Untitled

BEML BEML Limited (formerly Bharat Earth Movers Limited) was established in May 1964. It is the leading manufacturer of heavy earth moving equipment in Asia and an Indian Public Sector Company under the Ministry of Defence, Govt. of India. BEML was fully owned by the Government company until 1992, when the government divested 25 per cent of holdings in the Company. It is a ‘Miniratna-Category-1’, plays a pivotal role and serves India’s core sectors like Defence, Rail, Power, Mining and Infrastructure. The Company started with a modest turnover of Rs 5 Cr during 1965 and thanks to its diverse business portfolio, the company has been able to achieve a turnover of more than Rs 3,500 Cr. It has nine manufacturing units located at Bangalore, Kolar Gold Fields (KGF), Mysore, Palakkad and Subsidiary Vignyan Industries Ltd, in Chikmagalur District. BEML’s products are sold and serviced through its large marketing network spread all over the Country. BEML’s products are exported to more than 56 countries. As part of company’s globalization strategy, the company has expanded its global reach by opening local company at Indonesia and Brazil recently in addition to Malaysia and China offices.

CMP (as on 03/01/2017) 52 Week H/L Market Cap (Cr) Equity Capital (Rs cr) Face Value (Rs.)

1010.00 1324.40/770.15 4131.55 41.77 10

Shareholding Pattern (%) Promoters Non - promoter Grand Total

54.03 55.97 100

Particulars Sales Turnover EBITDA Net Profit EPS (Rs.) PE (X)

FY12 2908.2 222.0 56.9 13.6 73.0

Investment Rationales:    

Indigenous defence – a big opportunity Improvement in infra space Pick up in coal and mining industry Railways heading for fast paced development

FY13 2990.3 87.6 -83.3 -19.9 -49.9

FY14 3111.4 191.1 6.1 1.5 684.7

FY15 2991.2 134.4 5.9 1.4 700.9

FY16 3280.7 174.9 53.1 12.7 78.3

Outlook BEML is a dominant player in heavy engineering space with wide range of products catering to defence, infra, mining and rail & metro industries. With the governmental emphasis on promoting indigenous manufacturing via “Make in India” and improvement in capital spending infra and related sectors, along with available market opportunities, we expect BEML to perform considerably well in the medium term and long term.

ATS Wealth Managers Pvt Ltd.

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Business Divisions  Mining & Construction Business BEML Limited offers a comprehensive and diverse range of mining machinery for both opencast and underground mines. BEML produces machines such as Electric Rope Shovels, Hydraulic Excavators, Bulldozers, Wheel Loaders, Wheel Dozers, Dump Trucks, Motor Graders, Pipe Layers, Tyre Handlers, Water Sprinklers and Backhoe Loaders. Besides, BEML also manufactures mammoth Walking Draglines for cost-effective operations in the opencast mines. BEML has ventured into underground mining with products such as Side Discharge Loader, Load Haul Dumper, Winch, Winder, Granby Car, Skip etc. The boom in the mining industry has opened up new avenues for BEML in contract mining. BEML has formed a joint venture company with its partners, Midwest Granite Limited and Pt. Sumber Mitra Jaya, Indonesia to take up contract mining within the country and overseas. The joint venture company is called BEML-Midwest Limited and the company will bid for coal and other mining contracts in India and abroad.  Rail & Metro Business In recent years, BEML Limited has forayed into high-tech Metro Trains deployed for intra-city commuting. BEML is expanding its infrastructure to meet the greater needs of metro projects coming up in the country. BEML supplies equipment to Indian Railways which include Integral Rail Coaches, Overhead Electric Inspection Cars, Postal Vans, AC/DC Electric Multiple Units, D-EMUs, Utility Track Vehicles, Track Laying Equipment, Broad-Gauge Railbus, Treasury Vans, Spoil Disposal Units etc.  Defence Business Being India’s leading defence equipment manufacturer, BEML Limited keeps the Indian Army and other defence forces abreast with state-of-the-art military equipment. The company manufactures variants of Tatra vehicle for all terrain operations including Bridge Layer, Field Artillery Tractor, Medium & Heavy Recovery Vehicle, Pontoon Mainstream Bridge Systems, Crash Fire Tenders, Mobile Mast Vehicle, etc. BEML also supplies Engineering Mine Ploughs, Tank Transportation Trailers, Weapon Loading equipment, Armoured Recovery Vehicle, Milrail Coaches and Wagons apart from Aircraft Weapon Loading Trolley and Aircraft Towing Tractor. BEML plays a stellar role in the country’s Integrated Guided Missile Development Project by supplying ground support vehicles. The company has also created a world class test track at its KGF Complex to test defence equipment and vehicles.  Aerospace Business BEML Limited, in its drive towards continuing diversity, from its current product configurations of Mining & Construction, Rail & Metro and Defence Sectors, has forayed into Aerospace business. Taking advantage of the global and domestic opportunities available in the fast expanding aerospace market in India, and the “Off-Set” policy laid down for defence procurement by Government of India, BEML launched its aerospace vertical during the year 2007 to exploit the potential of the e-engineering services in the aerospace domain. Subsequently, a new Aerospace Manufacturing Division was launched during Aero India 2009.


