1. SRIKRISHNACONSULTINGCOMPANY FINALYTICSRelianceIndustryLtd. Exclusive Financial Analysis of Indian CompaniesPreparedandEditedBy SRIKRISHNACONSULTINGDownloadmorereportsfromhttp://www.srikrishnaconsulting.comDisclaimerTheinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelievedtobereliable andingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,completenessorcorrectness.Formoreinformationaboutthissampleandourotherservices,pleasewritetoinfo@srikrishnaconsulting.comMonday,May21,2012

2. DescriptionPageSummary 3 LatestResult3 ValuationMatrix 3 ROEAnalysis 3IncomeStatement4BalanceSheet 5CashflowStatement 6QuarterlyResult6GrowthAnalysis 7ComparativeAnalysis8IncomeStatement8BalanceSheet 8IndexAnalysis9 IncomeStatement 9 BalanceSheet9RatioAnalysis10 Annual 10 Quarterly11TTMAnalysis11TechnicalAnalysis12 CONTENT AboutSriKrishnaConsulting Weprovidefinancialresearchandanalyticsservicestoourworldwideclient.Ourresearchis customizedandproprietarytoourclientsandoftenprovidedinclientformatsandtemplates.Our expertteamofanalystaddcrucialvaluestoclientproprietarymethodologyandaddefficiencies. Wehavefourareasofpractice: EquityResearch CreditResearch CommoditiesResearch ConsultancyandStrategy. Withazealtoperform,weadoptbestqualitydrivenprocessandapproaches.Ourqualitydriven processandapproacheshavealreadygiveusaplaceasatoptireproviderofFinancialResearchand Analytics. FinancialResearchTeam Wehavearobustinvestmentresearchteamwithexpertiseinthefinancialdomain.These professionalsincludeCFAs,CAsandMBAsspecializinginfinance,withexpertiseininvestmentand retailbanking,equityresearch,financialandsectoralanalysis,etc.Ourdeliveryteamsarethecoreof ourbusiness,andwemaintaintheirexceptionalqualitybyselectingpersonnelonthebasisof educationalandfunctionalexperience.OurHRteamsarealwayssearchingforoutstanding performers. ContactUs:info@srikrishnaconsulting.com SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage2 3. SummaryAtaGlance LatestResults Industry Diversified AnnualQuarterlyTTM BusinessGroup AmbaniGroupMarch12Growth March12Growth March12GrowthFaceValue 10LatestResults Equityshares(inLacs)32707.69EBDITA38388.00(5.26) 8858.00(1.60)39810.00(4.56)ReportedNetProfit 20040.00(1.21) 4236.00(4.59)20040.00(5.38) Price695.5AdjustedPAT18616.007.35 4236.00(4.59)20040.00(5.38) MarketCap(Rs.InCr) 227502.15 ValuationMatrixShareHoldingGeneral AnnualTTMRatioPromoter PublicParticulars March12 March12 45%12%Others ReportedP/E 11.35 11.3515%Price/SalesPerShare 0.690.69Price/BookValue 1.37 NADividendYield(%) 0.00 NAFIIs EarningYield(%) 8.818.8117%MarketCap(Rs.InCr) 227502.15BFIMF8% 3% ROEAnalysis ROE 30%ParticularsMarch08March09 March10March11March12 25% 20% ReportedPAT/PBT 1.13 0.81 0.830.83 0.82 15% AdjustedPAT/PBT 0.79 0.83 0.780.80 0.7710%PBT/PBIT0.94 0.91 0.910.91 0.90 5% PBIT/Sales 0.14 0.15 0.110.11 0.08 0% Sales/TotalAssets 0.90 0.61 0.790.89 1.13 March March March March March 08 09 10 11 12TotalAssets/NetWorth1.85 2.04 1.891.91 1.79ReportedROE25%14%12% 