working capital management- pharma
TRANSCRIPT
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italManagementinPharma
Report Submitted
by Group 6 Tushar Agarwal (H002)
Supriya Kirtima (H02!)
Kshiti" #ittal (H0$!)
Rupali Sighaia (H06%)
&irati Siha (H062)
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ContentsIntroduction................................................................................................................................
Growth Story of Pharmaceutical Industry in India....................................................................
Liquidity Measurement Ratios...................................................................................................
Current Ratio..........................................................................................................................
Quick Ratio............................................................................................................................
Liquidity ratio analysis of Sun Pharma..............................................................................
Various Liquidity Measurement ratios for Sun Pharma.....................................................
Liquidity ratio analysis of Luin........................................................................................
Various Liquidity Measurement ratios for Luin...............................................................
Liquidity ratio analysis of Cila.........................................................................................
Various Liquidity Measurement ratios for Cila................................................................
Cash Con!ersion Cycle............................................................................................................
Cash Con!ersion Cycle"s #CCC$ of to % Comanies #&y Market Share$................... .......
'orkin( Caital requirement and MP&).................................................................................
'orkin( Caital...............................................................................................................
MP&) #Ma*imum ermissi+le +ank financin($..............................................................
'orkin( caital requirements and Ma*imum Permissi+le &ank )inance for Luin
..........................................................................................................................................
'orkin( caital requirements and Ma*imum Permissi+le &ank )inance for Cila
..........................................................................................................................................
References................................................................................................................................
,*hi+it......................................................................................................................................
)inancial Statements of -o % Indian Pharma Comanies #&y Market Share$...................
Sun Pharma &alance Sheet..............................................................................................
Sun Pharma Income Statement........................................................................................
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'harmaeutial dustry i dia
trodutio
-he Pharmaceutical industry in India is the worlds third/lar(est in terms of !olume.
0ccordin( to 1eartment of Pharmaceuticals2 Ministry of Chemicals and )ertili3ers2 the
total turno!er of Indias harmaceuticals industry +etween 4556 and Setem+er 4557 was
8S94:.5; +illion and the domestic market was worth 8S9:4.4< +illion. -he industry
holds a market share of 9:; +illion in the 8nited States. 0ccordin( to &rand India ,quity
)oundation2 the Indian harmaceutical market is likely to (row at a comound annual
(rowth rate #C0GR$ of :;/:= er cent in +etween 45:4/:
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Growth Story o+ 'harmaeutial dustry i dia
India is now amon( the to fi!e harmaceutical emer(in( markets of the world. ,*orts
of harmaceuticals roducts from India increased from 8S9
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E Latest 1ata a!aila+le with the 1eartment of Pharmaceuticals2 Go!t. >fIndia
-he to % harmaceutical comanies in India in terms of Market Caitalisationare
S.No. Company Name Market Cap Net Sales
1 Sun Pharma 216,643.74 2,828.792 Lupin 90,079.71 8,939.38
3 Dr Reddys Labs 59,169.12 9,728.00
4 Cipla 56,367.82 9,380.29
5 Ranbaxy Labs 35,287.50 6,864.94
E 0ll )i(ures are in Ruees Crores #Source? Money control$
,iuidity #easuremet Ratios
)ollowin( are the liquidity measurement ratios?
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Current Ratio-he current ratio is a oular financial ratio used to test a comanys liquidity #also
referred to as its current or workin( caital osition$ +y deri!in( the roortion of current
assets a!aila+le to co!er current lia+ilities.0 hi(h current ratio is not necessarily (ood2 and a low current ratio is not necessarily +ad.
