3 - akhil kohli - itc ltd

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    BALANCE SHE

    Mar' 09 Mar' 08 Mar' 07 Mar' 06

    Sources of funds

    Owner's fund

    Equity share capital 377.44 376.86 376.22 375.52

    Share application money - - - -

    Preference share capital - - - -

    Reserves & surplus ### ### ### 8,626.79

    Loan funds

    Secured loans 11.63 5.57 60.78 25.91

    Unsecured loans 165.92 208.86 140.1 93.82

    TOTAL ### ### ### 9122.04

    Uses of fundsFixed assets

    Gross block ### 8,959.70 7,134.31 6,227.17

    Less : revaluation reserve 55.09 56.12 57.08 59.17

    Less : accumulated depreciation 3,286.74 2,790.87 2,389.54 2,065.44

    Net block 7,216.82 6,112.71 4,687.69 4,102.56

    Capital work-in-progress 1,214.06 1,126.82 1,130.20 399.97

    Investments 2,837.75 2,934.55 3,067.77 3,517.01

    Net current assetsCurrent assets, loans & advances 8,450.99 7,306.99 6,281.07 5,228.49

    Less : current liabilities & provisions 5,862.08 5,265.09 4,585.85 4,125.99

    Total net current assets 2,588.91 2,041.90 1,695.22 1,102.50

    Miscellaneous expenses not written - - - -

    TOTAL ### ### ### ###

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    T

    Mar' 05

    248.22

    1.21

    -

    7,586.28

    88.69

    156.67

    8081.07

    5,746.27

    59.9

    1,795.51

    3,890.86

    186.15

    3,874.68

    3,736.66

    3,607.28

    129.38

    -

    ###

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    PROFIT LOS

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    INCOME

    Gross Sales ### ### ### ### ###

    Less : Excise Duties and Taxes on Sales of

    Products and Services 7755.42 7408.41 7135.75 6433.9 5710.13

    Net Sales 15388.11 13947.53 12369.3 9790.53 7638

    Other Income 534.93 610.90 336.49 286.08 235.81

    TOTAL ### ### ### ### Rs. 5.93

    Expenditure

    Raw Materials etc 6,446.78 6,016.70 5,384.86 3,983.23 2,769.07

    Manufacturing, Selling etc. Expenses 4,101.11 3,531.50 3,031.31 2,491.85 2,119.77

    Depreciation 549.41 438.46 362.92 332.34 312.87

    TOTAL 11097.3 9986.66 8779.09 6807.42 ###

    PROFIT

    Profit before Taxation 4,825.74 4,571.77 3,926.70 3,269.19 2,673.07

    Provision for Taxation 1562.15 1451.67 1226.73 988.82 836

    Profit after Taxation 3263.59 3120.1 2699.97 2280.37 1837.07

    Profit brought forward 724.45 647.53 562.06 611.41 387.04

    Available for appropriation ### ### ### ### ###

    Appropriations

    General Reserve 1,500.00 1,500.00 1,250.00 1,150.00 1,100.00

    Proposed Dividend 1396.53 1319.01 1166.29 995.12 773.25

    Income Tax on Proposed Dividend 198.21 139.58 109.25

    - Current year 237.34 224.17

    - Earlier years provision no longer reqd -3.97

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    Profit carried forward 858.14 724.45 647.53 562.06 611.41

    TOTAL 3988.04 3767.63 3262.03 2846.76 2594.38

    Earnings Per Share (Face Value Re. 1.00 each) 19(iii)

    Basic Rs. 8.66 Rs. 8.29 Rs. 7.19 Rs. 5.96 Rs. 5.85

    Diluted Rs. 8.64 Rs. 8.25 Rs. 7.16 Rs. 5.93 Rs. 5.85

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    ACCOUNT

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    CASH FLO

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Profit before tax 4,825.74 4,571.77 3,926.70 3,269.19 2,673.07

    Net cashflow-operating activity 3,279.03 2,722.96 2,141.19 1,929.68 1,851.20

    Net cash used in investing activity -1,260.74 -1,736.78 -1,082.78 -175.31 -1,438.95

    Netcash used in fin. activity -1,556.15 -1,316.09 -1,014.07 -954.21 -417.09

    Net inc/dec in cash and equivlnt 462.14 -329.91 44.34 800.16 -4.84

    Cash and equivalnt begin of year 570.25 900.16 855.82 55.66 60.5

    Cash and equivalnt end of year 1,032.39 570.25 900.16 855.82 55.66

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    S

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    PROFITABILI

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Gross profit margin (%) 32.85 31.57 32.51 34.36 36.4

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Net profit margin (%) 21.18 21.5 21.4 22.19 28

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Asset Turnover Ratio 1.67 1.75 1.84 1.78 1.65

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    RETURN ON ASSET(%) 28.78 30.84 30.83 31.21 31.92

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    RETURN ON EQUITY(%) 29.15 31.39 31.43 31.62 32.92

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    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    EARNINGS PER SHARE Rs. 8.64 Rs. 8.25 Rs. 7.16 Rs. 5.93 Rs. 5.85

    ANALYSIS

    As we see from the graphs, profit margin has been varying marginally over time, this sho

    proportion to the sales , though both net profits and sales have been increasing over time

    firm is in a healthy position.

