M16 FA Deepal Solanki.xlsx
13
Ashok Leyland Financial Statement Analysis ------------------- in Mar '13 Mar '12 1. Sales Growth Rate Net Sales 12,481.20 13,309.59 (F/I)*100 93.78 116.68 2. Operating Profit Margin Raw Materials 8,925.14 9,702.20 Power & Fuel Cost 86 76.75 Employee Cost 1,075.51 1,039.07 Other Manufacturing Expenses 0 99.67 Miscellaneous Expenses 1,246.10 334.4 Total Operating Expenses 11,332.75 11,252.09 Operating Profit 1,148.45 2,057.50 OP(%)=OP/Net Sales*100 9.20 15.46 3. Net Profit Margin Total Income 12,561.13 13,526.30 Total Expenses 11,332.75 12,228.27 EBITDAT 1,228.38 1,298.03 Depreciation 380.78 352.81 EBIT 847.60 945.22 Interest 376.89 255.25 EBT-1 470.71 689.97 Extra-ordinary items 0 0 EBT-2 470.71 689.97 Tax 37 124 PAT 433.71 565.97 Equity Dividend 159.64 266.07 Retained Earnings 274.07 299.90 NPM=Net Profit/Net Sales*100 3.47 4.25 4. Returns Ratio PAT/SANE EBIT/ICE ROA ROA=PAT/Asssets
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Transcript of M16 FA Deepal Solanki.xlsx
Ashok Leyland Financial Statement Analysis
------------------- in Rs. Cr. -------------------Mar '13 Mar '12 Mar '11
1. Sales Growth RateNet Sales 12,481.20 13,309.59 11,407.15(F/I)*100 93.78 116.68 153.40
2. Operating Profit Margin
Raw Materials 8,925.14 9,702.20 8,406.17Power & Fuel Cost 86 76.75 65.19Employee Cost 1,075.51 1,039.07 974.6Other Manufacturing Expenses 0 99.67 86.04Miscellaneous Expenses 1,246.10 334.4 0.19Total Operating Expenses 11,332.75 11,252.09 9,532.19
Operating Profit 1,148.45 2,057.50 1,874.96OP(%)=OP/Net Sales*100 9.20 15.46 16.44
3. Net Profit Margin
Total Income 12,561.13 13,526.30 11,623.29Total Expenses 11,332.75 12,228.27 10,365.13EBITDAT 1,228.38 1,298.03 1,258.16Depreciation 380.78 352.81 267.43EBIT 847.60 945.22 990.73Interest 376.89 255.25 188.92EBT-1 470.71 689.97 801.81Extra-ordinary items 0 0 0EBT-2 470.71 689.97 801.81 Tax 37 124 170.5PAT 433.71 565.97 631.31 Equity Dividend 159.64 266.07 266.07Retained Earnings 274.07 299.90 365.24
NPM=Net Profit/Net Sales*100 3.47 4.25 5.53
4. Returns RatioPAT/SANE EBIT/ICE
ROAROA=PAT/Asssets
Total Current Assets 4,788.26 4,796.04 4,360.81Net Block 5,281.88 5,026.53 4,633.79Fixed Deposits 0 0 0Total Assets 10,070.14 9,822.57 8,994.60Average Assets 9,946.36 9,408.59 8,840.86Return on Assets(%) 4% 6% 7%
RONW=PAT/(Equity+Reserves)Equity Share Capital 266.07 266.07 133.03Reserves 4,189.04 2,632.34 2,523.65Networth 4,455.11 2,898.41 2,656.68Avg Net Worth 3,676.76 2,777.55 2,489.91RONW=PAT/(Equity+Reserves) 12% 20% 25%
Return on Capital employedNetworth 266.07 266.07 133.03Secured Loans 1,903.46 960.43 1,272.22Unsecured Loans 1,601.36 1,435.10 1,385.97Total Liabilities 3770.89 2661.6 2791.22Average Liabilities 3216.245 2726.41 2602.35ROCE=EBT/Avg CL 15% 25% 31%
5. CIDCreditors Day(Ra/Cr)Raw Materials 8,925.14 9,702.20 8,406.17Current Liabilities 4,749.58 4,837.41 3,505.26Avg CL 4,793.50 4,171.34 3,253.97
1.86 2.33 2.58
196.03 156.93 141.29
Inventory Days(Co/In)Total Operating Expenses 4,991.39 4,330.59 3,397.84Inventories 1,896.02 2,230.63 2,208.90Average Inventories 2,063.33 2,219.77 1,923.57
2.42 1.95 1.77
150.88 187.09 206.63
Creditors DayNet Sales 12,481.20 13,309.59 11,407.15Sundry Debtors 1,419.41 1,230.37 1,185.21Avg Debtors 1,324.89 1,207.79 1,103.64Debtors Factor 9.42 11.02 10.34 Debtors Days(365/F) 38.75 33.12 35.31