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The Aerospace Vertical of the Company provides expert services like CAD/CAE & NPDs, offers highquality customized engineering services & solutions, extensive experience and inherent strength in product design & development. BEML has certifications of CEMILAC, ISO 9001:2008 & NABL. BEML is already supporting the aerospace operations by supplying Ground Support Equipment such as Aircraft Towing Tractor (ATT), Multi Purpose Weapon Loader (MPWL-Bheema) and Crash Fire Tender (CFT). The manufacturing division has scaled up its activities through manufacture and supply of wide variety of Jigs, fixtures, Ground Support and Test Equipment. The other areas of concentration will be manufacture of gears and hydraulic aggregates to aeronautical standards as BEML has core strength in these areas. To progress further, the activities are planned in a phased manner with additional infrastructure to manufacture sheet metal and CNC components leading to fabrication of subassemblies and major assemblies, Landing Gears of aircraft, manufacture of composites with the ultimate objective of building and testing fixed wing and rotary wing aircraft, assembly of UAV from kits and upgrades of aircraft and helicopters. The Aerospace Manufacturing facility is established in Mysore Complex of BEML.  International Business Division BEML Limited has an expanding international presence in more than 62 countries spread worldwide including Syria, Tunisia, UAE, Jordan, Suriname, South Africa, UK, Sri Lanka, Bangladesh, Philippines, Indonesia, Oman, Nepal, Kingdom of Saudi Arabia, Tanzania, Zimbabwe, etc. An Export House with ‘Star Exporter’ status, BEML has proven strengths in handling large-scale trading and counter-trade and has pushed the export of engineering goods as well as other equipment. BEML has Dealers / Distributor operating from Ghana, Tanzania, Syria and UAE. With an effective system of Extension Service Management, BEML has its marketing network in Middle East, Africa, Latin America and Far East countries. BEML has secured repeat orders from countries like Syria, UAE, Tanzania and Tunisia for its products in view of their commendable performance. BEML Brasil Industrial Ltda’ was set up in Brazil for sales of mining and construction equipment in Latin American countries with a phased local manufacturing program. The company opened its sales and service centre in Indonesia in August 2009.