    Similar is the case is with the return on asset which has been almost the same for years w

    that the assets have been increasing along with the profits as ROA is equal to Profit after t

    Asset

    Though the stats are very healthy and increasing yearly but from these ratio we cannot pr

    the position of the firm as there is marginal difference in the ratios.

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    Y RATIOS

    203040

    Series1

    Gross profitmargin (%)

    2040

    Gross profitmargin (%)

    Net profitmargin (%)

    ' ' ' ' '

    22

    Net profitmargin (%)

    Asset TurnoverRatio

    253035

    Asset TurnoverRatio

    RETURN ONASSET(%)

    253035

    RETURN ONASSET(%)

    RETURN ONEQUITY(%)

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    s that profits are in

    which suggests that the

    hich again shows

    ax divided by Total

    edict cearly

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    LIQUIDITY

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    CURRENT RATIO 1.44 1.39 1.37 1.27 1.04

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    QUICK RATIO 0.6 0.56 0.58 0.57 0.42

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    INVENTORY TURNOVER RA 5.26 5.51 6.05 6.43 6.99

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    ANALYSIS

    Current Ratio is the ratio of the current asset which are available and current liabilities an

    years which is a positive signal for the company as we have more asset in proportion to th

    Ideal Current ratio is 2 which suggests that the company has 2 times current asset in com

    Quick ratio is the ratio of the liquid assets(which can be converted into cash immediately)

    It has been increasing which again is a positive signal for the company

    Ideal Quick ratio is 1 which suggests that the co has equal quick asset as liabilities

    Inventory Turnover Ratio is the ratio of the cost of good solds and Average Inventories ava

    which suggests that how easily the inventory is turned into sales . It has been increasing o

    times which suggests that the company is keeping more inventory and getting more cons

    in its approach

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    ATIOS

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    12

    Series1

    CURRENTRATIO

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    1

    CURRENTRATIO

    QUICK RATIO

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    5

    10

    QUICK RATIO

    INVENTORYTURNOVER

    RATIO

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    SOLVENCY

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    DEBT EQUITY RATIO 0.01 0.02 0.02 0.01 0.03

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Fixed assets turnover rati 1.44 1.59 1.75 1.59 1.33

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    INTEREST COVER 275.83 955.3 1206.38 278.91 65.82

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    ANALYSIS

    Debt Equity Ratio is the ratio between the total debt(which is equal to the secured and un

    and the equity(which is equal to the share capital and the reserves and surplus)

    As debt equity ratio is very low, this shows that most of the financing done by the compan

    and it uses very little debt.

    Due to this very low DEBT EQUITY ratio, the firm exposes its creditors very less risk.

    It measures the protection available to the creditors for payment of interst charges by the

    It is also the main factor for Credit Rating Agencies to mark the co.

    As it has decreased to a great extent from the previous year, not a good signal though it i

    So not much worries for the co. as there still it has a good credit rating.

    Interest Cover is the ratio of the profit before interst and tax and Interest Expense

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    RATIOS

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    Series1

    DEBT EQUITYRATIO

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    12

    DEBT EQUITYRATIO

    Fixed assetsturnover ratio

    10002000

    Fixed assetsturnover rati

    INTERESTCOVER

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    ecured loans taken)

    y is through equity

    co.

    good as a number

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    CAPITAL M

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    PRICE EARNINGS RATIO 28.24 22.67 33.38 39.6 16.18

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    DIVIDEND YIELD(%) 1.52 1.46 1.31 1.15 0.28

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    PRICE-TO-MARKET-VALUE) 6.73 7.68 8.7 9.8 3.49

    ANALYSIS

    PRICE EARNINGS RATIO is the ratio between the stock price and earnings per share.

    It is the major factor for the investors to analyze the stock as it shows the confidence of

    the market in the stock.

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    The ratio has been varying over years though the increase in the PE ratio over the last 2 y

    the greater confidence the market has shown towards the stock.

    Dividend yield ratio is defined as the ratio of the dividend given per share to the average

    As the dividend yield ratio has been increasing over the times this suggests that the firm i

    more dividend and hence +ve for the investors

    Price to book ratio compares the market price of the company's share with the book valueAs the price to book ratio is more, it suggests that the stock is not underpriced, again goo

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    RKET RATIOS

    ' ' ' ' '

    50

    Series1

    PRICEEARNINGSRATIO

    ' ' ' ' '

    12

    PRICEEARNINGSRATIO

    DIVIDENDYIELD(%)

    Mar '09 Mar '08 Mar '07 Mar '06 Mar '05

    1020

    DIVIDENDYIELD(%)

    PRICE-TO-MARKET-VALUE)

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    ars indicates

    tock price

    paying

    for the investors.