2022

QUANTITATIVE
TECHNIQUE
ASSIGNMENT 2022
MBA DEPARTMENT

SUBHAM SONAR & SUBHAM SEN

ROLL NO: BAM21014 & BAM21015

TEZPUR UNIVERSITY | ASSAM

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 ACKNOWLEDGEMENT

On successful completion of this report we would like to

sincerely thank our college’s Faculty Dr. Arup Roy, of Business
Administration department, Tezpur University. Without his
guidance and constant encouragement this report that we have
made on the use of quantitative techniques for the analysis of
four companies in several parameters would have never been
completed.

Thanking you.

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 DECLARATION

We hereby declare that the project is the result of our efforts

under the supervision of Dr. Arup Roy, Associate Professor,
Tezpur University's Department of Business Administration.
We assure that the assertions expressed and the conclusions
reached here in this report are completely the result of our study
and that of our own perception.
We also verify that:
1. This work has never been submitted to any other
university or organisation before.
2. When it came to composing the report, we followed the
university's instructions.
3. Whenever we have used resources (data, theoretical
analysis, or writing) from other sources, we have
referenced them.

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 CONTENTS

1. COMPANY DATA SHEETS

1.1. ASIAN PAINTS LTD. --------------------------------------------------------(4)

1.2. ITC LTD. -----------------------------------------------------------------------(5)

1.3. HINDUSTAN UNILEVER LTD. --------------------------------------------(6)

1.4. RELIANCE LTD. --------------------------------------------------------------(7)

2. ANALYSIS OF INCOMES & EXPENSES USING ARITHMETIC MEAN -------(8)

3. ANALYSIS OF PROFITS USING GEOMETRIC MEAN --------------------------(10)

4. ANALYSIS OF E.P.S USING SKEWNESS ------------------------------------------(12)

5. ANALYSIS OF REVENUE & RESERVES USING CORRELATION --------------(14)

6. ANALYSIS OF SALES USING STANDARD DEVIATION ------------------------(16)

7. CONCLUSION --------------------------------------------------------------------------(17)

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COMPANY DATA SHEETS

To practice of qualitive and statistics we have collected the financial data of four companies. These are
further analysed, evaluated and interpreted in the report. The data collected from the annual reports of
the companies are compiled and showed cumulatively here before being analysed individually.

ASIAN PAINTS LTD

Total
Total Total CSR
  Sales Income / EPS Profit Reserves
Asset Expenses Amount
Revenue

2021-20 17,582.67 14,023.67 18,516.86 18,883.18 31.82 62.98 3,052.51 11,995.18

2020-19 13,587.62 13,337.05 17,194.09 17,551.63 27.67 74.60 2,653.95 9,357.37

2019-18 13,682.89 13,083.83 16,391.78 16,676.59 22.23 52.70 2,132.17 8,791.60

2018-17 11,587.93 11,639.05 14,167.86 14,445.36 19.75 46.51 1,894.80 7,702.24

2017-16 10,358.03 11,688.99 12,647.11 12,947.28 18.78 47.84 1,801.72 6,998.83

2016-15 8,364.15 10,166.32 12,458.65 12,871.18 16.65 34.44 1,597.43 5,829.80

2015-14 7,273.20 9,638.31 11,485.67 11,835.65 13.84 19.01 1,327.40 4,134.30

2014-13 6,681.71 8,641.51 10,300.22 10,592.44 12.19 3.70 1,169.06 3,505.00

2013-12 5,648.28 7,424.43 8,921.13 9,097.85 109.47 0.98 1,050.00 2,926.00

2012-11 4,980.03 6,612.41 7,924.70 8,105.65 99.92 0.00 958.39 2,391.90

A.M. 9,974.65 10,625.56 13,000.81 13,300.68 37.23 34.28 1,763.74 6,363.22

G.M. 9,229.77 10,330.33 12,556.71 12,852.72 27.43 17.20 1,647.33 5,620.49

S.D. 4,107.38 2,551.15 3,547.92 3,596.05 36.11 27.03 694.22 3,158.51

Coef. Of
41.18 24.01 27.29 27.04 96.99 78.85 39.36 49.64
Variation

Skewness 0.56 -0.25 0.19 0.16 1.68 -0.07 0.71 0.37

Kurtosis -0.61 -1.21 -1.08 -1.04 1.28 -1.46 -0.35 -0.82

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 ITC LTD.

