Cv Of Bharti Airtel
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- Words: 8,276
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Year Mar-05 Mar-06 Mar-07 Mar-08 Mar-09
2009 2010 2011 2012 2013
PAT
EPS 1210.67 2012.08 4033.23 6244.19 7,743.84
DPS 0 0 0 0 20
6.53 10.62 21.27 32.9 40.79
PAYOUT RATIO b(RETENTION RATIO) 0 1 0 1 0 1 0 1 0.49 0.51
EXPECTED GROWTH EPS RATE DPS PAYOUT 22% 20 40.79 22% 49.76 9.8 22% 60.71 4.8 22% 74.07 2.35 22% 90.36 1.15
0.49 0.49 0.49 0.49 0.49
COST OF EQUITY 0.05 0.05 0.05 0.05 0.05
2014 2015 2016
19% 18% 16%
107.53 126.89 147.19
54.84 68.52 83.9
0.51 0.54 0.57
0.05 0.05 0.05
2017
4%
76.81
46.09
0.6
0.05
TERMINAL PRICE 4140.02 P V OF T P 2715.41
THE PRESENT VALUE OF DIVIDEND IN HIGH GROW THE PRESENT VALUE OF DIVIDEND IN TRANSITIO THE PRESENT VALUE OF DIVIDEND IN STABLE PH THE PRESENT VALUE OF TERMINAL PRICE AT EN VALUE OF BHARTI AIRTEL STOCK eps growth
45 40 35 30 25
C
20 15 10 5 0 1
2
3
4
5
B V OF equity 4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
ROE=PAT/BV OF EQUITY GROWTH 0.27 0.27 0.27 0.27 0.35 0.35 0.31 0.31 0.28 0.14 0.27
CUMULATED COST OF EQUITY P V OF DPS 1.05 1.11 1.02 1.01 1.01 SUM
18.96 8.81 4.72 2.32 1.14 35.95
1.31 1.38 1.45
42.01 49.8 57.9 149.71
1.52
30.23
SUM
ESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE ESENT VALUE OF DIVIDEND IN TRANSITION PHASE ESENT VALUE OF DIVIDEND IN STABLE PHASE ESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION OF BHARTI AIRTEL STOCK eps growth
Column C
3
4
5
35.95 149.71 30.28 2715.41 2931.35
EPS
GROWTH IN EPS 6.53 10.62 21.27 32.9 40.79
average eps
0.63 1 0.55 0.24 0.6
Rf Rm-Rf beta ke
0.05 0.26 0.04 0.05
GROSS BLOCKnet change in capex deprecation deprecation current asset cash 05----mar 13,240.63 1,019.36 922.28 174.96 06--mar 4,711.11 17,951.74 1,432.34 1,432.34 1,295.72 201.81 07--mar 8,558.19 26,509.93 2,353.30 2,353.30 1,705.44 239.11 08---mar 1,605.72 28,115.65 3,166.58 3,166.58 3,034.18 200.86 09--mar 9,151.05 37,266.70 3,206.28 3,206.28 2,765.64 153.44
2009 2010 2011 2012 2013
EXPECTED GROWTH PAT RATE CAPEX-DEPRECATION CHANGE IN NON-CASH D/E W/C1-D/D+E 22% 7743.84 5,944.77 -1,153.53 0.56 0.66 22% 9447.48 7252.62 -1407.31 0.56 0.66 22% 11525.93 8848.2 -1716.91 0.56 0.66 22% 14061.64 10794.8 -2094.64 0.56 0.66 22% 17155.2 13169.65 -2555.45 0.56 0.66
2014 2015 2016
19% 18% 16%
24905.91 29388.98 34091.22
19119.7 22561.25 26171.05
-3710.01 -4377.81 -5078.26
0.58 0.59 0.62
0.37 0.37 0.38
2017
4%
35454.86
27217.89
-5281.39
0.7
0.41
growth in capex 10,000.00 9,000.00 8,000.00 7,000.00 6,000.00 Column C
5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 1
2
3
4
2,000.00 1,000.00 0.00 1
2
3
4
non cash current asset current liabilities 747.32 1093.91 1466.33 2833.32 2612.2
loan 4,458.80 6,735.36 9,809.83 12,400.38 13,832.49
noncash cl total debt 1,354.85 3,103.95 4,994.29 1,937.54 4,797.82 4,796.29 3,160.02 6,649.81 5,310.81 5,103.13 7,297.25 6,570.34 5,602.83 8,229.66 7,713.65
REINVESTMENT AMOUNT REINVESTMENT RATE ROE 3162.22 0.41 3857.91 0.41 4706.65 0.41 5742.11 0.41 7005.37 0.41
0.54 0.54 0.54 0.54 0.54
FCFE COST OF EQUITY 4581.62 0.05 5589.58 0.05 6819.29 0.05 8319.53 0.05 10149.82 0.05
5656.72 6747.31 8072.55
0.23 0.23 0.24
0.84 0.78 0.68
19249.19 22641.66 26018.67
0.05 0.05 0.05
9032.68
0.25
0.16
26422.19
0.05
terminal value present value
2292368.03 2179083.57
THE PRESENT VALUE OF FCFE IN HIGH GROWTH THE PRESENT VALUE OF FCFE IN TRANSITION PH THE PRESENT VALUE OF FCFE IN STABLE PHASE THE PRESENT VALUE OF TERMINAL PRICE AT EN VALUE OF BHARTI AIRTEL STOCK
growth in roe 0.4 0.35 0.3 0.25
Column C
Column U
0.2 0.15 0.1 0.05 0 1
2
3
4
5
0.1 0.05 0 1
2
3
4
5
net debt
W/C -198.00 514.52 1,259.53 1,143.31
CUMULATED COST OF EQUITY 1.05 1.11 1.17 1.24 1.31
change w/c equity reinvested net income reinvestment rate -2,356.63 -3,703.91 -5,183.48 -4,463.93 -5,617.46
4
5
2,129.49 4,210.80 -2,100.84 3,647.93
1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
PRESENT VALUE 4343.59 5023.87 5810.7 6720.76 7773.34 29672.27
1.38 1.45 1.53
13982.82 15607.58 17028.25 46618.65
1.61
16437.79
E PRESENT VALUE OF FCFE IN HIGH GROWTH PHASE E PRESENT VALUE OF FCFE IN TRANSITION PHASE E PRESENT VALUE OF FCFE IN STABLE PHASE E PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION UE OF BHARTI AIRTEL STOCK
Column U
-1,347.28 -1,479.57 719.55 -1,153.53
29672.27 46618.65 16437.79 2179083.57 2271812.28
1.06 1.04 -0.34 0.47
4
5
pat 1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
bv of equity roe 4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
growth 0.27 0.27 0.35 0.31 0.28
average
0.29 0.37 -0.1 0.13 0.17 AVERAGE 17.15
D/E
D/D+E 1-D/D+E 1.1 0.52 0.48 0.65 0.4 0.6 0.46 0.32 0.68 0.32 0.25 0.75 0.28 0.22 0.78 0.56
0.66
INTERESTGROWTH IN PBT INTEREST TAX 05----mar 06--mar 07--mar 08---mar 09--mar
2009 2010 2011 2012 2013
317 236.81 282.07 393.43 434.16
-0.25 0.19 0.39 0.1 0.11
-207.98 2,268.97 4,592.99 6,940.37 8,134.66
353.6 273.68 566.79 632.43 321.78
EXPECTEDebit GROWTHCAPEX-DEPRECATION RATE CHANGE IN D/E NON-CASH 1-D/D+E W/C 20% 7743.84 5,944.77 -1,153.53 0.56 0.66 20% 9292.61 7133.72 -1384.24 0.56 0.66 20% 11151.13 8560.47 -1661.08 0.56 0.66 20% 13381.36 10272.56 -1993.3 0.56 0.66 20% 16057.63 12327.08 -2391.96 0.56 0.66
2014 2015 2016
18% 24696.62 18959.03 16% 28648.08 22178.86 15% 32945.29 25505.69
-3678.83 -4267.45 -4907.56
0.58 0.59 0.62
0.37 0.37 0.38
2017
3% 33933.65 26270.86
-5054.79
0.7
0.41
TAX RATE
total debt -1.7 0.12 0.12 0.09 0.04 0.09
growth in debt 4,994.29 4,796.29 5,310.81 6,570.34 7,713.65
REINVESTMENT AMOUNT REINVESTMENT RATE ROC 3162.22 0.41 3794.66 0.41 4553.59 0.41 5464.31 0.41 6557.18 0.41
4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
-0.04 0.11 0.24 0.17
0.49 0.49 0.49 0.49 0.49
total equity growth in equity 0.62 0.56 0.77 0.37 0.58
FCFE interest tax rate 4581.62 434.16 0.04 5497.95 520.99 0.04 6597.54 625.19 0.05 7917.04 750.23 0.05 9500.45 900.27 0.06
5609.19 6646.37 7883.23
0.23 0.23 0.24
0.79 19087.43 0.69 22001.71 0.63 25062.06
1062.32 1242.92 1429.36
0.07 0.08 0.09
8736.03
0.26
0.12 25197.62
1543.7
0.1
growth in equity
interest(1-t)net debt issue FCFF Ke 416.99 1,143.31 3,855.30 498.12 1371.97 4,624.09 594.72 1646.37 5,545.89 709.64 1975.64 6,651.04 846.21 2370.77 7,975.90
total debt Kd 0.05 7,713.65 0.05 9,085.62 0.05 10,731.99 0.05 12,707.63 0.05 15,078.40
0.06 0.06 0.06 0.06 0.06
total equity D+E Ko 27,643.97 35,357.62 41465.96 50,551.58 62198.93 72,930.92 93298.4 106,006.03 139947.6 155,025.99
0.06 0.06 0.06 0.06 0.06
990.88 1148.46 1305.52
2323.35 17754.96 2230.42 20919.75 2096.59 24270.99
0.05 17,401.75 0.05 2,230.42 0.05 2,096.59
0.06 195926.64 0.56 262541.69 0.68 328177.12
213,328.39 264,772.11 330,273.71
0.05 0.06 0.06
1385.89
1677.27 24906.23
0.05
0.41 360994.83
364,768.70
0.06
3,773.87
TERMINAL VALUE PRESENT VALUE
### ###
THE PRESENT VALUE OF F THE PRESENT VALUE OF F THE PRESENT VALUE OF F THE PRESENT VALUE OF T VALUE OF BHARTI AIRTEL
CUMULATED present COST value OF capital of FCFF 1.06 3653.88 1.11 4152.5 1.18 4718.82 1.24 5362.57 1.31 6094.63 SUM 23982.4
1.38 12861.56 1.46 14322.91 1.54 15717.3 SUM 42901.77 1.63 15277.98
THE PRESENT VALUE OF FCFF IN HIGH GROWTH PHASE 23982.4 THE PRESENT VALUE OF FCFF IN TRANSITION PHASE 42901.77 THE PRESENT VALUE OF FCFF IN STABLE PHASE 15277.98 THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION ### VALUE OF BHARTI AIRTEL STOCK ###
2009 2010 2011 2012 2013
EXPECTEDEPS GROWTHDPS RATE PAYOUT COST OF EQUITY 22% 20 0.49 0.3 40.79 22% 49.76 9.8 0.49 0.3 22% 60.71 4.8 0.49 0.3 22% 74.07 2.35 0.49 0.3 22% 90.36 1.15 0.49 0.3
2014 2015 2016
19% 18% 16%
107.53 126.89 147.19
54.84 68.52 83.9
0.51 0.54 0.57
0.29 0.29 0.28
2017
10%
161.91
97.15
0.6
0.27
TERMINAL PRICE 618.89 P V OF T P 212.96
THE PRESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE THE PRESENT VALUE OF DIVIDEND IN TRANSITION PHASE THE PRESENT VALUE OF DIVIDEND IN STABLE PHASE THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSIT VALUE OF BHARTI AIRTEL STOCK
CUMULATED COST OF EQUITY P V OF DPS 1.3 15.35 1.7 5.77 1.09 4.4 1.07 2.2 1.05 1.09 SUM 28.81
1.38 1.78 2.28
39.69 38.5 36.74 114.93
2.91
33.43
SUM
ESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE ESENT VALUE OF DIVIDEND IN TRANSITION PHASE ESENT VALUE OF DIVIDEND IN STABLE PHASE ESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION OF BHARTI AIRTEL STOCK
Rf Rm-Rf beta(market) ke
28.81 114.93 33.43 212.96 390.12
0.05 0.26 1 0.3
YEAR EXPECTED G.R. PAT ROE 2009 22% 7743.84 2010 22% 9447.48 2011 22% 11525.93 2012 22% 14061.64 2013 22% 17155.2
R.R. FCFE COST OF EQUITY 0.54 0.41 4581.62 0.3 0.54 0.41 5589.58 0.3 0.54 0.41 6819.29 0.3 0.54 0.41 8319.53 0.3 0.54 0.41 10149.82 0.3
2014 2015 2016
19.00% 18.00% 16.00%
24905.91 29388.98 34091.22
0.84 0.78 0.68
0.23 19249.19 0.23 22641.66 0.24 26018.67
0.29 0.29 0.28
2017
10%
37500.34
0.16
0.25 27946.54
0.27
terminal value present value
178040.57 61262.61
THE PRESENT VALUE OF COMPANY IN HIGH GRO THE PRESENT VALUE OF COMPANY IN TRANSITIO THE PRESENT VALUE OF TERMINAL PRICE AT END THE PRESENT VALUE OF TERMINAL PRICE AT END VALUE OF BHARTI AIRTEL STOCK
pat growth 9,000.00
30,000.00
8,000.00 7,000.00
25,000.00 1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
6,000.00 5,000.00 4,000.00 3,000.00 2,000.00
20,000.00 15,000.00 10,000.00
1,000.00 0.00 year
5,000.00 0.00
CUMULATED COST OF EQUITY PRESENT VALUE 1.3 3516.21 1.7 3292.25 1.09 6243.45 1.07 7786.9 1.05 9626.62 sum 30465.43 1.38 1.78 2.28
13930.97 12720.87 11393.97 38045.82
2.91
9616.22
sum
COMPANY IN HIGH GROWTH PHASE COMPANY IN TRANSITION PHASE TERMINAL PRICE AT END OF TRANSITION PHASE TERMINAL PRICE AT END OF TRANSITION
30465.43 38045.82 9616.22 61262.61 139390.08
growth in equity 30,000.00 25,000.00 20,000.00 Column P
15,000.00 10,000.00 5,000.00 0.00 1
2
3
4
5
year
EXPECTED G.R.EBIT(1-T) BV OF DEBT BV OF EQUITY ROC 2009 20% 8747.64 7713.65 27643.97 2010 20% 10497.17 7867.92 35937.16 2011 20% 12596.6 8025.28 46718.31 2012 20% 15115.92 8185.79 60733.8 2013 20% 18139.11 8349.5 78953.94
0.25 0.24 0.23 0.22 0.21
2014 2015 2016
18.00% 16.00% 15.00%
21404.15 24828.81 28553.13
8433 8441.43 8466.76
106587.82 140695.93 177276.87
0.19 0.17 0.15
2017
9%
31122.91
8509.09
216277.78
0.14
ebit(1-t) growth 9000 8000 7000 6000 5000
Column I
4000 3000 2000 1000 0 1
2
3
4
5
R.R.
FCFF COST OF EQUITY COST OF DEBT COST OF CAPITAL 0.81 1676.12 0.3 0.06 0.83 1736.15 0.3 0.06 0.87 1647.88 0.3 0.06 0.91 1332 0.3 0.06 0.96 678.42 0.3 0.06
0.25 0.26 0.27 0.27 0.28
0.97 0.96 0.98
700.4 966.83 691.59
0.29 0.29 0.28
0.06 0.56 0.68
0.28 0.3 0.3
0.65 10892.09
0.27
0.41
0.28
terminal value present value
THE PRESENT VALUE OF COMPANY IN HIGH GROWTH THE PRESENT VALUE OF COMPANY IN TRANSITION PH THE PRESENT VALUE OF TERMINAL PRICE AT END OF THE PRESENT VALUE OF TERMINAL PRICE AT END OF VALUE OF BHARTI AIRTEL STOCK
growth in debt 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00
Column R
4,000.00 3,000.00 2,000.00 1,000.00 0.00 1
2
3
4
5
CUMULATED (Ko)
sum
present value 1.25 1341.78 1.58 1095.66 2.03 809.98 2.63 505.59 3.43 197.65 3950.65 4.38 5.71 7.43
159.89 169.34 93.09 422.32
9.49
1147.39
sum
2408679.69 2199850.12
ALUE OF COMPANY IN HIGH GROWTH PHASE ALUE OF COMPANY IN TRANSITION PHASE ALUE OF TERMINAL PRICE AT END OF TRANSITION PHASE ALUE OF TERMINAL PRICE AT END OF TRANSITION TI AIRTEL STOCK
Column R
3950.65 422.32 1147.39 ### ###
30 Days Index Returns B S E 100 Index
Year Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06
TRm 7.96 -4.04 -2.6 -4.48 2.39 -9.9 4.93 -6.75 -0.27 10.33 4.43 -4.28 1.83 -7.86 -2.03 11.64 10.84 4.1 17.68 3.83 7.24 8.32 16.13 -4.19 -4.38 -1.65 1.98 -16.52 1.42 7.58 1.23 7.49 1.9 10.3 7 -1.64 4.63 -2.79 -3.23 8.7 5.51 7.96 2.31 9.12 -8.91 11.79 6.53 5.49
7.96 -8.08 -7.8 -17.92 11.95 -59.4 34.51 -54 -2.43 103.3 48.73 -51.36 23.79 -110.04 -30.45 186.24 184.28 73.8 335.92 76.6 152.04 183.04 370.99 -100.56 -109.5 -42.9 53.46 -462.56 41.18 227.4 38.13 239.68 62.7 350.2 245 -59.04 171.31 -106.02 -125.97 348 225.91 334.32 99.33 401.28 -400.95 542.34 306.91 263.52
Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
4.16 6.89 6.01 -13.86 -0.24 0.75 9.5 6.18 4.35 4.96 1.14 2.34 -9.52 0.92 6.77 6.2 2.83 5.24 2.39 16.65 15.09 -0.07 7.41 -15.76 -1.11 -17.26 11.74 -5.61 -19.04 10.92 2.1 -12.2 -26.9 -0.4 11.15 -3.96 -4.32 9.44
203.84 344.5 306.51 -720.72 -12.72 40.5 522.5 346.08 247.95 287.68 67.26 140.4 -580.72 57.04 426.51 396.8 183.95 345.84 160.13 1132.2 1041.21 -4.9 526.11 -1134.72 -81.03 -1277.24 880.5 -426.36 -1466.08 851.76 165.9 -976 -2178.9 -32.8 925.45 -332.64 -367.2 811.84
1.77 ANNUAL RETURN 21.2
30 Days Index Returns B S E 100 Index
TRm
30 days Avg. Returns over a Period Bharti Airtel Ltd.
