Historical Financial Statement -HDFC BANK LTD

Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

# Income Statement
Sales ₹ 42,555.0 ₹ 50,666.5 ₹ 63,161.6 ₹ 73,271.4 ₹ 85,287.8
Sales Growth - 19.06% 24.66% 16.01% 16.40%

COGS ₹ 5,294.1 ₹ 6,024.0 ₹ 7,350.8 ₹ 9,780.0 ₹ 10,512.1

COGS %of Sales 12.44% 11.89% 11.64% 13.35% 12.33%

Gross Profit ₹ 37,260.9 ₹ 44,642.5 ₹ 55,810.7 ₹ 63,491.3 ₹ 74,775.7

Gross Margin 87.56% 88.11% 88.36% 86.65% 87.67%

Selling & General Expense ₹ 8,213.6 ₹ 10,139.8 ₹ 12,703.8 ₹ 14,075.7 ₹ 19,020.1

S&G Exp % of Sales 19.30% 20.01% 20.11% 19.21% 22.30%

EBITDA ₹ 29,047.3 ₹ 34,502.7 ₹ 43,106.9 ₹ 49,415.7 ₹ 55,755.6

EBITDA % of Sales 68.26% 68.10% 68.25% 67.44% 65.37%

Interest ₹ 23,445.5 ₹ 27,288.5 ₹ 34,069.6 ₹ 38,041.6 ₹ 42,381.5

Interest% of Sales 55.09% 53.86% 53.94% 51.92% 49.69%

Depriciation ₹ 688.7 ₹ 680.5 ₹ 738.0 ₹ 886.2 ₹ 966.8

Depriciation % of Sales 1.62% 1.34% 1.17% 1.21% 1.13%

Earning Before Tax ₹ 4,913.2 ₹ 6,533.8 ₹ 8,299.3 ₹ 10,487.9 ₹ 12,407.3

EBT % of Sales 11.55% 12.90% 13.14% 14.31% 14.55%

Tax ₹ 4,446.2 ₹ 5,379.4 ₹ 6,693.7 ₹ 8,078.1 ₹ 9,903.1

Effective Tax Rate 90.49% 82.33% 80.65% 77.02% 79.82%

Net Profit ₹ 467.0 ₹ 1,154.4 ₹ 1,605.7 ₹ 2,409.8 ₹ 2,504.2

Net Margin 1.10% 2.28% 2.54% 3.29% 2.94%

No. of Equity Shares 479.81 501.30 505.64 512.51 519.02

Earnings per Share ₹ 1.0 ₹ 2.3 ₹ 3.2 ₹ 4.7 ₹ 4.8

EPS Growth % - 136.59% 37.90% 48.07% 2.62%

Dividend per Share ₹ 3.4 ₹ 4.0 ₹ 4.8 ₹ 5.5 ₹ 6.5

Dividend payout Ratio 351.89% 173.71% 149.58% 116.97% 134.72%

Retained Earning 0.00% 0.00% 0.00% 0.00% 0.00%

# Balance Sheet
Equity Share Capital ₹ 479.8 ₹ 501.3 ₹ 505.6 ₹ 512.5 ₹ 519.0
Reserves ₹ 43,686.8 ₹ 62,652.8 ₹ 73,798.5 ₹ 91,281.4 ₹ 109,080.1
 Borrowings ₹ 416,677.1 ₹ 509,761.9 ₹ 649,587.3 ₹ 741,549.9 ₹ 944,817.2
Other Liabilities ₹ 42,776.3 ₹ 34,180.6 ₹ 38,321.0 ₹ 59,000.3 ₹ 48,769.8
Total Liabilities ₹ 503,620.0 ₹ 607,096.5 ₹ 762,212.3 ₹ 892,344.2 ₹ 1,103,186.2

Fixed Assets Net Block ₹ 3,026.3 ₹ 3,224.9 ₹ 3,666.9 ₹ 3,999.7 ₹ 4,008.1

Capital Work in Progress - - - - -
Investments ₹ 119,571.1 ₹ 149,454.4 ₹ 193,633.9 ₹ 210,777.1 ₹ 238,460.9
Other Assets ₹ 341,109.2 ₹ 417,890.7 ₹ 525,842.7 ₹ 628,256.2 ₹ 737,655.6
Total Non-Current Assets ₹ 463,706.5 ₹ 570,570.1 ₹ 723,143.5 ₹ 843,033.0 ₹ 980,124.6

