acnts file

7/30/2019 Acnts File

1/19

ASSIGNMENT ON

FINANCIAL STATEMENT ANALYSIS

Of

RELIANCE INDUSTRIES LIMITED

Submitted by:

Ritesh Kumar Mishra (2011MB89)

Submitted to:

Dr. Tanuj Nandan

SCHOOL OF MANAGEMENT STUDIES

MOTILAL NEHRU NATIONAL INSTITUTE OF TECHNOLOGY


2/19

INTRODUCTION

Reliance Industries Ltd. (RIL) was incorporated on 11 February

1966 as Reliance Textile Industries Pvt. Ltd. in Mumbai, Maharashtra.

During the same year, it established a synthetic fibres mill at Naroda

in Gujarat. The company converted itself into a public limited

company on 28 June 1975 and the name was changed to Reliance

Textiles Industries Ltd. with effect from 9 July 1975. The company

was renamed as Reliance Industries Ltd. on 27 June 1985. The equity

shares of the company was listed on the Bombay Stock Exchange

(BSE) in 1977.

RIL is the flagship company of the Reliance Group. The

company was promoted by Late Dhirubhai H Ambani and he

managed the company till 1986. The company's management was

handed over to his sons Mukesh Ambani and Anil Ambani in 1986

due to ill health of Dhirubhai H Ambani.

The Hazira complex of RIL manufactures a wide range of

polymers, polyesters, fibre intermediates and petrochemicals. Its

polymer business is integrated with its cracker facility at Hazira and

its Jamnagar refinery, ensuring feedstock availability at all times. RIL

is the largest producer of polyester fibre and yarn in the world. RIL's

polyester segment constitutes filament yarn business, staple fibre

business and textured yarn business (PFY, PSF, PET). It also

manufactures polyester intermediates like paraxylene (PX), purifiedterephthalic acid (PTA) and mono ethylene glycol (MEG). The

product portfolio also includes petrochemicals like ethylene glycol,

olefins, aromatics, linear alkyl benzene (LAB) and polyethylene

terephthalate (PTA).


3/19

HISTORY

The Reliance empire headed for a split in 2005, after a feud over ownership issues

cropped up between the two Ambani brothers. As a result, RIL demerged its investmentsin power generation and distribution, financial services and telecommunication services

into three separate entities during 2005-06. The group headed by Mukesh Ambani -

Reliance Industries group retained RIL and other companies spanning the petroleum value

chain. Anil Ambani's group was renamed as Reliance Anil Dhirubhai Ambani Group

(Reliance ADA Group) and was given the ownership of the demerged companies,

Reliance Energy, Reliance Infocomm and Reliance Capital. The existing shareholders

then received shares in the new entities in the same proportion of their equity holdings in

RIL.

Mukesh Ambani is the Managing Director of RIL. Nikhil R Meswani, Hital R

Meswani, H S Kohli and P M S Prasad are Executive Directors. Late R Ravimohan - who

was with Crisil as Managing Director & CEO for 16 years joined the Reliance Board as

Executive Director in August 2007. However, his tenure ended soon after his demise in

December 2009.

The company's business spans the entire petroleum value chain. It operates in three

major segments viz. exploration & production of crude oil & gas, refining & marketing ofpetroleum products and production of petrochemicals & its intermediates. In 2002--03,

RIL acquired 26 per cent stake in IPCL through Government of India's disinvestment

plan. Later, RIL increased its holding and finally merged IPCL into itself during 2006--07.

This acquisition enabled RIL expand its hold in the petrochemicals market.

The company's Jamnagar refinery plant in Gujarat is a 33 million tonnes per annum

fully integrated refinery with downstream petrochemicals units. It accounts for 22.2 per

cent of the total refining capacity in India. It produces a range of petroleum products

including cooking gas, transport fuels and petrochemical feedstocks. With a complexity

index of 11.3 (as defined by the Nelson Complexity Index) RIL's refinery is able to

process heavier and sour varieties of crude oil as compared to other refineries in India.

This enables the company to benefit from lower input cost compared to light crude oils.


4/19

RATIO ANALYSIS

Ratio analysis is a process of identifying the financial strengths and weaknesses of the firm. This may be

accomplished either through a trend analysis of the firms ratios over a period of time or through a

comparison of the firms ratios with its nearest competitors and with the industry averages.