Revenue breakup (FY16) Domestic

8.39%

Export

91.61%


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Product revenue breakup (FY16) 0.1%

Earth moving equipment

7.0%

Rail & Metro Defence

29.7%

21.0%

Spare Parts Equipment servicing Others

10.5% 31.0%

Key ratios

Key Ratios Debt-Equity Ratio Current Ratio Turnover Ratios Fixed Assets Inventory Debtors Total Asset Turnover Ratio Interest Cover Ratio EBIDTM (%) EBITM (%) ROCE (%) RONW (%) Payout (%) Sales / Assets (X) ROE (X) Price Earning (P/E) Price to Book Value ( P/BV) EV/EBIDTA Market Cap/Sales


FY12

FY13

FY14

FY15

FY16

0.41 1.97

0.52 1.98

0.53 1.99

0.39 2.13

0.29 2.33

2.76 1.34 2.97 0.86 1.33 6.64 5.1 4.37 1.84 38.89

2.54 1.22 3.62 0.79 -0.03 2.93 1.22 -0.14 -5.89 -12.24

2.56 1.33 3.38 0.83 1.11 6.25 4.51 3.76 0.38 77.61

2.42 1.43 3.04 0.89 1.07 4.49 2.72 2.4 0.26 81.89

2.5 1.76 2.98 1.03 2.15 5.33 3.69 3.78 2.54 33.52

0.8 1.84

0.74 -3.76

0.78 0.3

0.83 0.33

0.93 2.52

50.82 1.25 15.72 0.94

NA 0.29 20.46 0.2

226.05 0.59 11.29 0.39

895.37 2.2 37.66 1.53

87.1 2.05 27.58 1.32

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Industry Overview The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India’s economy. India on its quest to become a global superpower has made significant strides towards the development of its engineering sector. The Government of India has appointed the Engineering Export Promotion Council (EEPC) as the apex body in charge of promotion of engineering goods, products and services from India. India exports transport equipment, capital goods, other machinery/equipment and light engineering products such as castings, forgings and fasteners to various countries of the world. The Indian engineering sector is of strategic importance to the economy owing to its intense integration with other industry segments. The sector has been de-licensed and enjoys 100 per cent FDI. With the aim to boost the manufacturing sector, the government has relaxed the excise duties on factory gate tax, capital goods, consumer durables and vehicles. It has also reduced the basic customs duty from 10 per cent to 5 per cent on forged steel rings used in the manufacture of bearings of wind operated electricity generators. A large scale opportunity that is shaping up in the sector now is outsourcing of engineering services, also known as Engineering Services Outsourcing (ESO). Lack of talent, skilled manpower and low-cost innovation is expected to drive a large segment of the global engineering spend to vendor countries who can provide the same – in fact, the figure is pegged at US $850 bn by 2020. By carefully positioning itself as one such vendor nation, India has the potential of grabbing about 25 to 30 per cent of this business. The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative advantage in terms of manufacturing costs, technology and innovation. The above, coupled with favorable regulatory policies and growth in the manufacturing sector has enabled several foreign players to invest in India. The foreign direct investment (FDI) inflows into India's miscellaneous mechanical and engineering industries during April 2000 to March 2016 stood at around US$ 3,068.1 million, as per data released by the Department of Industries Policy and Promotion (DIPP).


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The capital goods & engineering turnover in India is expected to reach US$ 125.4 billion by FY17. India exports its engineering goods mostly to the US and Europe, which accounts for over 60 per cent of the total exports. Recently, India's engineering exports to Japan and South Korea have also increased with shipments to these two countries rising by 16 and 60 per cent respectively. Sri Lanka, Nepal and Bangladesh have also emerged as the major destinations for India's engineering exports during AprilFebruary 2015-16, together accounting for a sizeable chunk of US$ 5.17 billion. The engineering sector is a growing market. Spending on engineering services is projected to increase to US$ 1.1 trillion by 2020.

