Income Statement (Rs CRORE)

Net Operating Income

Other Income +
Total Income
EXPENDITURE :
Electricity & Fuel Expenses +
Operating Expenses+
Employee Cost +
Selling & Administration expenses +
Miscellaneous Expenses+
Total Expenditure
Operating Profit
Interest +
Gross Profit
Depreciation
Profit Before Tax
Tax+
Deferred Tax+
Reported Net Profit

Year Ending Dec. 31,

2011

2010

2009

2008

2007

1,077.95
15.53
1,093.48

939.12
13.53
952.65

1,154.99
16.19
1,171.18

935.55
26.89
962.44

795.58
87.21
882.79

652.97
49.64
49.1
15.39
8.62
775.72
317.76
71.6
246.16
125.08
121.08
-12.04
-29.83
162.95

625.47
50.35
27.33
10.67
5.18
719
233.65
17.24
216.41
88.04
128.37
24.83
-3.24
106.78

863.02
44.51
22.8
8.04
6.12
944.49
226.69
30.38
196.31
87.88
108.43
21.07
1.62
85.32

606
39.21
23.61
9.04
3.98
681.84
280.6
52.04
228.56
88.31
140.25
34.36
3.08
102.29

427.27
34.83
20.7
13.3
63.43
559.53
323.26
51.9
271.36
89.85
181.51
30.7
-32.49
182.92

151.25
1,213.83
1,365.08
1,033.54
80
1,113.54
2,478.62

151.25
1,094.82
1,246.07
1,044.07
20
1,064.07
2,310.14

151.25
1,032.13
1,183.38
790.2
50
840.2
2,023.58

151.25
985.75
1,137.01
655.56
25
680.56
1,817.57

151.25
927.69
1,078.95
542.72
0
542.72
1,621.67

3,526.56
1,328.81
5.08
2,192.67
337.25
29.81

1,936.02
1,204.58
5.08
726.36
1,755.41
27.1

1,928.02
1,116.88
5.08
806.06
1,290.33
62.21

1,912.51
1,029.15
4.61
878.75
832.82
140.51

1,903.26
940.95
4.61
957.7
356.41
260.72

103.51
200.19
1.48
67.47
372.65

103.55
137.26
1.56
49.06
291.43

89.69
179.06
3.43
48.09
320.27

83.7
167.12
26.97
52.67
330.46

81.13
107.09
68.11
63.63
319.96

334.46

349.43

319.94

220.6

166.74

Balance Sheet (Rs crore)

Liabilities
Share Capital +
Reserves Total +
Total Shareholders Funds
Secured Loans +
Unsecured Loans +
Total Debt
Total Liabilities
Assets
Gross Block +
Less: Accumulated Depreciation +
Less:Impairment of Assets
Net Block +
Capital Work in Progress+
Investments +
Current Assets, Loans & Advances
Inventories +
Sundry Debtors +
Cash and Bank+
Loans and Advances +
Total Current Assets
Less: Current Liabilities and Provisions
Current Liabilities +

Provisions +
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off +
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets

Key Ratios
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Turnover Ratios
Fixed Assets Ratio
Inventory Ratio
Debtors Ratio
Interest Cover Ratio

84.03
418.49
-45.84
11.27
34.72
81.26
-46.54
2,478.62

77.12
426.55
-135.12
12.76
4.76
81.13
-76.37
2,310.14

68.5
388.44
-68.17
12.76
4
83.61
-79.61
2,023.58

79.14
299.74
30.72
12.76
3.8
81.79
-77.99
1,817.57

44.24
210.98
108.98
12.76
1.06
75.96
-74.9
1,621.67

0.83
0.72
0.54

0.78
0.65
0.47

0.66
0.47
0.51

0.55
0.35
0.59

0.57
0.38
0.77

0.39
10.41
6.39
2.69

0.49
9.72
5.94
8.45

0.6
13.32
6.67
4.57

0.49
11.35
6.82
3.7

0.42
9.52
7.35
4.5

INCOME :
Year
Net Operating Income
Other Income +
Total Income
EXPENDITURE :
Electricity & Fuel Expenses +
Operating Expenses+
Employee Cost +
Selling & Administration expenses +
Miscellaneous Expenses+
Total Expenditure
Operating Profit
Interest +
Gross Profit
Depreciation
Profit Before Tax
Tax+
Deferred Tax+
Reported Net Profit

Mar 11(12) Mar 10(12) Mar 09(12) Mar 08(12) Mar 07(12)
1,077.95
15.53
1,093.48

939.12
13.53
952.65

1,154.99
16.19
1,171.18

935.55
26.89
962.44

795.58
87.21
882.79

652.97
49.64
49.1
15.39
8.62
775.72
317.76
71.6
246.16
125.08
121.08
-12.04
-29.83
162.95