Contrary to oular ercetion2 the u+iquitous current ratio2 as an indicator of liquidity2 is
flawed +ecause its concetually +ased on the liquidation of all of a comanys current
assets to meet all of its current lia+ilities. In reality2 this is not likely to occur. In!estors
ha!e to look at a comany as a (oin( concern. Its the time it takes to con!ert a comanys
workin( caital assets into cash to ay its current o+li(ations that is the key to its
liquidity. In a word2 the current ratio can +e Fmisleadin(.F
Quick Ratio
-he quick ratio is also called as the quick assets ratio or the acid/test ratio. It is a liquidityindicator that further refines the current ratio +y measurin( the amount of the most liquid
current assets there are to co!er current lia+ilities. -he quick ratio is more conser!ati!e
than the current ratio +ecause it e*cludes in!entory and other current assets2 which are
more difficult to turn into cash. -herefore2 a hi(her ratio means a more liquid current
osition.
,iuidity ratio aalysis o+ Su 'harma
1urret assets 20%03%% 20%%3%2 20%23%$ 20%$3%
In!entory#total$
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7arious ,iuidity #easuremet ratios +or Su 'harma
Ratios 8ormula 20%03%%
20%%
3%2
20%2
3%$
20%$3
%
Current Ratio
Current0ssetsCurrentLia+ilities %.57 4.
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7arious ,iuidity #easuremet ratios +or ,upi
Ratios 8ormula 20%03%%
20%%3
%2
20%23
%$
20%$3
%
Current Ratio
Current0ssetsCurrentLia+ilities :.: :.:7 :.B7
4.6
:
QuickRatio
#Cash H,qui!alents Short -erm :.=B :.B7 :.
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%% 3%$ %
Current Ratio
Current0ssetsCurrentLia+ilities 4.B7 %.:6 :.7B :.74
QuickRatio
#Cash H,qui!alents Short -erm 4.5< :.7B :.1S>/1P>
9ays *etory :utstadig (9:);-his addresses the question of how many days it
takes to sell the entire in!entory. -he smaller this num+er is2 the +etter.
1I> J 0!era(e in!entoryC>GS er day0!era(e In!entory J #+e(innin( in!entory endin( in!entory$4
9ays Sales :utstadig (9S:);-his looks at the num+er of days needed to collect on
sales and in!ol!es 0R. 'hile cash/only sales ha!e a 1S> of 3ero2 eole do use credit
e*tended +y the comany2 so this num+er will +e ositi!e. 0(ain2 smaller is +etter.
1S> J 0!era(e 0R Re!enue er day
0!era(e 0R J #+e(innin( 0R endin( 0R$4
9ays 'ayable :utstadig (9':);-his in!ol!es the comanys ayment of its own
+ills or 0P. If this can +e ma*imi3ed2 the comany holds onto cash lon(er2 ma*imi3in( its
in!estment otentialK therefore2 a lon(er 1P> is +etter.
1P> J 0!era(e 0PC>GS er day
0!era(e 0P J #+e(innin( 0P endin( 0P$4
1ash 1o*ersio 1yle
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Cipla 124 Days 114 Days 108 Days
Cadila Healthcare 72 Days 74 Days 66 Days
Inference:
If we see the a+o!e ta+le we can clearly notice that Cadila Aealthcare has the lowest CashCon!ersion Cycle of the to B comanies initially +ut it is (radually increasin( which shows
they are not mana(in( their cash cycles. Similarly Sun Pharma is also tryin( to redeem itself
and cement its no.: osition in terms of market share +y seedin( u its CCC. 1r Reddys La+s
seems to +e the worst of the to B in terms of CCC. -his shows that too much in!entory is +uild
u and cash is tied u in (oods that cannot +e sold / this is not (ood news for the comany.
'orkin( Caital requirement and MP&)
-or.ig 1apital
-or.ig apital> 1urret assets 1urret ,iabilities
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'hate!er may +e the or(ani3ation2 workin( caital lays an imortant role2 as the comanyneeds caital for its day to day e*enditure. -housands of comanies fail each year due to oorworkin( caital mana(ement ractices. ,ntrereneurs often dont account for short termdisrutions to cash flow and are forced to close their oerations.
