Reliance 3
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Latest Quarterly/Halfyearly As On(Months)
Detailed Quarterly 30-Sep-2009(3)
30-Sep-2008(3)
% Change
30323.70
31803.00
-4.65
Sales of Products/Services Other Income
31.10
15.30
103.27
Total Income
30354.80
31818.30
-4.60
Total Expenses
26828.80
29541.80
-9.18
OPBDIT
3526.00
2276.5
54.89
Interest
3429.70
1192.60
187.58
Depreciation
2130.30
5275.60
-59.62
Exceptional & Extraordinary Items
0.00
0.00
--
Prior Period Adjustments
0.00
0.00
--
-600.00
50.00
NM
Provision for Tax After Tax Profit
-1178.80
4687.40
NM
Equity Capital
10320.10
10320.10
0.00
0.00
0.00
--
Reserves
Income Statement 31-Mar09(12) Profit / Loss A/C Net Sales (OI) Material Cost Increase Decrease Inventories Personnel Expenses
Rs mn
31-Mar08(12) %OI
Rs mn
31-Mar07(15) %OI
Rs mn
%OI
100.0 100.0 100.0 136105.80 134161.90 117252.60 0 0 0 299.50 0.22
151.50 0.11
164.80
0.14
0.00 0.00
0.00 0.00
0.00
0.00
6404.00
5.46
7583.60 5.57
8224.90 6.13
73855.80 54.26
55534.70 41.39
44283.40 37.77
Gross Profit
54366.90 39.94
70250.80 52.36
66400.40 56.63
Administration Selling and Distribution Expenses
19792.70 14.54
21264.50 15.85
21476.60 18.32
EBITDA
34574.20 25.40
48986.30 36.51
44923.80 38.31
Depreciation Depletion and Amortisation
19335.10 14.21
18436.60 13.74
18361.20 15.66
EBIT
15239.10 11.20
30549.70 22.77
26562.60 22.65
Interest Expense
9443.70 6.94
8700.50 6.49
4029.00
3.44
Other Income
7757.00 5.70
4353.40 3.24
1913.90
1.63
13552.40 9.96
26202.60 19.53
124.00 0.09
176.40 0.13
Extra Ordinary and Prior Period Items Net
34598.30 25.42
-161.70 -0.12
-239.00 -0.20
Net Profit
48026.70 35.29
25864.50 19.28
24088.50 20.54
Adjusted Net Profit
13428.40 9.87
26026.20 19.40
24327.50 20.75
Manufacturing Expenses
Pretax Income Provision for Tax
Dividend - Preference Dividend - Equity
24447.50 20.85 120.00
0.10
0.00 0.00
0.00 0.00
0.00
0.00
1651.20 1.21
1548.00 1.15
1022.30
0.87
Balance Sheet 31-Mar-09 Equity Capital Preference Capital
10320.10 0.00
%BT 31-Mar-08 %BT 31-Mar-07
%BT
1.12 10320.10
1.83 10223.10
2.23
0.00
0.00
0.00
0.00
Share Capital
10320.10
0.00
1.83 10223.10
2.23
Reserves and Surplus
506583.1 238080.2 195032.3 55.09 42.24 0 0 0
42.56
Loan Funds
309036.1 202864.3 145678.4 33.61 35.99 0 0 0
31.79
Current Liabilities
57747.40
6.28 72077.60 12.79 63093.30
13.77
Provisions
35907.20
3.90 40304.00
