Standalone Profit and Loss Statement

Revenue from operations (gross)

Less : excise duty
Revenue from operations (net)
Other income
Total Revenue
Expenses
Cost of material consumed
Purchase of stock-in-trade
Change in inventories of FG, WIP & stock-in-trade
Employee benefit expenses
Finance costs
Depreciation and amortisation
Research & Development expense
Other expenses
Cost of Mfd/purchased for own use
Foreign exchange (gain)
Total expenses
Profit before exceptional items and tax
Add: Exceptional items
PBT
Current tax
MAT credit availed of
Deferred tax (Net)
Short / ( excess) provision for taxation
pertaining to previous years
Net profit for the year
Dividend (%)
Dividend
Tax on Dividend
Per share data (in Rs.)
Dividend Per Share
Earnings per share
Book Value per share
Market price per share
Standalone Balance Sheet
Equity & Liabilities
Share capital
Reserves & Surplus
Total Shareholders' fund

Mar-16
204.31
204.31
56.52
260.83

Dalmia
Mar-15
175.30
175.30
15.53
190.83

110.23
1.70
2.94
59.76
174.63
86.20
86.20
20.54
(0.63)

7.50
98.15
0.31
3.66
44.40
154.02
36.81
36.81
11.82
(0.39)

0.74

0.28

65.55
0%
-

25.10
50%
12.62
2.57

7.25
182.73
579.75

Mar-16
17.76
1,232.44
###

1.00
20.29
176.97
638.55
Dalmia
Mar-15 Change
16.24
1.52
564.83 667.61
581.07 669.13

Non-current Liabilities
Long term borrowings
Deferred tax liabilities (Net)
Other long term liabilities
Long term provisions
Current liabilities
Short term borrowings
Trade payables
Total outstanding dues of MSMEs
Total outstanding dues of other than MSMEs
Total Trade payables
Other current liabilities
Short term provisions
Total
Assets
Fixed Assets

68.00
16.07
84.07
150.00
20.08
17.93
8.05
196.06
###

10.30
10.30
11.51
4.01
22.02
37.54
628.91

68.00
5.77
73.77
150.00
8.57
13.92
(13.97)
158.52
901.42

Tangible assets 1,927.88 1,706.39 221.49

Intangible assets
40.21
46.57
(6.36)
Capital work in progress
93.80
236.29 (142.49)
Intangible assets under development
35.13
30.66
4.47
###
### 77.11
Non current investments
Deffered tax assets (net)
Long term loans and advances
Other non-current assets

Current Assets
Current investments
Inventories
Trade receivables
Cash and Bank Balances
Short term loans and advances
Other current assets
Total
NCA

96.47
98.59
9.08
204.14
###

81.86
118.87
10.04
210.77
###

14.61
(20.28)
(0.96)
(6.63)
70.48

831.94
916.98
(85.04)
367.71
353.55
14.16
161.98
113.19
48.79
25.23
46.84
(21.61)
134.82
162.50
(27.68)
###
### (71.38)
###
###
(0.90)
1,325.62 1,555.52 (229.90)

Shree Cement
Mar-16
Mar-15
6,244.07 7,176.84
676.32
723.27
5,567.75 6,453.57
120.11
137.85
5,687.86
###
470.50
3.28
364.54
75.12
(908.41)
2,272.52
1,149.57
3,427.12
1,365.25
2.30
1,362.95
123.98
0.85
(68.18)

579.53
###
(79.10)
455.03
120.63
(924.78)
2,975.28
1,205.75
###
###
###
1,361.07
35.46
1,325.61
95.81
52.33
(52.33)

(55.34)

(16.65)

1,361.64
100%
35.94
7.39

1,246.45
100%
35.86
6.16

2.00
11.07
104.38
221.95

###
7.10
113.07
203.60

Shree Cements
Mar-16
Mar-15 Change
34.84
###
6,145.38 5,241.56 903.82
6,180.22
### 903.82