In simle term2 workin( caital is an e*cess of current assets o!er the current lia+ilities. Good
workin( caital mana(ement re!eals hi(her returns of current assets than the current lia+ilities to
maintain a steady liquidity osition of a comany. >therwise2 workin( caital is a requirement of
funds to meet the day to day workin( e*enses. So a roer way of mana(ement of workin(
caital is hi(hly essential to ensure a dynamic sta+ility of the financial osition of an
or(ani3ation.
#'=8 (#a?imum permissible ba. +iaig)
It is the ma*imum financin( that a comany can a!ail from the +ank to financeits workin( caital requirements. -he ma*imum amount any +ank can (i!e to
a comany is :B of its own -ier/: caital which is done in order to sread
the risk.
MP&)JModified MP&)
Current assets#less e*ort recei!a+les$
/ Current Lia+ilities
//////////////////////////
'orkin( caital
Self financin(J4B of current assets
MP&)J'orkin( caital/self financin(
Modified MP&)JMP&) e*ort recei!a+les
>ut of MP&) 45 is cash credit while 65 is workin( caital demand loan
#'C1L$.
0ll fi(ures +elow are in Ruees Crores
-or.ig apital reuiremets ad #a?imum 'ermissible =a.
8iae +or Su 'harma
20%%3%2 20%23%$1urret assets 20%03%%
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:%4=.=: ;%:.:4Cash and &ank :4B5.7:
B;.5: B7.47>ther Current 0ssets ;5.74
%75.
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-or.ig apital reuiremets ad #a?imum 'ermissible =a.
8iae +or ,upi
20%%3%2 20%23%$1urret assets 20%03%%
::4%.B< :%%5.6%In!entory#total$ 6;:.::
:;75.65 :6=;.4=-radeRecei!a+les :4%;.46
:7.45 45.:4Cash and &ank %=.;nline 1ata+ases
:$ Crisil research data+ase/ eli+rary MIMS4$ Moneycontrol#)inancial Statements and !arious Ratios$
0rticles for Re!iew
:$ ,rnest '. 'alker2 -owards 0 -heory of 'orkin( CaitalN2 -he,n(ineerin( ,conomist2 'inter :7
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@?hibit
Su 'harma =alae Sheet
Sun Pharma Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital 207.12 103.56 103.56 103.56 103.56
Equity ShareCapital
207.12 103.56 103.56 103.56 103.56
Share ApplicationMoney
0 0 0 0 0
re!erence ShareCapital
0 0 0 0 0
"eser#es 7$200.76 7$6%5.32 7$77&.56 6$576.'7 5$61&.&2
Networth 7,407.88 7,788.88 7,878.12 ,80.!3 !,717."8
Secure( )oans %.%1 &3.13 &0.3 50.53 2'.&'
*nsecure( )oans 2$&00.20 0 0 0 0
#ota$ %e&t 2,40".01 43.13 40.3 !0.!3 2".4"
#ota$ (a&($(t(es ",81.8" 7,832.01 7,"18.42 ,731.0 !,747.47
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
)**$(cat(on Of Funds
+ross ,loc- 1$'&7.&7 1$720.70 1$&7%.'3 1$235.51 1$15'.76
)ess "e#aluation"eser#es
0 0 0 0 0
)ess Accum./epreciation
6%0.3 5%&.'1 501.63 &&1.12 &1'.2&
Net +$oc 1,27.17 1,13!.7" "77.3 7"4.3" 740.!2
Capital or- inroress
&%0.&6 3&%.0& 2&%.%7 1'5.65 '2.15
-nestments 7,01!.73 4,317.!4 4,437.78 3,01.42 3,"!1."
