Chapter - 2

Industry Profile

Developments

Hyundai Motor India Engineering (HMIE) is a fully owned subsidiary

of Hyundai Motor Company, South Korea, which has set up the R&D

Centre in Hyderabad. HMIE is a centre with one of the most

advanced research and development facilities which focuses on

state of the art product and design engineering and rigorous quality

enhancement. The new R&D Centre at Hyderabad in India is

Hyundai Motor Company’s fourth overseas R&D centre.

Set up with an investment of Rs. 184 crores, the new 200,000

square-foot facility R&D Centre, is aimed at further accelerating

local content development and enable Hyundai to respond even

more quickly to changing customer needs across the world. The

R&D Centre will further facilitate the development of India as

Hyundai’s global hub for manufacturing and engineering of small

cars.  The new R&D Centre in Hyderabad will support all back-end

operations like computer aided engineering (CAE), computer aided

design (CAD) and help the R & D work taking place across Hyundai’s

car line-up.   The R&D Centre will help in developing vehicles which

includes their styling, design engineering and vehicle test &

evaluation. The R&D Centre will play a pivotal role for cars

manufactured in India inorder to satisfy the specific needs of the

Indian customers.

Hyundai Motor Company’s other overseas R&D centres are located

in the United States, Germany, Japan & Korea.

1

Quality Management

It is Hyundai Motor Company’s philosophy that adhering to the

highest quality is its most important promise to its customers. This

promise is kept through “Quality Way”, a policy that aims for the

development and production of zero defect vehicles, which has

resulted in the Company taking top honors in 2009 J.D. Power

studies, beating Toyota in the overall brand ranking. Hyundai Motor

plans to continue reinforcing quality management with its vision for

GQ3355—3rd place in global standing for actual quality within 3

years and 5th place in global standing for perceived quality

awareness within 5 years.

Hyundai Motor Company, Making Your Dreams Come True

R&D Centers, Base Camp for Becoming a Global Leader

Namyang R&D Center, Korea I Located in Hwaseong, Gyeonggi

Province, theNamyang R&D Center is a comprehensive, world-class

technology research complex equipped with planning, design, and

powertrain centers as well as wind tunnel, crash, and driving test

facilities. Approximately 8,000 researchers are working around the

clock at the center to develop the best automobiles in performance,

quality, and eco-friendliness.

Eco-Technology Research Institute, Korea I Located in Yongin,

Gyeonggi Province, the Mabuk Environment Technology Center is

focused on technologies that will pioneer tomorrow’s environment-

friendly automobile industry, including the development of next

generation eco-friendly vehicles including fuel cell vehicles,

automobile recycling and clean manufacturing technologies.

2

Central Advanced Research & Engineering Institute, Korea I Located

in Uiwang, Gyeonggi, Central Advanced Research & Engineering

Institute was established to develop new growth and pioneering

technologies for the future, focusing on research in the fields of

environment, energy, intelligent safety, and human convenience, as

well as basic research in advanced materials and new interpretive

technologies. America Technical Center I With its headquarters in

Ann Arbor, Michigan and a technical center and driving test course

in California, the state-of-the-art R&D Center in the US oversees the

technical development of automobile technologies for the US

market.

Europe Technical Center I Located in Frankfurt, Germany, the

Europe Technical Center is a state-of-the-art, multi-functional

multiplex building situated on 33,058 m2 of land. It is equipped with

an engineering center which develops high quality automobiles and

engines for the European market and its strict environmental

regulations.

Japan R&D Center I Located in Chiba, Japan, the Japan R&D Center

focuses its research on developing and securing cutting-edge,

pioneering technologies including the latest electronic and hybrid

technologies.

India Engineering Center I Located in Haidrabad, India’s IT capital,

the India Engineering Center actively supports the design and

interpretation of automobiles that are adapted to local needs.

Design Centers, Global Trendsetters

Namyang Design Center I Equipped with state-of-the-art facilities

including a visual exhibition room, interior exhibition room, CAVE

system, and supercomputers, Namyang Design Center houses

around 400 top designers who create global trends through exterior

3

and interior styling for cars, computer-aided digital modeling, and

the development of new colors.

