8/4/2019 Marico ratio

1/10

Mar '11 Mar '10 Mar '09 Mar '08

Income

Sales Turnover 2347.85 2031.9 1923.92 1578.1

Excise Duty 0.98 30.4 2.07 2.11

Net Sales 2346.87 2001.5 1921.85 1575.99

Other Income 88.82 10.6 -47.3 2.89

Stock Adjustments 74.1 11.48 27.79 25.24

Total Income 2509.79 2023.58 1902.34 1604.12

Expenditure

Raw Materials 1438.4 1096.58 1184.82 918.13

Power & Fuel Cost 9.49 5.24 5.53 5.38

Employee Cost 108.22 103.11 84.18 77.18

Other Manufacturing Expenses 91.5 76.28 73.27 63.36

Selling and Admin Expenses 415.1 398.75 326.42 316.56

Miscellaneous Expenses 14.99 0 6.02 11.56

Preoperative Exp Capitalised 0 0 0 0

Total Expenses 2077.7 1679.96 1680.24 1392.17

Operating Profit 343.27 333.02 269.4 209.06

PBDIT 432.09 343.62 222.1 211.95

Interest 29.92 18.3 28.92 19.75

PBDT 402.17 325.32 193.18 192.2

Depreciation 27.63 25.21 17.03 18.93

Other Written Off 0 0 0 0

Profit Before Tax 374.54 300.11 176.15 173.27

Extra-ordinary items 0 -7.54 18.32 0

PBT (Post Extra-ord Items) 374.54 292.57 194.47 173.27

Tax (15%) 59.22 57.55 52.37 29.86

Reported Net Profit (PAT) 315.32 235.02 142.1 143.41

Total Value Addition 639.3 583.38 495.42 474.04

Preference Dividend 0 0 0 0

Equity Dividend 40.54 40.21 39.89 39.89

Corporate Dividend Tax 6.64 6.83 6.78 6.78

Per share data (annualised)

Shares in issue (lakhs) 6144 6093.26 6090 6090

Earning Per Share (Rs) 5.13 3.86 2.33 2.35

Equity Dividend (%) 66 66 65.5 65.5

Book Value (Rs) 14.21 9.38 6.04 4.6

INCOME STATEMENT (Rs. In Crores)

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RATIOS Mar '11 Mar '10 Mar '09 Mar '08

No. of equity shares (in crores) 61.44 60.9 60.9 60.9

Market Price 138.75 108.55 60.05 67.25

Market Cap (in crores) 8524.8 6610.695 3657.045 4095.525

EV 9063.34 6980.595 3952.205 4393.365

ROCE(%) 28.371 33.567 30.326 32.949

ROE(%) 36.114 41.112 38.648 51.176Free Cash Flow 372.438 372.428 180.716 173.346

EBDITA Margins 18.411 17.168 11.557 13.449

D/E 0.633 0.659 0.839 1.090

Debt to EBDITA 1.279 1.097 1.389 1.442

EVA (Assumed WACC = 12%) -529.209 -300.892 -193.251 -116.043

Capex as % of Depreciation -756.316 -753.352 -402.408 0.000

Book Value per share 14.211 9.387 6.037 4.601

Dividend Yield 47.568 60.801 109.076 97.398

EPS (Rs.) 5.132 3.859 2.333 2.355

Capital Gearing 0.633 0.659 0.839 1.090

P/E 27.035 28.128 25.736 28.558EV/EBDITA 20.976 20.315 17.795 20.728

Price/Book Vale 9.764 11.564 9.946 14.615

Working Capital 687.27 499.54 402.11 333.21

Change in W.C 187.73 97.43 68.9 0

Change in Assets 92.49 14.06 18.92 0

Liabilities concerned to expenditure 873.12 571.66 367.68 280.23

Change in liabilities 301.46 203.98 87.45 0

Capex -208.97 -189.92 -68.53 0

NOPAT 343.791 270.6485 174.3095 164.067

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Mar '11 Mar '10

Sources Of Funds

Total Share Capital 61.44 60.93

Equity Share Capital 61.44 60.93

Share Application Money 0 0

Preference Share Capital 0 0

Reserves 811.68 510.73

Revaluation Reserves 0 0

Networth 873.12 571.66

Secured Loans 332.42 99.61

Unsecured Loans 220.07 277.31

Total Debt 552.49 376.92

Total Liabilities 1425.61 948.58

Application Of Funds

Gross Block 421.2 294.45

Net Block 222.46 129.97

Capital Work in Progress 45.52 109.96

Investments 470.36 209.11

Inventories 454.22 369.9

Sundry Debtors 118.98 94.51

Cash and Bank Balance 13.95 7.02

Total Current Assets 587.15 471.43

Loans and Advances 369.93 316.91

Fixed Deposits 4.22 4.19

Total CA, Loans & Advances 961.3 792.53

Deffered Credit 0 0

Current Liabilities 242.07 230.75

Provisions 31.96 62.24

Total CL & Provisions 274.03 292.99

Net Current Assets 687.27 499.54

Miscellaneous Expenses 0 0

Total Assets 1425.61 948.58

Contingent Liabilities 429.13 209.3

Book Value (Rs) 14.21 9.38

BALANCE SHEET (Rs. In Crores)

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EVA = NOPAT - (Capital * Cost of Capital)

ROE = (PAT - Preference Dividend) / NetworthFree Cash Flow = PBIT(1-Tax rate) + Depre & Ammortization - Change in Net

