800.9

202458.5
50702.4

206866.7
49730.0

499.6

388.4

620.9

0.002380847

0.0015342 0.00241975

2014
270195.5

217589.6
52605.9
8541.1

2015

2016

2017

2018

330303.397 364027.384 415327.238


240449.6 241121.479 265739.991 303188.884
50243.7
89181.9
98287.4
112138.4
290693.3

7125.5

2019

2020

2021

2022

2023

2024

462010.051 513939.942 561119.644 61263.0451 668869.926 730272.178


337267.337 375176.158 409617.34 44722.0229 488275.046 533098.69
124742.7
138763.8
151502.3
16541.0
180594.9
197173.5

2025

797311.174
582037.157
215274.0

Date

Hero MotoCorp

4-Mar-13

1,638.55

5-Mar-13

1,645.65

6-Mar-13

1,646.50

7-Mar-13

1,713.20

8-Mar-13

1,742.90

11-Mar-13

1,699.15

12-Mar-13

1,677.65

13-Mar-13

1,671.20

14-Mar-13

1,668.80

15-Mar-13

1,683.20

18-Mar-13

1,686.20

19-Mar-13

1,643.90

20-Mar-13

1,653.05

21-Mar-13

1,623.20

22-Mar-13

1,656.20

25-Mar-13

1,616.05

26-Mar-13

1,572.50

28-Mar-13

1,541.90

1-Apr-13

1,535.65

2-Apr-13

1,533.10

3-Apr-13

1,498.85

4-Apr-13

1,458.85

5-Apr-13

1,478.50

8-Apr-13

1,478.85

9-Apr-13

1,465.05

10-Apr-13

1,459.60

11-Apr-13

1,451.50

12-Apr-13

1,450.55

15-Apr-13

1,437.25

16-Apr-13

1,488.25

17-Apr-13

1,493.40

18-Apr-13

1,502.70

22-Apr-13

1,528.20

23-Apr-13

1,572.05

25-Apr-13

1,620.00

26-Apr-13

1,596.95

29-Apr-13

1,648.65

30-Apr-13

1,645.10

2-May-13

1,612.85

3-May-13

1,609.90

6-May-13

1,647.25

7-May-13

1,707.40

8-May-13

1,677.00

9-May-13

1,676.10

10-May-13

1,705.30

11-May-13

1,710.35

13-May-13

1,681.50

14-May-13

1,672.20

15-May-13

1,703.85

16-May-13

1,695.30

17-May-13

1,685.85

20-May-13

1,701.05

21-May-13

1,685.25

22-May-13

1,650.85

23-May-13

1,649.15

24-May-13

1,634.70

27-May-13

1,661.15

28-May-13

1,745.75

29-May-13

1,787.45

30-May-13

1,752.35

31-May-13

1,730.70

3-Jun-13

1,667.55

4-Jun-13

1,668.20

5-Jun-13

1,664.00

6-Jun-13

1,642.95

7-Jun-13

1,646.10

10-Jun-13

1,652.45

11-Jun-13

1,649.55

12-Jun-13

1,610.50

13-Jun-13

1,608.85

14-Jun-13

1,602.30

17-Jun-13

1,623.80

18-Jun-13

1,640.30

19-Jun-13

1,619.60

20-Jun-13

1,599.95

21-Jun-13

1,624.90

24-Jun-13

1,580.80

25-Jun-13

1,583.45

26-Jun-13

1,638.15

27-Jun-13

1,652.65

28-Jun-13

1,662.25

1-Jul-13

1,698.50

2-Jul-13

1,680.25

3-Jul-13

1,659.25

4-Jul-13

1,654.70

5-Jul-13

1,646.90

8-Jul-13

1,651.85

9-Jul-13

1,658.45

10-Jul-13

1,651.70

11-Jul-13

1,699.95

12-Jul-13

1,708.50

15-Jul-13

1,726.90

16-Jul-13

1,692.80

17-Jul-13

1,687.40

18-Jul-13

1,726.90

19-Jul-13

1,772.15

22-Jul-13

1,788.40

23-Jul-13

1,784.50

24-Jul-13

1,757.75

25-Jul-13

1,829.10

26-Jul-13

1,865.10

29-Jul-13

1,874.25

30-Jul-13

1,847.60

31-Jul-13

1,819.20

1-Aug-13

1,810.85

2-Aug-13

1,796.75

5-Aug-13

1,853.45

6-Aug-13

1,848.65

7-Aug-13

1,829.70

8-Aug-13

1,850.55

12-Aug-13

1,905.05

13-Aug-13

1,941.60

14-Aug-13

1,936.40

16-Aug-13

1,982.95

19-Aug-13

1,926.40

20-Aug-13

1,899.45

21-Aug-13

1,869.80

22-Aug-13

1,902.60

23-Aug-13

1,901.05

26-Aug-13

1,945.70

27-Aug-13

1,900.50

28-Aug-13

1,913.20

29-Aug-13

1,972.80

30-Aug-13

2,030.10

2-Sep-13

2,026.80

3-Sep-13

1,893.45

4-Sep-13

1,927.15

5-Sep-13

1,943.80

6-Sep-13

1,928.95

10-Sep-13

2,068.30

11-Sep-13

2,088.50

12-Sep-13

2,010.75

13-Sep-13

2,052.35

16-Sep-13

2,095.30

17-Sep-13

2,070.00

18-Sep-13

2,011.25

19-Sep-13

2,039.70

20-Sep-13

1,982.10

23-Sep-13

1,999.60

24-Sep-13

2,004.55

25-Sep-13

2,035.15

26-Sep-13

2,015.20

27-Sep-13

2,048.20

30-Sep-13

2,008.80

1-Oct-13

1,997.70

3-Oct-13

2,030.30

4-Oct-13

2,032.85

7-Oct-13

2,037.20

8-Oct-13

2,019.80

9-Oct-13

2,060.45

10-Oct-13

2,046.15

11-Oct-13

2,078.00

14-Oct-13

2,100.05

15-Oct-13

2,048.75

17-Oct-13

2,071.30

18-Oct-13

2,096.60

21-Oct-13

2,098.65

22-Oct-13

2,069.95

23-Oct-13

2,087.70

24-Oct-13

2,079.35

25-Oct-13

2,034.90

28-Oct-13

1,997.00

29-Oct-13

2,062.00

30-Oct-13

2,073.10

31-Oct-13

2,077.10

1-Nov-13

2,101.35

3-Nov-13

2,111.90

5-Nov-13

2,091.85

6-Nov-13

2,106.25

7-Nov-13

2,109.90

8-Nov-13

2,092.95

11-Nov-13

2,053.20

12-Nov-13

2,037.80

13-Nov-13

2,000.00

14-Nov-13

2,047.40

18-Nov-13

2,056.85

19-Nov-13

2,058.95

20-Nov-13

2,015.85

21-Nov-13

1,998.20

22-Nov-13

1,977.10

25-Nov-13

2,024.55

26-Nov-13

2,044.95

27-Nov-13

2,051.70

28-Nov-13

2,059.75

29-Nov-13

2,050.60

2-Dec-13

2,062.90

3-Dec-13

2,048.15

4-Dec-13

2,030.95

5-Dec-13

2,050.95

6-Dec-13

2,098.70

9-Dec-13