Investment Rationales Indigenous defence – a big opportunity India has the third largest Army, the fourth largest Air force and the seventh largest Navy in the world. India is among the top 10 countries in the world in terms of military expenditure and world's largest arms importer. India allocates about 1.8% of its GDP towards defence spending, of which 40% is allocated to capital acquisitions and only about 35% of India's equipment is manufactured in India, mainly by public sector undertakings. Even when defence products are manufactured domestically, there is a large import component. All these factors make the Indian defence market one of the most attractive globally and provide an immense opportunity for both domestic and foreign players in the defence sector. According to government statistics, roughly 65% of India's defence requirements are met through imports. India has the potential to emerge as a global platform for defence research, manufacturing, supply chain sourcing, software development, and offsets, which will strengthen our defence capabilities and spur industrial development as well as exports in this sector. The Indian defence industry's import-export ratio is inferior to countries with a much smaller defence industrial base. The 'Make in India' policy for the defence sector aims to reverse the current imbalance between the import of defence equipment and indigenous manufacture of defence equipments without adversely affecting the requirements, capability and preparedness of the user. Therefore, achieving self reliance and reducing dependence on foreign countries in defence is a necessity today rather than a choice, both for strategic and economic reasons. The requirement for domestic production of defence equipment is more than for any other sector because it will not only save precious foreign exchange but will address the national security concerns. 'Make in India' policy aims at facilitating investments and fostering innovations for the manufacturing sector in India. Government being the only consumer, 'Make in India' in defence sector will be governed by the defence procurement policy of India. The defence spending has been growing in recent years and is expected to grow at the rate of 7% to 8% annually over the next five years. Considering a growth of about 7% in the Gross Domestic Product (GDP), the defence budget is projected to achieve 10% growth rate by 2016-17. As per the projection, India is planning to spend over US $ 250 billion on capital procurement, in the next fifteen years. The increase in spending also indicates the huge availability of opportunities for the domestic and global companies in the defence and aerospace sector. 53% of the total defence budget is being allocated to Indian Army, 23% to Indian Air Force and 16% to Indian Navy. 6% of the total defence budget is allocated for defence Research & Development, 1% to Ordnance Factory Board and remaining 1% for miscellaneous activities. ATS Wealth Managers Pvt Ltd.

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The defence ministry expects the defence budget to grow at a compounded annual growth rate of 8% to touch $64 billion in the financial year 2020. The growth will primarily be driven by capital expenditure the component of the defence budget used for creation of assets and expenditure on procurement of new equipment. India will see a total defence budget allocation of $620 billion between financial year 2014 and 2022 of which 50% will be on capital expenditure. The annual opportunity for Indian companies both state-owned and private is expected to reach $41 billion by financial year 2022 and $168 billion cumulatively, it said. The second is the government’s ambitious Make in India campaign aimed at attracting foreign companies to invest in India’s manufacturing sector. The revenues in the defence segment has gradually fallen from Rs.700 crore (FY11) to Rs.330 crore (FY16) due to the paucity of orders and the delays in the execution of Tatra orders. BEML expects the defence ministry to release orders for combat vehicles worth ~Rs.35000 crore during FY17. The company has also tied-up with Bharat Dynamics Limited (BDL) on the ambitious Futuristic Infantry Combat Vehicle (FICV) – opportunity size of ~Rs.60000 crore. BEML would also be engaging with BDL for missiles aggregates and associated systems. Other defense related opportunities which BEML would be pursuing are the mounted gun systems, battle tank aggregates, development of special vehicles for Indian Army, armored recovery vehicles, multi barrel rocket launchers, BMP upgradation etc. Order backlog in the defence segment stands at ~Rs2000 crore (Including the backlog of Tatra trucks of ~Rs.1000 crore) and the company expects further Rs.1500 crore worth of orders in next 12-18 months (including ~Rs.500 crore in next 6-7 months). The company is likely to book revenues of ~Rs900 crore during FY17, while the revenue target for FY18 is ~Rs.1200-1300 crore. In the long term, BEML expects the defence segment to contribute ~30% of the aggregate revenues. With the improvement in government orders BEML with its capabilities is excepted to be a major beneficiary.

