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1/8

(in Rs. millions.) 2007 2008 2009 2010 2011

Sales

- Sales from operations 495.7 569.5 697.0 866.1 954.3

- Income from financial services 0.3 0.6 6.1 17.5 12.3

- Other income 12.5 20.7 0.7 6.4 1.5

Total Income 508.5 590.8 703.8 890.0 968.1Expenses:

- Change in stock 2.7 -1.3 3.1 -0.1 3.2

- Raw materials, stores & spares 18.3 27.1 126.7 138.9 119.5

- Power, fuel & water charges 39.6 43.0 53.2 68.4 72.5

- Purchase of finished goods 74.4 70.9 78.0 101.5 142.3

- Compensation to employees 85.7 106.7 147.5 197.2 194.9

- Indirect taxes 55.1 64.4 88.1 105.4 105.9

- Rent & lease rent 103.2 122.9 162.3 287.6 259.6

- Rent & lease rent 254.6 306.3 280.6 489.3 370.1

- Repairs & maintenance 46.0 51.1 72.2 98.8 93.6

- Selling & distribution expenses 31.1 29.8 68.5 52.8 50.5

- Travel expenses 13.7 14.4 23.7 22.3 19.7

- Miscellaneous expenditure 9.1 17.6 10.5 9.5 16.7

Total expenses 630.3 730.0 952.1 1284.0 1188.9

EBITDA -121.8 -139.2 -248.3 -394.0 -220.8

- Interest Expenses 56.3 78.5 139.4 46.9 6.0

- Provisions 10.6 1.4 12.1 2.2 22.0

- Depreciation 54.8 66.7 72.7 89.2 83.1

- Amortisation 0.3 0.0 0.0 0.0 0.0

- Write-offs 1.0 0.1 0.4 5.2 5.4EBT -244.8 -285.9 -472.9 -537.5 -337.3

- Tax -36.7 -42.9 -70.9 -80.6 -50.6

Profit after tax -208.1 -243.0 -402.0 -456.9 -286.7

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2012

955.2

7.3

17.5

980.0

1.4

148.6

73.0

140.4

164.4

5.3

278.8

383.8

103.8

54.5

14.8

6.9

1096.9

-116.9

7.3

16.5

70.6

0.0

7.1-218.4

-32.8

-185.6

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(in Rs. millions.) 2007 2008 2009

Liabilities

1. Total capital 164.9 164.9 270.2

2. Reserves and funds -731 -973.9 -803.1

3. Borrowings 741.2 1030.6 1054

4. Current liabilities & provisions

- Current liabilities 160 218.5 118.8- Provisions outstanding 4.5 5.3 19.3

Total liabilities 339.6 445.4 659.2

Assets

1. Net fixed assets

- Intangible assets, net 2.8 13.4 10

- Land and buildings, net 80.3 126.3 152.1

- Plant & machinery, computers and electrical assets, net 69.9 77.3 93.5

- Transport & communication equipment and infrastructure, net 1.5 1.3 7.5

- Furniture, social amenities and other fixed assets, net 13.8 18.9 34.3

2. Capital work-in-progress 21 25.6 17.4

3. Current assets

- Inventories 19 19.1 24

- Receivables 14 16.2 27.3

- Cash and bank balance 40.8 37.3 145

4. Loans & advances 76.5 110 148.1

Total Assets 339.6 445.4 659.2

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2010 2011 2012

509.3 543.4 543.4

41.4 -59.5 -245.1

35.5 10.5 23.6

154.6 173.6 231.221.5 71.4 59.5

762.3 739.4 612.6

7.6 6.4 4.6

164.9 163.4 121.9

111.6 118.3 92.8

7.5 2.6 2

48.8 49.1 36.4

22 2.8 0.5

31.2 40.6 43.9

30.6 31.3 46.2

140.8 90.8 62.4

197.3 234.1 201.9

762.3 739.4 612.6

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(in Rs. Crs.) 2009 2010 2011 2012 2013

Sales Turnover 296.67 690.73 736.89 1,615.56 2,252.58

Total Income (crores) 296.67 690.73 736.89 1,615.56 2,252.58

Expenditure

- Raw Materials 2.29 2.99 3.68 4.39 16.94

- Power & Fuel Cost 1.19 3.32 3.3 5.4 202.53

- Employee Cost 8.84 21.55 24.34 43.29 57.39- Other Manufacturing Expenses 3.6 22.81 18.02 34.93 184.62

- Selling and Admin Expenses 5.83 27.32 27.64 0 0

- Miscellaneous Expenses 1.51 3.7 3.37 45.8 32.23

- Preoperative Exp Capitalised 0 0 0 0 0

Total Expenses 23.26 81.69 80.35 133.81 493.71

Operating Profit 273.41 609.04 656.54 1,481.75 1,758.87

Other Income 16.86 27.06 93.83 70.74 38.22

PBDIT 290.27 636.1 750.37 1,552.49 1,797.09

Interest 82.11 236.99 449 859.45 1,124.09

PBDT 208.16 399.11 301.37 693.04 673

Depreciation 46.97 95.1 94.91 230.05 323.89

Other Written Off 0 0.61 0 0 0

Extra-ordinary items 0 -0.27 -0.19 171.09 -0.07

PBT 161.19 303.13 206.27 634.08 349.04

Tax 18.33 51.58 41.16 61.28 19.89

Reported Net Profit 142.86 251.55 165.11 402.95 329.15

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All figures in crores (INR) 2009 2010 2011 2012 2013