2,121.75

10-Dec-13

2,203.10

11-Dec-13

2,169.75

12-Dec-13

2,128.30

13-Dec-13

2,064.95

16-Dec-13

2,041.30

17-Dec-13

2,055.45

18-Dec-13

2,119.90

19-Dec-13

2,084.05

20-Dec-13

2,127.35

23-Dec-13

2,162.90

24-Dec-13

2,132.85

26-Dec-13

2,097.50

27-Dec-13

2,086.80

30-Dec-13

2,067.50

31-Dec-13

2,074.80

1-Jan-14

2,086.05

2-Jan-14

2,080.40

3-Jan-14

2,096.50

6-Jan-14

2,068.05

7-Jan-14

2,067.75

8-Jan-14

2,064.95

9-Jan-14

2,068.25

10-Jan-14

2,035.15

13-Jan-14

2,038.75

14-Jan-14

2,035.50

15-Jan-14

2,074.05

16-Jan-14

2,073.90

17-Jan-14

2,075.15

20-Jan-14

2,085.75

21-Jan-14

2,071.55

22-Jan-14

2,059.75

23-Jan-14

2,052.80

24-Jan-14

2,035.20

27-Jan-14

2,014.80

28-Jan-14

2,013.45

29-Jan-14

2,070.85

30-Jan-14

1,999.75

31-Jan-14

1,970.45

3-Feb-14

1,963.05

4-Feb-14

1,988.15

5-Feb-14

1,983.40

6-Feb-14

1,983.35

7-Feb-14

2,007.35

10-Feb-14

1,997.40

11-Feb-14

1,960.85

12-Feb-14

1,974.80

13-Feb-14

1,972.05

14-Feb-14

1,936.70

17-Feb-14

1,975.25

18-Feb-14

1,977.55

19-Feb-14

1,947.05

20-Feb-14

1,928.10

21-Feb-14

1,918.35

24-Feb-14

1,950.35

25-Feb-14

1,951.10

26-Feb-14

1,973.05

28-Feb-14

1,965.10

3-Mar-14

1,956.10

4-Mar-14

1,978.95

5-Mar-14

1,971.75

6-Mar-14

2,011.70

7-Mar-14

2,003.20

10-Mar-14

2,016.65

11-Mar-14

2,018.00

12-Mar-14

2,063.15

13-Mar-14

2,100.60

14-Mar-14

2,125.35

18-Mar-14

2,129.60

19-Mar-14

2,117.15

20-Mar-14

2,107.85

21-Mar-14

2,066.90

22-Mar-14

2,071.20

24-Mar-14

2,122.60

25-Mar-14

2,190.60

26-Mar-14

2,176.75

27-Mar-14

2,244.45

28-Mar-14

2,246.50

31-Mar-14

2,272.85

1-Apr-14

2,248.55

2-Apr-14

2,250.15

3-Apr-14

2,250.65

4-Apr-14

2,250.10

7-Apr-14

2,238.90

9-Apr-14

2,243.30

10-Apr-14

2,205.10

11-Apr-14

2,171.55

15-Apr-14

2,222.40

16-Apr-14

2,168.10

17-Apr-14

2,217.70

21-Apr-14

2,246.20

22-Apr-14

2,266.20

23-Apr-14

2,249.95

25-Apr-14

2,203.80

28-Apr-14

2,165.05

29-Apr-14

2,145.20

30-Apr-14

2,193.85

2-May-14

2,194.45

5-May-14

2,211.15

6-May-14

2,180.95

7-May-14

2,164.30

8-May-14

2,132.05

9-May-14

2,215.60

12-May-14

2,304.55

13-May-14

2,428.85

14-May-14

2,431.75

15-May-14

2,441.25

16-May-14

2,397.80

19-May-14

2,444.40

20-May-14

2,369.30

21-May-14

2,343.65

22-May-14

2,306.95

23-May-14

2,347.80

26-May-14

2,303.25

27-May-14

2,302.40

28-May-14

2,350.30

29-May-14

2,344.05

30-May-14

2,343.75

2-Jun-14

2,385.10

3-Jun-14

2,455.75

4-Jun-14

2,543.35

5-Jun-14

2,587.50

6-Jun-14

2,682.65

9-Jun-14

2,725.90

10-Jun-14

2,662.60

11-Jun-14

2,705.40

12-Jun-14

2,708.55

13-Jun-14

2,588.85

16-Jun-14

2,610.75

17-Jun-14

2,589.20

18-Jun-14

2,543.20

19-Jun-14

2,537.85

20-Jun-14

2,520.00

23-Jun-14

2,580.10

24-Jun-14

2,613.65

25-Jun-14

2,640.05

26-Jun-14

2,644.45

27-Jun-14

2,623.45

30-Jun-14

2,627.20

1-Jul-14

2,640.80

2-Jul-14

2,674.20

3-Jul-14

2,589.40

4-Jul-14

2,582.70

7-Jul-14

2,614.25

8-Jul-14

2,574.40

9-Jul-14

2,536.70

10-Jul-14

2,435.55

11-Jul-14

2,434.75

14-Jul-14

2,452.25

15-Jul-14

2,409.15

16-Jul-14

2,433.90

17-Jul-14

2,444.35

18-Jul-14

2,508.50

21-Jul-14

2,515.65

22-Jul-14

2,521.05

23-Jul-14

2,553.05

24-Jul-14

2,536.30

25-Jul-14

2,574.95

28-Jul-14

2,533.20

30-Jul-14

2,601.35

31-Jul-14

2,596.05

1-Aug-14

2,598.90

4-Aug-14

2,606.65

5-Aug-14

2,584.20

6-Aug-14

2,596.55

7-Aug-14

2,602.50

8-Aug-14

2,590.15

11-Aug-14

2,606.15

12-Aug-14

2,598.40

13-Aug-14

2,580.45

14-Aug-14

2,510.95

18-Aug-14

2,509.35

19-Aug-14

2,540.65

20-Aug-14

2,545.85

21-Aug-14

2,557.55

22-Aug-14

2,531.00

25-Aug-14

2,578.65

26-Aug-14

2,563.75

27-Aug-14

2,604.90

28-Aug-14

2,608.15

1-Sep-14

2,759.25

2-Sep-14

2,801.65

3-Sep-14

2,775.30

4-Sep-14

2,825.95

5-Sep-14

2,764.95

8-Sep-14

2,781.90

9-Sep-14

2,749.25

10-Sep-14

2,682.15

11-Sep-14

2,720.80

12-Sep-14

2,756.90

15-Sep-14

2,800.95

16-Sep-14

2,791.30

17-Sep-14

2,839.95

18-Sep-14

2,998.15

19-Sep-14

2,951.05

22-Sep-14

2,999.80

23-Sep-14

2,985.45

24-Sep-14

2,949.55

25-Sep-14

2,934.30

26-Sep-14

2,896.20

29-Sep-14

2,863.70

30-Sep-14

2,842.05

1-Oct-14

2,878.90

7-Oct-14

2,811.75

8-Oct-14

2,803.50

9-Oct-14

2,818.90

10-Oct-14

2,842.20

13-Oct-14

2,873.80

14-Oct-14

2,856.70

16-Oct-14

2,791.85

17-Oct-14

2,877.10

20-Oct-14

2,936.90

21-Oct-14

2,995.10

22-Oct-14

3,115.95

23-Oct-14

3,117.10

27-Oct-14

3,086.70

28-Oct-14

3,034.80

29-Oct-14

3,041.45

