Financial Analysis of Automobile Companies Solvency Ratios

Financial Analysis of Automobile Companies
Solvency Ratios
Submitted to
Ms. Anubha Srivastav (Subject Fcaulty, ABS)
Submitted by
MBA-M&S,Section A
WIPRO
Wipro Limited (BSE: 507685, NSE: WIPRO, NYSE: WIT) is a global information technology (IT)
services company headquartered in Bangalore, India. As of 2011, Wipro is the second largest IT
services company by turnover in India and employs more than 120,000 people worldwide as of
March 2011.[2] Wipro provides outsourced research and development, infrastructure outsourcing,
business process outsourcing (BPO) and business consulting services. The company operates in
three segments: IT Services, IT Products, Consumer Care and Lighting. It is 9th most valuable brand
in India according to an annual survey conducted by Brand Finance and The Economic Times in
2010.[3]
(Rs crore)
Profit loss account

Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
26,300.50
22,922.00
21,507.30
17,492.60
13,683.90
Material consumed
3,774.00
4,029.40
3,442.60
2,952.30
1,889.00
Manufacturing expenses
2,979.90
2,213.20
1,841.80
299.80
120.50
10,937.40
9,062.80
9,249.80
7,409.10
5,768.20
412.70
378.10
308.40
532.10
2,435.60
1,737.00
1,906.00
2,583.70
2,651.70
20,539.60
17,420.50
16,748.60
13,777.00
10,429.40
5,760.90
5,501.50
4,758.70
3,715.60
3,254.50
662.30
434.20
468.20
326.90
288.70
6,423.20
5,935.70
5,226.90
4,042.50
3,543.20
Income
Operating income
Expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
Operating profit
Other recurring income
Adjusted PBDIT
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
58.60
108.40
196.80
116.80
7.20
600.10
579.60
533.60
456.00
359.80
5,764.50
5,247.70
4,496.50
3,469.70
3,176.20
861.80
790.80
574.10
406.40
334.10
4,902.70
4,456.90
3,922.40
3,063.30
2,842.10
-59.00
441.10
-948.60
Reported net profit
4,843.70
4,898.00
2,973.80
3,063.30
2,842.10
Earnigs before appropriation
4,843.70
4,898.00
2,973.80
3,063.30
2,842.10
Equity dividend
981.80
880.90
586.00
876.50
873.70
Preference dividend
490.80
Dividend tax
220.40
128.30
99.60
148.90
126.80
3,150.70
3,888.80
2,288.20
2,037.90
1,841.60
Financial expenses
Depreciation
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Retained earnings
(Rs crore)
Balance sheet
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
490.80
293.60
293.00
292.30
291.80
0.70
1.80
1.50
58.00
3.50
20,829.40
17,396.80
12,220.50
11,260.40
9,025.10
4.00
23.20
4,744.10
5,530.20
5,013.90
3,818.40
214.80
26,065.00
23,222.40
17,528.90
15,433.10
9,558.40
Sources of funds
Owner's fund
Equity share capital
Share application money
Preference share capital
Reserves & surplus
Loan funds
Secured loans
Unsecured loans
Total
Uses of funds
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
7,779.30
6,761.30
5,743.30
2,282.20
1,645.90
Less : accumulated depreciation
3,542.30
3,105.00
2,563.70
Net block
4,237.00
3,656.30
3,179.60
2,282.20
1,645.90
603.10
991.10
1,311.80
1,335.00
989.50
10,813.40
8,966.50
6,895.30
4,500.10
4,348.70
18,466.30
16,545.30
13,517.20
12,058.10
6,338.40
8,054.80
6,936.80
7,375.00
4,742.30
3,764.10
10,411.50
9,608.50
6,142.20
7,315.80
2,574.30
26,065.00
23,222.40
17,528.90
15,433.10
9,558.40
Book value of unquoted investments
8,425.70
5,884.90
6,884.50
1,234.10
Market value of quoted investments
2,392.30
1,855.60
707.30
778.00
1,045.40
749.90
661.60
24544.09
14682.11
14649.81
14615.00
14590.00
Fixed assets
Gross block
Less : revaluation reserve
Capital work-in-progress
Investments
Net current assets

