Analysis

Profit & Loss (Rs. in Crores) Particulars INCOME : Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income EXPENDITURE : Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Administration Expenses Miscellaneous Expenses Less: Pre-operative Expenses Capitalised Total Expenditure Operating Profit Interest Gross Profit Depreciation Profit Before Tax Tax Fringe Benefit tax Deferred Tax Reported Net Profit Extraordinary Items Adjusted Net Profit Adjst. below Net Profit P & L Balance brought forward Statutory Appropriations Appropriations P & L Balance carried down Dividend Preference Dividend Equity Dividend % Earnings Per Share-Unit Curr Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr

Mar 09

Mar 10E

105.12 11.02 94.10 10.72 6.80 111.62

138.21 9.28 128.93 26.45 4.84 160.22

83.15 2.62 6.83 6.42 8.68 4.96

114.65 3.39 7.51 8.33 11.60 15.45

0.00 112.66 -1.04 23.19 -24.23 8.18 -32.41 -0.13 0.14 0.00 -32.40 0.00 -32.40 0.00 -9.04 0.00 -41.46 0.00 0.00 0.00 0.00 0.00 0.00 36.27

0.00 160.93 -0.71 21.52 -22.23 9.99 -32.22 0.00 0.00 0.00 -32.22 0.00 -32.22 0.00 0.00 0.00 -7.03 -25.33 0.00 0.00 0.00 0.00 0.00 20.52

Networth Total Liabilities Total Current Assets Current Liabilities Total Current Liabilities Net Current Assets Total Assets Debt to Equity Ratio Interest Cover Ratio

175.63 303.46 210.50 87.26 87.73 122.77 303.46

143.41 265.00 214.94 129.81 120.47 94.47 286.76

1.73 -0.04

1.85 -0.03

300 250

Mar 11E

Mar 12E

Mar 13E 200

172.76 12.87 159.89 15.51 0.00 175.40

215.95 17.89 198.06 20.85 0.00 218.91

239.71 9.24 230.47 13.75 0.00 244.22

123.21 3.73 9.35 9.16 12.76 17.00

138.73 4.10 10.29 10.08 14.04 18.69

152.60 4.51 11.31 11.09 15.44 20.56

0 Mar 09

0.00 176.21 -0.53 18.54 -21.25 10.99 -31.00 0.00 0.00 0.00 -32.24 0.00 -32.24 0.00 0.00 0.00 -16.88 0.00 0.00 0.00 0.00 0.00 NA 21.32

0.00 195.92 22.99 15.41 7.58 12.09 -4.51 0.00 0.00 0.00 -4.51 0.00 -4.51 0.00 0.00 0.00 -0.36 -6.97 0.00 0.00 0.00 0.00 0.00 16.77

0.00 215.52 28.70 10.53 18.17 13.30 4.88 1.46 0.00 0.00 3.41 0.00 3.41 0.00 0.00 0.00 2.89 0.00 0.00 0.00 0.00 1.36 NA 30.75

20.00

150 100 50

Mar 10E

Mar 11E

40.00 30.00

10.00 0.00 -10.00 -20.00 -30.00 -40.00 Mar 09

3.00 2.50 2.00 1.50 1.00

Mar 10E

Mar 11E

2.50 2.00 1.50

111.17 237.58

106.66 210.16

110.08 182.74

1.00 0.50 0.00 -0.50 Mar 09

2.14 -0.03

1.97 1.49

1.66 2.73

Mar 10E

Mar 11E

INCOME : Sales Turnover

ar 10E

Mar 11E

Mar 12E

Operating Profit

Mar 10E

Mar 11E

Mar 12E

Debt to Equity Ratio

Mar 13E

Profit Before Tax

Mar 13E

Interest Cover Ratio

Debt to Equity Ratio

Mar 10E

Mar 11E

Mar 12E

Interest Cover Ratio

Mar 13E

Roads Urban Infrastructure Power Irrigation Railways Others

2001-02 to 2005-06 2006-07 to 2007-12 36% 38% 17% 19% 18% 14% 16% 12% 7% 10% 6% 7%

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2006-07 to 200712

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2001-02 to 200506

O

40% 35% 30% 25% 20% 15% 10% 5% 0%

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th e

rs

2006-07 to 200712

Method

FCFE= The FCFE is discounted at expected rate of r Discounting Rate

Risk Free Rate =7.75

Risk Premium =4.25 Average Int. volatility Discounting rate lower limit of the sector Discounting rate upper limit of the sector For Valuation Discounting rate ran

DCFE

Net Income + Depreciation Expenditure-increase in Working Cap+debt Infusion Repayments FCFE is discounted at expected rate of return by equity capital provider Risk Free Rate + Market Risk Premium

Risk Free Rate =7.75

Risk Premium =4.25 Average Int. volatility ounting rate lower limit of the sector ounting rate upper limit of the sector For Valuation Discounting rate range is 10.5% to 14.0%