Receivables - - - - -
Inventory - - - - -
Cash & Bank ₹ 39,913.4 ₹ 36,526.4 ₹ 39,068.9 ₹ 49,311.1 ₹ 123,061.6
Total Current Assets ₹ 39,913.4 ₹ 36,526.4 ₹ 39,068.9 ₹ 49,311.1 ₹ 123,061.6

Total Assets ₹ 503,620.0 ₹ 607,096.5 ₹ 762,212.3 ₹ 892,344.2 ₹ 1,103,186.2

Check 1 1 1 1 1

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 13,172.0 ₹ 14,261.0 ₹ 15,154.0 ₹ 16,075.0 ₹ 17,433.0
Receivables (₹ 1,546.0) ₹ 558.0 (₹ 207.0) (₹ 870.0) (₹ 964.0)
Inventory (₹ 755.0) (₹ 505.0) (₹ 693.0) ₹ 593.0 ₹ 602.0
Payables ₹ 456.0 (₹ 23.0) ₹ 622.0 ₹ 321.0 ₹ 2,098.0
Loans Advances - - - - -
Other WC items - - - - -
Working capital changes (₹ 1,844.0) ₹ 31.0 (₹ 277.0) ₹ 44.0 ₹ 1,736.0
Direct taxes (₹ 3,984.0) (₹ 4,449.0) (₹ 5,078.0) (₹ 5,492.0) (₹ 6,000.0)
Cash from Operation activities ₹ 5,499.0 ₹ 9,873.0 ₹ 9,521.0 ₹ 10,671.0 ₹ 14,905.0

Investing Activities
Fixed assets purchased (₹ 2,887.0) (₹ 3,300.0) (₹ 2,348.0) (₹ 3,122.0) (₹ 2,878.0)
Fixed assets sold ₹ 38.0 ₹ 9.0 ₹ 8.0 ₹ 50.0 ₹ 80.0
Investments purchased (₹ 94,242.0) (₹ 98,742.0) (₹ 154,081.0) (₹ 85,683.0) (₹ 98,330.0)
Investments sold ₹ 93,293.0 ₹ 99,658.0 ₹ 150,651.0 ₹ 81,034.0 ₹ 95,017.0
Interest received ₹ 374.0 ₹ 559.0 ₹ 741.0 ₹ 756.0 ₹ 736.0
Dividends received ₹ 192.0 ₹ 268.0 ₹ 64.0 ₹ 4.0 ₹ 13.0
Invest in subsidiaries - - (₹ 8.0) - -
Investment in group cos - - - - -
Redemp n Canc of Shares - - - ₹ 129.0 ₹ 18.0
Acquisition of companies - - - - -
Inter corporate deposits - - - - -
Other investing items (₹ 21.0) (₹ 3,728.0) ₹ 1,052.0 ₹ 3,579.0 (₹ 1,769.0)
Cash from Investing Activities (₹ 3,253.0) (₹ 5,276.0) (₹ 3,921.0) (₹ 3,253.0) (₹ 7,113.0)

Financing Activities
Proceeds from shares ₹ 691.0 ₹ 979.0 ₹ 532.0 ₹ 1,067.0 ₹ 913.0
Redemption of debentures - - - - -
Proceeds from borrowings ₹ 156.0 ₹ 7.0 - - ₹ 11.0
Repayment of borrowings (₹ 15.0) (₹ 20.0) (₹ 13.0) (₹ 13.0) (₹ 8.0)
Interest paid fin (₹ 48.0) (₹ 16.0) (₹ 28.0) (₹ 25.0) (₹ 49.0)
Dividends paid (₹ 4,239.0) (₹ 4,876.0) (₹ 5,133.0) (₹ 6,994.0) (₹ 5,952.0)
Financial liabilities - - - - -
Other financing items (₹ 667.0) (₹ 734.0) (₹ 971.0) (₹ 1,335.0) (₹ 1,136.0)
Cash from Financing Activities (₹ 4,122.0) (₹ 4,660.0) (₹ 5,613.0) (₹ 7,300.0) (₹ 6,221.0)