14% 12%ReportedROE AdjustedROEAdjustedROE17%14%12% 14% 11% ROEFactors 2.50 30% 2.00 25%20% 1.5015% 1.0010% 0.50 5% 0.00 0% March08 March09 March10March11 March12 ReportedROE ReportedPAT/PBTPBT/PBIT PBIT/SalesSales/TotalAssetsTotalAssets/NetWorth SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage3 4. IncomeStatementParticulars(Rs.InCr)March08March09 March10 March11March12NetSales133805.78 141959.00192091.87248136.06 329932.00OperatingExpensesMaterialConsumed 100699.30 108856.78149741.12194833.16 278865.00ManufacturingExpenses2768.034518.964860.38 5170.51 6651.00PersonnelExpenses2119.332397.502330.82 2621.59 2857.00OperatingIncomeSellingExpenses3229.593095.274123.77 5353.10 5393.00 350000.00AdminstrativeExpenses2732.472203.752284.63 2355.25 2372.00 300000.00ExpensesCapitalised(175.46) (3265.65) (1217.92) (30.26)(37.00)TotalOperatingExpenses 111373.26 117806.61162122.80210303.35 296101.00 250000.00 OperatingProfit 22432.5224152.3929969.0737832.7133831.00 200000.00OtherIncome772.171713.382193.13 2687.98 4557.00 150000.00 EBDITA 23204.6925865.7732162.2040520.6938388.00Depreciation 4847.145195.29 10496.5313607.5811394.00 100000.00OtherWriteoffs0.00 0.00 0.000.000.00 50000.00 EBIT 18357.5520670.4821665.6726913.1126994.00Interest 1162.901774.471999.95 2328.30 2668.000.00 EBT17194.6518896.0119665.7224584.8124326.00MarchMarchMarchMarchMarch 0809101112IncomeTax 3559.853137.344324.97 4969.14 5710.00 AdjustedPAT 13634.8015758.6715340.7519615.6718616.00 NetSales OperatingProfit EBDITANonRecurringItems 5823.49(449.35)894.92670.63 1424.00OtherNonCashadjustments48.10 0.00 0.000.00 0.00 ReportedNetProfit 19506.3915309.3216235.6720286.3020040.00EquityDividend 1631.24 1897.05 2084.67 2384.990.00PreferenceDividend0.000.000.000.000.00DividendTax 277.23322.40346.24386.900.00RetainedEarnings17597.9213089.8713804.7617514.4120040.00ProfitLevels TotalIncomeBreakup 45000.00 TotalOperatingExpensesDepreciation 40000.00 OtherWriteoffsInterest 35000.00 IncomeTaxAdjustedPAT 30000.00 25000.002% 6% 1% 0% 20000.003% 15000.00 10000.005000.00 0.00March08 March09 March10March11March12 88%OperatingProfit EBDITAEBITEBTAdjustedPAT SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage4 5. BalanceSheetParticulars(Rs.InCr) March08 March09 March10March11March12 SOURCESOFFUNDS OwnersFundEquityShareCapital 1453.39 1573.533270.37 3273.37 3271.00ShareApplicationMoney1682.40 69.25 0.000.000.00PreferenceShareCapital0.000.00 0.000.000.00Reserves&Surplus77441.55 112945.44125095.97 142799.95 159698.00TotalOwnersfund80577.34114588.22 128366.34146073.32162969.00 LoanFundsSecuredLoans6600.1710697.9211670.50 10571.21 6969.00UnsecuredLoans 29879.5163206.5650824.19 56825.4751658.00 TotalLoanfund 36479.68 73904.48 62494.6967396.68 58627.00CapitalStructure Total 117057.02 188492.70 190861.03 213470.00 221596.00180000.00USESOFFUNDSFixedAssets 160000.00GrossBlock104229.10 149628.70215864.71 221251.97 209552.00Less:RevaluationReserve871.2611784.758804.27 5467.00 3127.00 