America Design Center I Located in Irvine, California, the America

Design Center is a state-of-the-art design facility situated on 33,058

m2 of land with a total building area of 9,917 m2 where top

designers quickly analyze and respond to the tastes of American

consumers to develop designs suited for the US market.

Europe Design Center I In partnership with the Europe R&D Center,

the Europe Design Center plays a key role in developing designs

suited to the needs and lifestyles of European consumers as well as

developing high quality automobiles.

Proving Grounds, Providing Stringent Scientific Testing

Ulsan and Namyang R&D Center Proving Grounds, Korea I The first

proving ground in Korea, the Ulsan Proving Ground has a high speed

oval track and 19 types of road surfaces on a total surface area of

660,000 m2. The Namyang R&D Center Proving Ground enjoys

world-class facilities, including a total of 70 km of tracks that consist

of 34 road surfaces, such as Belgian and low-friction roads, and a

4.5 km high speed oval track, all spread over an area of 1,650,000

m2.

California Proving Ground, US I The California Proving Ground

located in California’s Mojave Desert sprawls over a total of

17,520,740 m2 and cost US$ 60 million to develop. About 10 times

the size of the comprehensive test course at the Namyang R&D

Center, it boasts a total distance of 116 km in tracks, with its largest

high speed track being a 10.4 km oval shaped three-lane track that

can accommodate vehicles traveling at a maximum speed of 250

km/hr. It is used for high-speed driving and durability tests including

maximum speed-per-hour tests.

4

Hyundai Development Company is a South Korean company

involved mainly in architectural and civil engineering. It engages in

the construction of residential apartments and housing complexes;

civil engineering projects, including expressways, ports, railways,

and power plant projects; and architectural works consisting of

workplaces, industrial, commercial, cultural, educational, and

medical facilities, as well as office buildings, stadiums, shopping

malls, and boutique hotels. The company was established in 1976 as

a part of Hyundai Group, but has since become independent. As of

December 2010, the company has approximately 1,900 employees

and 22 subsidaries including I’Park Mall, Hotel I’Park, I’Service and

HDC Asset Management.

Hyundai and Kia together have R&D centres in the United

States, Europe, Japan apart from the global R&D headquarters at

Ulsan, Korea.

The Hyundai Motor Group has recently dedicated an annual

R&D spend of close to US$ 2 Billion, up from US$ 1.2 Billion to

enhance its thrust on new product development and achieve global

quality benchmarks by year 2005. This includes the $30 Mn

Hyundai-Kia Design and Technical Center in Irvive, California.

The R&D team focuses on the development of new products

and technologies that include interior and exterior design changes,

development of new generation engines and alternate fuel systems,

concept vehicles and advanced passenger safety and comfort

5

systems, in line with evolving customer preferences across the

globe. Recent successes of the team include the development of the

Hyundai patented Common Rail Direct Injection (CRDi) engine in

association with Detroit Diesel and the award winning Fuel Cell

Santa FE.

Some of the ongoing projects that the Hyundai R&D team is

involved in include the development of the 'World Engine' in

association with Daimler Chrysler and Mitsubishi and the

development of Automotive Telematics in association with IBM.

That the efforts of the Hyundai R&D team has paid great

dividends to the company is evident from the fact that the

company's newly engineered products like the Santa Fe and the

Getz have made waves in the global automotive markets and the

'US Consumer Reports' magazine has ranked Hyundai cars in level

with that of Honda in its recent quality rankings

Production

The production management processes at Hyundai Motor

India are overlayed with an organization-wide implementation of

manufacturing best practices like Just-in-time inventory

management, Kaizen, TPM and TQM, that help us in making the

world's best cars, right here in India.

The Press Shop

A computer controlled line that converts sheet metal to body

panels of high dimensional accuracy and consistency.

6

The Body Shop

A hi-tech line that builds full body shells from panels.

Automated robotic arms are used for intricate welding operations

that ensure superior and consistent build quality.

The Paint Shop

This is one of the most modern paint shops in the country and

uses the environment friendly water based process for superior and

lasting exteriors. A unique process management system followed

here helps us deliver the most extensive colour range, independent

of minimum batch requirements, helping customers get their

preferred colour anytime.