625.47
50.35
27.33
10.67
5.18
719
233.65
17.24
216.41
88.04
128.37
24.83
-3.24
106.78

863.02
44.51
22.8
8.04
6.12
944.49
226.69
30.38
196.31
87.88
108.43
21.07
1.62
85.32

606
39.21
23.61
9.04
3.98
681.84
280.6
52.04
228.56
88.31
140.25
34.36
3.08
102.29

427.27
34.83
20.7
13.3
63.43
559.53
323.26
51.9
271.36
89.85
181.51
30.7
-32.49
182.92

103.39
143.94
122.4
37.81
25
10.37
90.25

100.7
104.09
103.39
37.81
25
6.64
82.38

114.32
98.94
100.7
33.28
22
5.27
78.24

206.27
194.24
114.32
37.81
25
6.34
75.17

132.63
109.28
206.27
30.25
20
11.8
71.33

Liabilities
Share Capital +
Reserves Total +
Total Shareholders Funds
Secured Loans +
Unsecured Loans +
Total Debt
Total Liabilities

151.25
1,213.83
1,365.08
1,033.54
80
1,113.54
2,478.62

151.25
1,094.82
1,246.07
1,044.07
20
1,064.07
2,310.14

151.25
1,032.13
1,183.38
790.2
50
840.2
2,023.58

151.25
985.75
1,137.01
655.56
25
680.56
1,817.57

151.25
927.69
1,078.95
542.72
0
542.72
1,621.67

Assets
Gross Block +
Less: Accumulated Depreciation +

3,526.56
1,328.81

1,936.02
1,204.58

1,928.02
1,116.88

1,912.51
1,029.15

1,903.26
940.95

P & L Balance brought forward

Appropriations +
P & L Balance brought forward
Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Book Value-Unit Curr

Balance Sheet (Rs crore)

Less:Impairment of Assets
Net Block +
Capital Work in Progress+
Investments +
Current Assets, Loans & Advances
Inventories +
Sundry Debtors +
Cash and Bank+
Loans and Advances +
Total Current Assets
Less: Current Liabilities and Provisions
Current Liabilities +
Provisions +
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off +
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets
Contingent Liabilities+

5.08
2,192.67
337.25
29.81

5.08
726.36
1,755.41
27.1

5.08
806.06
1,290.33
62.21

4.61
878.75
832.82
140.51

4.61
957.7
356.41
260.72

103.51
200.19
1.48
67.47
372.65

103.55
137.26
1.56
49.06
291.43

89.69
179.06
3.43
48.09
320.27

83.7
167.12
26.97
52.67
330.46

81.13
107.09
68.11
63.63
319.96

334.46
84.03
418.49
-45.84
11.27
34.72
81.26
-46.54
2,478.62
133.28

349.43
77.12
426.55
-135.12
12.76
4.76
81.13
-76.37
2,310.14
207.47

319.94
68.5
388.44
-68.17
12.76
4
83.61
-79.61
2,023.58
361.52

220.6
79.14
299.74
30.72
12.76
3.8
81.79
-77.99
1,817.57
265.01

166.74
44.24
210.98
108.98
12.76
1.06
75.96
-74.9
1,621.67
263.58

COMMON SIZE STATEMENT

Year

Mar 11(12) Mar 10(12) Mar 09(12) Mar 08(12) Mar 07(12) AVERAGE

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

59.71%
4.54%
4.49%
1.41%
0.79%
70.94%
29.06%
6.55%
22.51%
11.44%
11.07%
-1.10%
-2.73%
14.90%

65.66%
5.29%
2.87%
1.12%
0.54%
75.47%
24.53%
1.81%
22.72%
9.24%
13.48%
2.61%
-0.34%
11.21%

73.69%
3.80%
1.95%
0.69%
0.52%
80.64%
19.36%
2.59%
16.76%
7.50%
9.26%
1.80%
0.14%
7.28%

62.96%
4.07%
2.45%
0.94%
0.41%
70.84%
29.16%
5.41%
23.75%
9.18%
14.57%
3.57%
0.32%
10.63%

48.40%
3.95%
2.34%
1.51%
7.19%
63.38%
36.62%
5.88%
30.74%
10.18%
20.56%
3.48%
-3.68%
20.72%

62.08%
4.33%
2.82%
1.13%
1.89%
72.26%
27.74%
4.45%
23.30%
9.51%
13.79%
2.07%
-1.26%
12.95%