30-Oct-14

3,030.15

31-Oct-14

3,061.60

3-Nov-14

3,010.75

5-Nov-14

2,957.35

7-Nov-14

2,898.50

10-Nov-14

2,930.75

11-Nov-14

2,923.65

12-Nov-14

2,967.40

13-Nov-14

2,926.45

14-Nov-14

2,964.10

17-Nov-14

3,027.70

18-Nov-14

3,011.70

19-Nov-14

3,001.85

20-Nov-14

2,995.15

21-Nov-14

3,028.75

24-Nov-14

3,074.45

25-Nov-14

3,045.40

26-Nov-14

3,098.55

27-Nov-14

3,105.60

28-Nov-14

3,142.20

1-Dec-14

3,258.25

2-Dec-14

3,220.25

3-Dec-14

3,193.65

4-Dec-14

3,217.00

5-Dec-14

3,185.60

8-Dec-14

3,159.20

9-Dec-14

3,135.65

10-Dec-14

3,171.20

11-Dec-14

3,119.90

12-Dec-14

3,128.65

15-Dec-14

3,146.20

16-Dec-14

3,134.00

17-Dec-14

3,061.90

18-Dec-14

3,067.05

19-Dec-14

3,063.30

22-Dec-14

3,115.60

23-Dec-14

3,140.10

24-Dec-14

3,108.90

26-Dec-14

3,097.30

29-Dec-14

3,150.85

30-Dec-14

3,084.85

31-Dec-14

3,103.40

1-Jan-15

3,107.30

2-Jan-15

3,097.75

5-Jan-15

3,118.65

6-Jan-15

3,011.80

7-Jan-15

2,977.10

8-Jan-15

2,984.45

9-Jan-15

2,993.15

12-Jan-15

2,936.20

13-Jan-15

2,893.70

14-Jan-15

2,905.20

15-Jan-15

2,950.25

16-Jan-15

2,896.85

19-Jan-15

2,841.75

20-Jan-15

2,827.70

21-Jan-15

2,876.50

22-Jan-15

2,838.15

23-Jan-15

2,859.65

27-Jan-15

2,856.70

28-Jan-15

2,865.45

29-Jan-15

2,875.40

30-Jan-15

2,869.55

2-Feb-15

2,834.40

3-Feb-15

2,812.35

4-Feb-15

2,829.90

5-Feb-15

2,847.05

6-Feb-15

2,779.50

9-Feb-15

2,728.50

10-Feb-15

2,720.65

11-Feb-15

2,752.45

12-Feb-15

2,805.35

13-Feb-15

2,852.50

16-Feb-15

2,806.25

18-Feb-15

2,663.45

19-Feb-15

2,667.20

20-Feb-15

2,659.85

23-Feb-15

2,646.80

24-Feb-15

2,651.20

25-Feb-15

2,625.55

26-Feb-15

2,625.65

27-Feb-15

2,670.35

28-Feb-15

2,682.65

2-Mar-15

2,624.75

3-Mar-15

2,636.95

4-Mar-15

2,621.40

5-Mar-15

2,608.10

9-Mar-15

2,599.65

10-Mar-15

2,620.55

11-Mar-15

2,617.00

12-Mar-15

2,642.65

13-Mar-15

2,609.50

16-Mar-15

2,629.65

17-Mar-15

2,652.45

18-Mar-15

2,674.05

19-Mar-15

2,665.05

20-Mar-15

2,614.80

23-Mar-15

2,638.00

24-Mar-15

2,607.80

25-Mar-15

2,595.60

26-Mar-15

2,608.05

27-Mar-15

2,576.75

30-Mar-15

2,636.55

31-Mar-15

2,642.60

1-Apr-15

2,655.60

6-Apr-15

2,671.80

7-Apr-15

2,640.00

8-Apr-15

2,605.10

9-Apr-15

2,610.00

10-Apr-15

2,584.25

13-Apr-15

2,580.65

15-Apr-15

2,523.85

16-Apr-15

2,428.85

17-Apr-15

2,410.15

20-Apr-15

2,314.70

21-Apr-15

2,329.45

22-Apr-15

2,408.60

23-Apr-15

2,372.55

24-Apr-15

2,352.55

27-Apr-15

2,324.05

28-Apr-15

2,356.35

29-Apr-15

2,372.85

30-Apr-15

2,329.45

4-May-15

2,386.00

5-May-15

2,357.70

6-May-15

2,325.95

7-May-15

2,354.10

8-May-15

2,301.55

11-May-15

2,384.20

12-May-15

2,459.90

13-May-15

2,502.10

14-May-15

2,529.95

15-May-15

2,528.40

18-May-15

2,520.60

19-May-15

2,575.10

20-May-15

2,579.25

21-May-15

2,602.50

22-May-15

2,600.90

25-May-15

2,586.85

26-May-15

2,616.05

27-May-15

2,605.05

28-May-15

2,641.95

29-May-15

2,696.00

1-Jun-15

2,709.70

2-Jun-15

2,607.85

3-Jun-15

2,578.05

4-Jun-15

2,548.40

5-Jun-15

2,576.85

8-Jun-15

2,519.20

9-Jun-15

2,501.65

10-Jun-15

2,516.25

11-Jun-15

2,503.65

12-Jun-15

2,506.80

15-Jun-15

2,509.25

16-Jun-15

2,543.90

17-Jun-15

2,525.60

18-Jun-15

2,523.90

19-Jun-15

2,551.70

22-Jun-15

2,580.60

23-Jun-15

2,523.20

24-Jun-15

2,521.15

25-Jun-15

2,552.05

26-Jun-15

2,547.00

29-Jun-15

2,538.45

30-Jun-15

2,524.30

1-Jul-15

2,518.80

2-Jul-15

2,532.85

3-Jul-15

2,577.80

6-Jul-15

2,612.40

7-Jul-15

2,562.50

8-Jul-15

2,552.95

9-Jul-15

2,605.40

10-Jul-15

2,572.50

13-Jul-15

2,600.65

14-Jul-15

2,640.20

15-Jul-15

2,660.10

16-Jul-15

2,650.00

17-Jul-15

2,649.80

20-Jul-15

2,660.75

21-Jul-15

2,685.85

22-Jul-15

2,707.70

23-Jul-15

2,714.30

24-Jul-15

2,738.20

27-Jul-15

2,605.65

28-Jul-15

2,531.55

29-Jul-15

2,566.25

30-Jul-15

2,587.60

31-Jul-15

2,674.45

3-Aug-15

2,697.85

4-Aug-15

2,624.25

5-Aug-15

2,660.40

6-Aug-15

2,652.65

7-Aug-15

2,660.50

10-Aug-15

2,704.85

11-Aug-15

2,678.70

12-Aug-15

2,635.35

13-Aug-15

2,643.85

14-Aug-15

2,714.00

17-Aug-15

2,653.50

18-Aug-15

2,641.85

19-Aug-15

2,690.00

20-Aug-15

2,633.90

21-Aug-15

2,559.90

24-Aug-15

2,478.95

25-Aug-15

2,477.50

26-Aug-15

2,391.95

27-Aug-15

2,380.70

28-Aug-15

2,400.95

31-Aug-15

2,397.35

1-Sep-15

2,385.30

2-Sep-15

2,343.25

3-Sep-15

2,329.95

4-Sep-15

2,292.55

7-Sep-15

2,279.80

8-Sep-15

2,317.30

9-Sep-15

2,347.75

10-Sep-15

2,343.95

11-Sep-15

2,342.05

