Utf8''Food Manufacturing (311) - Q4, 2011

7/31/2019 Utf8''Food Manufacturing (311) - Q4, 2011

1/46

T r e n d s o f Y o u r B u s i n e s s

E x c l u s i v e l y d i s t r i b u t e d b y

India, Q4 2011

Food Manufacturing

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2/46-2-

Food Manufacturing

! This report has been compiled to the best of the authors knowledge, using information originating from verified

sources. The authors of the report take no responsibility for the consequences of any decisions and actions taken as a

result of the use of this report. This report refers to the Indian economy.

Contents Page

1. Macroeconomic Scenario - 4

2. Analysis of Investment Attractiveness - 5

- Attractiveness Indicators - 5

- Driving Forces of Attractiveness - 5

- Risk-Profitability Maps - 7

3. Analysis of Revenue - 9

- Long-term Trend. Business Cycle. Correlation - 9

- Seasonality in Revenues. Seasonal Adjusted Revenues - 10

4. Concentration in the Sector - 11

5. Analysis of Financial Ratios - 12

- Distributions of Financials in the sector - 12

- General Indicators - 13

- Profitability Ratios - 18

- Liquidity Ratios - 21

- Financial Cycles - 22

- Financial Leverage Ratios - 23

- Production Factors - 25

- Investment Outlays - 27

- Costs - 29

- Structure of Fixed Assets - 33

- Structure of Current Assets - 34

- Structure of Current Liabilities - 35

- Main Leverages - 36

- DuPonts Pyramid - 37

6. Companies from the Sector - 38

- Top Players - market shares - 38

- Top Players from the Sector - 39

- Listed Companies from the Sector - 40

- Mergers and Acquisitions - 41

7. Key Concepts - 42- Definitions of Indices - 42

- Definitions of Selected Concepts - 44

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3/46-3-

Food Manufacturing

Analysed sector:

Group Food Manufacturing

The following classes are included in

the group:

Animal Food Manufacturing

-> Grain and Oilseed Milling

-> Sugar and Confectionery Product Manufacturing

Fruit and Vegetable Preserving and Specialty Food Manufacturing

-> Dairy Product Manufacturing

Animal Slaughtering and Processing

Seafood Product Preparation and PackagingBakeries and Tortilla Manufacturing

-> Other Food Manufacturing

Only the classes marked by an arrow are covered by EconTrends reports.

EconTrends for India is the unique tool for analyzing various Indian industries. It contains description of

macroeconomic environment, analysis of investment attractiveness, detailed analysis of revenue as well as in-depth

analysis of a wide scope of financial ratios. The report covers not the full sector but only its major part, since it is build

on the bottom-up aggregated financial data on listed companies from the Accord Fintech database reporting on

quarterly basis. Quarterly financial data from Income Statement are adjusted to assert their consistency with yearly

audited figures.

Profitability of a given industry is evaluated on the basis of average forecasted dynamics of EBITDA in two following

quarters. Every industry has a granted profitability mark that ranges from 1 up to 5, which reflects its profitability

versus other industries. Higher mark indicates higher profitability. Risk of an industry in turn is measured by the

standard deviation of forecasted Profitability Index. Every industry has also an assigned risk mark that ranges from 1

up to 5, which reflects its risk versus other industries. Higher mark means here lower risk. Each industry is at the end

characterized by the following two parameters its profitability and risk. They are used for evaluation of the short term

investment attractiveness, that reflects preferences of investors seeking to maximize their rates of return and to

minimize the risk they face.

The final Short-Term Investment Attractiveness Ranking of an analyzed industry explains its relative attractiveness

comparing to other sectors. The lower a position within the ranking the higher is attractiveness of an industry. Changes

in this position replicate either changes in profitability or in risk. Additionally like in the case of profitability and risk

measurement the final attractiveness is graded from 1 to 5, where the highest grade means the highest attractiveness.

Lower grade means worse investment-weather conditions, so either lower profitability or higher risk. The Short-Term

Investment Attractiveness Ranking is presented according to the structure of the North American Industry

Classification System (NAICS). However the used system of industry classification is not fully compatible with the

National C lassification of Activities in India due to Indian statistics - specific factors.

The Short-Term Investment Attractiveness Ranking developed for India under the EconTrends methodology is based

on the so called Profitability Index, that shows forecasted dynamics of EBITDA. It serves as a proxy for dynamics of

dirty cash flows in enterprises from a given industry. Fundamental components of the Profitability Index like net sales

and EBITDA margin, are forecasted using econometric models. The behavior over time of all these categories is

illustrated using appropriate pictograms in the Map of Forces.



4/46-4-

Food Manufacturing

-> expected slight

rise of GDP nominal

y/y growth in Q2

2012 comparying to

the value from Q4

2011

-> expected slight

rise of GDP real y/y

growth in Q2 2012

comparying to the

value from Q4 2011

-> expected slight

fall of CPI inflation

(eop) in Q2 2012

comparying to the

value from Q4 2011

-> expected slight

fall of PPI inflation

(eop) in Q2 2012

comparying to the

value from Q4 2011

-> expected

weakening of

USD/INR exchange

rate in Q2 2012

comparying to the

value from Q4 2011

Macroeconomic Scenario

Nominal GDP Growth

70

80

90

100

110

120

130

Q1

2008

Q2

2008

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q42011

Q12012

Q2

2012

Period

Growth

Forecast

Period Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012

Nominal GDP Growth 116.8 116.1 114.2 114.8 115.0

Real GDP Growth 107.7 106.9 106.1 106.5 106.8

Inflation (CPI) eop 108.9 109.2 108.4 107.2 107.0

Inflation (PPI) eop 109.6 109.7 106.7 106.5 106.3

USD/INR exchange rate, quarter av 44.74 45.76 51.01 50.31 53.05

Datasource: ISI, EMIS, CEIC

Inflation (CPI) eop

70

75

80

85

90

95

100

105

110

115

120

Q1

2008

Q2

2008

Q32008

Q42008

Q1

2009

Q2

2009

Q32009

Q42009

Q1

2010

Q2

2010

Q32010

Q42010

Q1

2011

Q2

2011

Q32011

Q42011

Q1

2012

Q2

2012

Period

Growth

Forecast

Inflation (PPI) eop

70

75

80

85

90

95

100

105

110

115

Q1

2008

Q2

2008

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q32009

Q42009

Q1

2010

Q2

2010

Q32010

Q42010

Q1

2011

Q22011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Period

Growth

Forecast



5/46-5-

Food Manufacturing

expected

stabilisation of

attractiveness in the

sector

-> expected

stabilisation ofprofitability

-> expected

stabilisation of risk

(expected

stabilisation in r isk

mark shown on the

5 0

4 0

3 0

2 0

1 1

5 0

4 0

3 1

2 1

1 1

CurrentAttractivene

ss

Pro

fitability

Risk

0

1

2

3

4

5

Current Attractiveness5 0

4 0

3 0

2 0

1 1

5 0

4 0

3 1

2 1

1 1

ForecastedAttractiven

ess

Pro

fitability

Risk

0

1

2

3

4

5

Forecasted Attractiveness

Driving Forces of Attractiveness- Profitability Index - y/y dynamics

- Net Revenue per Company - y/y dynamics

- EBITDA Margin - y/y dynamics

Current situation b b bForecasted situation e b b

Map of forces for the sectorNet revenue per company -

Y/Y dynamics

EBITDA margin - Y/Y

dynamics

Profitability index - Y/Y

dynamics

"+"

"-"

"o"

Positive dynamics of "dr iving force"

Negative dynamics of "driving force"

Close to zero dynamics of "driving force"

Fall of dynamics comparing to previous quarter

Stabilisation of dynamics comparing to prev ious quarter

Symbols orientationRise of dynamics comparing to previous quarter

Neutral impact on profits dynamics

Symbols sign

Symbol's colourDynamics of profit

Positive impact on profits dynamics

Negative impact on profits dynamics

expected rise in

dynamics of net

revenue in Q1 2012

expected fall in

dynamics of net

revenue in Q2 2012

Analysis of Investment Attractiveness

Attractiveness Indicators

Net revenue per company - Y/Y dynamics

0%

5%

10%

15%

20%

25%

30%

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Period

Netrevenuepercompany

Y/Ydynamics

-15%

-10%

-5 %

0%

5%

10%

15%

20%

25%

30%

35%

Profitabilityindex-Y/Y

dynamics

Net revenue per company - Y/Y dynamics Profitability index - Y/Y dynamics

Forecast



6/46-6-

Food Manufacturing

expected fall in

dynamics of EBITDA

margin in Q1 2012

expected fall in

dynamics of EBITDA

margin in Q2 2012

EBITDA Margin - Y/Y dynamics

-25%

-20%

-15%

-10%

-5 %

0%

5%

10%

15%

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Period

EBITDAMargin

-Y/Y

dynamic

s

-15%

-10%

-5 %

0%

5%

10%

15%

20%

25%

30%

35%

Profitabilityindex-Y/Y

dynamic

s

EBITDA Margin - Y/Y dynamics Profitability index - Y/Y dynamics

Forecast



7/46-7-

Food Manufacturing

Risk-Profitability Maps

Risk - Profitability Map (current situation)

