1. gtt e Xv|x COMPANY FINALYTICSDrReddysLaboratoriesLtdExclusive Financial Analysis of Indian Companies PreparedandEditedByTanayRoy,CFAPeuKarak,MBA DisclaimerTheinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelieved tobereliableandingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,completenessorcorrectness.Formoreinformationaboutthissampleandourotherservices,pleasewritetotanay.roy2008@gmail.com Monday,September19,2011

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DescriptionPage Summary3LatestResult 3ValuationMatrix3ROEAnalysis3 IncomeStatement 4 BalanceSheet5 CashflowStatement 6 QuarterlyResult 6 GrowthAnalysis7 ComparativeAnalysis 8 IncomeStatement 8 BalanceSheet8 IndexAnalysis 9IncomeStatement9BalanceSheet 9 RatioAnalysis10Annual 10Quarterly11 TTMAnalysis11 TechnicalAnalysis12CONTENT AboutTanay&PeuOurpassionliesinthefieldoffinancialresearch&Investmentmanagementandweintendtoapplyourknowledgegainedoveraperiodofyearsthroughintensestudyandkeenobservationofthenuancesoffinancialmarketsandinstrumentstoreallifescenarios.Wepossessexpertknowledgeoffinancialproductsandmarketsasevidencedbytopnotchqualificationsearnedbyus,allinthefirstattemptandkeepourselvesabreastwiththelatesthappeningsandinnovationstakingplaceinfinanciallandscape.1.ExpertiseinPortfolioManagement,Productoptimization,ProductperformanceAnalysis,FinancialReporting/Planning,CashFlowAnalysis,RatioAnalysis,Budgeting,Forecasting,Mergers&AcquisitionandknowledgeofGAAP/IFRS2.PossessStrongFinancialModelingskillsincludingDCF,LBOandothertechniques.Possessabilitytoresearchallassetclassesinabroadrangeofindustriesandgeographies.3.Strongequityresearch,finance,accountingandadvisoryandassuranceexperience4.ExpertiseinTechnicalanalysis,fundamentalanalysis,developingtradingsystems.5.Conductindepthfinancialanalysisofcompanyfinancials.6.Writeanalyticalortrendbasedreportsoncompanies,sectorsormarkets.7.ExpertlevelapplicationinBloomberg,ThomsonBanker,Factset,Datastream,StockVal,Mergermarkets,ReutersKnowledge,HaverAnalytics,Factiva,PackHedge,8.BuildingExcel/VBAbasedcustomizedtoolstoperformdetailedanalysis.ContactUs:tanay.roy2008@gmail.comPage2 3. SummaryAtaGlance LatestResultsIndustry Pharmaceuticals Yearly QuarterlyTTM BusinessGroupReddyGroupMarch11GrowthJune11GrowthJune11 Growth FaceValue 5LatestResultsNumberofEquityshares 1692.53EBDITA 1335.00 5.13667.3026.01 1691.66 24.31ReportedNetProfit893.005.56454.05 173.74 1102.89 23.46Price 1522.3AdjustedPAT 891.9016.12 454.05 173.74 NA NAMarketCap(Rs.InCr)25561.24 ValuationMatrix ShareHoldingAnnualTTMRatio General PublicPromoteParticularsMarch11 March118%r 26%ReportedP/E 28.8428.88OtherPrice/SalesPerShare4.974.86 27%Price/BookValue4.28 NA DividendYieldFIIMF 0.01 NA25% 7%EarningYield0.030.03 