Mar ' 07 Mar ' 08 Mar ' 09

Income from Operations 2,394.50 3,104.34 3,518.32

Less: Company’s Share of Turnover

in Integrated Joint Ventures 36.88 21.58 204.62

2,357.62 3,082.76 3,313.70

Company’s Share of Profit/(Loss) in

Integrated Joint Ventures 24.38 -0.72 0.06

Other Income 19.88 38.71 58.83

2,401.88 3,120.75 3,372.59

Expenses

Construction Expenses 1837.03 2304.93 2390.14

Employees’ Remuneration and

Benefits 208.68 297.23 374.90

Office and Site Establishment

Expenses 96.65 113.99 117.28

2142.36 2716.15 2882.32

EBITDA 259.52 404.60 490.27

Less: Depreciation 79.66 96.19 115.22

EBIT 179.86 308.41 375.05

Less: Interest 61.97 152.41 210.50

EBT 117.89 156.00 164.55

Less: Tax

Provision for Current Tax 18.19 17.36 18.61

Provision for Deferred Tax 17.81 27.75 36.51

Provision for Fringe Benefit Tax 2.61 3.2 2.4

MAT credit entitlement 0 -1.08 -18.32

PROFIT BEFORE EARLIER YEARS’ TAX 79.28 108.77 125.35

Add/(Less) Earlier Years’ Tax -42.52 0 0

Profit After Tax 36.76 108.77 125.35

Add: Balance brought forward from

Last Year 118.36 154.03 207.95

Add: Transferred from Debenture

Redemption Reserve 2.42 2.67 8.5

Amount avialbale for appropriation 157.54 265.47 341.80

Proposed Dividend 19.22 20.5 20.5

Tax on Proposed Dividend 3.27 3.48 3.48

Debenture Redemption Reserve 8.54 8.54 12.92

General Reserve 15 25 25

46.03 57.52 61.9

Balance carried to Balance Sheet 111.51 207.95 279.90

Mar ' 07 Mar ' 08 Mar ' 09

Owner's Funds

Share Capital 25.63 25.63 25.63

Share Warrants 0 15.19 15.19

Reserves & Surplus 878.45 963.24 964.03

Total Shareholders’ Funds 904.08 1004.06 1004.85

Loans - - -

Secured loans 482.48 520.75 904.1

Unsecured loans 1,068.58 1,324.11 1,417.70

Total Loans 1,551.06 1,844.86 2,321.80

Deferred Tax Liability (Net) 85.54 113.29 113.17

Total of Sources of Funds 2,540.68 2,962.21 3,439.82

Fixed Assets

Gross Block 1,101.19 1,409.73 1,682.83

Less : Accumulated Depreciation 355.03 456.63 554.65

Net Block 746.16 953.10 1,128.18

Capital Work In Progress 151.27 67.5 46.44

Total Fixed Assets 897.43 1,020.60 1,174.62

Investments 228.64 295.54 365.5

Current Assets

Inventories 1738.61 2143.87 2776.64

Sundry Debtors 0.54 4.45 4.71

Cash & Bank Balances 208.37 264.35 153.87

Other Current Assets 11.09 1.98 3.81

1,958.61 2,414.65 2,939.03

Loans & Advances 347.61 295.4 528.35

Total Current Assets, Loans &

Advances 2,306.22 2,710.05 3,467.38

Less: Current Liabilities &

Provisions

Current Liabilities 843.90 1,017.42 1,402.60

Provisions 47.71 46.56 165.08

Total Current Liabilities &

Provisions 891.61 1,063.98 1,567.68

Net Current Assets 1,414.61 1,646.07 1,899.70

Total of Application of Funds 2,540.68 2,962.21 3,439.82

NOTES:

Book Value of Unquoted

Investments 216.23 252.01 352.55

Market Value of Quoted

Investments 16.72 47.71 7.3

Contingent Liabilities 416.04 800.05 795.74

Sources of Funds

Application of Funds

Number of Equity Shares

Outstanding (In Lakhs) 2562.5 2562.5 2562.5

Year March'07 March'08 March'09

Profitability RatiosOperating Profit Margin (OPM) (%) 10.84% 13.03% 13.93%

Return on Capital Employed (ROCE) (%) 8.32% 11.87% 12.39%

Return on Net Worth (ROE) (%) 4.07% 10.83% 12.47%

Leverage & Coverage RatiosTotal debt/equity 1.810238 1.950232 2.423217

Asset Turnover Ratio 0.747429 0.832118 0.757932

Asset Coverage Ratio 0.578591 0.553213 0.505909

Interest Coverage Ratio 4.187833 2.654681 2.329074

Liquidity RatiosCurrent Ratio 1.720113 1.688414 1.564461

Quick Ratio 0.164089 0.168701 0.073269

Cash Ratio 0.155414 0.164695 0.069425

Degree of Financial Leverage 0.655454 0.50582 0.438742

Loan To Value 0.510855 0.524882 0.524552

Enterprise Value

March'07 March'08 March'09 CAGR

Working Capital 2,306.22 2,710.05 3,467.38 22.62%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%

Z1 0.719873 0.726428 0.746958 1.86%

Retained Earnings 111.51 207.95 279.90 58.43%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%

Z2 0.034807 0.055741 0.060297 31.62%

EBIT 179.86 308.41 375.05 44.40%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%

Z3 0.056142 0.082669 0.080795 19.96%

Market Value of Equities 3300 3500 3900 8.71%

Book Value of Total Liabilities 2,442.67 2,908.84 3,889.48 26.19%

Z4 1.350981 1.203229 1.002705 -13.85%

Sales 2,394.50 3,104.34 3,518.32 21.22%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%

Z5 0.747429 0.832118 0.757932 0.70%

Z-Score 2.655116 2.775783 2.606186 -0.93%