Total CSR
Total Total
  Sales Income / EPS Amoun Profit Reserves
Asset Expenses
Revenue t

2021-20 71,580.54 34,611.38 48,521.24 51,775.53 10.59 353.46 13,031.64 57,773.70

2020-19 75,235.36 30,522.08 46,807.34 49,821.00 12.33 326.49 15,136.05 62,799.94

2019-18 69,797.92 29,824.77 45,784.39 48,268.93 10.19 306.95 12,464.32 56,723.93

2018-17 62,381.31 30,020.81 44,329.77 46,459.61 9.22 290.98 11,223.25 50,179.64

2017-16 54,215.95 41,931.41 55,448.46 57,434.37 8.43 275.96 10,200.90 44,126.22

2016-15 50,031.28 39,279.96 51,944.57 53,713.83 7.74 247.50 9,328.37 40,857.71

2015-14 44,764.81 24,053.01 36,507.40 38,050.53 12.05 214.06 9,607.73 29,934.14

2014-13 39,229.39 21,686.63 33,238.60 34,345.74 11.09 106.63 8,785.21 25,466.70

2013-12 34,017.43 20,155.79 29,901.27 30,839.97 9.45 82.34 7,418.39 21,497.67

2012-11 28,988.20 17,075.27 25,147.46 25,972.80 7.93 62.00 6,162.37 18,010.65

53,024.2 28,916.1 41,763.0 43,668.2 10,335.8 40,737.0

A.M. 9.90 226.64
2 1 5 3 2 3

50,605.2 27,839.9 40,581.6 42,378.0 10,013.1 37,497.5

G.M. 9.79 195.84
8 1 7 3 1 2

16,379.0 10,010.5 10,641.2 16,226.8

S.D. 8,210.65 1.63 106.46 2,698.24
7 4 4 4

Coef. Of 16.4
30.89 28.39 23.97 24.37 46.97 26.11 39.83
Variation 6

Skewness -0.03 0.17 -0.40 -0.48 0.16 -0.60 0.27 -0.10

Kurtosis -1.45 -0.97 -1.06 -1.17 -1.23 -1.28 -0.27 -1.61

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 HINDUSTAN UNILEVER LTD.

Total
Total Total CSR
  Sales Income / EPS Profit Reserves
Asset Expenses Amount
Revenue

2021-20 68,116.00 35,792.00 45,996.00 46,509.00 33.85 165.00 7,954.00 47,199.00

2020-19 19,602.00 30,229.00 38,785.00 39,518.00 31.83 142.00 6,738.00 7,815.00

2019-18 17,865.00 30,139.00 38,224.00 38,888.00 31.13 126.00 6,036.00 7,443.00

2018-17 17,149.00 28,440.00 35,218.00 35,787.00 24.20 116.00 5,237.00 6,859.00

2017-16 14,751.00 28,858.00 34,487.00 35,013.00 20.75 103.00 4,490.00 6,274.00

2016-15 14,167.03 26,578.00 31,987.00 32,487.00 18.87 91.00 4,082.37 3,470.90

2015-14 13,643.06 25,900.00 30,805.00 31,424.00 19.95 92.00 4,315.26 3,508.43

2014-13 12,998.00 23,840.00 28,019.00 28,640.00 17.88 87.00 3,867.00 3,060.00

2013-12 11,512.00 22,067.00 25,810.00 26,417.00 17.56 85.00 3,796.00 2,457.00

2012-11 10,958.00 19,044.00 22,116.00 22,394.00 12.46 0.00 2,691.00 3,296.00

33,707.7
A.M. 20,076.11 27,088.70 33,144.70 22.85 100.70 4,920.66 9,138.23
0

33,037.4
G.M. 16,910.58 26,706.48 32,476.45 21.89 67.80 4,703.02 5,691.51
4

S.D. 17,103.46 4,737.93 6,971.26 7,024.06 7.16 44.05 1,579.35 13,524.36

Coef. Of
85.19 17.49 21.03 20.84 31.33 43.74 32.10 148.00
Variation

Skewness 3.01 0.06 0.23 0.19 0.43 -1.09 0.73 3.03

Kurtosis 9.29 0.37 0.04 0.02 -1.08 2.81 0.06 9.39

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 RELIANCE LTD.

