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Cairn India Ltd (CAIR IN) - Highlights
In Millions of INR FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Market Capitalization 579,810.1 667,477.8 636,880.9
- Cash & Equivalents 26,418.4 53,711.8 84,931.7
+ Preferred & Other 0.0 0.0 0.0
+ Total Debt 34,007.1 26,782.2 12,518.4
Enterprise Value 587,398.9 640,548.1 564,467.6
Revenue, Comparable 16,230.3 102,779.3 118,606.5
Growth %, YoY -- 533.3 15.4
Gross Profit -- -- --
Margin % -- -- --
EBITDA 8,227.1 85,465.9 92,850.5
Margin % 50.7 83.2 78.3
Net Inc, Comparable 10,511.0 63,344.0 79,377.4
Margin % 64.8 61.6 66.9
EPS, Comparable 5.54 33.36 41.71
Growth %, YoY -- 502.2 25.0
Cash from Operations 1,779.0 62,311.6 71,837.0
Capital Expenditures -33,662.2 -25,647.9 -29,558.0
Free Cash Flow -31,883.2 36,663.6 42,279.0
Source: Bloomberg
FY 2013 FY 2014
03/31/2013 03/31/2014
520,434.0 635,230.8
121,874.9 173,355.4
0.0 0.0
0.0 0.0
398,559.1 461,875.4
175,241.5 187,620.0
47.8 7.1
-- --
-- --
130,745.5 137,503.8
74.6 73.3
120,563.9 124,320.0
68.8 66.3
63.16 65.17
51.4 3.2
112,844.9 113,990.5
-16,313.2 -28,732.7
96,531.7 85,257.8
Cairn India Ltd (CAIR IN) - Stock Value
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Last Price 305.65 350.95 333.90 272.45
Period-over-Period % Change 66.02 14.82 -4.86 -18.40
Open Price 183.80 306.50 352.10 336.00
High Price 310.00 368.05 401.10 367.00
Low Price 178.50 266.30 249.30 267.70
Market Capitalization 579,810.1 667,477.8 636,880.9 520,434.0
Current Shares Outstanding 1,896.84 1,901.77 1,907.19 1,910.24
Equity Float 384.76 380.53 222.05 368.99
Source: Bloomberg
FY 2014
03/31/2014
333.00
22.22
274.40
339.30
272.55
635,230.8
1,907.63
433.67
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Sales 16,230.3 102,779.3 118,171.4 175,194.7
Gross Profit -- -- -- --
+ Other Operating Income 0.0 0.0 435.1 46.8
- Operating Expenses 9,783.4 29,539.8 40,465.4 63,369.1
Operating profit (loss) 6,446.8 73,239.5 78,141.1 111,872.4
- Interest Expense 59.5 2,077.5 2,213.9 682.2
- Foreign Exchange Losses (Gains) -2,325.7 1,111.8 -6,147.8 -3,134.0
- Net Non-Operating Losses (Gains) -1,450.3 1,150.5 -2,159.7 -8,590.5
Pretax Income 10,163.4 68,899.7 84,234.7 122,914.7
- Tax Provision -347.7 5,555.7 4,857.3 2,350.8
Income Before XO Items 10,511.1 63,344.0 79,377.4 120,563.9
- Extraordinary Loss Net of Tax 0.0 0.0 0.0 0.0
- Minority Interests 0.0 0.0 0.0 0.0
Net profit (loss) 10,511.1 63,344.0 79,377.4 120,563.9
- Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Net Inc Avail to Common Shareholders 10,511.1 63,344.0 79,377.4 120,563.9
Abnormal Losses (Gains) 0.0 0.0 1,028.5 -1,366.5
Tax Effect on Abnormal Items 0.0 0.0 -59.3 26.4
Normalized Income 10,511.1 63,344.0 80,346.6 119,223.8
Basic EPS Before Abnormal Items 5.54 33.36 42.22 62.46
Basic EPS Before XO Items 5.54 33.36 41.71 63.16
Basic EPS 5.54 33.36 41.71 63.16
Basic Weighted Avg Shares 1,896.7 1,898.7 1,903.0 1,908.9
Diluted EPS Before Abnormal Items 5.52 33.20 42.12 62.36
Diluted EPS Before XO Items 5.52 33.20 41.61 63.06
Diluted EPS 5.52 33.20 41.61 63.06
Diluted Weighted Avg Shares 1,905.0 1,907.7 1,907.8 1,911.8
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 8,227.1 85,465.9 92,850.5 130,745.5
EBITDA Margin (T12M) 50.69 83.15 78.57 74.63