9.46%
13.16%
11.19%
3.46%
2.29%
0.95%
8.25%

10.57%
10.93%
10.85%
3.97%
2.62%
0.70%
8.65%

9.76%
8.45%
8.60%
2.84%
1.88%
0.45%
6.68%

21.43%
20.18%
11.88%
3.93%
2.60%
0.66%
7.81%

15.02%
12.38%
23.37%
3.43%
2.27%
1.34%
8.08%

13.25%
13.02%
13.18%
3.52%
2.33%
0.82%
7.89%

13.83%
111.01%
124.84%
94.52%
7.32%
101.83%
226.67%

15.88%
114.92%
130.80%
109.60%
2.10%
111.70%
242.50%

12.91%
88.13%
101.04%
67.47%
4.27%
71.74%
172.78%

15.72%
102.42%
118.14%
68.11%
2.60%
70.71%
188.85%

17.13%
105.09%
122.22%
61.48%
0.00%
61.48%
183.70%

15.09%
104.31%
119.41%
80.24%
3.26%
83.49%
202.90%

322.51%
121.52%

203.22%
126.45%

164.62%
95.36%

198.71%
106.93%

215.60%
106.59%

220.93%
111.37%

0.46%
200.52%
30.84%
2.73%

0.53%
76.25%
184.27%
2.84%

0.43%
68.82%
110.17%
5.31%

0.48%
91.30%
86.53%
14.60%

0.52%
108.49%
40.37%
29.53%

0.49%
109.08%
90.44%
11.00%

9.47%
18.31%
0.14%
6.17%
34.08%

10.87%
14.41%
0.16%
5.15%
30.59%

7.66%
15.29%
0.29%
4.11%
27.35%

8.70%
17.36%
2.80%
5.47%
34.34%

9.19%
12.13%
7.72%
7.21%
36.24%

9.18%
15.50%
2.22%
5.62%
32.52%

30.59%
7.68%
38.27%
-4.19%
1.03%
3.18%
7.43%
-4.26%
226.67%
12.19%

36.68%
8.10%
44.78%
-14.18%
1.34%
0.50%
8.52%
-8.02%
242.50%
21.78%

27.32%
5.85%
33.17%
-5.82%
1.09%
0.34%
7.14%
-6.80%
172.78%
30.87%

22.92%
8.22%
31.14%
3.19%
1.33%
0.39%
8.50%
-8.10%
188.85%
27.54%

18.89%
5.01%
23.90%
12.34%
1.45%
0.12%
8.60%
-8.48%
183.70%
29.86%

27.28%
6.97%
34.25%
-1.73%
1.25%
0.91%
8.04%
-7.13%
202.90%
24.45%

Assumptions for Forecasting Model

total Income
EXPENDITURE :
Electricity & Fuel Expenses +
Operating Expenses+
Employee Cost +
Selling & Administration expenses +
Miscellaneous Expenses+

Interest +
Depreciation
Tax+
Deferred Tax+

Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Book Value-Unit Curr

Balance Sheet (Rs crore)

Liabilities
Share Capital +
Reserves Total +
Secured Loans +
Unsecured Loans +

Assets
Gross Block +
Less: Accumulated Depreciation +
Less:Impairment of Assets

Capital Work in Progress+

Investments +
Current Assets, Loans & Advances
Inventories +
Sundry Debtors +
Cash and Bank+
Loans and Advances +

Current Liabilities +
Provisions +
Miscellaneous Expenses not written off +
Deferred Tax Assets
Deferred Tax Liability
Dividend

Assumption

will grow at 15%, assuming from previous years increase in growth

62% on total income, based on increase expenses

4% on total income, based on historical average
3% on total income
1.3% every year, based on historical average
1.9% every year, based on historical average

4.5% every year

10% on gross block, based on the analysis
40% on PBT, company tax
will grow at -1.3% every year

will grow at 4% every year

will remains the same

80% on total income

3.2% on total income

will grow 10% every year

30% on Gross Block
3% on Gross Block

50% on total income

6% on total income
9% on total income
15%on total income
2.5% on total income
5.6% on total income

27% on total income

5% on total income
1.25% on total income
1% on total income
8% on total income
3.5% on total income

INCOME :
Year
Net Operating Income
Other Income +
Total Income
EXPENDITURE :
Electricity & Fuel Expenses +
Operating Expenses+
Employee Cost +
Selling & Administration expenses +
Miscellaneous Expenses+
Total Expenditure
Operating Profit
Interest paid
Gross Profit
Depreciation
Profit Before Tax
Tax+
Deferred Tax+
Reported Net Profit
P & L Balance brought forward
Appropriations +
P & L Balance brought forward
Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Book Value-Unit Curr

Mar 11(12)

FORECAST FOR NEXT THREE YEARS

40969.00 41334.00 41699.0

1,077.95
15.53
1,093.48

1257.50

1446.13

1663.0

652.97
49.64
49.10
15.39
8.62
775.72
317.76
71.60
246.16
125.08
121.08
-12.04
-29.83
162.95