Total CSR
Total
  Total Asset Sales Income / EPS Amoun Profit Reserves
Expenses
Revenue t

2021-20 8,73,673.00 2,56,979.00 2,65,069.00 2,79,887.00 49.66 922.00 31,944.00 4,68,038.00

2020-19 9,71,699.00 3,20,860.00 3,51,855.00 3,65,421.00 48.42 909.00 30,903.00 3,84,876.00

2019-18 7,75,745.00 3,46,956.00 3,84,904.00 3,94,323.00 55.48 849.00 35,163.00 3,98,983.00

2018-17 6,17,525.00 2,67,830.00 3,05,335.00 3,13,555.00 53.08 745.00 33,612.00 3,08,312.00

2017-16 5,46,746.00 2,32,973.00 2,65,041.00 2,73,750.00 96.90 659.00 31,425.00 2,85,062.00

2016-15 4,81,674.00 2,23,046.00 2,51,241.00 2,59,062.00 84.56 652.00 27,384.00 2,50,758.00

2015-14 3,97,785.00 3,08,329.00 3,29,076.00 3,37,797.00 70.25 761.00 22,719.00 2,12,923.00

2014-13 3,67,583.00 3,71,235.00 3,90,117.00 3,99,053.00 68.05 712.00 21,984.00 1,93,842.00

2013-12 3,18,511.00 3,42,011.00 3,60,297.00 3,68,295.00 64.82 351.00 21,003.00 1,76,766.00

2012-11 2,95,140.00 3,10,346.00 3,29,904.00 3,36,096.00 61.21 251.00 20,040.00 1,62,825.00

5,64,608.1 2,98,056.5 3,23,283.9 3,32,723.9 65.2 27,617.7 2,84,238.5

A.M. 681.10
0 0 0 0 4 0 0

5,20,948.7 2,94,076.0 3,19,653.5 3,29,233.9 63.7 27,067.1 2,67,579.7

G.M. 636.36
5 5 1 1 2 2 3

2,39,361.6 15.6 1,04,523.5

S.D. 50,462.58 50,355.30 50,142.79 222.33 5,713.87
3 1 9

Coef. Of 23.9
42.39 16.93 15.58 15.07 32.64 20.69 36.77
Variation 3

Skewness 0.60 -0.20 -0.18 -0.17 1.01 -1.06 -0.15 0.56

Kurtosis -1.02 -1.25 -1.39 -1.37 0.49 0.40 -1.88 -0.93

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ANALYSIS OF INCOMES & EXPENSES USING ARITHMETIC
MEAN

Here we have compares 4 companies w.r.t their incomes and expenses made during the past 10
years. The data table has been presented below along with the graph.

INCOMES
Hindustan Unilever
Asian Paints Ltd. ITC Ltd. Reliance
  Ltd.
2012-11 8,105.65 25,972.80 22,394.00 3,36,096.00

2013-12 9,097.85 30,839.97 26,417.00 3,68,295.00

2014-13 10,592.44 34,345.74 28,640.00 3,99,053.00

2015-14 11,835.65 38,050.53 31,424.00 3,37,797.00

2016-15 12,871.18 53,713.83 32,487.00 2,59,062.00

2017-16 12,947.28 57,434.37 35,013.00 2,73,750.00

2018-17 14,445.36 46,459.61 35,787.00 3,13,555.00

2019-18 16,676.59 48,268.93 38,888.00 3,94,323.00

2020-19 17,551.63 49,821.00 39,518.00 3,65,421.00

2021-20 18,883.18 51,775.53 46,509.00 2,79,887.00

A.M 13,300.68 43,668.23 33,707.70 3,32,723.90

EXPENSES
Hindustan Unilever
Asian Paints Ltd. ITC Ltd. Reliance
  Ltd.
2012-11 6,612.41 17,075.27 19,044.00 3,10,346.00

