Balance Sheet of Ashok Leyland

------------------- in Rs.

Cr. -------------------

Mar '13 Mar '12

12 mths 12 mths

Total Share Capital 266.07 266.07

Equity Share Capital 266.07 266.07

Share Application Money 0 0

Preference Share Capital 0 0

Reserves 4,189.04 2,632.34

Revaluation Reserves 0 1,313.36

Networth 4,455.11 4,211.77

Secured Loans 1,903.46 960.43

Unsecured Loans 1,601.36 1,435.10

Total Debt 3,504.82 2,395.53

Total Liabilities 7,959.93 6,607.30

Mar '13 Mar '12

12 mths 12 mths

Gross Block 8,117.64 7,174.30

Less: Accum. Depreciation 2,709.45 2,147.77

Net Block 5,408.19 5,026.53

Capital Work in Progress 562.62 577.31

Investments 2,337.63 1,534.48

Inventories 1,896.02 2,230.63

Sundry Debtors 1,419.41 1,230.37

Cash and Bank Balance 13.94 32.56

Total Current Assets 3,329.37 3,493.56

Loans and Advances 1,458.89 1,302.48

Fixed Deposits 0 0

Total CA, Loans & Advances 4,788.26 4,796.04

Deffered Credit 0 0

Current Liabilities 4,749.58 4,837.41

Provisions 387.2 496.94

Total CL & Provisions 5,136.78 5,334.35

Net Current Assets -348.52 -538.31

Miscellaneous Expenses 0 7.31

Total Assets 7,959.92 6,607.32

Contingent Liabilities 320.7 985.92

Book Value (Rs) 16.74 10.89

Sources Of Funds

Application Of Funds

Profit & Loss account of Ashok Leyland

------------------- in Rs.

Cr. -------------------

Mar '13 Mar '12

12 mths 12 mths

Sales Turnover 13,298.56 14,134.08

Excise Duty 809.98 824.49

Net Sales 12,488.58 13,309.59

Other Income 351.91 41.68

Stock Adjustments -279.36 175.03

Total Income 12,561.13 13,526.30

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 110.34 99.67

Selling and Admin Expenses 0 1,001.27

Miscellaneous Expenses 1,135.77 334.4

Preoperative Exp Capitalised 0 -25.09

Total Expenses 11,332.76 12,228.27

`` Mar '13 Mar '12

12 mths 12 mths

Operating Profit 876.46 1,256.35

PBDIT 1,228.37 1,298.03

Interest 376.89 255.25

PBDT 851.48 1,042.78

Depreciation 380.78 352.81

Other Written Off 0 0

Profit Before Tax 470.7 689.97

Extra-ordinary items 0 0

PBT (Post Extra-ord Items) 470.7 689.97

Tax 37 124

Reported Net Profit 433.71 565.98

Total Value Addition 2,407.62 2,526.05

Preference Dividend 0 0

Equity Dividend 159.64 266.07

Corporate Dividend Tax 27.13 43.16

Expenditure

Income

Shares in issue (lakhs) 26,606.77 26,606.77

Earning Per Share (Rs) 1.63 2.13

Equity Dividend (%) 60 100

Book Value (Rs) 16.74 10.89

Cash Flow of Ashok Leyland

------------------- in Rs.

Cr. -------------------

Mar '13 Mar '12

12 mths 12 mths

Net Profit Before Tax 470.71 689.98

Net Cash From Operating Activities 728.3 1117.06

Net Cash (used in)/from

Investing Activities

Net Cash (used in)/from Financing Activities 416.98 -210.87

Net (decrease)/increase In Cash and Cash Equivalents -19.04 -151.33

Opening Cash & Cash Equivalents 26.85 175.37

Closing Cash & Cash Equivalents 7.81 24.04

Key Financial Ratios of Ashok Leyland

Mar '13 Mar '12

Investment Valuation Ratios

Face Value 1 1

Dividend Per Share 0.6 1

Operating Profit Per Share (Rs) 3.29 4.72

Net Operating Profit Per Share (Rs) 46.94 50.02

Free Reserves Per Share (Rs) -- 9.51

Bonus in Equity Capital 52.34 52.34

Profitability Ratios

Operating Profit Margin(%) 7.01 9.43

Profit Before Interest And Tax Margin(%) 3.94 6.76

Gross Profit Margin(%) 3.96 6.78

Cash Profit Margin(%) 4.18 6.84

Adjusted Cash Margin(%) 4.18 6.84

Net Profit Margin(%) 3.45 4.24

-1164.32 -1057.52

Per share data (annualised)