Gross Margin -- -- -- --
Operating Margin 39.72 71.26 66.13 63.86
Profit Margin 64.76 61.63 67.17 68.82
Revenue Per Employee 15,196,873.60 79,060,982.31 84,468,477.48 134,868,899.15
Dividends per Share 0.00 0.00 0.00 11.50
Total Cash Common Dividends 0.0 0.0 0.0 21,965.3
Interest Income 1,375.6 563.4 2,206.6 2,907.8
Capitalized Interest Expense -- 0.0 0.0 0.0
Research & Development Expense 962.5 1,050.3 511.8 342.0
Personnel Expense 1,101.6 1,104.6 889.4 1,032.5
Export sales 32.0 23.9 88.0 92,614.9
Depreciation Expense -- 11,929.6 14,403.0 18,459.2
Rental Expense 132.4 145.2 321.9 39.3
Source: Bloomberg
FY 2014
03/31/2014
187,611.6
--
5.4
73,658.4
113,958.6
147.3
-7,125.8
-7,558.8
128,495.9
4,178.0
124,317.9
0.0
0.0
124,317.9
0.0
124,317.9
0.0
0.0
124,317.9
65.08
65.08
65.08
1,910.1
64.95
64.95
64.95
1,914.0
IN GAAP
137,503.8
73.29
--
60.74
66.26
114,188,435.79
12.50
23,863.5
3,881.2
0.0
3,523.8
2,741.2
--
22,973.6
39.1
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Assets
+ Cash & Near Cash Items 534.2 11,467.9 124.2 463.4
+ Short-Term Investments 25,884.2 42,243.9 84,807.5 121,411.5
+ Accounts & Notes Receivable 3,067.5 14,828.6 14,968.4 22,851.9
+ Inventories 2,909.4 904.8 1,360.7 1,960.9
+ Other Current Assets 8,462.5 5,006.8 9,630.1 13,425.6
Total Current Assets 40,857.7 74,452.1 110,890.9 160,113.3
+ LT Investments & LT Receivables 0.0 1,502.5 3,559.1 37,515.9
+ Net Fixed Assets 92,904.1 98,868.1 104,073.2 126,090.0
+ Gross Fixed Assets 93,412.3 105,571.6 117,656.0 186,788.4
- Accumulated Depreciation 508.3 6,703.4 13,582.8 60,698.4
+ Other Long-Term Assets 258,353.7 290,408.8 316,012.6 216,783.7
Total Long-Term Assets 351,257.8 390,779.5 423,644.9 380,389.6
Total Assets 392,115.5 465,231.6 534,535.8 540,502.9
Liabilities & Shareholders' Equity
+ Accounts Payable 8,652.5 4,625.6 6,071.6 5,366.7
+ Short-Term Borrowings 60.9 43.9 12,518.4 0.0
+ Other Short-Term Liabilities 6,153.1 11,434.0 7,443.9 29,460.5
Total Current Liabilities 14,866.5 16,103.5 26,033.9 34,827.2
+ Long-Term Borrowings 33,946.2 26,738.2 0.0 0.0
+ Other Long-Term Liabilities 4,619.4 19,457.6 25,581.2 28,681.4
Total Long-Term Liabilities 38,565.6 46,195.8 25,581.2 28,681.4
Total Liabilities 53,432.2 62,299.3 51,615.1 63,508.6
+ Total Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 0.0 0.0 0.0 0.0
+ Share Capital & APIC 320,131.0 320,945.2 322,001.1 220,978.1
+ Retained Earnings & Other Equity 18,552.4 81,987.1 160,919.6 256,016.2
Total Equity 338,683.3 402,932.3 482,920.7 476,994.3
Total Liabilities & Equity 392,115.5 465,231.6 534,535.8 540,502.9
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 1,897.0 1,901.9 1,907.4 1,910.2
Number of Treasury Shares 0.0 0.0 0.0 0.0
Amount of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations -- 184.0 63.3 57.3
Operating Leases 174.9 35.4 68.5 57.9
Capital Leases - Short Term 60.9 43.9 18.4 0.0
Capital Leases - Long Term 79.4 15.9 0.0 0.0
Capital Leases - Total 140.3 59.9 18.4 0.0
% Foreign Ownership 25.61 26.70 29.23 24.94
Number Of Shareholders 245,022.00 232,806.00 239,342.00 271,596.00
Options Granted During Period 9.3 4.2 6.6 5.5
Options Outstanding at Period End 22.1 18.8 16.3 16.4
Net Debt 7,588.8 -26,929.6 -72,413.3 -121,874.9
Net Debt to Equity 2.24 -6.68 -14.99 -25.55