Net Cash Flow (₹ 1,876.0) (₹ 63.0) (₹ 13.0) ₹ 118.0 ₹ 1,571.0

atement -HDFC BANK LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

₹ 105,160.7 ₹ 122,189.3 ₹ 128,552.4 ₹ 135,936.4 ₹ 170,754.1 ₹ 251,763.8

23.30% 16.19% 5.21% 5.74% 25.61% 47.44%

₹ 11,738.3 ₹ 14,217.5 ₹ 15,331.5 ₹ 17,677.1 ₹ 22,207.9 ₹ 132,119.3

11.16% 11.64% 11.93% 13.00% 13.01% 52.48%

₹ 93,422.5 ₹ 107,971.8 ₹ 113,220.9 ₹ 118,259.3 ₹ 148,546.2 ₹ 119,644.5

88.84% 88.36% 88.07% 87.00% 86.99% 47.52%

₹ 23,118.0 ₹ 31,241.7 ₹ 37,125.1 ₹ 38,879.9 ₹ 40,834.4

21.98% 25.57% 28.88% 28.60% 23.91% 0.00%

₹ 70,304.5 ₹ 76,730.1 ₹ 76,095.9 ₹ 79,379.5 ₹ 107,711.8 ₹ 119,644.5

66.85% 62.80% 59.19% 58.39% 63.08% 47.52%

₹ 53,712.7 ₹ 62,137.4 ₹ 59,247.6 ₹ 58,584.3 ₹ 77,779.9 ₹ 133,053.1

51.08% 50.85% 46.09% 43.10% 45.55% 52.85%

₹ 1,220.7 ₹ 1,276.8 ₹ 1,385.0 ₹ 1,680.7 ₹ 2,345.5 -

1.16% 1.04% 1.08% 1.24% 1.37% 0.00%

₹ 15,371.1 ₹ 13,315.9 ₹ 15,463.3 ₹ 19,114.4 ₹ 27,586.3 (₹ 13,408.6)

14.62% 10.90% 12.03% 14.06% 16.16% -5.33%

₹ 11,872.6 ₹ 10,898.6 ₹ 10,939.4 ₹ 12,722.5 ₹ 15,349.7 ₹ 15,522.3

77.24% 81.85% 70.74% 66.56% 55.64% -115.76%

₹ 3,498.6 ₹ 2,417.3 ₹ 4,523.9 ₹ 6,391.9 ₹ 12,236.6 (₹ 28,930.9)

3.33% 1.98% 3.52% 4.70% 7.17% -11.49%

544.66 548.33 551.28 554.55 557.97 557.97

₹ 6.4 ₹ 4.4 ₹ 8.2 ₹ 11.5 ₹ 21.9 (₹ 51.9)

33.13% -31.37% 86.14% 40.46% 90.27% -336.43%

₹ 7.5 ₹ 2.5 ₹ 6.5 ₹ 15.5 ₹ 19.0 -

116.76% 56.71% 79.21% 134.47% 86.64% 0.00%

0.00% 43.29% 20.79% 0.00% 13.36% 0.00%

₹ 544.7 ₹ 548.3 ₹ 551.3 ₹ 554.6 ₹ 558.0

₹ 153,128.0 ₹ 175,810.4 ₹ 209,258.9 ₹ 246,771.6 ₹ 288,879.5
₹ 1,080,235.5 ₹ 1,333,041.5 ₹ 1,511,417.6 ₹ 1,784,969.5 ₹ 2,139,211.9
₹ 58,897.6 ₹ 71,430.3 ₹ 78,278.8 ₹ 90,638.6 ₹ 101,783.0
₹ 1,292,805.7 ₹ 1,580,830.4 ₹ 1,799,506.6 ₹ 2,122,934.3 ₹ 2,530,432.4

