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04
RESULTS FOR THE 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005
FINANCIAL YEAR
REVENUE ACCOUNT
Gross Revenue 12,042.6 10,405.0 9,064.3 7,202.0 5,753.5 5,003.4 4,062.8 3,360.7 2,777.4 2,338.8
Net Revenue from Operations 10,418.8 8,960.1 7,964.2 6,336.1 5,134.1 4,278.7 3,426.5 2,827.0 2,324.3 1,958.8
Growth Rates (%) 16.3 12.5 25.7 23.4 20.0 24.9 21.2 21.6 18.7 15.3
Materials Cost 5,940.0 5,163.4 4,746.3 3,646.9 2,840.2 2,606.9 1,956.1 1,660.7 1,351.7 1,128.4
% to Net Revenue 57.0 57.6 59.6 57.6 55.3 60.9 57.1 58.7 58.2 57.6
Earnings Per Share (EPS) (`) # *12.2 10.9 10.0 8.1 *8.1 *3.8 3.9 2.8 *2.0 *1.8
Dividend (%) 530.0 460.0 400.0 320.0 270.0 175.0 170.0 130.0 125.0 95.0
Book Value (`) # 37.5 31.5 25.9 20.6 16.2 11.4 9.7 7.8 6.5 6.0
OTHER INFORMATION
Number of Employees 5,870 5,236 4,937 4,640 4,382 4,260 3,924 3,868 3,681 3,550
Number of Shareholders 87,997 54,813 60,537 59,280 48,290 49,074 47,573 49,032 48,820 49,739
Note: From financial year 2010-11 figures have been regrouped as per Revised Schedule VI to the Companies Act, 1956.
* EPS calculated on Net Profit after exceptional items.
@ Includes Investments in Liquid Mutual Funds which is a part of cash and cash equivalents.
# With effect from 1 st August, 2013 face value of the Companys equity share has been subdivided from ` 10 per equity share to 10 (Ten) equity shares of ` 1 each and accordingly the
EPS and book value for all comparative periods have been restated.
(Figures in ` Crores except per share data and ratios)
RESULTS FOR THE 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010^ 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005
FINANCIAL YEAR
REVENUE ACCOUNT
Gross Revenue 14,567.2 12,488.1 10,778.0 8,610.8 7,314.5 6,229.8 5,075.9 4,259.9 3,510.0 2,951.5
Net Revenue from Operations 12,714.8 10,938.6 9,632.2 7,722.3 6,680.9 5,463.9 4,407.2 3,670.0 3,021.0 2,573.9
Growth Rates (%) 16.2 13.6 24.7 15.6 22.3 24.0 20.1 21.5 17.4 16.0
Materials Cost 7,340.7 6,413.0 5,795.3 4,474.6 3,758.0 3,370.6 2,577.6 2,199.4 1,792.1 1,502.6
% to Net Revenue 57.7 58.6 60.2 57.9 56.2 61.7 58.5 59.9 59.3 58.4
Overheads 3,376.2 2,793.6 2,328.2 1,919.6 1,695.6 1,425.5 1,170.6 989.9 838.3 736.6
% to Net Revenue 26.6 25.5 24.2 24.9 25.4 26.1 26.6 27.0 27.7 28.6
Operating Profit (EBITDA) 2,132.1 1,846.5 1,616.2 1,396.1 1,367.9 718.8 718.6 518.0 422.7 367.0
Finance Costs 42.2 36.7 41.0 23.2 28.5 26.3 21.2 18.9 11.4 10.8
Depreciation 245.7 154.6 121.1 113.1 83.6 74.4 59.2 61.1 60.6 61.4
Profit Before Tax and Exceptional
1,844.2 1,655.2 1,454.1 1,259.7 1,255.9 618.1 638.3 437.9 350.6 294.8
items
% to Net Revenue 14.5 15.1 15.1 16.3 18.8 11.3 14.5 11.9 11.6 11.5
Growth Rates (%) 11.4 13.8 15.4 0.3 103.2 (3.2) 45.8 24.9 18.9 20.0
Exceptional items (9.9) - - - 1.2 (1.2) (6.8) (7.8) (7.6) (7.7)
Profit Before Tax and after
1,834.3 1,655.2 1,454.1 1,259.7 1,257.0 616.9 631.4 430.2 343.0 287.1
Exceptional items
% to Net Revenue 14.4 15.1 15.1 16.3 18.8 11.3 14.3 11.7 11.4 11.2
Profit After Tax (after Minority
1,218.8 1,113.9 988.7 843.2 835.6 397.8 409.2 281.0 212.1 174.1
interest)
Return on average capital
47.6 50.3 54.3 58.9 74.4 46.5 56.3 45.9 42.2 40.6
employed (ROCE) (%)
Return on average net worth
32.8 36.3 40.1 43.3 57.4 36.4 46.5 39.5 35.0 31.7