Ratio analysis is a very useful tool to raise relevant questions on a number of managerial issues. It

provides clues to investigate those issues in detail. However, caution needs to be applied while

interpreting ratios as they are calculated from the accounting numbers. Accounting numbers suffer from

accounting policy changes, arbitrary allocation procedures and inflation.

1.PROFITABILITY RATIOA class of financial metrics that are used to assess a business's ability to generate earnings as

compared to its expenses and other relevant costs incurred during a specific period of time. For

most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a

previous period is indicative that the company is doing well.

a) Gross Profit Margin Ratio:

The gross profit margin reflects the efficiency with which management produces each unit of

product. This ratio indicates the average spread between the cost of goods sold and the sales

revenue.

Gross Profit Margin Ratio = (Gross Profit / Sales) * 100

Gross profit = PBDITA (profit before depreciation, interest, tax and amortization)

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

25.6968428 27.63904 33.5296761 19.9176605 17.102993 19.1169587


5/19

Analysis: Decrease in gross profit ratio indicates that direct expenses are increasing and cost of

goods sold is increasing.

b) Net Profit Margin Ratio:

Net profit margin ratioestablishes the relationship between net profit and sales and indicates

management efficiency in manufacturing, administrating and selling of the product.Net profit is

obtained when operating expenses, interest and taxes are subtracted from the gross profit.

Net Profit Margin Ratio = (Net Profit / Sales) * 100

Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11


20.1077116 20.9963331 27.1424728 14.8533828 12.3210514 14.0526032


6/19

Analysis:Previously the net profit was increasing but after 2008 it goes down, this indicates

operating expenses increases year to year.

c) Operating Ratio:

The operating ratio is a financial term defined as a company's operating expenses as a percentage

of revenue. This financial ratio is most commonly used for industries which require a large

percentage of revenues to maintain operations, such as railroads.

Operating ratio= (Cost of Goods Sold + Operating Expenses)/Net Sales

Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11


13.596038 13.419113 19.2609135 12.0490989 8.93445911 9.53575427


7/19

Analysis:In the previous years the operating ratio decreases but after 2008 it starts increasing,

this indicates that cost of goods sold increases in the later years.

2) SOLVENCY RATIO

The solvency ratio is a measure of the risk an insurer faces of claims that it cannot absorb. The

amount of premium written is a better measure than the total amount insured because the level of

premiums is linked to the likelihood of claims.

a) Debt Equity Ratio:

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion

of shareholders' equity and debt used to finance a company's assets. Closely related

to leveraging, the ratio is also known as Risk, Gearing or Leverage. The two components are

often taken from the firm's balance sheet or statement of financial position (so-called book

value), but the ratio may also be calculated using market values for both, if the company's

debt and equity are publicly traded, or using a combination of book value for debt and market

value for equity financially.

Debt Equity Ratio = Long Term Debt / Share Holders Fund

2006 2007 2008 2009 2010

0.4842445 0.45381485 0.48370757 0.64495705 0.4868464

Analysis:Decreasing ratio indicates that the borrowing is decreasing year by year.


8/19

b)Interest Coverage Ratio:A ratio showing the interest coverage of a firm, calculated by dividing long-term debt by the

amount of capital available:

Int coverage ratio = (Net Profit before intrest and tax/Intrest on long term debt)

2006 2007 2008 2009 2010

13.2151897 13.2376823 22.3794823 11.764566 11.4071712

Analysis:It indicates that the company is borrowing less from outside in the later years.

c) Proprietary Ratio or Equity Ratio:The equity ratio is a financial ratio indicating the relative proportion of equity used to finance

a company's assets. The two components are often taken from the firm's balance sheet or

statement of financial position (so-called book value), but the ratio may also be calculated

using market values for both, if the company's equities are publicly traded.

Equity Ratio = Proprietary Fund / Total Assets

2006 2007 2008 2009 2010

10.4143681 11.3283399 14.5678594 7.72997703 6.53080734


9/19

Analysis: In the year 2008 it increases, which shows that the business expands but in the later

years it decreases which indicates that the business is not expanded.

3)ACTIVITY RATIOS:Activity ratios measure the effectiveness of the firms use of resources.

a) Credit Turnover Ratio:A ratio of how effectively a publicly-traded company manages the credit to

produce revenues.

