assignment budgeting u111035 itc

7/31/2019 Assignment Budgeting U111035 ITC

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2011 2012E 2013E 2014E 2015E 2016E

SOURCES OF FUND

Equit Share Capital 773.81 1094.64 1548.50 2190.52 3098.74 4383.52

Reserves 15179.46 16642.45 18246.45 20005.04 21933.12 24047.03

Net Worth 15953.27 17737.10 19794.95 22195.56 25031.87 28430.56Secured/ Unsecured Loan 99.20 99.20 99.20 99.20 99.20 99.20

Total Long term liablities 16052.47 17836.30 19894.15 22294.76 25131.07 28529.76

Current Liablities 5668.10 6637.59 7772.91 9102.42 10659.33 12482.54

Provisions 4104.84 6027.55 8850.85 12996.59 19084.19 28023.23

Total CL & Provisions 9772.94 12665.14 16623.76 22099.01 29743.52 40505.77

Total Liablities 25825.41 30501.44 36517.91 44393.77 54874.59 69035.53

APPLICATION OF FUND

Gross Block 12765.82 14399.69 16242.67 18321.53 20666.46 23311.52

Less Depreciation 4420.75 5418.64 6501.05 7683.10 8981.43 10414.44

Net Block 8345.07 8981.04 9741.62 10638.44 11685.03 12897.08

Capital Wok in progress 1333.40 1457.57 1593.29 1741.66 1903.84 2081.13

Investments 5554.66 7123.64 9135.81 11716.33 15025.76 19269.97

Total Fixed Assets 15233.13 17562.25 20470.72 24096.43 28614.63 34248.18

Inventories 5267.53 5835.13 6463.89 7160.40 7931.96 8786.66

Sundry Debtors 907.62 1003.16 1108.75 1225.45 1354.44 1497.01

Cash and Bank Balance 98.77 107.76 117.57 128.27 139.95 152.68

Total Current Assets 6273.92 6946.04 7690.20 8514.12 9426.35 10436.35

Loans and Advance 2173.89 2349.40 2539.07 2744.07 2965.61 3205.03

Fixed Deposits 2144.47 3603.59 6055.51 10175.74 17099.42 28734.04

Total CA, Loans and advance 10592.28 12899.03 16284.79 21433.92 29491.37 42375.42Total Assets 25825.41 30461.28 36755.51 45530.35 58106.00 76623.60

PROJECTION MODEL FOR BALANCE SHEET

Figures in Rs. Crores


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2011 2012E 2013E 2014E 2015E 2016E

1.Net Sales/ Income from opeartions 22205.01 25710.52 29769.44 34469.14 39910.78 46211.50

2.Expenditure

Raw Material, power and fuel 8601.13 9634.47 10791.95 12088.50 13540.81 15167.60

Power & Fuel Cost 421.68 466.86 516.88 572.26 633.58 701.46Employee Cost 1178.46 1369.66 1591.88 1850.16 2150.34 2499.23

Other Manufacturing Expenses 560.57 644.66 741.35 852.56 980.44 1127.51

Selling and Admin Expenses 2408.03 2808.11 3274.67 3818.74 4453.21 5193.10

Miscellaneous Expenses 1120.89 1152.26 1184.51 1217.65 1251.73 1286.76

Preoperative Exp Capitalised -60.54 -69.33 -79.39 -90.92 -104.12 -119.24

Total Expenditure 14230.22 16006.69 18021.86 20308.96 22905.99 25856.42

3. PBDIT 7974.79 9703.83 11747.58 14160.18 17004.79 20355.08

4. Depreciation 655.99 997.89 1082.40 1182.05 1298.34 1433.01

5. PBIT (3-4) 7318.80 8705.93 10665.18 12978.13 15706.45 18922.07

6. Interest 78.11 113.66 165.39 240.67 350.21 509.61

7. PBT (5-6) 7240.69 8592.27 10499.79 12737.46 15356.24 18412.46

8. Tax expenses 2287.69 2933.40 3584.63 4348.57 5242.62 6286.02

9. PAT/ Net Profit 4953.00 5658.87 6915.16 8388.89 10113.62 12126.45

11. paid up equity share capital 77381.44 77381.44 77381.44 77381.44 77381.44 77381.44