Tangible Common Equity Ratio 61.54 70.59 81.64 83.15
Current Ratio 2.75 4.62 4.26 4.60
Inventory - Finished Goods 453.1 716.6 979.3 1,253.4
Other Inventory 2,456.4 188.2 381.4 707.5
Pure Retained Earnings 18,088.4 81,432.4 160,370.2 226,351.5
Goodwill 253,192.7 253,192.7 253,192.7 151,522.4
Investments in Associated Companies -- -- -- --
Number of Employees 1,068.00 1,300.00 1,399.00 1,299.00
Source: Bloomberg
FY 2014
03/31/2014
6.9
173,348.5
25,124.0
2,970.5
13,405.7
214,855.6
6,471.1
135,047.1
218,882.2
83,835.1
300,534.1
442,052.3
656,907.9
6,207.7
0.0
37,836.0
44,043.7
0.0
38,487.3
38,487.3
82,531.0
0.0
0.0
220,148.6
354,228.3
574,376.9
656,907.9
IN GAAP
1,907.6
0.0
0.0
48.8
3,750.2
0.0
0.0
0.0
27.55
240,021.00
3.7
17.6
-173,355.4
-30.18
82.96
4.88
1,394.7
1,575.8
315,200.1
151,522.4
0.0
1,643.00
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Cash From Operating Activities
+ Net Income 10,511.1 63,344.0 79,377.4 120,563.9
+ Depreciation & Amortization 1,780.3 12,226.5 14,709.4 18,873.1
+ Other Non-Cash Adjustments -3,430.4 -3,170.6 -22,220.8 -20,862.3
+ Changes in Non-Cash Capital -7,082.0 -10,088.3 -29.0 -5,729.8
Cash From Operations 1,779.0 62,311.6 71,837.0 112,844.9
Cash From Investing Activities
+ Disposal of Fixed Assets 0.3 0.0 0.0 --
+ Capital Expenditures -33,662.2 -25,647.9 -29,558.0 -16,313.2
+ Increase in Investments -16,716.5 -43,947.7 -84,632.3 0.0
+ Decrease in Investments 57,327.0 13,703.0 91,525.8 0.0
+ Other Investing Activities -15,416.6 5,806.9 -7,089.7 -117,505.7
Cash From Investing Activities -8,468.0 -50,085.7 -29,754.2 -133,818.9
Cash from Financing Activities
+ Dividends Paid 0.0 0.0 0.0 -11,097.9
+ Change in Short-Term Borrowings -- -- -- 0.0
+ Increase in Long-Term Borrowings 34,604.6 18,680.0 0.0 --
+ Decrease In Long-Term Borrowings -41,501.0 -25,778.2 -14,181.5 -12,518.4
+ Increase in Capital Stocks 20.4 670.5 565.5 588.7
+ Decrease in Capital Stocks -- 0.0 0.0 0.0
+ Other Financing Activities -1,898.8 -553.2 4,529.2 1.1
Cash from Financing Activities -8,774.9 -6,981.0 -9,086.8 -23,026.5
Net Changes in Cash -15,463.9 5,244.9 32,996.0 -44,000.5
Reference Items
EBITDA 8,227.1 85,465.9 92,850.5 130,745.5
Trailing 12M EBITDA Margin 50.69 83.15 78.57 74.63
Cash Paid for Taxes 1,752.6 12,591.6 21,290.6 22,686.9
Cash Paid for Interest 1,678.2 1,972.6 1,321.4 949.7
Free Cash Flow -31,883.2 36,663.6 42,279.0 96,531.7
Free Cash Flow to Firm -- 38,573.6 44,365.2 97,200.9
Free Cash Flow to Equity -38,779.3 29,565.4 28,097.5 84,013.3
Free Cash Flow per Basic Share -16.81 19.31 22.22 50.57
Price to Free Cash Flow -- 18.17 15.03 5.39
Cash Flow to Net Income 0.17 0.98 0.91 0.94
Direct Method Cashflow
Source: Bloomberg
FY 2014
03/31/2014
124,317.9
23,545.2
-19,773.7
-14,098.9
113,990.5
1,722.5
-28,732.7
0.0
0.0
-57,422.8
-84,433.0
-27,939.0
0.0
0.0
0.0
148.1
-1,092.8
-289.4
-29,173.1
384.4
137,503.8
73.29
26,227.0
93.7
85,257.8
85,400.3
86,980.3
44.64
7.46
0.92
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011
12 Months Ending 03/31/2010 03/31/2011
Assets
+ Cash & Near Cash Items 534.2 11,467.9
+ Short-Term Investments 25,884.2 42,243.9
+ Accounts & Notes Receivable 3,067.5 14,828.6
+ Inventories 2,909.4 904.8
+ Other Current Assets 8,462.5 5,006.8
Total Current Assets 40,857.7 74,452.1