Table-1: Cash Flow Statements: Total Cash Basis

Dalmia
Sources of Cash
1 Inc
Reserves & Surplus
2 Inc
Long term provisions
3 Inc
Total Trade payables
4 Inc
Other current liabilities
5 Dec
Intangible assets
6 Dec
Capital work in progress
7 Dec
Long term loans and advances
8 Dec
Other non-current assets
9 Dec
Inventories
10 Dec
Short term loans and advances
11 Dec
Other current assets
Total
Uses of Cash
1 Dec
Long term borrowings
2 Dec
Deferred tax liabilities (Net)
3 Dec
Other long term liabilities
4 Dec
Short term borrowings
5 Dec
Short term provisions
6 Inc
Tangible assets
7 Inc
Intangible assets under develo
8 Inc
Non current investments
9 Inc
Trade receivables
Total
Surplus/(deficit) =Sources of cash-Uses of cas
Inc in Cash & BB (as per Balance Sheet)
Table-2.Amplified CF Statements
Dalmia
Sources of Cash
1
Net profit for the year
2 Inc
Long term provisions
3 Inc
Total Trade payables
4 Inc
Other current liabilities
5 Dec
Intangible assets
6 Dec
Capital work in progress
7 Dec
Long term loans and advances
8 Dec
Other non-current assets
9 Dec
Inventories

520.92
915.00
18.88
1,454.80
195.75
5.49
252.89
258.38
697.48
2.39
1,154.00
8,789.02

401.41 119.51
###
852.32
62.68
19.11
(0.23)
###
###
214.95

(19.20)

4.57
287.80
292.37
872.38
68.91
###
###

0.92
(34.91)
(33.99)
###
(66.52)
###
791.17

3,050.17
264.50
3,314.67

2,921.19 128.98
83.14 (83.14)
511.10
###
###
###
###

2,286.20
263.37
923.99

1,498.98 787.22
195.19
68.18
556.06 367.93
###
###
###
###

3,473.56
6,788.23
80.00
815.19
328.62
283.04
469.32
24.62
2,000.79
8,789.02
846.79

163.63
918.86
476.39
307.50
350.54
15.27
###
###
783.58

(83.63)
###
###
(24.46)
118.78
9.35
###
791.17
63.21

10 Dec
11 Dec
12

Short term loans and advances

Other current assets
Depreciation
Total

Uses of Cash
1 Dec
2 Dec
3 Dec
4 Dec
5 Dec
6
7 Inc
8 Inc
9 Inc
10

Long term borrowings

Deferred tax liabilities (Net)
Other long term liabilities
Short term borrowings
Short term provisions
Tangible assets + Depr
Intangible assets under develo
Non current investments
Trade receivables
Dividend+Tax
Total
Surplus/(deficit) =Sources of cash-Uses of cas
Inc in Cash & BB (as per Balance Sheet)
Difference
Exp inc in R&S =PAT-Div-DDT
Actual inc (as per Balance Sheet)
Addl inc/(dec)=Actual Inc-Exp inc

Table-4: CF Statements-WC Basis

Dalmia
Sources of WC
1
Reserves & Surplus
2
Long term provisions
3
Intangible assets
4
Capital work in progress
5
Long term loans and advances
6
Other non-current assets
Total sources of WC
Uses of WC for other than WC purposes
1
Long term borrowings
2
Deferred tax liabilities (Net)
3
Other long term liabilities
4
Tangible assets
5
Intangible assets under develo

6
Non current investments
Total uses for Non-WC purpose
Funds available/(Released) for/from WC
Changes in WC components
ComponeImpact on WC
1 Inc
Total Trade payables
2 Inc
Other current liabilities
3 Inc
Inventories
4 Inc
Short term loans and advances
5 Inc
Other current assets
6 Dec
Short term borrowings
7 Dec
Short term provisions
8 Dec
Trade receivables
9 Dec
Cash and Bank balances

Net Dec in WC
Is there a case of short-term funds
diverted to long-term purpose?