1.12 10320.10
7.15 44228.10
9.65
112381.6 107321.4 19.94 0 0
23.42
Current Liabilities and Provisions
93654.60 10.18
Total Liabilities and Stockholders Equity (BT)
919593.9 100.0 563646.2 100.0 458255.2 100.00 0 0 0 0 0
Tangible Assets Net
138458.9 148834.5 159414.8 15.06 26.41 0 0 0
Intangible Assets Net
175618.8 19.10 20041.80 0
34.79
3.56 21569.70
4.71
Net Block
314077.7 168876.3 180984.5 34.15 29.96 0 0 0
39.49
Capital Work In Progress Net
36438.60
3.96 71175.60 12.63 21856.00
4.77
Fixed Assets
350516.3 240051.9 202840.5 38.12 42.59 0 0 0
44.26
Investments
313647.5 138441.4 34.11 24.56 54344.40 0 0
11.86
Inventories Accounts Receivable
2531.40 14822.20
0.28
2012.20
0.36
985.10
0.21
1.61 10932.10
1.94
8021.10
1.75
Cash and Cash Equivalents
5351.50
0.58
1926.60
0.34
684.50
0.15
Other Current Assets
5619.40
0.61
1.40
0.00
1979.40
0.43
Current Assets
28324.50
2.64 11670.10
2.55
Loans & Advances
227105.6 170280.6 189400.3 24.70 30.21 0 0 0
41.33
Miscellaneous Expenditure Other Assets Total Assets (BT)
0.00
3.08 14872.30
0.00
0.00
0.00
0.00
0.00
919593.9 100.0 563646.2 100.0 458255.3 100.00 0 0 0 0 0
Ratio Analysis As on
31-Mar-09
31-Mar-08
31-Mar-07
Return on Total Assets (%)
1.80
6.80
9.50
Return on Networth (%)
2.60
10.50
14.88
Return on Capital Employed (%)
3.60
9.70
11.50
Gross Margin (%)
39.90
52.40
70.75
Operating Margin (%)
11.20
22.80
28.38
Net Profit Margin (%)
Return Related
Profitability
35.30
19.30
25.63
Adjusted Net Profit Margin (%)
9.90
19.40
25.88
Asset Turnover(x)
0.20
0.30
0.63
Debt/Equity ratio (x)
0.60
0.80
0.88
Total Debt/Total Assets (x)
0.40
0.40
0.50
Long term Debt/Networth (x)
0.50
0.60
0.88
Interest Coverage (x)
3.70
5.60
14.00
Current Ratio (x)
0.30
0.20
0.25
Quick Ratio (x)
0.40
0.20
0.25
Cash Ratio (x)
0.10
--
--
-0.20
-0.40
-0.50
-78.90
-155.60
-183.88
Leverage
Liquidity
Working Capital Working Capital to Sales (x) Working Capital Days (days gross sales)
Receivables (days gross sales)
39.70
29.70
28.75
Creditors (days cost of sales)
61.90
271.10
226.50
FG Inventory (days cost of sales)
--
--
--
RM Inventory (days consumption)
--
--
--
13.80
22.20
112.00
Cash Flow Indicator Operating Cash Flow/Sales (%) Per Share Book Value Per Share (Rs)
165.30
110.70
112.25
Earnings Per Share (Rs)
23.30
12.60
15.00
Dividend Per Share (Rs)
0.80
0.80
0.63
1.45
14.42
--
EBITDA
-29.42
9.04
N.M.
EBIT
-50.12
15.01
N.M.