The Aluminum Fondry

Forges the engine cylinder blocks for our cars to exacting

design specifications.

7

The Engine and Transmission Shop

One of the biggest engine shops in the country, this unit is

equipped with the most modern tooling and testing facilities to

make a wide range of engines inhouse.

The Plastic Extrusion Unit

Moulds the dashes, bumpers and other plastic components to

perfect fit and finish.

The Plastic Paint Shop

One of the very few manufacturing units in India to have this

facility in-house, Hyundai's plastic paint shop delivers a high grade

finish on exterior plastic components.

The Test Track

With comprehensive performance testing facilities like rattle

testing and ABS brake testing, this track is designed to meet pre-

delivery (PDI) certification standards to exacting Euro specifications.

Other Plant Pictures

8

Assembly Line

Pre Delivery Inspection

Wheel Alignment Calibartion

History of Company

Hyundai Motor India Limited (HMIL) is a wholly owned

subsidiary of Hyundai Motor Company, South Korea and is the

largest passenger car exporter and the second largest car

manufacturer of India. HMIL presently markets 54 variants of

passenger cars across segments. These includes the Santro in the B

segment, the Grand Grand i10, the Getz Prime & the premium

hatchback i20 in the B+ segment, the Accent and the Verna in the C

9

segment, the Sonata Transform in the E segment and the Tucson in

the SUV segment.

Hyundai Motor India Ltd, continuing its tradition of being the

fastest growing passenger car manufacturer, registered total sales

of 559,880 vehicles in the calendar year (CY) 2009, an increase of

14.4 percent over CY 2008. In the domestic market it clocked a

growth of 18.1 percent as compared to 2008 with 289,863 units,

while overseas sales grew by 10.7 percent, with export of 270,017

units. HMIL currently exports cars to more than 110 countries across

EU, Africa, Middle East, Latin America and Asia. It has been the

number one exporter of passenger car of the country for the sixth

year in a row.

HMIL's fully integrated state-of-the-art manufacturing plant

near Chennai boasts of the most advanced production, quality and

testing capabilities in the country. In continuation of its commitment

to provide the Indian customer with global technology, HMIL

commissioned its second plant in February 2008 which produces an

additional 300,000 units per annum, raising HMIL's total production

capacity to 600,000 units per annum.

HMIL has invested to expand capacity in line with its

positioning as HMC's global export hub for compact cars. Apart from

the expansion of production capacity, HMIL currently has 286 strong

dealer network and 540 strong service points across India, which

will be further bolstered in 2010.

In December 2008, HMIL launched the much awaited premium

compact the i20 after it had a global preview at the Paris Motor

Show in October, 2008. In 2009, HMIL also launched the new facelift

Sonata Transform and the new Verna which are vastly improved

models compared to the outgoing models. In March, 2009 Hyundai

10

Grand Grand i10 clocked the fastest 3 lakh sales since its launch in

October, 2007. HMIL also became the only car manufacturer to

introduce Automatic transmission across segments with the launch

of the i20 1.4 Litre Petrol Automatic. The i20 also simultaneously got

a powerful 1.4 Litre CRDi engine in July 2009. The i20 achieved the

highest safety rating by the European NCAP. In September 2009,

HMIL introduced the new refurbished Santro with luxurious interiors

and improved exterior features. The Santro has been the highest

selling model for Hyundai with more than 15 Lakhs units sold since

its launch in India in 1998. Hyundai Motor India in December 2009

also crossed the 25 Lakh car production milestone.

Hyundai Motor India remains one of the fastest growing car

manufacturers in the country. The company’s overall performance

in the automobile sector was recognized by the media as it was

awarded with the prestigious ‘Manufacturer of the Year’ award by

both UTVi Autocar Car and NDTV Profit-Car & Bike in 2009

Foundation of Hyundai Motors

At Hyundai Motor India, corporate social responsibility is a

commitment integrated into the philosophy of the organization. We

are committed towards collective excellence, and believe in the core

philosophy that the Industry cannot sustain without giving back to

the Civil Society that drives its sustenance. Hence, philanthropy at

Hyundai is not just about funding initiatives towards public welfare,

but is a concerted effort by all members of the company including

investment of one's time, experience, expertise and labour to drive

continuous and sustainable development. On April 10, 2006, this

continuing commitment has led to the charter of the Hyundai Motor

India Foundation (HMIF).