₹ 4,368.6 ₹ 4,775.7 ₹ 5,248.4 ₹ 6,432.1 ₹ 8,431.4

- - - - -
₹ 289,445.9 ₹ 389,305.0 ₹ 438,823.1 ₹ 449,263.9 ₹ 511,581.7
₹ 917,173.6 ₹ 1,098,809.7 ₹ 1,234,162.7 ₹ 1,511,852.6 ₹ 1,813,271.6
₹ 1,210,988.1 ₹ 1,492,890.3 ₹ 1,678,234.1 ₹ 1,967,548.6 ₹ 2,333,284.6

- - - - -
- - - - -
₹ 81,817.6 ₹ 87,940.1 ₹ 121,272.5 ₹ 155,385.7 ₹ 197,147.8
₹ 81,817.6 ₹ 87,940.1 ₹ 121,272.5 ₹ 155,385.7 ₹ 197,147.8

₹ 1,292,805.7 ₹ 1,580,830.4 ₹ 1,799,506.6 ₹ 2,122,934.3 ₹ 2,530,432.4

1 1 1 1 TRUE

₹ 18,862.0 ₹ 19,416.0 ₹ 17,326.0 ₹ 20,857.0 ₹ 25,895.0

(₹ 755.0) ₹ 1,411.0 (₹ 66.0) (₹ 732.0) (₹ 884.0)
(₹ 359.0) (₹ 508.0) (₹ 1,460.0) (₹ 466.0) (₹ 941.0)
₹ 639.0 (₹ 607.0) ₹ 1,112.0 ₹ 1,099.0 ₹ 1,058.0
- - - - -
- - - - -
(₹ 476.0) ₹ 296.0 (₹ 413.0) (₹ 100.0) (₹ 767.0)
(₹ 5,803.0) (₹ 5,023.0) (₹ 4,387.0) (₹ 4,982.0) (₹ 6,250.0)
₹ 12,108.0 ₹ 14,985.0 ₹ 12,112.0 ₹ 15,676.0 ₹ 18,111.0

(₹ 3,169.0) (₹ 2,441.0) (₹ 1,837.0) (₹ 2,142.0) (₹ 2,743.0)

₹ 28.0 ₹ 27.0 ₹ 3.0 ₹ 133.0 ₹ 49.0
(₹ 94,187.0) (₹ 79,835.0) (₹ 57,553.0) (₹ 69,776.0) (₹ 80,932.0)
₹ 92,454.0 ₹ 75,835.0 ₹ 62,797.0 ₹ 70,992.0 ₹ 77,230.0
₹ 1,184.0 ₹ 1,513.0 ₹ 1,275.0 ₹ 1,035.0 ₹ 1,324.0
₹ 13.0 ₹ 17.0 ₹ 7.0 ₹ 16.0 ₹ 19.0
- - - - -
- - (₹ 2.0) (₹ 2.0) (₹ 2.0)
₹ 18.0 - - - ₹ 56.0
- - - - -
- - - - -
(₹ 1,887.0) (₹ 1,290.0) ₹ 1,051.0 (₹ 2,494.0) (₹ 733.0)
(₹ 5,546.0) (₹ 6,174.0) ₹ 5,741.0 (₹ 2,238.0) (₹ 5,732.0)

₹ 969.0 ₹ 625.0 ₹ 291.0 ₹ 292.0 ₹ 2,477.0

 - - - - -
- - - - -
(₹ 18.0) (₹ 3.0) (₹ 2.0) (₹ 1.0) (₹ 1.0)
(₹ 98.0) (₹ 44.0) (₹ 41.0) (₹ 40.0) (₹ 41.0)
(₹ 6,519.0) (₹ 7,302.0) (₹ 18,881.0) (₹ 13,788.0) (₹ 15,418.0)
- (₹ 49.0) (₹ 55.0) (₹ 59.0) (₹ 59.0)
(₹ 1,203.0) (₹ 1,409.0) ₹ 55.0 ₹ 15.0 ₹ 35.0
(₹ 6,869.0) (₹ 8,182.0) (₹ 18,633.0) (₹ 13,581.0) (₹ 13,007.0)

(₹ 307.0) ₹ 629.0 (₹ 780.0) (₹ 143.0) (₹ 628.0)

 Ratio Analysis -HDFC BANK LTD
Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Sales Growth 19.06% 24.66% 16.01% 16.40% 23.30%