+ LT Investments & LT Receivables 0.0 1,502.5
+ Net Fixed Assets 92,904.1 98,868.1
+ Gross Fixed Assets 93,412.3 105,571.6
- Accumulated Depreciation 508.3 6,703.4
+ Other Long-Term Assets 258,353.7 290,408.8
Total Long-Term Assets 351,257.8 390,779.5
Total Assets 392,115.5 465,231.6
Liabilities & Shareholders' Equity
+ Accounts Payable 8,652.5 4,625.6
+ Short-Term Borrowings 60.9 43.9
+ Other Short-Term Liabilities 6,153.1 11,434.0
Total Current Liabilities 14,866.5 16,103.5
+ Long-Term Borrowings 33,946.2 26,738.2
+ Other Long-Term Liabilities 4,619.4 19,457.6
Total Long-Term Liabilities 38,565.6 46,195.8
Total Liabilities 53,432.2 62,299.3
+ Total Preferred Equity 0.0 0.0
+ Minority Interest 0.0 0.0
+ Share Capital & APIC 320,131.0 320,945.2
+ Retained Earnings & Other Equity 18,552.4 81,987.1
Total Equity 338,683.3 402,932.3
Total Liabilities & Equity 392,115.5 465,231.6
Source: Bloomberg
Percentage Change
FY 2012 FY 2013 FY 2014 FY 2010 & FY 2011 FY 2011 & FY 2012
03/31/2012 03/31/2013 03/31/2014
124.2 463.4 6.9 2,046.69 (98.92)84,807.5 121,411.5 173,348.5 63.20 100.76 14,968.4 22,851.9 25,124.0 383.42 0.94
1,360.7 1,960.9 2,970.5 (68.90) 50.38 9,630.1 13,425.6 13,405.7 (40.83) 92.34
110,890.9 160,113.3 214,855.6 82.22 48.94 3,559.1 37,515.9 6,471.1 0.00 136.88
104,073.2 126,090.0 135,047.1 6.42 5.26 117,656.0 186,788.4 218,882.2 13.02 11.45
13,582.8 60,698.4 83,835.1 1,218.92 102.62 316,012.6 216,783.7 300,534.1 12.41 8.82 423,644.9 380,389.6 442,052.3 11.25 8.41 534,535.8 540,502.9 656,907.9 18.65 14.90
6,071.6 5,366.7 6,207.7 (46.54) 31.26 12,518.4 0.0 0.0 (27.90) 28,396.24
7,443.9 29,460.5 37,836.0 85.82 (34.90)26,033.9 34,827.2 44,043.7 8.32 61.67
0.0 0.0 0.0 (21.23) (100.00)25,581.2 28,681.4 38,487.3 321.21 31.47 25,581.2 28,681.4 38,487.3 19.78 (44.62)51,615.1 63,508.6 82,531.0 16.60 (17.15)
0.0 0.0 0.0 0.00 0.00
0.0 0.0 0.0 0.00 0.00
322,001.1 220,978.1 220,148.6 0.25 0.33 160,919.6 256,016.2 354,228.3 341.92 96.27 482,920.7 476,994.3 574,376.9 18.97 19.85 534,535.8 540,502.9 656,907.9 18.65 14.90
Percentage Change
FY 2010 & FY 2013 FY 2010 & FY 2014
273.11 (98.51)43.16 42.78 52.67 9.94 44.11 51.49 39.41 (0.15)44.39 34.19
954.08 (82.75)21.16 7.10 58.76 17.18
346.88 38.12 (31.40) 38.63 (10.21) 16.21
1.12 21.54
(11.61) 15.67 (100.00) 0.00 295.77 28.43
33.78 26.46 0.00 0.00
12.12 34.19 12.12 34.19 23.04 29.95 0.00 0.00
0.00 0.00 (31.37) (0.38)59.10 38.36 (1.23) 20.42 1.12 21.54
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011
12 Months Ending 03/31/2010 03/31/2011
Sales 16,230.3 102,779.3
Gross Profit -- --
+ Other Operating Income 0.0 0.0
- Operating Expenses 9,783.4 29,539.8
Operating profit (loss) 6,446.8 73,239.5
- Interest Expense 59.5 2,077.5
- Foreign Exchange Losses (Gains) -2,325.7 1,111.8
- Net Non-Operating Losses (Gains) -1,450.3 1,150.5
Pretax Income 10,163.4 68,899.7
- Tax Provision -347.7 5,555.7
Income Before XO Items 10,511.1 63,344.0
- Extraordinary Loss Net of Tax 0.0 0.0
- Minority Interests 0.0 0.0
Net profit (loss) 10,511.1 63,344.0
- Total Cash Preferred Dividends 0.0 0.0
Net Inc Avail to Common Shareholders 10,511.1 63,344.0
Abnormal Losses (Gains) 0.0 0.0
Tax Effect on Abnormal Items 0.0 0.0
Normalized Income 10,511.1 63,344.0
Basic EPS Before Abnormal Items 5.54 33.36