7.96 -4.04 -2.6 -4.48 2.39 -9.9 4.93 -6.75 -0.27 10.33 4.43 -4.28 1.83 -7.86 -2.03 11.64 10.84 4.1 17.68 3.83 7.24 8.32 16.13 -4.19 -4.38 -1.65 1.98 -16.52 1.42 7.58 1.23 7.49 1.9 10.3 7 -1.64 4.63 -2.79 -3.23 8.7 5.51 7.96 2.31 9.12 -8.91 11.79 6.53 5.49 4.16 6.89
1 0 0 0 1 0 1 0 0 1 1 0 1 0 0 1 1 1 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 0 1 1 1 1 1
-0.78 -0.56 -0.39 -0.35 0.29 -0.49 0.2 -0.14 -1 -0.19 -0.38 1.06 -0.31 0.26 0.96 0.62 0.12 1.23 2.01 0.71 0.81 -0.05 1.2 1.31 0.14 -0.21 0.51 -0.87 -0.02 0.53 -0.35 0.22 0.57 0.5 0.77 0.41 0.13 -0.34 0.12 0.37 0.36 0.75 0.48 0.5 -0.34 0.52 -0.14 0.15 0.09 0.45
6.01 -13.86 -0.24 0.75 9.5 6.18 4.35 4.96 1.14 2.34 -9.52 0.92 6.77 6.2 2.83 5.24 2.39 16.65 15.09 -0.07 7.41 -15.76 -1.11 -17.26 11.74 -5.61 -19.04 10.92 2.1 -12.2 -26.9 -0.4 11.15 -3.96 -4.32 9.44
1 0 0 1 1 1 1 1 1 1 0 1 1 1 1 0 1 1 1 0 1 0 0 0 1 0 0 1 1 0 0 0 1 0 0 1
-0.09 -0.45 0.11 0.19 0.25 0.58 0.63 0.8 0.08 0.61 0.08 0.31 0.33 0.21 0.03 0.37 0.12 0.33 0.38 -0.27 0.36 -0.46 -0.12 0.05 0.47 -0.1 -0.89 0.6 0.18 -0.27 -0.85 0.57 0.51 -0.55 -0.11 -0.05
beta of bharti airtel Coefficients Intercept X Variable 1
Standard Error 0.12 0.04
0.05 0.01
30 days Avg. Returns over timea Period Bharti Airtel Ltd. -0.78 1 -0.56 2 -0.39 3 -0.35 4 0.29 5 -0.49 6 0.2 7 -0.14 8 -1 9 -0.19 10 -0.38 11 1.06 12 -0.31 13 0.26 14 0.96 15 0.62 16 0.12 17 1.23 18 2.01 19 0.71 20 0.81 21 -0.05 22 1.2 23 1.31 24 0.14 25 -0.21 26 0.51 27 -0.87 28 -0.02 29 0.53 30 -0.35 31 0.22 32 0.57 33 0.5 34 0.77 35 0.41 36 0.13 37 -0.34 38 0.12 39 0.37 40 0.36 41 0.75 42 0.48 43 0.5 44 -0.34 45 0.52 46 -0.14 47 0.15 48
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square0.3 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
1 84 85
SS 7.33 16.41 23.73
MS 7.33 0.2
Coefficients Standard Error t Stat Intercept 0.12 0.05 2.4 X Variable 1 0.04 0.01 6.12
SUMMARY OUTPUT
eturns over a Period
0.09 0.45 -0.09 -0.45 0.11 0.19 0.25 0.58 0.63 0.8 0.08 0.61 0.08 0.31 0.33 0.21 0.03 0.37 0.12 0.33 0.38 -0.27 0.36 -0.46 -0.12 0.05 0.47 -0.1 -0.89 0.6 0.18 -0.27 -0.85 0.57 0.51 -0.55 -0.11 -0.05
49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86
Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.38 16.35 23.73
MS 3.69 0.2
F 18.72
Coefficients Standard Error t Stat P-value Intercept 0.11 0.05 2.27 0.03 X Variable 1 0.04 0.01 3.14 0 X Variable 2 0 0 -0.51 0.61
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.38 16.35 23.73
MS 3.69 0.2
F 18.72
Coefficients Standard Error t Stat P-value Intercept 0.11 0.05 2.27 0.03 X Variable 1 0.04 0.01 3.14 0 X Variable 2 0 0 -0.51 0.61
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.34 16.39 23.73
MS 3.67 0.2
F 18.58
Coefficients Standard Error t Stat P-value Intercept 0.14 0.1 1.41 0.16 X Variable 1 0.04 0.01 4.07 0 X Variable 2 -0.04 0.16 -0.25 0.8
t Stat 2.4 6.12
P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.02 0.02 0.21 0.02 0.21 0 0.02 0.05 0.02 0.05
F Significance F 37.51 0
P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.02 0.02 0.21 0.02 0.21 0 0.02 0.05 0.02 0.05
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.01 0.21 0.01 0.21 0.02 0.07 0.02 0.07 0 0 0 0
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.01 0.21 0.01 0.21 0.02 0.07 0.02 0.07 0 0 0 0
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% -0.06 0.33 -0.06 0.33 0.02 0.05 0.02 0.05 -0.35 0.27 -0.35 0.27
YEAR PAT 05----mar 1,210.67 06--mar 2,012.08 07--mar 4,033.23 08---mar 6,244.19 09--mar 7,743.84
INTERESTPBT 317 236.81 282.07 393.43 434.16
0.66 1.00 0.55 0.24
-207.98 2,268.97 4,592.99 6,940.37 8,134.66
TAX
TAX RATE EBIT EBIT(1-T) CAPEX -1.7 109.02 294.37 353.6 0.12 2505.78 2203.54 1,909.16 273.68 0.12 4875.06 4273.46 2,069.93 566.79 0.09 7333.8 6665.52 2,392.06 632.43 0.04 8568.82 8229.87 1,564.35 321.78
0.61 pat growth 9,000.00 8,000.00 7,000.00 6,000.00
1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 year
ebit(1-t) growth
growth in capital expenditure 3,000.00 2,500.00 2,000.00 Column J
1,500.00
9000 8000 7000 6000 5000 4000 3000 2000 1000 0 1
1,000.00 500.00 0.00 1
2
3
4
2
3
4
DEPRECATION CAPEX-DEPRECATION CHANGE IN REINVESTMENT NONCASH RRW/C AMOUNT BV OF EQUITY 1,019.36 476.82 -1,347.28 -870.46 1,432.34 -283.37 -1,479.57 -1,762.94 2,353.30 -774.52 719.55 -54.97 3,166.58 3,206.28 -1,641.93 -1,153.53 -2,795.46
GROWTH IN EQUITY
4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
-0.4 -0.41 -0.01 -0.34
0.62 0.56 0.77 0.37
0.58
growth in debt 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00
Column R
4,000.00 3,000.00 2,000.00 1,000.00
ebit(1-t) growth
0.00 1
2
3
4
5
growth in e
Column I
30,000.00 25,000.00 2
3
4
5
20,000.00 15,000.00 10,000.00 5,000.00 0.00 1
2
3
BV OF DEBT
GROWTH IN DEBT
TOTAL BV ROC 9,527.89 -0.04 12,141.85 0.11 16,754.08 0.24 26,811.83 0.17 35,357.62 0.12
4,994.29 4,796.29 5,310.81 6,570.34 7,713.65
0.03 0.18 0.26 0.25 0.23
growth in debt
Column R
3
4
5
growth in equity 30,000.00 25,000.00 20,000.00 Column P
15,000.00 10,000.00 5,000.00 0.00 1
2
3
4
5
BSE
BSE
BSE
Times No. Rs. Crore Times Rs. Crore Rs. Crore (%) Mar-09 Mar-09 Mar-09 Mar-09 Mar-09 Mar-08 Mar-09 Company Name P/E Beta Dividends P/B PAT PAT growth ratepayout ratioROE 3I Infotech Ltd. 3.95 1.27 19.63 0.66 153.71 94.26 0.63 0.13 23.54 A B B Ltd. 17.83 0.87 46.62 4.15 492.98 546.77 -0.1 0.09 26 A C C Ltd. 8.67 0.88 375.35 2.03 1,136.13 1,211.12 -0.06 0.33 24.61 Aditya Birla Chemicals 1.81 (India)1.22 Ltd. 3.51 0.35 459.26 476.54 -0.04 0.01 19.25 Adlabs Films Ltd. -11.41 1.39 1.25 40.63 725.54 -0.94 0 6.76 Ador Fontech Ltd.2.67 1 1.75 0.82 94.17 88.35 0.07 0.02 30.88 Ador Multiproducts 7.26 Ltd. 1 0 0.63 0.39 0.27 0.44 0 8.82 Advent Computer -21.84 Services Ltd. 1.29 0 0.26 65.13 66.04 -0.01 0 15.62 Ajanta Pharma Ltd. 2.81 1.29 2.93 0.4 23.42 18.65 0.26 0.13 14.05 Albert David Ltd. 3.53 1.33 2 0.48 7.48 7.15 0.05 0.27 13.49 Alfa Laval (India)17.16 Ltd. 0.63 45.4 4.7 97.72 82.91 0.18 0.46 29.34 Ambuja Cements 7.76 Ltd. 0.8 334.97 1.81 1,080.97 1,121.57 -0.04 0.31 24.73 Amtek Auto Ltd. 6.3 0.55 7.99 0.43 176.7 196.76 -0.1 0.05 11.22 Amtek India Ltd. 1.22 0.94 3.85 0.23 346.96 117.17 1.96 0.01 24.39 Andhra Bank 3.34 1.25 218.25 0.6 652.72 575.33 0.13 0.33 17.9 Aplab Ltd. 22.32 1.24 0.5 0.51 0.7 3.5 -0.8 0.71 2.26 Areva T & D India 19.19 Ltd. 1.22 43.04 6.27 254.35 216.71 0.17 0.17 31.27 Arihant Foundations 0.59 & Housing 0.91 Ltd. 0.7 0.27 32 28.3 0.13 0.02 20.54 Ashirwad Capital Ltd. 6.72 0.62 0.4 1.01 0.52 1.12 -0.54 0.77 10.52 Asian Paints Ltd. 20.5 0.41 167.86 6.89 370.53 376.53 -0.02 0.45 33.1 Astra Microwave16.49 Products Ltd. 0.92 2.71 1.97 15.77 20.92 -0.25 0.17 11.76 Astrazeneca Pharma 20.14India Ltd. 0.79 37.5 11.42 72.48 61.26 0.18 0.52 63.56 Automotive Axles 5.15 Ltd. 0.84 9.82 0.75 59.95 48.69 0.23 0.16 32.83 Avaya Globalconnect 20.16Ltd. 0.88 4.98 0.5 14.85 42.14 -0.65 0.34 7.66 Aventis Pharma 13.15 Ltd. 0.68 36.85 2.65 138.51 169.47 -0.18 0.27 20.88 Axis Bank Ltd. 8.2 1.03 420.52 1.46 1,823.56 1,086.21 0.68 0.23 17.77 B O C India Ltd. 34.68 1.18 12.79 1.17 39.91 1.13 34.32 0.32 7.73 Bajaj Hindusthan-3.28 Ltd. 1.19 8.49 0.5 28.14 43.48 -0.35 0.3 3.54 Bajaj Hindusthan Sugar -1.1 & Inds. 1.15 Ltd. 0 0.47 -12.41 -25.12 -0.51 0 28.13 Bajaj Holdings &15.07 Invst. Ltd. 0.72 101.18 0.94 191.63 299.94 -0.36 0.53 5.45 Balrampur Chini 13.93 Mills Ltd. 1.02 12.78 1.27 97.23 -48.47 -3.01 0.13 9.57 Bank Of Baroda 4.01 1.35 383.56 0.67 2,227.25 1,435.16 0.55 0.17 17.35 Bank Of India 3.84 1.46 491.55 0.98 3,007.35 2,009.37 0.5 0.16 25.51 Bank Of Maharashtra 2.38 1.09 64.58 0.43 361.71 325.7 0.11 0.18 18.16 Bata India Ltd. 11.11 1.14 16.07 2.53 61.51 43.76 0.41 0.26 24.71 Bharat Bijlee Ltd. 5.19 1.27 14.13 1.25 47.82 72.96 -0.34 0.3 23.82 Bharat Seats Ltd.6.54 1.05 1.57 0.72 2.83 2.9 -0.02 0.55 10.71 Baharti Airtel 0.82 20 9,287.72 6,467.73 0.44 0 28.13 9.85 Binani Industries Ltd. 4.3 1.57 8.88 0.5 18.23 14.13 0.29 0.49 18.11 Blue Dart Express 16.66 Ltd. 0.75 2.37 2.41 73.16 71.03 0.03 0.03 19.73 C M C Ltd. 4.59 0.8 22.73 1.27 93.78 80.27 0.17 0.24 27.59 Century Enka Ltd. 17.49 1.1 10.03 0.28 42.58 18.86 1.26 0.24 3.64 Cheviot Co. Ltd. 4.08 1.3 2.71 0.29 173.81 164.42 0.06 0.02 7.18 City Union Bank Ltd. 3.2 0.83 24 0.59 71.79 56.31 0.27 0.33 18.47 Clariant Chemicals 6.75 (India) Ltd. 0.51 50.66 1.53 758.67 321.2 1.36 0.07 21.24 Colgate-Palmolive 22.06 (India) Ltd.0.61 203.99 29.6 288.63 218.42 0.32 0.71 134.17
Cravatex Ltd. 5.14 0.55 0.45 Crisil Ltd. 13.45 0.67 50.58 Crompton Greaves 11.36 Ltd. 1.02 73.31 D I C India Ltd. 7.52 0.74 3.21 De Nora India Ltd.13.5 1.08 1.39 Denison Hydraulics 4.03 India Ltd.1.46 0.9 Dhanalakshmi Bank 5.6 Ltd. 0.91 6.41 Dr. Reddy'S Laboratories 14.39 Ltd.0.67 105.4 Esab India Ltd. 7.73 1.09 23.86 Essel Propack Ltd. 7.95 0.82 4.7 Excel Crop Care Ltd. 2.7 1.22 5.5 F A G Bearings India 4.81Ltd. 0.88 7.48 Foseco India Ltd.10.82 0.77 6.07 G M Breweries Ltd. 5.92 1.05 1.87 G T L Ltd. 20.59 1.31 28.42 Garden Silk Mills Ltd. 2.64 1.22 5.74 Gati Ltd. 14.44 0.8 6.77 Geojit B N P Paribas 29.58Financial 1.08 Services11.21 Ltd. Gillette India Ltd.23.95 0.55 40.73 Glaxosmithkline Consumer 13.7 Healthcare 0.55 63.08 Ltd. Granules India Ltd. 10.19 0.93 2.51 Great Eastern Shipping 2.37 Co. Ltd. 1.01 121.83 Greaves Cotton Ltd. 4.69 1.21 29.3 Grindwell Norton Ltd. 7.7 1.06 22.15 Gruh Finance Ltd.6.37 0.83 16.63 Gujarat Fluorochemicals 2.12 Ltd. 1.08 38.45 H C L Infosystems5.05 Ltd. 0.75 136.84 H C L Technologies 8.62 Ltd. 0.92 598.58 H D F C Bank Ltd. 18.34 0.62 425.97 Hexaware Technologies 9.44 Ltd. 1.05 14.36 Hindustan Hardy -119.44 Spicer Ltd. 1.2 0.15 I C I India Ltd. 15.73 0.57 60.89 I D B I Bank Ltd. 3.83 1.41 181.2 I L & F S Investment 9.47Managers 1.12 Ltd. 27.85 I T D Cementation -37.99 India Ltd. 1 1.15 Indag Rubber Ltd.1.37 0.56 1.05 Indian Overseas Bank 1.97 1.26 286.83 Infosys Technologies 13.28Ltd. 0.68 1346 Infotech Enterprises 6.59 Ltd. 1.51 8.33 J B Chemicals & Pharmaceuticals 4.27 1.11 Ltd. 8.43 J S W Steel Ltd. 9.46 1.24 18.71 Jindal Saw Ltd. 2.61 1.12 26.06 K S B Pumps Ltd.7.06 0.95 9.57 Kabra Extrusiontechnik 4.4 Ltd. 1.06 4.79 Kansai Nerolac Paints 12.21 Ltd. 0.61 32.33 Karur Vysya Bank4.59 Ltd. 0.76 64.74 Kirloskar Oil Engines 10.04Ltd. 0.94 19.42 L G Balakrishnan 7.51 & Bros. Ltd.0.84 4.71 M R F Ltd. 18.54 0.87 8.48 Madras Aluminium 19.45 Co. Ltd. 1.14 20.25 Maharashtra Scooters 8.42 Ltd. 1 6.29
0.51 5.1 3.68 0.6 0.87 0.81 0.8 1.57 3.13 0.34 0.54 1.16 2.56 1.04 2.29 0.34 1.22 1.54 4.3 3.5 0.41 0.58 0.69 1.32 1.45 0.59 1.15 1.85 2.81 0.62 0.57 1.73 0.44 5.47 0.24 0.39 0.42 4.26 0.68 0.58 0.57 0.4 1.51 0.71 1.84 0.8 1.14 0.45 0.65 3.19 0.46
1.84 71.49 510.6 13.58 1.26 8.64 57.27 598.4 60.62 34.72 45.77 95.53 15.42 9.06 109.44 34.43 35.83 14.33 109.5 184.66 9.23 999.89 91.94 53.78 50.24 421.6 286.35 952.41 2,240.75 73.05 -0.03 25.14 845.26 37.36 0.49 7.44 1,257.29 6,191.00 126.01 92.25 1,075.70 339.15 63.34 13.05 94.47 235.58 118.48 6.2 137.43 65.9 8.39
1.25 35.56 272.77 8.54 4.98 9.26 28.46 433.08 51.9 33.54 24.13 80.27 19.89 14.94 124.3 23.68 23.31 45.33 93.29 162.48 8.31 870.83 119.62 57.45 42.33 231.22 286.57 678.47 1,589.48 65.77 0.75 66.2 728.64 28.03 -2.89 8.19 1,200.76 4,465.00 54.54 51.01 1,639.05 278.8 44.78 14.77 106.01 208.3 123.01 15.18 163.99 93.15 9.09
0.47 1.01 0.87 0.59 -0.75 -0.07 1.01 0.38 0.17 0.04 0.9 0.19 -0.22 -0.39 -0.12 0.45 0.54 -0.68 0.17 0.14 0.11 0.15 -0.23 -0.06 0.19 0.82 0 0.4 0.41 0.11 -1.04 -0.62 0.16 0.33 -1.17 -0.09 0.05 0.39 1.31 0.81 -0.34 0.22 0.41 -0.12 -0.11 0.13 -0.04 -0.59 -0.16 -0.29 -0.08
