Apollo Hospitals Enterprise Ltd (APHS IN) - Standardized

In Millions of INR except Per Share

12 Months Ending
Total Assets
Cash, Cash Equivalents & STI
Cash & Cash Equivalents
ST Investments
Accounts & Notes Receiv
Accounts Receivable, Net
Notes Receivable, Net
Unbilled Revenues
Inventories
Raw Materials
Work In Process
Finished Goods
Other Inventory
Other ST Assets
Prepaid Expenses
Derivative & Hedging Assets
Misc ST Assets
Total Current Assets
Property, Plant & Equip, Net
Property, Plant & Equip
Accumulated Depreciation
LT Investments & Receivables
LT Investments
LT Marketable Securities
Other LT Assets
Total Intangible Assets
Goodwill
Other Intangible Assets
Prepaid Expense
Deferred Tax Assets
Derivative & Hedging Assets
Investments in Affiliates
Misc LT Assets
Total Noncurrent Assets
Total Assets
Product/Brand Segments
Hospitals
Retail Pharmacy
Clinics
Others - Training Programmes and Services
Unallocated
Miscellaneous Expenditure
Goodwill on Consolidation
 Reconciliation
Geographic Segments
India

Liabilities & Shareholders' Equity

Payables & Accruals
Accounts Payable
Accrued Taxes
Interest & Dividends Payable
Other Payables & Accruals
ST Debt
ST Borrowings
ST Capital Leases
Current Portion of LT Debt
Other ST Liabilities
Deferred Revenue
Derivatives & Hedging
Misc ST Liabilities
Total Current Liabilities
LT Debt
LT Borrowings
LT Capital Leases
Other LT Liabilities
Accrued Liabilities
Pension Liabilities
Deferred Revenue
Deferred Tax Liabilities
Derivatives & Hedging
Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
Product/Brand Segments
Unallocated
Hospitals
Clinics
Retail Pharmacy
Others - Training Programmes and Services
Reconciliation
Minority Interest
Deferred Tax Liability
Geographic Segments
India
Preferred Equity and Hybrid Capital
Share Capital & APIC
Common Stock
Additional Paid in Capital
Other Share Capital
Treasury Stock
 Retained Earnings
Other Equity
Equity Before Minority Interest
Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity

Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease Obligations
Capital Leases - Total
Percent Of Foreign Ownership
Number Of Shareholders
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
Number of Employees
Source: Bloomberg

APOLLO HOSPITALS Ltd

Purchase of Raw material

Add: Opening stock of Raw material
Less: Closing Stock of Raw material
RAW MATERIAL CONSUMED*4

ADD: Manufacturing Expenses

Direct Labour
Depreciation
Other Manufacturing Expenses*2
TOTAL COST
Add: Opening WIP Inventory
Less: Closing WIP Inventory
COST OF PRODUCTION
Add: Opening Finished Goods Inventory
Less: Closing Finished Goods Inventory
COST OF GOODS SOLD
ADD: S&D, Admin. Expenses

Selling & Distribution Expenses*1

Administrative Expenses*3
COST OF SALES
SALES

Raw Material Conversion Period (RMCP)

(RM Inventory/Raw Material Consumption per day)
WIP Conversion Period (WIPCP)
(WIP Inventory/ Cost of Production per day)
Finshed Goods Conversion Period (FGCP)
(Finished Goods Inventory/Cost of Goods sold per day)

INVENTORY CONVERSION PERIOD (ICP)

(RMCP+WIPCP+FGCP)

DEBTORS CONVERSION PERIOD (DCP)

(Debtors/Credit Sales per day)
GROSS OPERATING CYCLE (GOC)
(ICP+DCP)

CREDITORS DEFERRAL PERIOD (CDP)

(Creditors/ Credit Purchases per day)

NET OPERATING CYCLE (NOC)

(GOC-CDP)

FINAL Words

Apollo hospitals seems to be improving only in payable management over the last two financial years
i.e FY2017 & FY 2018 whereas FY2016 to FY2017 is improving and its better than other years.
Concern area is debtors management ,inventory management and a better and quicker collection
from customers which needs deployment of apt and corrective stratgeies.