11

The objective of this trust is to address the expectations of

society and to initiate the concrete steps to extend support in the

field of Health Care, Educational and Vocational training,

Environment, Road Safety, Art, Science and Technology and much

more.

The first trustees of HMIF are Managing Director, HMIL,

President, HMIL, Executive Director (Administration), HMIL and Legal

Advisor, HMIL. The trust will get the direct funding from Hyundai

Motor India (HMI) only. In addition to this HMI plan to contribute Rs

100/- of each car sale to HMIF funds.

The first contribution of HMIF amounting Rs 35,00,000 has

been handed over to Dr S. P Tyagarajan, Vice-Chancellor - University

of Madras, for the preservation of the Senate House of the

University.

On April 13, 2006, HMIF also donated a Hyundai Accent car to

Care Foundation. Care Foundation is a non-profit Society engaged in

providing Health Care to people from economically weaker section

of the society and those living in rural areas and developing cost

medical products. The keys of the Hyundai Accent were handed

over by Mr H S Lheem, Managing Director, HMIL to Prof. B. Soma

Raju, a renowned Cardiologist and the Chairman and Managing

Director of Care Hospitals.

The Hyundai Motor India family was overwhelmed when the

President of India, His Excellency Dr A.P.J. Abdul Kalam called upon

the company’s management to congratulate and extend his best

wishes after the launch of the foundation.

12

Hyundai Motor India pays emphasis on education and overall

development of children and socially vulnerable groups. Besides

undertaking mentoring programs for children and youngsters from

low-income backgrounds, Hyundai has offered private financing of

educational infrastructure in remote areas, and has set up night-

schools in the villages. The company has imparted job-oriented

training to unemployed youth of the village around its plants, and

has provided employment to the eligible people. As a company, we

believe empowerment to meet the needs is vital than donating

necessities. Education thus forms the core pillar towards

empowerment.

Hyundai is committed to road-safety, and undertakes myriad

initiatives ranging from creating awareness to help implement road

discipline, besides producing cars that conform to the highest safety

standards to make the Indian roads safer. Hyundai Motor India, in

association with the Institute of Road Traffic Education and Delhi

Traffic Police, launched an innovative road safety programme called

"Hyundai Traffic Squad", a Student Traffic Volunteers Scholarship

Scheme to create road safety awareness and support Delhi Traffic

Police in improving Traffic Management System in Delhi.

Under the scheme, young college and university students

assist the police in traffic management for three hours during the

peak traffic hours besides educating the road users. The scheme

offers monthly stipend to 100 students, who are already selected for

the purpose under the banner "Hyundai Traffic Squad."

The Scheme comprises Physical training and Classroom

training. Traffic drill, hand signaling and practical control of traffic at

intersections are taught in the physical training to the volunteering

students. In the classroom-training programme, the students are

13

imparted knowledge about traffic control devices, road geometric

and environmental features, laws of the road, types of road users,

administering the First Aid and post-accident management etc.

Hyundai Corporate Philosophy

  

14

The 5 core values we have defined as part of our new corporate

philosophy are tents that have existed in us throughout our history,

and are principles that all employees promise to further foster in our

organization.

15

Awards

  Verna gets the 'Sedan Of The Year 2011' Golden

Steering Award     HMIL gets the 'Automotive

Company Of the Year 2011' Golden Steering Award  

  Eon gets the 'Entry-Level Hatchback Of The Year'

at ET Zigwheels Awards 2011     HMIL gets the

'Best Car Manufacturer 2012' award by Motor Vikatan magazine

Hyundai i20 wins the ‘Viewer’s Choice Award’ at the Overdrive

CNBC TV 18 Awards 2010.

Hyundai Motor India Ltd wins the award for ‘Customer Service’ at

the Apollo Auto India Best Brand Awards 2010.

Hyundai i20 wins the ‘Design of the Year’ award at the NDTV

Profit Car & Bike Awards 2010.

16

Hyundai Grand Grand i10 brand ambassador Shahrukh Khan wins

the ‘Brand Ambassador of the Year’ award at NDTV Profit Car &

Bike Awards 2010.