Cash Basis
Shree Cement
667.61
5.77
8.57
13.92
6.36
142.49
20.28
0.96
85.04
21.61
27.68
1,000.29

Sources
1
2
3
4
5
6
7
8
9
10
11

of Cash
Inc
Inc
Inc
Inc
Inc
Inc
Inc
Dec
Dec
Dec
Dec

Uses of Cash
(68.00) 1
Dec
- 2
Dec
- 3
Dec
(150.00) 4
Inc
13.97 5
Inc
221.49 6
Inc
4.47 7
Inc
14.61 8
Inc
14.16
50.70

Share capital
Reserves & Surplus
Long term borrowings
Long term provisions
Short term borrowings
Total Trade payables
Other current liabilities
Tangible assets
Non current investments
Long term loans and advances
Current investments
Total

903.82
119.51
(0.23)
(19.20)
(33.99)
(174.90)
(128.98)
(787.22)
(367.93)
83.63
(405.49)

Deferred tax liabilities (Net)

Other long term liabilities
Short term provisions
Capital work in progress
Inventories
Trade receivables
Short term loans and advances
Other current assets

(62.68)
66.52
(246.60)
(103.67)
(147.77)
118.78
9.35

Total

949.59 Surplus/(deficit) =Sources of cash-Uses of cash

48.79 Inc in Cash & BB (as per Balance Sheet)
(900.80)

(366.07)
(39.42)
(24.46)
14.96

Shree Cement
65.55
5.77
8.57
13.92
6.36
142.49
20.28
0.96
85.04

Sources
1
2
3
4
5
6
7
8
9

of Cash
Inc
Inc
Inc
Inc
Inc
Inc
Dec
Dec

Share capital
Net profit for the year
Long term borrowings
Long term provisions
Short term borrowings
Total Trade payables
Other current liabilities
Tangible assets
Non current investments

1,361.64
119.51
(0.23)
(19.20)
(33.99)
(174.90)
(128.98)
(787.22)

21.61 10
27.68 11
2.94 12
401.17

Dec
Dec

Long term loans and advances

Current investments
Depreciation

Uses of Cash
(68.00) 1
Dec
Deferred tax liabilities (Net)
- 2
Dec
Other long term liabilities
- 3
Dec
Short term provisions
(150.00) 4
Inc
Capital work in progress
13.97 5
Inc
Inventories
224.43 6
Inc
Trade receivables
4.47 7
Inc
Short term loans and advances
14.61 8
Inc
Other current assets
14.16 9
Depreciation
- 10
Dividend+Tax
53.64
347.53 Surplus/(deficit) =Sources of cash-Uses of cash
48.79 Inc in Cash & BB (as per Balance Sheet)
298.74
Difference
65.55 Exp inc in R&S =PAT-Div-DDT
667.61 Actual inc (as per Balance Sheet)
602.06 Addl inc/(dec)=Actual Inc-Exp inc

(367.93)
83.63
(908.41)
(856.08)

(62.68)
66.52
(246.60)
(103.67)
(147.77)
118.78
9.35
(908.41)
43.33
(1,231.15)
375.07
(24.46)
399.53
1,318.31
903.82
(414.49)

Shree Cement
667.61
5.77
6.36
142.49
20.28
0.96
843.47
68.00
221.49
4.47

Sources of WC
1
Share capital
2
Reserves & Surplus
3
Long term borrowings
4
Long term provisions
5
Tangible assets
6
Non current investments
7
Long term loans and advances
Total sources of WC
Uses of WC for other than WC purposes
1
Deferred tax liabilities (Net)
2
Other long term liabilities
3
Capital work in progress

903.82
119.51
0.23
128.98
787.22
367.93
2,307.69
62.68
246.60

14.61
308.57 Total uses for Non-WC purpose
534.90 Funds available/(Released) for/from WC
Changes in WC components
Change ComponeImpact
8.57
1 Inc
Short term borrowings
13.92
2 Inc
Total Trade payables
85.04
3 Inc
Other current liabilities
21.61
4 Inc
Current investments
27.68
5 Dec
Short term provisions
150.00
6 Dec
Inventories
13.97
7 Dec
Trade receivables
14.16
8 Dec
Cash and Bank Balances
48.79
9 Dec
Short term loans and advances
10 Dec
Other current assets

70.10 Net Dec in WC

Is there a case of short-term funds
Yes
diverted to long-term purpose?