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

Risk

Profitability

All sectors Most efficient sectors

classes belonging to selected division Selected sector (Group): Food Manufacturing

Investors' utility function

Risk - Profitability Map (current situation)

Zoom

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.50

0.00 0.10 0.20 0.30 0.40 0.50 0.60

Risk

Profitability




risk - profitability

map (current

situation)



8/46-8-

Food Manufacturing

risk - profitability

map (forecasted

situation)

Risk - Profitability Map (forecasted situation)

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

Risk

Profitability




Risk - Profitability Map (forecasted situation)

Zoom

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40

Risk

Profitability






9/46-9-

Food Manufacturing

Analysis of Revenue

Long-term Trend. Business Cycle. Correlation

Long-term trend in net revenue per company

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Mar

-08

Jun-08

Sep-08

Dec-08

Mar

-09

Jun-09

Sep-09

Dec-09

Mar

-10

Jun-10

Sep-10

Dec-10

Mar

-11

Jun-11

Sep-11

Dec-11

Mar

-12

Jun-12

Sep-12

Dec-12

Period

[mnINR]

Net revenue per company Long-term trend in net revenue per company

Forecast

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Net Revenues per

company [mn INR]2026.6

1829.8

1903.6

2174.4

2302.2

2037.2

2185.8

2481.2

2665.4

2556.3

2592.5

2727.7

3006.8

2845.7

2906.9

3099.6

Longterm trend in net

sales per company

[mn INR] 1957.0

2019.1

2082.7

2147.7

2214.3

2282.3

2351.6

2422.1

2493.5

2565.7

2638.4

2711.5

2784.7

2858.1

2937.5

3015.9

Long run growth of nominalGDP

102 104 106 108 110 112 114 116

Implied long run growth of the

sector [%]6.26% 14.35% 22.44% 30.52% 38.61% 46.70% 54.79% 62.87%

Forecast of sector's long run growth

Ris e of long-term trend

in net revenue per

company

expec ted high and

increasing use of

capacity utilisation

ratio and assoc iated

poss ible growth in

dynamics of prices and

employment in 1s t

quarter 201 2

Business cycle in net revenue per company

Mar

-08

Jun-08

Sep-08

Dec-08

Mar

-09

Jun-09

Sep-09

Dec-09

Mar

-10

Jun-10

Sep-10

Dec-10

Mar

-11

Jun-11

Sep-11

Dec-11

Mar

-12

Jun-12

Sep-12

Dec-12

Period

Negative part of business cycle Positive part of business cycle

Pressureforriseof

pricesdynamics

Pressureforfallof

pricesdynamics

Forecast

Lead of net sales Y/Y + 0Q + 1Q + 2Q + 3Q

Value (quarterly data) 18.42% -9.07% -11.60% 8.01%

Lag of net sales Y/Y - 0Q - 1Q - 2Q - 3Q

Value (quarterly data) 18.42% 48.65% 33.23% -18.93%

Correlation of decumulated net revenue Y/Y growth with past GDP growth

Correlation of decumulated net revenue Y/Y growth with future GDP growth

< 1 ; 0.8 ) < 0.8 ; 0.6 ) < 0.6 ; 0.4 ) < 0.4 ; 0.2 ) < 0.2 ; 0 ) < 0 ; -0.2 ) < -0.2 ; -0.4 ) < -0.4 ; -0.6 ) < -0.6 ; -0.8 ) < -0.8 ; -1 )

Degree of correlation



10/46-10-

Food Manufacturing

Seasonality in Revenues. Seasonal Adjusted Revenues

in Q 1 posivive

seas onal deviation

prevails

in Q 2 negative

seas onal deviation

prevails

in Q 3 negative

seas onal deviation

prevails

in Q 4 posivive

seas onal deviation

prevails

Seasonality in net revenue per company

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Mar

-08

Jun-08

Sep-08

Dec-08

Mar

-09

Jun-09

Sep-09

Dec-09

Mar

-10

Jun-10

Sep-10

Dec-10

Mar

-11

Jun-11

Sep-11

Dec-11

Mar

-12

Jun-12

Sep-12

Dec-12

Period

[mnINR]

-150

-100

-50

0

50

100

150

200

250

Seasonality

(additivedeviat

ion)

Net revenue per company Seasonality in net revenue per company

Forecast

Seasonality (per quarter) in net revenue per company

0

500

1 000

1 500

2 000

2 500

3 000

Q108

Q109

Q110

Q211

Q208

Q209

Q210

Q311

Q308

Q309

Q310

Q411

Q408

Q409

Q410

Q511

Period

[mnINR]

-150

-100

-50

0

50

100

150

200

250

Seasonality

(additivedeviation)

Net revenue per company (per quarter) Seasonality (per quarter) in net revenue per company

1st quarter 2nd quarter 3rd quarter 4th quarter

Net revenue per company

Seasonally adjusted net revenue per company

0

50 0

1 000

1 500

2 000

2 500

3 000

3 500

Mar

-08

Jun-08

Se

p-08

Dec-08

Mar

-09

Jun-09

Se

p-09

Dec-09

Mar

-10

Jun-10

Se

p-10

Dec-10

Mar

-11

Jun-11

Se

p-11

Dec-11

Mar

-12

Jun-12

Se

p-12

Dec-12

Period

[mnINR]

Net revenue per company Seasonally adjusted net revenue per company

Forecast



11/46-11-

Food Manufacturing

Market power

concentration

measured by

Herfindahl-

Hirschman Index

was weak in 2011

Net sales of top fivecompanies in the

sector reached the

market share of

34.84% in 2011

Market share of top companies in the sector

Year 2011

The Herfindahl-Hirschman Index 329

Top 1 company 9.14%

Top 2 companies 17.52%




Number of listed and non-listed companies in the sector 596

Concentration in the Sector

Distribution of net revenues in the sector (2011)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Cumulative share of companies from lower market share

Cu

mulativemarketshare

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gini Coefficient

90.16%

Lorenz Curve

Perfect Inequality Line

Perfect Equality Line



12/46-12-

Food Manufacturing

Source: ISI, EMIS, C EIC

Analysis of Financial Ratios

Distributions of Financials in the sector

20% 40% 60% 80%

Q311 Q411 I II III IV

General Indicators

Number of companies 181 179

Y/Y dynamic s of net revenue per company [%] 18.61% 9.93% -20.43% 7.04% 22.70% 49.36%

Y/Y dynamics of total operating (excl. depreciation) cost per company [%] 18.94% 10.34% -17.65% 5.91% 20.07% 44.00%

Y/Y dynamics of EBITD A profit per company [%] 11.99% 0.89% -68.20% -20.94% 22.62% 94.59%

Y/Y dynamic s of EBI TD A profit per profit-making company [%] 32.42% 16.86% -47.18% -11.81% 19.70% 72.02%

Y/Y dynamic s of gross profit per company [%] 11.70% -5.94% -97.46% -26.93% 16.43% 95.40%

Y/Y dynamic s of gross profit per profit-making company [%] 38.88% 25.70% -58.15% -0.89% 19.83% 145.41%

Y/Y dynamic s of net profit per company [%] 8.41% -9.60% -103.38% -27.49% 15.20% 90.45%

Y/Y dynamics of net profit per profit-making company [%] 37.28% 24.23% -53.05% -7.89% 19.05% 110.68%

Profitability Ratios

EBIT DA Sales Margin [%] 13.12% 12.84% 2.58% 5.92% 10.17% 17.08%

Net Sales Margin [%] 5.74% 5.46% -3.86% 0.47% 2.40% 6.48%

Effective tax rate [%] 26.54% 26.84% 12.88% 23.95% 31.14% 34.25%

Share of profit-making companies [%] 54.70% 59.22%

D I S T R I B U T I O N O F P A R A M E T E R S

(The distribution of financial indicators in the sector)

Average value for the

company in

2010 2011 I II III IV

General IndicatorsY/Y dynamic s of cas h flow per company [%] -140.06% -30.06% -23.02% -10.45% 4.66% 14.74%

Y/Y dynamic s of cas h flow per profit-making company [%] -139.54% -31.56% -22.43% -11.35% 2.34% 11.16%


Return on Equity [%] 16.13% 15.02% -4.07% 3.77% 8.49% 18.68%

Return on Ass ets [%] 9.23% 8.48% -2.34% 1.57% 4.28% 11.02%

Equity dividend ratio [%] 42.10% 37.82% 0.00% 0.00% 8.44% 22.72%

Liquidity RatiosCurrent ratio [%] 242.09% 256.16% 172.39% 262.56% 430.44% 673.02%

Quick ratio [%] 135.23% 141.79% 74.62% 127.63% 199.73% 397.18%

Super quick ratio [%] 30.08% 30.65% 4.22% 9.77% 19.03% 45.82%

Sundry debtors to sundry creditors ratio [%] 52.93% 54.64% 19.95% 47.13% 126.63% 240.49%