(RONW) (%)
CAPITAL ACCOUNT
Share Capital 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
Reserves and Surplus 3,943.3 3,288.4 2,652.6 2,091.5 1,614.1 1,107.3 886.5 681.9 550.3 471.3
Deferred Tax Liability (Net) 187.8 154.4 92.8 85.2 56.2 53.3 39.1 26.8 34.1 35.3
Borrowings 249.2 251.0 341.1 233.4 229.2 308.6 275.2 306.2 261.3 239.5
Fixed Assets 2,491.8 2,456.0 1,876.1 1,316.0 1,280.1 905.1 691.7 493.2 451.9 437.0
Investments $ 1,423.6 778.8 750.7 922.0 624.1 78.4 276.7 192.7 164.1 113.8
Debt-Equity Ratio 0.06:1 0.07:1 0.12:1 0.11:1 0.13:1 0.26:1 0.28:1 0.39:1 0.4:1 0.42:1
Ten Year Review - Consolidated
Note: From financial year 2010-11 figures have been regrouped as per Revised Schedule VI to the Companies Act, 1956.
* EPS calculated on Net Profit after exceptional items.
^ This period includes 15 months (1 st January 2009 to 31st March 2010) of Overseas Subsidiaries.
05
Balance Sheet as at 31st March, 2014
(` in Crores)
Notes As at As at
31.03.2014 31.03.2013
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital 2 95.92 95.92
Reserves and Surplus 3 3,505.01 2,926.34
3,600.93 3,022.26
NON CURRENT LIABILITIES
Long Term Borrowings 4 39.51 46.26
Deferred Tax Liability (Net) 5 177.07 143.33
Other Long Term Liabilities 6 0.12 0.50
Long Term Provisions 7 80.24 76.58
296.94 266.67
CURRENT LIABILITIES
Trade Payables 8 1,498.84 1,214.12
Other Current Liabilities 9 747.52 719.38
Short Term Provisions 7 537.48 423.74
2,783.84 2,357.24
Total 6,681.71 5,646.17
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets 10 A 1,973.21 2,074.91
Intangible Assets 10 B 38.99 26.98
Capital work-in-progress 37.95 52.55
2,050.15 2,154.44
Non-current Investments 11 548.19 359.70
Long Term Loans and Advances 12 94.64 91.06
Other Non Current Assets 17 6.32 0.03
CURRENT ASSETS
Current Investments 13 482.00 105.00
Inventories 14 1,665.05 1,480.79
Trade Receivables 15 712.36 633.88
Cash and Bank balances 16 745.36 551.57
Short Term Loans and Advances 12 201.54 162.72
Other Current Assets 17 176.10 106.98
3,982.41 3,040.94
Total 6,681.71 5,646.17
Significant Accounting Policies 1
Notes are an integral part of the financial statements
As per our report of even date For and on behalf of the Board
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee
Directors Report
Other Income 19 173.66 126.12
Total Revenue (I) 10,592.44 9,086.19
EXPENSES
Cost of Materials Consumed 20A 5,758.71 5,125.48
Purchases of Stock-in-Trade 20B 256.58 174.11
Corporate Governance
Earnings per share (`) Basic and diluted 46 12.19 10.95
(Face value of ` 1 each)
Significant Accounting Policies 1
Notes are an integral part of the financial statements
As per our report of even date For and on behalf of the Board
Business Responsibility Report
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee
Directors Report
Net Cash used in financing activities (559.67) (590.65)
(D) Net Increase/(Decrease) In Cash and cash 193.79 50.60
equivalents
Cash and cash equivalents as at 1st April 551.57 500.97
Cash and cash equivalents as at 31st March 745.36 551.57
(` in Crores)
As at As at
31.03.2014 31.03.2013
(b) Cash and Cash Equivalent comprises of : (Refer Note 16)
Corporate Governance
* The Company can utilise these balances only towards settlement of unclaimed dividend and fractional bonus share.