Basic EPS Before XO Items 5.54 33.36
Basic EPS 5.54 33.36
Basic Weighted Avg Shares 1,896.7 1,898.7
Diluted EPS Before Abnormal Items 5.52 33.20
Diluted EPS Before XO Items 5.52 33.20
Diluted EPS 5.52 33.20
Diluted Weighted Avg Shares 1,905.0 1,907.7
Source: Bloomberg
Percentage Change
FY 2012 FY 2013 FY 2014 FY 2010 & FY 2011 FY 2011 & FY 2012
03/31/2012 03/31/2013 03/31/2014
118,171.4 175,194.7 187,611.6 533.26 14.98
-- -- --
435.1 46.8 5.4
40,465.4 63,369.1 73,658.4 201.94 36.99
78,141.1 111,872.4 113,958.6 1036.05 6.69
2,213.9 682.2 147.3 3390.47 6.57
-6,147.8 -3,134.0 -7,125.8 (147.80) (652.96)
-2,159.7 -8,590.5 -7,558.8 (179.33) (287.72)
84,234.7 122,914.7 128,495.9 577.92 22.26
4,857.3 2,350.8 4,178.0 (1697.84) (12.57)
79,377.4 120,563.9 124,317.9 502.64 25.31
0.0 0.0 0.0
0.0 0.0 0.0
79,377.4 120,563.9 124,317.9 502.64 25.31
0.0 0.0 0.0
79,377.4 120,563.9 124,317.9 502.64 25.31
1,028.5 -1,366.5 0.0
-59.3 26.4 0.0
80,346.6 119,223.8 124,317.9 502.64 26.84
42.22 62.46 65.08 502.17 26.56
41.71 63.16 65.08 502.17 25.03
41.71 63.16 65.08 502.17 25.03
1,903.0 1,908.9 1,910.1 0.10 0.23
42.12 62.36 64.95 501.45 26.86
41.61 63.06 64.95 501.45 25.33
41.61 63.06 64.95 501.45 25.33
1,907.8 1,911.8 1,914.0 0.14 0.00
Percentage Change
FY 2010 & FY 2013 FY 2010 & FY 2014
48.25 7.09
(89.24) (88.46)
56.60 16.24
43.17 1.86
(69.19) (78.41)
(49.02) 127.37
297.76 (12.01)
45.92 4.54
(51.60) 77.73
51.89 3.11
51.89 3.11
51.89 3.11
(232.86) (100.00)
(144.56) (100.00)
48.39 4.27
47.94 4.20
51.43 3.04
51.43 3.04
0.31 0.06
48.06 4.15
51.55 3.00
51.55 3.00
0.21 0.12
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011
12 Months Ending 03/31/2010 03/31/2011
Assets
+ Cash & Near Cash Items 534.2 11,467.9
+ Short-Term Investments 25,884.2 42,243.9
+ Accounts & Notes Receivable 3,067.5 14,828.6
+ Inventories 2,909.4 904.8
+ Other Current Assets 8,462.5 5,006.8
Total Current Assets 40,857.7 74,452.1
+ LT Investments & LT Receivables 0.0 1,502.5
+ Net Fixed Assets 92,904.1 98,868.1
+ Gross Fixed Assets 93,412.3 105,571.6
- Accumulated Depreciation 508.3 6,703.4
+ Other Long-Term Assets 258,353.7 290,408.8
Total Long-Term Assets 351,257.8 390,779.5
Total Assets 392,115.5 465,231.6
Liabilities & Shareholders' Equity
+ Accounts Payable 8,652.5 4,625.6
+ Short-Term Borrowings 60.9 43.9
+ Other Short-Term Liabilities 6,153.1 11,434.0
Total Current Liabilities 14,866.5 16,103.5
+ Long-Term Borrowings 33,946.2 26,738.2
+ Other Long-Term Liabilities 4,619.4 19,457.6
Total Long-Term Liabilities 38,565.6 46,195.8
Total Liabilities 53,432.2 62,299.3
+ Total Preferred Equity 0.0 0.0
+ Minority Interest 0.0 0.0
+ Share Capital & APIC 320,131.0 320,945.2
+ Retained Earnings & Other Equity 18,552.4 81,987.1
Total Equity 338,683.3 402,932.3
Total Liabilities & Equity 392,115.5 465,231.6
Source: Bloomberg
Percentage Change
FY 2012 FY 2013 FY 2014 FY 2010 FY 2011 FY 2012
03/31/2012 03/31/2013 03/31/2014 03/31/2010 03/31/2011 03/31/2012
124.2 463.4 6.9 100.00 2146.69 23.25 84,807.5 121,411.5 173,348.5 100.00 163.20 327.64 14,968.4 22,851.9 25,124.0 100.00 483.42 487.97
1,360.7 1,960.9 2,970.5 100.00 31.10 46.77 9,630.1 13,425.6 13,405.7 100.00 59.17 113.80
110,890.9 160,113.3 214,855.6 100.00 182.22 271.41 3,559.1 37,515.9 6,471.1 100.00 236.88
