Maruti Suzuki India Ltd.

Transcription

1 STOCK POINTER Maruti Suzuki India Ltd. BUY Target Price `1,664 CMP `1,38 FY15 PE 12.4x Index Details Sensex 19,517 Nifty 5,78 BSE 1 5,765 Industry Automobile Scrip Details Mkt Cap (` cr) 41,687 BVPS (`) O/s Shares (Cr) 3.2 Av Vol (Lacs).6 52 Week H/L 1773/1217 Div Yield (%).6 FVPS (`) 5. Shareholding Pattern Shareholders % Promoters 56.2 DIIs 13.1 FIIs 22. Public 8.7 Total 1. Maruti Suzuki vs. Sensex We initiate coverage on Maruti Suzuki India Ltd (MSIL) as a BUY with a Price Objective of `1,664. At the CMP of `1,38, the stock is trading at 15.3x and 12.4x its estimated earnings for FY14E & FY15E respectively, representing a potential upside of ~21% over a period of 18 months. We are particularly enthused by the fact that MSIL over the last two years, despite challenging times like the Manesar plant lock out and intense competition across segments, has been able to maintain market share across all segments. We strongly believe that when the auto revival resumes MSIL would be best placed to benefit from this. In the near term, we expect new models in the compact & hatchback (WagonR Stingray & Swift Sport) and SUV segment (XA Alpha) to drive sales growth. In addition, diesel engine capacity expansion and SPIL merger coupled with increasing localization initiatives (on the input side) will enhance scale of operations and improve operating margins. We forecast revenues and earnings to grow at a CAGR of 8.2% and 18.3% to `51,48 and `3,35.2 crore, respectively over FY14-15E. Despite challenging times, MSIL is well placed to sustain market share Although MSIL (with its 1.1% growth to 4,37,56 units YTD in FY14) seems to have bucked the prevailing recessionary trend in the PV segment, we have to bear in mind that this growth was due to the low base effect (due to plant lock out at Manesar) in the last fiscal. However, we could expect an improved performance going forth as the monsoon has been satisfactory and elections are around the corner. We expect the launch of new models, WagonR Stingray, Swift Sport and SUV XA Alpha to drive sales. Overall we expect volume to grow at a CAGR of 5% to 12,93,284 units over the period FY13-15E. Sales are expected to grow at a CAGR of 8.2% to `51,48 crore while earnings are expected to ramp up to `3,35.2 crore (18.3% CAGR) over the forecast period. Key Financials (` in Cr) Y/E Mar Net EPS Growth RONW ROCE P/E EBITDA PAT EPS Revenue (%) (%) (%) (x) , ,513. 1, ,588. 4, , E 46,14.1 4,744. 2, E 51,48.6 5, , EV/EBITDA (x) - 1 of 18 - Tuesday 1 st October, 213

2 Increased localization and other measures to boost margins The merger of diesel engine manufacturing facility Suzuki Powertrain India Ltd. (SPIL) with itself, expansion of diesel engine capacity and thrust towards increased localization should help boost margins besides lower exposure to the currency fluctuations (through lowered imports). We expect margins to improve by 15 bps to 11.2% by FY15E. Further the new R&D centre at Rohtak, apart from being a valuable contributor to new technological advancement, should provide significant tax savings which should improve PAT margins. We expect PAT margins to improve to 6.6% by FY15E from the current 5.5% clocked in FY13. Valuation We initiate coverage on MSIL as a BUY with a Price Objective of `1,664 (target PE 15x) representing a potential upside of ~21% over a period of 18 months. At the CMP of `1,38, the stock is trading at 15.3x and 12.4x its estimated earnings for FY14E and FY15E respectively. Improved product mix along with increased localization and operational synergies of the SPIL merger should enable MSIL to boost revenue and profitability going forward. Accordingly we expect sales and earnings to grow at a CAGR of 8.2% & 18.3%, respectively to `51,48.6 crore & `3,35.2 crore by FY of 18 - Tuesday 1 st October, 213