Hyundai Motor India Ltd. receives the EEPC ‘National Award for

Export Excellence for 2007-08. Hyundai won the Gold Trophy in

the ‘Large Enterprise’ category.

Hyundai i20 awarded 'Five Star Rating' for Safety by European

New Car Assessment Programme (NCAP)

Hyundai wins the DHL-CNBC Tv18 International Trade Awards

2008-09

Hyundai Motor India honoured with the ‘EXIM Achieved Award’

for the year 2008 by Tamil Chamber of Commerce.

“Hyundai Motor wins the ‘Manufacturer of the Year’ award at the

NDTV Profit Car & Bike Awards 2009.

Hyundai i20 awarded the 'Family Hatch of the Year- 2008' at the

Top Gear Auto Awards.

Hyundai Motor India wins the “Highest Resale Value” award at

the Apollo Tyres Auto India Best Brand Survey Awards for the

year 2008.

17

Hyundai Motor India was named the ‘Manufacturer of the

Year’ award and the 'Best Variant' award for it’s ‘i-10 Kappa’

engine at the UTVi Autocar Awards 2009.

Hyundai Motor India was awarded the ‘Niryat Shree’ Silver

Trophy for the year 2005-06 by the Federation of Indian

Export Organizations (FIEO). The award was conferred for

Hyundai’s outstanding performance in export in the

Engineering and Metallurgical products under the Non-SSI

category.

Chapter - 3

Company Profile

18

Managing Director & CEO

Hyundai Motor India Limited

 Mr. Han Woo Park joined Hyundai Motor Company in Seoul, South

Korea, in 1982 in the finance department and ever since he has

been involved with costing, auditing and the financial operations of

the company.

He joined Hyundai Motor India Limited in 2003 as the Chief Financial

Officer and since then he has played a pivotal role in HMIL as he was

involved in all aspects of the company in his capacity as a CFO.

Mr. Park has a vast experience and understanding of Hyundai Motor

India Ltd and the Indian culture and has successfully led his team for

the last seven years. Mr. Park holds a degree in Business

Administration from the University of Dankook in Seoul, South

Korea.

Prior to his becoming the Managing Director of HMIL he held the

position of CFO and Senior Executive Director. Mr Park lives in

Chennai with his wife. He has two children, a son and a daughter.

The son is studying at University of Texas, Austin and the daughter

is studying at SUNY Buffalo. Mr Park was born in South Korea on

January 29, 1958.

Mr. H.W. Park

19

KEY EXECUTIVES FOR Hyundai Motor India Limited*

Name Designation

H. W. Park

Chief Executive Officer, Chief Financial Officer, Managing Director and Senior Executive Director of Administration

V.D. Bhasin Senior Vice-President of Sales

Arvind Saxena Senior Vice President of Marketing & Sales

M. Whoo Head of R&d and Engineering Operations

Social Responsibilities

Hyundai Motor India Foundation(HMIF)

  HMIF was formed in the year 2006 with the purpose of 'giving back'

to society and to initiate Corporate Social Responsibility (CSR)

activities in the areas of health care, educational and vocational

training, environment, road safety, art, science, technology, etc.

HMIF gets its direct funding from HMIL's earnings as it contributes

20

Rs.100 for every car sold in the Indian market to enable HMIF to

carry out its social activities.  

Happy Move

Hyundai Motor India Foundation (HMIF), as part of its Corporate

Social Responsibility program recently organises the 'Happy Move

Global Youth Volunteers camp'. As part of the initiative, students

from India and Korea are work together towards a common cause of

community development. The activities in the camp are focused on

education and renovation activities. The 'Happy Move Global Youth

Volunteers Camp' is also supported by Field Services and

Intercultural Learning (FSL), an Indian NGO India, and International

Workcamp Organisation (IWO), an NGO from Korea.

Hyundai Traffic Squad

Students Traffic Volunteer Scholarship Scheme is an initiative by

HMIF to sponsor the 'economically backward' college students and

also help in managing traffic better. A group of carefully chosen

students, after proper training by the local traffic police, work as

traffic marshals at busy intersections in conjunction with the traffic

police to control and manage traffic.