779.65
50.30
37.73
16.35
23.89
907.92
349.59
56.59
293.00
387.92
-94.92
-37.97
-16.35
-40.61

896.60
57.85
43.38
18.80
27.48
1044.10
402.02
65.08
336.95
426.71
-89.77
-35.91
-18.80
-35.06

1031.1
66.5
49.9
21.6
31.6
1200.7
462.3
74.8
387.5
469.4
-81.9
-32.8
-21.6
-27.5

44.01
25.00

50.61
25.00

58.2
25.0

103.39
143.94
122.40
37.81
25.00
10.37
90.25

Balance Sheet (Rs crore)

Liabilities
Share Capital +
Reserves Total +
Total Shareholders Funds
Secured Loans +
Unsecured Loans +
Total Debt
Total Liabilities

151.25
1,213.83
1,365.08
1,033.54
80.00
1,113.54
2,478.62

151.25

151.25

151.3

151.25
1006.00
40.24
1046.24
1197.49

151.25
1156.90
46.28
1203.18
1354.43

151.3
1330.4
53.2
1383.7
1534.9

Assets
Gross Block +
Less: Accumulated Depreciation +
Less:Impairment of Assets

3,526.56
1,328.81
5.08

3879.22
1163.76
5.82

4267.14
1280.14
6.40

4693.9
1408.2
7.0

80%
3.2%

10%
30%
0.15%

Net Block +
Capital Work in Progress+
Investments +
Total Fixed Assets
Current Assets, Loans & Advances
Inventories +
Sundry Debtors +
Cash and Bank+
Loans and Advances +
Total Current Assets
Less: Current Liabilities and Provisions
Current Liabilities +
Provisions +
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off +
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Tax and Expenses
Total Assets

2,192.67
337.25
29.81
2,559.73

2709.63
628.75
75.45
3413.83

2980.60
723.06
86.77
3790.43

3278.7
831.5
99.8
4210.0

103.51
200.19
1.48
67.47
372.65

113.18
188.63
31.44
70.42
403.66

130.15
216.92
36.15
80.98
464.21

149.7
249.5
41.6
93.1
533.8

9%
15%
2.50%
5.60%

334.46
84.03
418.49
-45.84
11.27
34.72
81.26
-46.54
-35.27
2,478.62
133.28

339.53
62.88
402.40
1.26
15.72
12.58
88.03
-75.45
-59.73
3474.82

390.45
72.31
462.76
1.45
18.08
14.46
101.23
-86.77
-68.69
3860.56

449.0
83.2
532.2
1.7
20.8
16.6
116.4
-99.8
-79.0
4290.6

27%
5%

50%
6%

1.25%
1%
7%

fore casting factor

15%
62%
4%
3%
1.3%
1.9%

4.5%
10%
40%
-1.3%

3.5%

2012.00
Cash Flow From Operating Activities :
Net Profit before Taxes and Extraordinary items

349.59

Adjustment for :
Depreciation
Impairment of Asset
Interest debited to Profit & Loss Account
Interest Received
Dividend

387.92
5.82
56.59
0.00
44.01

Operating Profit Before Working Capital Changes

Adjustment for :
Current Assets, Loans & Advances
Sundry Debtors
Inventories
Loans and Advances
Cash and Bank
Less: Current Liabilities and Provisions
Current Liabilities +
Provisions +
Cash Generated from Operations
Payment of Direct Taxes
Net Cash Flow from Operating Activities (Total - A)
B Cash Flow from Investing Activities :
Purchase/Adj. of Fixed Assets
Capital Work in Progress including project creditors
Dividend
Net Cash Flow from Investing Activities (Total - B)

-144.76

11.56
-9.67
-2.95
-29.96
5.07
-21.15
-191.85
-37.97
-153.88
854.10
291.50
44.01
1189.62

Cash Flow from Financing Activities :

Proceeds from other Loans
Interest Paid
Dividend on Equity Paid

2.95
56.59
3781.25

Net Cash Flow from Financing Activities (Total - C)

3840.79

Net Increase In Cash and Cash Equivalents (Total - A+B+C)

4876.52

Opening Cash and Cash Equivalents

Closing Cash and Cash Equivalents (Refer Schedule 10)

1.48
31.44

2013.00

2014.00

402.02

462.33

426.71
6.40
65.08
0.00
50.61

469.39
7.04
74.84
0.00
58.21

-146.78

-147.14

-28.29
-16.98
-10.56
4.72

-32.54
-19.52
-12.15
5.42

50.93
9.43
-137.54
-35.91
-101.63

58.57
10.85
-136.51
-32.76
-103.76

376.59
94.31
50.61
521.52

419.53
108.46
58.21
586.20

10.56
65.08
3781.25

12.15
74.84
3781.25

3856.89

3868.23

4276.78

4350.68

31.44

36.15

36.15

41.58