n#entories '1%.3% %6%.76 6&0.07 61%.26 570.1&
Sun(ry /etors &52.75 737.53 713.&% 5&2.62 553.2'
Cash an( ,an-,alance
1&1.&% &31.12 1$327.71 1$250.'1 26.11
Total CurrentAssets
1$512.61 2$037.&1 2$6%1.26 2$&11.7' 1$1&'.5&
)oans an(A(#ances
3$561.03 1$&07.71 7%5.'' 603.35 3%3.3&
4ie( /eposits 0 0 0 0 161.16
Total CA$ )oans A(#ances
5$073.6& 3$&&5.12 3$&67.25 3$015.1& 1$6'&.0&
/e!erre( Cre(it 0 0 0 0 0
Current )iailities %07.%' 67&.%& 5'%.67 &&2.&& 3%%.&5
ro#isions 3$212.22 73'.6& 61&.11 &33.1 3&2.&%
Total C) ro#isions
&$020.11 1$&1&.&% 1$212.7% %75.5& 730.'3
Net /urrent)ssets
1,0!3.!3 2,030.4 2,2!4.47 2,13".0 "3.11
MiscellaneousEpenses
0 0 0 0 0
#ota$ )ssets ",81.8" 7,832.01 7,"18.42 ,731.0 !,747.47
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Continent)iailities
1$%16.5% 1$103.37 7%3.65 &77.%3 1%&.2&
,oo- alue 8"s9 35.77 75.21 76.07 6&.51 276.0%
Source : Dion Global Solutions Limited
Su 'harma ome Statemet
Sun Pharma Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Sales Turno#er 2$%2%.7' 2$&32.1& &$015.56 3$107.57 1$%'1.16
Ecise /uty 0 0 0 0 &6.07
:et Sales 2$%2%.7' 2$&32.1& &$015.56 3$107.57 1$%&5.0'
;ther ncome Materials 1$26&.5' 1$077.%7 1$257.7' ''3.27 %7%.&6
o>er 4uel Cost 115.% '3.& 6%.76 &6.5' &7.3%
Employee Cost 27'.63 23&.%7 316.56 261.0' 17&.71
;ther Manu!acturin Epenses 0 0 0 0 52.'
Sellin an( A(min Epenses 0 0 0 0 &3'.11
Miscellaneous Epenses 1$166.23 523.%5 6'5.56 &%0.55 31.'2
reoperati#e Ep Capitalise( 0 0 0 0 0
Total Epenses 2$%26.25 1$'2'.'' 2$33%.67 1$7%1.50 1$62&.&%
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
O*erat(n Prof(t17.07 !12.8 1,7!8.2 1,324.08 2!1.!2
,/T
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/epreciation 101.'& %5.%2 75.72 6&.23 6'.&7
;ther ritten ;!! 0 0 0 0 0
ro!it ,e!ore Ta
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,upi =alae Sheet
u*(n Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital %'.6% %'.51 %'.33 %'.2& %%.'&
Equity Share Capital %'.6% %'.51 %'.33 %'.2& %%.'&
Share ApplicationMoney
0 0 0 0 0
re!erence ShareCapital
0 0 0 0 0
"eser#es 6$%%'.36 &$757.20 3$6&5.0% 3$063.&2 2$&&1.61
Networth ,"7".04 4,84.71 3,734.41 3,1!2. 2,!30.!!