0.24 0.71 0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75
12.36 26.34 32.35 8.36 7.92 23.23 13.53 10.66 44.65 4.65 19.91 23.77 29.09 17.46 11.13 10.21 8.01 5.28 27.59 24.75 5.16 27.89 29.7 18.07 22.76 27.63 30.38 24.29 15.32 6.35 2.21 30.38 11.53 57.71 1.57 28.28 22.31 32.67 10.27 14.79 5.59 15.06 21.93 16.13 15.06 17.46 12.07 22.77 12.66 11.7 5.44
Mangalam Cement 1.66 Ltd. 1.11 Navin Fluorine Intl.1.55 Ltd. 1.72 Oil Country Tubular 2.39 Ltd. 1.39 Oriental Bank Of Commerce 3.63 1.18 Punjab National Bank 4.19 1.19 Rain Commodities6.54 Ltd. 1.36 Rallis India Ltd. 6.53 1.26 S K F India Ltd. 7.54 1.03 State Bank Of India 7.42 1 Supreme Industries 5.26 Ltd. 1.2 Swaraj Engines Ltd. 5.55 0.76 T C P L Packaging 4.22 Ltd. 0.88 Tata Consultancy 12.37 Services Ltd. 0.73 Value Industries 11.41 Ltd. 1.43 Vardhman Holdings 4.58 Ltd. 0.76 Videocon Industries 2.98 Ltd. 1.4 Vijaya Bank 3.85 1.12 Visaka Industries 1.61 Ltd. 1.19
15.42 10.1 6.64 182.9 630.61 26.65 19.17 23.73 1841.15 22.1 6.21 1.15 1370.05 1.97 0.64 22.94 50.72 6.35
0.57 0.38 1.24 0.43 0.99 1.08 1.8 1.19 1.17 1.03 1.22 0.3 3.96 0.08 0.34 0.29 0.44 0.34
92.69 47.11 70.05 905.57 3,089.11 91.57 77.51 128.07 9,124.18 102.76 21.28 3.97 5,385.07 34.84 8.08 1,059.43 207.64 41.51
111.83 13.15 29.11 838.28 2,047.63 85.65 38.33 157.48 6,718.08 51.32 14.3 2.12 4,270.84 -1.16 1.35 760.55 349.91 12.06
-0.17 2.58 1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.17 0.21 0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
33.61 19.77 49.38 14.03 23.52 17.14 25.51 19.78 15.74 34.13 21.93 7.15 35.13 1.74 7.42 14.45 11.31 19.13
Rs. Crore Rs. Crore Mar-09 Mar-09 mkt cap Sales net pro marg p/s 1125.93 527.24 0.29 2.14 15956.7 6,867.77 0.07 2.32 15190.16 7,229.97 0.16 2.1 160.43 2,050.22 0.22 0.08 15535.29 2,703.54 0.02 5.75 439.25 1,048.41 0.09 0.42 3.52 10.26 0.04 0.34 212.84 660.22 0.1 0.32 106.9 319.33 0.07 0.33 49.14 205.69 0.04 0.24 1735.78 801.94 0.12 2.16 15022.51 6,182.09 0.17 2.43 2113.49 1,307.97 0.14 1.62 556.31 1,228.27 0.28 0.45 4338.33 5,664.34 0.12 0.77 20.33 104.74 0.01 0.19 7099 2,651.21 0.1 2.68 134.66 105.52 0.3 1.28 8.64 0.96 0.54 9 13426.37 4,510.12 0.08 2.98 451.83 117.22 0.13 3.85 2146.38 356.34 0.2 6.02 361.48 751.02 0.08 0.48 207.02 565.83 0.03 0.37 3152.89 890.03 0.16 3.54 33056.89 13,550.95 0.13 2.44 1441.3 533.39 0.07 2.7 2467.55 1,767.54 0.02 1.4 387.63 304.38 -0.04 1.27 4765.24 219.12 0.87 21.75 2900.34 1,456.82 0.07 1.99 15566.93 16,605.09 0.13 0.94 17120.71 18,344.93 0.16 0.93 1747.91 4,703.17 0.08 0.37 1090.23 989.96 0.06 1.1 517.29 547.1 0.09 0.95 39.97 219.3 0.01 0.18 82617.21 34,048.32 0.27 2.43 233.66 14.1 1.29 16.57 1297.8 974.47 0.08 1.33 1551.13 820.45 0.11 1.89 297.85 1,164.72 0.04 0.26 82.08 1,898.84 0.09 0.04 819.2 411.16 0.17 1.99 838.48 9,313.28 0.08 0.09 8242.52 1,750.77 0.16 4.71
18.22 2691.85 11821.77 148.33 35.3 66.78 856.9 13786.86 676.68 465.11 130.14 764.39 211.81 95.59 2797.17 327.96 441.78 993.07 2993.44 4630.95 170.59 4489.5 752.4 623.35 672.59 1619.19 2519.39 20540.01 62126.87 1218.16 8.84 2034.44 7410.89 916.5 254.5 28.3 4497.32 125537.21 1450.45 443.98 13273.91 2876.62 754.11 85.74 2051.94 1618.28 2141.72 627.85 1809.17 1299.94 186.29
44.24 255.55 4,678.79 473.24 19.67 64.1 430.63 3,999.50 427 335.91 724.04 755.35 148.7 283.9 1,450.90 1,675.20 552.07 140.95 591.72 1,584.33 214.42 2,836.28 1,150.18 509.01 294 1,044.56 12,411.44 4,615.39 19,770.72 498.17 29.79 906.34 12,668.35 97.03 940.63 76.27 10,910.87 20,264.00 566.57 687.88 14,006.59 5,003.35 597.21 153.5 1,382.71 1,631.31 2,170.60 507.6 5,060.81 492.17 2.5
0.04 0.28 0.11 0.03 0.06 0.13 0.13 0.15 0.14 0.1 0.06 0.13 0.1 0.03 0.08 0.02 0.06 0.1 0.19 0.12 0.04 0.35 0.08 0.11 0.17 0.4 0.02 0.21 0.11 0.15 0 0.03 0.07 0.39 0 0.1 0.12 0.31 0.22 0.13 0.08 0.07 0.11 0.09 0.07 0.14 0.05 0.01 0.03 0.13 3.36
0.41 10.53 2.53 0.31 1.79 1.04 1.99 3.45 1.58 1.38 0.18 1.01 1.42 0.34 1.93 0.2 0.8 7.05 5.06 2.92 0.8 1.58 0.65 1.22 2.29 1.55 0.2 4.45 3.14 2.45 0.3 2.24 0.58 9.45 0.27 0.37 0.41 6.2 2.56 0.65 0.95 0.57 1.26 0.56 1.48 0.99 0.99 1.24 0.36 2.64 74.52
358.23 564.15 245.98 420.09 403.92 421.48 4548.55 9,613.00 21390.12 21,907.42 1327.44 1,112.17 956.13 846.65 1441.44 1,637.55 113119.78 74,880.76 815 1,651.93 366.51 208.17 26.66 159.35 105846.51 22,401.92 76.27 1,244.68 60.45 8.34 5498.79 9,753.65 1838.12 5,587.46 188.9 584.69
0.16 0.11 0.17 0.09 0.14 0.08 0.09 0.08 0.12 0.06 0.1 0.02 0.24 0.03 0.97 0.11 0.04 0.07
0.63 0.59 0.96 0.47 0.98 1.19 1.13 0.88 1.51 0.49 1.76 0.17 4.72 0.06 7.25 0.56 0.33 0.32
Company Name P/E Beta growth ratepayout ratio 3I Infotech Ltd. 3.95 1.27 0.63 0.13 A B B Ltd. 17.83 0.87 -0.1 0.09 A C C Ltd. 8.67 0.88 -0.06 0.33 Aditya Birla Chemicals 1.81 (India)1.22 Ltd. -0.04 0.01 Adlabs Films Ltd. -11.41 1.39 -0.94 0 Ador Fontech Ltd.2.67 1 0.07 0.02 Ador Multiproducts7.26 Ltd. 1 0.44 0 Advent Computer -21.84 Services Ltd. 1.29 -0.01 0 Ajanta Pharma Ltd. 2.81 1.29 0.26 0.13 Albert David Ltd. 3.53 1.33 0.05 0.27 Alfa Laval (India)17.16 Ltd. 0.63 0.18 0.46 Ambuja Cements 7.76 Ltd. 0.8 -0.04 0.31 Amtek Auto Ltd. 6.3 0.55 -0.1 0.05 Amtek India Ltd. 1.22 0.94 1.96 0.01 Andhra Bank 3.34 1.25 0.13 0.33 Aplab Ltd. 22.32 1.24 -0.8 0.71 Areva T & D India 19.19 Ltd. 1.22 0.17 0.17 Arihant Foundations 0.59 & Housing 0.91 Ltd. 0.13 0.02 Ashirwad Capital Ltd. 6.72 0.62 -0.54 0.77 Asian Paints Ltd. 20.5 0.41 -0.02 0.45 Astra Microwave16.49 Products Ltd. 0.92 -0.25 0.17 Astrazeneca Pharma 20.14India Ltd. 0.79 0.18 0.52 Automotive Axles 5.15 Ltd. 0.84 0.23 0.16 Avaya Globalconnect 20.16Ltd. 0.88 -0.65 0.34 Aventis Pharma 13.15 Ltd. 0.68 -0.18 0.27 Axis Bank Ltd. 8.2 1.03 0.68 0.23 B O C India Ltd. 34.68 1.18 34.32 0.32 Bajaj Hindusthan-3.28 Ltd. 1.19 -0.35 0.3 Bajaj Hindusthan Sugar -1.1 & Inds. 1.15 Ltd. -0.51 0 Bajaj Holdings &15.07 Invst. Ltd. 0.72 -0.36 0.53 Balrampur Chini 13.93 Mills Ltd. 1.02 -3.01 0.13 Bank Of Baroda 4.01 1.35 0.55 0.17 Bank Of India 3.84 1.46 0.5 0.16 Bank Of Maharashtra 2.38 1.09 0.11 0.18 Bata India Ltd. 11.11 1.14 0.41 0.26 Bharat Bijlee Ltd. 5.19 1.27 -0.34 0.3 Bharat Seats Ltd.6.54 1.05 -0.02 0.55 Baharti Airtel 0.82 0.44 0 23.29 Binani Industries Ltd. 4.3 1.57 0.29 0.49 Blue Dart Express 16.66 Ltd. 0.75 0.03 0.03 C M C Ltd. 4.59 0.8 0.17 0.24 Century Enka Ltd. 17.49 1.1 1.26 0.24 Cheviot Co. Ltd. 4.08 1.3 0.06 0.02 City Union Bank Ltd. 3.2 0.83 0.27 0.33 Clariant Chemicals 6.75 (India) Ltd. 0.51 1.36 0.07 Colgate-Palmolive 22.06 (India) Ltd.0.61 0.32 0.71 Cravatex Ltd. 5.14 0.55 0.47 0.24 Crisil Ltd. 13.45 0.67 1.01 0.71
SUMMARY OUTPUT Regression Statistics Multiple R 0.67 R Square 0.45 Adjusted R Square 0.43 Standard Error 11.13 Observations 115 ANOVA df Regression Residual Total
3 111 114
Coefficients Intercept 10.02 Beta -6.95 Growth Rate 0.35 Payout Ratio 15.19
P/E ratio=17.188 - 2.816*beta +
P/E ratio EPS EST Mkt Price MKT Price
Crompton Greaves 11.36 Ltd. 1.02 0.87 D I C India Ltd. 7.52 0.74 0.59 De Nora India Ltd.13.5 1.08 -0.75 Denison Hydraulics 4.03 India Ltd.1.46 -0.07 Dhanalakshmi Bank5.6 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 14.39 Ltd.0.67 0.38 Esab India Ltd. 7.73 1.09 0.17 Essel Propack Ltd. 7.95 0.82 0.04 Excel Crop Care Ltd. 2.7 1.22 0.9 F A G Bearings India 4.81Ltd. 0.88 0.19 Foseco India Ltd.10.82 0.77 -0.22 G M Breweries Ltd. 5.92 1.05 -0.39 G T L Ltd. 20.59 1.31 -0.12 Garden Silk Mills Ltd. 2.64 1.22 0.45 Gati Ltd. 14.44 0.8 0.54 Geojit B N P Paribas 29.58Financial 1.08 Services-0.68 Ltd. Gillette India Ltd.23.95 0.55 0.17 Glaxosmithkline Consumer 13.7 Healthcare 0.55 Ltd. 0.14 Granules India Ltd. 10.19 0.93 0.11 Great Eastern Shipping 2.37 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 4.69 1.21 -0.23 Grindwell Norton Ltd. 7.7 1.06 -0.06 Gruh Finance Ltd.6.37 0.83 0.19 Gujarat Fluorochemicals 2.12 Ltd. 1.08 0.82 H C L Infosystems5.05 Ltd. 0.75 0 H C L Technologies 8.62 Ltd. 0.92 0.4 H D F C Bank Ltd. 18.34 0.62 0.41 Hexaware Technologies 9.44 Ltd. 1.05 0.11 Hindustan Hardy -119.44 Spicer Ltd. 1.2 -1.04 I C I India Ltd. 15.73 0.57 -0.62 I D B I Bank Ltd. 3.83 1.41 0.16 I L & F S Investment 9.47Managers 1.12 Ltd. 0.33 I T D Cementation -37.99 India Ltd. 1 -1.17 Indag Rubber Ltd.1.37 0.56 -0.09 Indian Overseas Bank 1.97 1.26 0.05 Infosys Technologies 13.28Ltd. 0.68 0.39 Infotech Enterprises 6.59 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 4.27 1.11 Ltd. 0.81 J S W Steel Ltd. 9.46 1.24 -0.34 Jindal Saw Ltd. 2.61 1.12 0.22 K S B Pumps Ltd.7.06 0.95 0.41 Kabra Extrusiontechnik 4.4 Ltd. 1.06 -0.12 Kansai Nerolac Paints 12.21 Ltd. 0.61 -0.11 Karur Vysya Bank4.59 Ltd. 0.76 0.13 Kirloskar Oil Engines 10.04Ltd. 0.94 -0.04 L G Balakrishnan 7.51 & Bros. Ltd.0.84 -0.59 M R F Ltd. 18.54 0.87 -0.16 Madras Aluminium 19.45 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 8.42 Ltd. 1 -0.08 Mangalam Cement 1.66 Ltd. 1.11 -0.17 Navin Fluorine Intl.1.55 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
Oil Country Tubular 2.39 Ltd. 1.39 Oriental Bank Of Commerce 3.63 1.18 Punjab National Bank 4.19 1.19 Rain Commodities6.54 Ltd. 1.36 Rallis India Ltd. 6.53 1.26 S K F India Ltd. 7.54 1.03 State Bank Of India 7.42 1 Supreme Industries 5.26 Ltd. 1.2 Swaraj Engines Ltd. 5.55 0.76 T C P L Packaging 4.22 Ltd. 0.88 Tata Consultancy 12.37 Services Ltd. 0.73 Value Industries 11.41 Ltd. 1.43 Vardhman Holdings 4.58 Ltd. 0.76 Videocon Industries 2.98 Ltd. 1.4 Vijaya Bank 3.85 1.12 Visaka Industries 1.61 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
SS 11023.66 13739.34 24763
MS 3674.55 123.78
F Significance F 29.69 0
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 4.21 2.38 0.02 1.67 18.37 1.67 18.37 3.96 -1.75 0.08 -14.79 0.9 -14.79 0.9 0.24 1.49 0.14 -0.12 0.82 -0.12 0.82 1.76 8.66 0 11.71 18.67 11.71 18.67
10.017-6.9467*beta+0.353652*growth rate+15.19138*payout ratio
10.59 40.79 432.04 422.65
Company Name P/B Beta growth ratepayout ratioROE 3I Infotech Ltd. 0.66 1.27 0.63 0.13 23.54 A B B Ltd. 4.15 0.87 -0.1 0.09 26 A C C Ltd. 2.03 0.88 -0.06 0.33 24.61 Aditya Birla Chemicals 0.35 (India)1.22 Ltd. -0.04 0.01 19.25 Adlabs Films Ltd. 1.25 1.39 -0.94 0 6.76 Ador Fontech Ltd.0.82 1 0.07 0.02 30.88 Ador Multiproducts0.63 Ltd. 1 0.44 0 8.82 Advent Computer 0.26 Services Ltd. 1.29 -0.01 0 15.62 Ajanta Pharma Ltd.0.4 1.29 0.26 0.13 14.05 Albert David Ltd. 0.48 1.33 0.05 0.27 13.49 Alfa Laval (India) Ltd. 4.7 0.63 0.18 0.46 29.34 Ambuja Cements 1.81 Ltd. 0.8 -0.04 0.31 24.73 Amtek Auto Ltd. 0.43 0.55 -0.1 0.05 11.22 Amtek India Ltd. 0.23 0.94 1.96 0.01 24.39 Andhra Bank 0.6 1.25 0.13 0.33 17.9 Aplab Ltd. 0.51 1.24 -0.8 0.71 2.26 Areva T & D India6.27 Ltd. 1.22 0.17 0.17 31.27 Arihant Foundations 0.27 & Housing 0.91 Ltd. 0.13 0.02 20.54 Ashirwad Capital Ltd. 1.01 0.62 -0.54 0.77 10.52 Asian Paints Ltd. 6.89 0.41 -0.02 0.45 33.1 Astra Microwave Products 1.97 Ltd. 0.92 -0.25 0.17 11.76 Astrazeneca Pharma 11.42India Ltd. 0.79 0.18 0.52 63.56 Automotive Axles 0.75 Ltd. 0.84 0.23 0.16 32.83 Avaya Globalconnect 0.5Ltd. 0.88 -0.65 0.34 7.66 Aventis Pharma Ltd. 2.65 0.68 -0.18 0.27 20.88 Axis Bank Ltd. 1.46 1.03 0.68 0.23 17.77 B O C India Ltd. 1.17 1.18 34.32 0.32 7.73 Bajaj Hindusthan Ltd. 0.5 1.19 -0.35 0.3 3.54 Bajaj Hindusthan 0.47 Sugar & Inds. 1.15 Ltd. -0.51 0 28.13 Bajaj Holdings & Invst. 0.94 Ltd. 0.72 -0.36 0.53 5.45 Balrampur Chini Mills 1.27Ltd. 1.02 -3.01 0.13 9.57 Bank Of Baroda 0.67 1.35 0.55 0.17 17.35 Bank Of India 0.98 1.46 0.5 0.16 25.51 Bank Of Maharashtra 0.43 1.09 0.11 0.18 18.16 Bata India Ltd. 2.53 1.14 0.41 0.26 24.71 Bharat Bijlee Ltd. 1.25 1.27 -0.34 0.3 23.82 Bharat Seats Ltd.0.72 1.05 -0.02 0.55 10.71 Baharti Airtel 2.8 0.82 0.44 0 28.13 Binani Industries Ltd. 0.5 1.57 0.29 0.49 18.11 Blue Dart Express2.41 Ltd. 0.75 0.03 0.03 19.73 C M C Ltd. 1.27 0.8 0.17 0.24 27.59 Century Enka Ltd.0.28 1.1 1.26 0.24 3.64 Cheviot Co. Ltd. 0.29 1.3 0.06 0.02 7.18 City Union Bank Ltd. 0.59 0.83 0.27 0.33 18.47 Clariant Chemicals 1.53 (India) Ltd. 0.51 1.36 0.07 21.24 Colgate-Palmolive29.6 (India) Ltd.0.61 0.32 0.71 134.17 Cravatex Ltd. 0.51 0.55 0.47 0.24 12.36 Crisil Ltd. 5.1 0.67 1.01 0.71 26.34
SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total
Intercept Beta Growth rate Payout Ratio ROE
P/B ratio= P/B ratio Mkt P/B Ratio
Crompton Greaves 3.68 Ltd. 1.02 0.87 D I C India Ltd. 0.6 0.74 0.59 De Nora India Ltd.0.87 1.08 -0.75 Denison Hydraulics 0.81 India Ltd.1.46 -0.07 Dhanalakshmi Bank0.8 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 1.57 Ltd.0.67 0.38 Esab India Ltd. 3.13 1.09 0.17 Essel Propack Ltd. 0.34 0.82 0.04 Excel Crop Care Ltd. 0.54 1.22 0.9 F A G Bearings India 1.16Ltd. 0.88 0.19 Foseco India Ltd. 2.56 0.77 -0.22 G M Breweries Ltd. 1.04 1.05 -0.39 G T L Ltd. 2.29 1.31 -0.12 Garden Silk Mills Ltd. 0.34 1.22 0.45 Gati Ltd. 1.22 0.8 0.54 Geojit B N P Paribas 1.54Financial 1.08 Services-0.68 Ltd. Gillette India Ltd. 4.3 0.55 0.17 Glaxosmithkline Consumer 3.5 Healthcare 0.55 Ltd. 0.14 Granules India Ltd. 0.41 0.93 0.11 Great Eastern Shipping 0.58 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 0.69 1.21 -0.23 Grindwell Norton Ltd. 1.32 1.06 -0.06 Gruh Finance Ltd.1.45 0.83 0.19 Gujarat Fluorochemicals 0.59 Ltd. 1.08 0.82 H C L Infosystems1.15 Ltd. 0.75 0 H C L Technologies 1.85 Ltd. 0.92 0.4 H D F C Bank Ltd.2.81 0.62 0.41 Hexaware Technologies 0.62 Ltd. 1.05 0.11 Hindustan Hardy Spicer 0.57 Ltd. 1.2 -1.04 I C I India Ltd. 1.73 0.57 -0.62 I D B I Bank Ltd. 0.44 1.41 0.16 I L & F S Investment 5.47Managers 1.12 Ltd. 0.33 I T D Cementation0.24 India Ltd. 1 -1.17 Indag Rubber Ltd.0.39 0.56 -0.09 Indian Overseas Bank 0.42 1.26 0.05 Infosys Technologies 4.26Ltd. 0.68 0.39 Infotech Enterprises 0.68 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 0.58 1.11 Ltd. 0.81 J S W Steel Ltd. 0.57 1.24 -0.34 Jindal Saw Ltd. 0.4 1.12 0.22 K S B Pumps Ltd.1.51 0.95 0.41 Kabra Extrusiontechnik 0.71 Ltd. 1.06 -0.12 Kansai Nerolac Paints 1.84 Ltd. 0.61 -0.11 Karur Vysya Bank Ltd. 0.8 0.76 0.13 Kirloskar Oil Engines 1.14Ltd. 0.94 -0.04 L G Balakrishnan 0.45 & Bros. Ltd.0.84 -0.59 M R F Ltd. 0.65 0.87 -0.16 Madras Aluminium3.19 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 0.46 Ltd. 1 -0.08 Mangalam Cement 0.57 Ltd. 1.11 -0.17 Navin Fluorine Intl.0.38 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
32.35 8.36 7.92 23.23 13.53 10.66 44.65 4.65 19.91 23.77 29.09 17.46 11.13 10.21 8.01 5.28 27.59 24.75 5.16 27.89 29.7 18.07 22.76 27.63 30.38 24.29 15.32 6.35 2.21 30.38 11.53 57.71 1.57 28.28 22.31 32.67 10.27 14.79 5.59 15.06 21.93 16.13 15.06 17.46 12.07 22.77 12.66 11.7 5.44 33.61 19.77
Oil Country Tubular 1.24 Ltd. 1.39 Oriental Bank Of Commerce 0.43 1.18 Punjab National Bank 0.99 1.19 Rain Commodities1.08 Ltd. 1.36 Rallis India Ltd. 1.8 1.26 S K F India Ltd. 1.19 1.03 State Bank Of India 1.17 1 Supreme Industries 1.03 Ltd. 1.2 Swaraj Engines Ltd. 1.22 0.76 T C P L Packaging 0.3 Ltd. 0.88 Tata Consultancy 3.96 Services Ltd. 0.73 Value Industries Ltd. 0.08 1.43 Vardhman Holdings 0.34 Ltd. 0.76 Videocon Industries 0.29 Ltd. 1.4 Vijaya Bank 0.44 1.12 Visaka Industries 0.34 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
49.38 14.03 23.52 17.14 25.51 19.78 15.74 34.13 21.93 7.15 35.13 1.74 7.42 14.45 11.31 19.13
UMMARY OUTPUT Regression Statistics 0.84 0.7 0.69 1.72 115
df 4 110 114
SS 766.2 324.39 1090.58
MS 191.55 2.95
F Significance F 64.95 0
Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.18 0.72 0.25 0.8 -1.25 1.62 -1.25 1.62 -1.69 0.62 -2.72 0.01 -2.92 -0.46 -2.92 -0.46 -0.01 0.04 -0.35 0.73 -0.09 0.06 -0.09 0.06 -0.07 0.27 -0.24 0.81 -0.6 0.47 -0.6 0.47 0.16 0.01 14.98 0 0.14 0.18 0.14 0.18
0.182424-1.68696*beta-0.01286*growth rate-0.065*payout ratio+0.160601*roe -1.45 2.8
65
Company Name p/s Beta growth ratepayout rationet pro marg 3I Infotech Ltd. 2.14 1.27 0.63 0.13 0.29 A B B Ltd. 2.32 0.87 -0.1 0.09 0.07 A C C Ltd. 2.1 0.88 -0.06 0.33 0.16 Aditya Birla Chemicals 0.08 (India)1.22 Ltd. -0.04 0.01 0.22 Adlabs Films Ltd. 5.75 1.39 -0.94 0 0.02 Ador Fontech Ltd.0.42 1 0.07 0.02 0.09 Ador Multiproducts0.34 Ltd. 1 0.44 0 0.04 Advent Computer 0.32 Services Ltd. 1.29 -0.01 0 0.1 Ajanta Pharma Ltd. 0.33 1.29 0.26 0.13 0.07 Albert David Ltd. 0.24 1.33 0.05 0.27 0.04 Alfa Laval (India) Ltd. 2.16 0.63 0.18 0.46 0.12 Ambuja Cements 2.43 Ltd. 0.8 -0.04 0.31 0.17 Amtek Auto Ltd. 1.62 0.55 -0.1 0.05 0.14 Amtek India Ltd. 0.45 0.94 1.96 0.01 0.28 Andhra Bank 0.77 1.25 0.13 0.33 0.12 Aplab Ltd. 0.19 1.24 -0.8 0.71 0.01 Areva T & D India2.68 Ltd. 1.22 0.17 0.17 0.1 Arihant Foundations 1.28 & Housing 0.91 Ltd. 0.13 0.02 0.3 Ashirwad Capital Ltd.9 0.62 -0.54 0.77 0.54 Asian Paints Ltd. 2.98 0.41 -0.02 0.45 0.08 Astra Microwave Products 3.85 Ltd. 0.92 -0.25 0.17 0.13 Astrazeneca Pharma 6.02India Ltd. 0.79 0.18 0.52 0.2 Automotive Axles 0.48 Ltd. 0.84 0.23 0.16 0.08 Avaya Globalconnect 0.37Ltd. 0.88 -0.65 0.34 0.03 Aventis Pharma Ltd. 3.54 0.68 -0.18 0.27 0.16 Axis Bank Ltd. 2.44 1.03 0.68 0.23 0.13 B O C India Ltd. 2.7 1.18 34.32 0.32 0.07 Bajaj Hindusthan Ltd. 1.4 1.19 -0.35 0.3 0.02 Bajaj Hindusthan 1.27 Sugar & Inds. 1.15 Ltd. -0.51 0 -0.04 Bajaj Holdings &21.75 Invst. Ltd. 0.72 -0.36 0.53 0.87 Balrampur Chini Mills 1.99Ltd. 1.02 -3.01 0.13 0.07 Bank Of Baroda 0.94 1.35 0.55 0.17 0.13 Bank Of India 0.93 1.46 0.5 0.16 0.16 Bank Of Maharashtra 0.37 1.09 0.11 0.18 0.08 Bata India Ltd. 1.1 1.14 0.41 0.26 0.06 Bharat Bijlee Ltd. 0.95 1.27 -0.34 0.3 0.09 Bharat Seats Ltd.0.18 1.05 -0.02 0.55 0.01 Baharti Airtel 2.43 0.82 0.44 0 0.27 Binani Industries16.57 Ltd. 1.57 0.29 0.49 1.29 Blue Dart Express1.33 Ltd. 0.75 0.03 0.03 0.08 C M C Ltd. 1.89 0.8 0.17 0.24 0.11 Century Enka Ltd.0.26 1.1 1.26 0.24 0.04 Cheviot Co. Ltd. 0.04 1.3 0.06 0.02 0.09 City Union Bank Ltd. 1.99 0.83 0.27 0.33 0.17 Clariant Chemicals 0.09 (India) Ltd. 0.51 1.36 0.07 0.08 Colgate-Palmolive4.71 (India) Ltd.0.61 0.32 0.71 0.16 Cravatex Ltd. 0.41 0.55 0.47 0.24 0.04 Crisil Ltd. 10.53 0.67 1.01 0.71 0.28
SUMMARY OUTPUT Regression Statistics Multiple R 0.95 R Square 0.9 Adjusted R Square0.9 Standard Error 2.33 Observations 115 ANOVA df Regression Residual Total
4 110 114
Coefficients Intercept 0.72 Beta -1.49 Growth Rate -0.03 Payout ratio 0.45 NPM 20.11
P/S = 0.723395-1.48513*Beta -0.02 P/S = 4.34 Sales/share 13.54 EST Mkt Price 58.77 MKT Price 422.65
Crompton Greaves 2.53 Ltd. 1.02 0.87 D I C India Ltd. 0.31 0.74 0.59 De Nora India Ltd.1.79 1.08 -0.75 Denison Hydraulics 1.04 India Ltd.1.46 -0.07 Dhanalakshmi Bank 1.99 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 3.45 Ltd.0.67 0.38 Esab India Ltd. 1.58 1.09 0.17 Essel Propack Ltd. 1.38 0.82 0.04 Excel Crop Care Ltd. 0.18 1.22 0.9 F A G Bearings India 1.01Ltd. 0.88 0.19 Foseco India Ltd. 1.42 0.77 -0.22 G M Breweries Ltd. 0.34 1.05 -0.39 G T L Ltd. 1.93 1.31 -0.12 Garden Silk Mills Ltd. 0.2 1.22 0.45 Gati Ltd. 0.8 0.8 0.54 Geojit B N P Paribas 7.05Financial 1.08 Services-0.68 Ltd. Gillette India Ltd. 5.06 0.55 0.17 Glaxosmithkline Consumer 2.92 Healthcare 0.55 Ltd. 0.14 Granules India Ltd.0.8 0.93 0.11 Great Eastern Shipping 1.58 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 0.65 1.21 -0.23 Grindwell Norton Ltd. 1.22 1.06 -0.06 Gruh Finance Ltd.2.29 0.83 0.19 Gujarat Fluorochemicals 1.55 Ltd. 1.08 0.82 H C L Infosystems 0.2 Ltd. 0.75 0 H C L Technologies 4.45 Ltd. 0.92 0.4 H D F C Bank Ltd.3.14 0.62 0.41 Hexaware Technologies 2.45 Ltd. 1.05 0.11 Hindustan Hardy Spicer 0.3 Ltd. 1.2 -1.04 I C I India Ltd. 2.24 0.57 -0.62 I D B I Bank Ltd. 0.58 1.41 0.16 I L & F S Investment 9.45Managers 1.12 Ltd. 0.33 I T D Cementation0.27 India Ltd. 1 -1.17 Indag Rubber Ltd.0.37 0.56 -0.09 Indian Overseas Bank 0.41 1.26 0.05 Infosys Technologies 6.2Ltd. 0.68 0.39 Infotech Enterprises 2.56 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 0.65 1.11 Ltd. 0.81 J S W Steel Ltd. 0.95 1.24 -0.34 Jindal Saw Ltd. 0.57 1.12 0.22 K S B Pumps Ltd.1.26 0.95 0.41 Kabra Extrusiontechnik 0.56 Ltd. 1.06 -0.12 Kansai Nerolac Paints 1.48 Ltd. 0.61 -0.11 Karur Vysya Bank0.99 Ltd. 0.76 0.13 Kirloskar Oil Engines 0.99Ltd. 0.94 -0.04 L G Balakrishnan 1.24 & Bros. Ltd.0.84 -0.59 M R F Ltd. 0.36 0.87 -0.16 Madras Aluminium2.64 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 74.52 Ltd. 1 -0.08 Mangalam Cement 0.63 Ltd. 1.11 -0.17 Navin Fluorine Intl.0.59 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
0.11 0.03 0.06 0.13 0.13 0.15 0.14 0.1 0.06 0.13 0.1 0.03 0.08 0.02 0.06 0.1 0.19 0.12 0.04 0.35 0.08 0.11 0.17 0.4 0.02 0.21 0.11 0.15 0 0.03 0.07 0.39 0 0.1 0.12 0.31 0.22 0.13 0.08 0.07 0.11 0.09 0.07 0.14 0.05 0.01 0.03 0.13 3.36 0.16 0.11
Oil Country Tubular 0.96 Ltd. 1.39 Oriental Bank Of Commerce 0.47 1.18 Punjab National Bank 0.98 1.19 Rain Commodities1.19 Ltd. 1.36 Rallis India Ltd. 1.13 1.26 S K F India Ltd. 0.88 1.03 State Bank Of India 1.51 1 Supreme Industries 0.49 Ltd. 1.2 Swaraj Engines Ltd. 1.76 0.76 T C P L Packaging 0.17 Ltd. 0.88 Tata Consultancy 4.72 Services Ltd. 0.73 Value Industries Ltd. 0.06 1.43 Vardhman Holdings 7.25 Ltd. 0.76 Videocon Industries 0.56 Ltd. 1.4 Vijaya Bank 0.33 1.12 Visaka Industries 0.32 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
0.17 0.09 0.14 0.08 0.09 0.08 0.12 0.06 0.1 0.02 0.24 0.03 0.97 0.11 0.04 0.07
SS 5659.19 595.95 6255.14
MS 1414.8 5.42
F Significance F 261.14 0
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.89 0.82 0.42 -1.03 2.48 -1.03 2.48 0.83 -1.79 0.08 -3.13 0.16 -3.13 0.16 0.05 -0.52 0.61 -0.12 0.07 -0.12 0.07 0.37 1.22 0.23 -0.28 1.18 -0.28 1.18 0.63 31.92 0 18.86 21.36 18.86 21.36
23395-1.48513*Beta -0.02567* Growth Rate +.449989* Payout Ratio + 20.11128 * Net profit Margin
2009 2010 2011 2012 2013
PAT
EPS 1210.67 2012.08 4033.23 6244.19 7,743.84
DPS 0 0 0 0 20
6.53 10.62 21.27 32.9 40.79
PAYOUT RATIO b(RETENTION RATIO) 0 1 0 1 0 1 0 1 0.49 0.51
EXPECTED GROWTH EPS RATE DPS PAYOUT 22% 20 40.79 22% 49.76 9.8 22% 60.71 4.8 22% 74.07 2.35 22% 90.36 1.15
0.49 0.49 0.49 0.49 0.49
COST OF EQUITY 0.05 0.05 0.05 0.05 0.05
2014 2015 2016
19% 18% 16%
107.53 126.89 147.19
54.84 68.52 83.9
0.51 0.54 0.57
0.05 0.05 0.05
2017
4%
76.81
46.09
0.6
0.05
TERMINAL PRICE 4140.02 P V OF T P 2715.41
THE PRESENT VALUE OF DIVIDEND IN HIGH GROW THE PRESENT VALUE OF DIVIDEND IN TRANSITIO THE PRESENT VALUE OF DIVIDEND IN STABLE PH THE PRESENT VALUE OF TERMINAL PRICE AT EN VALUE OF BHARTI AIRTEL STOCK eps growth
45 40 35 30 25
C
20 15 10 5 0 1
2
3
4
5
B V OF equity 4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
ROE=PAT/BV OF EQUITY GROWTH 0.27 0.27 0.27 0.27 0.35 0.35 0.31 0.31 0.28 0.14 0.27
CUMULATED COST OF EQUITY P V OF DPS 1.05 1.11 1.02 1.01 1.01 SUM
18.96 8.81 4.72 2.32 1.14 35.95
1.31 1.38 1.45
42.01 49.8 57.9 149.71
1.52
30.23
SUM
ESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE ESENT VALUE OF DIVIDEND IN TRANSITION PHASE ESENT VALUE OF DIVIDEND IN STABLE PHASE ESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION OF BHARTI AIRTEL STOCK eps growth
Column C
3
4
5
35.95 149.71 30.28 2715.41 2931.35
EPS
GROWTH IN EPS 6.53 10.62 21.27 32.9 40.79
average eps
0.63 1 0.55 0.24 0.6
Rf Rm-Rf beta ke
0.05 0.26 0.04 0.05
GROSS BLOCKnet change in capex deprecation deprecation current asset cash 05----mar 13,240.63 1,019.36 922.28 174.96 06--mar 4,711.11 17,951.74 1,432.34 1,432.34 1,295.72 201.81 07--mar 8,558.19 26,509.93 2,353.30 2,353.30 1,705.44 239.11 08---mar 1,605.72 28,115.65 3,166.58 3,166.58 3,034.18 200.86 09--mar 9,151.05 37,266.70 3,206.28 3,206.28 2,765.64 153.44
2009 2010 2011 2012 2013
EXPECTED GROWTH PAT RATE CAPEX-DEPRECATION CHANGE IN NON-CASH D/E W/C1-D/D+E 22% 7743.84 5,944.77 -1,153.53 0.56 0.66 22% 9447.48 7252.62 -1407.31 0.56 0.66 22% 11525.93 8848.2 -1716.91 0.56 0.66 22% 14061.64 10794.8 -2094.64 0.56 0.66 22% 17155.2 13169.65 -2555.45 0.56 0.66
2014 2015 2016
19% 18% 16%
24905.91 29388.98 34091.22
19119.7 22561.25 26171.05
-3710.01 -4377.81 -5078.26
0.58 0.59 0.62
0.37 0.37 0.38
2017
4%
35454.86
27217.89
-5281.39
0.7
0.41
growth in capex 10,000.00 9,000.00 8,000.00 7,000.00 6,000.00 Column C
5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 1
2
3
4
2,000.00 1,000.00 0.00 1
2
3
4
non cash current asset current liabilities 747.32 1093.91 1466.33 2833.32 2612.2
loan 4,458.80 6,735.36 9,809.83 12,400.38 13,832.49
noncash cl total debt 1,354.85 3,103.95 4,994.29 1,937.54 4,797.82 4,796.29 3,160.02 6,649.81 5,310.81 5,103.13 7,297.25 6,570.34 5,602.83 8,229.66 7,713.65
REINVESTMENT AMOUNT REINVESTMENT RATE ROE 3162.22 0.41 3857.91 0.41 4706.65 0.41 5742.11 0.41 7005.37 0.41
0.54 0.54 0.54 0.54 0.54
FCFE COST OF EQUITY 4581.62 0.05 5589.58 0.05 6819.29 0.05 8319.53 0.05 10149.82 0.05
5656.72 6747.31 8072.55
0.23 0.23 0.24
0.84 0.78 0.68
19249.19 22641.66 26018.67
0.05 0.05 0.05
9032.68
0.25
0.16
26422.19
0.05
terminal value present value
2292368.03 2179083.57
THE PRESENT VALUE OF FCFE IN HIGH GROWTH THE PRESENT VALUE OF FCFE IN TRANSITION PH THE PRESENT VALUE OF FCFE IN STABLE PHASE THE PRESENT VALUE OF TERMINAL PRICE AT EN VALUE OF BHARTI AIRTEL STOCK
growth in roe 0.4 0.35 0.3 0.25
Column C
Column U
0.2 0.15 0.1 0.05 0 1
2
3
4
5
0.1 0.05 0 1
2
3
4
5
net debt
W/C -198.00 514.52 1,259.53 1,143.31
CUMULATED COST OF EQUITY 1.05 1.11 1.17 1.24 1.31
change w/c equity reinvested net income reinvestment rate -2,356.63 -3,703.91 -5,183.48 -4,463.93 -5,617.46
4
5
2,129.49 4,210.80 -2,100.84 3,647.93
1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
PRESENT VALUE 4343.59 5023.87 5810.7 6720.76 7773.34 29672.27
1.38 1.45 1.53
13982.82 15607.58 17028.25 46618.65
1.61
16437.79
E PRESENT VALUE OF FCFE IN HIGH GROWTH PHASE E PRESENT VALUE OF FCFE IN TRANSITION PHASE E PRESENT VALUE OF FCFE IN STABLE PHASE E PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION UE OF BHARTI AIRTEL STOCK
Column U
-1,347.28 -1,479.57 719.55 -1,153.53
29672.27 46618.65 16437.79 2179083.57 2271812.28
1.06 1.04 -0.34 0.47
4
5
pat 1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
bv of equity roe 4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
growth 0.27 0.27 0.35 0.31 0.28
average
0.29 0.37 -0.1 0.13 0.17 AVERAGE 17.15
D/E
D/D+E 1-D/D+E 1.1 0.52 0.48 0.65 0.4 0.6 0.46 0.32 0.68 0.32 0.25 0.75 0.28 0.22 0.78 0.56
0.66
INTERESTGROWTH IN PBT INTEREST TAX 05----mar 06--mar 07--mar 08---mar 09--mar
2009 2010 2011 2012 2013
317 236.81 282.07 393.43 434.16
-0.25 0.19 0.39 0.1 0.11
-207.98 2,268.97 4,592.99 6,940.37 8,134.66
353.6 273.68 566.79 632.43 321.78
EXPECTEDebit GROWTHCAPEX-DEPRECATION RATE CHANGE IN D/E NON-CASH 1-D/D+E W/C 20% 7743.84 5,944.77 -1,153.53 0.56 0.66 20% 9292.61 7133.72 -1384.24 0.56 0.66 20% 11151.13 8560.47 -1661.08 0.56 0.66 20% 13381.36 10272.56 -1993.3 0.56 0.66 20% 16057.63 12327.08 -2391.96 0.56 0.66
2014 2015 2016
18% 24696.62 18959.03 16% 28648.08 22178.86 15% 32945.29 25505.69
-3678.83 -4267.45 -4907.56
0.58 0.59 0.62
0.37 0.37 0.38
2017
3% 33933.65 26270.86
-5054.79
0.7
0.41
TAX RATE
total debt -1.7 0.12 0.12 0.09 0.04 0.09
growth in debt 4,994.29 4,796.29 5,310.81 6,570.34 7,713.65
REINVESTMENT AMOUNT REINVESTMENT RATE ROC 3162.22 0.41 3794.66 0.41 4553.59 0.41 5464.31 0.41 6557.18 0.41
4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
-0.04 0.11 0.24 0.17
0.49 0.49 0.49 0.49 0.49
total equity growth in equity 0.62 0.56 0.77 0.37 0.58
FCFE interest tax rate 4581.62 434.16 0.04 5497.95 520.99 0.04 6597.54 625.19 0.05 7917.04 750.23 0.05 9500.45 900.27 0.06
5609.19 6646.37 7883.23
0.23 0.23 0.24
0.79 19087.43 0.69 22001.71 0.63 25062.06
1062.32 1242.92 1429.36
0.07 0.08 0.09
8736.03
0.26
0.12 25197.62
1543.7
0.1
growth in equity
interest(1-t)net debt issue FCFF Ke 416.99 1,143.31 3,855.30 498.12 1371.97 4,624.09 594.72 1646.37 5,545.89 709.64 1975.64 6,651.04 846.21 2370.77 7,975.90
total debt Kd 0.05 7,713.65 0.05 9,085.62 0.05 10,731.99 0.05 12,707.63 0.05 15,078.40
0.06 0.06 0.06 0.06 0.06
total equity D+E Ko 27,643.97 35,357.62 41465.96 50,551.58 62198.93 72,930.92 93298.4 106,006.03 139947.6 155,025.99
0.06 0.06 0.06 0.06 0.06
990.88 1148.46 1305.52
2323.35 17754.96 2230.42 20919.75 2096.59 24270.99
0.05 17,401.75 0.05 2,230.42 0.05 2,096.59
0.06 195926.64 0.56 262541.69 0.68 328177.12
213,328.39 264,772.11 330,273.71
0.05 0.06 0.06
1385.89
1677.27 24906.23
0.05
0.41 360994.83
364,768.70
0.06
3,773.87
TERMINAL VALUE PRESENT VALUE
### ###
THE PRESENT VALUE OF F THE PRESENT VALUE OF F THE PRESENT VALUE OF F THE PRESENT VALUE OF T VALUE OF BHARTI AIRTEL
CUMULATED present COST value OF capital of FCFF 1.06 3653.88 1.11 4152.5 1.18 4718.82 1.24 5362.57 1.31 6094.63 SUM 23982.4
1.38 12861.56 1.46 14322.91 1.54 15717.3 SUM 42901.77 1.63 15277.98
THE PRESENT VALUE OF FCFF IN HIGH GROWTH PHASE 23982.4 THE PRESENT VALUE OF FCFF IN TRANSITION PHASE 42901.77 THE PRESENT VALUE OF FCFF IN STABLE PHASE 15277.98 THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION ### VALUE OF BHARTI AIRTEL STOCK ###
2009 2010 2011 2012 2013
EXPECTEDEPS GROWTHDPS RATE PAYOUT COST OF EQUITY 22% 20 0.49 0.3 40.79 22% 49.76 9.8 0.49 0.3 22% 60.71 4.8 0.49 0.3 22% 74.07 2.35 0.49 0.3 22% 90.36 1.15 0.49 0.3
2014 2015 2016
19% 18% 16%
107.53 126.89 147.19
54.84 68.52 83.9
0.51 0.54 0.57
0.29 0.29 0.28
2017
10%
161.91
97.15
0.6
0.27
TERMINAL PRICE 618.89 P V OF T P 212.96
THE PRESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE THE PRESENT VALUE OF DIVIDEND IN TRANSITION PHASE THE PRESENT VALUE OF DIVIDEND IN STABLE PHASE THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSIT VALUE OF BHARTI AIRTEL STOCK
CUMULATED COST OF EQUITY P V OF DPS 1.3 15.35 1.7 5.77 1.09 4.4 1.07 2.2 1.05 1.09 SUM 28.81
1.38 1.78 2.28
39.69 38.5 36.74 114.93
2.91
33.43
SUM
ESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE ESENT VALUE OF DIVIDEND IN TRANSITION PHASE ESENT VALUE OF DIVIDEND IN STABLE PHASE ESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION OF BHARTI AIRTEL STOCK
Rf Rm-Rf beta(market) ke
28.81 114.93 33.43 212.96 390.12
0.05 0.26 1 0.3
YEAR EXPECTED G.R. PAT ROE 2009 22% 7743.84 2010 22% 9447.48 2011 22% 11525.93 2012 22% 14061.64 2013 22% 17155.2
R.R. FCFE COST OF EQUITY 0.54 0.41 4581.62 0.3 0.54 0.41 5589.58 0.3 0.54 0.41 6819.29 0.3 0.54 0.41 8319.53 0.3 0.54 0.41 10149.82 0.3
2014 2015 2016
19.00% 18.00% 16.00%
24905.91 29388.98 34091.22
0.84 0.78 0.68
0.23 19249.19 0.23 22641.66 0.24 26018.67
0.29 0.29 0.28
2017
10%
37500.34
0.16
0.25 27946.54
0.27
terminal value present value
178040.57 61262.61
THE PRESENT VALUE OF COMPANY IN HIGH GRO THE PRESENT VALUE OF COMPANY IN TRANSITIO THE PRESENT VALUE OF TERMINAL PRICE AT END THE PRESENT VALUE OF TERMINAL PRICE AT END VALUE OF BHARTI AIRTEL STOCK
pat growth 9,000.00
30,000.00
8,000.00 7,000.00
25,000.00 1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
6,000.00 5,000.00 4,000.00 3,000.00 2,000.00
20,000.00 15,000.00 10,000.00
1,000.00 0.00 year
5,000.00 0.00
CUMULATED COST OF EQUITY PRESENT VALUE 1.3 3516.21 1.7 3292.25 1.09 6243.45 1.07 7786.9 1.05 9626.62 sum 30465.43 1.38 1.78 2.28
13930.97 12720.87 11393.97 38045.82
2.91
9616.22
sum
COMPANY IN HIGH GROWTH PHASE COMPANY IN TRANSITION PHASE TERMINAL PRICE AT END OF TRANSITION PHASE TERMINAL PRICE AT END OF TRANSITION
30465.43 38045.82 9616.22 61262.61 139390.08
growth in equity 30,000.00 25,000.00 20,000.00 Column P
15,000.00 10,000.00 5,000.00 0.00 1
2
3
4
5
year
EXPECTED G.R.EBIT(1-T) BV OF DEBT BV OF EQUITY ROC 2009 20% 8747.64 7713.65 27643.97 2010 20% 10497.17 7867.92 35937.16 2011 20% 12596.6 8025.28 46718.31 2012 20% 15115.92 8185.79 60733.8 2013 20% 18139.11 8349.5 78953.94
0.25 0.24 0.23 0.22 0.21
2014 2015 2016
18.00% 16.00% 15.00%
21404.15 24828.81 28553.13
8433 8441.43 8466.76
106587.82 140695.93 177276.87
0.19 0.17 0.15
2017
9%
31122.91
8509.09
216277.78
0.14
ebit(1-t) growth 9000 8000 7000 6000 5000
Column I
4000 3000 2000 1000 0 1
2
3
4
5
R.R.
FCFF COST OF EQUITY COST OF DEBT COST OF CAPITAL 0.81 1676.12 0.3 0.06 0.83 1736.15 0.3 0.06 0.87 1647.88 0.3 0.06 0.91 1332 0.3 0.06 0.96 678.42 0.3 0.06
0.25 0.26 0.27 0.27 0.28
0.97 0.96 0.98
700.4 966.83 691.59
0.29 0.29 0.28
0.06 0.56 0.68
0.28 0.3 0.3
0.65 10892.09
0.27
0.41
0.28
terminal value present value
THE PRESENT VALUE OF COMPANY IN HIGH GROWTH THE PRESENT VALUE OF COMPANY IN TRANSITION PH THE PRESENT VALUE OF TERMINAL PRICE AT END OF THE PRESENT VALUE OF TERMINAL PRICE AT END OF VALUE OF BHARTI AIRTEL STOCK
growth in debt 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00
Column R
4,000.00 3,000.00 2,000.00 1,000.00 0.00 1
2
3
4
5
CUMULATED (Ko)
sum
present value 1.25 1341.78 1.58 1095.66 2.03 809.98 2.63 505.59 3.43 197.65 3950.65 4.38 5.71 7.43
159.89 169.34 93.09 422.32
9.49
1147.39
sum
2408679.69 2199850.12
ALUE OF COMPANY IN HIGH GROWTH PHASE ALUE OF COMPANY IN TRANSITION PHASE ALUE OF TERMINAL PRICE AT END OF TRANSITION PHASE ALUE OF TERMINAL PRICE AT END OF TRANSITION TI AIRTEL STOCK
Column R
3950.65 422.32 1147.39 ### ###
30 Days Index Returns B S E 100 Index
Year Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06
TRm 7.96 -4.04 -2.6 -4.48 2.39 -9.9 4.93 -6.75 -0.27 10.33 4.43 -4.28 1.83 -7.86 -2.03 11.64 10.84 4.1 17.68 3.83 7.24 8.32 16.13 -4.19 -4.38 -1.65 1.98 -16.52 1.42 7.58 1.23 7.49 1.9 10.3 7 -1.64 4.63 -2.79 -3.23 8.7 5.51 7.96 2.31 9.12 -8.91 11.79 6.53 5.49
7.96 -8.08 -7.8 -17.92 11.95 -59.4 34.51 -54 -2.43 103.3 48.73 -51.36 23.79 -110.04 -30.45 186.24 184.28 73.8 335.92 76.6 152.04 183.04 370.99 -100.56 -109.5 -42.9 53.46 -462.56 41.18 227.4 38.13 239.68 62.7 350.2 245 -59.04 171.31 -106.02 -125.97 348 225.91 334.32 99.33 401.28 -400.95 542.34 306.91 263.52
Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
4.16 6.89 6.01 -13.86 -0.24 0.75 9.5 6.18 4.35 4.96 1.14 2.34 -9.52 0.92 6.77 6.2 2.83 5.24 2.39 16.65 15.09 -0.07 7.41 -15.76 -1.11 -17.26 11.74 -5.61 -19.04 10.92 2.1 -12.2 -26.9 -0.4 11.15 -3.96 -4.32 9.44
203.84 344.5 306.51 -720.72 -12.72 40.5 522.5 346.08 247.95 287.68 67.26 140.4 -580.72 57.04 426.51 396.8 183.95 345.84 160.13 1132.2 1041.21 -4.9 526.11 -1134.72 -81.03 -1277.24 880.5 -426.36 -1466.08 851.76 165.9 -976 -2178.9 -32.8 925.45 -332.64 -367.2 811.84
1.77 ANNUAL RETURN 21.2
30 Days Index Returns B S E 100 Index
TRm
30 days Avg. Returns over a Period Bharti Airtel Ltd.