104,073.2 126,090.0 135,047.1 100.00 106.42 112.02 117,656.0 186,788.4 218,882.2 100.00 113.02 125.95
13,582.8 60,698.4 83,835.1 100.00 1318.92 2672.46 316,012.6 216,783.7 300,534.1 100.00 112.41 122.32 423,644.9 380,389.6 442,052.3 100.00 111.25 120.61 534,535.8 540,502.9 656,907.9 100.00 118.65 136.32
6,071.6 5,366.7 6,207.7 100.00 53.46 70.17 12,518.4 0.0 0.0 100.00 72.10 20546.22
7,443.9 29,460.5 37,836.0 100.00 185.82 120.98 26,033.9 34,827.2 44,043.7 100.00 108.32 175.12
0.0 0.0 0.0 100.00 78.77 0.00 25,581.2 28,681.4 38,487.3 100.00 421.21 553.78 25,581.2 28,681.4 38,487.3 100.00 119.78 66.33 51,615.1 63,508.6 82,531.0 100.00 116.60 96.60
0.0 0.0 0.0 100.00
0.0 0.0 0.0 100.00
322,001.1 220,978.1 220,148.6 100.00 100.25 100.58 160,919.6 256,016.2 354,228.3 100.00 441.92 867.38 482,920.7 476,994.3 574,376.9 100.00 118.97 142.59 534,535.8 540,502.9 656,907.9 100.00 118.65 136.32
Percentage Change
FY 2013 FY 2014
03/31/2013 03/31/2014
86.74 1.29 469.06 669.71 744.97 819.05
67.40 102.10 158.65 158.41 391.88 525.86
2496.90 430.69 135.72 145.36 199.96 234.32
11942.60 16494.82 83.91 116.33
108.29 125.85 137.84 167.53
62.03 71.74 0.00 0.00
478.79 614.91 234.27 296.26
0.00 0.00 620.89 833.16
74.37 99.80 118.86 154.46
69.03 68.77 1379.97 1909.34
140.84 169.59 137.84 167.53
Cairn India Ltd (CAIR IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Sales 16,230.3 102,779.3 118,171.4 175,194.7
Gross Profit -- -- -- --
+ Other Operating Income 0.0 0.0 435.1 46.8
- Operating Expenses 9,783.4 29,539.8 40,465.4 63,369.1
Operating profit (loss) 6,446.8 73,239.5 78,141.1 111,872.4
- Interest Expense 59.5 2,077.5 2,213.9 682.2
- Foreign Exchange Losses (Gains) -2,325.7 1,111.8 -6,147.8 -3,134.0
- Net Non-Operating Losses (Gains) -1,450.3 1,150.5 -2,159.7 -8,590.5
Pretax Income 10,163.4 68,899.7 84,234.7 122,914.7
- Tax Provision -347.7 5,555.7 4,857.3 2,350.8
Income Before XO Items 10,511.1 63,344.0 79,377.4 120,563.9
- Extraordinary Loss Net of Tax 0.0 0.0 0.0 0.0
- Minority Interests 0.0 0.0 0.0 0.0
Net profit (loss) 10,511.1 63,344.0 79,377.4 120,563.9
- Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Net Inc Avail to Common Shareholders 10,511.1 63,344.0 79,377.4 120,563.9
Abnormal Losses (Gains) 0.0 0.0 1,028.5 -1,366.5
Tax Effect on Abnormal Items 0.0 0.0 -59.3 26.4
Normalized Income 10,511.1 63,344.0 80,346.6 119,223.8
Basic EPS Before Abnormal Items 5.54 33.36 42.22 62.46
Basic EPS Before XO Items 5.54 33.36 41.71 63.16
Basic EPS 5.54 33.36 41.71 63.16
Basic Weighted Avg Shares 1,896.7 1,898.7 1,903.0 1,908.9
Diluted EPS Before Abnormal Items 5.52 33.20 42.12 62.36
Diluted EPS Before XO Items 5.52 33.20 41.61 63.06
Diluted EPS 5.52 33.20 41.61 63.06
Diluted Weighted Avg Shares 1,905.0 1,907.7 1,907.8 1,911.8
Source: Bloomberg
Percentage Change
FY 2014 FY 2010 & FY 2011 FY 2011 & FY 2012 FY 2010 & FY 2013
03/31/2014
187,611.6 533.26 628.09 979.43 --
5.4
73,658.4 201.94 313.61 547.72 113,958.6 1036.05 1112.08 1635.30
147.3 3390.47 3619.72 1046.21 -7,125.8 (147.80) 164.34 34.75 -7,558.8 (179.33) 48.91 492.32
128,495.9 577.92 728.81 1109.39 4,178.0 (1697.84) (1496.97) (776.09)
124,317.9 502.64 655.18 1047.02 0.0
0.0
124,317.9 502.64 655.18 1047.02 0.0
124,317.9 502.64 655.18 1047.02
0.0
0.0
124,317.9 502.64 664.40 1034.27
