Agro Tech Foods Ltd

(Amt in millions) Revenue Growth Opening Stock Raw Materials Work in Process Packing Materials Finished Goods Add: Purchases Raw Materials Packing Materials Finished Goods Less: Closing Stock Raw Materials Work in Process Packing Materials Finished Goods Material consumption Consumption of stores & spares parts Processing Charges Power and Fuel Excise Duty Gross profit Growth Margin Selling, general and admin exp Salaries, wages & bonus Cont to Provident & Other Funds Workmen and Staff Welfare Expenses Rent* Rates and Taxes Insurance Repairs and Maintenance – Buildings – Machinery – Others Printing and Stationery Communication Expenses Travelling Auditors’ Remuneration Outward Freight Brokerage / Commission

FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06 LTM 12/06 9,108.03 11,313.15 12,832.23 10,678.34 9,539.44 10,417.44 24% 13% -17% -11% 9.2% 216.57 20.14 301.89 538.60

373.20 2.47 24.47 309.65 709.79

351.63 2.70 33.16 228.18 615.67

523.64 17.00 20.51 330.12 891.27

236.36 19.51 26.88 203.32 486.07

2,636.98 191.76 5,172.46 8,001.20

5,657.74 233.83 3,982.14 9,873.71

6,027.64 204.75 5,362.14 11,594.53

3,806.49 203.17 4,896.98 8,906.64

2,519.98 197.31 5,690.85 8,408.14

373.20 2.47 24.47 309.65 709.79 7,830.01 13.22 182.13 38.35 -

351.63 2.70 33.16 228.18 615.67 9,967.83 9.18 199.26 23.87 5.70

523.64 17.00 20.51 330.12 891.27 11,318.93 10.50 190.60 6.45 0.12

236.36 19.51 26.88 203.32 486.07 9,311.84 11.04 153.87 4.89 -

299.08 16.79 22.76 195.01 533.64 8,360.57 6.19 143.89 0.64 -

9,189.57 6.19 143.89 0.64 -

1,044.32 11%

1,107.31 6% 10%

1,305.63 18% 10%

1,196.70 -8% 11%

1,028.15 -14% 11%

1,077.15 4.8% 10%

117.92 20.12 12.06 50.53 46.47 5.01

131.67 19.06 18.06 60.55 33.33 5.69

150.70 22.11 19.23 59.19 68.68 8.35

152.48 14.66 16.25 62.96 38.87 7.30

138.54 18.92 14.69 29.86 37.20 4.36

0.68 2.07 4.50 4.52 18.43 49.82 1.54 166.42 36.62

0.34 3.83 7.08 5.86 23.37 46.16 1.69 179.81 18.19

0.20 2.58 8.55 4.41 20.74 49.91 2.04 217.30 21.52

0.20 2.44 5.43 4.90 16.60 49.20 2.65 228.38 27.37

0.07 2.52 1.54 6.34 18.93 42.45 2.37 184.21 15.64

148.54 18.92 14.69 29.86 37.20 4.36 0.07 2.52 1.54 6.34 18.93 42.45 2.37 184.21 15.64

Distribution Expenses Discounts and Quality Rebates Legal Charges Professional Charges Advertisement and Sales Promotion Miscellaneous Expenses Bad debts / Advances written off Provision for Doubtful advances Provision for Doubtful Debts Production and Farm Expenses (Net) Royalty Deduct: Recovery of Costs Total

4.56 3.39 5.18 (0.71) 1,047.91

110.80 33.43 5.24 21.17 276.32 31.84 2.45 5.00 5.41 4.87 6.94 (0.54) 1,158.44

105.43 39.70 1.88 21.27 133.95 31.79 4.64 73.51 3.79 7.11 (0.79) 1,051.97

83.71 28.37 1.29 28.26 124.49 27.15 0.82 0.36 1.14 2.11 (0.25) 815.09

83.71 28.37 1.29 28.26 124.49 47.15 0.82 0.36 1.14 2.11 (0.25) 845.09

0.0% 45.89 1.94 (39.80) (39.80) 24.37 (INR 1.63)

59.40 157% 0.5% 14.14 45.26 991% 0.4% 83.98 4.31 (34.41) (34.41) 24.37 (INR 1.41)

147.19 148% 1.1% 26.88 120.31 166% 0.9% 58.15 4.75 66.91 6.09 60.82 24.37 INR 2.50

144.73 -2% 1.4% 31.44 113.29 -6% 1.1% 66.09 7.94 55.14 55.14 24.37 INR 2.26

213.06 47% 2.2% 25.29 187.77 66% 2.0% 39.75 0.35 148.37 22.12 126.25 24.37 INR 5.18

232.06 9% 2.2% 25.29 206.77 10% 2.0% 25.75 0.35 181.37 32.12 149.25 24.37 INR 6.12

Total assets Goodwill Investment Cash & bank Misc exp P&L Sales promotion material at cost Deferred tax asset Loans & adv - Secured & unsecured Loans & adv - recoverable in cash Operating assets Return on operating assets