EBITDA Growth 18.78% 24.94% 14.64% 12.83% 26.09%
EBIT Growth 19.27% 25.27% 14.54% 12.90% 26.09%
Net Profit Growth 147.18% 39.10% 50.08% 3.92% 39.71%
Dividened Growth 16.79% 18.75% 15.79% 18.18% 15.38%

Gross Margin 87.56% 88.11% 88.36% 86.65% 87.67% 88.84%

EBITDA Margin 68.26% 68.10% 68.25% 67.44% 65.37% 66.85%
EBIT Margin 66.64% 66.75% 67.08% 66.23% 64.24% 65.69%
EBT Margin 11.55% 12.90% 13.14% 14.31% 14.55% 14.62%
Net Profit Margin 1.10% 2.28% 2.54% 3.29% 2.94% 3.33%

Sales Expenses % of Sales 19.30% 20.01% 20.11% 19.21% 22.30% 21.98%

Depriciation % of Sales 1.62% 1.34% 1.17% 1.21% 1.13% 1.16%
Operating income % of sales 66.64% 66.75% 67.08% 66.23% 64.24% 65.69%

Return on Capital Employed 6.15% 5.90% 5.85% 5.82% 5.20% 5.60%

Retained Earnings 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity 1.06% 1.83% 2.16% 2.63% 2.28% 2.28%
Self Sustained Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest Coverage Ratio 1.21x 1.24x 1.24x 1.28x 1.29x 1.29x

Debtors Turnover Ratio 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x

Creditors Turnover Ratio 0.99x 1.48x 1.65x 1.24x 1.75x 1.79x
Inventory Turnover Ratio 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x
Fixed Asset Turnover Ratio 14.06x 15.71x 17.22x 18.32x 21.28x 24.07x
Capital Turnover Ratio 0.96x 0.80x 0.85x 0.80x 0.78x 0.68x

Debtor Days 0 0 0 0 0 0
Payable Days 367 246 221 294 209 204
Inventory Days 0 0 0 0 0 0
Cash Conversion Cycle Days -367 -246 -221 -294 -209 -204

CFO/Sales 12.92% 19.49% 15.07% 14.56% 17.48% 11.51%

CFO/Total Assets 1.09% 1.63% 1.25% 1.20% 1.35% 0.94%
CFO/Total Debts 1.20% 1.82% 1.38% 1.33% 1.50% 1.06%
C BANK LTD
Mar-20 Mar-21 Mar-22 Mar-23 Trendline Meam Median

16.19% 5.21% 5.74% 25.61% 16.91% 16.40%

9.14% -0.83% 4.32% 35.69% 16.18% 14.64%
9.22% -0.98% 4.00% 35.61% 16.21% 14.54%
-30.91% 87.15% 41.29% 91.44% 52.11% 41.29%
-66.67% 160.00% 138.46% 22.58% 37.70% 18.18%

88.36% 88.07% 87.00% 86.99% 87.76% 87.87%

62.80% 59.19% 58.39% 63.08% 64.77% 66.11%
61.75% 58.12% 57.16% 61.71% 63.54% 64.97%
10.90% 12.03% 14.06% 16.16% 13.42% 13.60%
1.98% 3.52% 4.70% 7.17% 3.28% 3.11%

25.57% 28.88% 28.60% 23.91% 22.99% 22.14%

1.04% 1.08% 1.24% 1.37% 1.24% 1.19%
61.75% 58.12% 57.16% 61.71% 63.54% 64.97%

5.00% 4.34% 3.82% 4.34% 5.20% 5.40%

43.29% 20.79% 0.00% 13.36% 7.74% 0.00%
1.37% 2.16% 2.58% 4.23% 2.26% 2.22%
0.59% 0.45% 0.00% 0.56% 0.16% 0.00%
1.21x 1.26x 1.33x 1.35x 1.27x 1.27x

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x

1.71x 1.64x 1.50x 1.68x 1.54x 1.65x
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x
25.59x 24.49x 21.13x 20.25x 20.21x 20.69x
0.69x 0.61x 0.55x 0.59x 0.73x 0.74x