Creditor Factor(FCR)=Ra/Cr)
Creditors Day(365/FCr)
Inventory Factor(Fci )
Inventory Days 365/Fci
Cash Conversion Cycle 6.41 (63.29) (100.66)
6. Leverage Ratios
Debt:Equity(Total Debt/Equity+Reserves)Secured Loans 1,903.46 960.43 1,272.22Unsecured Loans 1,601.36 1,435.10 1,385.97Total Debt 3,504.82 2,395.53 2,658.19Average Debt 2,950.17 2,526.86 2,469.32Equity Share Capital 266.07 266.07 133.03Reserves 4,189.04 2,632.34 2,523.65Equity 4,455.11 2,898.41 2,656.68Average Equity 3,676.76 2,777.55 2,489.91Debt:Equity(Total Debt/Equity+Reserves) 0.80 0.91 0.99
Maximum Debt(5*Operating Profit) 5742.25 10287.5 9374.8
Current Ratio=Current Assets/Current LiabilitiesCurrent AssetsCash 13.94 32.56 179.53Debtors 1,419.41 1,230.37 1,185.21Inventories 1,896.02 2,230.63 2,208.90Loans Advances 4,788.26 4,796.04 4,360.81Total Current Assets 8117.63 8289.6 7934.45Average Total Current Assets 8203.615 8112.025 7445.605Current Liabilities 4,749.58 4,837.41 3,505.26Average Current Liabilities 4,793.50 4,171.34 3,253.97Current Ratio=Current Assets/Current Liabilities 1.71 1.94 2.29
Quick RatioCash 13.94 32.56 179.53Average Cash 23.25 106.045 184.225Current Liabilities 4,749.58 4,837.41 3,505.26Average Current Liabilities 4,793.50 4,171.34 3,253.97Quick Ratio=Cash/Current Liabilities 0.00 0.03 0.06
7. Turnover Ratios
Asset Turnover Ratio=Net Sales/Avg Total AssetsAssets 3,329.37 3,493.56 3,573.64Average Assets 3,411.47 3,533.60 3,211.43Asset Turnover Ratio=Net Sales/Avg Total Assets 3.66 3.77 3.55
Equity Turnover=Net Sales/Avg Net Worth
Net Worth 4,455.11 4,211.77 3,962.96Average Net Worth 4,333.44 4,087.37 3,809.63Equity Turnover=Net Sales/Avg Net Worth 2.88 3.26 2.99
Profit & Loss account of Ashok Leyland ------------------- in Rs. Cr. -------------------Mar '13 Mar '12
Mar '10 Mar '0912 mths 12 mths
7,436.18 6,168.99 120.54 Income
Sales Turnover 12,481.20 14,134.08Excise Duty 0 824.49Net Sales 12,481.20 13,309.59
5,534.24 4,554.36 Other Income 351.91 41.6844.47 38.42 Stock Adjustments -271.98 175.03
671.61 566.26 Total Income 12,561.13 13,526.3045.51 50.3 Expenditure
0.16 0.13 Raw Materials 8,925.14 9,702.206,295.99 5,209.47 Power & Fuel Cost 86 76.75
Employee Cost 1,075.51 1,039.071,140.19 959.52 Other Manufacturing Expenses 0 99.67
15.33 15.55 Selling and Admin Expenses 0 1,001.27Miscellaneous Expenses 1,246.10 334.4Preoperative Exp Capitalised 0 -25.09Total Expenses 11,332.75 12,228.27
7,777.37 6,241.11 Mar '13 Mar '126,926.63 5,696.95850.74 544.16 12 mths 12 mths204.11 178.41
646.63 365.75 Operating Profit 876.47 1,256.35101.85 157.3 PBDIT 1,228.38 1,298.03
544.78 208.45 Interest 376.89 255.250 0.26 PBDT 851.49 1,042.78
544.78 208.19 Depreciation 380.78 352.81121.1 18.45 Other Written Off 0 0
423.68 189.74 Profit Before Tax 470.71 689.97199.55 133.03 Extra-ordinary items 0 0
224.13 56.71 PBT (Post Extra-ord Items) 470.71 689.97Tax 37 124
5.70 3.08 Reported Net Profit 433.71 565.98Total Value Addition 2,407.62 2,526.05Preference Dividend 0 0Equity Dividend 159.64 266.07Corporate Dividend Tax 27.13 43.16Per share data (annualised)Shares in issue (lakhs) 26,606.77 26,606.77
4,107.54 3,195.69 Earning Per Share (Rs) 1.63 2.134,249.56 3,399.11 Equity Dividend (%) 60 100
330.01 1.15 Book Value (Rs) 16.74 10.898,687.11 6,595.957,641.53
6%