BFIMarketCap(Rs.InCr) 25561.24 8% ROEAnalysis ROEParticularsMarch07March08March09March10March11 30%25% ReportedPAT/PBT0.84 0.870.730.840.8520% AdjustedPAT/PBT0.86 0.800.780.760.8515%10%PBT/PBIT 0.96 0.970.970.980.99 5% PBIT/Sales0.38 0.170.200.230.20 0% Sales/TotalAssets0.63 0.500.540.530.56 March March March March March07 08 09 10 11TotalAssets/NetWorth 1.36 1.381.401.411.54ReportedROE 26%10%11%14%15%ReportedROEAdjustedROEAdjustedROE 27% 9%11%13%15%ROEFactors 1.80 30% 1.6025% 1.40 1.20 20% 1.0015% 0.80 0.60 10% 0.405% 0.20 0.00 0%March07March08 March09March10 March11ReportedROEReportedPAT/PBTPBT/PBITPBIT/SalesSales/TotalAssetsTotalAssets/NetWorth Page3 4. IncomeStatementParticulars(Rs.InCr)March07March08 March09March10March11NetSales 3783.26 3343.89 3999.504395.60 5188.50OperatingExpensesMaterialConsumed1121.59 1253.46 1469.901482.10 1670.50ManufacturingExpenses 213.46 207.46195.90221.40274.10PersonnelExpenses 299.04 366.28412.50516.40702.70OperatingIncomeSellingExpenses 323.40 375.37448.70443.80477.006000.00AdminstrativeExpenses 498.42 558.60714.50643.40844.70ExpensesCapitalised 0.00 0.000.000.000.00 5000.00TotalOperatingExpenses2455.91 2761.17 3241.503307.10 3969.004000.00 OperatingProfit 1327.35582.72758.001088.50 1219.50OtherIncome272.74 156.64249.70181.30115.50 3000.00 EBDITA 1600.09739.36 1007.701269.80 1335.002000.00Depreciation133.50 161.99193.60222.40247.90OtherWriteoffs 18.1620.71 19.70 19.30 26.801000.00 EBIT 1448.43556.66794.401028.10 1060.30Interest 51.9614.69 27.40 16.009.900.00 EBT1396.47541.97767.001012.10 1050.40 MarchMarchMarchMarchMarch07 08 09 10 11IncomeTax188.99 108.88168.60238.70158.50 AdjustedPAT 1207.48433.09598.40773.40891.90NetSalesOperatingProfit EBDITANonRecurringItems(38.79) 40.65(37.50)72.701.50OtherNonCashadjustments(0.02) (0.06)(0.10)(0.10)(0.40) ReportedNetProfit 1168.67473.68560.80846.00893.00EquityDividend62.97 63.06105.30190.00190.40PreferenceDividend 0.000.000.000.000.00DividendTax 10.70 10.72 17.80 31.60115.20RetainedEarnings1095.00399.90437.70624.40587.40ProfitLevels TotalIncomeBreakup 1800.00 TotalOperatingExpensesDepreciation 1600.00OtherWriteoffsInterest 1400.00IncomeTaxAdjustedPAT 1200.00 1000.00800.00 17%600.003%400.000% 5%200.000.00 March07 March08 March09March10March1175%OperatingProfit EBDITAEBITEBTAdjustedPAT Page4 5. BalanceSheetParticulars(Rs.InCr) March07March08March09March10March11 SOURCESOFFUNDS OwnersFundEquityShareCapital83.96 84.0984.20 84.40 84.60ShareApplicationMoney0.000.00 0.000.000.00PreferenceShareCapital 0.000.00 0.000.000.00Reserves&Surplus4289.40 4727.725174.90 5830.20 5935.60TotalOwnersfund4373.364811.81 5259.105914.606020.20 LoanFundsSecuredLoans1.923.402.600.80 0.70UnsecuredLoans327.98458.91637.70562.401444.10 TotalLoanfund329.90 