3 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 (%) Company Background Maruti Suzuki India Ltd. (MSIL), a subsidiary of Suzuki Motor Corporation, Japan (with a 54.2% stake), is the largest passenger car (PV) company in India, accounting for 4% of the domestic passenger car market. MSIL derives ~64% of its domestic sales volume from the small car segment and has a dominant position in the segment with a market share of ~61%. The company operates from two facilities in India (Gurgaon and Manesar) and is in the process of expanding its manufacturing capacity to 1.8 mn units (1.26 mn units in FY13) by FY15. Currently, exports account for ~8% of its overall sales volume and MSIL is striving hard to expand its market in the non European countries (thereby reducing its dependency on the deteriorating European markets). Key Investment Highlights Despite challenging times, MSIL is well placed to sustain market share Given the tightening liquidity, heavy inflation, and economic slowdown, the Indian PV industry (sales volumes down 9.3%) is facing one of its most challenging times. The immediate future is also expected to continue to remain under stress as there seems to be no trigger to revive demand (barring for a good monsoon). PV Industry trend Nos PV Sales Inflation Rate (RHS) GDP (%) RHS Interest Rate (RHS) Although MSIL (with its 1.1% growth to 4,37,56 units YTD in FY14) seems to have bucked the prevailing recessionary trend in the PV segment, we have to bear in mind that this growth was due to the low base effect (due to plant lock out at Manesar) in the last fiscal. However we could expect an improved performance going forth as the monsoon has been satisfactory and elections are around the corner. We expect the launch of new models, WagonR Stingray, Swift Sport and SUV XA Alpha to drive sales. - 3 of 18 - Tuesday 1 st October, 213

4 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 YTDFY14 Overall we expect volume to grow at a CAGR of 5% to 12,93,284 units over the period FY13-15E. Sales are expected to grow at a CAGR of 8.2% to ` 51,48 crore while earnings are expected to ramp up to ` 3,35.2 crore (18.3% CAGR) over the forecast period. Sales Trend & PAT Margin FY9 FY1 FY11 FY12 FY13 FY14E FY15E 1.% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% Sales PAT Margins (RHS) Depreciating INR is bullish for MSIL s exports Another positive factor which could drive growth is the fact that with the depreciation of the INR export markets are looking very rosy. With the mood in the domestic vehicle market being quite gloomy, we believe that the logical step to drive growth would be to increase exports which in recent times have seen a sharp deceleration. Besides improving the top line, the sharp fall in the currency value should also help improve profitability of MSIL s exports. Export Trend & % of Sales Nos. 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% Export Volume % of Sales (RHS) - 4 of 18 - Tuesday 1 st October, 213

5 Nano Alto A-Star WagonR Estilo Spark Eon Nano-diesel Punto Stingray Maintains market share in an otherwise crowded market One of the highlights of MSIL s performance has been the fact that barring for the UV segment (where it has lost market share marginally), it has been able to maintain its dominant market share across segments and even improve it further. The segment wise performance of MSIL is enumerated below. WagonR Stingray to propel compact segment market share further MSIL s robust growth (of 11.9% to 1,63,274 units YTD in FY14) in the compact segment has enabled it to gain market share by a huge 9 bps to 76% in YTDFY14. Competitors have ceded market share to Alto 8 and Wagon R, which account for 44% and 3% share respectively of the overall compact segment. We expect further gains in market share to come through the recently launched WagonR Stingray (August 13). The full-fledged effect of the same will be visible in H2FY14. Market Share - Compact Segment 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % Market Share (%) -12% -1% +4% Nano Spark Eon Alto 8 A Star Estilo Wagon R FY13YTD +9% Market Share Increased FY14YTD Competitive Price Range-Compact Volume Growth ` Lacs Nos. 15% 1% 5% % -5% -1% -15% -2% -25% Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 YTDFY14-3% Compact Sales Y-o-Y (RHS) - 5 of 18 - Tuesday 1 st October, 213