Face value per share 1.00 1.00 1.00 1.00 1.00 1.00

12.Earnings Per Share (EPS) 6.40 7.31 8.94 10.84 13.07 15.67

Weight Assigned

Figures in Rs. Crores

PROJECTION MODEL FOR PROFIT AND LOSS ACCOUNT


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Assumed to be around 10%

Taken as a percentage of PBT- 34.14%

0

10000

20000

30000

40000

50000

2011 2012E 2013E 2014E 2015E 201

Revenue Growth

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2000

4000

6000

8000

10000

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14000

2011 2012E 2013E 2014E 2015E 20

Net Profit Growth

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EPS Growth


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2012E 2013E 2014E 2015E


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6E

6E


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2016E


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Mar '07 Mar '08 Growth Mar '09

Total Income-Sales 12,913.01 14,581.16 12.92 16,042.32

Raw Materials 5,807.48 6,307.79 8.61 6,864.96

Power & Fuel Cost 253.00 309.90 22.49 394.12

Employee Cost 630.15 745.00 18.23 903.37

Other Manufacturing Expenses 65.32 73.52 12.55 402.88

Selling and Admin Expenses 1,299.17 1,609.33 23.87 1,684.41

Miscellaneous Expenses 601.28 682.72 13.54 516.90

Preoperative Exp Capitalised -42.52 -112.75 165.17 -72.55

Total Expenses 8,613.88 9,615.51 11.63 10,694.09

PBDIT 4,299.13 4,965.65 15.50 5,348.23

Interest 16.04 24.61 53.43 47.65

PBDT 4,283.09 4,941.04 15.36 5,300.58

Depreciation 362.92 438.46 20.81 549.41

Profit Before Tax 3,920.17 4,502.58 14.86 4,751.17

Tax 1,263.07 1,480.97 17.25 1,565.13

Reported Net Profit 2,657.10 3,021.61 13.72 3,186.04

Shares in issue (lakhs) 37,622.23 37,686.10 37,744.00

Earning Per Share (Rs) 7.18 8.28 15.32 8.65

Weight Assigned 0.10

Per share data (annualised)

Income

Expenditure

Profit & Loss account (Figures i


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Growth Mar '10 Growth Mar '11 Growth

Weighted Average

Growth rate

10.02 18,664.96 16.35 22,205.01 18.97 15.79

0.00

8.83 7,140.69 4.02 8,601.13 20.45 12.01

27.18 387.34 -1.72 421.68 8.87 10.71

21.26 1,014.87 12.34 1,178.46 16.12 16.22

447.99 413.79 2.71 560.57 35.47 15.00

4.67 2,093.87 24.31 2,408.03 15.00 16.61

-24.29 1,008.91 95.18 1,120.89 11.10 29.49

-35.65 -71.88 -0.92 -60.54 -15.78 2.80

11.22 11,987.59 12.10 14,230.22 18.71 14.52

7.70 6,677.37 24.85 7,974.79 19.43 18.32

93.62 90.28 89.46 78.11 -13.48 45.51

7.28 6,587.09 24.27 7,896.68 19.88 18.23

25.30 608.71 10.79 655.99 7.77 13.49

5.52 5,978.38 25.83 7,240.69 21.11 18.78

5.68 1,965.43 25.58 2,287.69 16.40 17.09

5.44 4,012.95 25.95 4,953.00 23.43 19.62

38,181.77 77,381.44

4.47 10.64 23.01 6.45 -39.38 -6.42

0.20 0.30 0.40

Rs. Crores)


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Balance Sheet (Figures in Rs. Crores)