462.31 640.30 563.20 1444.80 CapitalStructure Total4703.265274.12 5899.406477.807465.007000.00USESOFFUNDSFixedAssets 6000.00GrossBlock 1291.19 1750.212157.30 2425.70 3025.00Less:RevaluationReserve 0.000.00 0.000.000.005000.00Less:AccumulatedDepreciation 609.15762.80 946.50 1110.10 1334.00NetBlock682.04 987.41 1210.801315.601691.004000.00CapitalWorkinprogress 280.61245.71 411.20745.40570.40 Investments 966.99 2080.711865.10 2652.70 2462.003000.00 NetCurrentAssetsCurrentAssets,Loans&2000.00Advances4028.55 3348.013870.40 3647.30 4563.70Less:CurrentLiabilities& 1000.00Provisions1254.93 1387.741458.10 1883.20 1822.10 TotalNetCurrentAssets 2773.621960.27 2412.301764.102741.60 0.00 Miscellaneousexpensesnotwritten0.000.00 0.000.000.00 March March March March March Total 07 08 09 10 11 4703.265274.10 5899.406477.807465.00Note:TotalOwnersfund TotalLoanfundBookValueofUnquotedInvestments966.68 2080.411864.80 2652.40 2614.80MarketValueofQuotedInvestments1.201.9253.00360.103.30Contingentliabilities1896.92 1892.551934.80 2016.10 1526.00NumberofEquitysharesoutstanding(inLacs) 1679.12 1681.731684.69 1688.45 1692.53SourcesofCapitalApplicationofcapital TotalLoan fund19% NetBlockTotalNet 23%CurrentAssets 37%CapitalWorkinTotalOwnersprogressfund7% Investments81%33% Page5 6. CashFlowStatementParticulars(Rs.InCr) March07March08 March09March10March11ProfitBeforeTax1365.85 584.10 729.501084.80 1051.90 NetCashFlowOperatingNetCashFlow Activity 893.79 555.87 481.301253.20 246.30NetCashUsedInInvesting Activity(397.32) (1515.93)(743.60)(1111.10)(613.00) 316.59 NetCashUsedinFin.Activity 105.60 316.5946.15 105.60 (152.20)61.00893.7946.15 61.001253.20NetInc/DecInCashAnd 555.87481.30 246.30Equivlnt805.77(913.91)(156.70)(10.10)(305.70)(397.32)CashAndEquivalntBeginof(1111.10) 650.941451.25 541.10378.10371.90 (743.60) (613.00)Year(1515.93)CashAndEquivalntEndOf(152.20)Year 1456.71 537.34 384.40368.00 66.20 NetCashFlowOperatingActivity NetCashUsedInInvestingActivity NetCashUsedinFin.ActivityQuarterlyResult SeptemberParticulars(Rs.InCr)June10 10 December10March11 June11Sales 1,271.261,296.881,389.76 1,346.661,696.96Less:Excise 0.000.000.00 0.000.00 NetSales 1,271.261,296.881,389.76 1,346.661,696.96ProfitLevelsOtherIncome 20.92 52.3537.21 29.11 55.54TotalIncome 1,292.181,349.231,426.97 1,375.771,752.50StockAdjustment(33.73) 4.68(50.52)0.58(31.46)RawMaterial438.26419.72 487.72465.46478.04PowerAndFuel0.000.00 0.000.000.00EmployeeExpenses 153.89189.10 169.16188.97203.63AdminAndSellingExpenses130.19108.85 126.38111.71139.28ResearchAndDevlopmentExpe94.430.00 0.00161.53119.11ExpensesCapitalised0.000.00 0.000.000.00OtherExpeses 172.62300.63 313.89129.75176.60TotalExpenses 955.661,022.981,046.63 1,058.001,085.20EBDITA 336.52326.25 