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Retail Research 3

PBT 825.0 211.9 289.3 556.0 48.4 705.3 328.4 2414.7 1673.9 44.3

Tax (DT & FBT)

261.8 69.1 278.9 180.5 45.0 211.0 101.1 754.4 490.1 53.9

Reported Profit After Tax 563.2 142.8 294.4 375.5 50.0 494.3 227.3 1660.3 1183.8 40.3

EPS (Rs.) 54.2 13.7 294.4 36.1 50.0 47.5 21.9 159.6 113.8 40.3

Equity 104 104.0 0.0 104 0.0 104.0 104.0 104.0 104.0 0.0

Face Value 10.0 10.0 0.0 10 0.0 10.0 10.0 10 10.0 0.0

OPM (%) 19.0 6.5 192.3 13.09 45.2 18.21 8.8 15.0 10.3 45.2

PATM (%) 12.3 4.1 201.9 9.01 36.5 13.38 6.3 10.4 8.6 21.1(Source: Company, HDFC Sec)

Quarterly & Yearly Segmental: (Standalone)

(Rs. in Million)

Particulars Q4FY11 Q4FY10 VAR [%] Q3FY11VAR [%](Q-o-Q)

Q2FY11 Q1FY11 FY11 FY10 VAR [%]

Revenue from Operations 4633.6 3572.9 29.7 4246.9 9.1 3767.8 3671.2 16319.5 14078.5 15.9

Cigarettes & Tobacco Products 4258.1 3248.2 31.1 3846.4 10.7 3429.2 3395.7 14929.4 12869 16.0

Tea and related products

375.5 324.7 15.6 400.5 -6.2 338.6 275.5 1390.1 1209.5 14.9

Profit/Loss Before Interest and Tax 803.9 206.9 288.5 537.1 49.7 598.8 380.8 2320.6 1347 72.3

Cigarettes & Tobacco Products 800.8 228.6 250.3 535.4 49.6 608.8 391.5 2336.5 1414.6 65.2


3.1 -21.7 - 1.7 82.4 -10 -10.7 -15.9 -67.6 -

Less: Interest 25.9 15.1 71.5 27 -4.1 25.8 19.7 98.4 68 44.7

Other Un-allocable Expenditure 0 0 - 0 - 0 32.7 0 0 -

Add: Other Income

47 20.1 133.8 45.9 2.4 132.3 0 192.5 394.9 -51.3

Net Profit/Loss Before Tax 825.0 211.9 289.3 556 48.4 705.3 328.4 2414.7 1673.9 44.3

PBITM (%) 17.3 5.8 12.6 15.9 10.4 14.2 9.6Cigarettes & Tobacco Products 18.8 7.0 13.9 17.8 11.5 15.7 11.0


0.8 -6.7 0.4 -3.0 -3.9 -1.1 -5.6

Capital Employed in Segment 6923.5 5913.4 17.1 6542.3 5.8 7256.0 6512.9 6923.5 5913.4 17.1

Cigarettes & Tobacco Products 6708.1 5631.7 19.1 6297.5 6.5 7008.2 6295.7 6708.1 5631.7 19.1


215.4 281.7 -23.5 244.8 -12.0 247.8 217.2 215.4 281.7 -23.5

Unallocated Net Assets/Liabilities 979 751.8 30.2 1220 -19.8 130.8 379.6 979 751.8 30.2

Total Capital Employed

7902.5 6665.2 18.6 7762.3 1.8 7386.8 6892.5 7902.5 6665.2 18.6(Source: Company, HDFC Sec)


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Retail Research 4

Yearly Financials: (Consolidated)(Rs. in Million)

Particulars FY11 FY10 VAR [%]

Gross Sales 30573.2 26076.6 17.2

Excise Duty 14548.7 12237.9 18.9

Net Sales 16024.5 13838.7 15.8

Other Operating Income 271.8 213.5 27.3

Other Income 206.7 403.8 -48.8

Total Income 16503 14456 14.2

Total Expenditure 13551.3 12312 10.1

Raw Material Consumed 4397.9 3564.8 23.4

Stock Adjustment 79.6 -95.7 -183.2

Purchase of Finished Goods 1857.6 2982.3 -37.7

Employee Expenses 1578.3 1191 32.5

Advertising & Sales Promotion 2419.4 1978.5 22.3

Other Expenses 3218.5 2691.1 19.6

PBIDT 2951.7 2144 37.7

Interest 99 69.1 43.3

PBDT 2852.7 2074.9 37.5

Depreciation 439.2 375.6 16.9

PBT 2413.5 1699.3 42.0

Tax (DT & FBT) 754.8 502 50.4

Reported Profit After Tax 1658.7 1197.3 38.5

Minority Interest & Profit / Loss in Assc. -2.6 46.6 -105.6

PAT (net of minority interest & profit / loss in Assc.) 1661.3 1150.7 44.4

EPS (Rs.) 159.7 110.6 44.4

OPM (%) 15.4 11.0 39.9

PATM (%) 10.4 8.7 19.6(Source: Company, HDFC Sec)


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Retail Research 6

Financial Estimations: (Consolidated)(Rs. in Million)

Particulars FY08 FY09 FY10 FY11E FY11 (Act) FY12 (OE) FY12 (RE)

Net Sales 9029.3 11320.9 13838.7 15658.2 16024.5 17653.2 18107.7

Operating Profit 1474.1 1505.4 1526.7 2124.3 2473.2 2603.9 2824.8

PAT (Adjusted) 1243.4 1085.5 1150.7 1396.4 1661 1660 1919.4

EPS (Rs.) 119.6 104.4 110.6 134.3 159.7 159.6 184.6

OPM (%) 16.3 13.3 11.0 13.6 15.4 14.8 15.6

NPM (%) 13.8 9.6 8.3 8.9 10.4 9.4 10.6

PE 19.1 21.9 20.7 17.0 14.3 14.3 12.4(Source: Company, HDFC Sec Estimates)

* Act - Actual; OE - Original Estimates; RE - Revised Estimates

Analyst: Mehernosh Panthaki ([email protected])

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate OfficeHDFC Securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves,Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.comEmail: [email protected]: This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be reported or copied or madeavailable to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not representthat it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to timesolicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for Retail Clients only and not for any other category of clients,including, but not limited to, Institutional Clients

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