7.96 -4.04 -2.6 -4.48 2.39 -9.9 4.93 -6.75 -0.27 10.33 4.43 -4.28 1.83 -7.86 -2.03 11.64 10.84 4.1 17.68 3.83 7.24 8.32 16.13 -4.19 -4.38 -1.65 1.98 -16.52 1.42 7.58 1.23 7.49 1.9 10.3 7 -1.64 4.63 -2.79 -3.23 8.7 5.51 7.96 2.31 9.12 -8.91 11.79 6.53 5.49 4.16 6.89
1 0 0 0 1 0 1 0 0 1 1 0 1 0 0 1 1 1 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 0 1 1 1 1 1
-0.78 -0.56 -0.39 -0.35 0.29 -0.49 0.2 -0.14 -1 -0.19 -0.38 1.06 -0.31 0.26 0.96 0.62 0.12 1.23 2.01 0.71 0.81 -0.05 1.2 1.31 0.14 -0.21 0.51 -0.87 -0.02 0.53 -0.35 0.22 0.57 0.5 0.77 0.41 0.13 -0.34 0.12 0.37 0.36 0.75 0.48 0.5 -0.34 0.52 -0.14 0.15 0.09 0.45
6.01 -13.86 -0.24 0.75 9.5 6.18 4.35 4.96 1.14 2.34 -9.52 0.92 6.77 6.2 2.83 5.24 2.39 16.65 15.09 -0.07 7.41 -15.76 -1.11 -17.26 11.74 -5.61 -19.04 10.92 2.1 -12.2 -26.9 -0.4 11.15 -3.96 -4.32 9.44
1 0 0 1 1 1 1 1 1 1 0 1 1 1 1 0 1 1 1 0 1 0 0 0 1 0 0 1 1 0 0 0 1 0 0 1
-0.09 -0.45 0.11 0.19 0.25 0.58 0.63 0.8 0.08 0.61 0.08 0.31 0.33 0.21 0.03 0.37 0.12 0.33 0.38 -0.27 0.36 -0.46 -0.12 0.05 0.47 -0.1 -0.89 0.6 0.18 -0.27 -0.85 0.57 0.51 -0.55 -0.11 -0.05
beta of bharti airtel Coefficients Intercept X Variable 1
Standard Error 0.12 0.04
0.05 0.01
30 days Avg. Returns over timea Period Bharti Airtel Ltd. -0.78 1 -0.56 2 -0.39 3 -0.35 4 0.29 5 -0.49 6 0.2 7 -0.14 8 -1 9 -0.19 10 -0.38 11 1.06 12 -0.31 13 0.26 14 0.96 15 0.62 16 0.12 17 1.23 18 2.01 19 0.71 20 0.81 21 -0.05 22 1.2 23 1.31 24 0.14 25 -0.21 26 0.51 27 -0.87 28 -0.02 29 0.53 30 -0.35 31 0.22 32 0.57 33 0.5 34 0.77 35 0.41 36 0.13 37 -0.34 38 0.12 39 0.37 40 0.36 41 0.75 42 0.48 43 0.5 44 -0.34 45 0.52 46 -0.14 47 0.15 48
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square0.3 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
1 84 85
SS 7.33 16.41 23.73
MS 7.33 0.2
Coefficients Standard Error t Stat Intercept 0.12 0.05 2.4 X Variable 1 0.04 0.01 6.12
SUMMARY OUTPUT
eturns over a Period
0.09 0.45 -0.09 -0.45 0.11 0.19 0.25 0.58 0.63 0.8 0.08 0.61 0.08 0.31 0.33 0.21 0.03 0.37 0.12 0.33 0.38 -0.27 0.36 -0.46 -0.12 0.05 0.47 -0.1 -0.89 0.6 0.18 -0.27 -0.85 0.57 0.51 -0.55 -0.11 -0.05
49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86
Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.38 16.35 23.73
MS 3.69 0.2
F 18.72
Coefficients Standard Error t Stat P-value Intercept 0.11 0.05 2.27 0.03 X Variable 1 0.04 0.01 3.14 0 X Variable 2 0 0 -0.51 0.61
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.38 16.35 23.73
MS 3.69 0.2
F 18.72
Coefficients Standard Error t Stat P-value Intercept 0.11 0.05 2.27 0.03 X Variable 1 0.04 0.01 3.14 0 X Variable 2 0 0 -0.51 0.61
SUMMARY OUTPUT Regression Statistics Multiple R 0.56 R Square 0.31 Adjusted R Square 0.29 Standard Error 0.44 Observations 86 ANOVA df Regression Residual Total
2 83 85
SS 7.34 16.39 23.73
MS 3.67 0.2
F 18.58
Coefficients Standard Error t Stat P-value Intercept 0.14 0.1 1.41 0.16 X Variable 1 0.04 0.01 4.07 0 X Variable 2 -0.04 0.16 -0.25 0.8
t Stat 2.4 6.12
P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.02 0.02 0.21 0.02 0.21 0 0.02 0.05 0.02 0.05
F Significance F 37.51 0
P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.02 0.02 0.21 0.02 0.21 0 0.02 0.05 0.02 0.05
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.01 0.21 0.01 0.21 0.02 0.07 0.02 0.07 0 0 0 0
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.01 0.21 0.01 0.21 0.02 0.07 0.02 0.07 0 0 0 0
Significance F 0
Lower 95%Upper 95%Lower 95.0% Upper 95.0% -0.06 0.33 -0.06 0.33 0.02 0.05 0.02 0.05 -0.35 0.27 -0.35 0.27
YEAR PAT 05----mar 1,210.67 06--mar 2,012.08 07--mar 4,033.23 08---mar 6,244.19 09--mar 7,743.84
INTERESTPBT 317 236.81 282.07 393.43 434.16
0.66 1.00 0.55 0.24
-207.98 2,268.97 4,592.99 6,940.37 8,134.66
TAX
TAX RATE EBIT EBIT(1-T) CAPEX -1.7 109.02 294.37 353.6 0.12 2505.78 2203.54 1,909.16 273.68 0.12 4875.06 4273.46 2,069.93 566.79 0.09 7333.8 6665.52 2,392.06 632.43 0.04 8568.82 8229.87 1,564.35 321.78
0.61 pat growth 9,000.00 8,000.00 7,000.00 6,000.00
1,210.67 2,012.08 4,033.23 6,244.19 7,743.84
5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 year
ebit(1-t) growth
growth in capital expenditure 3,000.00 2,500.00 2,000.00 Column J
1,500.00
9000 8000 7000 6000 5000 4000 3000 2000 1000 0 1
1,000.00 500.00 0.00 1
2
3
4
2
3
4
DEPRECATION CAPEX-DEPRECATION CHANGE IN REINVESTMENT NONCASH RRW/C AMOUNT BV OF EQUITY 1,019.36 476.82 -1,347.28 -870.46 1,432.34 -283.37 -1,479.57 -1,762.94 2,353.30 -774.52 719.55 -54.97 3,166.58 3,206.28 -1,641.93 -1,153.53 -2,795.46
GROWTH IN EQUITY
4,533.60 7,345.56 11,443.27 20,241.49 27,643.97
-0.4 -0.41 -0.01 -0.34
0.62 0.56 0.77 0.37
0.58
growth in debt 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00
Column R
4,000.00 3,000.00 2,000.00 1,000.00
ebit(1-t) growth
0.00 1
2
3
4
5
growth in e
Column I
30,000.00 25,000.00 2
3
4
5
20,000.00 15,000.00 10,000.00 5,000.00 0.00 1
2
3
BV OF DEBT
GROWTH IN DEBT
TOTAL BV ROC 9,527.89 -0.04 12,141.85 0.11 16,754.08 0.24 26,811.83 0.17 35,357.62 0.12
4,994.29 4,796.29 5,310.81 6,570.34 7,713.65
0.03 0.18 0.26 0.25 0.23
growth in debt
Column R
3
4
5
growth in equity 30,000.00 25,000.00 20,000.00 Column P
15,000.00 10,000.00 5,000.00 0.00 1
2
3
4
5
BSE
BSE
BSE
Times No. Rs. Crore Times Rs. Crore Rs. Crore (%) Mar-09 Mar-09 Mar-09 Mar-09 Mar-09 Mar-08 Mar-09 Company Name P/E Beta Dividends P/B PAT PAT growth ratepayout ratioROE 3I Infotech Ltd. 3.95 1.27 19.63 0.66 153.71 94.26 0.63 0.13 23.54 A B B Ltd. 17.83 0.87 46.62 4.15 492.98 546.77 -0.1 0.09 26 A C C Ltd. 8.67 0.88 375.35 2.03 1,136.13 1,211.12 -0.06 0.33 24.61 Aditya Birla Chemicals 1.81 (India)1.22 Ltd. 3.51 0.35 459.26 476.54 -0.04 0.01 19.25 Adlabs Films Ltd. -11.41 1.39 1.25 40.63 725.54 -0.94 0 6.76 Ador Fontech Ltd.2.67 1 1.75 0.82 94.17 88.35 0.07 0.02 30.88 Ador Multiproducts 7.26 Ltd. 1 0 0.63 0.39 0.27 0.44 0 8.82 Advent Computer -21.84 Services Ltd. 1.29 0 0.26 65.13 66.04 -0.01 0 15.62 Ajanta Pharma Ltd. 2.81 1.29 2.93 0.4 23.42 18.65 0.26 0.13 14.05 Albert David Ltd. 3.53 1.33 2 0.48 7.48 7.15 0.05 0.27 13.49 Alfa Laval (India)17.16 Ltd. 0.63 45.4 4.7 97.72 82.91 0.18 0.46 29.34 Ambuja Cements 7.76 Ltd. 0.8 334.97 1.81 1,080.97 1,121.57 -0.04 0.31 24.73 Amtek Auto Ltd. 6.3 0.55 7.99 0.43 176.7 196.76 -0.1 0.05 11.22 Amtek India Ltd. 1.22 0.94 3.85 0.23 346.96 117.17 1.96 0.01 24.39 Andhra Bank 3.34 1.25 218.25 0.6 652.72 575.33 0.13 0.33 17.9 Aplab Ltd. 22.32 1.24 0.5 0.51 0.7 3.5 -0.8 0.71 2.26 Areva T & D India 19.19 Ltd. 1.22 43.04 6.27 254.35 216.71 0.17 0.17 31.27 Arihant Foundations 0.59 & Housing 0.91 Ltd. 0.7 0.27 32 28.3 0.13 0.02 20.54 Ashirwad Capital Ltd. 6.72 0.62 0.4 1.01 0.52 1.12 -0.54 0.77 10.52 Asian Paints Ltd. 20.5 0.41 167.86 6.89 370.53 376.53 -0.02 0.45 33.1 Astra Microwave16.49 Products Ltd. 0.92 2.71 1.97 15.77 20.92 -0.25 0.17 11.76 Astrazeneca Pharma 20.14India Ltd. 0.79 37.5 11.42 72.48 61.26 0.18 0.52 63.56 Automotive Axles 5.15 Ltd. 0.84 9.82 0.75 59.95 48.69 0.23 0.16 32.83 Avaya Globalconnect 20.16Ltd. 0.88 4.98 0.5 14.85 42.14 -0.65 0.34 7.66 Aventis Pharma 13.15 Ltd. 0.68 36.85 2.65 138.51 169.47 -0.18 0.27 20.88 Axis Bank Ltd. 8.2 1.03 420.52 1.46 1,823.56 1,086.21 0.68 0.23 17.77 B O C India Ltd. 34.68 1.18 12.79 1.17 39.91 1.13 34.32 0.32 7.73 Bajaj Hindusthan-3.28 Ltd. 1.19 8.49 0.5 28.14 43.48 -0.35 0.3 3.54 Bajaj Hindusthan Sugar -1.1 & Inds. 1.15 Ltd. 0 0.47 -12.41 -25.12 -0.51 0 28.13 Bajaj Holdings &15.07 Invst. Ltd. 0.72 101.18 0.94 191.63 299.94 -0.36 0.53 5.45 Balrampur Chini 13.93 Mills Ltd. 1.02 12.78 1.27 97.23 -48.47 -3.01 0.13 9.57 Bank Of Baroda 4.01 1.35 383.56 0.67 2,227.25 1,435.16 0.55 0.17 17.35 Bank Of India 3.84 1.46 491.55 0.98 3,007.35 2,009.37 0.5 0.16 25.51 Bank Of Maharashtra 2.38 1.09 64.58 0.43 361.71 325.7 0.11 0.18 18.16 Bata India Ltd. 11.11 1.14 16.07 2.53 61.51 43.76 0.41 0.26 24.71 Bharat Bijlee Ltd. 5.19 1.27 14.13 1.25 47.82 72.96 -0.34 0.3 23.82 Bharat Seats Ltd.6.54 1.05 1.57 0.72 2.83 2.9 -0.02 0.55 10.71 Baharti Airtel 0.82 20 9,287.72 6,467.73 0.44 0 28.13 9.85 Binani Industries Ltd. 4.3 1.57 8.88 0.5 18.23 14.13 0.29 0.49 18.11 Blue Dart Express 16.66 Ltd. 0.75 2.37 2.41 73.16 71.03 0.03 0.03 19.73 C M C Ltd. 4.59 0.8 22.73 1.27 93.78 80.27 0.17 0.24 27.59 Century Enka Ltd. 17.49 1.1 10.03 0.28 42.58 18.86 1.26 0.24 3.64 Cheviot Co. Ltd. 4.08 1.3 2.71 0.29 173.81 164.42 0.06 0.02 7.18 City Union Bank Ltd. 3.2 0.83 24 0.59 71.79 56.31 0.27 0.33 18.47 Clariant Chemicals 6.75 (India) Ltd. 0.51 50.66 1.53 758.67 321.2 1.36 0.07 21.24 Colgate-Palmolive 22.06 (India) Ltd.0.61 203.99 29.6 288.63 218.42 0.32 0.71 134.17
Cravatex Ltd. 5.14 0.55 0.45 Crisil Ltd. 13.45 0.67 50.58 Crompton Greaves 11.36 Ltd. 1.02 73.31 D I C India Ltd. 7.52 0.74 3.21 De Nora India Ltd.13.5 1.08 1.39 Denison Hydraulics 4.03 India Ltd.1.46 0.9 Dhanalakshmi Bank 5.6 Ltd. 0.91 6.41 Dr. Reddy'S Laboratories 14.39 Ltd.0.67 105.4 Esab India Ltd. 7.73 1.09 23.86 Essel Propack Ltd. 7.95 0.82 4.7 Excel Crop Care Ltd. 2.7 1.22 5.5 F A G Bearings India 4.81Ltd. 0.88 7.48 Foseco India Ltd.10.82 0.77 6.07 G M Breweries Ltd. 5.92 1.05 1.87 G T L Ltd. 20.59 1.31 28.42 Garden Silk Mills Ltd. 2.64 1.22 5.74 Gati Ltd. 14.44 0.8 6.77 Geojit B N P Paribas 29.58Financial 1.08 Services11.21 Ltd. Gillette India Ltd.23.95 0.55 40.73 Glaxosmithkline Consumer 13.7 Healthcare 0.55 63.08 Ltd. Granules India Ltd. 10.19 0.93 2.51 Great Eastern Shipping 2.37 Co. Ltd. 1.01 121.83 Greaves Cotton Ltd. 4.69 1.21 29.3 Grindwell Norton Ltd. 7.7 1.06 22.15 Gruh Finance Ltd.6.37 0.83 16.63 Gujarat Fluorochemicals 2.12 Ltd. 1.08 38.45 H C L Infosystems5.05 Ltd. 0.75 136.84 H C L Technologies 8.62 Ltd. 0.92 598.58 H D F C Bank Ltd. 18.34 0.62 425.97 Hexaware Technologies 9.44 Ltd. 1.05 14.36 Hindustan Hardy -119.44 Spicer Ltd. 1.2 0.15 I C I India Ltd. 15.73 0.57 60.89 I D B I Bank Ltd. 3.83 1.41 181.2 I L & F S Investment 9.47Managers 1.12 Ltd. 27.85 I T D Cementation -37.99 India Ltd. 1 1.15 Indag Rubber Ltd.1.37 0.56 1.05 Indian Overseas Bank 1.97 1.26 286.83 Infosys Technologies 13.28Ltd. 0.68 1346 Infotech Enterprises 6.59 Ltd. 1.51 8.33 J B Chemicals & Pharmaceuticals 4.27 1.11 Ltd. 8.43 J S W Steel Ltd. 9.46 1.24 18.71 Jindal Saw Ltd. 2.61 1.12 26.06 K S B Pumps Ltd.7.06 0.95 9.57 Kabra Extrusiontechnik 4.4 Ltd. 1.06 4.79 Kansai Nerolac Paints 12.21 Ltd. 0.61 32.33 Karur Vysya Bank4.59 Ltd. 0.76 64.74 Kirloskar Oil Engines 10.04Ltd. 0.94 19.42 L G Balakrishnan 7.51 & Bros. Ltd.0.84 4.71 M R F Ltd. 18.54 0.87 8.48 Madras Aluminium 19.45 Co. Ltd. 1.14 20.25 Maharashtra Scooters 8.42 Ltd. 1 6.29
0.51 5.1 3.68 0.6 0.87 0.81 0.8 1.57 3.13 0.34 0.54 1.16 2.56 1.04 2.29 0.34 1.22 1.54 4.3 3.5 0.41 0.58 0.69 1.32 1.45 0.59 1.15 1.85 2.81 0.62 0.57 1.73 0.44 5.47 0.24 0.39 0.42 4.26 0.68 0.58 0.57 0.4 1.51 0.71 1.84 0.8 1.14 0.45 0.65 3.19 0.46
1.84 71.49 510.6 13.58 1.26 8.64 57.27 598.4 60.62 34.72 45.77 95.53 15.42 9.06 109.44 34.43 35.83 14.33 109.5 184.66 9.23 999.89 91.94 53.78 50.24 421.6 286.35 952.41 2,240.75 73.05 -0.03 25.14 845.26 37.36 0.49 7.44 1,257.29 6,191.00 126.01 92.25 1,075.70 339.15 63.34 13.05 94.47 235.58 118.48 6.2 137.43 65.9 8.39