380.34317.77667.30ProvisionsMade 0.000.00 0.00 55.740.00Depreciation 57.20 61.3563.89 65.50 68.93 EBIT279.32264.90 316.45196.53598.37Interest0.460.130.54 4.25 15.24EBT278.86264.77 315.91192.28583.13Taxation 34.38 44.5753.14 26.41129.08 NetProfit/Loss244.48220.20 262.77165.87454.05ExtraOrdinaryItem 0.000.000.00 0.000.00 EBDITA EBITPriorYearAdjustments0.000.000.00 0.000.00 EBTNetProfit/LossPage6 7. GrowthAnalysisAverageParticulars(%)March08March09 March10March11Growth 5yearCAGRNetSales (11.61)19.61 9.90 18.0412.95 6.52 OperatingExpenses 0.00 0.00MaterialConsumed 11.76 17.27 0.83 12.71 9.96 8.29ManufacturingExpenses(2.81)(5.57) 13.02 23.8012.03 5.13PersonnelExpenses22.49 12.6225.19 36.0826.7618.63SellingExpenses16.07 19.54(1.09) 7.48 8.18 8.08AdminstrativeExpenses12.07 27.91(9.95)31.2916.3211.13ExpensesCapitalised 0.000.00 0.000.00 0.00 0.00TotalOperatingExpenses 12.43 17.40 2.02 20.0113.3310.08 OperatingProfit (56.10)30.0843.60 12.0318.30 (1.68)OtherIncome(42.57)59.41 (27.39) (36.29) (15.11) (15.79) EBDITA (53.79)36.2926.015.1311.73 (3.56)Depreciation 21.34 19.5114.88 11.4715.0913.18OtherWriteoffs 14.04 (4.88) (2.03)38.8615.36 8.09 EBIT (61.57)42.7129.423.1312.46 (6.05)Interest(71.73)86.52 (41.61) (38.13) (17.60) (28.22) EBT(61.19)41.5231.963.7813.29 (5.54)IncomeTax(42.39)54.8541.58(33.60)5.77 (3.46) AdjustedPAT (64.13)38.1729.24 15.3216.12 (5.88)NonRecurringItems204.80 (192.25)293.87(97.94) 31.02(152.18)OtherNonCashadjustments(200.00) (66.67)0.00 (300.00)(153.33)82.06 ReportedNetProfit (59.47)18.3950.865.5615.21 (5.24)EquityDividend0.14 66.9880.440.21 37.63 24.77PreferenceDividend0.000.00 0.000.000.000.00DividendTax 0.19 66.0477.53264.56142.31 60.85RetainedEarnings(63.48) 9.4542.65 (5.93) 5.97(11.71)GrowthFactors5YearCAGR60.00 15.0040.00 10.0020.00 5.00 0.00March08March09 March10March11 0.00 (20.00) (40.00)(5.00) (60.00) (10.00) (80.00)NetSalesTotalOperatingExpenses(15.00)EBDITA EBTAdjustedPAT (20.00) Page7 8. ComparativeAnalysisIncomeStatementParticulars(Rs.InCr) March07 March08 March09 March10March11NetSales100.00 100.00 100.00 100.00100.00MaterialConsumed29.6537.4936.7533.72 32.20ManufacturingExpenses5.64 6.20 4.90 5.045.28 ComparativeNetSalesPersonnelExpenses7.9010.9510.3111.75 13.54SellingExpenses8.5511.2311.2210.109.19AdminstrativeExpenses 13.1716.7117.8614.64 16.28ExpensesCapitalised0.00 0.00 0.00 0.000.00TotalOperatingExpenses64.9282.5781.0575.24 76.50 OperatingProfit 35.0817.4318.9524.76 23.50OtherIncome 7.21 4.68 6.24 4.122.23 EBDITA 42.2922.1125.2028.89 25.73Depreciation 3.53 4.84 4.84 5.064.78OtherWriteoffs 0.48 0.62 0.49 0.440.52 EBIT 38.2916.6519.8623.39 20.44Interest 1.37 0.44 0.69 0.360.19March March March March March EBT36.9116.2119.1823.03 20.24 07 08 09 10 11IncomeTax 5.00 3.26 4.22 