309.28
1,998.41

19.20
33.99
174.90
83.63
66.52
103.67
147.77
(24.46)
118.78
9.35

109.91
No

Table-3: Changes in Res & Surplus components

Dalmia
Capital Reserves
Capital Red Reserves
Gen Reserves
Sec Premium Reserves
Revaluation Reserves
Debenture redem Res
Inv fluctuation res
Hedging res
ESOP Res
Forex Translation
P&L Sruplus

Mar-16
0.59
0.26
1,305.00
43.99
5.00
(3.84)
12.50
Net Change

Shree Cements
Mar-15 Change
Mar-16
###
0.63
###
8.34
1,300.00
5.00
185.95
###
80.52
###
10.00
(5.00)
###
13.58
(17.42)
###
1.15
13.77
(1.27)
5.62
###
654.45
(18.69)

Mar-15 Change
0.63
8.34
185.95
79.82
0.70
0.85
0.30
5.49
0.13
568.29
86.17
87.30

Dalmia Bharat Limited

Shree Cement Limited
Standalone Profit and Loss Statement
Net revenue from operations
Other income
Total Revenue
Expenses
Cost of material consumed
Purchase of stock-in-trade
Change in inventories of FG, WIP& stock-in-trade
Employee benefit expenses
Finance costs
Depreciation and amortisation
Other expenses
Cost of Mfd/purchased for own use
Total expenses
Profit before exceptional items and tax
Add: Exceptional items
PBT
Current tax
MAT credit availed of
Deferred tax (Net)
Net profit for the year
Dividend (%)
Dividend
Tax on Dividend
Cost of Goods Sold
Total No. of Shares
Per share data (in Rs.)
Dividend Per Share
Earnings per share
Book Value per share
Market price per share
Standalone Balance Sheet
Equity & Liabilities
Share capital
Reserves & Surplus
Total Shareholders' fund
Non-current Liabilities
Long term borrowings

Dalmia
Shree Cements
Dalmia
Mar-16
Mar-15
204.31
175.30
56.52
15.53
260.83
190.83
110.23
1.70
2.94
59.76
174.63
86.20
86.20
20.54
(0.63)
66.29
0%
85.00

7.50
98.15
0.31
3.66
44.40
154.02
36.81
36.81
11.82
(0.39)
25.38
50%
12.62
2.57
78.78

88,905,803

88,905,803

85.00
7.25
182.73
579.75
Dalmia
Mar-16
17.76
1,232.44
1,250.20
68.00

78.78
1.00
20.29
176.97
638.55
Mar-15
16.24
564.83
581.07
-

Deferred tax liabilities (Net)

Other long term liabilities
Long term provisions
Total Non-Current liabilities
Current liabilities
Short term borrowings
Trade payables
Total outstanding duies of MSMEs
Total outstanding dues of other than MSMEs
Total Trade payables
Other current liabilities
Short term provisions
Total Current liabilities
Total
Assets
Fixed Assets
Tangible assets
Intangible assets
Capital work in progress
Intangible assets under development
Total Fixed assets
Goodwill on consolidation
Non current investments
Defferred tax assets (net)
Long term loans and advances
Other non-current assets
Total Non-current assets
Current Assets
Current investments
Inventories
Trade receivables
Cash and Bank Balances
Shortterm loans and advances
Other current assets
Total Current assets
Total

16.07
84.07
150.00

10.30
10.30
-

20.08
17.93
8.05
196.06
1,530.33

11.51
4.01
22.02
37.54
628.91

1,927.88
40.21
93.80
35.13
2,097.02

1,706.39
46.57
236.29
30.66
2,019.91

96.47
98.59
9.08
204.14
2,301.16

81.86
118.87
10.04
210.77
2,230.68

831.94
367.71
161.98
25.23
134.82
1,521.68
3,822.84

916.98
353.55
113.19
46.84
162.50
1,593.06
3,823.74

Shree Cements
Mar-16
Mar-15
5,567.75
6,453.57
120.11
137.85
5,687.86 6,591.42
470.50
3.28
364.54
75.12
(908.41)
2,272.52
1,149.57
3,427.12
1,365.25
2.30
1,367.55
123.98
0.85
(68.18)
1,310.90
100%
35.94
7.39
1,792.31