Secure( )oans 50 &11.3 5%0.%2 637.&6 70&
*nsecure( )oans %'.& 1&3.'' &11.%3 3&2 202.%1
#ota$ %e&t 13".4 !!!.2" ""2.! "7".4 "0.81
#ota$ (a&($(t(es 7,118.44 !,402.00 4,727.0 4,132.12 3,437.3
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
)**$(cat(on Of Funds
+ross ,loc- 3$056.'6 2$762.'1 2$335.&1 1$%6'.0' 1$616.52
)ess "e#aluation"eser#es 0 0 0 0 0
)ess Accum./epreciation
%77.5 7&'.26 627.'3 51&.&6 &25.13
Net +$oc 2,17".4 2,013.! 1,707.48 1,3!4.3 1,1"1.3"
Capital or- inroress
267.05 2&0.12 357.33 &&2.0' 1&0.%3
-nestments 1,13. 88.04 87.2" 80.88 724.07
n#entories 1$372.2& 1$330.%3 1$123.56 %&1.11 713.7
Sun(ry /etors 2$%5'.'2 1$%7&.27 1$&'0.%0 1$23&.2% '16.5'
Cash an( ,an-,alance
1&6.2% 20.12 1'.2 37.&6 36.53
Total Current Assets &$37%.&& 3$225.22 2$633.56 2$112.%5 1$666.%2
)oans an( A(#ances %10.35 %7%.7 773.05 621.32 665.7'
4ie( /eposits 0 0 0 0 0.%'
Total CA$ )oans A(#ances
5$1%%.7' &$103.'2 3$&06.61 2$73&.17 2$333.50
/e!erre( Cre(it 0 0 0 0 0
Current )iailities 1$367.%0 1$332.67 1$1'3.%1 %%0.2' 7%5.62
ro#isions 312.72 311.06 237.%& 1''.36 166.%1
Total C) ro#isions 1$6%0.52 1$6&3.73 1$&31.65 1$07'.65 '52.&3
Net /urrent )ssets 3,!08.27 2,40.1" 1,"74." 1,!4.!2 1,381.07
MiscellaneousEpenses 0 0 0 0 0
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#ota$ )ssets 7,118.44 !,402.00 4,727.0 4,132.12 3,437.3
Continent )iailities 53%.52 &%&.51 557.2% 235.67 113.7
,oo- alue 8"s9 155.65 10%.3 %3.61 70.66 2%&.51
Source : Dion Global Solutions Limited
,upi ome Statemetu*(n Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
-ncome
Sales Turno#er %$'3'.3% 7$122.51 5$3%&.%3 &$&'&.%% 3$723.'6
Ecise /uty 0 0 0 0 33.%7
:et Sales %$'3'.3% 7$122.51 5$3%&.%3 &$&'&.%% 3$6'0.0'
;ther ncome &15.3% 23.31 3.&' 16.5% er 4uel Cost 30'.36 2''.76 257.13 1'6.%3 1&1.6%
Employee Cost %&&.32 713.0% 5%1.22 &'1.23 376.55
;ther Manu!acturinEpenses
0 0 0 0 115.15
Sellin an( A(minEpenses
0 0 0 0 562.13
Miscellaneous Epenses 1$726.12 1$&%3.73 1$13'.71 '27.2 5&.72
reoperati#e EpCapitalise(
0 0 0 0 0
Total Epenses 6$103.26 5$&21.03 &$355.50 3$536.&& 2$%&7.00
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
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O*erat(n Prof(t2,"12.33 1,883."2 1,02".33 "!8.44 841.11
,/T 3$327.71 1$'07.23 1$032.%2 '75.02 %26.''
nterest 20.'' 33.2% 2%.6% 27.57 36.76
,/T 3$306.72 1$%73.'5 1$00&.1& '&7.&5 7'0.23
/epreciation 167.63 150.1& 131.'6 10&.2% %1.57
;ther ritten ;!! 0 0 0 0 0
ro!it ,e!ore Ta 3$13'.0' 1$723.%1 %72.1% %&3.17 70%.66
Etra
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/(*$a Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital 160.5% 160.5% 160.5% 160.5% 160.5%
Equity Share Capital 160.5% 160.5% 160.5% 160.5% 160.5%
Share Application Money 0 0 0 0 0