Liabilities

Equity Share Capital 491 2,095.68 2,624.76 2,624.76 2,938.00

Reserves 661.79 1,282.13 2,545.90 2,840.24 3,506.36

Networth 1,152.79 3,377.81 5,170.66 5,465.00 6,444.36

Secured Loans 741.17 4,111.58 11,113.73 13,108.54 14,935.85Unsecured Loans 0 1,496.97 1,267.44 0 1,102.60

Total Debt 741.17 5,608.55 12,381.17 13,108.54 16,038.45

Total Liabilities 1,893.96 8,986.36 17,551.83 18,573.54 22,482.81

Assets

Gross Block 1,848.13 4,660.85 3,661.19 10,479.27 12,365.56

Less: Accum. Depreciation 264.02 594.59 589.74 822.27 1,148.76

Net Block 1,584.11 4,066.26 3,071.45 9,657.00 11,216.80

Capital Work in Progress 0.11 774.26 9,132.11 6,383.77 9,119.94

Investments 75.25 1,420.96 3,606.30 3,863.08 4,434.17

Inventories 4.9 8.41 17.53 48.66 135.72

Sundry Debtors 120.58 203.93 155.66 430.36 451.57

Cash and Bank Balance 14.52 159.04 482.33 715.81 583.67

Total Current Assets 140 371.38 655.52 1,194.83 1,170.96

Loans and Advances 179.65 242.48 374.03 1,278.74 1,003.09

Fixed Deposits 35.82 2,249.75 1,541.91 0 0

Total CA, Loans & Advances 355.47 2,863.61 2,571.46 2,473.57 2,174.05

Deffered Credit 0 0 0 0 0

Current Liabilities 5.45 38.7 463.08 3,082.94 3,848.83

Provisions 115.53 100.03 366.41 720.94 613.32

Total CL & Provisions 120.98 138.73 829.49 3,803.88 4,462.15Net Current Assets 234.49 2,724.88 1,741.97 -1,330.31 -2,288.10

Miscellaneous Expenses 0 0 0 0 0

Total Assets 1,893.96 8,986.36 17,551.83 18,573.54 22,482.81

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(In Rs. Crs.) 2008 2009 2010 2011 2012

Income

Sales Turnover 1228.19 1174.73 1481.25 1742.31 1981.39

Excise Duty 418.77 478.7 645.7 745.86 837.52

Net Sales 809.42 696.03 835.55 996.45 1143.87

Stock Adjustments 4.65 10.63 12.13 12.27 16.96

Total Income 838.39 695.17 857.75 1016.35 1169.7Expenditure

- Raw Materials 450.75 342.66 404.98 461.71 591.4

- Power & Fuel Cost 13.28 17.44 21.78 34.46 36.55

- Employee Cost 47.63 55.25 53.2 61.56 70.64

- Other Manufacturing Expenses 17.04 7.28 7.07 11.04 10.24

- Selling and Admin Expenses 175.52 175.66 204.61 258.16 0

- Miscellaneous Expenses 26.92 15.59 17.83 25.37 279.96

- Preoperative Exp Capitalised 0 0 0 0 0

Total Expenses 731.14 613.88 709.47 852.3 988.79

Operating Profit 82.93 92.78 138.21 156.42 172.04

Other Income 24.32 -11.49 10.07 7.63 8.87

PBDIT 107.25 81.29 148.28 164.05 180.91

Interest 49.51 56.5 75.36 37.01 61.12

PBDT 57.74 24.79 72.92 127.04 119.79

Depreciation 18.98 23.12 25.6 27.15 32.84

Extra-ordinary items 0.39 12.16 2.7 -4.29 -0.42

PBT 39.15 13.83 50.02 95.6 86.53

Tax 6.07 5.89 8.45 25.65 22.88

Profit After Tax 33.07 6.54 41.54 72.8 63.66

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2008 2009 2010 2011 2012

Sources Of Funds

Equity Share Capital 31.84 20.49 26.37 26.51 26.54

Reserves 212.09 199.25 560.77 615.61 668.72

Revaluation Reserves 9.47 9.41 9.35 9.28 0

Networth 253.4 229.15 596.49 651.4 695.28

Secured Loans 210.98 400.25 244.92 339.77 616.06Unsecured Loans 329.05 300.11 201.22 151.41 0

Total Debt 540.03 700.36 446.14 491.18 616.06

Total Liabilities 793.43 929.51 1,042.63 1,142.58 1,311.34

Application Of Funds

Gross Block 441.8 511.92 550.51 572.79 662.88

Less: Accum. Depreciation 94.58 111.22 136.58 153.89 160.66

Net Block 347.22 400.7 413.93 418.9 502.22

Capital Work in Progress 40.92 76.98 52.96 71.48 4.84

Investments 33.57 52.59 89.37 70.87 111.34

Inventories 76.79 108.44 123.05 127.47 177.45

Sundry Debtors 138.97 170.03 235.55 319.1 347.79

Cash and Bank Balance 13.81 15.33 28.59 6.62 21.04

Total Current Assets 229.57 293.8 387.19 453.19 546.28

Loans and Advances 236.74 261.64 293.49 353.92 494.47

Fixed Deposits 69.34 26.65 4.65 2.78 0

Total CA, Loans & Advances 535.65 582.09 685.33 809.89 1,040.75

Current Liabilities 114.98 133.56 151.04 168.73 328.5

Provisions 48.94 49.26 47.94 59.82 19.3

Total CL & Provisions 163.92 182.82 198.98 228.55 347.8

Net Current Assets 371.73 399.27 486.35 581.34 692.95Total Assets 793.44 929.54 1,042.61 1,142.59 1,311.35