Credit Turnover Ratio = (Net Credit Purchase/Average Crediter)

2006 2007 2008 2009 2010

5.06534406 6.50428265 6.25600054 6.90899599 7.52305615


10/19

Analysis: In the previous years it decreases, which indicates that the sales are less but later it increases

which indicates that the sales are increased.

b) Net Working Capital Turnover Ratio:Working capital is used by lenders to help gauge the ability for a company to weather

difficult financial periods. Working capital is calculated by subtracting current liabilities

from current assets. Due to differences in businesses and the fact that working capital is

not a ratio but an absolute amount, it is difficult to predict what the ideal amount of

working capital would be for your business.

Net Working Capital Turnover Ratio = Net Sales/Net Working Capital

2006 2007 2008 2009 2010

10.1762691 -1.89251647 -4.25095602 -30.3190695 -11.7278764

Analysis:It decreases which is not good for the company because all the assets are not

utilized by the company.

c) Inventory Turnover Ratio:In accounting, the Inventory turnover is a measure of the number of times inventory is

sold or used in a time period such as a year. The equation for inventory turnover equals

the cost of goods sold divided by the average inventory. Inventory turnover is also known

as inventory turns, stockturn, stock turns, turns, and stock turnover.

Inventory Turnover Ratio = Cost of Goods Sold/Average Inventory

2006 2007 2008 2009 2010

19.0819892 25.7662195 24.4095763 23.5442617 21.7793414


11/19

Analysis:It indicates that the cost of goods is increasing due to which the company earnsless profit.


12/19

Appendices

Appendix I Brief Profile of Company

Appendix II Assets

Appendix III Liabilities

Appendix IV Income and Expenditure


13/19

APPENDIX I

Brief profile

Reliance Industries Ltd.

Website: www.ril.com

Industry Petroleum products (Refineries) Industry P/E 45.6

ROC Reg. No. 19786 Incorporation Year 1966

Ownership Reliance Group [Mukesh Ambani]

Registered office address

Maker Chambers IV, 3rd Floor, 222 Nariman Point, Mumbai - Maharashtra

Tel no. 30325000

Fax no. 22785111

ISIN Code INE002A01018

BSE Demat Code 500325

BSE Listing group A

NSE Scrip Code RELIANCE

Face value (Rs) 10

Beta 1.015

Listed On Ahmedabad , Bangalore , Bombay , Cochin , Calcutta , Delhi , Luxembourg , Madras , National , Pune ,Uttar Pradesh (Kanpur)

Company Background

Reliance Industries Ltd. (RIL) was incorporated on 11 February 1966 as Reliance Textile Industries Pvt. Ltd. in Mumbai,Maharashtra. During the same year, it established a synthetic fibres mill at Naroda in Gujarat. The company converted itself into apublic limited company on 28 June 1975 and the name was changed to Reliance Textiles Industries Ltd. with effect from 9 July1975. The company was renamed as Reliance Industries Ltd. on 27 June 1985. The equity shares of the company was listed onthe Bombay Stock Exchange (BSE) in 1977.

RIL is the flagship company of the Reliance Group. The company was promoted by Late Dhirubhai H Ambani and he managed thecompany till 1986. The company's management was handed over to his sons Mukesh Ambani and Anil Ambani in 1986 due to illhealth of Dhirubhai H Ambani.

The Reliance empire headed for a split in 2005, after a feud over ownership issues cropped up between the two Ambani brothers.As a result, RIL demerged its investments in power generation and distribution, financial services and telecommunication servicesinto three separate entities during 2005-06. The group headed by Mukesh Ambani - Reliance Industries group retained RIL and

other companies spanning the petroleum value chain. Anil Ambani's group was renamed as Reliance Anil Dhirubhai Ambani Group(Reliance ADA Group) and was given the ownership of the demerged companies, Reliance Energy, Reliance Infocomm andReliance Capital. The existing shareholders then received shares in the new entities in the same proportion of their equity holdingsin RIL.

Mukesh Ambani is the Managing Director of RIL. Nikhil R Meswani, Hital R Meswani, H S Kohli and P M S Prasad are ExecutiveDirectors. Late R Ravimohan - who was with Crisil as Managing Director & CEO for 16 years joined the Reliance Board asExecutive Director in August 2007. However, his tenure ended soon after his demise in December 2009.

