2008 2008 Emami

Working Capital(in RS lakh)

Holding Period 80.14
Profitability Ratios
ROCE 33.63%
NPM 15.35%
Asset Turnover
Gross Profit Margin 15.20%
EBIDTA Margin
Assessing Liquidity
Current Ratio 2.25
Liquid Ratio 1.84
Financial Structure Ratios
Debt/ Equity Ratio 0.12
Gearing Ratios
Interest Coverage Ratio 20.08
Investment Ratios
Return on Net Worth 32.09%
EPS 14.92
Book Value 46.5
Price
P/E
Dividend paid per share 4.5
Dividend Payout Ratio 35.27

Others Advertisement Investments

Market Share
Growth in Market Share
Growth in Revenue
Growth in PAT
COGS as a percentage of Sales

2009 2009 Emami

Working Capital

Number of days in Working

Capital(holding period) 23.4
Profitability Ratios
ROCE 18.20%
NPM 11.85%
Asset Turnover
Gross Profit Margin 16.31%
EBIDTA Margin 15.29%
Assessing Liquidity
Current Ratio 0.72
 Liquid Ratio 0.84
Financial Structure Ratios
Debt/ Equity Ratio 1.49
Gearing Ratios
Interest Coverage Ratio 4.24
Investment Ratios
Return on Net Worth 29.63%
EPS 14.08
Book Value 47.52
Price
P/E
Dividend paid per share 4.5
Dividend Payout Ratio 45.51

Others Advertisement Investments(in Rs. Lakhs)

Market Share
Growth in Market Share
Growth in Revenue
Growth in PAT
COGS as a percentage of Sales 42.75%

2010 2010 Emami

Net Sales BS 100685.42
Working Capital B/S net current assets 25765.89
WC Turnover Ratio net Sales/ WC 3.91
Holding Period Money control 89
Profitability Ratios
ROCE Money control 17.93%
NPM Money control 16.09%
Asset Turnover Ratio Money control 3.56
Gross Profit Margin Money control 12.56%
EBIDTA Margin PBIT+dep)/net sales 24.74%
Assessing Liquidity
Current Ratio MC 1.33
Liquid Ratio MC 1.93
Financial Structure Ratios
Debt/ Equity Ratio MC 0.41

Capital Gearing Ratios(long term

liabilities/eq shldr finds)
Interest Coverage Ratio MC 2.86

Return on Net Worth MC 26.64%

EPS MC 21.86
Book Value MC 82.05
Price
P/E 0
Dividend paid per share MC 6
Dividend Payout Ratio MC 32.1

Advertisement Investments BS= adv +sales promotion 17,120.15

Advertisement Investments as % of S=C93/C92 17.00
Market Share
Growth in Market Share
COGS as a percentage of Sales (cost of materials/net sale 37.94

…
 HUL(yr ended Nestle(yr ended
Dabur Marico dec 07) Godrej Consumer Britannia Dec 2007) ITC
-136545 -1247 20480
-5.8 76.11 -42.05 -8.7 28.82 -35.85 52.39

67.51% 33.60% 138.72 66.03 26.37 150.33 36.6

15.06% 9.06% 12.58 16.5 7.31 11.73 21.5
6.61 6.54 306.65 3.11 1.59
17.37% 12.06% 15.86 20.51 7.85 20.05 28.44
10.53 17.24 27.5

0.91 1.33 0.68 0.86 1.22 0.66 1.36

0.58 1.07 0.25 0.34 0.68 0.23 0.56

0.03 1.09 0.06 0.89 0.14 0.01 0.02

46.79 12.08 83.09 23.07 35.49 741.2 258.92

61.58% 51.17% 122.97 100.32 26.07 98.9 25.99

3.67 2.35 8.12 6.56 76.95 42.92 8.28
6.11 4.6 6.61 6.66 316.37 43.4 31.85

1.5 0.66 9 4 18.00 33 3.5

47.86 32.54 131.8 73.26 26.34 89.5 49.45

9006.06 17977.71

HUL(15months
Dabur Marico ended march 09) Godrej Consumer Britannia Nestle (yr ended DITC

41.32 75.32 1.58 108.29 13.43 -35.17 62.19

47.98% 38.80% 118.59 32.65 25.29 163.97 34.6

15.44% 7.35% 12.09 14.22 5.75 12.24 21.18

17.19% 13.13% 13.50 14.23 6.12 17.20 29.17

85.76% 13.81% 16.04% 19.29% 9.72% 20.90% 35.05%

1.19 1.28 0.92 2.07 1.27 0.66 1.42

 0.99 1.25 0.51 1.72 0.65 0.29 0.61

0.19 0.84 0.2 0.12 0.03 not gvn 0.01

38.34 10.08 116.18 26.89 18.38 473.22 168.97

51.20% 38.64% 121.34 30.08 22.60 42.83 23.85

4.32 2.33 11.47 6.29 75.51 55.39 8.65
8.53 6.04 9.45 20.9 345.14 49.09 36.24

1.75 0.66 7.5 4 40.00 42.5 3.7

47.41 32.84 76.47 74.58 61.97 89.76 50.06

215381.99 15488.83 21118.46

51.02% 60.35% 55.63% 55.44% 61.38% 47.90% 41.89%

Nestle (yr ended

Dabur Marico HUL Godrej Consumer Britannia Dec 2009) ITC
285687 202430 1752380 126788 340140.28 512937.67
4579 44104 -1365.45 15790.77 3550.95 -56,583
62.39 4.59 -1283.37 8.03 95.79 -9.07 #DIV/0!
3.76 89.85 -22.62 42.83 -3.60 -41.86 -13.69

61.62% 34.07% 106.78 35.73 24.67 160.29 42.64

15.03% 11.65% 12.29 18.87 3.38 12.67 21.30
4.31 7.88 11.84 26.85 165.86 3.24 1.58
18.06% 15.37% 14.70 20.39 4.89 17.58 29.74
19.76% 16.60% 16.54% 24.68% 6.21%

0.93 1.17 0.84 1.90 0.94 0.60 0.92

0.68 1.23 0.46 0.95 0.43 0.24 0.39

0.14 0.66 ----------------- 0.01 1.08 --------------- 0.01

3081.90/doubt
52.35 21.49 395.13 216.85 48.28 666.25 82.46

58.04% 41.11% 85.25 29.98 29.40 112.68 28.98

4.99 3.86 10.09 8.05 48.77 67.94 10.64
8.64 9.38 11.84 26.85 165.86 60.29 36.69
 0 0 0 0 0 0 0
2 0.66 6.5 4.25 25.00 48.5 10
46.86 20.01 75.2 59.34 59.77 83.52 109.63

39003 22165 239143 9338.24 26879.85 26751.19

13.65 10.95 13.65 7.37 7.90 5.22

48.09 53.60 50.79 45.53 63.77 47.90

 Industrial Standards (wherever
applicable) Comments

** ratios are taken as it is while the absolute figures are scaled downn from 15 months to 12months
 dbrttrs tovr ratio

CE depnds- is less hul -ve wc so high ROCE tho margin is high there is no volumes and depe
products and structure

cash rich policy due to WC

low
vol incr
90 days too high for FMCG

emami with other than

re is no volumes and dependent on debts(int costs) ROE
Ask EMAMI

distribution structure?
dealers?
payments?
mfg outsourced?
reduce WC days?
hul
FA
WC

within itselcompar
8
excel excluding nestle n HUL 9
product lines dealesrshiup? Oustsourcing ? 10
possible to reduce loan n wc
WC turnover ratios
indv expenses to sales COGS &ADV
Questions
1. Business Valuation
2. P/E