Financial Cycles

Days of coverage for C ash & Equivalent [days] 13 18 -20 24 61 114

Days of coverage for receivables [days] 33 32 8 19 32 63

Days of coverage for inventories [days] 80 82 25 47 75 139

Days of coverage for short term liabilities [days] 100 96 30 49 80 124

Financial Leverage Ratios

Debt to Equity ratio [%] 74.84% 77.19% 6.01% 56.25% 131.42% 310.94%

Equity to total assets ratio [%] 57.19% 56.44% 22.59% 40.05% 57.06% 87.40%

Share of loans from banks in total debt [%] 100.00% 100.00% 99.90% 100.00% 100.00% 100.00%

Secured to unsec ured loans ratio [%] 373.02% 381.08% 71.27% 266.86% 770.31% 1696.25%

Ope rating profit coverage [years] 2.08 2.19 0.9 2.6 4.8 7.5

Production FactorsLabour intensity of production [%] 3.47% 3.64% 0.94% 2.80% 4.58% 7.22%

Energy intensity of production [%] 2.06% 2.04% 0.67% 1.38% 2.58% 5.59%

Material intensity of production [%] 67.75% 68.18% 49.26% 70.87% 84.88% 91.17%

Total ass ets turnover [%] 158.58% 155.07% 58.87% 102.76% 196.16% 361.34%

Net fixed assets productivity [%] 381.90% 366.21% 139.41% 301.02% 535.68% 1292.66%

InvestmentsInvestment outlays per company [mn INR] 1048.75 1124.88 0.00 1.99 37.85 308.42

Share of quoted equity investments [%] 4.26% 4.64% 0.00% 0.00% 0.12% 2.63%

Inves tment outlays as s hare in net revenue [%] 11.52% 10.54% 0.00% 0.11% 1.86% 8.61%

Inves tment outlays to depreciation ratio [%] 631.87% 542.16% 0.00% 4.91% 121.72% 490.00%

Investment outlays index [%] 37.04% 31.48% -8.72% -5.46% 2.56% 30.94%

Costs

Share of labor costs in total operating cos ts [%] 3.62% 3.77% 0.90% 2.80% 4.86% 8.28%

Share of stock increase cos ts in total operating cos ts [%] 0.82% 0.29% 0.00% 0.00% 0.00% 1.54%

Share of energy cost s in total operating costs [%] 2.15% 2.11% 0.54% 1.40% 2.54% 5.45%

Share of raw material cost in total operating cos ts [%] 70.72% 70.63% 48.48% 71.32% 84.49% 92.08%

Share of other manufacturing expenses in total operating costs [%] 6.49% 6.62% 1.88% 4.28% 6.91% 11.79%

Share of selling and admin. expenses in total operating costs [%] 12.81% 12.96% 1.81% 3.61% 6.38% 13.23%

Share of miscellaneous expenses in total operating costs [%] 1.48% 1.59% 0.06% 0.25% 0.80% 2.34%

Share of depreciation in total operating cos ts [%] 1.90% 2.01% 0.56% 1.49% 3.22% 5.51%



13/46-13-

Food Manufacturing


Number of companiesPeriod Q 109 Q 209 Q 309 Q 409

Value 174 181 182 178

Q /Q inc rease 0 7 1 -4

Y/Y inc rease 5 4 9 4

Period Q 110 Q 210 Q 310 Q 410

Value 182 184 182 180

Q /Q inc rease 4 2 -2 -2

Y/Y inc rease 8 3 0 2

Period Q 111 Q 211 Q 311 Q411

Value 182 183 181 179

Q /Q inc rease 2 1 -2 -2

Y/Y inc rease 0 -1 -1 -1

Net revenue per company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 2 026.6 1 829.8 1 903.6 2 174.4Q /Q dynamics [%] 7.81% -9.71% 4.03% 14.23%

Y/Y dynamics [%] 1.05% 6.51% 3.31% 15.67%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 2 302.2 2 037.2 2 185.8 2 481.2

Q /Q dynamics [%] 5.88% -11.51% 7.30% 13.51%

Y/Y dynamics [%] 13.60% 11.33% 14.83% 14.11%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 2 665.4 2 556.3 2 592.5 2 727.7

Q /Q dynamics [%] 7.42% -4.09% 1.42% 5.21%

Y/Y dynamics [%] 15.78% 25.49% 18.61% 9.93%

Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 1 795.9 1 599.1 1 665.6 1 915.8

Q /Q dynamics [%] 6.66% -10.96% 4.16% 15.02%

Y/Y dynamics [%] -0.69% 3.68% 0.13% 13.78%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 2 128.9 1 846.9 1 997.2 2 245.7

Q /Q dynamics [%] 11.12% -13.25% 8.14% 12.44%

Y/Y dynamics [%] 18.54% 15.50% 19.91% 17.22%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 2 410.5 2 328.6 2 375.6 2 478.0

Q /Q dynamics [%] 7.34% -3.40% 2.01% 4.31%

Y/Y dynamics [%] 13.23% 26.08% 18.94% 10.34%

Total operating cost (incl. depreciation) per company [mn INR]

Net revenue & total operating costs per company

0

500

1 000

1 500

2 000

2 500

3 000

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mn

INR]

Net revenue per company [mn INR] To ta l operating cos t (i nc l . deprec ia ti on) per company [mn INR]

General Indicators

fall of number of

listed companies

covered by the

database in Q411

comparing to the

value in Q311

fall of Y/Y dynamics

of net revenue per

company in Q411

comparing to the

value in Q311


of total operating

cost (incl.

depreciation) per

company in Q411

comparing to the

value in Q311



14/46-14-

Food Manufacturing


EBITDA profit per company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 371.1 289.0 300.5 345.1

Q /Q dynamics [%] 28.28% -22.12% 3.98% 14.84%

Y/Y dynamics [%] 25.40% 22.32% 20.91% 19.29%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 288.2 256.3 282.9 339.6

Q /Q dynamics [%] -16.47% -11.08% 10.38% 20.06%Y/Y dynamics [%] -22.33% -11.31% -5.86% -1.58%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 391.7 302.3 316.8 342.6

Q /Q dynamics [%] 15.34% -22.82% 4.80% 8.16%

Y/Y dynamics [%] 35.90% 17.96% 11.99% 0.89%

EBITDA profit per company [mn INR]

0

50

100

150

200

250

300

350

400

450

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-30%

-20%

-10%

0%

10%

20%

30%

40%

Y/YdynamicsofEBITDA

profitpercompany

(all

companies)[%]

EBITDA profi t per company [mn INR] Y/Y dynamics of EBITDA profi t per company (all companies) [%]

Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 539.4 405.6 428.1 445.8

Q /Q dynamics [%] 14.92% -24.81% 5.55% 4.14%

Y/Y dynamics [%] 36.81% 23.25% 5.45% -5.02%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 478.6 416.9 460.7 515.7

Q /Q dynamics [%] 7.35% -12.89% 10.50% 11.93%

Y/Y dynamics [%] -11.28% 2.79% 7.62% 15.67%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 526.1 489.1 610.1 602.7Q /Q dynamics [%] 2.01% -7.03% 24.74% -1.22%

Y/Y dynamics [%] 9.92% 17.30% 32.42% 16.86%

EBITDA profit per profit-making company [mn INR]

EBITDA profit per profit-making company [mn INR]

0

100

200

300

400

500

600

700

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-20%

-10%

0%

10%

20%

30%

40%

Y/YdynamicsofEBITDA

profitp

ercompany(profit-

makingcompanies)[%]

EBI TD A profit per profit-making company [mn INR]

Y/Y dynamics of EBI TD A profit per company (profit-making companies) [%]


of EBITDA profit per

company in Q411

comparing to the

value in Q311


of EBITDA profit per

profit-making

company in Q411

comparing to the

value in Q311



15/46-15-

Food Manufacturing


Gross profit per company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 244.2 205.8 210.4 250.4

Q /Q dynamics [%] 38.64% -15.72% 2.25% 19.00%

Y/Y dynamics [%] 30.25% 25.20% 6.08% 42.18%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 176.6 168.1 178.7 218.5


Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 243.1 188.8 199.6 205.5

Q /Q dynamics [%] 11.27% -22.34% 5.72% 2.96%

Y/Y dynamics [%] 37.67% 12.33% 11.70% -5.94%

Gross profit per profit-making company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 367.6 296.4 311.1 332.4

Q /Q dynamics [%] 16.49% -19.38% 4.97% 6.84%

Y/Y dynamics [%] 37.46% 19.38% -14.01% 5.31%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 350.6 314.8 349.1 368.2

Q /Q dynamics [%] 5.50% -10.23% 10.92% 5.46%

Y/Y dynamics [%] -4.62% 6.21% 12.23% 10.79%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 360.1 362.6 484.9 462.8Q /Q dynamics [%] -2.19% 0.69% 33.71% -4.54%

Y/Y dynamics [%] 2.71% 15.21% 38.88% 25.70%

Gross profit per company [mn INR]

0

50

100

150

200

250

300

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Y/Ydynamicsofgross

profitpercompany

(all

companies)[%]