85.69
7.37
42534.51
Growth(%) Total Operating Income
Net Profit
Comparison between Bharati & Reliance
Balance Sheet
(All figures in Rs Mn) Reliance Communications Bharti Airtel Limited Limited Comparison 31-Mar31-Mar- 31-Mar-06 31-Mar-08 31-Mar-07 31-Dec08 07 05 Assets Gross Block 155936.85 192021.10 182859.10 249127.84 238058.10 113921.49 148834.50 159414.80 1980.88 Net Block 168814.81 175002.21 23412.50 71175.60 21856.00 1662.36 CWIP 27510.79 23758.16 0.00 Investments 4763.43 138441.30 54344.20 93794.36 5802.47 Inventories 177.44 2012.20 985.10 120741.01 568.61 478.14 10761.71 10932.10 0.00 Receivables 8021.10 27764.57 14185.17 21844.67 172208.70 192064.30 0.00 Other Currrent Assets 54274.06 31047.17 174881.2 543604.4 436685.5 31589.57 Total Assets 372727.2 250273.3 5 0 0 153992.9 Liabilities 0 1 5 Equity 18938.79 10320.10 10223.10 Reserves 18979.07 18959.34 38290.11 218038.40 173462.60 6116.15 Total Debt 161365.83 77092.58 47962.91 202864.30 145678.40 147834.27 Creditors 0.00 Other Current Liabilities 65703.42 53108.05 44447.50 47462.50 25244.30
Total Liabilities
83799.54 69472.46 25241.94 64919.10 82077.10 10.51 42879.34 31640.88 174881.2 543604.4 436685.5 32.02 5 0 0 153992.9 372727.2 250273.3 0 1 5
Income Statement
Ratios Reliance Communications Limited 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Dec08 07 06 08 07 05 Bharti Airtel Limited
Comparison ShareStatistics Earning Per Share (Rs) Cash Earning Per Share (Rs) Book Value (Rs) Dividend Per Share (Rs) Profitability Ratios OPBIT/Productive Capital Employed (%) ROCE (%) RONW (%) TAX/PBT (%) Gross Profit Margin (%) Net Profit Margin (%) Operating Profit Margin (%) Dividend Payout Ratio (%) Dividend/Operating Cash Flow (%)
32.90 49.59 95.02 0.00
21.27 33.69 50.66 0.00
10.62 18.19 30.22 0.00
12.53 21.46 110.64 0.75
9.43 16.70 89.84 0.40
0.06 0.09 125.87 0.00
68.34 0.00 34.62 12.56 0.00 0.00 0.00 0.00 0.00
40.84 0.00 41.99 11.43 0.00 0.00 0.00 0.00 0.00
34.61 0.00 35.16 8.44 0.00 0.00 0.00 0.00 0.00
13.33 0.00 11.33 0.68 0.00 0.00 0.00 0.00 0.00
8.30 0.00 10.49 0.51 0.00 0.00 0.00 0.00 0.00
-0.09 0.00 0.05 31.25 0.00 0.00 0.00 0.00 0.00
Leverage Ratios Debt Equity Ratio (Times) LTD/NW (Times) Liquidity Ratios Current Ratio (Times) Flow Ratio (Times) Cash/CA (%) Cash/CL (%) PBDIT/Finance Charges (Times) Activity Ratios RM Inventory (Days Consumption) FG Inventory (Days Cost of Sales) Receivables (Days Gross Sales) Creditors (Days Cost of Sales) Op.Curr.Assets (Days OI) Working Capital (Net of Cash) (Rs Mn) Working Capital Cycle (Days OI) Growth Ratios Growth in Total Income (%) CAG in Total Income(3 periods)(%) Growth in Gross Profits (%) CAG in Gross Profits(3 Periods) (%) Growth in Net Profits (%) CAG in Net Profits(3 Periods) (%) Growth in Net Profits-(projected) (%) Growth in Operating Profits (%) CAG in Operating Profits (3 Periods) (%) CashFlow & Forex Details Forex Exchg Earnings/ForexOutflow (Times) Forex Earnings /OI(%)
