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Investment Valuation Ratios

Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios
Operating Profit Margin(%)
Profit Before Interest And Tax
Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding
Revaluations
Return on Assets Including
Revaluations
Return on Long Term Funds(%)
Liquidity And Solvency Ratios
Current Ratio
Quick Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio
Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

2
14.5
96.55

2
12.5
84.42

2
10.5
70.72

2
17
110.81

2
13
71.77

717.03
347.12
73.86

612.26
294.74
74.67

578.06
205.21
76.77

853.36
319.09
53.71

622.91
197.15
55.44

13.46

13.78

12.23

12.98

11.52

11.82
12.14
8.96
8.96
8.82
8.82
22.35
18.44
15.94

12.41
12.74
9.21
9.21
11.56
11.56
22.49
23.95
16.81

11.14
11.39
8.5
8.5
10.06
10.06
24.14
27.99
21.21

11.97
12.19
8.78
8.78
8.54
8.54
26.72
22.81
21.21

10.34
13.24
8.63
8.6
7.74
7.72
29.82
24.44
24.39

352.4

303.28

212.31

325.87

202.3

352.76
23.23

303.66
23.19

212.73
25.62

326.76
28.73

203.29
32.59

1.2
1.18
0.33
0.3

1.19
1.15
0.37
0.33

1.22
0.97
0.53
0.44

1.09
0.86
0.38
0.28

1.16
0.93
0.36
0.25

10.01
0.33
5.9

11.17
0.37
6.09

13.09
0.53
6.35

28.57
0.38
7.41

25.07
0.36
7.52

4.8

5.81

5.92

5.75

5.72

29.73
3.7
29.73
5.03
1.52

28.73
3.48
28.73
5.2
1.48

6.01
3.89
6.01
6.23
1.8

6
3.88
6
6.09
1.92

6.03
3.42
6.11
9.52
2.27

Asset Turnover Ratio


Average Raw Material Holding
Average Finished Goods Held
Number of Days In Working Capital
Profit & Loss Account Ratios
Material Cost Composition
Imported Composition of Raw
Materials Consumed

5.03

5.2

6.23

6.09

6.21

25.77
4.21
56.58

32.32
3.54
49.22

38.11
4.02
59.09

34.14
5.21
37.06

34.05
5.56
51.15

28.34

26.01

27.51

33.09

30.15

36.78

54.43

44.34

39.78

49.28

Selling Distribution Cost Composition


Expenses as Composition of Total
Sales

0.8

0.83

0.92

1.28

1.13

14.58

18.62

21.7

22.67

21.36

Cash Flow Indicator Ratios


Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

25.15
21.84
70.9
75.24
1.78

19.72
18.01
71.91
75.25
1.95

20.58
18.92
72.84
75.66
2.23

26.29
23.96
71.72
74.4
1.61

30.04
26.97
69.85
72.95
1.33

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

65.01
352.4

72.66
303.28

59.45
212.32

74.35
325.98

49.53
202.65

Earnings Per Share


Book Value

Larsen and Toubro(stand alone)


Balance Sheet
Mar '11
12 mths

------------------- in Rs. Cr. ------------------Mar '10


Mar '09
Mar '08
12 mths
12 mths
12 mths

Mar '07
12 mths

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

121.77
121.77
368.31
0
21,334.05
22.13
21,846.26
1,063.04
6,098.07
7,161.11
29,007.37

120.44
120.44
25.09
0
18,142.82
23.29
18,311.64
955.73
5,845.10
6,800.83
25,112.47

117.14
117.14
0
0
12,317.96
24.59
12,459.69
1,102.38
5,453.65
6,556.03
19,015.72

58.47
58.47
0
0
9,470.71
25.9
9,555.08
308.53
3,275.46
3,583.99
13,139.07

56.65
56.65
0
0
5,683.85
27.93
5,768.43
245.4
1,832.35
2,077.75
7,846.18

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances

8,897.02
2,220.82
6,676.20
785
14,684.82
1,577.15
12,427.61
1,518.98
15,523.74
19,499.23
211.37
35,234.34

7,235.78
1,727.68
5,508.10
857.66
13,705.35
1,415.37
11,163.70
1,104.89
13,683.96
12,662.55
326.98
26,673.49

5,575.00
1,421.39
4,153.61
1,040.99
8,263.72
5,805.05
10,055.52
693.13
16,553.70
7,198.85
82.16
23,834.71

4,188.91
1,242.47
2,946.44
699
6,922.26
4,305.91
7,365.01
779.86
12,450.78
3,861.10
184.6
16,496.48

2,876.30
1,122.83
1,753.47
471.22
3,104.44
3,001.14
5,504.64
993.68
9,499.46
2,449.14
100.75
12,049.35

Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

Mar '11
0
26,139.56
2,233.43
28,372.99
6,861.35
0
29,007.37
1,647.66
352.4

Mar '10
0
19,443.77
2,188.36
21,632.13
5,041.36
0
25,112.47
1,719.39
303.28

Mar '09
0
15,211.04
3,066.53
18,277.57
5,557.14
0.26
19,015.72
1,371.86
212.32

Mar '08
0
11,892.75
2,035.42
13,928.17
2,568.31
3.06
13,139.07
1,013.51
325.98

Mar '07
0
8,362.01
1,180.13
9,542.14
2,507.21
9.84
7,846.18
270.22
20

0.593879162

0.703770925

1.088268784

1.046921864

1.136025908

Larsen and Toubro


Profit & Loss account
Mar '11
Mar '10
12 mths
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend

Mar '09
12 mths

Mar '08
12 mths

Mar '07
12 mths

44,055.55
398.84
43,656.71
1,781.28
559.49
45,997.48

37,187.50
317.31
36,870.19
2,321.67
-422.99
38,768.87

34,249.85
393.31
33,856.54
1,612.58
105.11
35,574.23

25,280.49
334.38
24,946.11
616.69
746.17
26,308.97

17,983.37
338.08
17,645.29
459.8
121.76
18,226.85

12,372.32
355.45
2,884.53
19,886.12
2,103.38
773.7
-37.87
38,337.63

9,593.53
334.08
2,379.14
16,913.31
1,854.23
325.58
-36.25
31,363.62

9,316.38
456.39
1,998.02
15,659.17
1,844.83
569.32
-24.48
29,819.63

8,256.46
365.25
1,535.44
10,632.83
1,393.80
280.69
-11.42
22,453.05

5,320.98
308.13
1,258.21
7,451.07
1,222.80
166.15
-3.3
15,724.04

5,878.57
7,659.85
1,199.23
6,460.62
575.81
23.41
5,861.40
-49.05
5,812.35
1,858.47
3,957.89
25,965.31
0

5,083.58
7,405.25
995.37
6,409.88
383.65
30.95
5,995.28
-45.13
5,950.15
1,577.02
4,375.52
21,770.09
0

4,142.02
5,754.60
770
4,984.60
284.83
21.16
4,678.61
-21.09
4,657.52
1,176.19
3,481.66
20,503.25
0

3,239.23
3,855.92
501.83
3,354.09
195.94
15.66
3,142.49
12.21
3,154.70
982.05
2,173.42
14,196.59
0

2,043.01
2,502.81
331.46
2,171.35
160.13
0
2,011.22
-5.34
2,005.88
601.87
1,403.02
10,403.06
0

Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

Mar '11
882.84
112.82

Mar '10
752.75
110.25

Mar '09
614.97
101.83

Mar '08
495.32
76.26

Mar '07
368.25
53.34

6,088.52
65.01
725
352.4

6,021.95
72.66
625
303.28

5,856.88
59.45
525
212.32

2,923.27
74.35
850
325.98

2,832.71
49.53
650
2

Larsen and Toubro


Cash Flow

Net Profit Before Tax


Net Cash From Operating Activities
Net Cash (used in)/from Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash
Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

Mar '11
12 mths
5832.91
3861.3

------------------- in Rs. Cr. ------------------Mar '10


Mar '09
Mar '08
12 mths
12 mths
12 mths
5880.67
3940.41
3155.47
5482.75
1478.57
1945.24

Mar '07
12 mths
2004.89
2130.45

-1124.84

1245.56

1640.79

3166.68

-31.05

298.48
1431.87
1730.35

656.58
775.29
1431.87

-189.17
964.46
775.29

-129.97
1094.43
964.46

511.23
583.2
1094.43

Larsen and Toubro


Key Financial Ratios
Mar '11
Mar '10

Mar '09

Mar '08

Mar '07

Investment Valuation Ratios


Face Value

14.5

12.5

10.5

17

13

96.55

84.42

70.72

110.81

71.77

Net Operating Profit Per Share (Rs)

717.03

612.26

578.06

853.36

622.91

Free Reserves Per Share (Rs)

347.12

294.74

205.21

319.09

197.15

73.86

74.67

76.77

53.71

55.44

Operating Profit Margin(%)

13.46

13.78

12.23

12.98

11.52

Profit Before Interest And Tax Margin(%)

11.82

12.41

11.14

11.97

10.34

Gross Profit Margin(%)

12.14

12.74

11.39

12.19

13.24

Cash Profit Margin(%)

8.96

9.21

8.5

8.78

8.63

Adjusted Cash Margin(%)

8.96

9.21

8.5

8.78

8.6

Net Profit Margin(%)

8.82

11.56

10.06

8.54

7.74

Adjusted Net Profit Margin(%)

8.82

11.56

10.06

8.54

7.72

Return On Capital Employed(%)

22.35

22.49

24.14

26.72

29.82

Return On Net Worth(%)

18.44

23.95

27.99

22.81

24.44

Adjusted Return on Net Worth(%)