Gross pro fi t per company [mn INR] Y/Y dynamic s of gross pro fi t per company (a ll c ompanies ) [%]

Gross profit per profit-making company [mn INR]

0

100

200

300

400

500

600

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-20%

-10%

0%

10%

20%

30%

40%

50%

Y/Y

dynamicsofgross

profitp

ercompany(profit-

makingcompanies)[%]

Gross profit per profit-making company [mn INR]

Y/Y dynamics of gross profit per c ompany (profit-making companies) [%]


of gross profit per

company in Q411

comparing to the

value in Q311


of gross profit per

profit-making

company in Q411

comparing to the

value in Q311



16/46-16-

Food Manufacturing


Net profit per company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 179.9 150.0 155.1 183.3

Q /Q dynamics [%] 38.42% -16.59% 3.41% 18.16%

Y/Y dynamics [%] 27.20% 22.93% 6.60% 41.08%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 126.8 119.8 125.5 151.9


Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 175.9 126.7 136.1 137.3

Q /Q dynamics [%] 15.79% -28.00% 7.46% 0.91%

Y/Y dynamics [%] 38.71% 5.72% 8.41% -9.60%

Net profit per company [mn INR]

0

20

40

60

80

100

120

140

160

180

200

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Y/Ydynamicsofnetprofit

percompany(allcompanies)

[%]

Net profi t pe r c ompany [mn INR] Y /Y dynami cs of ne t profi t pe r c ompany (a ll c ompanie s) [%]

Net profit per profit-making company [mn INR]Period Q 109 Q 209 Q 309 Q 409

Value [mn INR] 274.7 218.1 230.9 242.8

Q /Q dynamics [%] 16.08% -20.59% 5.86% 5.16%

Y/Y dynamics [%] 35.22% 17.87% -14.03% 2.62%

Period Q 110 Q 210 Q 310 Q 410

Value [mn INR] 254.0 230.9 257.4 266.7

Q /Q dynamics [%] 4.59% -9.08% 11.45% 3.62%

Y/Y dynamics [%] -7.54% 5.86% 11.45% 9.82%

Period Q 111 Q 211 Q 311 Q411

Value [mn INR] 274.4 263.1 353.3 331.3Q /Q dynamics [%] 2.91% -4.12% 34.27% -6.23%

Y/Y dynamics [%] 8.05% 13.95% 37.28% 24.23%

Net profit per profit-making company [mn INR]

0

50

100

150

200

250

300

350

400

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

[mnINR]

-20%

-10%

0%

10%

20%

30%

40%

Y/Ydy

namicsofnetprofit

percom

pany(profit-making

co

mpanies)[%]

Ne t profit per profit-making c ompany [mn IN R]

Y/Y dynamics of net profit per company (profit-making companies) [%]


of net profit per

company in Q411

comparing to the

value in Q311


of net profit per

profit-making

company in Q411

comparing to the

value in Q311



17/46-17-

Food Manufacturing


Cash flow per company [mn INR]

-100

-5 0

0

50

100

150

200

8

2009

2010

2011

Period

[mnINR]

-200%

-100%

0%

100%

200%

300%

400%

500%

600%

Y/Ydynamicsofcashflow

percompany[%]

C as h flow per c ompany [mn I NR] Y /Y dynamic s of c as h flow per c ompany [% ]

rise of Y/Y dynamics

of cash flow per

company in 2011

comparing to the

value in 2010

Cash flow per company [mn INR]Period 2008 2009 2010 2011

Value [mn INR] 128.37 122.80 -49.19 -63.98

Y/Y dynamics [%] 546.77% -4.34% -140.06% -30.06%

Cash flow per profit-making company [mn INR]

-100

-5 0

0

50

100

150

200

2008

2009

2010

2011

Period

[

mnINR]

-500%

0%

500%

1000%

1500%

2000%

Y/Ydynami

csofcashflowper

profit-mak

ingcompany[%]

Cash flow per profit-making company [mn INR] Y/Y dynamics of cash flow per profit-making company [%]

rise of Y/Y dynamics

of cash flow per

profit-making

company in 2011

comparing to the

value in 2010

Cash flow per profit-making company [mn INR]Period 2008 2009 2010 2011

Value [mn INR] 180.81 165.05 -65.27 -85.87

Y/Y dynamics [%] 1684.01% -8.72% -139.54% -31.56%



18/46-18-

Food Manufacturing



Share of profit-making companies [%]Period Q 109 Q 209 Q 309 Q 409

Value [%] 70.11% 71.82% 71.43% 77.53%

Q /Q inc rease [%] 7.47% 1.71% -0.39% 6.10%

Y/Y inc rease [%] -7.40% -0.49% 8.42% 14.88%

Period Q 110 Q 210 Q 310 Q 410

Value [%] 64.84% 64.67% 64.84% 67.22%

Q /Q inc rease [%] -12.69% -0.16% 0.16% 2.39%

Y/Y inc rease [%] -5.28% -7.15% -6.59% -10.31%

Period Q 111 Q 211 Q 311 Q411

Value [%] 77.47% 66.12% 54.70% 59.22%

Q /Q inc rease [%] 10.25% -11.35% -11.42% 4.52%

Y/Y inc rease [%] 12.64% 1.45% -10.14% -8.00%

Share of profit-making companies [%]

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

EBITDA Sales Margin [%]Period Q 109 Q 209 Q 309 Q 409

Value [%] 15.33% 15.80% 16.36% 16.45%

Q /Q inc rease [%] 0.97% 0.47% 0.55% 0.10%

Y/Y inc rease [%] 1.13% 1.44% 2.16% 2.09%

Period Q 110 Q 210 Q 310 Q 410

Value [%] 14.89% 14.14% 13.48% 12.96%

Q /Q inc rease [%] -1.56% -0.76% -0.66% -0.52%

Y/Y inc rease [%] -0.44% -1.67% -2.88% -3.50%

Period Q 111 Q 211 Q 311 Q411

Value [%] 13.56% 13.31% 13.12% 12.84%

Q /Q inc rease [%] 0.60% -0.25% -0.20% -0.28%

Y/Y inc rease [%] -1.33% -0.82% -0.36% -0.12%

EBITDA Sales Margin [%]

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

rise of share of

profit-making

companies in Q411

comparing to the

value in Q311

fall of EBITDA sales

margin in Q411

comparing to the

value in Q311



19/46-19-

Food Manufacturing


Net Sales Margin [%]Period Q 109 Q 209 Q 309 Q 409

Value [%] 7.73% 7.99% 8.05% 8.42%

Q /Q inc rease [%] 0.49% 0.25% 0.06% 0.37%

Y/Y inc rease [%] 0.88% 1.03% 0.75% 1.19%

Period Q 110 Q 210 Q 310 Q 410

Value [%] 7.49% 6.95% 6.39% 5.82%

Q /Q inc rease [%] -0.93% -0.54% -0.57% -0.57%Y/Y inc rease [%] -0.24% -1.04% -1.66% -2.60%

Period Q 111 Q 211 Q 311 Q411

Value [%] 6.12% 5.87% 5.74% 5.46%

Q /Q inc rease [%] 0.30% -0.25% -0.13% -0.27%

Y/Y inc rease [%] -1.38% -1.09% -0.65% -0.36%

Net Sales Margin [%]

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

Effective tax rate [%]Period Q 109 Q 209 Q 309 Q 409

Value [%] 25.38% 25.59% 25.59% 26.07%

Q /Q inc rease [%] 0.27% 0.21% 0.00% 0.48%

Y/Y inc rease [%] -0.03% 0.10% 0.37% 0.96%

Period Q 110 Q 210 Q 310 Q 410

Value [%] 26.70% 26.75% 26.86% 27.03%

Q /Q inc rease [%] 0.63% 0.05% 0.11% 0.17%

Y/Y inc rease [%] 1.32% 1.17% 1.27% 0.96%

Period Q 111 Q 211 Q 311 Q411

Value [%] 26.06% 26.28% 26.54% 26.84%

Q /Q inc rease [%] -0.97% 0.22% 0.26% 0.29%

Y/Y inc rease [%] -0.64% -0.47% -0.32% -0.20%

Effective tax rate [%]

25%

25%

26%

26%

27%

27%

28%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

rise of effective tax

rate in Q411comparing to the

value in Q311

fall of net sales

margin in Q411

comparing to the

value in Q311



20/46-20-

Food Manufacturing


Return on Assets [%]Period 2008 2009 2010 2011

Value [%] 10.42% 13.54% 9.23% 8.48%

Y/Y inc rease [%] 0.31% 3.12% -4.31% -0.75%

Equity dividend ratio [%]Period 2008 2009 2010 2011

Value [%] 20.14% 43.24% 42.10% 37.82%

Y/Y inc rease [%] -15.10% 23.10% -1.14% -4.28%

fall of return on

assets in 2011

comparing to the

value in 2010

fall of equitydividend ratio in

2011 comparing to

the value in 2010

Return on Assets [%]

