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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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! 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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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.
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-> 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
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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
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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
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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
All sectors Most efficient sectors
classes belonging to selected division Selected sector (Group): Food Manufacturing
Investors' utility function
risk - profitability
map (current
situation)
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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
All sectors Most efficient sectors
classes belonging to selected division Selected sector (Group): Food Manufacturing
Investors' utility function
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
All sectors Most efficient sectors
classes belonging to selected division Selected sector (Group): Food Manufacturing
Investors' utility function
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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
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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
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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%
Top 3 companies 24.71%
Top 4 companies 31.15%
Top 5 companies 34.84%
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
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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%
Profitability Ratios
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%
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
fall of Y/Y dynamics
of total operating
cost (incl.
depreciation) per
company in Q411
comparing to the
value in Q311
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Food Manufacturing
Source: ISI, EMIS, C EIC
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) [%]
fall of Y/Y dynamics
of EBITDA profit per
company in Q411
comparing to the
value in Q311
fall of Y/Y dynamics
of EBITDA profit per
profit-making
company in Q411
comparing to the
value in Q311
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
Q /Q dynamics [%] -29.48% -4.82% 6.31% 22.28%Y/Y dynamics [%] -27.68% -18.33% -15.08% -12.74%
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) [%]
fall of Y/Y dynamics
of gross profit per
company in Q411
comparing to the
value in Q311
fall of Y/Y dynamics
of gross profit per
profit-making
company in Q411
comparing to the
value in Q311
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
Q /Q dynamics [%] -30.82% -5.53% 4.79% 21.01%Y/Y dynamics [%] -29.49% -20.14% -19.08% -17.13%
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) [%]
fall of Y/Y dynamics
of net profit per
company in Q411
comparing to the
value in Q311
fall of Y/Y dynamics
of net profit per
profit-making
company in Q411
comparing to the
value in Q311
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Food Manufacturing
Source: ISI, EMIS, C EIC
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%
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7/31/2019 Utf8''Food Manufacturing (311) - Q4, 2011
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Food Manufacturing
Source: ISI, EMIS, C EIC
Profitability Ratios
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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7/31/2019 Utf8''Food Manufacturing (311) - Q4, 2011
20/46-20-
Food Manufacturing
Source: ISI, EMIS, C EIC
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
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21/46-21-
Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
to the value in 2010
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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 [%]
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Food Manufacturing
Source: ISI, EMIS, C EIC
fall of share of stock
increase costs in
total operating costs
in 2011 comparing
to the value in 2010
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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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
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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 [%]
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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 [%]
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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 [%]
Source: ISI, EMIS, C EIC
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
Total leverage (DTL) 0.89 0.85 0.81 0.79
Financial leverage (DFL) 0.86 0.85 0.84 0.82
EBITDA leverage (DO L) 1.03 1.00 0.97 0.96
Period Q 111 Q 211 Q 311 Q411
Total leverage (DTL) 0.80 0.75 0.72 0.68
Financial leverage (DFL) 0.82 0.80 0.79 0.76
EBITDA leverage (DO L) 0.98 0.94 0.91 0.89
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
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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]
*
*
/
/
/
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Food Manufacturing
Source: ISI, EMIS, C EIC
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
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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
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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
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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
---------------------------------------------
Number of profit-making companies
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
---------------------------------------------
Number of profit-making companies
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
---------------------------------------------
Number of profit-making companies
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
-------------------------------
Short-term liabilities
V
---
V
Super quick ratio [%]Cash & Bank
-------------------------
Short-term liabilities
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
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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