14-Sep-15

2,348.60

15-Sep-15

2,310.60

16-Sep-15

2,363.00

18-Sep-15

2,428.55

21-Sep-15

2,424.80

22-Sep-15

2,386.10

23-Sep-15

2,401.30

24-Sep-15

2,380.65

28-Sep-15

2,350.75

29-Sep-15

2,331.70

30-Sep-15

2,395.65

1-Oct-15

2,413.35

5-Oct-15

2,501.65

6-Oct-15

2,532.55

7-Oct-15

2,539.20

8-Oct-15

2,539.60

9-Oct-15

2,565.25

12-Oct-15

2,547.65

13-Oct-15

2,538.85

14-Oct-15

2,505.75

15-Oct-15

2,567.45

16-Oct-15

2,586.85

19-Oct-15

2,613.55

20-Oct-15

2,605.05

21-Oct-15

2,619.05

23-Oct-15

2,594.95

26-Oct-15

2,619.30

27-Oct-15

2,620.40

28-Oct-15

2,623.55

29-Oct-15

2,625.75

30-Oct-15

2,585.00

2-Nov-15

2,549.10

3-Nov-15

2,583.75

4-Nov-15

2,614.40

5-Nov-15

2,638.60

6-Nov-15

2,632.90

9-Nov-15

2,618.50

10-Nov-15

2,657.40

11-Nov-15

2,644.40

13-Nov-15

2,610.95

16-Nov-15

2,611.45

17-Nov-15

2,597.80

18-Nov-15

2,571.85

19-Nov-15

2,591.35

20-Nov-15

2,563.65

23-Nov-15

2,637.25

24-Nov-15

2,645.80

26-Nov-15

2,680.80

27-Nov-15

2,704.15

30-Nov-15

2,702.65

1-Dec-15

2,677.75

2-Dec-15

2,675.85

3-Dec-15

2,618.35

4-Dec-15

2,617.15

7-Dec-15

2,621.35

8-Dec-15

2,602.85

9-Dec-15

2,546.80

10-Dec-15

2,545.60

11-Dec-15

2,523.30

14-Dec-15

2,537.45

15-Dec-15

2,563.85

16-Dec-15

2,593.45

17-Dec-15

2,649.75

18-Dec-15

2,641.60

21-Dec-15

2,695.80

22-Dec-15

2,669.00

23-Dec-15

2,675.20

24-Dec-15

2,689.70

28-Dec-15

2,702.25

29-Dec-15

2,734.25

30-Dec-15

2,711.65

31-Dec-15

2,695.25

1-Jan-16

2,687.85

4-Jan-16

2,645.50

5-Jan-16

2,621.05

6-Jan-16

2,581.75

7-Jan-16

2,513.15

8-Jan-16

2,489.00

11-Jan-16

2,503.20

12-Jan-16

2,469.55

13-Jan-16

2,470.75

14-Jan-16

2,433.10

15-Jan-16

2,425.35

18-Jan-16

2,431.20

19-Jan-16

2,482.95

20-Jan-16

2,488.05

21-Jan-16

2,473.50

22-Jan-16

2,586.05

25-Jan-16

2,520.80

27-Jan-16

2,482.05

28-Jan-16

2,448.55

29-Jan-16

2,562.80

1-Feb-16

2,535.00

2-Feb-16

2,521.80

3-Feb-16

2,484.70

4-Feb-16

2,510.50

5-Feb-16

2,578.05

8-Feb-16

2,568.10

9-Feb-16

2,579.65

10-Feb-16

2,547.45

11-Feb-16

2,498.45

12-Feb-16

2,486.50

15-Feb-16

2,515.70

16-Feb-16

2,508.45

17-Feb-16

2,523.90

18-Feb-16

2,620.95

19-Feb-16

2,704.85

22-Feb-16

2,705.95

23-Feb-16

2,660.30

24-Feb-16

2,623.45

25-Feb-16

2,623.30

26-Feb-16

2,557.15

29-Feb-16

2,499.65

1-Mar-16

2,667.00

2-Mar-16

2,807.75

% change

Sensex

% change

18,877.96
0.43

19,143.17

1.40

0.05

19,252.61

0.57

4.05

19,413.54

0.84

1.73

19,683.23

1.39

-2.51

19,646.21

-0.19

-1.27

19,564.92

-0.41

-0.38

19,362.55

-1.03

-0.14

19,570.44

1.07

0.86

19,427.56

-0.73

0.18

19,293.20

-0.69

-2.51

19,008.10

-1.48

0.56

18,884.19

-0.65

-1.81

18,792.87

-0.48

2.03

18,735.60

-0.30

-2.42

18,681.42

-0.29

-2.69

18,704.53

0.12

-1.95

18,835.77

0.70

-0.41

18,864.75

0.15

-0.17

19,040.95

0.93

-2.23

18,801.64

-1.26

-2.67

18,509.70

-1.55

1.35

18,450.23

-0.32

0.02

18,437.78

-0.07

-0.93

18,226.48

-1.15

-0.37

18,414.45

1.03

-0.55

18,542.20

0.69

-0.07

18,242.56

-1.62

-0.92

18,357.80

0.63

3.55

18,744.93

2.11

0.35

18,731.16

-0.07

0.62

19,016.46

1.52

1.70

19,169.83

0.81

2.87

19,179.36

0.05

3.05

19,406.85

1.19

-1.42

19,286.72

-0.62

3.24

19,387.50

0.52

-0.22

19,504.18

0.60

-1.96

19,735.77

1.19

-0.18

19,575.64

-0.81

2.32

19,673.64

0.50

3.65

19,888.95

1.09

-1.78

19,990.18

0.51

-0.05

19,939.04

-0.26

1.74

20,082.62

0.72

0.30

20,122.32

0.20

-1.69

19,691.67

-2.14

-0.55

19,722.29

0.16

1.89

20,212.96

2.49

-0.50

20,247.33

0.17

-0.56

20,286.12

0.19

0.90

20,223.98

-0.31

-0.93

20,111.61

-0.56

-2.04

20,062.24

-0.25

-0.10

19,674.33

-1.93

-0.88

19,704.33

0.15

1.62

20,030.77

1.66

5.09

20,160.82

0.65

2.39

20,147.64

-0.07

-1.96

20,215.40

0.34

-1.24

19,760.30

-2.25

-3.65

19,610.48

-0.76

0.04

19,545.78

-0.33

-0.25

19,568.22

0.11

-1.27

19,519.49

-0.25

0.19

19,429.23

-0.46

0.39

19,441.07

0.06

-0.18

19,143.00

-1.53

-2.37

19,041.13

-0.53

-0.10

18,827.16

-1.12

-0.41

19,177.93

1.86

1.34

19,325.87

0.77

1.02

19,223.28

-0.53

-1.26

19,245.70

0.12

-1.21

18,719.29

-2.74

1.56

18,774.24

0.29

-2.71

18,540.89

-1.24

0.17

18,629.15

0.48

3.45

18,552.12

-0.41

0.89

18,875.95

1.75

0.58

19,395.81

2.75

2.18

19,577.39

0.94

-1.07

19,463.82

-0.58

-1.25

19,177.76

-1.47

-0.27

19,410.84

1.22

-0.47

19,495.82

0.44

0.30

19,324.77

-0.88

0.40

19,439.48