FINANCIAL STRUCTURE of APOLLO

Liabilities (Balance Sheet Extract) 2018

LIABILITIES
Shareholders’ funds
Non-current liabilities
Total NCL
Current liabilities

Total Liabilities
Hence the financial Structure between NCL and current liabilities is 82: 18 this suggest Apollo is using
more of NCL than current liabilities to Finance its assets that hints a less risky approach being
adopted by Apollo in this regard.

Working Capital Financing Policy of APOLLO

Summarised Balance Sheet 2012
LIABILITIES

Shareholders’ funds

Non-current liabilities

Total NCL
Current liabilities

LTL is 74% while FA & PCA taken together is 99%(=74+25)

CL is 18%, Whilw TCA is only 5%.
Since the CL>TCA, Apollo is following an aggressive financing policy and a Higher Risk.
However due to negative Net Operating Cycle Such Risk assumed must have been counter balanced to
an extent.
 FY 2009 FY 2010
03/31/2009 03/31/2010

C&CE_AND_STI_DETAILE 876.0 3,116.7

BS_CASH_NEAR_CASH_I 876.0 3,116.7
BS_MKT_SEC_OTHER_ST_ 0.0 0.0
BS_ACCT_NOTE_RCV 1,744.1 2,228.4
BS_ACCTS_REC_EXCL_N 1,744.1 2,228.4
NOTES_RECEIVABLE 0.0 0.0
BS_UNBILLED_REVENUES — —
BS_INVENTORIES 1,161.6 1,412.2
INVTRY_RAW_MATERIALS 111.5 2.7
INVTRY_IN_PROGRESS 0.0 0.0
INVTRY_FINISHED_GOOD 0.0 0.0
BS_OTHER_INV 1,050.1 1,409.5
OTHER_CURRENT_ASSET 3,663.1 5,237.7
BS_PREPAY — —
BS_DERIV_&_HEDGING_A 0.0 0.0
BS_OTHER_CUR_ASSET_ 3,663.1 5,237.7
BS_CUR_ASSET_REPORT 7,444.9 11,995.0
BS_NET_FIX_ASSET 12,563.6 15,728.7
BS_GROSS_FIX_ASSET 16,068.1 19,948.3
BS_ACCUM_DEPR 3,504.5 4,219.7
BS_LT_INVEST 2,953.0 631.8
BS_LONG_TERM_INVEST 2,953.0 631.8
BS_LT_MARKETABLE_SEC — —
BS_OTHER_ASSETS_DEF 3,487.3 4,302.3
BS_DISCLOSED_INTANGI 320.1 528.0
BS_GOODWILL 293.8 499.8
OTHER_INTANGIBLE_ASS 26.3 28.2
BS_PREPAID_EXPENSE_L — —
BS_DEFERRED_TAX_ASSE 205.4 240.2
BS_DERIV_&_HEDGING_A 0.0 0.0
BS_INVEST_IN_ASSOC_C 2,961.3 3,533.9
OTHER_NONCURRENT_AS 0.5 0.1
BS_TOT_NON_CUR_ASSE 19,003.9 20,662.8
BS_TOT_ASSET 26,448.8 32,657.8
26,448.0 32,657.0
21,356.0 26,946.0
1,563.0 1,999.0
— —
974.0 575.0
2,261.0 2,637.0
0.0 —
294.0 500.0
 0.0 —
26,449.0 32,658.0
26,449.0 32,658.0