6 Santro Indica ev2 Figo Sail U-Va Swift Liva i2 Punto Polo Ritz Brio Beat micra i1 Swift Sport New Beat New i1 i3 Fiesta Ford B max Panda Up 2WD Brio Diesel Sandero Santro xing Indica ev2 Figo Sail U-Va Liva i2 Punto Polo Swift Ritz Brio Beat i1 Micra Swift Sport to drive growth in the Hatchback segment One of the most fiercely contested segments is the hatchback category where a flurry of models has been launched by new incumbents. Although, MSIL s hatchback segment has reported a de-growth of ~4% to 9,969 units in YTDFY14, MSIL through the launch of model extensions and diesel variants has been able to ward of this competitive threat (with its Swift portfolio gaining an encouraging 5 bps to take its market share to 27%). We believe further gains in market share are possible post the launch of Swift Sport. Market Share - Hathback Segment 3% 25% 2% Market Share (%) +4% Market Share Increased 15% 1% 5% % +1% -2% -1% -4% % +1% % +1% % -3% +3% % FY13YTD FY14YTD Competitive Price Range- Hatchback Volume Growth `Lacs Nos. Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 YTDFY14 5% 4% 3% 2% 1% % -1% -2% -3% Hatchback Y-o-Y (RHS) - 6 of 18 - Tuesday 1 st October, 213

7 Bolero Sumo Xylo Tavera Innova Aria Omni Eeco Thar venture Gypsy Enjoy Ertiga H-1 Wagon Hexa Space Aria AT Minicat Fiat 5L Lodgy Nissan Note Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 YTDFY14 Bolero Xylo Sumo Thar Aria Venture Ertiga Omni Eeco Gypsy Enjoy Tavera Innova MUV segment demand to remain subdued This segment (consisting of Ertiga, Gypsy, Omni, & Eeco) has witnessed de-growth of 22.3% on YTD basis in FY14 to 61,947 units. Despite the fact that competitors have been launching new vehicles in the MUV segment, MSIL has been able to defend its market share at 39% in YTDFY14. The contributor to the volume growth was the satisfactory performance by Ertiga, which has sustained its market share at 15% in the MUV segment with a sale of 23,549 units YTD in FY14, whereas the nearest competitor Innova has shown significant decline in the market share by 3 bps to 14% over the same period. Market Share - MUV Segment 3% 25% Market Share (%) +3% Marginal Market Share loss of 1% 2% -3% 15% 1% 5% % -2% -3% +2% % % +7% -3% FY14YTD FY13YTD Competitive Price Range- MUV Volume Growth `Lacs Nos. 1% 8% 6% 4% 2% % -2% MUV YoY - 7 of 18 - Tuesday 1 st October, 213

8 Amaze Etios Manza+Indigo Sunny Linea Dzire SX4 Verna Verito City Dicor Storme Duster Scorpio XUV5 Vitara Rexton EcoSport Quanto XA Alpha Trax TrailBlazer Tuscon Santa Fe Endeavour Rush Vista Xtreme XUV5 Tiguan 2WD Terrano XV Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 SUV foray new growth opportunity MSIL is conspicuous by its absence in the fast growing SUV segment. Leveraging on its strong brand equity and the recent excitement around SUVs, MSIL is slated to launch a new model XA Alpha which would mark its entry into this segment. XA Alpha s positioning under 4 metres (in line with the new excise norms), in our opinion, holds promise and should help spearhead growth. Competitive Price Range-SUV UV industry Volume Trend 3 `Lacs 6 Nos 1% % % 4% 2% % -2% UV YoY % Dzire to maintain growth trend in Midsized sedan category MSIL s Midsized sedan segment (25% YTD growth in FY14) has so far managed to buck the overall slowdown. The growth has been primarily driven by the mounting demand for the Dzire model, which has helped it increase its market share to 46%. This is despite the fact that Honda s new model Amaze has been a runaway success. Going forth, we expect this growth trend to be maintained. Market Share Sedan Segment 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % Market Share (%) +17% -4% -5% +4% Market Share Increased -4% -5% -1% -1% -1% FY13YTD FY14YTD - 8 of 18 - Tuesday 1 st October, 213

9 Verna Verito Indigo ecs Amaze Dzire Chevlt Sail Etios Manza Sunny Linea SX4 Toyota Vios Fiat Viaggio Accord City Civic Sylphy Fluence Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 YTDFY14 Competitive Price Rang- Sedan Volume Growth ` Lacs Nos. 8% 6% 4% 2% % -2% -4% -6% Sedan-Midsize YoY MSIL all set to take on impending competition In a slowing market, new model launches from all the incumbents is expected to further intensify competition. While the loss of market share for the dominant player is obvious, we are not worried with regards to MSIL s ability to hold its own. In the past MSIL has deftly demonstrated its ability to defend its market share through a combination of launch of two new products aimed at pre-empting competition, new model variants and product extensions have kept its brand portfolio fresh and reinvigorated carefully chosen product pricing and positioning strategies support of a country wide dealer network and customer service centres Testimony to the above is its current performance where it has not only maintained market share but even gained some in extremely competitive segments. Market Share YTDFY14 Market Share YTDFY13 Others 19% Tata 6% Others 17% Tata 11% Toyota 5% M&M 1% Honda 5% Hyundai 15% MSIL 4% Toyota 7% M&M 1% Honda 2% Hyundai 15% MSIL 38% - 9 of 18 - Tuesday 1 st October, 213