2,272.50 63.47 0.13 15.50 37.01 123.85 (56.84) 29.09 321.65 1,738.64 0.2%

2,810.28 63.47 5.15 83.85 422.93 246.45 3.31 (58.23) 29.18 228.38 1,785.79 2.5%

2,594.19 63.47 0.15 56.76 355.26 181.10 1.66 33.46 18.44 122.59 1,761.30 6.8%

2,419.41 63.47 0.15 61.66 260.90 181.53 0.63 54.91 30.99 313.88 1,451.29 7.8%

1,805.43 0.11 36.02 6.14 162.59 2.09 61.17 26.56 109.04 1,401.71 13.4%

14.8%

Fixed assets excluding Goodwill Current assets excl cash and invests. Current liab excl debt Capital invested Return on capital invested

526.75 1,148.42 571.70 1,103.47 0.4%

570.67 1,220.12 841.41 949.38 4.8%

503.42 1,799.24 1,258.40 1,044.26 12%

440.24 1,011.11 717.83 733.52 15%

337.68 1,061.32 667.89 731.11 26%

28%

15.63

89.00

56.91

61.81

36.13

160.67

EBITDA Growth Margin Depreciation EBIT Growth Margin Interest expense Interest income EBT Tax Net income Outstanding shares EPS

Cash

72.22 21.91 1.34 5.56 330.20 44.31 2.52

135.21 24.38 1.68 25.59 268.65 25.29 -

1.07 2.71 3.74 (1.08) 1,021.21 23.11 0.3% 18.96 4.15

Debt Capex - Purchase of fixed assets Shareholders fund

468.88 26.36 1,051.43

426.54 26.80 1,055.38

413.30 13.61 1,026.58

3.00 8.17 964.98

170.00 25.00 964.98

FCF1 FCF1/share

(44.17) (46.63) (INR 1.81) (INR 1.91)

60.90 INR 2.50

72.97 INR 2.99

143.37 INR 5.88

149.54 INR 6.14

TBV TBV/share

987.96 INR 40.54

987.96 INR 40.54

991.91 INR 40.70

963.11 INR 39.52

964.98 INR 39.60

964.98 INR 39.60

25.4 0.1

6.4 0.5

2.5 2.1

2.4 1.7

(0.2) 4.7

0.0

-

0%

0%

0%

0%

Net debt/EBITDA EBIT/Interest expense Dividend per share Growth

602.30 23.33 1,051.43

Price M cap EV Adj Price EV/Sales EV/EBITDA EV/EBIT PE P/FCF1 P/TBV

INR 76.50 1,864.25 1,831.12 INR 75.02

INR 76.50 1,864.25 1,873.58 INR 69.91

0.2 8.6 9.8

0.2 8.1 9.1

14.8 13.0 1.9

12.5 12.5 1.9

Inventories / (Sales - GP) Days

9% 33

6% 22

8% 28

5% 19

6% 21

AR/Sales Days

3% 9

3% 12

5% 19

3% 10

4% 15

AP/cost of goods sold Days

5% 19

7% 26

9% 34

6% 23

7% 25

Cash convertion cycle (CCC) No of CCC in a year

23 16

9 42

13 28

6 58

11 34

REVENUE(as reported in AR) Branded foods Growth %age on total sales Bulk and processed Growth %age on total sales Others Growth %age on total sales Total Growth EBITDA Branded foods Growth Margin Bulk and processed Growth Margin Others Growth Margin Corporate exp Total Growth Margin

FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06 4,198.01 4,944.78 5,522.37 5,103.05 4,869.52 18% 12% -8% -5% 46% 44% 43% 48% 51% 4,750.20 6,191.55 7,081.20 5,319.70 4,509.65 30% 14% -25% -15% 52% 55% 55% 50% 47% 159.82 176.82 228.66 255.59 160.27 11% 29% 12% -37% 2% 2% 2% 2% 2% 9,108.03 11,313.15 12,832.23 10,678.34 9,539.44 24% 13% -17% -11% 57.67 28% 1% 90.44 125% 1% 19.10 64% 11% (47.49) 119.72 45% 1%

125.88 118% 2% 119.60 32% 2% 41.76 119% 18% (108.50) 178.74 49% 1%

174.43 39% 3% (21.00) -118% 0% 44.85 7% 18% (27.93) 170.35 -5% 2%

170.96 -2% 4% 87.44 -516% 2% 46.82 4% 29% (78.57) 226.65 33% 2%

1%

54.52 40% 1% 89.81 127% 1% 15.69 184% 9% (54.44) 105.58 66% 1%

112.75 107% 2% 118.86 32% 2% 37.26 137% 16% (117.01) 151.86 44% 1%

159.46 41% 3% (22.02) -119% 0% 38.13 2% 15% (36.66) 138.91 -9% 1%

156.40 -2% 3% 86.61 -493% 2% 44.59 17% 28% (86.24) 201.36 45% 2%

Depreciation Branded foods Bulk and processed Others Corporate Total

5.87 0.61 6.15 6.33 18.96

3.15 0.63 3.41 6.95 14.14

13.13 0.74 4.50 8.51 26.88

14.97 1.02 6.72 8.73 31.44

14.56 0.83 2.23 7.67 25.29

Capex Branded foods Bulk and processed Others Corporate Total

7.35 1.06 6.93 7.99 23.33

10.92 1.80 3.42 10.22 26.36

3.75 2.51 10.65 9.89 26.80

6.92 0.21 4.66 1.82 13.61

4.07 0.87 3.23 8.17

EBIT Branded foods Growth Margin Bulk and processed Growth Margin Others Growth Margin Corporate exp Total Growth Margin