0%

2%

4%

6%

8%

10%

12%

14%

16%

200

8

200

9

2010

201

1

Period

Equity dividend ratio [%]

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

200

8

2009

201

0

201

1

Period

Return on Equity [%]Period 2008 2009 2010 2011

Value [%] 19.95% 26.00% 16.13% 15.02%

Y/Y inc rease [%] 0.05% 6.04% -9.87% -1.11%

fall of return on

equity in 2011

comparing to the

value in 2010

Return on Equity [%]

0%

5%

10%

15%

20%

25%

30%

200

8

200

9

201

0

2011

Period



21/46-21-

Food Manufacturing


Liquidity Ratios

Current ratio [%]Period 2008 2009 2010 2011

Value [%] 267.77% 230.71% 242.09% 256.16%

Y/Y inc rease [%] 33.81% -37.06% 11.38% 14.08%

Current ratio [%]

200%

210%

220%

230%

240%

250%

260%

270%

280%

2008

200

9

2010

2011

Period

Quick ratio [%]Period 2008 2009 2010 2011

Value [%] 146.43% 123.77% 135.23% 141.79%

Y/Y inc rease [%] 24.06% -22.66% 11.46% 6.56%

Quick ratio [%]

110%

115%

120%

125%

130%

135%

140%

145%

150%

2008

200

9

2010

2011

Period

Super quick ratio [%]Period 2008 2009 2010 2011

Value [%] 33.27% 34.76% 30.08% 30.65%

Y/Y inc rease [%] 8.37% 1.49% -4.68% 0.57%

Super quick ratio [%]

27%

28%

29%

30%

31%

32%

33%

34%

35%

36%

200

8

200

9

2010

2011

Period

rise of current ratio

in 2011 comparing

to the value in 2010

rise of quick ratio in

2011 comparing to

the value in 2010

rise of super quickratio in 2011

comparing to the

value in 2010



22/46-22-

Food Manufacturing


Sundry debtors to sundry creditors ratio [%]Period 2008 2009 2010 2011

Value [%] 50.74% 44.37% 52.93% 54.64%

Y/Y inc rease [%] 8.56% -6.37% 8.56% 1.70%

Sundry debtors to sundry creditors ratio [%]

0%

10%

20%

30%

40%

50%

60%

200

8

2009

201

0

2011

Period

Financial Cycles

rise of sundry

debtors to sundry

creditors ratio in

2011 comparing to

the value in 2010

Days of coverage for Cash & Equivalent [days]Period 2008 2009 2010 2011

Value [days] 21 4 13 18

Y/Y inc rease [days] 9 -16 9 5

Days of coverage for Cash & Equivalent [days]

0

5

10

15

20

25

2008

2009

201

0

201

1

Period

Days of coverage for receivables [days]

Period 2008 2009 2010 2011Value [days] 28 27 33 32

Y/Y inc rease [days] 3 -1 6 -1

Days of coverage for receivables [days]

0

5

10

15

20

25

30

35

2008

2009

201

0

201

1

Period

rise of days of

coverage for cash &

equivalent in 2011

comparing to the

value in 2010

fall of days ofcoverage for

receivables in 2011

comparing to the

value in 2010



23/46-23-

Food Manufacturing


Days of coverage for inventories [days]Period 2008 2009 2010 2011

Value [days] 81 79 80 82

Y/Y inc rease [days] 1 -1 1 1

Days of coverage for inventories [days]

78

78

79

79

80

80

81

81

82

82

2008

2009

2010

201

1

Period

Days of coverage for short term liabilities [days]Period 2008 2009 2010 2011

Value [days] 88 102 100 96

Y/Y inc rease [days] -5 14 -2 -4

Days of coverage for short term liabilities [days]

80

85

90

95

100

105

2008

2009

201

0

2011

Period

rise of days of

coverage for

inventories in 2011

comparing to the

value in 2010

fall of days of

coverage for short

term liabilities in

2011 comparing to

the value in 2010

Financial Leverage Ratios

rise of debt to equityratio in 2011

comparing to the

value in 2010

Debt to Equity ratio [%]

Period 2008 2009 2010 2011Value [%] 91.49% 92.01% 74.84% 77.19%

Y/Y inc rease [%] -5.32% 0.52% -17.17% 2.35%

Debt to Equity ratio [%]

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008

200

9

2010

2011

Period



24/46-24-

Food Manufacturing


Equity to total assets ratio [%]Period 2008 2009 2010 2011

Value [%] 52.22% 52.08% 57.19% 56.44%

Y/Y inc rease [%] 1.41% -0.14% 5.11% -0.76%

Share of loans from banks in total debt [%]Period 2008 2009 2010 2011

Value [%] 100.00% 100.00% 100.00% 100.00%

Y/Y inc rease [%] 0.00% 0.00% 0.00% 0.00%

Secured to unsecured loans ratio [%]Period 2008 2009 2010 2011

Value [%] 276.28% 281.43% 373.02% 381.08%Y/Y inc rease [%] 15.23% 5.15% 91.60% 8.05%

Equity to total assets ratio [%]

49%

50%

51%

52%

53%

54%

55%

56%

57%

58%

200

8

200

9

2010

2011

Period

Share of loans from banks in total debt [%]

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

2008

2009

2010

2011

Period

Secured to unsecured loans ratio [%]

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

2008

2009

2010

2011

Period

fall of equity to total

assets ratio in 2011

comparing to the

value in 2010

stabilisation of share

of loans from banks

in total debt in 2011

comparing to the

value in 2010

rise of secured to

unsecured loansratio in 2011

comparing to the

value in 2010



25/46-25-

Food Manufacturing


rise of operating

profit coverage in

2011 comparing to

the value in 2010

Operating profit coverage [years]

0.0

0 .5

1 .0

1 .5

2 .0

2 .5

200

8

2009

201

0

2011

Period

Operating profit coverage [years]Period 2008 2009 2010 2011

Value [year] 2.31 1.81 2.08 2.19

Y/Y inc rease [year] 0 .04 -0.50 0.27 0.10

Production Factors

Labour intensity of production [%]

3.4%

3.4%

3.5%

3.5%

3.6%

3.6%

3.7%

3.7%

200

8

200

9

2010

2011

Energy intensity of production [%]

1.8%

1.8%

1.9%

1.9%

2.0%

2.0%

2.1%

2.1%

2.2%

2.2%

2008

200

9

201

0

2011

Labour intensity of production [%]Period 2008 2009 2010 2011

Value [%] 3.47% 3.50% 3.47% 3.64%

Y/Y inc rease [%] -4.29% 0.79% -0.70% 4.90%

Energy intensity of production [%]

Period 2008 2009 2010 2011

Value [%] 2.15% 1.90% 2.06% 2.04%

Y/Y inc rease [%] 0.72% -11.69% 8.75% -1.11%

rise of labour

intensity of

production in 2011

comparing to the

value in 2010

fall of energyintensity of

production in 2011

comparing to the

value in 2010



26/46-26-

Food Manufacturing


rise of material

intensity of

production in 2011

comparing to the

value in 2010

fall of total assets

turnover in 2011

comparing to the

value in 2010

fall of net fixed

assets productivity

in 2011 comparing


Material intensity of production [%]Period 2008 2009 2010 2011

Value [%] 67.98% 67.49% 67.75% 68.18%

Y/Y inc rease [%] -0.46% -0.49% 0.27% 0.42%

Material intensity of production [%]

67%

67%

67%

68%

68%

68%

68%

68%

200

8

200

9

2010

2011

Total assets turnover [%]Period 2008 2009 2010 2011

Value [%] 143.96% 160.84% 158.58% 155.07%

Y/Y inc rease [%] -10.66% 11.72% -1.40% -2.21%

Net fixed assets productivity [%]Period 2008 2009 2010 2011

Value [%] 305.46% 335.02% 381.90% 366.21%Y/Y inc rease [%] -36.30% 29.56% 46.87% -15.68%

Total assets turnover [%]

130%

135%

140%

145%

150%

155%

160%

165%

2008

2009

2010

201

1

Net fixed assets productivity [%]

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

2008

2009

201

0

2011



27/46-27-

Food Manufacturing


Investment Outlays

Investment outlays per company [mn INR]Period 2008 2009 2010 2011

Value [mn INR] 696.73 914.74 1 048.75 1 124.88

Y/Y dynamics [%] 25.19% 31.29% 14.65% 7.26%

Share of quoted equity investments [%]Period 2008 2009 2010 2011

Value [%] 6.42% 4.01% 4.26% 4.64%

Y/Y inc rease [%] 3.12% -2.42% 0.25% 0.38%

Investment outlays as share in net revenue [%]Period 2008 2009 2010 2011

Value [%] 9.41% 11.49% 11.52% 10.54%

Y/Y inc rease [%] 0.28% 2.08% 0.03% -0.98%

rise of investment

outlays per

company in 2011

comparing to the

value in 2010

rise of share of

quoted equity

investments in 2011

comparing to the

value in 2010

fall of investment

outlays as share in

net revenue in 2011

comparing to the

value in 2010

Investment outlays per company [mn INR]