0 0 0 0 0 0
213 222 243 218 244 222
0 0 0 0 0 0
-213 -222 -243 -218 -244 -222

12.26% 9.42% 11.53% 10.61% 13.49% 12.59%

0.95% 0.67% 0.74% 0.72% 1.05% 1.02%
1.07% 0.76% 0.84% 0.81% 1.18% 1.13%
 HDFC BANK LTD - Sales HDFC BANK LTD - EBITDA
Year Weight Year Sales Sales Growth Year Weight Year Sales
1 2014A 42555.0 1 2014A 29047.3
2 2015A 50666.5 19.06% 2 2015A 34502.7
3 2016A 63161.6 24.66% 3 2016A 43106.9
4 2017A 73271.4 16.01% 4 2017A 49415.7
5 2018A 85287.8 16.40% 5 2018A 55755.6
6 2019A 105160.7 23.30% 6 2019A 70304.5
7 2020A 122189.3 16.19% 7 2020A 76730.1
8 2021A 128552.4 5.21% 8 2021A 76095.9
9 2022A 135936.4 5.74% 9 2022A 79379.5
10 2023A 170754.1 25.61% 10 2023A 107711.8
11 2024E #NAME? #NAME? 11 2024E #NAME?
12 2025E #NAME? #NAME? 12 2025E #NAME?
13 2026E #NAME? #NAME? 13 2026E #NAME?
14 2027E #NAME? #NAME? 14 2027E #NAME?
15 2028E #NAME? #NAME? 15 2028E #NAME?

Sales Forecast EBITDA Forecast

0.3 120000.0
160000.0 100000.0 0.35
0.25
120000.0 0.2 80000.0 0.25
0.15 60000.0 0.15
80000.0
0.1 40000.0
40000.0 20000.0 0.05
0.05
0.0 0 0.0 -0.05
A A A A A A A A A A A A A A A A A A A A A A A
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 14 16 18 20 22 24 26 28
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
D - EBITDA HDFC BANK LTD - Earnings per Share
Sales Growth Year WeighYear Sales Sales Growth
1 2014A 1.0
18.78% 2 2015A 2.3 136.59%
24.94% 3 2016A 3.2 37.90%
14.64% 4 2017A 4.7 48.07%
12.83% 5 2018A 4.8 2.62%
26.09% 6 2019A 6.4 33.13%
9.14% 7 2020A 4.4 -31.37%
-0.83% 8 2021A 8.2 86.14%
4.32% 9 2022A 11.5 40.46%
35.69% 10 2023A 21.9 90.27%
#NAME? 11 2024E #NAME? #NAME?
#NAME? 12 2025E #NAME? #NAME?
#NAME? 13 2026E #NAME? #NAME?
#NAME? 14 2027E #NAME? #NAME?
#NAME? 15 2028E #NAME? #NAME?

recast EPS Forecast

25.0 1.5
0.35
20.0 1
0.25
15.0
0.15 0.5
10.0
0.05 5.0 0

-0.05 0.0 -0.5

2A A A A A A A A A A A A
24 26 28 14 16 18 20 22 24 26 28
20 20 20 20 20 20 20 20 20 20 20
COMPANY NAME HDFC BANK LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 759.43
Face Value 1.00
Current Price 1,430.75
Market Capitalization 1,086,553.69

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 42,555.02 50,666.49 63,161.56 73,271.35
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp 798.74 860.21 1,041.79 1,271.80
Employee Cost 4,495.35 5,163.77 6,309.03 8,508.22
Selling and admin 2,219.66 2,602.47 3,043.15 3,328.39
Other Expenses 5,993.98 7,537.36 9,660.65 10,747.28
Other Income 8,297.50 9,545.68 11,211.65 12,905.08
Depreciation 688.68 680.45 738.03 886.19
Interest 23,445.45 27,288.46 34,069.57 38,041.58
Profit before tax 13,210.66 16,079.45 19,510.99 23,392.97
Tax 4,446.15 5,379.40 6,693.66 8,078.12
Net profit 8,743.49 10,688.89 12,801.33 15,280.48
Dividend Amount 1,643.35 2,005.20 2,401.79 2,818.80