re!erence Share Capital 0 0 0 0 0
"eser#es '$'31.06 %$70%.'& 7$3%'.70 6$&52.37 5$7&&.5&
Networth 10,0"1.4 8,8".!2 7,!!0.28 ,12."! !,"0!.12
Secure( )oans 0 '.&' 10 2.'5 0.&1
*nsecure( )oans %77.3& '56.32 2.2 &37.53 &.66
#ota$ %e&t 877.34 "!.81 12.2 440.48 !.07
#ota$ (a&($(t(es 10,"8."8 ",83!.33 7,!2.48 7,0!3.43 !,"10.1"
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
)**$(cat(on Of Funds
+ross ,loc- 5$3'&.36 &$'%3.%1 &$2'%.1% 3$'2%.&7 2$%'5.&&
)ess "e#aluation"eser#es
0 0 0 0 %.'7
)ess Accum. /epreciation 1$%70.17 1$565.52 1$2'5.52 1$060.%2 %%&.27
Net +$oc 3,!24.1" 3,418.2" 3,002. 2,87.! 2,002.20
Capital or- in roress 376.6' 350.3& 3&3.&5 253.07 6%&.2&
-nestments 3,!87.13 2,01.82 1,03!.1! !70.! 2!.1
n#entories 2$511.16 2$3&3.37 1$%2&.50 1$%%3.16 1$512.5%
Sun(ry /etors 1$72%.10 1$6&5.22 1$51'.31 1$&'7.0& 1$552.71
Cash an( ,an- ,alance &6.0& 105.07 55.06 %3.'% 60.32
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Total Current Assets &$2%5.30 &$0'3.66 3$3'%.%7 3$&6&.1% 3$125.61
)oans an( A(#ances 1$150.6' 1$02'.10 1$213.66 1$2'2.2% 2$357.2'
4ie( /eposits 0 0 0 0 0.52
Total CA$ )oans A(#ances
5$&35.'' 5$122.76 &$612.53 &$756.&6 5$&%3.&2
/e!erre( Cre(it 0 0 0 0 0
Current )iailities 1$636.'6 1$3%0.'1 1$1'0.7% 1$17&.52 1$177.11
ro#isions 31%.06 276.'7 2&0.53 21'.%% 1$3&7.66
Total C) ro#isions 1$'55.02 1$657.%% 1$&31.31 1$3'&.&0 2$52&.77
Net /urrent )ssets 3,480."7 3,44.88 3,181.22 3,32.0 2,"!8.!
Miscellaneous Epenses 0 0 0 0 0
#ota$ )ssets 10,"8."8 ",83!.33 7,!2.48 7,0!3.43 !,"10.1"
Continent )iailities 1$201.36 3$''3.66 1$320.07 1$110.'6 &23.%7
,oo- alue 8"s9 125.6' 110.&7 '&.0& %2.36 73.55
Source : Dion Global Solutions Limited
1ipla ome Statemet
/(*$a Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
-ncome
Sales Turno#er '$3%0.2' %$202.&2 6$'77.50 6$331.0' 5$657.%5
Ecise /uty 0 0 0 0 52.16
:et Sales '$3%0.2' %$202.&2 6$'77.50 6$331.0' 5$605.6'
;ther ncome 2%0.2% 22'.13 1&%.3 '1.6& 125.71
Stoc-A(=ustments
15%.12 2'0.75
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Employee Cost 1$2%&.75 '6'.2% 72%.21 5&0.33 31%.%7
;therManu!acturinEpenses
0 0 0 0 25'.67
Sellin an(A(min Epenses
0 0 0 0 %67.'%
MiscellaneousEpenses
2$06'.50 1$753.&3 1$&'6.'0 1$2%%.%3 1%2.6&
reoperati#e EpCapitalise(
0 0 0 0 0
Total Epenses 7$5&%.%% 6$37&.03 5$3%&.&0 5$1&'.10 &$&0%.%5
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
O*erat(n Prof(t1,"8".!3 2,11".14 1,!81.8 1,320.70 1,380."3
,/T 2$26'.%1 2$3&%.27 1$730.16 1$&12.3& 1$506.6&
nterest 127.%6 33.3% 26.63 12.'2 2%.3
,/T 2$1&1.'5 2$31&.%' 1$703.53 1$3''.&2 1$&7%.3&
/epreciation 323.61 303.03 2%2.07 2&%.03 165.25
;ther ritten ;!! 0 0 0 0 0
ro!it ,e!ore Ta 1$%1%.3& 2$011.%6 1$&21.&6 1$151.3' 1$313.0'
Etra
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