The company's business spans the entire petroleum value chain. It operates in three major segments viz. exploration & productionof crude oil & gas, refining & marketing of petroleum products and production of petrochemicals & its intermediates. In 2002--03,RIL acquired 26 per cent stake in IPCL through Government of India's disinvestment plan. Later, RIL increased its holding andfinally merged IPCL into itself during 2006--07. This acquisition enabled RIL expand its hold in the petrochemicals market.


14/19

The company's Jamnagar refinery plant in Gujarat is a 33 million tonnes per annum fully integrated refinery with downstreampetrochemicals units. It accounts for 22.2 per cent of the total refining capacity in India. It produces a range of petroleum productsincluding cooking gas, transport fuels and petrochemical feedstocks. With a complexity index of 11.3 (as defined by the NelsonComplexity Index) RIL's refinery is able to process heavier and sour varieties of crude oil as compared to other refineries in India.This enables the company to benefit from lower input cost compared to light crude oils.

The Hazira complex of RIL manufactures a wide range of polymers, polyesters, fibre intermediates and petrochemicals. Its polymer

business is integrated with its cracker facility at Hazira and its Jamnagar refinery, ensuring feedstock availability at all times. RIL isthe largest producer of polyester fibre and yarn in the world. RIL's polyester segment constitutes filament yarn business, staple fibrebusiness and textured yarn business (PFY, PSF, PET). It also manufactures polyester intermediates like paraxylene (PX), purifiedterephthalic acid (PTA) and mono ethylene glycol (MEG). The product portfolio also includes petrochemicals like ethylene glycol,olefins, aromatics, linear alkyl benzene (LAB) and polyethylene terephthalate (PTA).


15/19

APPENDIX II

Assets

Reliance Industries Ltd.

Mar

2006

Mar

2007

Mar

2008

Mar

2009

Mar

2010 Mar 2011

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

-

Gross fixed assets 91927.92 107060.9 127234.94 218672.53 228003.53 234071.53

Land & building 4714.28 7410.37 7039.02 9584.57 10058.96 10311.83

Plant & machinery 75289.97 86727.89 90240.14 123755.11 134276.62 136197.72

Transport & comm. equipment/infrastructure 1186.41 1207.37 659.19 761.23 741.96 748.29

Furniture,amenities & other fixed assets 1569.32 1765.94 1990.1 3903.65 6282.09 6804.7

Capital work-in-progress 6470.88 7117.72 21586.8 51948.64 10685.62 10933.53

Intangible assets 2210.15 2421.2 4300.65 11624.14 64505.08 67189.43

Net pre-operative expenses pending allocation 486.91 410.41 1419.04 17095.19 1453.2 1886.03

Net lease reserve adjustment 0 0 0 0 0 0

Less: Cumulative depreciation 29253.38 35872.31 42345.47 49285.64 62604.82 78545.5

Less: Arrears of depreciation 0 0 0 0 0 0

Net fixed assets 62674.54 71188.59 84889.47 169386.89 165398.71 155526.03

Investments 5846.18 16251.34 22063.6 21606.49 23228.62 37651.54

Equity shares 3116.78 12974.87 13271.35 6937.83 8138.63 13903.51

Preference shares 10 460 4779.57 11071.72 5940.6 7768.55

Mutual funds 1490.91 1942.16 320 0 779.07 5897

Debt instruments 1228.48 767.26 2139.84 2233.45 8369.97 10082.46

Approved securites (slr/statutory req.) 0 0 0 0 0 0

Assisted companies 0 0 0 0 0 0

Others 0.01 200.55 1552.84 1363.49 0.35 0.02

Less: Provision for dimunition in value of investments 0 93.5 0 0 0 0

Group companies 3825.26 14145.57 18761.62 18720.21 14790.71 22383.54

Non-group companies 1513.99 1952.94 1517.76 1143.17 8432.52 15263.06

Market value of quoted investments 780.71 24454.46 53446.09 2930.63 9027.29 15839.31