5.433.05 TotalOperatingExpenses AdjustedPAT 31.9212.9514.9617.59 17.19 OtherIncome DepreciationNonRecurringItems(1.03)1.22(0.94)1.650.03 OtherWriteoffs InterestOtherNonCashadjustments0.00 0.00 0.00 0.00 (0.01) ReportedNetProfit 30.8914.1714.0219.25 17.21BalanceSheetParticulars(Rs.InCr) March07 March08 March09 March10March11 SOURCESOFFUNDSEquityShareCapital1.79 1.59 1.43 1.301.13ShareApplicationMoney 0.00 0.00 0.00 0.000.00ComparativeAnalysisSourceofPreferenceShareCapital0.00 0.00 0.00 0.000.00FundReserves&Surplus 91.2089.6487.7290.00 79.51TotalOwnersfund 92.9991.2389.1591.31 80.6579.51SecuredLoans 0.04 0.06 0.04 0.010.01UnsecuredLoans 6.97 8.7010.81 8.68 19.34 TotalLoanfund 7.01 8.7710.85 8.69 19.35Total100.00 100.00 100.00 100.00100.00 19.34USESOFFUNDS 1.13 0.00 0.00 0.01FixedAssetsGrossBlock27.4533.1836.5737.45 40.52Less:RevaluationReserve0.00 0.00 0.00 0.000.00Less:AccumulatedDepreciation 12.9514.4616.0417.14 17.87 NetBlock 14.5018.7220.5220.31 22.65 CapitalWorkinprogress 5.97 4.66 6.9711.517.64 Investments 20.5639.4531.6240.95 32.98 NetCurrentAssetsCurrentAssets,Loans&85.6563.4865.6156.30 61.13Less:CurrentLiabilities&Provisions 26.6826.3124.7229.07 24.41TotalNetCurrentAssets 58.9737.1740.8927.23 36.73 Miscellaneousexpensesnot written 0.00 0.00 0.00 0.000.00Total100.00 100.00 100.00 100.00100.00Page8 9. IndexAnalysisIncomeStatementParticulars March07 March08 March09 March10March11NetSales100.0088.39 105.72 116.19137.14OperatingExpensesMaterialConsumed 100.00 111.76 131.06 132.14148.94ProfitIndexManufacturingExpenses100.0097.1991.77 103.72128.41PersonnelExpenses100.00 122.49 137.94 172.69234.99SellingExpenses100.00 116.07 138.74 137.23147.50AdminstrativeExpenses100.00 112.07 143.35 129.09169.48ExpensesCapitalised0.00 0.00 0.00 0.000.00TotalOperatingExpenses 100.00 112.43 131.99 134.66161.61 OperatingProfit100.0043.9057.1182.01 91.87OtherIncome 100.0057.4391.5566.47 42.35March March March March MarchEBDITA 100.0046.2162.9879.36 83.43 07 08 09 10 11Depreciation 100.00 121.34 145.02 166.59185.69OtherWriteoffs 100.00 114.04 108.48 106.28147.58 EBIT100.0038.4354.8570.98 73.20 EBIT EBTInterest 100.0028.2752.7330.79 19.05 AdjustedPAT EBT 100.0038.8154.9272.48 75.22 ReportedNetProfit NetSalesIncomeTax 100.0057.6189.21 126.30 83.87 AdjustedPAT100.0035.8749.5664.05 73.86NonRecurringItems 100.00(104.80) 96.67(187.42)(3.87)OtherNonCashadjustments100.00 300.00 500.00 500.002000.00ReportedNetProfit 100.0040.5347.9972.39 76.41BalanceSheetParticulars March07 March08 March09 March10March11 SOURCESOFFUNDSEquityShareCapital100.00 100.15 100.29 100.52100.76ShareApplicationMoney 0.00 0.00 0.00 0.000.00 LiabilityIndexPreferenceShareCapital0.00 0.00 0.00 0.000.00Reserves&Surplus100.00 110.22 120.64 