0.36 0.34
0.55 0.51
0.84 0.52
0.89 0.53
0.79 0.76
0.00 0.00
0.65 0.00 0.00 0.00 18.24
0.45 0.00 0.00 0.00 24.87
0.47 0.00 0.00 0.00 12.13
1.65 0.00 0.00 0.00 12.57
1.87 0.00 0.00 0.00 19.42
742.81 0.00 0.00 0.00 0.00
0.00 0.00 39.43 199.61 88.00 0.00 0.00
0.00 0.00 29.10 237.01 88.00 0.00 0.00
0.00 0.00 34.98 222.90 92.00 0.00 0.00
0.00 0.00 29.74 201.00 350.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 31.21 0.00 159.01 172.75 566.00 379727. 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Detailed Quarterly 30-Sep-2009(3)
30-Sep-2008(3)
% Change
30323.70
31803.00
-4.65
Sales of Products/Services Other Income
31.10
15.30
103.27
Total Income
30354.80
31818.30
-4.60
Total Expenses
26828.80
29541.80
-9.18
OPBDIT
3526.00
2276.5
54.89
Interest
3429.70
1192.60
187.58
Depreciation
2130.30
5275.60
-59.62
Exceptional & Extraordinary Items
0.00
0.00
--
Prior Period Adjustments
0.00
0.00
--
-600.00
50.00
NM
Provision for Tax After Tax Profit
-1178.80
4687.40
NM
Equity Capital
10320.10
10320.10
0.00
0.00
0.00
--
Reserves
Income Statement 31-Mar09(12) Profit / Loss A/C Net Sales (OI) Material Cost Increase Decrease Inventories Personnel Expenses
Rs mn
31-Mar08(12) %OI
Rs mn
31-Mar07(15) %OI
Rs mn
%OI
100.0 100.0 100.0 136105.80 134161.90 117252.60 0 0 0 299.50 0.22
151.50 0.11
164.80
0.14
0.00 0.00
0.00 0.00
0.00
0.00
6404.00
5.46
7583.60 5.57
8224.90 6.13
73855.80 54.26
55534.70 41.39
44283.40 37.77
Gross Profit
54366.90 39.94
70250.80 52.36
66400.40 56.63
Administration Selling and Distribution Expenses
19792.70 14.54
21264.50 15.85
21476.60 18.32
EBITDA
34574.20 25.40
48986.30 36.51
44923.80 38.31
Depreciation Depletion and Amortisation
19335.10 14.21
18436.60 13.74
18361.20 15.66
EBIT
15239.10 11.20
30549.70 22.77
26562.60 22.65
Interest Expense
9443.70 6.94
8700.50 6.49
4029.00
3.44
Other Income
7757.00 5.70
4353.40 3.24
1913.90
1.63
13552.40 9.96
26202.60 19.53
124.00 0.09
176.40 0.13
Extra Ordinary and Prior Period Items Net
34598.30 25.42
-161.70 -0.12
-239.00 -0.20
Net Profit
48026.70 35.29
25864.50 19.28
24088.50 20.54
Adjusted Net Profit
13428.40 9.87
26026.20 19.40
24327.50 20.75
Manufacturing Expenses
Pretax Income Provision for Tax
Dividend - Preference Dividend - Equity
24447.50 20.85 120.00
0.10
0.00 0.00
0.00 0.00
0.00
0.00
1651.20 1.21
1548.00 1.15
1022.30
0.87
Balance Sheet 31-Mar-09 Equity Capital Preference Capital
10320.10 0.00
%BT 31-Mar-08 %BT 31-Mar-07
%BT
1.12 10320.10