140000.00Less:Accumulated 120000.00Depreciation42345.4749285.6462604.82 78545.50 91770.00NetBlock 61012.37 88558.31144455.62 137239.47 114655.00100000.00CapitalWorkinprogress23005.8469043.8312138.82 12819.564885.00 80000.00 Investments20516.1120268.1819255.35 33019.2754008.00 NetCurrentAssets 60000.00CurrentAssets,Loans&Advances44743.8656298.0966595.32 96355.05 118550.0040000.00Less:CurrentLiabilities&Provisions32221.1645675.7151584.08 65963.3570502.0020000.00 TotalNetCurrentAssets 12522.70 10622.38 15011.2430391.70 48048.00 0.00 Miscellaneousexpensesnotwritten 0.00 0.00 0.00 0.00 0.00 March March March March March Total 117057.02 188492.70 190861.03 213470.00 221596.0008 09 10 11 12Note:TotalOwnersfundTotalLoanfundBookValueofUnquotedInvestments 12746.7518927.6515563.83 22377.2623339.00MarketValueofQuotedInvestments 53126.09 2930.63 8248.22 15839.3131439.00Contingentliabilities37157.6136432.6925531.21 41825.1345831.00NumberofEquitysharesoutstanding(inLacs) 14536.4915737.9832703.74 32733.7432710.59 SourcesofCapital Applicationofcapital TotalNetCurrent Assets22%TotalLoanfund 26% NetBlock 52%TotalOwners Investmentsfund24%74%CapitalWork inprogress 2%SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage5 6. CashFlowStatementParticulars(Rs.InCr) March08 March09March10March11March12ProfitBeforeTax 23010.14 18433.23 20547.4425242.2425750.00 NetCashFlowOperating NetCashFlowActivity17426.74 18245.86 20490.2233280.5226974.00NetCashUsedInInvesting Activity(23955.08) (24084.20)(18204.50)(20332.88) (3046.00)724.578973.04 23732.58 NetCashUsedinFin.Activity 33280.52 26974.008973.04 23732.58(10999.60) 724.57 (11465.00) 17426.74 18245.86 20490.22NetInc/DecInCashAnd(3046.00) (23955.08 (24084.20 (18204.50 (20332.88 (11465.00 ) ))(10999.60))Equivlnt 2444.70 17894.24 (8713.88) 13672.2112463.00)CashAndEquivalntBeginofYear 1835.354282.29 22176.5313462.6527135.00CashAndEquivalntEndOfYear 4280.05 22176.53 13462.6527134.8639598.00NetCashFlowOperatingActivityNetCashUsedInInvestingActivityNetCashUsedinFin.ActivityQuarterlyResultSeptemberParticulars(Rs.InCr) March11June11 11 December11 March12Netsales 72,674.0081,018.00 78,569.00 85,135.00 85,182.00OtherOperatingIncome 0.00 0.000.000.000.00 ProfitLevelsTotalOperatingIncome72,674.0081,018.00 78,569.00 85,135.00 85,182.00Increase/Decreaseofstock(726.00)897.00 (1,607.00)(1,489.00) 1,327.00RawMaterialsConsumption 58,259.0064,443.00 64,661.00 74,190.00 71,519.00OtherPurchases241.00 573.00514.00112.00242.00PowerandFuel 0.00 0.000.000.000.00EmployeesCost 686.00 878.00715.00672.00597.00TotalOperatingExpenses58,460.0066,791.00 64,283.00 73,485.00 73,685.00 OperatingProfit 14,214.0014,227.00 14,286.00 11,650.00 11,497.00 OtherIncome917.00 1,078.001,102.00 1,717.00 2,295.00R&DExpenses 0.00 0.000.00 0.00 0.00OtherExpenses 4,371.00 4,301.004,442.00 4,365.00 4,934.00TotalOtherExpenses 4,371.00 4,301.004,442.00 4,365.00 4,934.00EBITDA10,760.0011,004.00 10,946.00 9,002.00 8,858.00Depreciation 3,387.00 3,195.002,969.00 