1.25 35.56 272.77 8.54 4.98 9.26 28.46 433.08 51.9 33.54 24.13 80.27 19.89 14.94 124.3 23.68 23.31 45.33 93.29 162.48 8.31 870.83 119.62 57.45 42.33 231.22 286.57 678.47 1,589.48 65.77 0.75 66.2 728.64 28.03 -2.89 8.19 1,200.76 4,465.00 54.54 51.01 1,639.05 278.8 44.78 14.77 106.01 208.3 123.01 15.18 163.99 93.15 9.09
0.47 1.01 0.87 0.59 -0.75 -0.07 1.01 0.38 0.17 0.04 0.9 0.19 -0.22 -0.39 -0.12 0.45 0.54 -0.68 0.17 0.14 0.11 0.15 -0.23 -0.06 0.19 0.82 0 0.4 0.41 0.11 -1.04 -0.62 0.16 0.33 -1.17 -0.09 0.05 0.39 1.31 0.81 -0.34 0.22 0.41 -0.12 -0.11 0.13 -0.04 -0.59 -0.16 -0.29 -0.08
0.24 0.71 0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75
12.36 26.34 32.35 8.36 7.92 23.23 13.53 10.66 44.65 4.65 19.91 23.77 29.09 17.46 11.13 10.21 8.01 5.28 27.59 24.75 5.16 27.89 29.7 18.07 22.76 27.63 30.38 24.29 15.32 6.35 2.21 30.38 11.53 57.71 1.57 28.28 22.31 32.67 10.27 14.79 5.59 15.06 21.93 16.13 15.06 17.46 12.07 22.77 12.66 11.7 5.44
Mangalam Cement 1.66 Ltd. 1.11 Navin Fluorine Intl.1.55 Ltd. 1.72 Oil Country Tubular 2.39 Ltd. 1.39 Oriental Bank Of Commerce 3.63 1.18 Punjab National Bank 4.19 1.19 Rain Commodities6.54 Ltd. 1.36 Rallis India Ltd. 6.53 1.26 S K F India Ltd. 7.54 1.03 State Bank Of India 7.42 1 Supreme Industries 5.26 Ltd. 1.2 Swaraj Engines Ltd. 5.55 0.76 T C P L Packaging 4.22 Ltd. 0.88 Tata Consultancy 12.37 Services Ltd. 0.73 Value Industries 11.41 Ltd. 1.43 Vardhman Holdings 4.58 Ltd. 0.76 Videocon Industries 2.98 Ltd. 1.4 Vijaya Bank 3.85 1.12 Visaka Industries 1.61 Ltd. 1.19
15.42 10.1 6.64 182.9 630.61 26.65 19.17 23.73 1841.15 22.1 6.21 1.15 1370.05 1.97 0.64 22.94 50.72 6.35
0.57 0.38 1.24 0.43 0.99 1.08 1.8 1.19 1.17 1.03 1.22 0.3 3.96 0.08 0.34 0.29 0.44 0.34
92.69 47.11 70.05 905.57 3,089.11 91.57 77.51 128.07 9,124.18 102.76 21.28 3.97 5,385.07 34.84 8.08 1,059.43 207.64 41.51
111.83 13.15 29.11 838.28 2,047.63 85.65 38.33 157.48 6,718.08 51.32 14.3 2.12 4,270.84 -1.16 1.35 760.55 349.91 12.06
-0.17 2.58 1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.17 0.21 0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
33.61 19.77 49.38 14.03 23.52 17.14 25.51 19.78 15.74 34.13 21.93 7.15 35.13 1.74 7.42 14.45 11.31 19.13
Rs. Crore Rs. Crore Mar-09 Mar-09 mkt cap Sales net pro marg p/s 1125.93 527.24 0.29 2.14 15956.7 6,867.77 0.07 2.32 15190.16 7,229.97 0.16 2.1 160.43 2,050.22 0.22 0.08 15535.29 2,703.54 0.02 5.75 439.25 1,048.41 0.09 0.42 3.52 10.26 0.04 0.34 212.84 660.22 0.1 0.32 106.9 319.33 0.07 0.33 49.14 205.69 0.04 0.24 1735.78 801.94 0.12 2.16 15022.51 6,182.09 0.17 2.43 2113.49 1,307.97 0.14 1.62 556.31 1,228.27 0.28 0.45 4338.33 5,664.34 0.12 0.77 20.33 104.74 0.01 0.19 7099 2,651.21 0.1 2.68 134.66 105.52 0.3 1.28 8.64 0.96 0.54 9 13426.37 4,510.12 0.08 2.98 451.83 117.22 0.13 3.85 2146.38 356.34 0.2 6.02 361.48 751.02 0.08 0.48 207.02 565.83 0.03 0.37 3152.89 890.03 0.16 3.54 33056.89 13,550.95 0.13 2.44 1441.3 533.39 0.07 2.7 2467.55 1,767.54 0.02 1.4 387.63 304.38 -0.04 1.27 4765.24 219.12 0.87 21.75 2900.34 1,456.82 0.07 1.99 15566.93 16,605.09 0.13 0.94 17120.71 18,344.93 0.16 0.93 1747.91 4,703.17 0.08 0.37 1090.23 989.96 0.06 1.1 517.29 547.1 0.09 0.95 39.97 219.3 0.01 0.18 82617.21 34,048.32 0.27 2.43 233.66 14.1 1.29 16.57 1297.8 974.47 0.08 1.33 1551.13 820.45 0.11 1.89 297.85 1,164.72 0.04 0.26 82.08 1,898.84 0.09 0.04 819.2 411.16 0.17 1.99 838.48 9,313.28 0.08 0.09 8242.52 1,750.77 0.16 4.71
18.22 2691.85 11821.77 148.33 35.3 66.78 856.9 13786.86 676.68 465.11 130.14 764.39 211.81 95.59 2797.17 327.96 441.78 993.07 2993.44 4630.95 170.59 4489.5 752.4 623.35 672.59 1619.19 2519.39 20540.01 62126.87 1218.16 8.84 2034.44 7410.89 916.5 254.5 28.3 4497.32 125537.21 1450.45 443.98 13273.91 2876.62 754.11 85.74 2051.94 1618.28 2141.72 627.85 1809.17 1299.94 186.29
44.24 255.55 4,678.79 473.24 19.67 64.1 430.63 3,999.50 427 335.91 724.04 755.35 148.7 283.9 1,450.90 1,675.20 552.07 140.95 591.72 1,584.33 214.42 2,836.28 1,150.18 509.01 294 1,044.56 12,411.44 4,615.39 19,770.72 498.17 29.79 906.34 12,668.35 97.03 940.63 76.27 10,910.87 20,264.00 566.57 687.88 14,006.59 5,003.35 597.21 153.5 1,382.71 1,631.31 2,170.60 507.6 5,060.81 492.17 2.5
0.04 0.28 0.11 0.03 0.06 0.13 0.13 0.15 0.14 0.1 0.06 0.13 0.1 0.03 0.08 0.02 0.06 0.1 0.19 0.12 0.04 0.35 0.08 0.11 0.17 0.4 0.02 0.21 0.11 0.15 0 0.03 0.07 0.39 0 0.1 0.12 0.31 0.22 0.13 0.08 0.07 0.11 0.09 0.07 0.14 0.05 0.01 0.03 0.13 3.36
0.41 10.53 2.53 0.31 1.79 1.04 1.99 3.45 1.58 1.38 0.18 1.01 1.42 0.34 1.93 0.2 0.8 7.05 5.06 2.92 0.8 1.58 0.65 1.22 2.29 1.55 0.2 4.45 3.14 2.45 0.3 2.24 0.58 9.45 0.27 0.37 0.41 6.2 2.56 0.65 0.95 0.57 1.26 0.56 1.48 0.99 0.99 1.24 0.36 2.64 74.52
358.23 564.15 245.98 420.09 403.92 421.48 4548.55 9,613.00 21390.12 21,907.42 1327.44 1,112.17 956.13 846.65 1441.44 1,637.55 113119.78 74,880.76 815 1,651.93 366.51 208.17 26.66 159.35 105846.51 22,401.92 76.27 1,244.68 60.45 8.34 5498.79 9,753.65 1838.12 5,587.46 188.9 584.69
0.16 0.11 0.17 0.09 0.14 0.08 0.09 0.08 0.12 0.06 0.1 0.02 0.24 0.03 0.97 0.11 0.04 0.07
0.63 0.59 0.96 0.47 0.98 1.19 1.13 0.88 1.51 0.49 1.76 0.17 4.72 0.06 7.25 0.56 0.33 0.32
Company Name P/E Beta growth ratepayout ratio 3I Infotech Ltd. 3.95 1.27 0.63 0.13 A B B Ltd. 17.83 0.87 -0.1 0.09 A C C Ltd. 8.67 0.88 -0.06 0.33 Aditya Birla Chemicals 1.81 (India)1.22 Ltd. -0.04 0.01 Adlabs Films Ltd. -11.41 1.39 -0.94 0 Ador Fontech Ltd.2.67 1 0.07 0.02 Ador Multiproducts7.26 Ltd. 1 0.44 0 Advent Computer -21.84 Services Ltd. 1.29 -0.01 0 Ajanta Pharma Ltd. 2.81 1.29 0.26 0.13 Albert David Ltd. 3.53 1.33 0.05 0.27 Alfa Laval (India)17.16 Ltd. 0.63 0.18 0.46 Ambuja Cements 7.76 Ltd. 0.8 -0.04 0.31 Amtek Auto Ltd. 6.3 0.55 -0.1 0.05 Amtek India Ltd. 1.22 0.94 1.96 0.01 Andhra Bank 3.34 1.25 0.13 0.33 Aplab Ltd. 22.32 1.24 -0.8 0.71 Areva T & D India 19.19 Ltd. 1.22 0.17 0.17 Arihant Foundations 0.59 & Housing 0.91 Ltd. 0.13 0.02 Ashirwad Capital Ltd. 6.72 0.62 -0.54 0.77 Asian Paints Ltd. 20.5 0.41 -0.02 0.45 Astra Microwave16.49 Products Ltd. 0.92 -0.25 0.17 Astrazeneca Pharma 20.14India Ltd. 0.79 0.18 0.52 Automotive Axles 5.15 Ltd. 0.84 0.23 0.16 Avaya Globalconnect 20.16Ltd. 0.88 -0.65 0.34 Aventis Pharma 13.15 Ltd. 0.68 -0.18 0.27 Axis Bank Ltd. 8.2 1.03 0.68 0.23 B O C India Ltd. 34.68 1.18 34.32 0.32 Bajaj Hindusthan-3.28 Ltd. 1.19 -0.35 0.3 Bajaj Hindusthan Sugar -1.1 & Inds. 1.15 Ltd. -0.51 0 Bajaj Holdings &15.07 Invst. Ltd. 0.72 -0.36 0.53 Balrampur Chini 13.93 Mills Ltd. 1.02 -3.01 0.13 Bank Of Baroda 4.01 1.35 0.55 0.17 Bank Of India 3.84 1.46 0.5 0.16 Bank Of Maharashtra 2.38 1.09 0.11 0.18 Bata India Ltd. 11.11 1.14 0.41 0.26 Bharat Bijlee Ltd. 5.19 1.27 -0.34 0.3 Bharat Seats Ltd.6.54 1.05 -0.02 0.55 Baharti Airtel 0.82 0.44 0 23.29 Binani Industries Ltd. 4.3 1.57 0.29 0.49 Blue Dart Express 16.66 Ltd. 0.75 0.03 0.03 C M C Ltd. 4.59 0.8 0.17 0.24 Century Enka Ltd. 17.49 1.1 1.26 0.24 Cheviot Co. Ltd. 4.08 1.3 0.06 0.02 City Union Bank Ltd. 3.2 0.83 0.27 0.33 Clariant Chemicals 6.75 (India) Ltd. 0.51 1.36 0.07 Colgate-Palmolive 22.06 (India) Ltd.0.61 0.32 0.71 Cravatex Ltd. 5.14 0.55 0.47 0.24 Crisil Ltd. 13.45 0.67 1.01 0.71
SUMMARY OUTPUT Regression Statistics Multiple R 0.67 R Square 0.45 Adjusted R Square 0.43 Standard Error 11.13 Observations 115 ANOVA df Regression Residual Total
3 111 114
Coefficients Intercept 10.02 Beta -6.95 Growth Rate 0.35 Payout Ratio 15.19
P/E ratio=17.188 - 2.816*beta +
P/E ratio EPS EST Mkt Price MKT Price
Crompton Greaves 11.36 Ltd. 1.02 0.87 D I C India Ltd. 7.52 0.74 0.59 De Nora India Ltd.13.5 1.08 -0.75 Denison Hydraulics 4.03 India Ltd.1.46 -0.07 Dhanalakshmi Bank5.6 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 14.39 Ltd.0.67 0.38 Esab India Ltd. 7.73 1.09 0.17 Essel Propack Ltd. 7.95 0.82 0.04 Excel Crop Care Ltd. 2.7 1.22 0.9 F A G Bearings India 4.81Ltd. 0.88 0.19 Foseco India Ltd.10.82 0.77 -0.22 G M Breweries Ltd. 5.92 1.05 -0.39 G T L Ltd. 20.59 1.31 -0.12 Garden Silk Mills Ltd. 2.64 1.22 0.45 Gati Ltd. 14.44 0.8 0.54 Geojit B N P Paribas 29.58Financial 1.08 Services-0.68 Ltd. Gillette India Ltd.23.95 0.55 0.17 Glaxosmithkline Consumer 13.7 Healthcare 0.55 Ltd. 0.14 Granules India Ltd. 10.19 0.93 0.11 Great Eastern Shipping 2.37 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 4.69 1.21 -0.23 Grindwell Norton Ltd. 7.7 1.06 -0.06 Gruh Finance Ltd.6.37 0.83 0.19 Gujarat Fluorochemicals 2.12 Ltd. 1.08 0.82 H C L Infosystems5.05 Ltd. 0.75 0 H C L Technologies 8.62 Ltd. 0.92 0.4 H D F C Bank Ltd. 18.34 0.62 0.41 Hexaware Technologies 9.44 Ltd. 1.05 0.11 Hindustan Hardy -119.44 Spicer Ltd. 1.2 -1.04 I C I India Ltd. 15.73 0.57 -0.62 I D B I Bank Ltd. 3.83 1.41 0.16 I L & F S Investment 9.47Managers 1.12 Ltd. 0.33 I T D Cementation -37.99 India Ltd. 1 -1.17 Indag Rubber Ltd.1.37 0.56 -0.09 Indian Overseas Bank 1.97 1.26 0.05 Infosys Technologies 13.28Ltd. 0.68 0.39 Infotech Enterprises 6.59 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 4.27 1.11 Ltd. 0.81 J S W Steel Ltd. 9.46 1.24 -0.34 Jindal Saw Ltd. 2.61 1.12 0.22 K S B Pumps Ltd.7.06 0.95 0.41 Kabra Extrusiontechnik 4.4 Ltd. 1.06 -0.12 Kansai Nerolac Paints 12.21 Ltd. 0.61 -0.11 Karur Vysya Bank4.59 Ltd. 0.76 0.13 Kirloskar Oil Engines 10.04Ltd. 0.94 -0.04 L G Balakrishnan 7.51 & Bros. Ltd.0.84 -0.59 M R F Ltd. 18.54 0.87 -0.16 Madras Aluminium 19.45 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 8.42 Ltd. 1 -0.08 Mangalam Cement 1.66 Ltd. 1.11 -0.17 Navin Fluorine Intl.1.55 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
Oil Country Tubular 2.39 Ltd. 1.39 Oriental Bank Of Commerce 3.63 1.18 Punjab National Bank 4.19 1.19 Rain Commodities6.54 Ltd. 1.36 Rallis India Ltd. 6.53 1.26 S K F India Ltd. 7.54 1.03 State Bank Of India 7.42 1 Supreme Industries 5.26 Ltd. 1.2 Swaraj Engines Ltd. 5.55 0.76 T C P L Packaging 4.22 Ltd. 0.88 Tata Consultancy 12.37 Services Ltd. 0.73 Value Industries 11.41 Ltd. 1.43 Vardhman Holdings 4.58 Ltd. 0.76 Videocon Industries 2.98 Ltd. 1.4 Vijaya Bank 3.85 1.12 Visaka Industries 1.61 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
SS 11023.66 13739.34 24763
MS 3674.55 123.78
F Significance F 29.69 0
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 4.21 2.38 0.02 1.67 18.37 1.67 18.37 3.96 -1.75 0.08 -14.79 0.9 -14.79 0.9 0.24 1.49 0.14 -0.12 0.82 -0.12 0.82 1.76 8.66 0 11.71 18.67 11.71 18.67
10.017-6.9467*beta+0.353652*growth rate+15.19138*payout ratio
10.59 40.79 432.04 422.65