2013-12 7,424.43 20,155.79 22,067.00 3,42,011.00

2014-13 8,641.51 21,686.63 23,840.00 3,71,235.00

2015-14 9,638.31 24,053.01 25,900.00 3,08,329.00

2016-15 10,166.32 39,279.96 26,578.00 2,23,046.00

2017-16 11,688.99 41,931.41 28,858.00 2,32,973.00

2018-17 11,639.05 30,020.81 28,440.00 2,67,830.00

2019-18 13,083.83 29,824.77 30,139.00 3,46,956.00

2020-19 13,337.05 30,522.08 30,229.00 3,20,860.00

2021-20 14,023.67 34,611.38 35,792.00 2,56,979.00

A.M 10,625.56 28,916.11 27,088.70 2,98,056.50

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The graphical representation of the comparison has been showed below:

Income & Expenditure (Avg. of 10 yrs)

350000

300000

250000

200000

150000

100000

50000

0
Asian Paints Ltd. ITC Ltd. Hindustan Unilever Ltd. Relaince

Average Income Average expense

Hindustan
  Asian Paints Ltd. ITC Ltd. Reliance
Unilever Ltd.
Average
13300.68 43668.23 33707.7 332723.9
Income
Average
10625.56 28916.11 27088.7 298056.5
expense

INTERPRETATIONS:

1. We can observe that in a 10-year period, practically all of the firms' average income exceeds
their average expenditure. As we know, a healthy organization always tries to increase its
income while reducing its expenses. So, we may deduce that all the companies are in a
good shape since their incomes constantly exceed the expenses

2. We can observe from the graph that Reliance has the greatest income as well as the largest
expense. This demonstrates that the firm is larger than the competitors. Because their
expenditure is the largest of the four, their income is proportionately the highest of the
others.

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ANALYSIS OF PROFITS USING GEOMETRIC MEAN

Here we have compared the same four companies w.r.t their profits made during the past 10
years. The data table has been presented below along with the graph.

Profits
Hindustan
Company Asian Paints Ltd. ITC Ltd. Reliance Ltd.
Unilever Ltd.
Growt
Parameters Profit Profit Growth Profit Growth Profit Growth
h
2,691.0 20,040.0
2012-11 958.39   6,162.37   0   0  
3,796.0 21,003.0
2013-12 1,050.00 0.10 7,418.39 0.2 0 0.41 0 0.05
3,867.0 21,984.0
2014-13 1,169.06 0.11 8,785.21 0.18 0 0.02 0 0.05
4,315.2 22,719.0
2015-14 1,327.40 0.14 9,607.73 0.09 6 0.12 0 0.03
4,082.3 27,384.0
2016-15 1,597.43 0.20 9,328.37 -0.03 7 -0.05 0 0.21
10,200.9 4,490.0 31,425.0
2017-16 1,801.72 0.13 0 0.09 0 0.1 0 0.15
11,223.2 5,237.0 33,612.0
2018-17 1,894.80 0.05 5 0.1 0 0.17 0 0.07
12,464.3 6,036.0 35,163.0
2019-18 2,132.17 0.13 2 0.11 0 0.15 0 0.05
15,136.0 6,738.0 30,903.0
2020-19 2,653.95 0.24 5 0.21 0 0.12 0 -0.12
13,031.6 7,954.0 31,944.0
2021-20 3,052.51 0.15 4 -0.14 0 0.18 0 0.03

Calculation 0.137705137 0.084394975 0.129546587 0.054276843

G.M of Annual
Growth Rate  
14.00%   8.00%   13.00%   5.00%

The graphical representation of the data has been presented below. Here we have made graphs
individually for each organization to indicate theirLtd.
Asian Paints own growths specifically. We have also
indicated
0.30 the trend line so as to better understand cumulative growth trend of individual
companies.
0.25 0.24
0.20 0.20

0.15 0.14 0.15

0.13 0.13
0.10 0.10 0.11

0.05 0.05

0.00
2012-11 2013-12 2014-13 2015-14 2016-15 2017-16 2018-17 2019-18 2020-19 2021-20

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 ITC Ltd.
0.25
0.2 0.2 0.21
0.18
0.15
0.1 0.1 0.11
0.09 0.09
0.05
0
2012-11 2013-12 2014-13 2015-14 2016-15
-0.03 2017-16 2018-17 2019-18 2020-19 2021-20
-0.05
-0.1
-0.15 -0.14
-0.2

Hindustan Unilever Ltd.