15.94

16.81

21.21

21.21

24.39

Return on Assets Excluding Revaluations

352.4

303.28

212.31

325.87

202.3

Return on Assets Including Revaluations

352.76

303.66

212.73

326.76

203.29

23.23

23.19

25.62

28.73

32.59

Dividend Per Share


Operating Profit Per Share (Rs)

Bonus in Equity Capital


Profitability Ratios

Return on Long Term Funds(%)


Liquidity And Solvency Ratios

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

1.2

1.19

1.22

1.09

1.16

Quick Ratio

1.18

1.15

0.97

0.86

0.93

Debt Equity Ratio

0.33

0.37

0.53

0.38

0.36

0.3

0.33

0.44

0.28

0.25

10.01

11.17

13.09

28.57

25.07

0.33

0.37

0.53

0.38

0.36

Financial Charges Coverage Ratio

5.9

6.09

6.35

7.41

7.52

Financial Charges Coverage Ratio Post Tax

4.8

5.81

5.92

5.75

5.72

29.73

28.73

6.01

6.03

3.7

3.48

3.89

3.88

3.42

Investments Turnover Ratio

29.73

28.73

6.01

6.11

Fixed Assets Turnover Ratio

5.03

5.2

6.23

6.09

9.52

Total Assets Turnover Ratio

1.52

1.48

1.8

1.92

2.27

Asset Turnover Ratio

5.03

5.2

6.23

6.09

6.21

Average Raw Material Holding

25.77

32.32

38.11

34.14

34.05

Average Finished Goods Held

4.21

3.54

4.02

5.21

5.56

56.58

49.22

59.09

37.06

51.15

28.34

26.01

27.51

33.09

30.15

36.78

54.43

44.34

39.78

49.28

Investment
Current
Ratio
Valuation Ratios

Long Term Debt Equity Ratio


Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund

Management Efficiency Ratios


Inventory Turnover Ratio
Debtors Turnover Ratio

Number of Days In Working Capital


Profit & Loss Account Ratios
Material Cost Composition
Imported Composition of Raw Materials
Consumed

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

0.8

0.83

0.92

1.28

1.13

14.58

18.62

21.7

22.67

21.36

Dividend Payout Ratio Net Profit

25.15

19.72

20.58

26.29

30.04

Dividend Payout Ratio Cash Profit

21.84

18.01

18.92

23.96

26.97

70.9

71.91

72.84

71.72

69.85

75.24

75.25

75.66

74.4

72.95

1.78

1.95

2.23

1.61

1.33

Earnings Per Share

65.01

72.66

59.45

74.35

49.53

Book Value

352.4

303.28

212.32

325.98

202.65

Investment
Selling
Distribution
Valuation
Cost
Ratios
Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios

Earning Retention Ratio


Cash Earning Retention Ratio
AdjustedCash Flow Times

Larsen and Toubro


Yearly Results
Mar '11
Sales Turnover

------------------- in Rs. Cr. ------------------Mar '10


Mar '09
Mar '08

Mar '07

43,495.93

37,034.80

33,926.37

24,854.70

17,578.84

Other Income

1,194.85

910.25

739.78

587.87

462.29

Total Income

44,690.78

37,945.05

34,666.15

25,442.57

18,041.13

Total Expenses

36,217.35

32,219.25

30,069.53

22,040.07

15,832.30

Operating Profit

7,278.58

4,815.55

3,856.84

2,814.63

1,746.54

Profit On Sale Of Assets

--

--

--

--

--

Profit On Sale Of Investments

--

--

--

--

--

Gain/Loss On Foreign Exchange

--

--

--

--

--

VRS Adjustment

--

--

--

--

--

Other Extraordinary Income/Expenses

--

--

--

--

--

Total Extraordinary Income/Expenses

70.84

1,210.50

772.46

87.23

--

Tax On Extraordinary Items

--

--

--

--

--

Net Extra Ordinary Income/Expenses

--

--

--

--

--

8,473.43

5,725.80

4,596.62

3,402.50

2,208.83

647.37

505.31

350.22

122.66

33.93

6,502.97

6,430.99

5,018.86

3,367.07

2,174.90

Gross Profit
Interest
PBDT

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

599.22

414.6

305.99

211.6

170.01

--

--

--

--

--

PBT

5,903.75

6,016.39

4,712.87

3,155.47

2,004.89

Tax

1,945.86

1,640.87

1,231.21

982.05

601.87

Net Profit

3,957.89

4,375.52

3,481.66

2,173.42

1,403.02

Prior Years Income/Expenses


Depreciation for Previous Years Written
Back/ Provided

--

--

--

--

--

--

--

--

--

--

Dividend

--

--

--

--

--

Dividend Tax

--

--

--

--

--

Dividend (%)

--

--

--

--

--

65.01

72.66

59.44

74.34

49.53

--

--

--

--

--

121.77

120.44

117.14

58.47

56.65

21,702.36

18,142.82

12,317.96

9,470.71

Depreciation
Depreciation On Revaluation Of Assets

Earnings Per Share


Book Value
Equity
Reserves

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