21

The students are paid a stipend for their efforts and this scheme is

successfully running in the cities of New Delhi, Chennai and Kolkata.

HMIL will further expand the scheme to other cities of India  

Educational and Vocational Training Program

HMIL, under the aegis of HMIF is committed to the task of improving

conditions in local schools around Sriperumbudur as well as

nationally. At regular intervals it donates chairs, tables, computers

to the schools to create a better environment for educating children.

Till date, over 20,000 school students have benefited through this

program. HMIF has adopted ITI's in Assam and Ulundurpet to equip

them with latest infrastructure facilities and also provides

employment opportunities to students who graduate from here.

Medical Camps for Neighbourhoods

HMIF conducts a number of free Medical Camps. Apart from this, the

Foundation has also entered into an agreement with Sri

Ramachandra Medical University for operating a Mobile Health Clinic

in villages between Poonamalee and Kanchipuram. The mobile clinic

will have a Medical Officer, Pharmacist, Nurse, Attendant and

22

maintain a regular supply of medicines. The van has a Satellite link

which enables it to be in direct contact with the hospital and get

assistance and advice even in the remotest of villages.

Hyundai Driving School

As part of skill development, driving school was started by HMIF to

train unemployed youth in Kancheepuram & Thiruvallur Dist.Three

batches (100) had been trained during 2009 and this will be an

ongoing programme.

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23

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24

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25

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26

Audit Report

Balance Sheet

Balance Sheet ------------------- in Rs. Cr. -------------------

Mar '08 Mar '09 Mar '10 Mar '11 Mar '12

12 mths12 mths

12 mths

12 mths 12 mths

Sources Of FundsTotal Share Capital 353.00 361.79 382.87 385.41 385.54Equity Share Capital 353.00 361.79 382.87 385.41 385.54Share Application Money

3.83 0.00 0.00 0.00 0.00

Preference Share Capital

0.00 0.00 0.00 0.00 0.00

Reserves3,236.77

3,749.60

5,127.81

6,458.39 7,428.45

Revaluation Reserves 0.00 0.00 26.39 25.95 25.51

Networth3,593.60

4,111.39

5,537.07

6,869.75 7,839.50

Secured Loans 942.65 489.81 822.76 2,022.04 2,461.99

Unsecured Loans 317.122,005.61

2,114.08

1,987.10 3,818.53

Total Debt1,259.77

2,495.42

2,936.84

4,009.14 6,280.52

Total Liabilities4,853.37

6,606.81

8,473.91

10,878.89

14,120.02

Mar '04 Mar '05 Mar '06 Mar '07 Mar '08

12 mths12 mths

12 mths

12 mths 12 mths

Application Of Funds

Gross Block5,985.40

6,611.95

7,971.55

8,775.80 10,830.83

Less: Accum. Depreciation

3,023.69

3,454.28

4,401.51

4,894.54 5,443.52

Net Block2,961.71

3,157.67

3,570.04

3,881.26 5,387.31

Capital Work in Progress

286.09 538.84 951.19 2,513.32 5,064.96

Investments3,056.77

2,912.06

2,015.15

2,477.00 4,910.27

Inventories 1,147.4 1,601.3 2,012.2 2,500.95 2,421.83

27

4 6 4Sundry Debtors 614.99 811.32 715.78 782.18 1,130.73Cash and Bank Balance 472.56 345.26 327.66 535.78 750.14

Total Current Assets2,234.99

2,757.94

3,055.68

3,818.91 4,302.70

Loans and Advances1,302.86

2,831.16

5,964.61

6,208.53 4,831.36

Fixed Deposits 297.931,659.78

791.77 290.98 1,647.17

Total CA, Loans & Advances

3,835.78

7,248.88

9,812.06

10,318.42

10,781.23

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities4,878.53

6,142.74

6,673.61

6,956.88 10,040.37

Provisions 430.641,126.06

1,215.04

1,364.32 1,989.43

Total CL & Provisions5,309.17

7,268.80

7,888.65

8,321.20 12,029.80

Net Current Assets-1,473.39

-19.921,923.41

1,997.22 -1,248.57

Miscellaneous Expenses

22.19 18.16 14.12 10.09 6.05

Total Assets4,853.37

6,606.81

8,473.91

10,878.89

14,120.02

Contingent Liabilities 896.071,450.32

2,185.63

5,196.07 5,590.83

Book Value (Rs) 101.71 113.65 143.94 177.59 202.70

28

Profit & Loss Account

Profit & Loss account ------------------- in Rs. Cr. -------------------

Mar '08 Mar '09 Mar '10 Mar '11 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover15,298.47