Deferred tax assets 121.7 297.64 310.53 247.51 242.95 180.95

Current assets 19932.3 23731.91 36574.83 49836.26 59085.51 84129.6

Cash & bank balance 2146.16 1835.35 4280.05 22176.53 13462.65 27134.86

Inventories 10119.82 12136.51 14247.54 14836.72 26981.62 29825.38

Receivables 6836 9446.62 17671.96 11655.91 17373.75 25940.8

Expenses paid in advance 830.32 313.43 375.28 1167.1 1267.49 1228.56

Loans & advances 4642.15 6181.44 6311.01 4876.01 3293.59 7412.23

Deferred revenue expenditure 0 0 0 0 0 0

Total assets 93216.87 117650.92 150149.44 245953.16 251249.38 284900.35


16/19

APPENDIX III

Liabilities

Reliance Industries Ltd.Mar

2006Mar

2007Mar

2008Mar

2009Mar

2010 Mar 2011

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

-

Net worth 49804.26 63967.13 79766.2 126372.97 137170.61 151548.85

Authorised capital 2500 2500 2500 2500 5000 5000

Issued equity capital 1393.51 1393.51 1453.65 1573.79 3270.37 3273.37

Paid up equity capital (net of forfeited capital) 1393.17 1393.21 1453.39 1573.53 3270.37 3273.37

Forfeited equity capital 0 0 0 0 0 0

Paid up preference capital (net of forfeited capital) 0 0 0 0 0 0

Capital contibution, suspense and application money 0 60.14 0 69.25 0 8.53

Reserves & surplus 48411.09 62513.78 78312.81 124730.19 133900.24 148266.95

Free Reserves 41994.66 58095.57 75675.31 110839.15 123688.12 141392.1

Security premium reserves (Net of deductions) 15465.57 21330.2 21312.02 51454.96 50688.67 50878.24

Other free reserves 26529.09 36765.37 54363.29 59384.19 72999.45 90513.86

Specific Reserves 1766.24 1766.24 1766.24 2106.29 1407.85 1407.85

Revaluation Reserves 4650.19 2651.97 871.26 11784.75 8804.27 5467

Less Accumulated losses 0 0 0 0 0 0

Total borrowings 21865.61 27825.73 38162.08 73904.48 62494.69 67396.68

Bank borrowings 12466.1 16992.89 27453.47 60724.82 47159.59 53085.23

Short term bank borrowings 4142.82 7270.27 7442.33 6224.29 4215.62 11992.17

Long term bank borrowings 8323.28 9722.62 20011.14 54500.53 42943.97 41093.06

Financial institutional borrowings 0 0 0 0 0 0

Central & state govt. (usually sales tax deferrals) 0 0 0 0 0 0

Debentures / bonds 6038.35 5346.26 5800.52 8642.12 9682.82 10007.82

Convertible 0 0 0 0 0 0

Non-convertible 6038.35 5346.26 4118.12 8642.12 9682.82 10007.82

Fixed deposits 0 0 0 0 0 0

Foreign borrowings 1150.53 876.95 1075.22 0 1234.67 312.17

Of which : euro convertible bonds 0 0 0 0 0 0

Borrowings from corporate bodies 0 0 0 0 0 0

Group / associate cos. 0 0 0 0 0 0

Borrowings from promoters / directors 0 0 0 0 0 0

Commercial paper 0 0 0 0 500 0

Hire purchase borrowings 0 0 0 0 0 0

Deferred credit 0 25.02 27.62 22.4 18.31 15.22

Other borrowings 2210.63 4584.61 3805.25 4515.14 3899.3 3976.24

Secured borrowings 7664.9 9569.12 8282.57 10697.92 11670.5 10571.21

Unsecured borrowings 14200.71 18256.61 29879.51 63206.56 50824.19 56825.47

Current portion of long term debt 981.4 1173.3 926 742.3 175 655

Current liabilities & provisions 16454.48 18578.4 24038.09 35701.9 40414.83 54212.07

