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HISTORICAL FINANCIALS (5 YEARS)

[ ` in Million ]
2007

2008

2009

2010

2011

2007

Standalone

2008

2009

2010

2011

41,528

Consolidated

Financial Performance (April-March)


Total Income ( Including Operating Income)

12,291

16,928

21,789

27,229

33,309

14,152

22,483

28,584

34,200

2,162

3,519

3,972

6,647

7,594

2,104

3,767

4,577

7,002

8,211

656

1,134

1,563

1,891

2,284

769

1,327

1,809

2,155

2,678

Operating Profit
Interest (net)
Depreciation & Amortisation

314

398

473

686

834

420

558

684

1,020

1,216

Non-Operating Expenses/(Income)

(102)

(7)

(37)

(56)

(3)

(103)

(76)

(597)

868

279

Extra Ordinary Expenses/(Income)

21

46

96

121

13

51

53

107

184

1,294

2,042

1,838

3,932

4,263

1,005

1,907

1,954

3,679

4,008

Taxation (including Deferred Tax adjustments)

303

587

636

1,219

1,310

201

540

659

1,203

1,201

Profit After Tax

Profit Before Tax

991

1,455

1,202

2,713

2,953

804

1,367

1,294

2,476

2,807

Prior Period Items

(4)

(12)

23

(4)

(12)

Pre acquisition profit/ (loss) & Minority interest

(66)

(37)

(12)

(74)

991

1,455

1,202

2,712

2,953

833

1,324

1,294

2,476

2,807

42

41

36

16

42

41

36

16

155

186

220

402

450

155

186

220

402

450

3,527

8,875

10,094

14,431

18,067

2,722

7,794

8,861

12,754

16,220

885

885

449

23

885

885

449

23

104

649

705

571

524

7,397
11,809

9,071
18,831

13,555
24,098

17,836
32,290

22,125
40,192

8,590
12,301

12,756
22,084

18,170
28,185

24,448
37,796

29,888
46,632

Net Fixed Assets (including CWIP)

5,934

7,480

10,510

13,242

16,352

7,257

10,164

14,573

17,923

21,782

Investment (excl. Liquid Investments)

1,774

2,758

3,906

3,955

4,033

200

237

201

211

211

Net Current Assets (excl. Cash & Cash Equivalent)

3,745

7,460

8,803

10,705

15,967

4,400

10,247

12,237

14,609

20,495

Cash & Cash Equivalent (incl. Liquid Investments)


Total Assets

356
11,809

1,133
18,831

879
24,098

4,388
32,290

3,840
40,192

444
12,301

1,436
22,084

1,174
28,185

5,053
37,796

4,144
46,632

Current Ratio (Times)

1.12

1.45

1.26

1.37

1.26

1.17

1.41

1.27

1.36

1.24

Total Debt[1] / Equity (Times)

2.35

1.12

1.39

1.24

1.22

3.48

1.75

2.10

1.92

1.84

Net Profit for the year


Preference Dividend (including Dividend Tax)
Equity Dividend (including Dividend Tax)
Financial Position As At March 31,
Shareholders Equity (excl. Deferred Tax Assets/ Liabilities)
Redeemable Preference Share Capital
Minority Interest
Total Debt (Long Term & Short Term)
Total Liabilities

Ratio Analysis

Net Total Debt / PBIDT

3.67

2.51

3.30

2.03

2.41

4.29

3.24

3.81

2.77

3.14

Return on Average Net Worth

34.99%

23.14%

20.97%

16.97%

21.10%

37.76%

25.37%

22.93%

15.72%

18.72%

Return on Average Capital Employed[2]

23.07%

24.14%

19.42%

26.01%

25.50%

22.19%

23.17%

19.21%

23.44%

21.83%

Basic EPS

3.24

4.30

3.22

7.17

7.75

2.70

3.90

3.48

6.54

7.37

Diluted EPS

3.24

4.28

3.21

7.15

7.74

2.70

3.88

3.46

6.53

7.36

Basic Cash EPS

4.31

5.50

4.53

8.99

9.94

4.13

5.59

5.37

9.25

10.56

Equity Dividend

0.40

0.44

0.50

0.90

1.00

0.40

0.44

0.50

0.90

1.00

11.42

24.63

27.89

37.96

46.84

8.81

21.63

24.49

33.55

42.05

Number of Shareholder

26784

36335

37513

38968

63594

26784

36335

37513

38968

63594

Market Capitalization (` in Million)

25,784

42,657

24,760

72,864

69,006

25,785

42,657

24,760

72,864

69,006

Outstanding Equity Shares

308.76

360.27

361.88

380.15

385.72

308.76

360.27

361.88

380.15

385.72

83.51

118.40

68.42

191.67

178.90

83.51

118.40

68.42

191.67

178.90

67.72%

67.46%

67.53%

69.16% 69.60%

67.72%

67.46%

67.53%

[3]

Per Share Data (`) [Face value `2 each]

Book Value
Shareholding Related As At March 31,
[4]

Market Price as on 31st March (NSE)


Non-Promoter Shareholding

69.16% 69.60%

[1] Including Redeemable Preference Shares Capital


[2] Average Capital Employed (Total Assets less Deferred Tax Assets/Liabilities less Cash & Cash Equivalent)
[3] Total Debt less Cash & Cash Equivalent
[4] Based on Market Price on National Stock Exchange (NSE) ON 31st March of the year

Historical Financials

GRAPHICAL FINANCIAL PRESENTATION (5 YEARS)