20,262.61

23,490.55

31,089.69

33,093.93

Excise Duty2,270.30

3,063.44

3,401.92

4,425.44

4,355.63

Net Sales13,028.17

17,199.17

20,088.63

26,664.25

28,738.30

Other Income 228.83 403.98 852.411,114.38

763.78

Stock Adjustments -141.98 144.00 256.91 349.68 -40.48

Total Income13,115.02

17,747.15

21,197.95

28,128.31

29,461.60

Expenditure

Raw Materials8,578.12

12,245.28

14,633.02

19,879.56

20,891.33

Power & Fuel Cost 214.52 237.81 258.51 327.41 325.19

Employee Cost 882.491,039.34

1,143.13

1,367.83

1,544.57

Other Manufacturing Expenses

414.21 592.64 671.31 872.95 904.95

Selling and Admin Expenses

685.01 890.211,061.07

1,505.23

2,197.49

29

Miscellaneous Expenses

529.45 620.27 740.991,051.49

964.78

Preoperative Exp Capitalised

-144.89 -282.43 -308.85 -577.05 -1,131.40

Total Expenses11,158.91

15,343.12

18,199.18

24,427.42

25,696.91

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit1,727.28

2,000.05

2,146.36

2,586.51

3,000.91

PBDIT1,956.11

2,404.03

2,998.77

3,700.89

3,764.69

Interest 225.96 234.30 350.24 455.75 471.56

PBDT1,730.15

2,169.73

2,648.53

3,245.14

3,293.13

Depreciation 382.60 450.16 520.94 586.29 652.31Other Written Off 51.64 67.12 73.78 85.02 64.35

Profit Before Tax1,295.91

1,652.45

2,053.81

2,573.83

2,576.47

Extra-ordinary items -3.02 -1.54 0.00 -0.07 0.00PBT (Post Extra-ord Items)

1,292.89

1,650.91

2,053.81

2,573.76

2,576.47

Tax 482.55 415.50 524.93 660.37 547.55

Reported Net Profit 810.341,236.95

1,528.88

1,913.46

2,028.92

Total Value Addition2,580.79

3,097.84

3,566.16

4,547.86

4,805.58

Preference Dividend 0.00 0.00 0.00 0.00 0.00Equity Dividend 282.11 452.19 497.94 578.07 578.43Corporate Dividend Tax 36.14 63.42 69.84 98.25 81.25Per share data (annualised)

Shares in issue (lakhs)3,529.58

3,617.52

3,828.34

3,853.74

3,855.04

Earning Per Share (Rs) 22.96 34.19 39.94 49.65 52.63Equity Dividend (%) 80.00 125.00 130.00 150.00 150.00Book Value (Rs) 101.71 113.65 143.94 177.59 202.70

30

Cash Flow

Cash Flow ------------------- in Rs. Cr. -------------------

Mar '08 Mar '09 Mar '10 Mar '11 Mar '12

12 mths12

mths12 mths 12 mths 12 mths

Net Profit Before Tax 810.341236.9

51528.88 1913.46 2028.92

Net Cash From

Operating Activities2717.53

1249.8

2-221.03 2210.13 6174.50

Net Cash (used

in)/from

Investing Activities

-

2043.19-956.57-1.06

-

2805.10-5721.86

Net Cash (used -149.20 940.67 -855.27 303.58 1132.46

31

in)/from Financing

Activities

Net

(decrease)/increase In

Cash and Cash

Equivalents

525.141233.9

2

-

1077.36-291.39 1585.10

Opening Cash & Cash

Equivalents245.35 771.12 2196.79 1118.15 806.21

Closing Cash & Cash

Equivalents770.49

2005.0

41119.43 826.76 2391.31

32