579.53
###
(79.10)
455.03
120.63
(924.78)
2,975.28
1,205.75
4,332.34
1,361.07
35.46
1,396.53
95.81
52.33
(52.33)
1,300.72
100%
35.86
6.16
2,215.59

34,837,225

34,837,225

Table-1
Table-2
Common Size P&L
Common Base P&L
Dalmia
Shree Cements Dalmia
Shree Cements
Mar-16 Mar-15 Mar-16 Mar-15 Mar-16 Mar-16
78.33
91.86
97.89
97.91
1.17
0.86
21.67
8.14
2.11
2.09
3.64
0.87
###
###
###
###
1.37
0.86
8.27
8.79
0.81
3.93
0.06
(1.20)
(0.04)
42.26
51.43
6.41
6.90
1.12
0.80
0.65
0.16
1.32
1.83
5.48
0.62
1.13
1.92 (15.97) (14.03)
0.80
0.98
22.91
23.27
39.95
45.14
1.35
0.76
20.21
18.29
66.95 80.71 60.25 65.73
1.13
0.79
33.05
19.29
24.00
20.65
2.34
1.00
0.04
0.54
33.05
19.29
24.04
21.19
2.34
0.98
7.87
6.19
2.18
1.45
1.74
1.29
0.01
0.79
(0.24)
(0.20)
(1.20)
(0.79)
1.62
1.30
25.42
13.30
23.05
19.73
2.61
1.01

1,792.31
2,215.59
2.00
###
11.07
7.10
104.38
113.07
Table-4
Table-5
221.95
203.60
Common Size BS
Common Base BS
Shree Cements
Dalmia
Shree Cements Dalmia
Shree Cements
Mar-16
Mar-15 Mar-16 Mar-15 Mar-16 Mar-15 Mar-16 Mar-16
34.84
6,145.38
6,180.22
520.92

###
5,241.56
5,276.40
401.41

0.46
32.24
32.70
1.78

0.42
14.77
15.20
-

0.40
69.92
70.32
5.93

0.44
65.54
65.97
5.02

1.09
2.18
2.15
-

1.00
1.17
1.17
1.30

915.00
18.88
1,454.80

###
852.32
19.11
1,272.84

195.75

214.95

5.49
252.89
258.38
697.48
2.39
1,154.00
8,789.02

4.57
287.80
292.37
872.38
68.91
1,448.61
7,997.85

3,050.17
264.50
3,314.67

2,921.19
83.14
511.10
###
3,515.43

2,286.20
263.37
923.99

1,498.98
195.19
556.06

3,473.56
6,788.23

2,250.23
5,765.66

80.00
815.19
328.62
283.04
469.32
24.62
2,000.79
8,789.02

163.63
918.86
476.39
307.50
350.54
15.27
2,232.19
7,997.85

0.42
2.20
3.92
0.53
0.47
0.21
5.13
40.03

50.43
1.05
2.45
0.92
54.86
2.52
2.58
0.24
5.34
60.20
21.76
9.62
4.24
0.66
3.53
39.80
###

0.27
0.27
0.30
0.10
0.58
0.98
16.45

44.63
1.22
6.18
0.80
52.83
2.14
3.11
0.26
5.51
58.34
23.98
9.25
2.96
1.22
4.25
41.66
###

10.41
0.21
16.55
2.23
0.06
2.88
2.94
7.94
0.03
13.13
###

10.66
0.24
15.91
2.69
0.06
3.60
3.66
10.91
0.86
18.11
###

1.56
8.16

1.07
0.99
1.14

1.74
4.47
0.37
5.22
2.43

0.88
0.88
0.80
0.03
0.80
1.10

34.70
3.01
37.71
26.01
3.00
10.51
39.52
77.24
0.91
9.28
3.74
3.22
5.34
0.28
22.76
###

36.52
1.04
6.39
43.95
18.74
2.44
6.95
28.14
72.09
2.05
11.49
5.96
3.84
4.38
0.19
27.91
###