2,570.00 2,659.00Provisionandcontingencies0.00 0.000.00 0.00 0.00 EBIT7,373.00 7,809.007,977.00 6,432.00 6,199.00Interest 696.00 545.00660.00694.00768.00 EBT 6,677.00 7,264.007,317.00 5,738.00 5,431.00Tax1,301.00 1,603.001,614.00 1,298.00 1,195.00 PAT 5,376.00 5,661.005,703.00 4,440.00 4,236.00March11 June11 SeptemberDecemberMarch12ExceptionalItem 0.00 0.000.00 0.000.00 1111ExtraOrdinaryItem0.00 0.000.00 0.000.00PriorYearAdjustment0.00 0.000.00 0.000.00 EBITDAEBIT ReportedPAT5,376.00 5,661.005,703.00 4,440.00 4,236.00 EBT ReportedPAT SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage6 7. GrowthAnalysisAverageParticulars(%)March09March10 March11March12Growth5yearCAGRNetSales 6.09 35.3229.18 32.96 29.61 19.78 OperatingExpensesMaterialConsumed8.10 37.5630.11 43.13 34.61 22.60ManufacturingExpenses63.267.56 6.38 28.63 21.20 19.16PersonnelExpenses13.13 (2.78) 12.488.98 8.09 6.16SellingExpenses(4.16)33.2329.810.75 15.47 10.80AdminstrativeExpenses (19.35) 3.67 3.090.71 0.01 (2.79)ExpensesCapitalised (1761.19)62.7197.52(22.27)(143.23) (26.75)TotalOperatingExpenses5.78 37.6229.72 40.80 33.34 21.60 OperatingProfit 7.67 24.0826.24(10.58)9.22 8.56OtherIncome121.89 28.0022.56 69.53 52.37 42.62 EBDITA11.47 24.3425.99 (5.26)11.71 10.59Depreciation7.18102.0429.64(16.27)23.51 18.64OtherWriteoffs0.000.00 0.000.000.000.00 EBIT12.604.8124.220.30 9.61 8.02Interest 52.59 12.7116.42 14.59 18.56 18.07 EBT9.894.0725.01 (1.05)8.89 7.19IncomeTax(11.87)37.8514.89 14.91 16.819.91 AdjustedPAT15.58 (2.65) 27.87 (5.10)7.35 6.43NonRecurringItems (107.72) 299.16 (25.06) 112.34 86.48(24.55)OtherNonCashadjustments(100.00) 0.00 0.000.00 (10.00) (100.00) ReportedNetProfit (21.52) 6.0524.95 (1.21)6.06 0.54EquityDividend 16.299.8914.41 (100.00)(32.07) (100.00)PreferenceDividend0.000.00 0.000.00 0.00 0.00DividendTax16.297.3911.74 (100.00)(33.37) (100.00)RetainedEarnings(25.62) 5.4626.87 14.4212.36 2.63GrowthFactors5YearCAGR50.00 45.00 40.0040.00 35.00 30.0030.00 25.0020.00 20.00 15.0010.00 10.005.00 0.000.00March09March10 March11March12 (10.00)NetSalesTotalOperatingExpensesEBDITA EBTAdjustedPATSriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage7 8. ComparativeAnalysisIncomeStatementParticulars(Rs.InCr) March08 March09 March10March11March12NetSales100.00 100.00 100.00100.00100.00MaterialConsumed75.2676.6877.9578.5284.52ManufacturingExpenses2.07 3.18 2.53 2.082.02 ComparativeNetSalesPersonnelExpenses1.58 1.69 1.21 1.060.87SellingExpenses2.41 2.18 2.15 2.161.63AdminstrativeExpenses2.04 1.55 1.19 0.950.72ExpensesCapitalised (0.13) (2.30) (0.63) (0.01)(0.01)TotalOperatingExpenses83.2482.9984.4084.7589.75 OperatingProfit 16.7617.0115.6015.2510.25OtherIncome 0.58 1.21 1.14 1.081.38 EBDITA 17.3418.2216.7416.3311.64Depreciation 3.62 3.66 5.46 5.483.45OtherWriteoffs 0.00 0.00 0.00 0.000.00 EBIT 13.7214.5611.2810.858.18Interest 0.87 1.25 1.04 0.940.81 EBT12.8513.3110.24 9.917.37 March08 March09 March10 March11 March12IncomeTax 2.66 2.21 2.25 