0.5

0.4 0.41

0.3

0.2 0.18
0.17 0.15
0.1 0.12 0.1 0.12

0 0.02
2012-11 2013-12 2014-13 2015-14 2016-15
-0.05 2017-16 2018-17 2019-18 2020-19 2021-20
-0.1

Reliance Ltd. Growth

0.25
0.2 0.21
0.15 0.15
0.1
0.07
0.05 0.05 0.05 0.05
0.03 0.03
0
2012-11 2013-12 2014-13 2015-14 2016-15 2017-16 2018-17 2019-18 2020-19 2021-20
-0.05
-0.1
-0.12
-0.15

INTERPRETATIONS:

1. By calculating the geometric mean of annual growth rates of the four companies, we could
determine the cumulative overall growth of these companies in a ten years frame.

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 2. We can see from the table that, although being a smaller firm than Reliance, Asian Paints
has outperformed Reliance in terms of growth.

3. The fastest-growing company is Asian Paints, followed by Hindustan Unilever Ltd. ITC Ltd. is
growing slowly, and Reliance has had the lowest growth rate in the previous ten years.

ANALYSIS OF E.P.S. USING SKEWNESS

Here we have compared the same four companies w.r.t their earnings per share (EPS) made during
the past 10 years. The data table has been presented below along with the graph.

E.P.S.
Hindustan Unilever
Company Asian paints Ltd. ITC Ltd. Reliance
Ltd.

2021-20 31.82 10.59 33.85 49.66

2020-19 27.67 12.33 31.83 48.42
2019-18 22.23 10.19 31.13 55.48
2018-17 19.75 9.22 24.20 53.08
2017-16 18.78 8.43 20.75 96.90
2016-15 16.65 7.74 18.87 84.56
2015-14 13.84 12.05 19.95 70.25
2014-13 12.19 11.09 17.88 68.05
2013-12 109.47 9.45 17.56 64.82
2012-11 99.92 7.93 12.46 61.21

Using the descriptive statistics from data analysis tool in M.S. Excel we have found out all the
possible statistical data of the EPS for the four companies.

Hindustan Unilever
Asian paints Ltd. ITC Ltd. Reliance
Ltd.

         
Mean 37.232 9.902 22.848 65.243
Standard Error 11.42020547 0.515061593 2.264015018 4.937164515
Median 20.99 9.82 20.35 63.015
Mode #N/A #N/A #N/A #N/A
Standard Deviation 36.11386062 1.628767769 7.159444112 15.61268505
Sample Variance 1304.210929 2.652884444 51.25764 243.7559344
Kurtosis 1.282756603 -1.232274945 -1.079235931 0.489448212
Skewness 1.680979793 0.156760593 0.431047531 1.012392622
Range 97.28 4.59 21.39 48.48
Minimum 12.19 7.74 12.46 48.42
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Maximum 109.47 12.33 33.85 96.9
Sum 372.32 99.02 228.48 652.43
Count 10 10 10 10
Confidence Level (95.0%) 25.8342996 1.165150272 5.121557789 11.16864207

Graphical representations:

Asian paints Ltd. ITC Ltd.

120.00 14.00

100.00 12.00
10.00
80.00

60.00
8.00 Hindustan Unilever Ltd.
6.00
40.00
40.00
4.00
35.00
20.00 2.00
30.00
0.00 25.00
0.00
0 2 4 6 8 10 12 0 2 4 6 8 10 12
20.00
15.00
10.00
Reliance Ltd. 5.00
120.00 0.00
0 2 4 6 8 10 12
100.00

80.00

60.00

40.00

20.00

0.00
0 2 4 6 8 10 12

INTERPRETATIONS:

1. The average mean doesn’t always accurately represent the distribution of data, skewness is
observed as it considers the extremes values. So, by calculating the skewness of the four
companies we can find how the EPS of those organizations are distributed.
2. Considering the data available we can see that all the companies have an EPS which is
positively skewed. Among them ITC Ltd. And Hindustan Unilever Ltd. have fairly
symmetrical distribution as their values lie within the range -0.5 to 0.5. While EPS
distribution in Asian Paints Ltd. and Reliance Ltd. have a highly skewed distribution as their
values are greater than 1.