PBDITA Margins = PBDITA * 100 / Net Sales

Debt / Equity Ratio = Borrowed Funds / (Share Capital + R & S)

Debt to PBDITA = Long term Debt / PBDITA

FORMULAS

Market Cap = No. of outstanding shares * Market Price

EV = Market Cap + Debt + Minority Interest + Preferred Shares - Cash and Ca

ROCE = (PBIT * 100) / Total Assets or Liabilities

Capex as % of Depreciation = (Capex * 100) / Depreciation

Book Value per share = Total Sharehoder Eqity - Preferred Equity / No. of ou

Dividend Yield = DPS / MPS

EPS = (PAT - Preference Dividend) / No. of outstanding shares

Capital Gearing = FIBS / Non FIBS where FIBS = (Fixed income bearing securit

P / E = MPS / EPSEV / EBDITA = EV / PBDITA

PBV = Stock Price / Book Value per share

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Mar '09 Mar '08

60.9 60.9

60.9 60.9

0 0

0 0

306.78 219.33

0 0

367.68 280.23

107.51 121.23

201.02 184.36

308.53 305.59

676.21 585.82

262.16 228.89

115.91 96.99

45.61 49.1

112.58 106.52

273.69 218.59

61.05 41.68

13.37 7.75

348.11 268.02

275.8 292.04

11.59 22.18

635.5 582.24

0 0

202.52 206.4

30.87 42.63

233.39 249.03

402.11 333.21

0 0

676.21 585.82

26.32 21.04

6.04 4.6

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6/10

WC - Capex

sh Equivalent

standing shares

ies)

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7/10

Mar '11 Mar '10 Mar '09 Mar '08

Investment Valuation Ratios

Face Value 1 1 1 1

Dividend Per Share 0.66 0.66 0.66 0.66

Operating Profit Per Share (Rs) 5.59 5.47 4.42 3.43

Net Operating Profit Per Share (Rs) 38.2 32.85 31.56 25.88

Free Reserves Per Share (Rs) 12.52 8.03 5.04 3.6

Bonus in Equity Capital 90.33 91.08 91.13 91.13

Profitability Ratios

Operating Profit Margin(%) 14.62 16.63 14.01 13.26

Profit Before Interest And Tax Margin(%) 13.3 15.26 13.06 12.01

Gross Profit Margin(%) 13.44 15.37 13.13 12.06

Cash Profit Margin(%) 11.75 13.51 10.25 10.49

Adjusted Cash Margin(%) 11.75 13.51 10.25 10.49

Net Profit Margin(%) 13.29 11.65 7.35 9.06

Adjusted Net Profit Margin(%) 13.29 11.65 7.35 9.06Return On Capital Employed(%) 23.87 34.07 38.8 33.6

Return On Net Worth(%) 36.11 41.11 38.64 51.17

Adjusted Return on Net Worth(%) 28.77 43.26 49.26 52.54

Return on Assets Excluding Revaluations 14.21 9.38 6.04 4.6

Return on Assets Including Revaluations 14.21 9.38 6.04 4.6

Return on Long Term Funds(%) 34.31 48.71 53.28 48.07

Liquidity And Solvency Ratios

Current Ratio 0.99 1.35 1.28 1.33

Quick Ratio 1.7 1.23 1.25 1.07

Debt Equity Ratio 0.63 0.66 0.84 1.09Long Term Debt Equity Ratio 0.14 0.16 0.34 0.46

Debt Coverage Ratios

Interest Cover 18.77 21.49 10.08 12.08

Total Debt to Owners Fund 0.63 0.66 0.84 1.09

Financial Charges Coverage Ratio 12.3 19.04 9.66 10.93

Financial Charges Coverage Ratio Post Tax 12.46 15.22 6.5 9.22

Management Efficiency Ratios

Inventory Turnover Ratio 5.98 6.36 8.22 8.48

Debtors Turnover Ratio 21.99 25.73 37.42 37.99

Investments Turnover Ratio 5.98 6.36 8.22 8.48

Fixed Assets Turnover Ratio 6.18 7.88 8.58 8.17

Total Assets Turnover Ratio 1.7 2.2 3.01 2.87

Asset Turnover Ratio 6.18 7.88 8.58 8.17

Average Raw Material Holding 52.83 69.98 33.11 32.17

Average Finished Goods Held 32.2 25.89 24.07 25.94

Number of Days In Working Capital 105.42 89.85 75.32 76.11

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Profit & Loss Account Ratios

Material Cost Composition 61.29 54.78 61.64 58.25

Imported Composition of Raw Materials Consumed 5.26 9.96 6.52 2.12

Selling Distribution Cost Composition 14.3 16.18 13.94 16.87

Expenses as Composition of Total Sales 6.58 7.3 6.96 5.16

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 14.96 20.01 32.84 32.54

Dividend Payout Ratio Cash Profit 13.75 18.07 29.32 28.74

Earning Retention Ratio 81.23 80.99 74.24 68.31

Cash Earning Retention Ratio 83.09 82.75 76.45 71.92

AdjustedCash Flow Times 1.98 1.38 1.56 1.84

Mar '11 Mar '10 Mar '09 Mar '08

Earnings Per Share 5.13 3.86 2.33 2.35

Book Value 14.21 9.38 6.04 4.6

8/4/2019 Marico ratio

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8/4/2019 Marico ratio

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