2.001.73TotalOperatingExpenses AdjustedPAT 10.1911.10 7.99 7.915.64OtherIncomeDepreciationNonRecurringItems 4.35(0.32)0.47 0.270.43OtherWriteoffsInterestOtherNonCashadjustments0.04 0.00 0.00 0.000.00 ReportedNetProfit 14.5810.78 8.45 8.186.07BalanceSheetParticulars(Rs.InCr) March08 March09 March10March11March12 SOURCESOFFUNDSEquityShareCapital1.24 0.83 1.71 1.53 1.48ShareApplicationMoney 1.44 0.04 0.00 0.00 0.00ComparativeAnalysisSourcesofFundPreferenceShareCapital0.00 0.00 0.00 0.00 0.00Reserves&Surplus 66.1659.9265.5466.8972.07 72.07TotalOwnersfund 68.8460.7967.2668.4373.54SecuredLoans 5.64 5.68 6.11 4.95 3.14UnsecuredLoans25.5333.5326.6326.6223.31 TotalLoanfund31.1639.2132.7431.5726.46Total100.00 100.00 100.00 100.00100.0023.31USESOFFUNDS1.483.140.00 0.00FixedAssetsGrossBlock89.0479.38 113.10103.65 94.56Less:RevaluationReserve0.74 6.25 4.612.561.41Less:AccumulatedDepreciation 36.1826.1532.8036.7941.41 NetBlock 52.1246.9875.6964.2951.74 CapitalWorkinprogress19.6536.63 6.36 6.01 2.20 Investments 17.5310.7510.0915.4724.37 NetCurrentAssetsCurrentAssets,Loans&38.2229.8734.8945.1453.50Less:CurrentLiabilities&Provisions 27.5324.2327.0330.9031.82TotalNetCurrentAssets 10.70 5.64 7.8714.2421.68 Miscellaneousexpensesnot written 0.00 0.00 0.00 0.000.00Total100.00 100.00 100.00 100.00100.00SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage8 9. IndexAnalysisIncomeStatementParticulars March08 March09 March10March11March12NetSales100.00 106.09 143.56185.44246.58OperatingExpensesMaterialConsumed 100.00 108.10 148.70193.48276.93ProfitIndexManufacturingExpenses100.00 163.26 175.59186.79240.28PersonnelExpenses100.00 113.13 109.98123.70134.81SellingExpenses100.0095.84 127.69165.75166.99AdminstrativeExpenses100.0080.6583.6186.1986.81ExpensesCapitalised100.00 1861.19694.1317.2521.09TotalOperatingExpenses 100.00 105.78 145.57188.83265.86 OperatingProfit100.00 107.67 133.60168.65150.81OtherIncome 100.00 221.89 284.02348.11590.16 March08 March09 March10 March11 March12EBDITA 100.00 111.47 138.60174.62165.43Depreciation 100.00 107.18 216.55280.73235.07OtherWriteoffs 0.00 0.00 0.000.000.00EBIT EBT EBIT100.00 112.60 118.02146.61147.05AdjustedPAT ReportedNetProfitInterest 100.00 152.59 171.98200.21229.43 NetSales EBT 100.00 109.89 114.37142.98141.47IncomeTax 100.0088.13 121.49139.59160.40 AdjustedPAT100.00 115.58 112.51143.86136.53NonRecurringItems 100.00(7.72) 15.3711.5224.45OtherNonCashadjustments100.00 0.00 0.00 0.000.00ReportedNetProfit 100.0078.4883.23104.00102.74BalanceSheetParticulars March08 March09 March10March11March12 SOURCESOFFUNDSEquityShareCapital100.00 108.27 225.02225.22225.06ShareApplicationMoney 100.00 4.12 0.000.000.00LiabilityIndexPreferenceShareCapital0.00 0.00 0.000.000.00Reserves&Surplus100.00 145.85 161.54184.40206.22TotalOwnersfund100.00 142.21 159.31181.28202.25 LoanFundsSecuredLoans 100.00 162.09 176.82160.17105.59UnsecuredLoans 100.00 211.54 170.10190.18172.89 TotalLoanfund 100.00 202.59 171.31184.75160.71Total 100.00 161.03 