Current assets, loans & advances
Less : current liabilities & provisions
Total net current assets
Miscellaneous expenses not written
Total
Notes:
Contingent liabilities
Number of equity sharesoutstanding (Lacs)
Ratios
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
Adjusted EPS (Rs)
17.98
30.36
26.77
20.96
19.48
Adjusted cash EPS (Rs)
20.42
34.30
30.42
24.08
21.95
Reported EPS (Rs)
17.73
33.36
20.30
20.96
19.48
Reported cash EPS (Rs)
20.18
37.31
23.94
24.08
21.95
Per share ratios
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
4.00
6.00
4.00
6.00
6.00
Operating profit per share (Rs)
23.47
37.47
32.48
25.42
22.31
Book value (excl rev res) per share (Rs)
86.86
120.49
85.42
79.05
63.86
Book value (incl rev res) per share (Rs.)
86.86
120.49
85.42
79.05
63.86
107.16
156.12
146.81
119.69
93.79
84.28
116.54
81.06
Operating margin (%)
21.90
24.00
22.12
21.24
23.78
Gross profit margin (%)
19.62
21.47
19.64
18.63
21.15
Net profit margin (%)
17.96
20.97
13.53
17.19
20.34
Adjusted cash margin (%)
20.40
21.56
20.27
19.74
22.91
Adjusted return on net worth (%)
20.69
25.19
31.34
26.51
30.50
Reported return on net worth (%)
20.41
27.68
23.76
26.51
30.50
Return on long term funds (%)
27.20
30.12
37.17
23.32
33.31
0.01
0.01
0.33
0.02
0.22
0.31
0.40
0.33
0.02
81.79
76.18
71.39
75.13
97.50
3.45
3.47
3.85
7.81
8.31
Dividend per share
Net operating income per share (Rs)

Free reserves per share (Rs)
Profitability ratios
Leverage ratios
Long term debt / Equity
Total debt/equity
Owners fund as % of total source
Fixed assets turnover ratio
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
Current ratio
2.29
2.39
1.83
2.54
1.68
Current ratio (inc. st loans)
1.45
1.34
1.10
2.54
1.68
Quick ratio
2.20
2.29
1.76
2.44
1.61
43.12
45.40
56.15
39.41
57.23
Dividend payout ratio (net profit)
27.61
20.60
23.05
33.47
35.20
Dividend payout ratio (cash profit)
24.27
18.42
19.54
29.13
31.24
Earning retention ratio
72.76
77.36
82.53
66.53
64.80
Cash earnings retention ratio
76.02
79.97
84.62
70.87
68.76
0.86
1.10
1.13
1.09
0.07
Financial charges coverage ratio
109.61
54.76
26.56
34.61
492.11
Fin. charges cov.ratio (post tax)
93.90
51.53
18.82
31.13
445.71
14.46
18.06
15.98
17.94
14.43
1.56
1.64
1.43
3.04
Exports as percent of total sales
69.87
73.26
77.28
73.66
80.05
Import comp. in raw mat. consumed
35.34
36.83
45.00
Liquidity ratios
Inventory turnover ratio
Payout ratios
Coverage ratios
Adjusted cash flow time total debt
Component ratios
Material cost component (% earnings)
Selling cost Component
Long term assets / total Assets
95.5195.6895
.84 I
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
0.45
0.44
0.45
0.40
0.52
Bonus component in equity capital (%)
Previous Years
96.9495.32
Balance Sheet of Infosys
------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
Mar '08
Mar '
12 mths
12 mths
12 mths
12 mths
12 mt
Total Share Capital
287.00
287.00
286.00
286.00
286.
Equity Share Capital
287.00
287.00
286.00
286.00
286.
Share Application Money
0.00
0.00
0.00
0.00
0.
Preference Share Capital
0.00
0.00
0.00
0.00
0.
24,214.00
21,749.00
17,523.00
13,204.00
10,876.
Sources Of Funds
Reserves
Revaluation Reserves
0.00
0.00
0.00
0.00
0.
24,501.00
22,036.00
17,809.00
13,490.00
11,162.
Secured Loans
0.00
0.00
0.00
0.00
0.
Unsecured Loans
0.00
0.00
0.00
0.00
0.
Total Debt
0.00
0.00
0.00
0.00
0.
24,501.00
22,036.00
17,809.00
13,490.00
11,162.
Mar '11
Mar '10
Mar '09
Mar '08
Mar '
12 mths
12 mths
12 mths
12 mths
12 mt
Gross Block
6,934.00
6,357.00
5,986.00
4,508.00
3,889.
Less: Accum. Depreciation
2,878.00
2,578.00
2,187.00
1,837.00
1,739.
Net Block
4,056.00
3,779.00
3,799.00
2,671.00
2,150.
Networth
Total Liabilities
Application Of Funds
Capital Work in Progress

Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
499.00
409.00
615.00
1,260.00
957.
1,325.00
4,636.00
1,005.00
964.00
839.
0.00
0.00
0.00
0.00
0.
4,212.00
3,244.00
3,390.00
3,093.00
2,292.
641.00
929.00
805.00
657.00
680.
4,853.00
4,173.00
4,195.00
3,750.00
2,972.
5,273.00
4,201.00
3,303.00
2,804.00
1,241.
13,024.00
8,868.00
8,234.00
5,772.00
4,827.
Total CA, Loans & Advances
23,150.00
17,242.00
15,732.00
12,326.00
9,040.
0.00
0.00
0.00
0.00
0.
Current Liabilities
2,056.00
1,995.00
1,544.00
1,483.00
1,162.
Provisions
2,473.00
2,035.00
1,798.00
2,248.00
662.
Total CL & Provisions
4,529.00
4,030.00
3,342.00
3,731.00
1,824.
Net Current Assets
18,621.00
13,212.00
12,390.00
8,595.00
7,216.
0.00
0.00
0.00
0.00
0.
24,501.00
22,036.00
17,809.00
13,490.00
11,162.
1,013.00
295.00
347.00
603.00
670.
426.73
384.02
310.90
235.84
195.
Deffered Credit
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
INFOSYS
Previous Years
Profit & Loss account of Infosys
------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
Mar '08
Mar '
12 mths
12 mths
12 mths
12 mths
12 mt
25,385.00
21,140.00
20,264.00
15,648.00
13,149.
0.00
0.00
0.00
0.00
0.
25,385.00
21,140.00
20,264.00
15,648.00
13,149.
1,147.00
967.00
502.00
683.00
379.
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
0.00
0.00
0.00
0.00
0.
26,532.00
22,107.00
20,766.00
16,331.00
13,528.
23.00
22.00
20.00
18.00
22.
0.00
0.00
125.00
106.00
88.
12,464.00
10,356.00
9,975.00
7,771.00
6,316.
Other Manufacturing Expenses
2,613.00
1,993.00
1,697.00
1,443.00
1,290.
Selling and Admin Expenses
1,834.00
992.00
1,367.00
1,214.00
1,050.
36.00
415.00
172.00
132.00
156.
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
0.00
0.00
0.00
0.00
0.
16,970.00
13,778.00
13,356.00
10,684.00
8,923.
Mar '11
Mar '10
Mar '09
Mar '08
Mar '
12 mths
12 mths
12 mths
12 mths
12 mt
Operating Profit
8,415.00
7,362.00
6,908.00
4,964.00
4,226.
PBDIT
9,562.00
8,329.00
7,410.00
5,647.00
4,605.
1.00
2.00
2.00
1.00
1.
9,561.00
8,327.00
7,408.00
5,646.00
4,604.
740.00
807.00
694.00
546.00
469.
Other Written Off
0.00
0.00
0.00
0.00
0.
Profit Before Tax
8,821.00
7,520.00
6,714.00
5,100.00
4,135.
0.00
0.00
-1.00
0.00
-5.
PBT (Post Extra-ord Items)
8,821.00
7,520.00
6,713.00
5,100.00
4,130.
Tax
2,378.00
1,717.00
895.00
630.00
352.
Reported Net Profit
6,443.00
5,803.00
5,819.00
4,470.00
3,783.
Total Value Addition
16,947.00
13,756.00
13,336.00
10,666.00
8,901.
Preference Dividend
0.00
0.00
0.00
0.00
0.
3,445.00
1,434.00
1,345.00
1,902.00
649.
568.00
240.00
228.00
323.00
102.
5,741.52
5,738.25
5,728.30
5,719.96
5,712.
112.22
101.13
101.58
78.15
66.
1,200.00
500.00
470.00
665.00
230.
426.73
384.02
310.90
235.84
195.
Interest
PBDT
Depreciation
Extra-ordinary items
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Previous Years
Key Financial Ratios of Infosys
------------------- in Rs. Cr. ------------------Mar '11
Investment Valuation Ratios
Mar '10
Mar '09
Mar '08
Mar '
Face Value
5.00
5.00
5.00
5.00
5.
60.00
25.00
23.50
33.25
11.
Operating Profit Per Share (Rs)
146.56
128.30
120.59
86.78
73.
Net Operating Profit Per Share (Rs)
442.13
368.40
353.75
273.57
230.
Free Reserves Per Share (Rs)
420.79
378.08
305.80
230.74
190.
93.26
93.26
93.58
93.58
93.
Operating Profit Margin(%)
--
--
--
--
Profit Before Interest And Tax Margin(%)
--
--
--
--
Gross Profit Margin(%)
--
--
--
--
Cash Profit Margin(%)
--
--
--
--
Adjusted Cash Margin(%)
26.96
29.59
32.57
30.69
31.
Net Profit Margin(%)
24.31
26.36
27.52
27.37
28.
Adjusted Net Profit Margin(%)
--
--
--
--
Return On Capital Employed(%)
--
--
--
--
Dividend Per Share
Bonus in Equity Capital