65.08 502.17 662.08 1027.40 65.08 502.17 652.89 1040.07 65.08 502.17 652.89 1040.07
1,910.1 0.10 0.33 0.64 64.95 501.45 663.01 1029.69 64.95 501.45 653.80 1042.39 64.95 501.45 653.80 1042.39
1,914.0 0.14 0.15 0.36
Percentage Change
FY 2010 & FY 2014
1055.94
652.89 1667.66
147.49 206.39 421.18
1164.31 (1301.60)1082.73
1082.73
1082.73
1082.73
1074.73 1074.73 1074.73
0.71 1076.63 1076.63 1076.63
0.47
Cairn India Ltd (CAIR IN) - Common Size
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Sales 16,230.3 102,779.3 118,171.4 175,194.7
Gross Profit -- -- -- --
+ Other Operating Income 0.00 0.00 0.37 0.03
- Operating Expenses 60.28 28.74 34.24 36.17
Operating profit (loss) 39.72 71.26 66.13 63.86
- Interest Expense 0.37 2.02 1.87 0.39
- Foreign Exchange Losses (Gains) (14.33) 1.08 (5.20) (1.79)
- Net Non-Operating Losses (Gains) (8.94) 1.12 (1.83) (4.90)
Pretax Income 62.62 67.04 71.28 70.16
- Tax Provision (2.14) 5.41 4.11 1.34
Income Before XO Items 64.76 61.63 67.17 68.82
- Extraordinary Loss Net of Tax 0.00 0.00 0.00 0.00
- Minority Interests 0.00 0.00 0.00 0.00
Net profit (loss) 64.76 61.63 67.17 68.82
- Total Cash Preferred Dividends 0.00 0.00 0.00 0.00
Net Inc Avail to Common Shareholders 64.76 61.63 67.17 68.82
Abnormal Losses (Gains) 0.00 0.00 0.87 (0.78)
Tax Effect on Abnormal Items 0.00 0.00 (0.05) 0.02
Normalized Income 64.76 61.63 67.99 68.05
Basic EPS Before Abnormal Items 0.03 0.03 0.04 0.04
Basic EPS Before XO Items 0.03 0.03 0.04 0.04
Basic EPS 0.03 0.03 0.04 0.04
Basic Weighted Avg Shares 11.69 1.85 1.61 1.09
Diluted EPS Before Abnormal Items 0.03 0.03 0.04 0.04
Diluted EPS Before XO Items 0.03 0.03 0.04 0.04
Diluted EPS 0.03 0.03 0.04 0.04
Diluted Weighted Avg Shares 11.74 1.86 1.61 1.09
Source: Bloomberg
FY 2014
03/31/2014
187,611.6
--
0.00
39.26
60.74
0.08
(3.80)
(4.03)
68.49
2.23
66.26
0.00
0.00
66.26
0.00
66.26
0.00
0.00
66.26
0.03
0.03
0.03
1.02
0.03
0.03
0.03
1.02
Cairn India Ltd (CAIR IN) - Common Size
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Total Assets 392,115.5 465,231.6 534,535.8 540,502.9
Assets
+ Cash & Near Cash Items 0.14 2.46 0.02 0.09
+ Short-Term Investments 6.60 9.08 15.87 22.46
+ Accounts & Notes Receivable 0.78 3.19 2.80 4.23
+ Inventories 0.74 0.19 0.25 0.36
+ Other Current Assets 2.16 1.08 1.80 2.48
Total Current Assets 10.42 16.00 20.75 29.62
+ LT Investments & LT Receivables 0.00 0.32 0.67 6.94
+ Net Fixed Assets 23.69 21.25 19.47 23.33
+ Gross Fixed Assets 23.82 22.69 22.01 34.56
- Accumulated Depreciation 0.13 1.44 2.54 11.23
+ Other Long-Term Assets 65.89 62.42 59.12 40.11
Total Long-Term Assets 89.58 84.00 79.25 70.38
Total Assets 100.00 100.00 100.00 100.00
Liabilities & Shareholders' Equity
+ Accounts Payable 2.21 0.99 1.14 0.99
+ Short-Term Borrowings 0.02 0.01 2.34 0.00
+ Other Short-Term Liabilities 1.57 2.46 1.39 5.45
Total Current Liabilities 3.79 3.46 4.87 6.44
+ Long-Term Borrowings 8.66 5.75 0.00 0.00
+ Other Long-Term Liabilities 1.18 4.18 4.79 5.31
Total Long-Term Liabilities 9.84 9.93 4.79 5.31
Total Liabilities 13.63 13.39 9.66 11.75
+ Total Preferred Equity 0.00 0.00 0.00 0.00
+ Minority Interest 0.00 0.00 0.00 0.00
+ Share Capital & APIC 81.64 68.99 60.24 40.88
+ Retained Earnings & Other Equity 4.73 17.62 30.10 47.37
Total Equity 86.37 86.61 90.34 88.25