TOTAL INCOME (CONSISTENT GROWTH)
CAGR- 28%

CAGR- 31%
33,309

12,291

2008

2009

22,483

` in Million

` in Million

Standalone

21,789
16,928

14,152

2011

2010

Consolidated

28,584

27,229

2007

41,528

34,200

2007

2008

2009

2011

2010

EARNINGS (SUSTAINED MOMENTUM)


CAGR PBDIT- 37% & NP 31%
Net Profit (NP)

2,712
1,455

991
2007

2008

2,953

7,002
` in Million

3,972

3,519

2,476

2,104
1,367

804
2011

2010

4,577

3,767

1,202
2009

8,211

7,594

2007

2008

2,807

Consolidated

6,647

2,162

Net Profit (NP)

PBDIT

` in Million

PBDIT

Standalone

CAGR PBDIT- 41% & NP 37%

1,294
2009

2011

2010

MARGINS (STEADY GROWTH IN PROFITABILITY)

18.2%
10.0%

8.6%

8.9%

5.5%
2007

2008

2009

2010

% to Total Income

20.5%
22.8%

% to Total Income

Standalone

8.1%

24.4%

2011

16.8%
14.9%

5.7%

2007

6.1%

2008

19.8%

16.0%

7.2%
4.5%

2009

2010

6.8%

Consolidated

17.6%

20.8%

Net Profit (NP)

PBDIT

Net Profit (NP)

PBDIT

2011

2008

6.8%

2009

6.4%

2010

6.3%

2011

% to Total Income

2007

6.3%

% to Total Income

5.4%

$ Gross Interest excluding Interest Income & Bank Charges

Graphical Financial Presentation

4.7%

2007

5.5%

6.0%

5.8%

5.8%

2008

2009

2010

2011

Consolidated

Standalone

CONTROLLED INTEREST COST$

140

136

119

Standalone

2007

2008

2009

2011

2010

157

155

2007

2008

2009

22.2%

23.2%

163
143

109

Consolidated

102

Days Sales Outstanding (DSO)

146

Days Sales Outstanding (DSO)

CASH TO CASH CYCLE (NET@)

2011

2010

@ Inventory plus Receivables less Accounts Payable

2007

2008

26.0%

25.5 %

19.4%

2009

2011

2010

23.4%

21.8%

19.2%

% age

24.1%

% age

23.1%

2007

2008

2009

Consolidated

Standalone

ROCE TREND#

2011

2010

# Based on Average Capital Employed

EPS & CEPS^


CAGR EPS- 25% & CEPS - 23%

3.2

2007

4.5
3.2

2008

2009

2010

` Per Share

Standalone

5.5
4.3

2011

10.6

CEPS

EPS

9.2
5.6

4.1
2.7

2007

3.9

5.4

6.5

7.4

3.5

2008

2009

2010

Consolidated

7.8

7.2
4.3

9.9

9.0

` Per Share

CEPS

EPS

CAGR EPS- 29% & CEPS - 26%

2011

^ Excluding Proposed Preference Dividend

MARKET PRICE PER SHARE* & MARKET CAPITALIZATION


72,864

179

69,006

42,657

` in Million

` Per Share

192

118
84

2007

25,784

68

2008

2009

2010

2011

2007

* As at March 31, on National Stock Exchange (NSE)

24,760

2008

2009

2010

2011

Face Value ` 2/- per share

ASSOCIATES STRENGTH
7,639
6,644

2007

2008

2009

2010

5,982
No. of Associates

4,276

5,662

No. of Associates

3,927

5,082

2011

4,726

5,081

2007

2008

Consolidated

Standalone

6,504

2009

2010

2011

Graphical Financial Presentation

CONSOLIDATED REVENUE SEGMENTATION


INDUSTRY

[ ` in Million ]

Period = April - March

2007

2008

2009

2010

2011

Mix(FY11)

CAGR

Micro Irrigation

5,499

11,276

15,084

18,722

23,311

56.0%

43%

Piping Products

4,250

6,599

7,425

8,418

9,464

22.7%

22%

Agro Processed Products

2,257

3,037

3,701

5,015

5,875

14.1%

27%

Plastic Sheets

2,205

1,627

2,030

1,768

1,736

4.2%

-6%

Other Products
Total

299

369

927

656

1,248

3.0%

43%

14,510

22,908

29,167

34,579

41,634

100.0%

30%

REVENUE MIX (2010)

REVENUE MIX (2011)


1.9
22.7%

14.5%

24.3%

14.1%

5.1

14.5
4.2%

5.1%

3.0%

1.9%

54.1
24.3

54.1%

Micro Irrigation

56.0%

Piping Products

Agro Processed Products

Plastic Sheets

Other Products

GEOGRAPHY

[ ` in Million ]

Period = April - March

2007

2008

2009

2010

2011

Mix(FY11)

CAGR

India

8,613

12,907

17,484

22,567

28,263

67.9%

35%

Europe

1,631

3,843

3,258

4,110

4,243

10.2%

27%

North America

2,117

2,039

2,715

3,934

4,389

10.5%

20%

Rest of World

2,149

4,119

5,710

3,968

4,739

11.4%

22%

14,510

22,908

29,167

34,579

41,634

100.0%

30%

Total

REVENUE MIX (2010)


ope
Eur %
9
1
1 .

North America
11.4%

REVENUE MIX (2011)

Rest

pe
Euro
%
2
.
0
1

of W
11.5 orld
%

India
65.3%

Consolidated Revenue Segmentation

North America
10.5%

India
67.9%

Rest

of W
11.4 orld
%