Adjusted Net Profit Margin(%) 3.45 4.24

Return On Capital Employed(%) 7.01 17.76

Return On Net Worth(%) 9.73 19.57

Adjusted Return on Net Worth(%) 3.23 19.41

Return on Assets Excluding Revaluations 16.74 10.87

Return on Assets Including Revaluations 16.74 15.8

Return on Long Term Funds(%) 7.75 18.11

Liquidity And Solvency Ratios

Current Ratio 0.73 0.88

Quick Ratio 0.56 0.48

Debt Equity Ratio 0.79 0.83

Long Term Debt Equity Ratio 0.61 0.8

Debt Coverage Ratios

Interest Cover 1.48 3.68

Total Debt to Owners Fund 0.79 0.83

Financial Charges Coverage Ratio 2.49 5.07

Financial Charges Coverage Ratio Post Tax 3.16 4.6

Management Efficiency Ratios

Inventory Turnover Ratio 7.01 6.63

Debtors Turnover Ratio 9.43 11.02

Investments Turnover Ratio 7.01 6.63

Fixed Assets Turnover Ratio 1.7 1.98

Total Assets Turnover Ratio 1.74 2.75

Asset Turnover Ratio 1.71 2.01

Average Raw Material Holding -- 31.17

Average Finished Goods Held -- 35.74

Number of Days In Working Capital -10.05 -14.56

Profit & Loss Account Ratios

Material Cost Composition 71.46 72.89

Imported Composition of Raw Materials Consumed 6.89 6.79

Selling Distribution Cost Composition -- 6.55

Expenses as Composition of Total Sales 12.15 12.36

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 43.06 54.63

Dividend Payout Ratio Cash Profit 22.93 33.65

Earning Retention Ratio -29.56 44.9

Cash Earning Retention Ratio 64.43 66.17

6.68 2.62

Mar '13 Mar '12

Earnings Per Share 1.63 2.13

Book Value 16.74 10.89

Mar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths

133.03 133.03 133.03

133.03 133.03 133.03

0 0 0

0 0 0

2,523.65 2,190.10 1,976.00

1,306.28 1,333.17 1,364.86

3,962.96 3,656.30 3,473.89

1,272.22 788.12 304.41

1,385.97 1,492.33 1,657.57

2,658.19 2,280.45 1,961.98

6,621.15 5,936.75 5,435.87

Mar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths

6,691.89 6,018.63 4,953.27

2,058.10 1,769.07 1,554.16

4,633.79 4,249.56 3,399.11

387.82 619.71 1,043.19

1,230.00 326.15 263.56

2,208.90 1,638.24 1,330.01

1,185.21 1,022.06 957.97

179.53 188.92 86.93

3,573.64 2,849.22 2,374.91

787.17 928.31 819.63

0 330.01 1.15

4,360.81 4,107.54 3,195.69

0 0 0

3,505.26 3,002.68 2,207.29

490.33 368.69 268.08

3,995.59 3,371.37 2,475.37

365.22 736.17 720.32

4.31 5.17 9.69

6,621.14 5,936.76 5,435.87

881.77 445.03 754.37

19.97 17.46 15.85

average net saleMar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths

12,393.36 8,071.74 6,826.96

986.21 635.56 657.97

11,407.15 7,436.18 6,168.99 10,162.1040.6 89.34 71.07

175.54 251.85 1.05

11,623.29 7,777.37 6,241.11

8,406.17 5,534.24 4,554.36

65.19 44.47 38.42

974.6 671.61 566.26

86.04 45.51 50.3

857 645.89 495.68

0.19 0.16 0.13

-24.06 -15.25 -8.2

10,365.13 6,926.63 5,696.95

Mar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths

1,217.56 761.4 473.09

1,258.16 850.74 544.16

188.92 101.85 157.3

1,069.24 748.89 386.86

267.43 204.11 178.41

0 0 0

801.81 544.78 208.45

0 0 0.26

801.81 544.78 208.71

170.5 121.1 18.45

631.3 423.67 190

1,958.96 1,392.39 1,142.59

0 0 0

266.07 199.55 133.03

43.16 33.14 22.61

13,303.38 13,303.38 13,303.38

4.75 3.18 1.43

200 150 100

19.97 17.46 15.85

Mar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths

801.8 544.77 208.45

591.38 1090.17 -525.58

-13.64 123.31 459.18

-339.98 430.32 -730.58

515.36 85.15 815.73

175.37 515.46 85.15

Mar '11 Mar '10 Mar '09

1 1 1

2 1.5 1

9.15 5.72 3.56

85.75 55.9 46.37

18.25 16.1 14.43

4.68 4.68 4.68

10.67 10.23 7.66

8.3 7.45 4.72

8.32 7.49 4.77

7.83 7.69 5.77

7.83 7.69 5.77

5.51 5.66 3.04

-917.73 -783.17 -664.18

5.51 5.66 3.04

18.6 12.89 8.78

23.8 18.27 9.05

23.72 15.99 8.65

19.94 17.42 15.78

29.76 27.45 26.04

18.6 12.89 8.78

1.09 1.22 1.29

0.53 0.72 0.72 `

1 0.98 0.93 0.906

1 0.98 0.93

5.23 5.83 2.27

1 0.98 0.93

6.65 7.83 3.41

5.76 7.16 3.34

5.86 5.11 5.36

10.34 7.51 9.25

5.86 5.11 5.36

1.73 1.25 1.26

2.19 1.65 1.54

1.82 1.31 1.46

42.33 40.15 44.36

32.96 36.3 41.55

11.53 35.64 42.04

73.69 74.42 73.82

7.04 7.65 5.37

6.67 7.68 6.98

10.31 8.66 15.93

48.98 54.92 81.91 56.7

34.4 37.06 42.24

50.87 37.24 14.36

65.52 59.53 56.79

2.96 3.97 5.45

Mar '11 Mar '10 Mar '09

4.75 3.18 1.43

19.97 17.46 15.85