163.05182.36189.31USESOFFUNDS March March March March MarchFixedAssets 08 09 10 11 12GrossBlock 100.00 143.56 207.11212.27201.05Less:RevaluationReserve100.00 1352.611010.52 627.48358.91 TotalOwnersfundTotalLoanfundLess:Accumulated100.00116.39 147.84 185.49216.72 NetBlock100.00145.15 236.76 224.94187.92 CapitalWorkinprogress 100.00300.1152.7655.72 21.23 Investments100.0098.7993.85160.94263.25 NetCurrentAssetsCurrentAssets,Loans&Advances100.00 125.82 148.84215.35264.95Less:CurrentLiabilities&Provisions100.00 141.76 160.09204.72218.81 TotalNetCurrentAssets 100.0084.82 119.87242.69383.69 Miscellaneousexpensesnot written0.00 0.00 0.000.000.00Total 100.00 161.03 163.05182.36189.31SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage9 10. RatioAnalysisParticulars(Yearly)March08 March09 March10March11March12 PERSHARERATIOSAdjustedEPS(Rs.)93.80 100.1346.91 59.92 56.91AdjustedCashEPS(Rs.)127.14 133.1479.00101.50 91.74ReportedEPS(Rs.) 133.8697.2849.64 61.97 61.26ReportedCashEPS(Rs.)167.20 130.2981.74103.54 96.10DividendPerShare13.0013.00 7.008.000.00PerShareRatioOperatingProfitPerShare(Rs.)154.32 153.4791.64115.58103.43BookValue(ExclRevRes)PerShare(Rs.)554.41 728.22 392.51446.25498.22BookValue(InclRevRes)PerShare(Rs.)560.40 803.12 419.43462.95507.78NetOperatingIncomePerShare(Rs.)920.48 902.02 587.37758.04 1008.64FreeReservesPerShare(Rs.)520.59 704.28 378.21431.95483.90March08 March09 March10 March11 March12 PROFITABILITYRATIOSOperatingMargin(%)16.7617.0115.6015.2410.25GrossProfitMargin(%) 13.1413.3510.13 9.76 6.80 NetOperatingIncomePerShare(Rs.)NetProfitMargin(%) 14.4510.65 8.35 8.08 5.99 AdjustedEPS(Rs.)AdjustedCashMargin(%)13.7314.5813.2913.24 8.97 AdjustedCashEPS(Rs.)AdjustedReturnOnNet DividendPerShareWorth(%) 17.2813.7611.9513.4211.42 BookValue(InclRevRes)PerShare(Rs.)ReportedReturnOnNetWorth(%) 24.6613.3612.6413.8812.29ReturnOnlongTermFunds(%) 17.1811.3411.7113.3712.78LEVERAGERATIOS ProfitMarginLongTermDebt/Equity0.35 0.59 0.44 0.370.29TotalDebt/Equity0.46 0.64 0.48 0.460.35Ownersfundas%oftotalSource68.3860.7767.2568.4273.54FixedAssetsTurnoverRatio1.29 1.01 1.24 1.58 2.05LIQUIDITYRATIOSCurrentRatio1.39 1.23 1.29 1.46 1.68CurrentRatio(Inc.STLoans)1.01 1.08 1.11 1.22 1.44QuickRatio0.93 0.90 0.76 1.01 1.17InventoryTurnoverRatio10.5712.92 8.29 9.5910.42 PAYOUTRATIOS March08 March09 March10 March11 March12DividendpayoutRatio(NetProfit)9.8014.4914.9713.660.00NetProfitMargin(%)DividendpayoutRatio(Cash OperatingMargin(%)Profit)7.8510.82 9.09 8.17 0.00 AdjustedReturnOnNetWorth(%)EarningRetentionRatio 86.0185.9284.1685.87 100.00CashEarningsRetentionRatio 89.6889.4190.6091.66 100.00 ReturnOnlongTermFunds(%) COVERAGERATIOSAdjustedCashFlowTimeTotalDebt 1.97 3.53 2.42 2.031.95FinancialChargesCoverage LiquidityRatioRatio 19.9514.5816.0817.4014.39Fin.ChargesCov.Ratio(PostTax)21.9012.5614.3715.5612.78COMPONENTRATIOSMaterialCostComponent(%earnings) 73.8676.9880.0079.8284.78SellingCostComponent 2.41 2.18 2.14 2.151.63ExportsaspercentofTotalMarch