10 Upcoming launches in the PV segment Company Segment Brand Launch Date Variant Price Range (INR) TATA Compact Nano Facelift Sep-13 CNG L TATA Compact Nano Facelift Sep-13 Diesel L Maruti Compact WaganR Stingray Aug-13 Petrol 4-5L Fiat Hatchback Grande Punto Evo End'13 Petrol/ Diesel 6-7L Maruti Hatchback Swift Sports CY13 Petrol/ Diesel 5-6L Cheverolet Hatchback Beat Facelift Oct-13 Petrol/Diesel 3.5-5L Hyundai Hatchback i1 Facelift Sep-13 Diesel 4-7L Hyundai Hatchback i3 Oct-13 Petrol/Diesel 6.5-8L Ford Hatchback Fiesta Oct-13 Petrol/Diesel 5-7L Ford Hatchback Ford B max Nov-13 Petrol/Diesel 6-7L Fiat Hatchback Fiat Panda Nov-13 Diesel 5.5-7L Volkswagon Hatchback Volkswagen Up 2WD Nov-13 Petrol/ Diesel 3.5-5L Honda Hatchback Brio Facelift May-14 Diesel 5-6.5L Ranault Hatchback Renault Sandero Jan-14 Both L Hyundai MUV H-1 Wagon Sep-13 Diesel 12-15L Hyundai MUV Hexa Space Jan-14 Gasoline-GDI 7-9L TATA MUV Aria AT Oct L TATA MUV Minicat Feb L Fiat MUV Fiat 5L Nov-13 Diesel 8-1L Nissan MUV Nissan Note Feb-14 Petrol 8-1L Ranault MUV Renault Lodgy Nov-13 Petrol 7-9.5L Maruti SUV XA Alpha CY14 Diesel 1L Cheverolet SUV Trax Nov-13 Petrol/Diesel 7-1L Cheverolet SUV TrailBlazer Jan-14 Diesel 17-2L Hyundai SUV Tuscon Oct-13 Diesel 18-2L Hyundai SUV Santa Fe Dec-13 Diesel 22-26L Ford SUV Endeavour Facelift May-14 Diesel 17-22L Toyota Kirloskar SUV Fortuner 2.5L Facelift Nov-13 Diesel 2-22L Toyota Kirloskar SUV Rush Nov-13 Petrol/Diesel 8-1L TATA SUV Vista D-9 Xtreme Dec L M&M SUV XUV5-Compact Oct-13 Diesel 6-7.5L Volkswagon SUV Tiguan 2WD Aug-13 Diesel 18-25L Nissan SUV Terrano XV Oct'13 Diesel 8.9L Toyota Kirloskar. Sedan Toyota Vios Oct-13 Petrol/Diesel 7.5-1L Fiat Sedan Fiat Viaggio Apr-14 Petrol 8-1L Honda Sedan Accord Facelift Nov-13 Petrol 18-23L Honda Sedan Honda City Facelift Nov-13 Diesel L Honda Sedan Honda New Civic Jan-14 Diesel L Nissan. Sedan Nissan Sylphy Jan-14 Petrol 12-16L Ranault Sedan Renault New Fluence Dec-13 Petrol 13-16L - 1 of 18 - Tuesday 1 st October, 213