Company Name P/B Beta growth ratepayout ratioROE 3I Infotech Ltd. 0.66 1.27 0.63 0.13 23.54 A B B Ltd. 4.15 0.87 -0.1 0.09 26 A C C Ltd. 2.03 0.88 -0.06 0.33 24.61 Aditya Birla Chemicals 0.35 (India)1.22 Ltd. -0.04 0.01 19.25 Adlabs Films Ltd. 1.25 1.39 -0.94 0 6.76 Ador Fontech Ltd.0.82 1 0.07 0.02 30.88 Ador Multiproducts0.63 Ltd. 1 0.44 0 8.82 Advent Computer 0.26 Services Ltd. 1.29 -0.01 0 15.62 Ajanta Pharma Ltd.0.4 1.29 0.26 0.13 14.05 Albert David Ltd. 0.48 1.33 0.05 0.27 13.49 Alfa Laval (India) Ltd. 4.7 0.63 0.18 0.46 29.34 Ambuja Cements 1.81 Ltd. 0.8 -0.04 0.31 24.73 Amtek Auto Ltd. 0.43 0.55 -0.1 0.05 11.22 Amtek India Ltd. 0.23 0.94 1.96 0.01 24.39 Andhra Bank 0.6 1.25 0.13 0.33 17.9 Aplab Ltd. 0.51 1.24 -0.8 0.71 2.26 Areva T & D India6.27 Ltd. 1.22 0.17 0.17 31.27 Arihant Foundations 0.27 & Housing 0.91 Ltd. 0.13 0.02 20.54 Ashirwad Capital Ltd. 1.01 0.62 -0.54 0.77 10.52 Asian Paints Ltd. 6.89 0.41 -0.02 0.45 33.1 Astra Microwave Products 1.97 Ltd. 0.92 -0.25 0.17 11.76 Astrazeneca Pharma 11.42India Ltd. 0.79 0.18 0.52 63.56 Automotive Axles 0.75 Ltd. 0.84 0.23 0.16 32.83 Avaya Globalconnect 0.5Ltd. 0.88 -0.65 0.34 7.66 Aventis Pharma Ltd. 2.65 0.68 -0.18 0.27 20.88 Axis Bank Ltd. 1.46 1.03 0.68 0.23 17.77 B O C India Ltd. 1.17 1.18 34.32 0.32 7.73 Bajaj Hindusthan Ltd. 0.5 1.19 -0.35 0.3 3.54 Bajaj Hindusthan 0.47 Sugar & Inds. 1.15 Ltd. -0.51 0 28.13 Bajaj Holdings & Invst. 0.94 Ltd. 0.72 -0.36 0.53 5.45 Balrampur Chini Mills 1.27Ltd. 1.02 -3.01 0.13 9.57 Bank Of Baroda 0.67 1.35 0.55 0.17 17.35 Bank Of India 0.98 1.46 0.5 0.16 25.51 Bank Of Maharashtra 0.43 1.09 0.11 0.18 18.16 Bata India Ltd. 2.53 1.14 0.41 0.26 24.71 Bharat Bijlee Ltd. 1.25 1.27 -0.34 0.3 23.82 Bharat Seats Ltd.0.72 1.05 -0.02 0.55 10.71 Baharti Airtel 2.8 0.82 0.44 0 28.13 Binani Industries Ltd. 0.5 1.57 0.29 0.49 18.11 Blue Dart Express2.41 Ltd. 0.75 0.03 0.03 19.73 C M C Ltd. 1.27 0.8 0.17 0.24 27.59 Century Enka Ltd.0.28 1.1 1.26 0.24 3.64 Cheviot Co. Ltd. 0.29 1.3 0.06 0.02 7.18 City Union Bank Ltd. 0.59 0.83 0.27 0.33 18.47 Clariant Chemicals 1.53 (India) Ltd. 0.51 1.36 0.07 21.24 Colgate-Palmolive29.6 (India) Ltd.0.61 0.32 0.71 134.17 Cravatex Ltd. 0.51 0.55 0.47 0.24 12.36 Crisil Ltd. 5.1 0.67 1.01 0.71 26.34
SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total
Intercept Beta Growth rate Payout Ratio ROE
P/B ratio= P/B ratio Mkt P/B Ratio
Crompton Greaves 3.68 Ltd. 1.02 0.87 D I C India Ltd. 0.6 0.74 0.59 De Nora India Ltd.0.87 1.08 -0.75 Denison Hydraulics 0.81 India Ltd.1.46 -0.07 Dhanalakshmi Bank0.8 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 1.57 Ltd.0.67 0.38 Esab India Ltd. 3.13 1.09 0.17 Essel Propack Ltd. 0.34 0.82 0.04 Excel Crop Care Ltd. 0.54 1.22 0.9 F A G Bearings India 1.16Ltd. 0.88 0.19 Foseco India Ltd. 2.56 0.77 -0.22 G M Breweries Ltd. 1.04 1.05 -0.39 G T L Ltd. 2.29 1.31 -0.12 Garden Silk Mills Ltd. 0.34 1.22 0.45 Gati Ltd. 1.22 0.8 0.54 Geojit B N P Paribas 1.54Financial 1.08 Services-0.68 Ltd. Gillette India Ltd. 4.3 0.55 0.17 Glaxosmithkline Consumer 3.5 Healthcare 0.55 Ltd. 0.14 Granules India Ltd. 0.41 0.93 0.11 Great Eastern Shipping 0.58 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 0.69 1.21 -0.23 Grindwell Norton Ltd. 1.32 1.06 -0.06 Gruh Finance Ltd.1.45 0.83 0.19 Gujarat Fluorochemicals 0.59 Ltd. 1.08 0.82 H C L Infosystems1.15 Ltd. 0.75 0 H C L Technologies 1.85 Ltd. 0.92 0.4 H D F C Bank Ltd.2.81 0.62 0.41 Hexaware Technologies 0.62 Ltd. 1.05 0.11 Hindustan Hardy Spicer 0.57 Ltd. 1.2 -1.04 I C I India Ltd. 1.73 0.57 -0.62 I D B I Bank Ltd. 0.44 1.41 0.16 I L & F S Investment 5.47Managers 1.12 Ltd. 0.33 I T D Cementation0.24 India Ltd. 1 -1.17 Indag Rubber Ltd.0.39 0.56 -0.09 Indian Overseas Bank 0.42 1.26 0.05 Infosys Technologies 4.26Ltd. 0.68 0.39 Infotech Enterprises 0.68 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 0.58 1.11 Ltd. 0.81 J S W Steel Ltd. 0.57 1.24 -0.34 Jindal Saw Ltd. 0.4 1.12 0.22 K S B Pumps Ltd.1.51 0.95 0.41 Kabra Extrusiontechnik 0.71 Ltd. 1.06 -0.12 Kansai Nerolac Paints 1.84 Ltd. 0.61 -0.11 Karur Vysya Bank Ltd. 0.8 0.76 0.13 Kirloskar Oil Engines 1.14Ltd. 0.94 -0.04 L G Balakrishnan 0.45 & Bros. Ltd.0.84 -0.59 M R F Ltd. 0.65 0.87 -0.16 Madras Aluminium3.19 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 0.46 Ltd. 1 -0.08 Mangalam Cement 0.57 Ltd. 1.11 -0.17 Navin Fluorine Intl.0.38 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
32.35 8.36 7.92 23.23 13.53 10.66 44.65 4.65 19.91 23.77 29.09 17.46 11.13 10.21 8.01 5.28 27.59 24.75 5.16 27.89 29.7 18.07 22.76 27.63 30.38 24.29 15.32 6.35 2.21 30.38 11.53 57.71 1.57 28.28 22.31 32.67 10.27 14.79 5.59 15.06 21.93 16.13 15.06 17.46 12.07 22.77 12.66 11.7 5.44 33.61 19.77
Oil Country Tubular 1.24 Ltd. 1.39 Oriental Bank Of Commerce 0.43 1.18 Punjab National Bank 0.99 1.19 Rain Commodities1.08 Ltd. 1.36 Rallis India Ltd. 1.8 1.26 S K F India Ltd. 1.19 1.03 State Bank Of India 1.17 1 Supreme Industries 1.03 Ltd. 1.2 Swaraj Engines Ltd. 1.22 0.76 T C P L Packaging 0.3 Ltd. 0.88 Tata Consultancy 3.96 Services Ltd. 0.73 Value Industries Ltd. 0.08 1.43 Vardhman Holdings 0.34 Ltd. 0.76 Videocon Industries 0.29 Ltd. 1.4 Vijaya Bank 0.44 1.12 Visaka Industries 0.34 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
49.38 14.03 23.52 17.14 25.51 19.78 15.74 34.13 21.93 7.15 35.13 1.74 7.42 14.45 11.31 19.13
UMMARY OUTPUT Regression Statistics 0.84 0.7 0.69 1.72 115
df 4 110 114
SS 766.2 324.39 1090.58
MS 191.55 2.95
F Significance F 64.95 0
Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.18 0.72 0.25 0.8 -1.25 1.62 -1.25 1.62 -1.69 0.62 -2.72 0.01 -2.92 -0.46 -2.92 -0.46 -0.01 0.04 -0.35 0.73 -0.09 0.06 -0.09 0.06 -0.07 0.27 -0.24 0.81 -0.6 0.47 -0.6 0.47 0.16 0.01 14.98 0 0.14 0.18 0.14 0.18
0.182424-1.68696*beta-0.01286*growth rate-0.065*payout ratio+0.160601*roe -1.45 2.8
65
Company Name p/s Beta growth ratepayout rationet pro marg 3I Infotech Ltd. 2.14 1.27 0.63 0.13 0.29 A B B Ltd. 2.32 0.87 -0.1 0.09 0.07 A C C Ltd. 2.1 0.88 -0.06 0.33 0.16 Aditya Birla Chemicals 0.08 (India)1.22 Ltd. -0.04 0.01 0.22 Adlabs Films Ltd. 5.75 1.39 -0.94 0 0.02 Ador Fontech Ltd.0.42 1 0.07 0.02 0.09 Ador Multiproducts0.34 Ltd. 1 0.44 0 0.04 Advent Computer 0.32 Services Ltd. 1.29 -0.01 0 0.1 Ajanta Pharma Ltd. 0.33 1.29 0.26 0.13 0.07 Albert David Ltd. 0.24 1.33 0.05 0.27 0.04 Alfa Laval (India) Ltd. 2.16 0.63 0.18 0.46 0.12 Ambuja Cements 2.43 Ltd. 0.8 -0.04 0.31 0.17 Amtek Auto Ltd. 1.62 0.55 -0.1 0.05 0.14 Amtek India Ltd. 0.45 0.94 1.96 0.01 0.28 Andhra Bank 0.77 1.25 0.13 0.33 0.12 Aplab Ltd. 0.19 1.24 -0.8 0.71 0.01 Areva T & D India2.68 Ltd. 1.22 0.17 0.17 0.1 Arihant Foundations 1.28 & Housing 0.91 Ltd. 0.13 0.02 0.3 Ashirwad Capital Ltd.9 0.62 -0.54 0.77 0.54 Asian Paints Ltd. 2.98 0.41 -0.02 0.45 0.08 Astra Microwave Products 3.85 Ltd. 0.92 -0.25 0.17 0.13 Astrazeneca Pharma 6.02India Ltd. 0.79 0.18 0.52 0.2 Automotive Axles 0.48 Ltd. 0.84 0.23 0.16 0.08 Avaya Globalconnect 0.37Ltd. 0.88 -0.65 0.34 0.03 Aventis Pharma Ltd. 3.54 0.68 -0.18 0.27 0.16 Axis Bank Ltd. 2.44 1.03 0.68 0.23 0.13 B O C India Ltd. 2.7 1.18 34.32 0.32 0.07 Bajaj Hindusthan Ltd. 1.4 1.19 -0.35 0.3 0.02 Bajaj Hindusthan 1.27 Sugar & Inds. 1.15 Ltd. -0.51 0 -0.04 Bajaj Holdings &21.75 Invst. Ltd. 0.72 -0.36 0.53 0.87 Balrampur Chini Mills 1.99Ltd. 1.02 -3.01 0.13 0.07 Bank Of Baroda 0.94 1.35 0.55 0.17 0.13 Bank Of India 0.93 1.46 0.5 0.16 0.16 Bank Of Maharashtra 0.37 1.09 0.11 0.18 0.08 Bata India Ltd. 1.1 1.14 0.41 0.26 0.06 Bharat Bijlee Ltd. 0.95 1.27 -0.34 0.3 0.09 Bharat Seats Ltd.0.18 1.05 -0.02 0.55 0.01 Baharti Airtel 2.43 0.82 0.44 0 0.27 Binani Industries16.57 Ltd. 1.57 0.29 0.49 1.29 Blue Dart Express1.33 Ltd. 0.75 0.03 0.03 0.08 C M C Ltd. 1.89 0.8 0.17 0.24 0.11 Century Enka Ltd.0.26 1.1 1.26 0.24 0.04 Cheviot Co. Ltd. 0.04 1.3 0.06 0.02 0.09 City Union Bank Ltd. 1.99 0.83 0.27 0.33 0.17 Clariant Chemicals 0.09 (India) Ltd. 0.51 1.36 0.07 0.08 Colgate-Palmolive4.71 (India) Ltd.0.61 0.32 0.71 0.16 Cravatex Ltd. 0.41 0.55 0.47 0.24 0.04 Crisil Ltd. 10.53 0.67 1.01 0.71 0.28
SUMMARY OUTPUT Regression Statistics Multiple R 0.95 R Square 0.9 Adjusted R Square0.9 Standard Error 2.33 Observations 115 ANOVA df Regression Residual Total
4 110 114
Coefficients Intercept 0.72 Beta -1.49 Growth Rate -0.03 Payout ratio 0.45 NPM 20.11
P/S = 0.723395-1.48513*Beta -0.02 P/S = 4.34 Sales/share 13.54 EST Mkt Price 58.77 MKT Price 422.65
Crompton Greaves 2.53 Ltd. 1.02 0.87 D I C India Ltd. 0.31 0.74 0.59 De Nora India Ltd.1.79 1.08 -0.75 Denison Hydraulics 1.04 India Ltd.1.46 -0.07 Dhanalakshmi Bank 1.99 Ltd. 0.91 1.01 Dr. Reddy'S Laboratories 3.45 Ltd.0.67 0.38 Esab India Ltd. 1.58 1.09 0.17 Essel Propack Ltd. 1.38 0.82 0.04 Excel Crop Care Ltd. 0.18 1.22 0.9 F A G Bearings India 1.01Ltd. 0.88 0.19 Foseco India Ltd. 1.42 0.77 -0.22 G M Breweries Ltd. 0.34 1.05 -0.39 G T L Ltd. 1.93 1.31 -0.12 Garden Silk Mills Ltd. 0.2 1.22 0.45 Gati Ltd. 0.8 0.8 0.54 Geojit B N P Paribas 7.05Financial 1.08 Services-0.68 Ltd. Gillette India Ltd. 5.06 0.55 0.17 Glaxosmithkline Consumer 2.92 Healthcare 0.55 Ltd. 0.14 Granules India Ltd.0.8 0.93 0.11 Great Eastern Shipping 1.58 Co. Ltd. 1.01 0.15 Greaves Cotton Ltd. 0.65 1.21 -0.23 Grindwell Norton Ltd. 1.22 1.06 -0.06 Gruh Finance Ltd.2.29 0.83 0.19 Gujarat Fluorochemicals 1.55 Ltd. 1.08 0.82 H C L Infosystems 0.2 Ltd. 0.75 0 H C L Technologies 4.45 Ltd. 0.92 0.4 H D F C Bank Ltd.3.14 0.62 0.41 Hexaware Technologies 2.45 Ltd. 1.05 0.11 Hindustan Hardy Spicer 0.3 Ltd. 1.2 -1.04 I C I India Ltd. 2.24 0.57 -0.62 I D B I Bank Ltd. 0.58 1.41 0.16 I L & F S Investment 9.45Managers 1.12 Ltd. 0.33 I T D Cementation0.27 India Ltd. 1 -1.17 Indag Rubber Ltd.0.37 0.56 -0.09 Indian Overseas Bank 0.41 1.26 0.05 Infosys Technologies 6.2Ltd. 0.68 0.39 Infotech Enterprises 2.56 Ltd. 1.51 1.31 J B Chemicals & Pharmaceuticals 0.65 1.11 Ltd. 0.81 J S W Steel Ltd. 0.95 1.24 -0.34 Jindal Saw Ltd. 0.57 1.12 0.22 K S B Pumps Ltd.1.26 0.95 0.41 Kabra Extrusiontechnik 0.56 Ltd. 1.06 -0.12 Kansai Nerolac Paints 1.48 Ltd. 0.61 -0.11 Karur Vysya Bank0.99 Ltd. 0.76 0.13 Kirloskar Oil Engines 0.99Ltd. 0.94 -0.04 L G Balakrishnan 1.24 & Bros. Ltd.0.84 -0.59 M R F Ltd. 0.36 0.87 -0.16 Madras Aluminium2.64 Co. Ltd. 1.14 -0.29 Maharashtra Scooters 74.52 Ltd. 1 -0.08 Mangalam Cement 0.63 Ltd. 1.11 -0.17 Navin Fluorine Intl.0.59 Ltd. 1.72 2.58
0.14 0.24 1.1 0.1 0.11 0.18 0.39 0.14 0.12 0.08 0.39 0.21 0.26 0.17 0.19 0.78 0.37 0.34 0.27 0.12 0.32 0.41 0.33 0.09 0.48 0.63 0.19 0.2 -5 2.42 0.21 0.75 2.35 0.14 0.23 0.22 0.07 0.09 0.02 0.08 0.15 0.37 0.34 0.27 0.16 0.76 0.06 0.31 0.75 0.17 0.21
0.11 0.03 0.06 0.13 0.13 0.15 0.14 0.1 0.06 0.13 0.1 0.03 0.08 0.02 0.06 0.1 0.19 0.12 0.04 0.35 0.08 0.11 0.17 0.4 0.02 0.21 0.11 0.15 0 0.03 0.07 0.39 0 0.1 0.12 0.31 0.22 0.13 0.08 0.07 0.11 0.09 0.07 0.14 0.05 0.01 0.03 0.13 3.36 0.16 0.11
Oil Country Tubular 0.96 Ltd. 1.39 Oriental Bank Of Commerce 0.47 1.18 Punjab National Bank 0.98 1.19 Rain Commodities1.19 Ltd. 1.36 Rallis India Ltd. 1.13 1.26 S K F India Ltd. 0.88 1.03 State Bank Of India 1.51 1 Supreme Industries 0.49 Ltd. 1.2 Swaraj Engines Ltd. 1.76 0.76 T C P L Packaging 0.17 Ltd. 0.88 Tata Consultancy 4.72 Services Ltd. 0.73 Value Industries Ltd. 0.06 1.43 Vardhman Holdings 7.25 Ltd. 0.76 Videocon Industries 0.56 Ltd. 1.4 Vijaya Bank 0.33 1.12 Visaka Industries 0.32 Ltd. 1.19
1.41 0.08 0.51 0.07 1.02 -0.19 0.36 1 0.49 0.87 0.26 -31.03 4.99 0.39 -0.41 2.44
0.09 0.2 0.2 0.29 0.25 0.19 0.2 0.22 0.29 0.29 0.25 0.06 0.08 0.02 0.24 0.15
0.17 0.09 0.14 0.08 0.09 0.08 0.12 0.06 0.1 0.02 0.24 0.03 0.97 0.11 0.04 0.07
SS 5659.19 595.95 6255.14
MS 1414.8 5.42
F Significance F 261.14 0
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% 0.89 0.82 0.42 -1.03 2.48 -1.03 2.48 0.83 -1.79 0.08 -3.13 0.16 -3.13 0.16 0.05 -0.52 0.61 -0.12 0.07 -0.12 0.07 0.37 1.22 0.23 -0.28 1.18 -0.28 1.18 0.63 31.92 0 18.86 21.36 18.86 21.36
23395-1.48513*Beta -0.02567* Growth Rate +.449989* Payout Ratio + 20.11128 * Net profit Margin
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