0.59

-0.41

19,294.12

-0.75

2.92

19,676.06

1.98

0.50

19,958.47

1.44

1.08

20,034.48

0.38

-1.97

19,851.23

-0.91

-0.32

19,948.73

0.49

2.34

20,128.41

0.90

2.62

20,149.85

0.11

0.92

20,159.12

0.05

-0.22

20,302.13

0.71

-1.50

20,090.68

-1.04

4.06

19,804.76

-1.42

1.97

19,748.19

-0.29

0.49

19,593.28

-0.78

-1.42

19,348.34

-1.25

-1.54

19,345.70

-0.01

-0.46

19,317.19

-0.15

-0.78

19,164.02

-0.79

3.16

19,182.26

0.10

-0.26

18,733.04

-2.34

-1.03

18,664.88

-0.36

1.14

18,789.34

0.67

2.95

18,946.98

0.84

1.92

19,229.84

1.49

-0.27

19,367.59

0.72

2.40

18,598.18

-3.97

-2.85

18,307.52

-1.56

-1.40

18,246.04

-0.34

-1.56

17,905.91

-1.86

1.75

18,312.94

2.27

-0.08

18,519.44

1.13

2.35

18,558.13

0.21

-2.32

17,968.08

-3.18

0.67

17,996.15

0.16

3.12

18,401.04

2.25

2.90

18,619.72

1.19

-0.16

18,886.13

1.43

-6.58

18,234.66

-3.45

1.78

18,567.55

1.83

0.86

18,979.76

2.22

-0.76

19,270.06

1.53

7.22

19,997.09

3.77

0.98

19,997.45

0.00

-3.72

19,781.88

-1.08

2.07

19,732.76

-0.25

2.09

19,742.47

0.05

-1.21

19,804.03

0.31

-2.84

19,962.16

0.80

1.41

20,646.64

3.43

-2.82

20,263.71

-1.85

0.88

19,900.96

-1.79

0.25

19,920.21

0.10

1.53

19,856.24

-0.32

-0.98

19,893.85

0.19

1.64

19,727.27

-0.84

-1.92

19,379.77

-1.76

-0.55

19,517.15

0.71

1.63

19,902.07

1.97

0.13

19,915.95

0.07

0.21

19,895.10

-0.10

-0.85

19,983.61

0.44

2.01

20,249.26

1.33

-0.69

20,272.91

0.12

1.56

20,528.59

1.26

1.06

20,607.54

0.38

-2.44

20,547.62

-0.29

1.10

20,415.51

-0.64

1.22

20,882.89

2.29

0.10

20,893.89

0.05

-1.37

20,864.97

-0.14

0.86

20,767.88

-0.47

-0.40

20,725.43

-0.20

-2.14

20,683.52

-0.20

-1.86

20,570.28

-0.55

3.25

20,929.01

1.74

0.54

21,033.97

0.50

0.19

21,164.52

0.62

1.17

21,196.81

0.15

0.50

21,239.36

0.20

-0.95

20,974.79

-1.25

0.69

20,894.94

-0.38

0.17

20,822.77

-0.35

-0.80

20,666.15

-0.75

-1.90

20,490.96

-0.85

-0.75

20,281.91

-1.02

-1.85

20,194.40

-0.43

2.37

20,399.42

1.02

0.46

20,850.74

2.21

0.10

20,890.82

0.19

-2.09

20,635.13

-1.22

-0.88

20,229.05

-1.97

-1.06

20,217.39

-0.06

2.40

20,605.08

1.92

1.01

20,425.02

-0.87

0.33

20,420.26

-0.02

0.39

20,534.91

0.56

-0.44

20,791.93

1.25

0.60

20,898.01

0.51

-0.72

20,854.92

-0.21

-0.84

20,708.71

-0.70

0.98

20,957.81

1.20

2.33

20,996.53

0.18

1.10

21,326.42

1.57

3.83

21,255.26

-0.33

-1.51

21,171.41

-0.39

-1.91

20,925.61

-1.16

-2.98

20,715.58

-1.00

-1.15

20,659.52

-0.27

0.69

20,612.14

-0.23

3.14

20,859.86

1.20

-1.69

20,708.62

-0.73

2.08

21,079.72

1.79

1.67

21,101.03

0.10

-1.39

21,032.71

-0.32

-1.66

21,074.59

0.20

-0.51

21,193.58

0.56

-0.92

21,143.01

-0.24

0.35

21,170.68

0.13

0.54

21,140.48

-0.14

-0.27

20,888.33

-1.19

0.77

20,851.33

-0.18

-1.36

20,787.30

-0.31

-0.01

20,693.24

-0.45

-0.14

20,729.38

0.17

0.16

20,713.37

-0.08

-1.60

20,758.49

0.22

0.18

21,134.21

1.81

-0.16

21,032.88

-0.48

1.89

21,289.49

1.22

-0.01

21,265.18

-0.11

0.06

21,063.62

-0.95

0.51

21,205.05

0.67

-0.68

21,251.12

0.22

-0.57

21,337.67

0.41

-0.34

21,373.66

0.17

-0.86

21,133.56

-1.12

-1.00

20,707.45

-2.02

-0.07

20,683.51

-0.12

2.85

20,647.30

-0.18

-3.43

20,498.25

-0.72

-1.47

20,513.85

0.08

-0.38

20,209.26

-1.48

1.28

20,211.93

0.01

-0.24

20,261.03

0.24

0.00

20,310.74

0.25

1.21

20,376.56

0.32

-0.50

20,334.27

-0.21

-1.83

20,363.37

0.14

0.71

20,448.49

0.42

-0.14

20,193.35

-1.25

-1.79

20,366.82

0.86

1.99

20,464.06

0.48

0.12

20,634.21

0.83

-1.54

20,722.97

0.43

-0.97

20,536.64

-0.90

-0.51

20,700.75

0.80

1.67

20,811.44

0.53

0.04

20,852.47

0.20

1.13

20,986.99

0.65

-0.40

21,120.12

0.63

-0.46

20,946.65

-0.82

1.17

21,209.73

1.26

-0.36

21,276.86

0.32

2.03

21,513.87

1.11

-0.42

21,919.79

1.89

0.67

21,934.83

0.07

0.07

21,826.42

-0.49

2.24

21,856.22

0.14

1.82

21,774.61

-0.37

1.18

21,809.80

0.16

0.20

21,832.61

0.10

-0.58

21,832.86

0.00

-0.44

21,740.09

-0.42

-1.94

21,753.75

0.06

0.21

21,755.32

0.01

2.48

22,055.48

1.38

3.20

22,055.21

0.00

-0.63

22,095.30

0.18

3.11

22,214.37

0.54

0.09

22,339.97

0.57

1.17

22,386.27

0.21

-1.07

22,446.44

0.27

0.07

22,551.49

0.47

0.02

22,509.07

-0.19

-0.02

22,359.50

-0.66

-0.50

22,343.45

-0.07

0.20

22,702.34

1.61

-1.70

22,715.33

0.06

-1.52