ACCT_PAYABLE_&_ACCRU 2,802.1 4,513.9

BS_ACCT_PAYABLE — 0.0
BS_TAXES_PAYABLE 1,480.8 2,067.0
BS_INTEREST_&_DIVIDE 412.9 479.5
BS_ACCRUAL 908.3 1,967.4
BS_ST_BORROW 0.0 0.0
SHORT_TERM_DEBT_DET 0.0 0.0
ST_CAPITAL_LEASE_OBLI 0.0 0.0
BS_CURR_PORTION_LT_D — —
OTHER_CURRENT_LIABS_ 1,334.7 1,459.5
ST_DEFERRED_REVENUE 0.0 0.0
BS_DERIVATIVE_&_HEDGI 0.0 0.0
OTHER_CURRENT_LIABS_ 1,334.7 1,459.5
BS_CUR_LIAB 4,136.9 5,973.4
BS_LT_BORROW 6,705.9 9,132.0
LONG_TERM_BORROWING 6,705.9 9,132.0
LT_CAPITAL_LEASE_OBLI 0.0 0.0
OTHER_NONCUR_LIABS_S 651.8 776.3
BS_ACCRUED_LIABILITIE 0.0 0.0
PENSION_LIABILITIES — —
LT_DEFERRED_REVENUE 0.0 0.0
BS_DEFERRED_TAX_LIABI 651.8 776.3
BS_DERIVATIVE_&_HEDGI 0.0 0.0
OTHER_NONCURRENT_LIA 0.0 0.0
NON_CUR_LIAB 7,357.7 9,908.2
BS_TOT_LIAB2 11,494.6 15,881.6
26,449.0 15,881.0
1,548.0 2,150.0
9,017.0 12,548.0
— —
66.0 188.0
212.0 219.0
14,689.0 —
265.0 —
652.0 776.0
26,449.0 15,881.0
26,449.0 15,881.0
BS_PFD_EQTY_&_HYBRID 0.0 0.0
BS_SH_CAP_AND_APIC 10,602.7 11,576.1
BS_COMMON_STOCK 602.4 617.8
BS_ADD_PAID_IN_CAP 9,923.3 10,958.3
BS_OTHER_SHARE_CAPIT 77.1 0.0
BS_AMT_OF_TSY_STOCK 0.0 0.0
BS_PURE_RETAINED_EAR 399.3 520.7
OTHER_INS_RES_TO_SH 3,686.72 4,437.98
EQTY_BEF_MINORITY_IN 14,688.8 16,534.8
MINORITY_NONCONTROLL 265.4 241.4
TOTAL_EQUITY 14,954.2 16,776.2
TOT_LIAB_AND_EQY 26,448.8 32,657.8

ACCOUNTING_STANDARD IN GAAP IN GAAP

BS_SH_OUT 120.5 123.6
BS_NUM_OF_TSY_SH 0.0 0.0
BS_PENSION_RSRV — —
BS_FUTURE_MIN_OPER_L 3,045.5 8,485.3
BS_TOTAL_CAPITAL_LEA 0.0 0.0
BS_PERCENT_OF_FOREI 47.44 47.03
BS_NUM_OF_SHAREHOL 28,621.00 28,394.00
BS_OPTIONS_GRANTED — —
BS_OPTIONS_OUTSTANDI 3.4 3.0
NET_DEBT 5,829.9 6,015.2
NET_DEBT_TO_SHRHLDR 38.98 35.86
TCE_RATIO 54.99 49.82
CUR_RATIO 1.80 2.01
CASH_CONVERSION_CYC — —
NUM_OF_EMPLOYEES 19,088.00 21,080.00
Source: Bloomberg

FY 2010 FY 2011 FY 2012

03/31/2010 03/31/2011 03/31/2012

9,919.0 12,902.9 19,190.0

111.5 2.7 14.3
2.7 14.3 39.0
10,027.8 12,891.3 19,165.3

749.5 941.7 1,239.1

0.0 0.0 0.0
10,777.3 13,833.0 20,404.4
0.0 0.0 0.0
0.0 0.0 0.0
10,777.3 13,833.0 20,404.4
0.0 0.0 0.0
0.0 0.0 0.0
10,777.3 13,833.0 20,404.4
 213.2 450.5 626.2
2,966.0 3,779.8 4,668.1
13,956.6 18,063.3 25,698.7
20,264.7 26,053.5 29,244.7

FY 2010 FY 2011 FY 2012

03/31/2010 03/31/2011 03/31/2012

0.09722606 0.3993382 0.7321975318

0 0 0

0.00 0.00 0.00

0.10 0.40 0.73

40 41 48
40 42 48

164 127 36

-124 -85 13

Common
FY 2018 Size Ratio
03/31/2018
Rs. In Cr.
33,839.4
36,616.2
70,455.6 82
15,672.7 18