3. Now, by considering the EPS values we are trying to forecast the Returns on Equity in these
companies. Since the four companies are positively skewed, investors might expect tiny
13 | P a g e
 losses on a regular basis and huge returns on a less frequent intervals. If it had been
negatively skewed distribution, investors would have had many little gains and a few huge
losses. As a result, a positively skewed investment return distribution should be chosen over
a negatively skewed investment return distribution, because the large profits may be
sufficient to compensate for the frequent – but minor – losses.

ANALYSIS OF REVENUE & RESERVES USING

CORRELATION
Here we have compared the four companies w.r.t their revenues and reserves made during the
past 10 years. The data table has been presented below along with the graph.

Revenue & Reserves

Hindustan Unilever
Company Asian Paints Ltd. ITC Ltd. Reliance Ltd.
Ltd.
Revenu Revenu
Parameters Reserve Reserve Revenue Reserve Revenue Reserve
e e
25,972.8 3,36,096.0
2012-11 8,105.65 2391.90 0 18010.65 22,394.00 3296.00 0 162825.00
30,839.9 3,68,295.0
2013-12 9,097.85 2926.00 7 21497.67 26,417.00 2457.00 0 176766.00
10,592.4 34,345.7 3,99,053.0
2014-13 4 3505.00 4 25466.70 28,640.00 3060.00 0 193842.00
11,835.6 38,050.5 3,37,797.0
2015-14 5 4134.30 3 29934.14 31,424.00 3508.43 0 212923.00
12,871.1 53,713.8 2,59,062.0
2016-15 8 5829.80 3 40857.71 32,487.00 3470.90 0 250758.00
12,947.2 57,434.3 2,73,750.0
2017-16 8 6998.83 7 44126.22 35,013.00 6274.00 0 285062.00
14,445.3 46,459.6 3,13,555.0
2018-17 6 7702.24 1 50179.64 35,787.00 6859.00 0 308312.00
16,676.5 48,268.9 3,94,323.0
2019-18 9 8791.60 3 56723.93 38,888.00 7443.00 0 398983.00
17,551.6 49,821.0 3,65,421.0
2020-19 3 9357.37 0 62799.94 39,518.00 7815.00 0 384876.00
18,883.1 51,775.5 2,79,887.0
2021-20 8 11995.18 3 57773.70 46,509.00 47199.00 0 468038.00

Correlation 0.978120 0.819562 0.734142

-0.169313
Coefficient 5 8 7

Graphical Representations:

Asian Paints Ltd.

Revenue Vs Reserve
14000.00
12000.00
10000.00
8000.00
6000.00
4000.00
2000.00
0.00
6,000.00 8,000.00 10,000.00 12,000.00 14,000.00 16,000.00 18,000.00 20,000.00
14 | P a g e
 Hindustan Unilever Ltd.
Revenue Vs Reserve
50000.00 ITC Ltd.
45000.00 Revenue Vs Reserve
40000.00
70000.00
35000.00
60000.00
30000.00
25000.00
50000.00
20000.00
40000.00
15000.00
30000.00
10000.00
20000.00
5000.00
10000.00
0.00
0.0020,000.00 25,000.00 30,000.00 35,000.00 40,000.00 45,000.00 50,000.00
20,000.00 25,000.00 30,000.00 35,000.00 40,000.00 45,000.00 50,000.00 55,000.00 60,000.00

Reliance Ltd.
Revenue Vs Reserve
500000.00
450000.00
400000.00
350000.00
300000.00
250000.00
200000.00
150000.00
100000.00
50000.00
0.00
240,000.00 260,000.00 280,000.00 300,000.00 320,000.00 340,000.00 360,000.00 380,000.00 400,000.00 420,000.00

INTERPRETATIONS:

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 1. From the calculated correlation values of reserves and revenue we can find that there exists
positive correlation in Asian Paints Ltd., ITC Ltd. and Hindustan Unilever Ltd. this positive
correlation establishes the fact that a positive relation exists between revenue and reserve
and this means increased revenue leads to increased reserve and vice versa.