(c) Previous years figures have been regrouped, wherever necessary.
As per our report of even date For and on behalf of the Board
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee
Business Responsibility Report
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee
(` in Crores)
Notes Year Year
2013-14 2012-13
(I) INCOME
Revenue from sale of goods and services (Net of discounts) 20 A 13,889.10 12,002.28
Less: Excise duty 1,307.46 1,127.93
Revenue from sale of goods and services (Net of discounts and excise duty) 12,581.64 10,874.35
Other Operating Revenue 20 B 133.17 64.26
134.22
Directors Report
Other Income 21 114.48
TOTAL REVENUE (I) 12,849.03 11,053.09
(II) EXPENSES
Cost of Materials Consumed 22A 7,025.28 6,265.13
Purchases of Stock-in-Trade 22B 405.72 297.43
Changes in inventories of finished goods, work in progress and stock-in-trade 22C (90.28) (149.56)
Corporate Governance
Earnings per share (`) Basic and diluted 34 12.71 11.61
(Face value of ` 1 each)
Significant Accounting Policies. 1
Notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board
Business Responsibility Report
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee
(` in Crores)
2013-14 2012-13
(A) Cash Flow From Operating Activities
Profit Before Tax 1,834.27 1,655.21
Adjustments for :
Depreciation, amortisation and exceptional item 255.62 154.60
Profit on sale of long term investments (9.61) (26.21)
Profit on sale of short term investments (2.68) (1.05)
Profit on Sale of fixed assets (7.11) (4.21)
Finance costs 42.22 36.65
Provision for doubtful debts and advances 4.74 3.66
Bad debts written off 1.35 7.18
Interest income (13.87) (13.73)
Dividend income (65.47) (32.89)
Other Non Cash Items (1.80) -
Net unrealised foreign exchange (gain)/ loss (2.86) -
Effect of exchange rates on translation of operating cashflows 13.51 4.71
Operating Profit before working capital changes 2,048.31 1,783.92
Adjustments for :
Inventories *# (230.77) (246.88)
Trade and Other Receivables *# (254.08) (299.32)
Trade and Other Payables *# 316.70 387.53
Cash generated from Operations 1,880.16 1,625.25
Income Tax paid (net of refund) (480.16) (438.46)
Net Cash generated from operating activities 1,400.00 1,186.79
(B) Cash Flow from Investing Activities
Purchase of fixed assets *# (249.21) (643.78)
Sale of fixed assets 15.63 7.06
Purchase of long term investments # (871.59) (246.90)
Sale of long term investments 460.25 329.23
Profit on sale of short term Investments 2.68 1.05
(Investments)/Maturity of bank deposits (having original maturity more than three months) (4.54) 10.21
Interest received 14.43 10.90
Dividend received 65.47 32.89
Amount infused by Minority Stakeholders in subsidiaries 22.93 -
Amount paid towards stake acquisition in subsidiary [Refer note 27 C (b)] (58.90) -
Net Cash used in investing activities (602.85) (499.34)
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings 1.82 5.69
Repayment of long term borrowings # (19.38) (6.10)
Proceeds from short term borrowings 42.61 27.35
Repayment of short term borrowings # (61.98) (128.50)
Finance costs paid (42.31) (37.09)
Dividend and Dividend tax paid (including dividend paid to Minority) (546.69) (462.35)
Net Cash used in financing activities (625.93) (601.00)
# Current year figures are net of adjustments pursuant to stake acquired in Sleek International Pvt. Ltd. [Refer note 27 C (a)]
* Previous year figures are net of non cash items pursuant to Composite Scheme of Restructuring [Refer note 28].
Directors Report
Restructuring [Refer Note 28]
Cash and Cash Equivalents as at 31st March 926.67 736.24
Notes :
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard-3 on
Cash Flow Statement.
As per our report of even date For and on behalf of the Board
Corporate Governance
For B S R & Associates LLP For Shah & Co. Ashwin Choksi K.B.S. Anand Dipankar Basu
Chartered Accountants Chartered Accountants Chairman Managing Director Chairman of
F.R.N. 116231W F.R.N. 109430W & CEO Audit Committee