1.13
0.86
0.40
1.15
1.04

1.04

0.94

1.18

1.53

0.83
0.90
0.97
1.03

1.66
1.54
1.18

0.91
1.04
1.43
0.54
0.83
0.96
1.00

0.49
0.89
0.69
0.92
1.34
1.61
0.90
1.10

0.52

Table-3
Common Size & Base P&L
Dalmia Shree Cements
Mar-16
Mar-16
0.85
1.00
2.66
1.01
1.00
1.00
0.82
4.01
0.59
0.98

0.94
(0.05)
0.93
0.72
1.14
0.89

0.83
1.71

0.92
1.16

1.71
1.27

1.13
1.50

1.18
1.91

1.51
1.17

Table-6
Common Size & Base BS
Dalmia Shree Cements
Mar-16
Mar-16
1.09
2.18
2.15
-

0.91
1.07
1.07
1.18

1.56
8.16

0.98
0.90
1.04

1.74
4.47
0.37
5.22
2.43

0.80
0.80
0.73
0.03
0.72
1.00

1.13
0.86
0.40
1.15
1.04

0.95

0.86

1.18

1.39

0.83
0.90
0.97
1.03

1.51
1.40
1.07

0.91
1.04
1.43
0.54
0.83
0.96
1.00

0.44
0.81
0.63
0.84
1.22
1.47
0.82
1.00

0.47

Dalmia Bharat Limited

Shree Cement Limited
Standalone Profit and Loss Statement
Net revenue from operations
Other income
Total Revenue
Expenses
Cost of material consumed
Purchase of stock-in-trade
Change in inventories of FG, WIP& stock-in-trade
Employee benefit expenses
Finance costs
Depreciation and amortisation
Other expenses
Cost of Mfd/purchased for own use
Total expenses
Profit before exceptional items and tax
Add: Exceptional items
PBT
Current tax
MAT credit availed of

Dalmia
Shree Cements
Dalmia
Mar-16

Mar-15

204.31

175.30

56.52

15.53

260.83

190.83

110.23
1.70
2.94

7.50
98.15
0.31
3.66

59.76

44.40

174.63
86.20
86.20
20.54

154.02
36.81
36.81
11.82

Deferred tax (Net)

(0.63)

(0.39)

Net profit for the year

66.29

25.38

Dividend (%)
Dividend
Tax on Dividend
Cost of Goods Sold
Total No. of Shares
Per share data (in Rs.)
Dividend Per Share
Earnings per share
Book Value per share
Market price per share
Beginning price per share
End price per share

0%
85.00

50%
12.62
2.57
78.78

88,905,803

88,905,803

Standalone Balance Sheet

85.00
7.25
182.73
579.75
791.80
1,351.25
Dalmia

78.78
1.00
20.29
176.97
638.55
424.65
799.15

Standalone Balance Sheet

Equity & Liabilities
Share capital
Reserves & Surplus
Total Shareholders' fund
Non-current Liabilities
Long term borrowings
Deferred tax liabilities (Net)
Other long term liabilities
Long term provisions
Total Non-Current liabilities
Current liabilities
Short term borrowings
Trade payables
Total outstanding duies of MSMEs
Total outstanding dues of other than MSMEs
Total Trade payables
Other current liabilities
Short term provisions
Total Current liabilities
Total
Assets
Fixed Assets
Tangible assets
Intangible assets
Capital work in progress
Intangible assets under development
Total Fixed assets
Goodwill on consolidation
Non current investments
Defferred tax assets (net)
Long term loans and advances
Other non-current assets

Mar-16

Mar-15

17.76
1,232.44
1,250.20

16.24
564.83
581.07

68.00
16.07
84.07

10.30
10.30

150.00

20.08
17.93
8.05
196.06
1,530.33

11.51
4.01
22.02
37.54
628.91

1,927.88
40.21
93.80
35.13
2,097.02

1,706.39
46.57
236.29
30.66
2,019.91

Total Non-current assets

96.47
98.59
9.08
204.14
2,301.16

81.86
118.87
10.04
210.77
2,230.68

Current Assets
Current investments
Inventories
Trade receivables
Cash and Bank Balances
Shortterm loans and advances
Other current assets
Total Current assets