Improvement in infra space The current government has embarked on a new path and has set out some incremental initiatives that have seen about 89 projects worth Rs.190,000 crores cleared, road building that had fallen to an abysmal 4 km/day has risen to about 12km/day and could well reach 23km/day that it had achieved during the NDA 1 rule. These incremental steps are expected to lead into larger reforms and policy initiatives that will put construction and infrastructure onto a high growth orbit in a years' time. The government has also conceived initiatives like smart cities (100) and rapid urbanization programs. It has indicated ambitious investments in railways and for the first time initiated a public private initiative in the sector to modernize India's railway stations. The swachbharat campaign in India is attracting investments in improving sanitation in India .The river linking project in itself is a big opportunity for most construction equipments. Rs.70,000 crore of spending on ports has been announced. Real estate industry in tier 2 cities is maturing and there is a significant spurt in low cost housing. The government is also looking at rationalizing tax by bringing in the GST which could further contribute to development of the industry. The market for excavators, backhoe loaders and dumper trucks, needed for construction and transport is expected to be $ 2.8 billion this year. The industry is expected to nearly double to around $ 5 billion by 2019-20, according to the Indian construction equipment manufacturers association (ICEMA). India has an installed capacity of 70,000 units of construction equipment. There is cautious optimism that by 2018-19, the industry will get back to an output level of 70,000 units that was achieved in 2011-12. The overcapacity built in earlier boom years is expected to be utilised before fresh investments are made.


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Significant allocation to the infrastructure sector in the 12th Five-Year Plan, and investment requirement of US$ 1 trillion is expected to create huge demand for construction equipment in India. In the road’s sector, the government’s policy to increase private sector participation has proved to be a boon for the infrastructure industry with a large number of private players entering the business through the publicprivate partnership (PPP) model. Major ports handled 581.3 million metric tonnes (MMT) of cargo, while non-major ports handled 471.2 MMT of cargo, since ports handle almost 95 per cent of trade volumes in India; the rising trade has contributed significantly to the country’s cargo traffic. To support the growing demand, cargo capacity in India is expected to increase to 2,493.1 MMT by 2017.

Total infrastructure spending is expected to be about 10 per cent of Gross Domestic Product (GDP) during the 12th Five-Year Plan (2012–17), up from 7.6 per cent during the previous plan (2007–12). . Though BEML does not have much presence in the construction equipment segment, the company has of-late got few orders in this space. The company expects to post ~60-65% growth in small construction equipment orders during FY18. Increased impetus to develop infrastructure in the country provides huge revenue potential for BEML as it has a significant exposure in this space.

Pick up in coal and mining industry Despite been known as a country with one of the largest coal reserves in the world, India is struggling to match the coal demand supply equation, resulting in power crisis in the country. From 100 million tonnes in 2012, India's coal imports are slated to touch 220 million tonnes by 2016, making it one of the largest coal importing countries in the world. Mining sector is one of the core sectors of economy. It provides basic raw materials to many important industries. Mining sector (including fuel, atomic, major and minor minerals) contributed about 2.4% of GDP in 2014-15 as per the data released by Central Statistical Organization under Ministry of Statistics & Programme implementation. Mineral Iron Ore Manganese Bauxite Chromite Barytes Zinc Talc

India’s Production India’s rank India’s Reserves India’s Rank 6% 4th 4% 6th 5% 6th 8% 5th 5% 6th 3% 8th 14% 3rd 12% 3rd 19% 2nd 13% 2nd 6% 6th 5% 5th 15% 2nd 8% 6th


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India seems to be accelerating its effort to transform the ailing coal sector in India. The Government has announced plans to boost Coal India's annual production to the level of 1 billion tonnes by 2019 and this requires significant investment in mechanization of existing mines and fast tracking mine development activity in newer mines. In order to achieve the government vision, the new chairman of CIL has also clearly indicated that his strategy would be to improve mine productivity through technology up gradation in opencast mines with induction of high capacity equipment. In underground mines, continuous miner technology will be leveraged in large scale, long-wall technology at selected mines, man riding system in major mines and use of tele monitoring techniques. Revenues in the this segment have been in the Rs.1500-1600 crore range during the past five years while segment profitability have oscillated from a high of 17.5% (EBITM) to losses during the same period. The company was expecting strong order inflows on the back of Coal India Ltd (CIL) plans to double the capacities from ~ 500mn tonnes to 1bn tonnes over the next five years. Going forward, the strategy of the company would be to reduce its absolute dependency on the coal sector and enhance its presence in other segments like construction equipment and exploring opportunities in the export market. Given the availability of mineral wealth in India, the Ministry of Mines, Government of India, has targeted significantly higher share of GDP from mining. It aims to increase share of mining and quarrying in GDP from current 2% of GDP to 5% of GDP over the next 20 years. This requires mining to grow at 1012% per annum. While MCE (mining and construction equipment) industry is excepting a sharper pickup of 20-25 per cent during 2016-2018 providing large opportunities in this segment for BEML.