0

200

400

600

800

1 000

1 200

2008

2009

201

0

201

1

Period

[mnINR]

0%

5%

10%

15%

20%

25%

30%

35%

Y/Ydynamicsof

investmentoutlaysper

company[%]

Inves tment out lays per company [mn INR] Y/Y dynamic s of i nves tment out lays per company [%]

Share of quoted equity investments [%]

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2008

200

9

201

0

201

1

Investment outlays as share in net revenue [%]

0%

2%

4%

6%

8%

10%

12%

14%

200

8

200

9

2010

2011



28/46-28-

Food Manufacturing


fall of investment

outlays to

depreciation ratio in

2011 comparing to

the value in 2010

fall of investment

outlays index in

2011 comparing to

the value in 2010

Investment outlays to depreciation ratio [%]Period 2008 2009 2010 2011

Value [%] 440.07% 518.64% 631.87% 542.16%

Y/Y inc rease [%] -5.14% 17.85% 21.83% -14.20%

Investment outlays index [%]Period 2008 2009 2010 2011

Value [%] 22.20% 31.07% 37.04% 31.48%

Y/Y inc rease [%] -2.26% 8.86% 5.97% -5.56%

Investments structure [%]

Q uoted Equity [%] 4.01% 4.26% 4.64%

Unquoted Equity [%] 2.62% 2.63% 2.27%

O ther Investments [%] 93.37% 93.11% 93.10%

Period 2009 2010 2011

Investment outlays to depreciation ratio [%]

0%

100%

200%

300%

400%

500%

600%

700%

2008

2009

2010

201

1

Investment outlays index [%]

0%

5%

10%

15%

20%

25%

30%

35%

40%

200

8

2009

201

0

201

1



29/46-29-

Food Manufacturing


Investments structure [%]

0%

20 %

40 %

60 %

80 %

100%

2009 2010 2011

Period

Quoted Equity [%] Unquoted Equity [%] Other Investments [%]

Costs

Share of labor costs in total operating costs [%]Period 2008 2009 2010 2011

Value [%] 3.70% 3.67% 3.62% 3.77%

Y/Y inc rease [%] -0.03% -0.03% -0.04% 0.15%

Share of labor costs in total operating costs [%]

3.6%

3.6%

3.7%

3.7%

3.8%

3.8%

200

8

200

9

201

0

201

1

Period

rise of share of

labor costs in total

operating costs in

2011 comparing to

the value in 2010

Investments structure [%] (2011)

4.6% 2.3%

93.1%

Q uoted Equity [%] Unquoted Equity [%] O ther Investments [%]



30/46-30-

Food Manufacturing


fall of share of stock

increase costs in

total operating costs

in 2011 comparing


fall of share of

energy costs in total

operating costs in

2011 comparing to

the value in 2010

fall of share of raw

material cost in total

operating costs in

2011 comparing to

the value in 2010

Period 2008 2009 2010 2011

Value [%] 0.00% 1.01% 0.82% 0.29%

Y/Y inc rease [%] 0.00% 1.01% -0.20% -0.52%

Share of stock increase costs in total operating costs [%]

Share of stock increase costs in total operating costs [%]

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2008

200

9

201

0

201

1

Period

Period 2008 2009 2010 2011

Value [%] 2.29% 1.99% 2.15% 2.11%

Y/Y inc rease [%] 0.10% -0.30% 0.16% -0.04%

Share of energy costs in total operating costs [%]

Share of energy costs in total operating costs [%]

1.8%

1.9%

1.9%

2.0%

2.0%

2.1%

2.1%

2.2%

2.2%

2.3%

2.3%

2.4%

2008

200

9

2010

201

1

Period

Period 2008 2009 2010 2011

Value [%] 72.51% 70.77% 70.72% 70.63%

Y/Y inc rease [%] 2.08% -1.74% -0.05% -0.09%

Share of raw material cost in total operating costs [%]

Share of raw material cost in total operating costs [%]

69.5%

70.0%

70.5%

71.0%

71.5%

72.0%

72.5%

73.0%

2008

2009

2010

2011

Period



31/46-31-

Food Manufacturing


rise of share of

other manufacturing

expenses in total

operating costs in

2011 comparing to

the value in 2010

rise of share of

selling and

administration

expenses in total

operating costs in

2011 comparing to

the value in 2010

rise of share ofmiscellaneous

expenses in total

operating costs in

2011 comparing to

the value in 2010

Period 2008 2009 2010 2011

Value [%] 5.84% 6.14% 6.49% 6.62%

Y/Y inc rease [%] -0.48% 0.30% 0.35% 0.13%

Share of other manufacturing expenses in total operating costs [%]

Period 2008 2009 2010 2011

Value [%] 11.75% 12.55% 12.81% 12.96%

Y/Y inc rease [%] -1.30% 0.80% 0.26% 0.15%

Share of selling and admin. expenses in total operating costs [%]

Period 2008 2009 2010 2011

Value [%] 1.62% 1.55% 1.48% 1.59%

Y/Y inc rease [%] -0.62% -0.08% -0.07% 0.11%

Share of miscellaneous expenses in total operating costs [%]

Share of other manufacturing expenses in total operating costs [%]

5.4%

5.6%

5.8%

6.0%

6.2%

6.4%

6.6%

6.8%

2008

200

9

2010

2011

Period

Share of selling and admin. expenses in total operating costs [%]

11.0%

11.2%

11.4%

11.6%

11.8%

12.0%

12.2%

12.4%

12.6%

12.8%

13.0%

13.2%

2008

2009

2010

2011

Period

Share of miscellaneous expenses in total operating costs [%]

1.4%

1.5%

1.5%

1.6%

1.6%

1.7%

2008

200

9

2010

2011

Period



32/46-32-

Food Manufacturing


Share of depreciation in total operating costs [%]

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2008

200

9

2010

2011

Period

Period 2008 2009 2010 2011

Value [%] 2.28% 2.32% 1.90% 2.01%

Y/Y inc rease [%] 0.26% 0.04% -0.42% 0.11%

Share of depreciation in total operating costs [%]

rise of share of

depreciation in total

operating costs in

2011 comparing to

the value in 2010

Costs structure [%]

Increase in Stock [%] 1.01% 0.82% 0.29%

Raw Materials C osts [%] 70.77% 70.72% 70.63%

Power Generation & Dis tribution C os t [%] 1.99% 2.15% 2.11%

O ther Manufacturing Expenses [%] 6.14% 6.49% 6.62%

Employee C ost [%] 3.67% 3.62% 3.77%

Selling and A dminis tration Expenses [%] 12.55% 12.81% 12.96%

Miscellaneous Expenses [%] 1.55% 1.48% 1.59%

Deprec iation [%] 2.32% 1.90% 2.01%

O ther operational costs [%] 0.00% 0.00% 0.00%

Period 2009 2010 2011

Costs structure [%]

0%

20 %

40 %

60 %

80 %

100%

2009 2010 2011

Period

Increase in Stock [%] Raw Materials Costs [%]Power Ge neration & Distribution C ost [%] O the r Manufacturing Ex penses [%]

Employee Cost [%] Selling and Administration Expenses [%]

Miscellaneous Expenses [%] Depreciation [%]

Other operational costs [%]

raw materials costs

dominate in the cost

structure



33/46-33-

Food Manufacturing

Structure of Fixed Assets

Costs structure [%] (2011)

0.3%

70.6%

6.6%

3.8%

13.0%

1.6%

0.0%

2.0%

2.1%

Increase in Stock [%] Raw Materials C os ts [%]

P ower G eneration & Dis tribution C os t [% ] O ther M anufac turing Expens es [% ]

Employee C os t [%] Selling and A dministration Expenses [%]

M iscellaneous Expenses [%] Depreciation [%]

O ther operational cos ts [%]

Fixed assets structure [%]

Goodwill [%] 0.50% 0.10% 0.61%

Freehold Land [%] 5.01% 4.87% 4.87%

Land Improvements [%] 0.04% 0.04% 0.04%

Buildings [%] 16.78% 17.02% 16.74%

P lant & Machinery [%] 67.58% 67.34% 67.50%

Furniture & Fixtures & O ffice A ppliances [%] 2.30% 2.30% 2.22%

V ehic les [%] 1.08% 1.11% 1.09%

Railway T racks & Sidings [%] 0.01% 0.01% 0.01%

A ircrafts & Helicopters [%] 0.02% 0.02% 0.02%

Leasehold Land [%] 1.47% 1.65% 1.55%

C omputer Software [%] 1.64% 1.83% 1.73%

Technical know-how [%] 0.16% 0.18% 0.16%

O ther Fixed A ssets [%] 3.41% 3.51% 3.46%

Period 2009 2010 2011

Fixed assets structure [%]

0%

20 %

40 %

60 %

80 %

100%

2009 2010 2011

PeriodGoodwill [%] Freehold Land [%]Land Improvements [%] Buildings [%]Plant & Machinery [%] Furniture & Fixtures & Office Appliances [%]Vehicles [%] Railway Tracks & Sidings [%]Aircrafts & Helicopters [%] Leasehold Land [%]Computer Software [%] Technical know-how [%]Other Fixed Assets [%]

plant& machinery

dominate in the

fixed assets

structure

Source: ISI, EMIS, C EICDownloaded by in-iimlsingh from 59.165.151.3 at 2012-07-07 07:40:55 EDT. ISI Emerging Markets. Unauthorized Distribution Prohibited.