1.83 10223.10
2.23
0.00
0.00
0.00
0.00
Share Capital
10320.10
0.00
1.83 10223.10
2.23
Reserves and Surplus
506583.1 238080.2 195032.3 55.09 42.24 0 0 0
42.56
Loan Funds
309036.1 202864.3 145678.4 33.61 35.99 0 0 0
31.79
Current Liabilities
57747.40
6.28 72077.60 12.79 63093.30
13.77
Provisions
35907.20
3.90 40304.00
1.12 10320.10
7.15 44228.10
9.65
112381.6 107321.4 19.94 0 0
23.42
Current Liabilities and Provisions
93654.60 10.18
Total Liabilities and Stockholders Equity (BT)
919593.9 100.0 563646.2 100.0 458255.2 100.00 0 0 0 0 0
Tangible Assets Net
138458.9 148834.5 159414.8 15.06 26.41 0 0 0
Intangible Assets Net
175618.8 19.10 20041.80 0
34.79
3.56 21569.70
4.71
Net Block
314077.7 168876.3 180984.5 34.15 29.96 0 0 0
39.49
Capital Work In Progress Net
36438.60
3.96 71175.60 12.63 21856.00
4.77
Fixed Assets
350516.3 240051.9 202840.5 38.12 42.59 0 0 0
44.26
Investments
313647.5 138441.4 34.11 24.56 54344.40 0 0
11.86
Inventories Accounts Receivable
2531.40 14822.20
0.28
2012.20
0.36
985.10
0.21
1.61 10932.10
1.94
8021.10
1.75
Cash and Cash Equivalents
5351.50
0.58
1926.60
0.34
684.50
0.15
Other Current Assets
5619.40
0.61
1.40
0.00
1979.40
0.43
Current Assets
28324.50
2.64 11670.10
2.55
Loans & Advances
227105.6 170280.6 189400.3 24.70 30.21 0 0 0
41.33
Miscellaneous Expenditure Other Assets Total Assets (BT)
0.00
3.08 14872.30
0.00
0.00
0.00
0.00
0.00
919593.9 100.0 563646.2 100.0 458255.3 100.00 0 0 0 0 0
Ratio Analysis As on
31-Mar-09
31-Mar-08
31-Mar-07
Return on Total Assets (%)
1.80
6.80
9.50
Return on Networth (%)
2.60
10.50
14.88
Return on Capital Employed (%)
3.60
9.70
11.50
Gross Margin (%)
39.90
52.40
70.75
Operating Margin (%)
11.20
22.80
28.38
Net Profit Margin (%)
Return Related
Profitability
35.30
19.30
25.63
Adjusted Net Profit Margin (%)
9.90
19.40
25.88
Asset Turnover(x)
0.20
0.30
0.63
Debt/Equity ratio (x)
0.60
0.80
0.88
Total Debt/Total Assets (x)
0.40
0.40
0.50
Long term Debt/Networth (x)
0.50
0.60
0.88
Interest Coverage (x)
3.70
5.60
14.00
Current Ratio (x)
0.30
0.20
0.25
Quick Ratio (x)
0.40
0.20
0.25
Cash Ratio (x)
0.10
--
--
-0.20
-0.40
-0.50
-78.90
-155.60
-183.88
Leverage
Liquidity
Working Capital Working Capital to Sales (x) Working Capital Days (days gross sales)
Receivables (days gross sales)
39.70
29.70
28.75
Creditors (days cost of sales)
61.90
271.10
226.50
FG Inventory (days cost of sales)
--
--
--
RM Inventory (days consumption)
--
--
--
13.80
22.20
112.00
Cash Flow Indicator Operating Cash Flow/Sales (%) Per Share Book Value Per Share (Rs)
165.30
110.70
112.25
Earnings Per Share (Rs)
23.30
12.60
15.00
Dividend Per Share (Rs)
0.80
0.80
0.63
1.45
14.42
--
EBITDA
-29.42
9.04
N.M.
EBIT
-50.12
15.01
N.M.