22,628.96

-0.38

2.34

22,484.93

-0.64

-2.44

22,277.23

-0.92

2.29

22,628.84

1.58

1.29

22,764.83

0.60

0.89

22,758.37

-0.03

-0.72

22,876.54

0.52

-2.05

22,688.07

-0.82

-1.76

22,631.61

-0.25

-0.92

22,466.19

-0.73

2.27

22,417.80

-0.22

0.03

22,403.89

-0.06

0.76

22,445.12

0.18

-1.37

22,508.42

0.28

-0.76

22,323.90

-0.82

-1.49

22,344.04

0.09

3.92

22,994.23

2.91

4.01

23,551.00

2.42

5.39

23,871.23

1.36

0.12

23,815.12

-0.24

0.39

23,905.60

0.38

-1.78

24,121.74

0.90

1.94

24,363.05

1.00

-3.07

24,376.88

0.06

-1.08

24,298.02

-0.32

-1.57

24,374.40

0.31

1.77

24,693.35

1.31

-1.90

24,716.88

0.10

-0.04

24,549.51

-0.68

2.08

24,556.09

0.03

-0.27

24,234.15

-1.31

-0.01

24,217.34

-0.07

1.76

24,684.85

1.93

2.96

24,858.59

0.70

3.57

24,805.83

-0.21

1.74

25,019.51

0.86

3.68

25,396.46

1.51

1.61

25,580.21

0.72

-2.32

25,583.69

0.01

1.61

25,473.89

-0.43

0.12

25,576.21

0.40

-4.42

25,228.17

-1.36

0.85

25,190.48

-0.15

-0.83

25,521.19

1.31

-1.78

25,246.25

-1.08

-0.21

25,201.80

-0.18

-0.70

25,105.51

-0.38

2.38

25,031.32

-0.30

1.30

25,368.90

1.35

1.01

25,313.74

-0.22

0.17

25,062.67

-0.99

-0.79

25,099.92

0.15

0.14

25,413.78

1.25

0.52

25,516.35

0.40

1.26

25,841.21

1.27

-3.17

25,823.75

-0.07

-0.26

25,962.06

0.54

1.22

26,100.08

0.53

-1.52

25,582.11

-1.98

-1.46

25,444.81

-0.54

-3.99

25,372.75

-0.28

-0.03

25,024.35

-1.37

0.72

25,006.98

-0.07

-1.76

25,228.65

0.89

1.03

25,549.72

1.27

0.43

25,561.16

0.04

2.62

25,641.56

0.31

0.29

25,715.17

0.29

0.21

26,025.80

1.21

1.27

26,147.33

0.47

-0.66

26,271.85

0.48

1.52

26,126.75

-0.55

-1.62

25,991.23

-0.52

2.69

26,087.42

0.37

-0.20

25,894.97

-0.74

0.11

25,480.84

-1.60

0.30

25,723.16

0.95

-0.86

25,908.01

0.72

0.48

25,665.27

-0.94

0.23

25,589.01

-0.30

-0.47

25,329.14

-1.02

0.62

25,519.24

0.75

-0.30

25,880.77

1.42

-0.69

25,918.95

0.15

-2.69

26,103.23

0.71

-0.06

26,390.96

1.10

1.25

26,420.67

0.11

0.20

26,314.29

-0.40

0.46

26,360.11

0.17

-1.04

26,419.55

0.23

1.88

26,437.02

0.07

-0.58

26,442.81

0.02

1.61

26,560.15

0.44

0.12

26,638.11

0.29

5.79

26,867.55

0.86

1.54

27,019.39

0.57

-0.94

27,139.94

0.45

1.83

27,085.93

-0.20

-2.16

27,026.70

-0.22

0.61

27,319.85

1.08

-1.17

27,265.32

-0.20

-2.44

27,057.41

-0.76

1.44

26,995.87

-0.23

1.33

27,061.04

0.24

1.60

26,816.56

-0.90

-0.34

26,492.51

-1.21

1.74

26,631.29

0.52

5.57

27,112.21

1.81

-1.57

27,090.42

-0.08

1.65

27,206.74

0.43

-0.48

26,775.69

-1.58

-1.20

26,744.69

-0.12

-0.52

26,468.36

-1.03

-1.30

26,626.32

0.60

-1.12

26,597.11

-0.11

-0.76

26,630.51

0.13

1.30

26,567.99

-0.23

-2.33

26,271.97

-1.11

-0.29

26,246.79

-0.10

0.55

26,637.28

1.49

0.83

26,297.38

-1.28

1.11

26,384.07

0.33

-0.60

26,349.33

-0.13

-2.27

25,999.34

-1.33

3.05

26,108.53

0.42

2.08

26,429.85

1.23

1.98

26,575.65

0.55

4.03

26,787.23

0.80

0.04

26,851.05

0.24

-0.98

26,752.90

-0.37

-1.68

26,880.82

0.48

0.22

27,098.17

0.81

-0.37

27,346.33

0.92

1.04

27,865.83

1.90

-1.66

27,860.38

-0.02

-1.77

27,915.88

0.20

-1.99

27,868.63

-0.17

1.11

27,874.73

0.02

-0.24

27,910.06

0.13

1.50

28,008.90

0.35

-1.38

27,940.64

-0.24

1.29

28,046.66

0.38

2.15

28,177.88

0.47

-0.53

28,163.29

-0.05

-0.33

28,032.85

-0.46

-0.22

28,067.56

0.12

1.12

28,334.63

0.95

1.51

28,499.54

0.58

-0.94

28,338.05

-0.57

1.75

28,386.19

0.17

0.23

28,438.91

0.19

1.18

28,693.99

0.90

3.69

28,559.62

-0.47

-1.17

28,444.01

-0.40

-0.83

28,442.71

0.00

0.73

28,562.82

0.42

-0.98

28,458.10

-0.37

-0.83

28,119.40

-1.19

-0.75

27,797.01

-1.15

1.13

27,831.10

0.12

-1.62

27,602.01

-0.82

0.28

27,350.68

-0.91

0.56

27,319.56

-0.11

-0.39

26,781.44

-1.97

-2.30

26,710.13

-0.27

0.17

27,126.57

1.56

-0.12

27,371.84

0.90

1.71

27,701.79

1.21

0.79

27,506.46

-0.71

-0.99

27,208.61

-1.08

-0.37

27,241.78

0.12

1.73

27,395.73

0.57

-2.09

27,403.54

0.03

0.60

27,499.42

0.35

0.13

27,507.54

0.03

-0.31

27,887.90

1.38

0.67

27,842.32

-0.16

-3.43

26,987.46

-3.07

-1.15

26,908.82

-0.29

0.25

27,274.71

1.36

0.29

27,458.38

0.67

-1.90

27,585.27

0.46

-1.45

27,425.73

-0.58

0.40

27,346.82

-0.29

1.55

28,075.55

2.66

-1.81

28,121.89

0.17

-1.90

28,262.01

0.50

-0.49

28,784.67

1.85

1.73

28,888.86

0.36

-1.33