34/46-34-

Food Manufacturing

Fixed assets structure [%] (2011)

0.6% 4.9%

16.7%

67.5%

2.2%1.1%1.6% 1.7%

3.5%

0.2%

0.0%0.0%

0.0%

Goodwill [%] Freehold Land [%]Land Improvements [%] Buildings [%]P lant & Machinery [%] Furniture & Fixtures & O ffice A ppliances [%]V ehic les [%] Railway Tracks & Sidings [%]A irc rafts & Helicopters [%] Leasehold Land [%]C omputer Software [%] Technical know-how [%]O ther Fixed Ass ets [%]

Structure of Current Assets

Current assets structure [%]

Inventories [%] 46.35% 44.14% 44.65%

Sundry Debtors [%] 15.65% 18.20% 17.69%

C ash & Bank [%] 15.07% 12.43% 11.97%

Loans and A dvances [%] 20.98% 23.64% 24.02%

O ther current assets [%] 1.95% 1.60% 1.67%

Period 2009 2010 2011inventories

dominate in the

current assets

structure

Current assets structure [%]

0%

20 %

40 %

60 %

80 %

100%

2009 2010 2011

Period

Invento rie s [%] Sundry Debto rs [%] Cash & Bank [%] Loans and Advances [%] Other current a ssets [%]



35/46-35-

Food Manufacturing

Current assets structure [%] (2011)

44.7%

17.7%

24.0%

1.7%

12.0%

Inventori es [%] Sund ry Debt ors [%] Cash & Bank [%] Loans and Advances [%] Ot he r c urrent as s ets [%]

Structure of Current LiabilitiesShort-term liabilities structure [%]

Sundry C reditors [%] 59 .31% 62.43% 61.55%

Unc laimed Dividend [%] 0 .32% 0.36% 0.38%

Interes t A c c rued But Not Due [%] 0.51% 0.52% 0.60%

P rovis ions [%] 27 .13% 24.98% 25.80%

O ther Short-term Liabilities [%] 12.74% 11.71% 11.68%

Period 2009 2010 2011 sundry creditorsdominate in the

short-term liabilities

structure

Short-term liabilities structure [%]

0%

20 %

40 %

60 %

80 %

100%

2009 2010 2011

Period

Sundry Creditors [%] Unclaimed Dividend [%] Interest Accrued But Not Due [%]

Provisions [%] Other Short-term Liabilities [%]



36/46-36-

Food Manufacturing

Short-term liabilities structure [%] (2011)

61.5%

0.4%

25.8%

11.7%

0.6%

Sundry C reditors [%] Unc laimed Dividend [%] Interes t A ccrued But Not Due [%]

P rovis ions [%] O ther Short-term Liabilities [%]


Main Leverages

Main leveragesPeriod Q 109 Q 209 Q 309 Q 409

Total leverage (DTL) 0.83 0.87 0.91 0.97

Financial leverage (DFL) 0.80 0.83 0.85 0.88

EBITDA leverage (DO L) 1.03 1.06 1.08 1.11

Period Q 110 Q 210 Q 310 Q 410




Period Q 111 Q 211 Q 311 Q411




Main leverages

0.0

0 .2

0 .4

0 .6

0 .8

1 .0

1 .2

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Period

DTL DFL DOL

Leverage Name of leverage Definition of leverage

DFL Degree of financial leverage = (NP / NP) / (EBITDA / EBITDA)

DEL Degree of EBITDA leverage = (EBITDA / EBITDA) / (NS / NS)

DTL Degree of total leverage = DFL * DOL

EBITDA

NS

NP Net profit

Key:

Earnings before interest, taxes, amortization and deprec iation

Net sales

weak degree of total

leverage

weak degree of

financial leverage

weak degree of

EBITDA leverage



37/46

-37-

FoodManufacturing

DuPontsPyramid

Equity

per

comapny

2011

3884

2010

3283

2009

2578

2008

2687

Leverage

2011

1.77

Assets

per

company

2011

6882

2010

1.7

5

2010

5739

2009

1.9

2

2009

4951

ROE

2011

15.0%

2008

1.9

1

TAT

2011

1.55

2008

5145

2010

16.1

%

2010

1.5

9

2009

26.0

%

2009

1.6

1

2008

20.0

%

ROA

2011

8.5%

2008

1.4

4

Net

revenue

per

company

2011

10673

2010

9.2

%

2010

9102

2009

13.5

%

2009

7963

2008

10.4%

RO

S

20

11

5.5

%

2008

74

07

2010

5.8

%

2009

8.4

%

2008

7.2

%Net

profit

per

company

2011

583

2010

5

30

2009

670

2008

536

Returnon

equity

ROE=ROA*leverage

Assetstur

nover

TAT=Netrev

enueper

company/As

setsper

compa

ny

Returnonassets

ROA=ROS*TAT

Netrevenuepercompany(*)

[mnINR]

(*)Netprofitpercompanyornetrevenuepercompanyfrom

agivenyear

(**)Valueofassetspercompanyorequitypercompanyfromt

heendof

year

Equity

percompany(**)

[mnINR]

leverage=Assetsper

company/Equityper

company

Assetspercompany(**)

[mnINR]

Returnonnetsales

ROS=Netprofitper

company/Netrevenueper

company

Netprofitpercompany(*)

[mnINR]

*

*

/

/

/



38/46-38-

Food Manufacturing


Top players - Market Shares

Companies from the Sector

Company Net salesMarket

share

Net sales

dynamics

Net profit

ITC Ltd. 241 532.3 10.43% 17.02% 58 294.9

Ruchi Soya Inds. Ltd. 238 328.0 10.29% 56.38% 1 157.6

Hindustan Unilever Ltd. 220 896.8 9.54% 15.36% 26 390.4

Nestle India Ltd. 75 144.6 3.25% 19.78% 9 615.5

Gokul Refoils and Solvent Ltd 60 059.6 2.59% 41.67% -1 007.7

Britannia Industries Ltd. 47 761.1 2.06% 18.50% 1 769.7

Adani Enterprises Ltd. 46 553.6 2.01% -9.25% 2 408.7

Shree Renuka Sugars Ltd. 42 804.0 1.85% -19.28% 482.0

Bajaj Hindusthan Ltd. 40 533.3 1.75% 4.94% -902.9

KS Oils Ltd. 37 793.8 1.63% -15.78% -7 022.4

Data on net s ales and net profit are in mn INR and represent standlone values from 4 las t quarters

Market shares of top listed companies from the sector

Q4 2011

Top listed companies and their market shares (Q4 2011)

1.63%

1.75%

1.85%

2.01%

2.06%

2.59%

3.25%

9.54%

10.29%

10.43%

0% 20% 40% 60%

KS Oils L td.

Bajaj Hindusthan Ltd.

Shree Renuka Sugars Ltd.

A dani Enterprises Ltd.

Britannia Industries Ltd.

Gokul Refoils and Solvent Ltd

Nes tle India Ltd.

Hindustan Unilever Ltd.

Ruchi Soya I nds. Ltd.

ITC Ltd.

0 500 1000 1500 2000



39/46

-39-

FoodManufacturing

TopPlayersfromtheSector

improveof

taxshield

+ o ++ + o + o +

+++ +

leverage

increase

++

++ + +

+ + + o o o + +

cost

cutting

o o + + ++ o +

+++ + + o

increase

ofrevenu

e

++ o + o + + ++ + ++ o o +++o

31.38%

21.13%

35.01%

33.29%

22.31%

30.72%

8.15%

36.64%

34.57%

28.13%

ROS

23.56%

11.10%

1.28%

0.86%

0.08%

12.84%

-6.31%

0.02%

0.25%

0.82%

4.45%

TAT

1.32

7.37

2.96

37.84

4.95

3.34

1.57

3.76

0.58

19.66

8.33

ROA

31.07%

81.75%

3.79%

32.55%

0.41%

42.83%

-9.92%

0.07%

0.14%

16.07%

19.88%

leverage

1.01

1.00

2.61

1.01

2.56

1.76

3.14

4.69

2.66

1.11

2.15

ROE

31.26%

81.75%

9.88%

32.95%

1.04%

75.48%

-31.10%

0.31%

0.38%

17.88%

21.98%

Assets

[mnINR]

160524.7

26339.2

56236.4

3942.4

17256.3

22448.2

35784.2

12936.3

83367.2

2432.3

42126.7

Equity

[mnINR]

159532.7

26339.2

21573.3

3894.2

6736.1

12739.5

11413.3

2760.8

31399.1

2187.1

27857.5

Y/Y

dynamicsof

netprofit

22.82%

2.41%

23.62%

172.64%

-55.28%

17.45%

-258.17%

-20.90%

-76.81%

26.87%

-14.54%

NetProfit

[mnINR]

49876.1

21532.5

2132.1

1283.1

70.3

9615.5

-3549.6

8.6

120.0

391.0

8148.0

Y/Y

dyna

micsof

net

rev

enues

16.61%

10.71%

23.20%

93.70%

39.79%

19.76%

38.65%

22.45%

68.79%

28.22%

36.19%

Net

Revenue

[mnINR]

211675.8

194011.1

166488.2

149166.4

85402.5

74908.2

56249.2

48626.0

48504.0

47825.2

108285.7

Market

sharein

2011

9.14%

8.38%

7.19%

6.44%

3.69%

3.23%

2.43%

2.10%

2.09%

2.07%

4.68%

Datafrom2011

Shareofnetrevenuesof

top10companiesint

he

sector

46.76%

IT

CLtd.