85.69
7.37
42534.51
Growth(%) Total Operating Income
Net Profit
Comparison between Bharati & Reliance
Balance Sheet
(All figures in Rs Mn) Reliance Communications Bharti Airtel Limited Limited Comparison 31-Mar31-Mar- 31-Mar-06 31-Mar-08 31-Mar-07 31-Dec08 07 05 Assets Gross Block 155936.85 192021.10 182859.10 249127.84 238058.10 113921.49 148834.50 159414.80 1980.88 Net Block 168814.81 175002.21 23412.50 71175.60 21856.00 1662.36 CWIP 27510.79 23758.16 0.00 Investments 4763.43 138441.30 54344.20 93794.36 5802.47 Inventories 177.44 2012.20 985.10 120741.01 568.61 478.14 10761.71 10932.10 0.00 Receivables 8021.10 27764.57 14185.17 21844.67 172208.70 192064.30 0.00 Other Currrent Assets 54274.06 31047.17 174881.2 543604.4 436685.5 31589.57 Total Assets 372727.2 250273.3 5 0 0 153992.9 Liabilities 0 1 5 Equity 18938.79 10320.10 10223.10 Reserves 18979.07 18959.34 38290.11 218038.40 173462.60 6116.15 Total Debt 161365.83 77092.58 47962.91 202864.30 145678.40 147834.27 Creditors 0.00 Other Current Liabilities 65703.42 53108.05 44447.50 47462.50 25244.30
Total Liabilities
83799.54 69472.46 25241.94 64919.10 82077.10 10.51 42879.34 31640.88 174881.2 543604.4 436685.5 32.02 5 0 0 153992.9 372727.2 250273.3 0 1 5
Income Statement
Ratios Reliance Communications Limited 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Dec08 07 06 08 07 05 Bharti Airtel Limited
Comparison ShareStatistics Earning Per Share (Rs) Cash Earning Per Share (Rs) Book Value (Rs) Dividend Per Share (Rs) Profitability Ratios OPBIT/Productive Capital Employed (%) ROCE (%) RONW (%) TAX/PBT (%) Gross Profit Margin (%) Net Profit Margin (%) Operating Profit Margin (%) Dividend Payout Ratio (%) Dividend/Operating Cash Flow (%)
32.90 49.59 95.02 0.00
21.27 33.69 50.66 0.00
10.62 18.19 30.22 0.00
12.53 21.46 110.64 0.75
9.43 16.70 89.84 0.40
0.06 0.09 125.87 0.00
68.34 0.00 34.62 12.56 0.00 0.00 0.00 0.00 0.00
40.84 0.00 41.99 11.43 0.00 0.00 0.00 0.00 0.00
34.61 0.00 35.16 8.44 0.00 0.00 0.00 0.00 0.00
13.33 0.00 11.33 0.68 0.00 0.00 0.00 0.00 0.00
8.30 0.00 10.49 0.51 0.00 0.00 0.00 0.00 0.00
-0.09 0.00 0.05 31.25 0.00 0.00 0.00 0.00 0.00
Leverage Ratios Debt Equity Ratio (Times) LTD/NW (Times) Liquidity Ratios Current Ratio (Times) Flow Ratio (Times) Cash/CA (%) Cash/CL (%) PBDIT/Finance Charges (Times) Activity Ratios RM Inventory (Days Consumption) FG Inventory (Days Cost of Sales) Receivables (Days Gross Sales) Creditors (Days Cost of Sales) Op.Curr.Assets (Days OI) Working Capital (Net of Cash) (Rs Mn) Working Capital Cycle (Days OI) Growth Ratios Growth in Total Income (%) CAG in Total Income(3 periods)(%) Growth in Gross Profits (%) CAG in Gross Profits(3 Periods) (%) Growth in Net Profits (%) CAG in Net Profits(3 Periods) (%) Growth in Net Profits-(projected) (%) Growth in Operating Profits (%) CAG in Operating Profits (3 Periods) (%) CashFlow & Forex Details Forex Exchg Earnings/ForexOutflow (Times) Forex Earnings /OI(%)
0.36 0.34
0.55 0.51
0.84 0.52
0.89 0.53
0.79 0.76
0.00 0.00
0.65 0.00 0.00 0.00 18.24
0.45 0.00 0.00 0.00 24.87
0.47 0.00 0.00 0.00 12.13
1.65 0.00 0.00 0.00 12.57
1.87 0.00 0.00 0.00 19.42
742.81 0.00 0.00 0.00 0.00
0.00 0.00 39.43 199.61 88.00 0.00 0.00
0.00 0.00 29.10 237.01 88.00 0.00 0.00
0.00 0.00 34.98 222.90 92.00 0.00 0.00
0.00 0.00 29.74 201.00 350.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 31.21 0.00 159.01 172.75 566.00 379727. 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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