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 33,520.44 34,588.02 35,574.19 37,273.81
Expenses 14,697.58 14,422.81 15,044.07 15,020.76
Other Income 7,915.92 8,776.94 8,386.26 6,928.51
Depreciation
Interest 14,415.28 14,724.02 15,226.53 16,358.26
Profit before tax 12,323.50 14,218.13 13,689.85 12,823.30
Tax 3,203.53 3,602.36 3,214.96 3,206.63
Net profit 9,096.19 10,591.46 10,443.01 9,579.11
Operating Profit 18,822.86 20,165.21 20,530.12 22,253.05
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 479.81 501.30 505.64 512.51
Reserves 43,686.82 62,652.77 73,798.49 91,281.44
Borrowings 416,677.05 509,761.90 649,587.25 741,549.89
Other Liabilities 42,776.29 34,180.55 38,320.95 59,000.32
Total 503,619.97 607,096.52 762,212.33 892,344.16
Net Block 3,026.28 3,224.94 3,666.86 3,999.70
Capital Work in Progress
Investments 119,571.06 149,454.42 193,633.85 210,777.11
Other Assets 381,022.63 454,417.16 564,911.62 677,567.35
Total 503,619.97 607,096.52 762,212.33 892,344.16
Receivables
Inventory
Cash & Bank 39,913.43 36,526.42 39,068.88 49,311.12
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 4,210.63 -21,280.98 -34,435.37 17,281.59
Cash from Investing Activity -1,098.52 -799.90 -837.31 -1,146.38
Cash from Financing Activity 9,270.15 18,693.87 37,815.13 -5,892.97
Net Cash Flow 12,382.26 -3,387.01 2,542.46 10,242.24

PRICE: 374.40 511.35 535.58 721.28

DERIVED:
Adjusted Equity Shares in Cr 479.81 501.30 505.64 512.51
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

85,287.84 105,160.74 122,189.29 128,552.40 135,936.41 170,754.05

1,314.97 1,283.53 1,293.44 1,649.11 1,772.27 2,176.50

9,197.15 10,454.75 12,924.10 13,682.35 15,904.81 20,031.36
3,658.43 3,900.17 4,192.15 4,780.54 5,406.79 6,578.10
15,361.71 19,217.82 27,049.52 32,344.53 33,473.09 34,256.34
16,056.60 18,947.05 24,878.97 27,332.88 31,758.99 33,912.05
966.78 1,220.67 1,276.77 1,385.01 1,680.73 2,345.47
42,381.48 53,712.69 62,137.42 59,247.59 58,584.33 77,779.94
28,463.92 34,318.16 38,194.86 42,796.15 50,873.38 61,498.39
9,903.08 11,872.55 10,898.59 10,939.38 12,722.48 15,349.69
18,510.02 22,332.43 27,253.95 31,833.21 38,052.75 45,997.11
3,373.63 4,084.95 1,370.82 3,583.32 8,595.52 10,601.43

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

40,929.79 45,002.11 47,548.34 51,168.14 75,039.10 78,008.17
15,914.91 16,681.98 17,770.12 18,469.81 45,349.33 50,530.03
8,252.31 9,120.73 9,610.50 9,853.15 32,527.52 37,007.34

18,310.79 20,504.86 22,606.03 25,954.76 41,249.91 43,242.37

14,956.40 16,936.00 16,782.69 16,596.72 20,967.38 21,243.11
3,793.81 4,200.57 4,148.68 4,193.47 3,655.00 3,525.11
11,125.21 12,698.32 12,594.47 12,370.38 16,811.41 17,257.87
25,014.88 28,320.13 29,778.22 32,698.33 29,689.77 27,478.14
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
519.02 544.66 548.33 551.28 554.55 557.97
109,080.11 153,128.00 175,810.38 209,258.90 246,771.62 288,879.53
944,817.22 1,080,235.46 1,333,041.45 1,511,417.62 1,784,969.53 2,139,211.91
48,769.82 58,897.59 71,430.27 78,278.83 90,638.60 101,783.03
1,103,186.17 1,292,805.71 1,580,830.43 1,799,506.63 2,122,934.30 2,530,432.44
4,008.13 4,368.63 4,775.65 5,248.35 6,432.07 8,431.35