86,128.3 100
Rs. In Cr. common size ASSETS
Non-
current
33,839.4 39.3 assets
36,616.2 42.5
Current
70,455.6 81.8 assets
15,672.7 18 Permanent Current Assests
Temporary Current Assets
86,128.3 100.0
 FY 2011 FY 2012 FY 2013
03/31/2011 3/31/2012 03/31/2013

1,780.5 3,546.1 6,897.4

1,780.5 2,326.3 3,109.8
0.0 1,219.8 3,787.6
3,003.1 3,867.3 4,733.0
3,003.1 3,867.3 4,733.0
0.0 0.0 0.0
— — —
1,584.4 1,915.4 2,186.8
14.3 39.0 16.8
0.0 0.0 0.0
0.0 0.0 0.0
1,570.1 1,876.4 2,170.1
5,729.9 1,295.6 1,930.4
— — —
0.0 0.0 0.0
5,729.9 1,295.6 1,930.4
12,098.0 10,624.4 15,747.6
18,187.9 20,542.5 25,652.4
23,315.4 26,742.1 33,056.0
5,127.4 6,200.1 7,403.6
1,961.1 1,114.2 793.9
1,961.1 524.9 793.9
— 589.2 0.0
4,032.0 10,489.7 6,196.7
717.1 1,662.7 1,787.4
676.5 1,350.5 1,453.0
40.6 312.3 334.4
— — —
255.9 245.0 251.5
0.0 0.0 0.0
3,059.0 3,307.6 685.7
0.0 5,274.3 3,472.2
24,181.0 32,146.3 32,643.0
36,279.0 42,770.7 48,390.6
36,279.1 42,770.0 48,391.0
29,657.0 27,973.0 30,815.0
2,423.0 3,012.0 3,465.0
— — —
1,151.0 7,185.0 11,476.0
2,378.0 3,080.0 930.0
— — —
677.0 1,347.0 1,453.0
 -6.9 173.0 252.0
36,279.1 42,770.0 48,391.0
36,279.1 42,770.0 48,391.0

4,562.6 1,903.3 2,217.6

0.0 1,903.3 2,217.6
2,102.2 — —
533.5 — —
1,926.9 — —
0.0 1,749.9 578.8
0.0 1,749.9 578.8
0.0 0.0 0.0
— — —
1,792.8 3,611.2 4,544.0
0.0 0.0 0.0
0.0 0.0 0.0
1,792.8 3,611.2 4,544.0
6,355.4 7,264.4 7,340.4
9,584.8 5,743.8 10,789.0
9,584.8 5,743.8 10,789.0
0.0 0.0 0.0
1,100.7 4,568.8 2,620.1
0.0 0.0 0.0
— — —
0.0 0.0 0.0
1,100.7 1,795.9 2,545.7
0.0 0.0 0.0
0.0 2,772.8 74.4
10,685.5 10,312.5 13,409.1
17,040.9 17,576.9 20,749.5
17,040.9 17,576.0 20,750.0
2,209.0 3,475.0 124.0
13,216.0 11,505.0 16,815.0
— — —
208.0 296.0 318.0
315.0 504.0 947.0
-8.1 — —
— — —
1,101.0 1,796.0 2,546.0
17,040.9 — —
17,040.9 — —
0.0 0.0 0.0
12,557.6 16,692.6 18,295.2
623.6 672.3 695.6
11,249.0 15,633.2 17,599.6
685.1 387.1 0.0
0.0 0.0 0.0
 716.4 714.7 1,202.9
5,715.38 7,660.90 7,969.64
18,989.4 25,068.2 27,467.7
248.8 125.6 173.4
19,238.2 25,193.8 27,641.2
36,279.0 42,770.7 48,390.6

IN GAAP IN GAAP IN GAAP

124.7 134.5 139.1
0.0 0.0 0.0
— — —
3,526.4 6,085.8 7,101.8
0.0 0.0 0.0
52.66 53.61 55.62
10,377.00 31,315.00 33,395.00
— — 0.0
1.3 1.6 0.0
7,804.2 3,358.3 4,470.4
40.57 13.33 16.17
51.38 56.94 55.10
1.90 1.46 2.15
— 59.53 42.07
30,640.00 32,991.00 35,348.00