March March March MarchSales 56.8061.2253.4656.6460.15 08 09 10 11 12ImportComp.inRawMat.Consumed93.9695.7495.3991.7191.54Longtermassets/TotalAssets 0.69 0.74 0.63 0.550.51CurrentRatio QuickRatioBonusComponentInEquityCapital(%) 33.1430.6164.4764.4164.46 SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage10 11. RatioAnalysisSeptemberParticulars(Quarterly)March11June11 11 December11March12 PERSHARERATIOS QuarterlyProfitMarginOperatingIncomePerShare(Rs.) 222.19247.70 240.22 260.29260.43OperatingProfitPerShare(Rs.)43.46 43.5043.68 35.6235.15AdjustedEPS(Rs.) 16.44 17.3117.44 13.5712.95PROFITABILITYRATIOSOperatingProfitMargin 19.56 17.5618.18 13.6813.50March11 June11 September December March12EBITDAMargin 14.81 13.5813.93 10.5710.4011 11EBITMargin 10.159.6410.157.56 7.28PATMargin 7.406.99 7.265.22 4.97 OperatingProfitMarginEBITMarginPATMarginEBITDAMarginTTMAnalysisParticulars(Rs.InCr)December11 %ofSalesMarch12%ofSales Growth(%)Netsales 317396.00100.00329904.00 100.00 3.94OtherOperatingIncome 0.000.00 0.00 0.00 NANA TotalOperatingIncome 317396.00100.00329904.00 100.00 3.94TTMGrowth(%)Increase/Decreaseofstock (2925.00)(0.92) (872.00)(0.26) (70.19) 3.94RawMaterialsConsumption 261553.00 82.41274813.00 83.305.07OtherPurchases 1440.000.451441.000.440.07PowerandFuel 0.000.00 0.000.00NAEmployeesCost2951.000.932862.000.87 (3.02)TotalOperatingExpenses263019.00 82.87278244.00 84.345.79 Total Operating EBITDA EBIT EBTPAT OperatingProfit54377.00 17.13 51660.00 15.66 (5.00)Operating ProfitIncomeOtherIncome4814.00 1.52 6192.001.8828.62R&DExpenses 0.00 0.000.000.00NAOtherExpenses 17479.00 5.5118042.005.473.22 (3.97) (4.56)(4.62)TotalOtherExpenses 17479.00 5.5118042.005.473.22 (5.00)(5.38) EBITDA41712.00 13.14 39810.00 12.07 (4.56)Depreciation 12121.00 3.8211393.003.45 (6.01)Provisionandcontingencies0.00 0.000.000.00NA EBIT29591.00 9.3228417.008.61 (3.97)Interest2595.00 0.82 2667.000.812.77TTMEPS&SPS EBT 26996.00 8.5125750.007.81 (4.62)Tax 5816.00 1.83 5710.001.73 (1.82) PAT 21180.00 6.6720040.006.07 (5.38)ExceptionalItem 0.00 0.000.000.00 NAExtraOrdinaryItem0.00 0.000.000.00 NAPriorYearAdjustment0.00 0.000.000.00 NA ReportedPAT21180.00 6.6720040.006.07 (5.38) TTMSPS 970.41008.64 3.94 December11March12 TTMEPS 64.7661.27(5.39)SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage11 12. TechnicalAnalysisPriceChart1000 10000000 900 9000000 800 8000000 700 7000000 600 6000000 500 5000000 400 4000000 300 3000000 200 2000000 100 1000000 0 016Dec 27Feb 9MayTotalTradedQuantityClosePriceEMA(200)EMA(50) 40.00 20.000.0020.0040.00 MACDSignalline100 80 60 40 200 RSI(14)TechnicalIndicatorsPrice 695.50ASOn:21/05/2012EMA(13) 711.10ADX16EMA(26) 734.09DX 20EMA(50) 756.10+DI14EMA(200)850.88DI21RSI(14)17.96%K(Fast)28.76MACD22.99%K(Slow)19.97William(%R) 71.24%d(Slow)11.64 SriKrishnaConsulting.Pleasewriteusformoreinformation:iinfo@srikrishnaconsulting.com|www.srikrishnaconsulting.comPage12 13. 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