29,006.02

0.41

0.76

29,278.84

0.94

-0.10

29,571.04

1.00

0.31

29,559.18

-0.04

0.35

29,681.77

0.41

-0.20

29,182.95

-1.68

-1.22

29,122.27

-0.21

-0.78

29,000.14

-0.42

0.62

28,883.11

-0.40

0.61

28,850.97

-0.11

-2.37

28,717.91

-0.46

-1.83

28,227.39

-1.71

-0.29

28,355.62

0.45

1.17

28,533.97

0.63

1.92

28,805.10

0.95

1.68

29,094.93

1.01

-1.62

29,135.88

0.14

-5.09

29,320.26

0.63

0.14

29,462.27

0.48

-0.28

29,231.41

-0.78

-0.49

28,975.11

-0.88

0.17

29,004.66

0.10

-0.97

29,007.99

0.01

0.00

28,746.65

-0.90

1.70

29,220.12

1.65

0.46

29,361.50

0.48

-2.16

29,459.14

0.33

0.46

29,593.73

0.46

-0.59

29,380.73

-0.72

-0.51

29,448.95

0.23

-0.32

28,844.78

-2.05

0.80

28,709.87

-0.47

-0.14

28,659.17

-0.18

0.98

28,930.41

0.95

-1.25

28,503.30

-1.48

0.77

28,437.71

-0.23

0.87

28,736.38

1.05

0.81

28,622.12

-0.40

-0.34

28,469.67

-0.53

-1.89

28,261.08

-0.73

0.89

28,192.02

-0.24

-1.14

28,161.72

-0.11

-0.47

28,111.83

-0.18

0.48

27,457.58

-2.33

-1.20

27,458.64

0.00

2.32

27,975.86

1.88

0.23

27,957.49

-0.07

0.49

28,260.14

1.08

0.61

28,504.46

0.86

-1.19

28,516.59

0.04

-1.32

28,707.75

0.67

0.19

28,885.21

0.62

-0.99

28,879.38

-0.02

-0.14

29,044.44

0.57

-2.20

28,799.69

-0.84

-3.76

28,666.04

-0.46

-0.77

28,442.10

-0.78

-3.96

27,886.21

-1.95

0.64

27,676.04

-0.75

3.40

27,890.13

0.77

-1.50

27,735.02

-0.56

-0.84

27,437.94

-1.07

-1.21

27,176.99

-0.95

1.39

27,396.38

0.81

0.70

27,225.93

-0.62

-1.83

27,011.31

-0.79

2.43

27,490.59

1.77

-1.19

27,440.14

-0.18

-1.35

26,717.37

-2.63

1.21

26,599.11

-0.44

-2.23

27,105.39

1.90

3.59

27,507.30

1.48

3.18

26,877.48

-2.29

1.72

27,251.10

1.39

1.11

27,206.06

-0.17

-0.06

27,324.00

0.43

-0.31

27,687.30

1.33

2.16

27,645.53

-0.15

0.16

27,837.21

0.69

0.90

27,809.35

-0.10

-0.06

27,957.50

0.53

-0.54

27,643.88

-1.12

1.13

27,531.41

-0.41

-0.42

27,564.66

0.12

1.42

27,506.71

-0.21

2.05

27,828.44

1.17

0.51

27,848.99

0.07

-3.76

27,188.38

-2.37

-1.14

26,837.20

-1.29

-1.15

26,813.42

-0.09

1.12

26,768.49

-0.17

-2.24

26,523.09

-0.92

-0.70

26,481.25

-0.16

0.58

26,840.50

1.36

-0.50

26,370.98

-1.75

0.13

26,425.30

0.21

0.10

26,586.55

0.61

1.38

26,686.51

0.38

-0.72

26,832.66

0.55

-0.07

27,115.83

1.06

1.10

27,316.17

0.74

1.13

27,730.21

1.52

-2.22

27,804.37

0.27

-0.08

27,729.67

-0.27

1.23

27,895.97

0.60

-0.20

27,811.84

-0.30

-0.34

27,645.15

-0.60

-0.56

27,780.83

0.49

-0.22

28,020.87

0.86

0.56

27,945.80

-0.27

1.77

28,092.79

0.53

1.34

28,208.76

0.41

-1.91

28,171.69

-0.13

-0.37

27,687.72

-1.72

2.05

27,573.66

-0.41

-1.26

27,661.40

0.32

1.09

27,961.19

1.08

1.52

27,932.90

-0.10

0.75

28,198.29

0.95

-0.38

28,446.12

0.88

-0.01

28,463.31

0.06

0.41

28,420.12

-0.15

0.94

28,182.14

-0.84

0.81

28,504.93

1.15

0.24

28,370.84

-0.47

0.88

28,112.31

-0.91

-4.84

27,561.38

-1.96

-2.84

27,459.23

-0.37

1.37

27,563.43

0.38

0.83

27,705.35

0.51

3.36

28,114.56

1.48

0.87

28,187.06

0.26

-2.73

28,071.93

-0.41

1.38

28,223.08

0.54

-0.29

28,298.13

0.27

0.30

28,236.39

-0.22

1.67

28,101.72

-0.48

-0.97

27,866.09

-0.84

-1.62

27,512.26

-1.27

0.32

27,549.53

0.14

2.65

28,067.31

1.88

-2.23

27,878.27

-0.67

-0.44

27,831.54

-0.17

1.82

27,931.64

0.36

-2.09

27,607.82

-1.16

-2.81

27,366.07

-0.88

-3.16

25,741.56

-5.94

-0.06

26,032.38

1.13

-3.45

25,714.66

-1.22

-0.47

26,231.19

2.01

0.85

26,392.38

0.61

-0.15

26,283.09

-0.41

-0.50

25,696.44

-2.23

-1.76

25,453.56

-0.95

-0.57

25,764.78

1.22

-1.61

25,201.90

-2.18

-0.56

24,893.81

-1.22

1.64

25,317.87

1.70

1.31

25,719.58

1.59

-0.16

25,622.17

-0.38

-0.08

25,610.21

-0.05

0.28

25,856.70

0.96

-1.62

25,705.93

-0.58

2.27

25,963.97

1.00

2.77

26,218.91

0.98

-0.15

26,192.98

-0.10

-1.60

25,651.84

-2.07

0.64

25,822.99

0.67

-0.86

25,863.50

0.16

-1.26

25,616.84

-0.95

-0.81

25,778.66

0.63

2.74

26,154.83

1.46

0.74

26,220.95

0.25

3.66

26,785.55

2.15

1.24

26,932.88

0.55

0.26

27,035.85

0.38

0.02

26,845.81

-0.70

1.01

27,079.51

0.87

-0.69

26,904.11

-0.65

-0.35

26,846.53

-0.21

-1.30

26,779.66

-0.25

2.46

27,010.14

0.86

0.76

27,214.60

0.76

1.03

27,364.92

0.55

-0.33

27,306.83

-0.21

0.54

27,287.66

-0.07

-0.92

27,470.81

0.67

0.94

27,361.96

-0.40