Profitability Ratios
Return On Net Worth(%)
--
--
--
--
26.13
25.89
34.76
33.09
33.
Return on Assets Excluding Revaluations
426.73
384.02
310.90
235.84
195.
Return on Assets Including Revaluations
426.73
384.02
310.90
235.84
195.
35.84
33.69
39.80
37.77
36.
Current Ratio
5.11
4.28
4.71
3.30
4.
Quick Ratio
5.02
4.20
4.67
3.28
4.
Debt Equity Ratio
--
--
--
--
Long Term Debt Equity Ratio
--
--
--
--
--
--
--
--
Adjusted Return on Net Worth(%)
Return on Long Term Funds(%)

Liquidity And Solvency Ratios
Debt Coverage Ratios

Interest Cover
Total Debt to Owners Fund
--
--
--
--
Financial Charges Coverage Ratio
9,523.00
4,116.50
3,891.00
5,642.00
4,559.
Financial Charges Coverage Ratio Post

Tax
7,184.00
3,306.00
3,257.50
5,017.00
4,253.
--
--
--
--
Management Efficiency Ratios

Inventory Turnover Ratio
Debtors Turnover Ratio
6.81
6.37
6.25
5.81
Investments Turnover Ratio
--
--
--
--
Fixed Assets Turnover Ratio
--
--
--
--
Total Assets Turnover Ratio
--
--
--
--
3.67
3.33
3.39
3.47
--
--
--
--
Asset Turnover Ratio

Average Raw Material Holding
Average Finished Goods Held
Number of Days In Working Capital
6.
3.
--
--
--
--
264.08
224.99
220.11
197.74
197.
0.09
0.10
0.09
0.11
0.
Profit & Loss Account Ratios

Material Cost Composition
Imported Composition of Raw Materials

Consumed
--
--
--
--
0.12
0.41
0.40
0.56
0.
94.38
99.69
97.88
92.59
92.
Dividend Payout Ratio Net Profit
62.28
28.84
27.03
49.77
19.
Dividend Payout Ratio Cash Profit
55.86
25.32
24.15
44.35
17.
Earning Retention Ratio
37.34
70.67
74.60
50.17
79.
Cash Earning Retention Ratio
43.83
74.31
77.16
55.60
82.
--
--
--
--
Mar '11
Mar '10
Mar '09
Mar '08
Mar '
Earnings Per Share
112.22
101.13
101.58
78.15
66.
Book Value
426.73
384.02
310.90
235.84
195.
Selling Distribution Cost Composition

Expenses as Composition of Total Sales
Cash Flow Indicator Ratios
AdjustedCash Flow Times
Source : Dion Global Solutions Limited
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Financial Analysis of Automobile Companies

Profit loss account

Reported net profit

Earnigs before appropriation

Less : accumulated depreciation

Book value of unquoted investments

Market value of quoted investments

Net current assets

Adjusted EPS (Rs)

Adjusted cash EPS (Rs)

Reported EPS (Rs)

Reported cash EPS (Rs)

Per share ratios

Operating profit per share (Rs)

Book value (excl rev res) per share (Rs)

Book value (incl rev res) per share (Rs.)

Operating margin (%)

Gross profit margin (%)

Net profit margin (%)

Adjusted cash margin (%)

Adjusted return on net worth (%)

Reported return on net worth (%)

Return on long term funds (%)

Dividend per share

Net operating income per share (Rs)

Current ratio (inc. st loans)

Dividend payout ratio (net profit)

Dividend payout ratio (cash profit)

Earning retention ratio

Cash earnings retention ratio

Financial charges coverage ratio

Fin. charges cov.ratio (post tax)

Exports as percent of total sales

Import comp. in raw mat. consumed

Inventory turnover ratio

Long term assets / total Assets

Bonus component in equity capital (%)

------------------- in Rs. Cr. ------------------Mar '11

Total Share Capital

Equity Share Capital

Share Application Money

Preference Share Capital

Less: Accum. Depreciation

Capital Work in Progress

Total CA, Loans & Advances

Total CL & Provisions

Net Current Assets

Profit & Loss account of Infosys

------------------- in Rs. Cr. ------------------Mar '11

Other Manufacturing Expenses

Selling and Admin Expenses

Other Written Off

Profit Before Tax

PBT (Post Extra-ord Items)

Reported Net Profit

Total Value Addition

Key Financial Ratios of Infosys

------------------- in Rs. Cr. ------------------Mar '11

Investment Valuation Ratios