(Mar,2011)

HindustanUnileve

rLtd.

(Mar,2011)

RuchiSoyaInds.Ltd.

(Mar,

2011)

BungeIndiaPv

tLtd.

(Mar,

2011)

AdaniWilma

rLtd.

(Mar,2011)

NestleIndiaLtd.

(Mar,2011)

KSOilsLtd.

(Mar,2011)

MotherDairyFr

uit&

VegetablePv

tLtd.

(Mar,

2011)

BajajHindusthanLtd.

(Mar,

2011)

Allanason

sLtd.

(Mar,2011)

Av

erage

Thedatafor2010and2011arefromtheAccordFintechdatab

ase.Hence,thequalityofpresentedda

tais

strictlylimitedbytheq

ualityofdataintheAccordFintechdatabase.

*)Publiccompaniesre

presentonlythesePLCthatarelistedo

nNSE(NationalStockExchange)orBSE

(BombayStockExchan

ge)

Thedatebelowthecom

pany'snamerepresentstheendoffiscalyear.

Highpotential

Mediumpotential

Lowpotential

InduPontPyramidstockva

riablesarenot

averagedovertimeforcalculationpurposes

duetolackofthesedata

Mainindicators

Public

com-

pany

*)

Strategicconclusions

Potentialfor:

Effective

taxrate

DuPontpyramid



40/46


41/46

-41-

FoodManufacturing

MergersandA

cquisitions

Takingover

company

GeneralMills

RoquetteFreres

RossellIndiaLtd.

TilaknagarIndustries

Ltd.

BungeIndiaPvtLtd.

OlamI

nternational

Ltd

OlamI

nternational

Limited

ArchersDaniels

MidlandCompany

GroupeDanone

NSLSugarsLtd

Takenover

company

ParamparaFood

ProductsPvtLtd

RiddhiSiddhiGluc

o

Biols'StarchBusin

ess

NamsangTeaEsta

te

ShivprabhaSugar

s

AmritBanaspati

Co.L

td'sEdibleOil

andFatBusiness

VallabhdasKanjiL

td's

BulkSpicesand

PrivateLabelAsse

ts

Hemarus

TechnologiesLtd

GeepeeAgriPvtL

td

Wockhardt'sNutrition

Business

JayMaheshSugar

IndustriesLtd

Ann

ouncementdate

(Statusofadeal)

May-10,2

012

Apr-30,2

012

Apr-20,2

012

Mar-26,2

012

Dec-21,2

011

Nov-01,2

011

Aug-31,2

011

(completed)

Aug-19,2

011

(announced)

Aug-03,2

011

(announced)

Jul-07,2

011

(completed)

Buyer'sName

CemexSABdeCV

BajajHindusthanSugar

&Inds.

Ltd.

GroupeDanone

ShreeRenukaSugars

Ltd.

ShreeRenukaSugars

Ltd.

RoquetteFreres

CargillIndiaPvt.Ltd

OlamI

nternational

Limited

BungeIndiaPvtLtd.

NSLSugarsLtd

Seller'sName

Wockhardt,Ltd.

GrupoEquipav

RiddhiSiddhiGlucoBio

ls

Ltd.

MaricoLtd

AmritBanaspatiCo.L

td,

AmritCorp.

Ltd.

TargetC

ompany

MurliIndustriesLtd.

BalrampurChiniMills

Ltd

Wockhardt'sNutrition

Business

EquipavS.A

.Aucare

Alcool

ValedoIva

iS.A.

RiddhiSiddhiGluco

Biols'StarchBusiness

MaricoLtd's

SweekarOil

Brand

HemarusTechnologies

Ltd

AmritBanaspatiCo.L

td's

EdibleOilandFat

Business

JayMahesh

Sugar

IndustriesL

td

Announcementdate

Nov-22,2

010

Oct-30,2

009

Aug-03,2

011

Feb-21,2

010

Nov-11,2

009

Apr-30,2

012

Mar-28,2

011

Aug-31,2

011

Dec-21,2

011

Jul-07,2

011

Valueofadeal

[mnUSD]

(Statusofadeal)

550.0

1

(announced)

393.5

8

(announced)

354.9

7

(announced)

329.0

1

(announced)

240.0

1

(announced)

180.8

9

75.9

9

(completed)

73.8

1

(completed)

61.6

1

52.0

6

(completed)

Thestatusofpresenteddealsmaychangeorsomeofdealsmaydropoutfromt

hesubsequentreports

(e.g.

duetocancelationsofthem)

Las

tmergers

The

lastmergersrefertothetransactions

affectinganalysedsector.

The

datasourceisISIDealwatch

Thelargestbuy/

selloffers

Thelargestbuy/selloffersrefertothetransactionsaffectinganalysedsector.ThedatasourceisISIDealwatch



42/46-42-

Food Manufacturing

Key Concepts

Definitions of Indices

Number of companies Number of reporting listed companies V

Net revenue per company [mn INR]Net sales

-----------------------------

Number of companies

V

---

V

Total operating cost (incl. depreciation) per c ompany [mn INR]Net Sales - EBIT

-----------------------------

Number of companies

V

---

V

EBITDA profit per company [mn INR]EBIT + Depreciation

-----------------------------

Number of companies

V

---

V

EBITDA profit per profit-making company [mn INR]EBITDA

---------------------------------------------

Number of profit-making companies

V

---

V

Gross profit per company [mn INR]Profit before tax

-----------------------------

Number of companies

V

---

V

Gross profit per profit-making company [mn INR]Profit before tax

---------------------------------------------


V

---

V

Net profit per company [mn INR]

Profit after tax

----------------------------Number of companies

V

---V

Net profit per profit-making company [mn INR]Profit after tax

---------------------------------------------


V

---

V

EBITDA Sales Margin [%]EBITDA

--------------

Net sales

SV4

-----

SV4

Net Sales Margin [%]Profit after tax

----------------------

Net sales

SV4

-----

SV4

Effective tax rate [%]Profit befor tax - Profit after tax

-------------------------------------------

Profit befor tax

SV4

-----

SV4

Share of profit-making companies [%]Number of profit making companies

---------------------------------------------

Number of companies

V

-----

V

V - Value for a given quar terSV4 - Sum of values over the last four quarters

AV4 - Average of values over the last four quarters

Definition of index

Generalindices

Profitabilityratios

Quarterly financials

Yearly financials

Cash flow per company [mn INR]Net cash flow

---------------------------

Number of companies

V

---

V

Cash flow per profit-making company [mn INR]Net cash flow

---------------------------------------------


V

---

V

Return on Equity [%]Profit after tax

--------------------------

Shareholders' funds

V

---

V

Return on Assets [%] Profit after tax-----------------------Total assets

V---

V

Equity dividend ratio [%]Equity dividend for ordinary and prefered shares

------------------------------------------------------

Profit after tax

V

---

V

Current ratio [%]Current assets

------------------------

Short-term liabilities

V

---

V

Quick ratio [%]Current assets - Inventory

-------------------------------


V

---

V

Super quick ratio [%]Cash & Bank

-------------------------


V

---

V

Sundry debtors to sundry creditors ratio [%]Sundry debtors

------------------------

Sundry creditors

V

---

V

Definition of index

General

indicators

Profitability

ratio

s

Liquidityratios

V - Value for a given year



43/46-43-

Food Manufacturing

Yearly financials

Days of coverage for Cash & Equivalent [days](Receivables + Inventories - Short term liabilities) * 360

------------------------------------------------------------------

Net sales

V

---

V

Days of coverage for receivables [days]Receivables * 360

-------------------------

Net sales

V

---

V

Days of coverage for inventories [days]Inventories * 360

----------------------------

Net sales

V

---

V

Days of c overage for short term liabilities [days]

Short term liabilities * 360

-----------------------------------Net sales

V

---V

Debt to Equity ratio [%]Total debt

-----------------------

Shareholders' funds

V

---

V

Equity to total assets ratio [%]Shareholders' funds

------------------------

Total assets

V

---

V

Share of loans from banks in total debt [%]Secured and unsecured loans from banks

-------------------------------------------------

Total debt

V

---

V

Secured to unsecured loans ratio [%]Secured loans

-----------------------

Unsecur

Documents

Utf8''Food Manufacturing (311) - Q4, 2011