0.04

27,253.44

-0.40

0.12

27,039.76

-0.78

0.08

26,838.14

-0.75

-1.55

26,656.83

-0.68

-1.39

26,559.15

-0.37

1.36

26,590.59

0.12

1.19

26,552.92

-0.14

0.93

26,304.20

-0.94

-0.22

26,265.24

-0.15

-0.55

26,121.40

-0.55

1.49

25,743.26

-1.45

-0.49

25,866.95

0.48

-1.26

25,610.53

-0.99

0.02

25,760.10

0.58

-0.52

25,864.47

0.41

-1.00

25,482.52

-1.48

0.76

25,841.92

1.41

-1.07

25,868.49

0.10

2.87

25,819.34

-0.19

0.32

25,775.74

-0.17

1.32

25,958.63

0.71

0.87

26,128.20

0.65

-0.06

26,145.67

0.07

-0.92

26,169.41

0.09

-0.07

26,117.85

-0.20

-2.15

25,886.62

-0.89

-0.05

25,638.11

-0.96

0.16

25,530.11

-0.42

-0.71

25,310.33

-0.86

-2.15

25,036.05

-1.08

-0.05

25,252.32

0.86

-0.88

25,044.43

-0.82

0.56

25,150.35

0.42

1.04

25,320.44

0.68

1.15

25,494.37

0.69

2.17

25,803.78

1.21

-0.31

25,519.22

-1.10

2.05

25,735.90

0.85

-0.99

25,590.65

-0.56

0.23

25,850.30

1.01

0.54

25,838.71

-0.04

0.47

26,034.13

0.76

1.18

26,079.48

0.17

-0.83

25,960.03

-0.46

-0.60

26,117.54

0.61

-0.27

26,160.90

0.17

-1.58

25,623.35

-2.05

-0.92

25,580.34

-0.17

-1.50

25,406.33

-0.68

-2.66

24,851.83

-2.18

-0.96

24,934.33

0.33

0.57

24,825.04

-0.44

-1.34

24,682.03

-0.58

0.05

24,854.11

0.70

-1.52

24,772.97

-0.33

-0.32

24,455.04

-1.28

0.24

24,188.37

-1.09

2.13

24,479.84

1.21

0.21

24,062.04

-1.71

-0.58

23,962.21

-0.41

4.55

24,435.66

1.98

-2.52

24,485.95

0.21

-1.54

24,492.39

0.03

-1.35

24,469.57

-0.09

4.67

24,870.69

1.64

-1.08

24,824.83

-0.18

-0.52

24,539.00

-1.15

-1.47

24,223.32

-1.29

1.04

24,338.43

0.48

2.69

24,616.97

1.14

-0.39

24,287.42

-1.34

0.45

24,020.98

-1.10

-1.25

23,758.90

-1.09

-1.92

22,951.83

-3.40

-0.48

22,986.12

0.15

1.17

23,554.12

2.47

-0.29

23,191.97

-1.54

0.62

23,381.87

0.82

3.85

23,649.22

1.14

3.20

23,709.15

0.25

0.04

23,788.79

0.34

-1.69

23,410.18

-1.59

-1.39

23,088.93

-1.37

-0.01

22,976.00

-0.49

-2.52

23,154.30

0.78

-2.25

23,002.00

-0.66

6.69

23,779.35

3.38

5.28

24,242.98

1.95

BETA

Risk Free rate

Rm

0.8125701367

7.80%
0.04
14.2434863882

March, 2015
Market Capitalisation (crores)
Total no of shares
Share Price
Total Equity(crores)

56,070.80

199,687,500

2,807.75

56067.2578125

Long- term debt (crores)

Short-term Debt (crores)


Average long term debt
(crores)
Average short term debt
(crores)

142.13

Average debt (crores)

142.13

Total (Equity + Debt)

56209.3878125

Weight of equity

0.9974714188

Weight of debt

0.0025285812

Tax (%)
Interest paid (crores)
Cost of debt

Risk free rate


Beta - value

32
11.7
0.0559769225

0.07805
0.8125701367

Market return rate

14.2434863882

Cost of equity

11.5884605823

WACC

11.5592997612

March,2014

0
284.26

2010

Revenue
Inventories
Inventory Turnover ratio
Inventory Days
Average inventory Days
Accounts Receivables
Receivables turnover ratio
receivable Days
Average Receivable Days
Accounts Payable
Creditors turnover Ratio
Payable Days
Average Payable Days
Working Capital
Change in Working Capital

2011

2012

4364
5249.3
6755.7
43.97
43.31
42.04
8.3
8.43
8.68
8.795
1083.9
1305.9
2723.1
129.92
174.2
125.27
2.81
2.1
2.91
6.59
38050.6
49713.2
32893.7
13.8994669 10.2298206 9.17777219
26.26
35.68
39.77
35.9316667
-32602.7
-43158
-23414.9
-10555.3
19743.1

2013

2014

2015

2016

2017

2018

42346.9977
1020.38862

6367.6
39.11
9.33

6695.5
41.58
8.78

8154.9
39.46
9.25

6650
54.75
6.67

9205.8
34.25
10.66

13895.9
25.37
14.39

764.566343

27609.8
28786.7
9.76457999 10.2759009
37.38
35.52

31493.6
8.9067838
40.98

4168.76221

-9442.8
3442.6

-2383.80725

-14592.2
8822.7

-12885.4
1706.8

2019

2020

2021

2022

2023

2024

75713.6917 82321.0862 84790.7188 87334.4403 89954.4735 92653.1077


1824.38882 1983.59987 2043.10787 2104.4011 2167.53314 2232.55913

1366.99515

1486.2903

1530.879 1576.80537 1624.10954 1672.83282

7453.47707

8103.9283 8347.04614 8597.45753 8855.38126 9121.04269

-4262.09311 -4634.03813 -4773.05927 -4916.25105 -5063.73858 -5215.65074


-1878.28586 -371.945019 -139.021144 -143.191778 -147.487532 -151.912157

2025

95432.701 98295.682 101244.552 104281.889 107410.346 110632.656


2299.5359 2368.52198 2439.57764 2512.76497 2588.14792 2665.79236

1723.01781 1774.70834 1827.94959 1882.78808 1939.27172 1997.44987

9394.67397 9676.51419 9966.80962 10265.8139 10573.7883

-5372.12026
-156.469522

10891.002

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