Mar '07 Mar '08 Growth Mar '09 Growth

Sources Of Funds

Total Share Capital 376.22 376.86 0.17 377.44 0.15

Equity Share Capital 376.22 376.86 0.17 377.44 0.15

Reserves 10,003.78 11,624.69 16.20 13,302.55 14.43

Revaluation Reserves 57.08 56.12 -1.68 55.09 -1.84

Networth 10,437.08 12,057.67 15.53 13,735.08 13.91

Secured Loans 60.78 5.57 -90.84 11.63 108.80

Unsecured Loans 140.1 208.86 49.08 165.92 -20.56

Total Debt 200.88 214.43 6.75 177.55 -17.20

Current Liabilities 3,113.01 3,619.76 16.28 4,121.59 13.86

Provisions 1,472.84 1,645.33 11.71 1,740.49 5.78

Total CL & Provisions 4,585.85 5,265.09 14.81 5,862.08 11.34

Total Liabilities 15,223.81 17,537.19 15.20 19,774.71 12.76

Application Of Funds

Gross Block 7,134.31 8,959.70 25.59 10,558.65 17.85

Less: Accum. Depreciation 2,389.54 2,790.87 16.80 3,286.74 17.77

Net Block 4,744.77 6,168.83 30.01 7,271.91 17.88

Capital Work in Progress 1,130.20 1,126.82 -0.30 1,214.06 7.74

Investments 3,067.77 2,934.55 -4.34 2,837.75 -3.30

Inventories 3,354.03 4,050.52 20.77 4,599.72 13.56

Sundry Debtors 636.69 736.93 15.74 668.67 -9.26

Cash and Bank Balance 103.54 153.34 48.10 68.73 -55.18

Total Current Assets 4,094.26 4,940.79 20.68 5,337.12 8.02

Loans and Advances 1,390.19 1,949.29 40.22 2,150.21 10.31

Fixed Deposits 796.62 416.91 -47.67 963.66 131.14

Total CA, Loans & Advances 6,281.07 7,306.99 16.33 8,450.99 15.66

Total Assets 15,223.81 17,537.19 15.20 19,774.71 12.76

Weight Alloted 0.10 0.20


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Mar '10 Growth Mar '11 Growth

Weighted

Average

Growth Rate

381.82 1.16 773.81 102.66 41.46

381.82 1.16 773.81 102.66 41.46

13,628.17 2.45 15,126.12 10.99 9.64

54.39 -1.27 53.34 -1.93 0.00

14,064.38 2.40 15,953.27 13.43 10.43

0 - 1.94 - 0.00

107.71 -35.08 97.26 -9.70 0.00

107.71 -39.34 99.2 -7.90 0.00

4,619.54 12.08 5,668.10 22.70 17.10

4,549.94 161.42 4,104.84 -9.78 46.849,169.48 56.42 9,772.94 6.58 23.31

23,341.57 18.04 25,825.41 10.64 13.74

11,967.86 13.35 12,765.82 6.67 12.80

3,825.46 16.39 4,420.75 15.56 16.37

8,142.40 11.97 8,345.07 2.49 11.16

1,008.99 -16.89 1,333.40 32.15 9.31

5,726.87 101.81 5,554.66 -3.01 28.25

4,549.07 -1.10 5,267.53 15.79 10.78

858.8 28.43 907.62 5.68 10.53

120.16 74.83 98.77 -17.80 9.10

5,528.03 3.58 6,273.92 13.49 10.14

1,929.16 -10.28 2,173.89 12.69 8.07

1,006.12 4.41 2,144.47 113.14 68.048,463.31 0.15 10,592.28 25.16 14.87

23,341.57 18.04 25,825.41 10.64 13.74

0.30 0.40


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Sl. No. RATIO FORMULA 2012E

1 Liquidity Ratios

Current Ratio Total Current Assets/ Total Current Liablities 1.02

Quick Ratio

(Cash & Equivalent+Shrot term

investments+Accounts receivable)/ Total CurrentLiablities 0.56

2 Profitability Ratios

Net profit Margin (Net Profit/ Total Revenue)*100 22.01

Return on Net Worth/ Equity (Net Profit/ Net Worth)*100 31.90

Return on Asset (Net Profit/ Total Asset)*100 18.58

Return on long term funds (Net Profit/ (Net Worth+Long term Debt))*100 31.73

3 Efficiency Ratio

Inventory Turnover ratio Total Revenue/ Inventory at cost 4.41

Debtors Turnover Ratio Total Revenue/ Debtors 25.63

Fixed Asset Turnover Ratio Total Revenue/ Fixed Assets 1.46

Asset Turnover Ratio Total Revenue/ Total Assets 0.84

4 Investment Valuation Ratio

Face Value 1.00

No. of shares 77381.44

Earnings Per Share 7.31

RATIO ANALYSIS


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2013E 2014E 2015E 2016E

0.98 0.97 0.99 1.05

0.59 0.65 0.72 0.83

23.23 24.34 25.34 26.24

34.93 37.80 40.40 42.65

18.81 18.42 17.41 15.83

34.76 37.63 40.24 42.50

4.61 4.81 5.03 5.26

26.85 28.13 29.47 30.87

1.45 1.43 1.39 1.35

0.81 0.76 0.69 0.60

1.00 1.00 1.00 1.00

77381.44 77381.44 77381.44 77381.44

8.94 10.84 13.07 15.67

assignment budgeting u111035 itc

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