11 Increased localization and other measures to boost margins The merger of diesel engine manufacturing facility Suzuki Powertrain India Ltd. (SPIL) with itself, expansion of diesel engine capacity, and thrust towards increased localization should help boost margins besides lower exposure to the currency fluctuations (through lowered imports). We expect margins to improve by 15 bps to 11.2% by FY15E. Further the new R&D centre at Rohtak, apart from being a valuable contributor to new technological advancement, should provide significant tax savings which should improve PAT margins. We expect PAT margins to improve to 6.6% by FY15E from the current 5.5% clocked in FY13. Merger with SPIL will lead to improved Operating Margins The strategic move to merge SPIL, the diesel engine manufacturing facility, besides being cash neutral, should help fully reflect the diesel vehicle profitability and improve operating margins. This is already evident in the Q1FY14 results in which the margins have surged by ~42 bps. Parameter Effects of Merger with SPIL (% of Sales) Q1FY14 (Post Merger) Q1FY13 (Pre Merger) Change bps Material Cost Employee Cost Other Expenses Operating Income EBITDA Depreciation Non-Operating Income PBT PAT of 18 - Tuesday 1 st October, 213

12 Expansion of diesel engine capacity to further improve margins through lowered outsourcing In the past, MSIL had a severe handicap of its portfolio being skewed sharply in favour of petrol engines. To meet the growing demand for diesel vehicles MSIL was outsourcing ~1 lac engines per annum from Fiat India. However, with the two phase expansion of diesel engine manufacturing facility on the verge of completion, the need for outsourcing will be eliminated leading to better margins through captive sourcing. Blended Portfolio of Petrol & Diesel Capacity 2 Nos FY8 FY9 FY1 FY11 FY12 FY13 FY14E FY15E Petrol Diesel Diesel vehicle sales projection Nos. FY11 FY12 FY13 FY14E FY15E Capacity to witness a CAGR of 19.9% Petrol & Diesel- Industry product mix (%) Nos. FY1 FY11 FY12 FY13 FY14E FY15E 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 34% 35% 36% 48% 58% 54% 66% 65% 64% 52% 42% 46% FY9 FY1 FY11 FY12 FY13 Q1FY14 Petrol Diesel - 12 of 18 - Tuesday 1 st October, 213

13 Feb-5 Aug-5 Feb-6 Aug-6 Feb-7 Aug-7 Feb-8 Aug-8 Feb-9 Aug-9 Feb-1 Aug-1 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Increased localization to help improve cost efficiency and lower exposure to currency fluctuations The recent plunge in the value of the rupee could easily disrupt any business, which is reliant on import of critical components. The proactive management had already initiated several measures to step up local sourcing and replace imports. We expect the imports to gradually be lowered by 8-1% over the next 2-3 years from the current 19.5%. There is also the possibility that MSIL would lower its imports even further given the unprecedented sharp fall in the value of the INR. Localization & Margins trend INR-JPY 3.% 25.% 2.% 15.% 1.% 5.% 11.4% 1.4% 9.7% 7.1% 26.% 19.5% 17.5% 15.5% FY12 FY13 FY14E FY15E 12.% 11.% 1.% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% INR-JPY % Localization EBIDTA (%) RHS - 13 of 18 - Tuesday 1 st October, 213

14 Focus on R&D Move towards next generation technology The Swift, Dzire and Ertiga models are largely a product of the company s R&D initiative. And their good styling characteristics and next generation engines developed at the R&D centres has resulted in the runaway success of these models. In order to keep abreast of technological & design advancements, MSIL is setting up a state of the art R&D centre at Rohtak. The centre is expected to be commissioned by FY16. Apart from contributing to the above, this centre along with MAT & deferred tax benefits is expected to help keep the effective tax rate ~22%. Weighted Tax Benefit u/s 35(2AB) of Income Tax Act, ` Crore 35% % 26% 24% 2% 22% 22% 3% 25% 2% % 1% % FY1 FY11 FY12 FY13 FY14E FY15E % R&D Expenditure Tax Rate (RHS) - 14 of 18 - Tuesday 1 st October, 213

15 Financial Performance MSIL operating revenues in Q1FY14 witnessed de-growth of 5% YoY to `1,237 crore led by a fall in total volumes (which were down 1% YoY). Inspite of this, cheaper imports and increased local sourcing helped operating margins grow by 42 bps to 11.7%. Further merger of SPIL and the beneficial currency effect helped earnings grow by 49% bound to ` crore. Quarterly Financial Performance (` in crore) Particulars Q1FY14 Q1FY13 FY13 FY12 Income From Operations Growth % Total Expenditure EBIDTA EBDITA Margin % Depreciation EBIT (EX OI) Other Income EBIT EBIT Margin % Interest Exceptional items.... PBT PBT Margin % Provision for Tax PAT PAT Margin (%) of 18 - Tuesday 1 st October, 213