135.92138.38TotalOwnersfund100.00 110.03 120.25 135.24137.66 LoanFundsSecuredLoans 100.00 177.08 135.4241.67 36.46UnsecuredLoans 100.00 139.92 194.43 171.47440.30 TotalLoanfund 100.00 140.14 194.09 170.72437.95Total 100.00 112.14 125.43 137.73158.72USESOFFUNDSMarch March March March MarchFixedAssets07 08 09 10 11GrossBlock 100.00 135.55 167.08 187.87234.28Less:RevaluationReserve0.00 0.00 0.00 0.000.00 TotalOwnersfund TotalLoanfundLess:Accumulated100.00 125.22 155.38 182.24218.99 NetBlock100.00 144.77 177.53 192.89247.93 CapitalWorkinprogress 100.0087.56 146.54 265.64203.27 Investments100.00 215.17 192.88 274.33254.60 NetCurrentAssetsCurrentAssets,Loans&Advances100.0083.1196.0790.54113.28Less:CurrentLiabilities&Provisions100.00 110.58 116.19 150.06145.20 TotalNetCurrentAssets 100.0070.6886.9763.60 98.85 Miscellaneousexpensesnot written0.00 0.00 0.00 0.000.00Total 100.00 112.14 125.43 137.73158.72Page9 10. RatioAnalysisParticulars(Yearly)March07 March08 March09 March10March11 PERSHARERATIOSAdjustedEPS(Rs.)71.9125.7535.5245.81 52.70AdjustedCashEPS(Rs.) 80.9436.6248.1860.12 68.93ReportedEPS(Rs.)70.0928.2633.2950.11 52.78ReportedCashEPS(Rs.) 79.1239.1245.9664.43 69.02DividendPerShare 3.75 3.75 6.2511.25 11.25PerShareRatioOperatingProfitPerShare(Rs.) 79.0534.6544.9964.47 72.05BookValue(ExclRevRes)PerShare(Rs.)260.45 286.12 312.30 350.39355.80BookValue(InclRevRes)PerShare(Rs.)260.45 286.12 312.30 350.39355.80NetOperatingIncomePerShare(Rs.)225.31 198.84 237.40 260.33306.55FreeReservesPerShare(Rs.)254.35 278.46 304.97 341.13346.32March March March March March07 08 09 10 11 PROFITABILITYRATIOSOperatingMargin(%)35.0817.4218.9524.76 23.50GrossProfitMargin(%) 31.5512.5814.1119.70 18.72 NetOperatingIncomePerShare(Rs.)NetProfitMargin(%) 29.0113.5713.2018.48 16.84 AdjustedEPS(Rs.)AdjustedCashMargin(%)33.5017.5919.1022.17 21.99 AdjustedCashEPS(Rs.)AdjustedReturnOnNetDividendPerShareWorth(%) 27.60 9.0011.3713.07 14.81BookValue(InclRevRes)PerShare(Rs.)ReportedReturnOnNetWorth(%) 26.90 9.8710.6614.30 14.84ReturnOnlongTermFunds(%) 33.0511.5415.0817.36 16.22LEVERAGERATIOSProfitMarginLongTermDebt/Equity0.00 0.00 0.00 0.000.08TotalDebt/Equity0.07 0.09 0.12 0.090.23Ownersfundas%oftotalSource92.9891.2389.1491.30 80.64FixedAssetsTurnoverRatio3.06 1.97 1.91 1.861.75LIQUIDITYRATIOSCurrentRatio3.21 2.41 2.65 1.942.50CurrentRatio(Inc.STLoans)2.56 1.82 1.85 1.491.66QuickRatio2.81 1.94 2.13 1.451.91InventoryTurnoverRatio 8.72 5.90 6.09 5.395.36 March March March March March PAYOUTRATIOS 07 08 09 10 11DividendpayoutRatio(NetProfit)6.2515.5221.9426.19 34.20 NetProfitMargin(%)DividendpayoutRatio(CashOperatingMargin(%)Profit)5.5411.2115.9020.37 26.16AdjustedReturnOnNetWorth(%)EarningRetentionRatio 93.9082.9779.4371.35 65.74CashEarningsRetentionRatio 