Sundry creditors 12166.87 16467.24 20590.45 31579.09 36055.6 48837.59

Acceptances 0 0 0 0 0 0


17/19

Deposits & advances from customers & employees 0 0 0 0 0 0

Interest accrued 310.23 314.57 376.99 1017.26 469.22 490.82

Share application money 0 0 0 1.42 1.36 1.36

Other current liabilities 86.4 83.72 78.03 93.23 323.22 318.82

Provisions 3890.98 1712.87 2992.62 3010.9 3565.43 4563.48

Deferred tax liability 5092.52 7279.66 8183.07 9973.81 11169.25 11742.75

Total liabilities 93216.87 117650.92 150149.44 245953.16 251249.38 284900.35

Net worth (net of reval & DRE) 45154.07 61315.16 78894.94 114588.22 128366.34 146081.85

Contingent liabilities 33224.6 55950.68 46880.76 45172.43 32883.22 59643.6


18/19

APPENDIX IV

Income and expenditure indexed

Reliance Industries Ltd.Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

Rs. Crore12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Total Income

100 132.3193 162.4958 165.3714 226.7371 291.9145

Sales 100 132.796 156.264 164.184 224.8539 290.2134

Industrial Sales 100 132.878 156.3619 164.2992 225.0242 290.4464

Income from non-financial services 100 59.08494 68.25573 60.55954 71.68973 80.74942

Income from financial services 100 66.18443 1110.495 345.3705 531.6761 583.1637

Interest 100 58.49431 139.8336 330.3819 445.0736 553.2945

Dividends 100 480.4367 81.86275 132.8431 10.73975 10.69519

Treasury operations 100 4.500735 6603.246 481.115 1136.583 901.6736

Prior period income & extraordinary income 100 282.5949 828.3228 772.943 453.7975 383.8608

Change in stock 100 30.71523 -87.6111 20.06203 185.2435 152.1709

Total Expenses 100 129.7746 150.3087 161.2589 230.8926 295.7883

Raw materials expenses 100 138.0042 162.2148 187.1254 263.343 343.588

Packaging expenses

Purchase of finished goods 100 72.38418 238.7679 87.64531 119.0646 58.19691

Power, Fuel & water charges 100 197.3104 179.0903 292.7765 236.134 196.7329

Compensation to employees 100 214.0171 216.4117 249.0449 240.2146 268.1966

Indirect taxes 100 71.69803 54.44531 41.80958 80.39804 102.1575

Royalties, technical know-how fees, etc.

Lease rent & other rent 100 663.9107 516.2342 176.4635 16.53591 4.103802

Repairs and maintenance 100 176.0505 185.3797 146.6259 164.1504 224.7874

Insurance premium paid 100 125.563 133.6865 149.1262 223.1916 242.4522

Outsourced mfg jobs 100 162.4904 163.7185 200.755 424.0563 545.6135

Outsourced professional jobs 100 208.1424 248.8161 253.11 204.6593 258.7172

Directors fees 100 139.3939 630.303 60.60606 57.57576 63.63636

Selling and distribution expenses 100 122.1781 129.2421 137.4864 169.6733 219.1632

Travel expenses 100 145.7025 188.6662 140.1581 66.48853 82.53173

Communication expenses

Printing & Stationery expenses

Misc. expenses 100 107.287 198.4914 213.914 240.4838 257.9753

Other operational expenses of indl.enterprises

Operational exp. of non fin serviceenterprises

Share of loss in partnership firms/subs/JVetc

Lease equalisation adjustment

Loss on securitisation of assets/loans

Fee based financial service expenses

Treasury operations expenses 100 205.6353 0 466.9436 0 0

Total provisions

Write-offs 100 55.48442 0 0 463.2096 386.1716

Less: Expenses capitalised 100 71.68364 113.0978 2104.97 785.0458 19.50496

Less: DRE & expenses charged to others


19/19

Prior period & extraordinary expenses 100 315.1272 80.85676 5170.683 391.9679 775.3681

Interest paid 100 135.4237 122.7686 198.9636 225.2668 263.1682

Financial charges on instruments

Expenses incurred on raisingdeposits/debts

Depreciation 100 141.5842 142.5248 152.7618 308.6389 400.1159

AmortisationProvision for direct taxes 100 157.3823 216.7046 190.9845 263.281 302.4946

PAT 100 131.6955 215.0806 168.803 179.0171 223.68

PBDITA 100 136.9721 193.3962 169.3591 220.3658 274.657

PBDTA 100 137.0683 197.7853 167.5193 220.0612 275.371

PBT 100 135.6346 215.3296 172.2046 191.9392 235.7664

acnts file

Documents