Railways heading for fast paced development The Indian Railways is among the world’s largest rail networks. Spread across 6,853 stations, the 108,706-km network enables the running of 11,000 trains on a daily basis. India's railway network is recognized as one of the largest railway systems in the world under single management. The railway network is also ideal for long-distance travel and movement of bulk commodities, apart from being an energy efficient and economic mode of conveyance and transport. The Government of India has focused on investing on railway infrastructure by making investor-friendly policies. It has moved quickly to enable Foreign Direct Investment (FDI) in railways to improve infrastructure for freight and high-speed trains. At present, several domestic and foreign companies are also looking to invest in Indian rail projects. India’s rapid pace of urbanisation linked to its drive for greater economic prosperity has spurred the Government of India to develop mass rapid transit systems (principally metros) across a large swathe of major Indian cities. This is against a backdrop of low investment in modern public transport systems in this vast nation which is currently being addressed. The total financial outlay, for the thirty out of the forty projects where the budgets are known, is just over £33 billion from 2013-2021. This makes the India metro sector one of the world’s major infrastructure development programmes in terms of number of projects and their value. Indian Railways is likely to have its highest plan outlay of around Rs.1.35 lakh crore for the next financial year. The national transporter plans to seek almost Rs.60,000 crore from the finance ministry as gross budgetary support and another Rs.25,000 crore from LIC as loan.


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The Indian Railway network is growing at a healthy rate. In the next five years, the Indian railway market will be the third largest, accounting for 10 per cent of the global market. BEML is also present in specialised segments such as fast trains and metro railways, currently very few metro are operational, there is a healthy pipeline of under construction projects that are expected to become operational in the next three or four years. Furthermore, various cities across India have also proposed and approved the construction of metro projects that are expected to be constructed in the next six to eight years. Near term opportunities (Rs.3100 crore) include repeat orders for RS-9 and RS-13 coaches for Delhi Metro, 350 coaches for Bangalore metro, DETC coaches for Dedicated Fright Corridor and EMU trains. Long‐term opportunities lie in LHP coaches, Aluminum coached for high speed trains which the company will look to develop in conjunction with a technology partner. Order backlog in this segment stands at ~Rs.2200 and the company has participated in tenders totaling ~Rs.3100 crore. The company is likely to book revenues of ~Rs.600 crore during FY17 while the revenue target for FY18 is ~Rs.1500-1600 crore. We believe that as these projects become operational, they would provide a huge opportunity for BEML’s bearing demand for rail and metro space.

Conclusion and Recommendation BEML currently has an order book of nearly Rs.7300 crore as on Dec FY17. Management expects orders worth Rs 1600 crore to come from metro projects, Rs.2200 crore in mining and construction and the balance in defence space. With the excepted order win of around Rs.5000 crore in the forthcoming year, along with the improvement in working capital cycle in heavy engineering industry and emphasis by government in “Make in India” initiative in the areas BEML operates in, we except BEML to outperform the industry in the long term time horizon.


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Financials Profit and Loss account

INCOME : Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income EXPENDITURE : Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Administration Expenses Miscellaneous Expenses Less: Pre-operative Expenses Capitalised Total Expenditure Operating Profit Interest Gross Profit Depreciation Minority Interest (before tax) Profit Before Tax Tax Fringe Benefit Tax Deferred Tax Net Profit Minority Interest (after tax) Net Profit after Minority Interest & P/L Asso.Co. Extraordinary Items Adjusted Net Profit Dividend Dividend Per Share(Rs.) Book Value (Adj) Dividend Per Share Adj.(Rs.)