16 Financial Outlook On the back of sustained volume growth led by new launches, we expect revenues to grow at a CAGR of 8.2% over the forecasted period of FY13-15 to `51,48 crore. Operating profits are expected to post a CAGR of 16.2% over FY13-15 to `5,712.2 crore backed by the bump up in localization, resulting in lower input cost. Consequently, EBITDA margins are expected to grow by 15 bps to 11.2% in FY15E from the current 9.7% in FY13. In line with the improved profitability, earnings are expected to grow at a CAGR of 18.3% to `3,35.2 crore over the forecast period FY `Crore Revenue and Profitability Trend 14.% 12.% 1.% 8.% 6.% 4.% 2.% FY1 FY11 FY12 FY13 FY14E FY15E.% Revenue EBITDA Margin RHS (%) PAT Margin RHS (%) Valuation We initiate coverage on MSIL as a BUY with a Price Objective of `1,664 (target PE 15x) representing a potential upside of ~21% over a period of 18 months. At the CMP of `1,38, the stock is trading at 15.3x and 12.4x its estimated earnings for FY14E and FY15E respectively. Improved product mix along with increased localization and operational synergies of the SPIL merger should enable MSIL to boost revenue and profitability going forward. Accordingly we expect sales and earnings to grow at a CAGR of 8.2% & 18.3%, respectively to `51,48.6 crore & `3,35.2 crore by FY of 18 - Tuesday 1 st October, 213

17 P/E 3, 2,5 2, 1,5 1, 5 Jul-3 Jul-5 Jul-7 Jul-9 Jul-11 Jul-13 CMP 11X 14X 17X 2X 23X P/BV Jul-3 Jul-5 Jul-7 Jul-9 Jul-11 Jul-13 CMP 2X 2.5X 3X 3.5X 4X EV/EBITDA Jul-3 Jul-5 Jul-7 Jul-9 Jul-11 Jul-13 EV 5.5X 7X 8.5X 1X 11.5X - 17 of 18 - Tuesday 1 st October, 213

18 Financials and Projections Y/E March, Fig in ` Cr FY 212 FY 213 FY 214e FY 215e Y/E March, Fig in ` Cr FY 212 FY 213 FY 214e FY 215e Profit & Loss Statement Per Share Data (Rs) Net Sales EPS % Chg Cash EPS Total Expenditure DPS % Chg Book Value EBITDA Capital, Liquidity, Returns Ratio EBITDA Margin % Debt / Equity (x).... Other Income Current Ratio (x) PBDIT ROE (%) Depreciation ROCE (%) Interest Dividend Yield (%) Exceptional items.... Valuation Ratio (x) PBT P/E Tax Provisions P/BV Reported PAT EV/Sales PAT Margin (%) EV/EBIDTA Raw Materials / Sales (%) Efficiency Ratio (x) Manpower cost / Sales (%) Inventory (days) Other opr Exp / Sales (%) Debtors (days) Tax Rate (%) Creditors (days) Balance Sheet Cash Flow statement Share Capital Profit After Tax Reserves & Surplus Depreciation Minority Interest.... Working Capital Changes Total Loans Others Other Long Term Liability Operating Cash Flow Total Liabilities Capital Expenditure Gross Block Change in Investment Less: Acc. Depreciation Cash Flow from Investing Net Block Proceeds from equity issue Capital Work in Progress Inc/(Dec) in Debt Investments & Lons Dividend and DDT Net Current Assets Cash Flow from Financing Deferred Tax Assets Net Change in Cash Misc Expenses.... Opening Cash Balance Total Assets Closing Cash Balance Ventura Securities Limited Corporate Office: C-112/116, Bldg No. 1, Kailash Industrial Complex, Park Site, Vikhroli (W), Mumbai 479 This report is neither an offer nor a solicitation to purchase or sell securities. The information and views expressed herein are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in or have positions in the securities mentioned in their articles. Neither Ventura Securities Limited nor any of the contributors accepts any liability arising out of the above information/articles. Reproduction in whole or in part without written permission is prohibited. This report is for private circulation of 18 - Tuesday 1 st October, 213