2. It can also be found that there exists a negative correlation between revenue and reserve of
Reliance Ltd. This states that there exists a negative relationship between reserve and
revenue which establishes the fact that a decrease in revenue will lead to increase in
reserve and the vice versa.

ANALYSIS OF SALES USING STANDARD DEVIATION

Here we have compared the four companies w.r.t their sales made during the past 10 years. The
data table has been presented below along with the graph.

SALES
Hindustan
Company Asian paints Ltd. ITC Ltd. Reliance
Unilever Ltd.
2012-11 7,924.70 25,147.46 22,116.00 3,29,904.00

2013-12 8,921.13 29,901.27 25,810.00 3,60,297.00

2014-13 10,300.22 33,238.60 28,019.00 3,90,117.00

2015-14 11,485.67 36,507.40 30,805.00 3,29,076.00

2016-15 12,458.65 51,944.57 31,987.00 2,51,241.00

2017-16 12,647.11 55,448.46 34,487.00 2,65,041.00

2018-17 14,167.86 44,329.77 35,218.00 3,05,335.00

2019-18 16,391.78 45,784.39 38,224.00 3,84,904.00

2020-19 17,194.09 46,807.34 38,785.00 3,51,855.00

2021-20 18,516.86 48,521.24 45,996.00 2,65,069.00

A.M. 13,000.81 41,763.05 33,144.70 3,23,283.90

S.D.
3547.92 10010.54 6971.26 50355.30

INTERPRETATIONS:

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 1. By calculating the standard deviation of sales of the four companies, we could determine
the variation in their sales values from the arithmetic mean in the last 10 years, thus
reflecting their stability in the market.

2. We can see that Asian Paints has the least variation in their sales figures, showing that they
have been able to maintain their sales in a consistent way throughout the last ten years.
Even if Reliance’s standard deviation is the largest, calling it unstable doesn't do it credit
because there are many other elements at play when dealing with a large corporation.

3. Comparing ITC and Hindustan Unilever we can state that Hindustan Unilever did a better job
than ITC in terms of sales considering their variation is low as compared to ITC.

CONCLUSION

After studying the accumulated data of four FMGC companies and statistically analysing
those mentioned data, the following results have been drawn:

 In terms of income and expenses Reliance Ltd. has the lead, followed by ITC Ltd., Hindustan
Unilever Ltd. and lastly Asian Paints.
 In terms of profit, Asian Paints Ltd. stands out with a better profit growth of 14% followed
by Hindustan Unilever Ltd. at 13% having a very nominal difference.
 In terms of E.P.S (earning per share) all the companies are in good positions, with Asian
Paints again proving itself a bit better than the rest.
 In terms of correlation of revenue and reserve, there exist a better relation in Asian Paints
Ltd. followed by ITC Ltd., Hindustan Unilever Ltd. and Reliance Ltd.
 In terms of variation in sales, Asian paints Ltd. has the lowest variation in their sales. Thus,
establishing itself as a consistent and sable, goal-oriented organization.

All in all, we can say that all the four companies have been doing well and exceling in their
positions. The Reliance Ltd. being a big organization with diversified business, would be ideal
destination for an employee; Asian paints on the other hand, though dealing with a particular
segment of commodity have been growing at a rapid pace. From our observations we can see that
a company in order to be in a good position needs a rising profit growth rate along with least
variations in sales and a promising return on equity for its shareholders. So all these criteria are
fulfilled by Asian paints in our analysis and it has been out-performing many big businesses in
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FMGC market. So, we conclude our report by saying that there is a high possibility that Asian
Paints will continue to demonstrate positive growth and performance in the foreseeable future. It
will be an excellent investment opportunity for the capitalist.

REFERENCES

These are the following websites I have referred to collect my data and interpret their significances:

1. https://www.asianpaints.com/more/investors/annual-reports.html

2. https://www.itcportal.com/about-itc/shareholder-value/report-and-accounts.aspx

3. https://www.hul.co.in/investor-relations/annual-reports/

4. https://www.ril.com/investorrelations/financialreporting.aspx

5. https://corporatefinanceinstitute.com/resources/knowledge/other/skewness/

6. https://www.moneycontrol.com/

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