FY12

FY13

FY14

FY15

FY16

2908.15 193.11 2715.04 75.73 434.9 3225.67

2990.26 189.01 2801.25 114.45 68.12 2983.82

3111.36 207.69 2903.67 87.69 -103.08 2888.28

2991.19 189.1 2802.09 59.92 -208.43 2653.58

3280.68 302.97 2977.71 39.21 -245.01 2771.91

1823.85 38.94 731.71 134.18 94.67 180.36 0 3003.71 221.96 111.3 110.66 44.69 0.02 65.95 26.44 0 -17.4 56.91 0 56.91 17.27 39.64

1706.12 36 745.23 125.57 84.43 198.84 0 2896.19 87.63 162.03 -74.4 51.02 -0.09 -125.33 0 0 -42.04 -83.29 0 -83.29 11.47 -94.76

1590.68 38.56 722.67 89.46 122.92 132.85 0 2697.14 191.14 126.82 64.32 54.32 0 10 -0.78 0 4.71 6.07 -0.03 6.1 -1.79 7.89

1355.84 35.87 774.97 80.26 136.73 135.49 0 2519.16 134.42 75.96 58.46 53.01 -0.01 5.46 1.31 0 -1.78 5.93 0 5.93 0.3 5.63

1458.22 35.36 773.23 74.1 141.18 114.88 0 2596.96 174.94 56.33 118.61 54.02 0.02 64.57 13.82 0 -2.33 53.09 0 53.09 -0.14 53.23

20.82 5 520.79 5

10.41 2.5 497.89 2.5

4.16 1 498.18 1

4.16 1 497.16 1

16.66 4 505.06 4

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Balance Sheet

SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Minority Interest Secured Loans Unsecured Loans Total Debt Other Liabilities Total Liabilities APPLICATION OF FUNDS : Gross Block Less: Accumulated Depreciation Net Block Capital Work in Progress Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Deferred Tax Assets Deferred Tax Liability Net Deferred Tax Other Assets Total Assets


FY12

FY13

FY14

FY15

FY16

41.77 2133.57 2175.34 0.31 785.49 176.88 962.37 538.14 3676.16

41.77 2038.04 2079.81 0.22 1153.34 109.59 1262.93 555.2 3898.16

41.77 2039.25 2081.02 0.18 842.97 114.81 957.78 515.27 3554.25

41.77 2034.97 2076.74 0.18 550.39 94.98 645.37 481.33 3203.62

41.77 2067.96 2109.73 0.19 485.99 75.15 561.14 524.63 3195.69

1145.03 605.17 539.86 23.95

1205.77 659.75 546.02 141.79

1222.62 709.41 513.21 172.87

1248.42 766.27 482.15 191.7

1371.4 818.33 553.07 103.88

2435.4 791.68 194.33 625.21 4046.62

2468.1 861.52 78.5 741.01 4149.12

2219.42 977.36 17.54 531.08 3745.4

1972.99 991.7 145.55 524.89 3635.11

1751.01 1208.05 66.2 366.49 3391.74

1081.71 199.19 1280.9 2765.72 108.3 46.43 61.87 284.71 3676.16

1127.19 196.68 1323.87 2825.26 154.37 50.47 103.9 281.19 3898.16

1067.19 206.92 1274.11 2471.3 145.41 46.21 99.2 297.67 3554.26

1266.93 172.11 1439.03 2196.08 144.67 43.69 100.98 232.7 3203.61

978.76 204.82 1183.58 2208.16 156.79 53.48 103.31 227.29 3195.71

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Price chart

Disclaimer: This report is only for the information of our customers. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be constructed as an offer to buy or sell securities of any kind. ATS and/or its group companies do not as assume any responsibility or liability resulting from the use of such information.


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