238,460.92 289,445.87 389,304.95 438,823.11 449,263.86 511,581.71

860,717.12 998,991.21 1,186,749.83 1,355,435.17 1,667,238.37 2,010,419.38
1,103,186.17 1,292,805.71 1,580,830.43 1,799,506.63 2,122,934.30 2,530,432.44

123,061.56 81,817.64 87,940.11 121,272.51 155,385.73 197,147.81

### ### ### ### ### ###

2.00 2.00 1.00 1.00 1.00 1.00

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

17,214.38 -62,871.54 -16,869.09 42,476.45 -11,959.57 20,813.70
-841.60 -1,503.06 -1,402.94 -1,822.70 -2,051.23 -2,992.18
57,377.66 23,130.69 24,394.50 -7,321.35 48,124.02 23,940.56
73,750.44 -41,243.91 6,122.47 33,332.40 34,113.22 41,762.08

943.05 1,159.45 861.90 1,493.65 1,470.35 1,609.55

519.02 544.66 548.33 551.28 554.55 557.97

 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - 6,256 7,102 7,344 9,843 9,799 10,627 13,169
Profit from operations 9,244 11,218 13,172 14,261 15,154 16,075 17,433
Receivables -357 -446 -1,546 558 -207 -870 -964
Inventory -408 -985 -755 -505 -693 593 602
Payables 193 0 456 -23 622 321 2,098
Other WC items 0 331 0 0 0 0 0
Working capital changes -573 -1,101 -1,844 31 -277 44 1,736
Direct taxes -2,415 -3,015 -3,984 -4,449 -5,078 -5,492 -6,000
Cash from Investing Activity - -2,694 -3,881 -3,254 -5,275 -3,921 -3,251 -7,114
Fixed assets purchased -2,468 -2,644 -2,887 -3,300 -2,348 -3,122 -2,878
Fixed assets sold 59 10 38 9 8 50 80
Investments purchased -54,269 -75,713 -94,242 -98,742 -154,081 -85,683 -98,330
Investments sold 53,879 75,152 93,293 99,658 150,651 81,034 95,017
Interest received 302 265 374 559 741 756 736
Dividends received 241 249 192 268 64 4 13
Invest in subsidiaries 0 0 0 0 -8 0 0
Investment in group cos 0 0 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 0 0 129 18
Other investing items -438 -1,200 -21 -3,728 1,052 3,579 -1,769
Cash from Financing Activity - -3,305 -3,310 -4,122 -4,661 -5,613 -7,301 -6,221
Proceeds from shares 765 922 691 979 532 1,067 913
Proceeds from borrowings 28 -2 156 7 0 0 11
Repayment of borrowings -33 -12 -15 -20 -13 -13 -8
Interest paid fin -19 -71 -48 -16 -28 -25 -49
Dividends paid -3,503 -3,592 -4,239 -4,876 -5,133 -6,994 -5,952
Financial liabilities 0 0 0 0 0 0 0
Other financing items -542 -556 -667 -734 -971 -1,335 -1,136
Net Cash Flow 257 -90 -32 -93 266 75 -166
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
12,583 14,690 12,527 15,776 18,878
18,862 19,416 17,326 20,857 25,895
-755 1,411 -66 -732 -884
-359 -508 -1,460 -466 -941
639 -607 1,112 1,099 1,058
0 0 0 0 0
-476 296 -413 -100 -767
-5,803 -5,023 -4,387 -4,982 -6,250
-5,546 -6,174 5,740 -2,238 -5,732
-3,169 -2,441 -1,837 -2,142 -2,743
28 27 3 133 49
-94,187 -79,835 -57,553 -69,776 -80,932
92,454 75,835 62,797 70,992 77,230
1,184 1,513 1,275 1,035 1,324
13 17 7 16 19
0 0 0 0 0
0 0 -2 -2 -2
18 0 0 0 56
-1,887 -1,290 1,051 -2,494 -733
-6,869 -8,181 -18,634 -13,580 -13,006
969 625 291 292 2,477
0 0 0 0 0
-18 -3 -2 -1 -1
-98 -44 -41 -40 -41
-6,519 -7,302 -18,881 -13,788 -15,418
0 -49 -55 -59 -59
-1,203 -1,409 55 15 35
169 334 -367 -43 139