831.94
367.71
161.98
25.23
134.82
1,521.68

916.98
353.55
113.19
46.84
162.50
1,593.06

Total

3,822.84

3,823.74

Shree Cements
Mar-16
Mar-15
5,567.75

6,453.57

120.11

137.85

5,687.86

6,591.42

470.50
3.28
364.54
75.12
(908.41)

579.53
###
(79.10)
455.03
120.63
(924.78)

2,272.52

2,975.28

1,149.57
3,427.12
1,365.25
2.30
1,367.55
123.98

1,205.75
4,332.34
1,361.07
35.46
1,396.53
95.81

0.85

52.33

(68.18)

(52.33)

1,310.90

1,300.72

100%
35.94
7.39
1,792.31

100%
35.86
6.16
2,215.59

34,837,225

34,837,225

1,792.31
2,215.59
2.00
###
11.07
7.10
104.38
113.07
221.95
203.60
12,252.50 10,192.85
14,733.40 12,420.50
Shree Cements

Mar-16

Mar-15

34.84
6,145.38
6,180.22

###
5,241.56
5,276.40

520.92
915.00
18.88
1,454.80

401.41
###
852.32
19.11
1,272.84

195.75

214.95

5.49
252.89
258.38
697.48
2.39
1,154.00
8,789.02

4.57
287.80
292.37
872.38
68.91
1,448.61
7,997.85

3,050.17
264.50
3,314.67

2,921.19
83.14
511.10
###
3,515.43

2,286.20
263.37
923.99

1,498.98
195.19
556.06

3,473.56
6,788.23

2,250.23
5,765.66

80.00
815.19
328.62
283.04
469.32
24.62
2,000.79

163.63
918.86
476.39
307.50
350.54
15.27
2,232.19

8,789.02

7,997.85

Financial Ratios
A. Short-term Liquidity Ratios

Dalmia
Mar-16

1. Current Ratio =CA/CL

2. Quick Ratio =(CA-Inventory)/CL

7.76
3.52

3. Cash Ratio =Cash & BB/CL

4.NWC to TA Ratio =(CA-CL)/TA
5. Interval ratio =CA/Avg daily cost
B. Long-term Liquidity Ratios
1. Total Debt Ratio =(TA-TE)/TA
2.Debt-Equity Ratio =Total Debt/TE
3.Equity Multiplier =TA/TE
4.Times Interest Earned (TIE) Ratio=PBIT/I
5.Cash Coverage Ratio =EBITDA/I
C.Asset Turnover Ratios
1 a). Inventory Turnover Ratio(ITR) =NS/Inventory
1. b). Days' sales in inventory =365/ITR
2. a) Receivables Turnover Ratio (RTR) =NS/Trade Receivables
2. b). Days' sales in receivables =365/RTR
3.a). Payables Turnover Ratio =COGS*/Trade Payables
3.b) Days' COGS in Payables = 365/PTR
4. NWC turnover ratio =NS/NWC
5. CA Turnover Ratio =NS/CA
6. FA Turnover Ratio =NS/NFA
7. Total Asset Turnover Ratio (TATR) =NS/TA
D. Profitability Ratios
1. Gross profit margin (GPM)=Gross profit/NS = (NS-COGS*)/NS
2. Operating Profit Margin(OPM) =PBIT/NS
3. Net Profit Margin (NPM) =NP/Total Revenue
4. Adj NPM = (NP-Exceptional items)/Total Revenue
5. Return on Equity (ROE) =NP/TE
E. ROE Analysis
a).PBIT/Net Rev from Ope (impact of profitable operations)
b).PBT/PBIT (Impact of finance cost)
c). Net profit available to shareholders/PBT (Impact of tax)
d) .TATR (Impact of efficiency in using assets)

0.83
0.35
6534.66
0.67
0.22
3.06
51.71
53.44
0.25
1486.26
0.56
656.91
4.23
86.23
0.15
0.13
0.10
0.05
58.40%
42.19%
25.42%
32.45%
5.30%
0.43
0.98
0.77
0.05

e).TA/SF (Impact of borrowing)