Total Liabilities & Equity 100.00 100.00 100.00 100.00
Source: Bloomberg
FY 2014
03/31/2014
656,907.9
0.00
26.39
3.82
0.45
2.04
32.71
0.99
20.56
33.32
12.76
45.75
67.29
100.00
0.94
0.00
5.76
6.70
0.00
5.86
5.86
12.56
0.00
0.00
33.51
53.92
87.44
100.00
Cairn India Ltd (CAIR IN) - Profitability
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Returns
Return on Common Equity 3.15 17.08 17.92 25.12
Return on Assets 2.68 14.78 15.88 22.43
Return on Capital 2.84 16.26 17.61 24.93
Return on Invested Capital 2.14 16.57 15.69 22.23
Margins
EBITDA Margin 50.69 83.15 78.57 74.63
Operating Margin 39.72 71.26 66.13 63.86
Incremental Operating Margin -- 77.17 31.85 59.15
Pretax Margin 62.62 67.04 71.28 70.16
Income before XO Margin 64.76 61.63 67.17 68.82
Net Income Margin 64.76 61.63 67.17 68.82
Net Income to Common Margin 64.76 61.63 67.17 68.82
Additional
Effective Tax Rate -- 8.06 5.77 1.91
Dvd Payout Ratio 0.00 0.00 0.00 18.22
Sustainable Growth Rate 3.15 17.08 17.92 20.54
Source: Bloomberg
FY 2014
03/31/2014
23.65
20.76
23.68
20.65
73.29
60.74
16.80
68.49
66.26
66.26
66.26
3.25
19.20
19.11
Cairn India Ltd (CAIR IN) - Liquidity
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Cash Ratio 1.78 3.34 3.26 3.50
Current Ratio 2.75 4.62 4.26 4.60
Quick Ratio 1.98 4.26 3.84 4.16
CFO/Avg Current Liab 0.11 4.02 3.41 3.71
Common Equity/Total Assets 86.37 86.61 90.34 88.25
Long-Term Debt/Equity 10.02 6.64 0.00 0.00
Long-Term Debt/Capital 9.11 6.22 0.00 0.00
Long-Term Debt/Total Assets 8.66 5.75 0.00 0.00
Total Debt/Equity 10.04 6.65 2.59 0.00
Total Debt/Capital 9.12 6.23 2.53 0.00
Total Debt/Total Assets 8.67 5.76 2.34 0.00
CFO/Total Liabilities 3.33 100.02 139.18 177.68
CFO/CapEx 0.05 2.43 2.43 6.92
Altman's Z-Score 7.19 8.90 10.10 7.71
Source: Bloomberg
FY 2014
03/31/2014
3.94
4.88
4.51
2.89
87.44
0.00
0.00
0.00
0.00
0.00
0.00
138.12
3.97
7.23
Cairn India Ltd (CAIR IN) - Working Capital
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Accounts Receivable Turnover 7.08 11.49 7.93 9.26
Days Sales Outstanding 51.54 31.78 46.14 39.40
Trailing 12M Earnings per Share 5.54 33.36 41.71 63.16
Price/T12M Earnings per Share 55.17 10.52 8.01 4.31
Total Inventory 2,909.4 904.8 1,360.7 1,960.9
Inventory Finished Goods 453.1 716.6 979.3 1,253.4
Other Inventory 2,456.4 188.2 381.4 707.5
Source: Bloomberg
FY 2014
03/31/2014
7.82
46.67
65.08
5.12
2,970.5
1,394.7
1,575.8
Cairn India Ltd (CAIR IN) - DuPont Analysis
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 103.42 91.94 94.23 98.09
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.00 1.00 1.01 0.99
Interest Burden
Pre-Tax Profit/EBIT % 157.65 94.07 107.80 109.87
Operating Margin
EBIT/Revenue % 39.72 71.26 66.13 63.86
Asset Turnover
Revenue/Avg Assets 0.04 0.24 0.24 0.33
Leverage Ratio
Avg Assets/Avg Equity 1.18 1.16 1.13 1.12
Adjusted Return on Equity 3.15 17.08 18.14 24.84
Dividend Yield 0.00 0.00 0.00 4.22
5 Year Average Adj ROE -- -- -- --
Payout Ratio 0.00 0.00 0.00 18.22
Sustainable Growth Rate 3.15 17.08 17.92 20.54
Book Value per Share 178.54 211.86 253.18 249.71
Price/Book Value per Share 1.71 1.66 1.32 1.09
Total Debt/Equity 10.04 6.65 2.59 0.00
Source: Bloomberg
FY 2014
03/31/2014
96.75
1.00
112.76
60.74
0.31
1.14
23.65
3.75
17.37
19.20
19.11
301.10
1.11
0.00