94.5888.0284.8478.17 73.81 ReturnOnlongTermFunds(%) COVERAGERATIOSAdjustedCashFlowTimeTotalDebt 0.24 0.75 0.78 0.551.24FinancialChargesCoverage LiquidityRatioRatio 30.8050.3336.7879.36134.85Fin.ChargesCov.Ratio(PostTax)26.5745.7929.2668.99118.99COMPONENTRATIOSMaterialCostComponent(%earnings) 30.2640.2938.3536.38 33.71SellingCostComponent 8.5411.2211.2110.099.19ExportsaspercentofTotalMarch March March March MarchSales 81.7470.7778.0971.92 72.2307 08 09 10 11ImportComp.inRawMat.Consumed36.7426.3738.7530.36 42.76Longtermassets/TotalAssets 0.31 0.49 0.46 0.560.50CurrentRatioQuickRatioBonusComponentInEquityCapital(%) 66.5466.4366.3466.19 66.03Page10 11. RatioAnalysisSeptemberParticulars(Quarterly)June10 10 December10March11June11PERSHARERATIOS QuarterlyProfitMarginOperatingIncomePerShare(Rs.) 75.01 76.5282.00 79.46100.13OperatingProfitPerShare(Rs.) 19.86 19.2522.44 18.75 39.37AdjustedEPS(Rs.)14.43 12.9915.509.79 26.79PROFITABILITYRATIOSOPM(%)24.82 21.1124.68 17.29 36.05GPM(%)26.00 24.1726.61 18.73 37.20NPM(%)18.91 16.3218.41 12.05 25.90 OPM(%) GPM(%)NPM(%)TTMAnalysisParticulars(Rs.InCr)March11%ofSales June11 %ofSales Growth(%)Sales5304.56 100.005730.26100.008.03Less:Excise 0.00 0.00 0.000.00NA NetSales5304.56 100.005730.26100.008.03 30.18 28.93OtherIncome 139.592.63 174.213.04 24.80TTMGrowth(%)24.3123.46TotalIncome5444.15 102.635904.47103.048.46StockAdjustment (78.99)(1.49) (76.72) (1.34) (2.87)RawMaterial 1811.1634.141850.94 32.302.20PowerAndFuel0.00 0.00 0.000.00NA 8.03EmployeeExpenses 701.1213.22 750.86 13.107.09 3.17AdminAndSellingExpenses477.13 8.99 486.228.491.91ResearchAndDevlopmentExpe 255.96 4.83 280.644.909.64ExpensesCapitalised0.00 0.00 0.000.00NAOtherExpeses 916.8917.28 920.87 16.070.43TotalExpenses4083.2776.984212.81 73.523.17EBDITA1360.8825.651691.66 29.52 24.31ProvisionsMade 55.741.0555.740.970.00Depreciation 247.944.67 259.674.534.73TTMEPS&SPS(%) EBIT 1057.2019.931376.25 24.02 30.18Interest 5.380.1020.160.35274.72EBT 1051.8219.831356.09 23.67 28.93Taxation 158.502.99 253.204.42 59.75 NetProfit/Loss 893.32 16.841102.89 19.25 23.46ExtraOrdinaryItem0.000.00 0.000.00NAPriorYearAdjustments 0.000.00 0.000.00NATTMEPS52.71 65.071.38TTMSPS 312.99338.110.47March11June11Page11 12. TechnicalAnalysis PriceChart1650.00 500000.00450000.001600.00400000.001550.00 350000.001500.00 300000.00250000.001450.00 200000.001400.00 150000.00100000.001350.0050000.001300.00 0.00 26May 4AugVolume Close EMA(200) EMA(50) 20.00 10.000.0010.0020.0030.0040.00 MACD Signalline80604020 0RSI(14)TechnicalIndicators Price 1522.30ASOn: 16/09/2011 EMA(13) 1483.09ADX 15 EMA(26) 1507.03DX27 EMA(50) 1534.24+DI 28 EMA(200)1458.07DI 16 RSI(14) 56.42%K(Fast) 100 MACD 23.94%K(Slow)58.61 William(%R)0.00%d(Slow) 38.2 Page12