Return of Equity = Product of the above ratios
F. Valuation Ratios
1.Price- Earnings (P/E) Ratio =Market price per share/Earnings per share
2.Price-sales(P/S) ratio =MP per share/Sales per share
3.Pric-book (P/B) ratio =MP per share/BV per share
4. Dividend yield (DY)= DPS/beginning price per share
5. Capital gain (CG)=(end price per share-beginning price per share)/beg price
6. Total Return to Shareholders=DY+CG

3.06
0.05
79.97
25.23
3.17
0.00%
70.66%
70.66%

Descriptive Interpretation
Dalmia
Shree cements
Mar-15
### Mar-15
42.44
18.01

1.73
1.03

3.02
0.25
0.41
0.10
7381.36 407.46
0.85
0.08
6.58
119.74

0.30
0.42
1.42
19.20

Dalmia

Decrease indicated more efficient utilization of

1.54 cash and assets
0.91 Decrease indicated bad utilization of assets
Will face problems in managing short term
0.21 liabilities
0.10 Slight decrease in liquidity
367.74 Can operate for fewer days without financing
0.34 Maintaining healthy total debt ratio
0.52
1.52
12.58 Significant decrease in interest coverage
Significant decrease in ability to generate cash
4.91 from operations

131.55

7.11

0.19
1909.29
0.50
736.14
6.84

6.83
53.44
16.94
21.54
6.94

7.02
51.97 Slightly better inventory turnover
13.55
26.94 Decreasing sales collection
7.58

53.33
0.11

52.62
6.58

Increase in number of days required to pay

48.17 payables
8.24 Increase in per rupee ofworking capital

0.11
0.09
0.05

2.78
1.68
0.63

55.06%
21.00%
13.30%
14.48%
4.37%

67.81%
24.56%
23.05%
23.50%
21.21%

0.21
0.99
0.69
0.05

0.26
0.95
0.96
0.63

2.89 More sales per rupee of current assets

1.84 More sales per rupee of net fixed assets
0.81 Same
65.67% Rise in margin
21.64% Significant rise in margin
19.73% Rise in margin
19.61% Rise in margin
24.65% Significant rise in return per rupee of equity
0.24 Rise in profit genereated from operations
0.92 Fall in cost of financing
0.93 Rise in profits availabe for shareholders
0.81 Same

6.58
0.04

1.42
0.21

1.52 Less assets compared to equity

0.25 Rise in profit genereated for shareholders

31.47 20.05
28.68 Signifiacnt rise in PE ratio
32.38
0.14
0.11 No change in price over sales
3.61
2.13
1.80 Fall in market value of insvestments to their cost
0.24% 0.02% 0.02%
88.19% 20.25% 21.86% Huge reduction in fall in CG
88.43% 20.26% 21.87% Huge reduction in fall in total return

criptive Interpretation
Shree Cements

Acceptable change indicating healthy state

Acceptable change indicating healthy state
Will be able to better manage short term
liabilities
No change in liquidity
Can operate for few more days without financing
Maintaining good total debt ratio

Significant improvement in interest coverage

Significant increase in ability to generate cash
from operations

Slightly better inventory turnover

Decreasing sales collection
Increase in number of days required to pay
payables
Reduction in sales per rupee of working capital
Slight decrease in sales per rupee of current
assets
Less sales per rupee of net fixed assets
Slightly less sales per rupee of total assets
Rise in margin
Slight rise in margin
Rise in margin
Rise in margin
Significant fall in return per rupee of equity
Slight
Slight
Slight
Slight

rise in profit genereated from operations

rise in cost of financing
rise in profits avaialbe for shareholders
fall in asset utilizations efficiency

Less assets compared to equity

Fall in profit genereated for shareholders
Signifiacnt fall in PE ratio
No change in price over sales
Rise in market value of insvestments to their cost
Slight decrease in CG
Slight decrease in total return

of the company. The exhaustive comparison helped me compare the companies on each
parameter and understand the areas where they can improve in detail.

he companies on each
etail.