133.03 133.032,190.10 1,976.002,323.13 2,109.032,216.08
19%
133.03 133.03788.12 304.41
1,492.33 1,657.572413.48 2095.01
2254.24524%
5,534.24 4,554.363,002.68 2,207.292,604.98
2.12
171.81
2,778.92 0.001,638.24 1,330.011,484.13
1.87
194.93
7,436.18 6,168.991,022.06 957.97
990.02 7.51 48.59
(71.72)
788.12 304.411,492.33 1,657.572,280.45 1,961.982,121.22
133.03 133.032,190.10 1,976.002,323.13 2,109.032,216.08
0.96
5700.95 4797.6
188.92 86.931,022.06 957.971,638.24 1,330.014,107.54 3,195.696956.76 5570.66263.68
3,002.68 2,207.292,604.98
2.40
188.92 86.93137.925
3,002.68 2,207.292,604.98
0.05
2,849.22 2,374.912,612.06
2.85
3,656.30 3,473.893,565.10
2.09
------------------- in Rs. Cr. ------------------- Balance Sheet of Ashok Leyland ------------------- in Rs. Cr. -------------------Mar '11 Mar '10 Mar '09 Mar '13 Mar '12
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds12,393.36 8,071.74 6,826.96 Total Share Capital 266.07 266.07
986.21 635.56 657.97 Equity Share Capital 266.07 266.0711,407.15 7,436.18 6,168.99 Share Application Money 0 0
40.6 89.34 71.07 Preference Share Capital 0 0175.54 251.85 1.05 Reserves 4,189.04 2,632.34
11,623.29 7,777.37 6,241.11 Revaluation Reserves 0 1,313.36Networth 4,455.11 4,211.77
8,406.17 5,534.24 4,554.36 Secured Loans 1,903.46 960.4365.19 44.47 38.42 Unsecured Loans 1,601.36 1,435.10974.6 671.61 566.26 Total Debt 3,504.82 2,395.5386.04 45.51 50.3 Total Liabilities 7,959.93 6,607.30
857 645.89 495.68 Mar '13 Mar '120.19 0.16 0.13
-24.06 -15.25 -8.2 12 mths 12 mths10,365.13 6,926.63 5,696.95
Mar '11 Mar '10 Mar '09 Application Of FundsGross Block 7,715.37 7,174.30
12 mths 12 mths 12 mths Less: Accum. Depreciation 2,433.49 2,147.77Net Block 5,281.88 5,026.53
1,217.56 761.4 473.09 Capital Work in Progress 688.93 577.311,258.16 850.74 544.16 Investments 2,337.63 1,534.48
188.92 101.85 157.3 Inventories 1,896.02 2,230.631,069.24 748.89 386.86 Sundry Debtors 1,419.41 1,230.37
267.43 204.11 178.41 Cash and Bank Balance 13.94 32.560 0 0 Total Current Assets 3,329.37 3,493.56
801.81 544.78 208.45 Loans and Advances 1,458.89 1,302.480 0 0.26 Fixed Deposits 0 0
801.81 544.78 208.71 Total CA, Loans & Advances 4,788.26 4,796.04170.5 121.1 18.45 Deffered Credit 0 0631.3 423.67 190 Current Liabilities 4,749.58 4,837.41
1,958.96 1,392.39 1,142.59 Provisions 387.2 496.940 0 0 Total CL & Provisions 5,136.78 5,334.35
266.07 199.55 133.03 Net Current Assets -348.52 -538.3143.16 33.14 22.61 Miscellaneous Expenses 0 7.31
13,303.38 13,303.38 13,303.38
4.75 3.18 1.43200 150 100
19.97 17.46 15.85
------------------- in Rs. Cr. -------------------Mar '11 Mar '10 Mar '09
12 mths 12 mths 12 mths
133.03 133.03 133.03133.03 133.03 133.03
0 0 00 0 0
2,523.65 2,190.10 1,976.001,306.28 1,333.17 1,364.863,962.96 3,656.30 3,473.891,272.22 788.12 304.411,385.97 1,492.33 1,657.572,658.19 2,280.45 1,961.986,621.15 5,936.75 5,435.87
Mar '11 Mar '10 Mar '09
12 mths 12 mths 12 mths
6,691.89 6,018.63 4,953.272,058.10 1,769.07 1,554.164,633.79 4,249.56 3,399.11
387.82 619.71 1,043.191,230.00 326.15 263.562,208.90 1,638.24 1,330.011,185.21 1,022.06 957.97
179.53 188.92 86.933,573.64 2,849.22 2,374.91
787.17 928.31 819.630 330.01 1.15
4,360.81 4,107.54 3,195.690 0 0
3,505.26 3,002.68 2,207.29490.33 368.69 268.08
3,995.59 3,371.37 2,475.37365.22 736.17 720.32
4.31 5.17 9.69