Discounted Cash Flow To Equity

e of return by equity capital provider

te + Market Risk Premium Interest Rate on Long Term Govt. Securities Source (www.rbi.org.in)

Beta ( Expected market return of the similar listed Company Rate) 0.65 11.35 12.65 te range is 10.5% to 14.0%

FCFE Projections Year End 31-Mar FCFE 2012 8.4 2013 11.9 2014 14.4 2015 18.5 2016 22.3 2017 25.7 2018 40.1 2019 61.25 2020 85.86

Particulars INCOME : Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income EXPENDITURE : Raw Materials Power & Fuel Cost Employee Cost

Mar 09

Mar 10E

Mar 11E

105.12 11.02 94.10 10.72 6.80 111.62

138.21 9.28 128.93 26.45 4.84 160.22

172.76 12.87 159.89 15.51 0.00 175.40

83.15 2.62 6.83

114.65 3.39 7.51

123.21 3.73 9.35

Other Manufacturing Expenses

6.42

8.33

9.16

Selling and Administration Expenses Miscellaneous Expenses

8.68 4.96

11.60 15.45

12.76 17.00

0.00 112.66 -1.04 23.19 -24.23 8.18 -32.41 -0.13 0.14 0.00 -32.40 0.00 -32.40 0.00

0.00 160.93 -0.71 21.52 -22.23 9.99 -32.22 0.00 0.00 0.00 -32.22 0.00 -32.22 0.00

0.00 176.21 -0.53 18.54 -21.25 10.99 -31.00 0.00 0.00 0.00 -32.24 0.00 -32.24 0.00

-9.04 0.00 -41.46

0.00 0.00 -7.03

0.00 0.00 -16.88

P & L Balance carried down Dividend Preference Dividend Equity Dividend %

0.00 0.00 0.00 0.00

-25.33 0.00 0.00 0.00

0.00 0.00 0.00 0.00

Earnings Per Share-Unit Curr

0.00

0.00

0.00

Less: Pre-operative Expenses Capitalised Total Expenditure Operating Profit Interest Gross Profit Depreciation Profit Before Tax Tax Fringe Benefit tax Deferred Tax Reported Net Profit Extraordinary Items Adjusted Net Profit Adjst. below Net Profit P & L Balance brought forward Statutory Appropriations Appropriations

Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr

Networth Total Liabilities Total Current Assets Current Liabilities Total Current Liabilities Net Current Assets Total Assets Debt to Equity Ratio Interest Cover Ratio

0.00 36.27

0.00 20.52

NA 21.32

175.63 303.46 210.50 87.26 87.73 122.77 303.46

143.41 265.00 214.94 129.81 120.47 94.47 286.76

111.17 237.58

1.73 -0.04

1.85 -0.03

2.14 -0.03

Mar 12E

Mar 13E

215.95 17.89 198.06 44.85 0.00 242.91

239.71 9.24 230.47 37.75 0.00 268.22

138.73 4.10 10.29

152.60 4.51 11.31

10.08

11.09

14.04 18.69

15.44 20.56

0.00 195.92 46.99 15.41 31.58 12.09 19.49 5.85 0.00 0.00 13.64 0.00 13.64 0.00

0.00 215.52 52.70 10.53 42.17 13.30 28.88 8.66 0.00 0.00 20.21 0.00 3.41 0.00

0.00 0.00 -0.36

0.00 0.00 2.89

-6.97 0.00 0.00 0.00

0.00 0.00 0.00 0.00

40.00 30.00 20.00 10.00

Operating Pr

0.00 -10.00 -20.00 -30.00 -40.00 Mar 09

Mar 10E

Mar 11E

Mar

3.00 2.50

0.00

1.36 2.00 1.50 1.00

Debt to Ratio

3.00 2.50 2.00

0.00 16.77

NA 30.75

1.50

Debt to Ratio

1.00

124.81 210.16

128.22 182.74

0.50 0.00 -0.50 Mar 09

1.68 3.05

1.43 5.00

Mar 10E

Mar 11E

Mar

Operating Profit

Mar 11E

Mar 12E

Debt to Equity Ratio

Profit Before Tax

Mar 13E

Interest Cover Ratio

Debt to Equity Ratio

Mar 11E

Mar 12E

Interest Cover Ratio

Mar 13E

Particulars Operating Profit Profit Before Tax Debt to Equity Ratio Interest Cover Ratio

Mar 09 Mar 10E Mar 11E -1.04 -0.71 -0.53 -32.41 -32.22 -31.00 1.73 1.85 2.14 -0.04 -0.03 -0.03

Mar 12E Mar 13E 46.99 52.70 19.49 28.88 1.68 1.43 3.05 5.00

60.00 50.00 40.00 30.00

Operat Profit B Debt to Ratio Interes Ratio

20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 Mar 09

Mar 10E

Mar 11E

Mar 12E

1E

Operating Profit Profit Before Tax Debt to Equity Ratio Interest Cover Ratio

Mar 12E

Mar 13E