Assets

44.91 1% 40.23 1% 11.67 7% (14.11) 82.70 1% 39.04 1% 39.62 1% 5.52 3% (20.44) 63.74

12m 12/05 12m 12/06 3,603.00 3,928.00 9% 52% 50% 4,464.00 4,864.00 9% 64% 62% (1,092.00) (939.00) 6,975.00

7,853.00 13%

90.00

106.00 18% 3% 88.00 29% 2% -

2% 68.00 2% (51.00) 107.00 2%

(66.00) 128.00 20% 2%

Branded foods Bulk and processed Others Corporate Total

1,002.83 684.14 190.47 416.21 2,293.65

944.74 662.41 221.90 658.17 2,487.22

761.37 1,279.51 247.70 668.38 2,956.96

770.28 618.83 243.53 569.45 2,202.09

685.92 680.68 227.07 1,593.67

Liabilities Branded foods Bulk and processed Others Corporate Total

632.52 466.86 51.90 214.78 1,366.06

632.68 404.91 80.76 563.89 1,682.24

519.58 875.57 98.88 588.65 2,082.68

474.78 341.56 124.54 416.13 1,357.01

357.11 220.04 214.93 792.08

Inter-segment adjs

Net Profit/ (Loss) before Tax & after Extraord Item Interest (Net) Dividend received Interest Received Tax paid Net income Adjustments: Depreciation Profit on Disposal of Fixed Assets(Net) Profit on Sale of Investments (Net) Provision for Doubtful Debts Provision for Dimunition in value of Assets Provision for Doubtful Advances Amortisation of Misc. Expenditure (A) Changes in working capital Trade and Other receivables Inventories Trade payables Deferred Revenue Expenses Extraordinary Items VSS Expenses Assets written off (B) Cash from operation (A) + (B) Purchase of Fixed Assets FCF1 FCF2 O/S FCF1/share FCF2/share Other investment activities Sale of Fixed Assets (Net) Investment in Others - (Net) Diminution in Value of Investments Sale of Investments Extraordinary Item (net) Debt rised/(repaid) Proceeds from/(Repay of) Long Term Borrowings Hedging Costs(net) Total Amt (returned to)/ received from shareholders Dividend paid Dividend tax paid Total

FYE 03/02 FYE 03/03 FYE 03/04 FYE 03/05 FYE 03/06 30.79 (115.77) 36.06 (8.32) (20.54) (24.27) (62.98) (24.99) 47.12 25.20 11.03 0.65 0.16 1.69 4.32 4.36 4.51 0.35 0.28 (9.59) (19.27) 19.24 (174.43) 16.36 33.88 (14.26) 12.81 0.47 (0.07) 0.80

14.15 (5.33) (0.69) 4.56 4.40 (157.34)

26.88 2.45 (0.62) 5.41 1.30 5.00 67.67 124.45

31.44 (0.67) (0.63) 73.51 0.91 4.64 94.36 237.44

25.29 (4.76) (0.27) 0.36 3.64 0.82 187.76 198.58

1.80 35.05 (260.00) (151.36) (143.38) (37.00)

(84.21) 87.02 264.75 (15.80)

(198.78) (275.48) 450.49 -

53.30 403.37 (525.19) -

27.90 (47.19) 28.36 -

(591.74) (556.69) (27.62)

26.49 29.59 307.84 150.50 (18.96)

(62.40) (86.17) 38.28 (24.37)

(89.10) (157.62) 79.82 (13.60)

(89.10) (80.03) 118.55 (8.21)

7.43 (584.31)

(176.30) 131.54

100.08 13.91

223.84 66.22

190.37 110.34

24.37 24.37 INR 0.30 (INR 7.23) (INR 23.98) INR 5.40

24.37 INR 4.11 INR 0.57

24.37 INR 9.19 INR 2.72

24.37 INR 7.81 INR 4.53

1.15 (145.02) (6.00) 145.07 -

10.88 (590.02) 585.69 5.00

2.77 (479.50) 485.12 -

7.52 (1,747.09) 1,747.73

23.63 (189.00) 189.26 288.17

576.82 1.46 578.28

(136.26) (2.07) (138.33)

(44.61) 20.90 (23.71)

(3.59) (12.91) (16.50)

(410.28) (3.68) (413.96)

(23.63) (3.02) (26.65)

(9.45) (1.23) (10.68)

(3.09) (3.09)

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