FY 2013 FY 2014 FY 2015

03/31/2013 3/31/2014 03/31/2015

22,754.4 26,804.0 32,473.9

39.0 16.8 10.7
16.8 10.7 12.1
22,776.6 26,810.1 32,472.5

1,423.4 1,677.9 2,116.5

0.0 0.0 0.0
24,200.0 28,488.0 34,589.0
0.0 0.0 0.0
0.0 0.0 0.0
24,200.0 28,488.0 34,589.0
0.0 0.0 0.0
0.0 0.0 0.0
24,200.0 28,488.0 34,589.0
 860.9 1,065.0 #VALUE!
5,993.8 7,350.3 8,561.3
31,054.7 36,903.3 #VALUE!
24,377.3 27,530.8 31,067.5

FY 2013 FY 2014 FY 2015

03/31/2013 3/31/2014 03/31/2015

0.2647452804 0.143274 0.1335899196

0 0 0

0.00 0.00 0.00

0.26 0.14 0.13

70 68 71
70 68 71

35 38 40

35 30 30
Rs. In Cr. common size

63,927.0 74
0.0

22,201.3 25.8
21,746.7 25
454.5 0.5
86,128.3 100.0
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

4,268.6 5,172.4 4,333.2 6,271.5 4,716.8

2,713.6 3,716.7 3,515.9 5,213.0 4,138.0
1,555.0 1,455.7 817.3 1,058.5 578.7
5,197.7 6,092.7 6,093.7 7,505.3 8,846.2
5,197.7 6,092.7 6,093.7 7,505.3 8,846.2
0.0 0.0 0.0 0.0 0.0
— — — 0.0 29.9
2,785.5 3,502.6 4,061.3 4,668.7 5,658.4
10.7 12.1 132.1 151.1 69.5
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
2,774.8 3,490.6 3,929.2 4,517.6 5,588.9
2,757.2 4,621.0 5,257.5 2,846.7 2,950.0
— — 4,911.3 2,653.9 2,470.2
0.0 0.0 0.0 0.0 0.0
2,757.2 4,621.0 346.3 192.8 479.7
15,008.9 19,388.8 19,745.7 21,292.2 22,201.3
29,874.7 35,654.6 42,064.5 45,639.4 50,979.1
38,534.4 45,761.2 47,835.7 54,355.5 62,934.4
8,659.7 10,106.7 5,771.2 8,716.2 11,955.2
802.5 612.2 237.1 216.9 173.4
802.4 612.1 224.1 216.9 173.4
0.2 0.2 13.0 — —
8,038.6 9,138.9 11,550.8 14,044.4 12,774.5
1,851.2 2,113.0 3,525.3 3,739.8 3,871.5
1,499.4 1,652.5 3,309.9 3,462.5 3,462.0
351.8 460.6 215.4 277.3 409.5
— — — 666.3 739.9
228.2 202.8 897.1 162.7 171.7
0.0 0.0 0.0 396.1 285.9
858.1 1,038.6 2,469.4 2,785.1 2,763.5
5,101.1 5,784.5 4,658.9 6,294.5 4,942.1
38,715.9 45,405.7 53,852.3 59,900.7 63,927.0
53,724.8 64,794.4 73,598.0 81,192.9 86,128.3
53,724.8 64,794.4 73,598.0 81,192.9 86,128.3
42,468.9 50,513.2 55,313.0 61,433.1 65,534.6
3,842.0 5,967.0 6,936.2 7,691.2 9,372.4
— — 4,795.8 5,681.7 5,058.1
4,845.1 3,609.5 3,580.0 4,886.2 4,392.5
841.2 2,849.6 897.1 1,500.7 1,770.7
— — — — —
1,499.4 1,652.5 2,075.9 — —
 228.2 202.8 — — —
53,724.8 64,794.4 73,598.0 81,192.9 86,128.3
53,724.8 64,794.4 73,598.0 81,192.9 86,128.3

2,803.7 3,643.2 6,574.9 6,154.0 9,091.9

2,803.7 3,643.2 5,501.9 5,011.9 5,888.2
— — — 0.0 12.7
— — 448.2 369.3 364.0
— — 624.8 772.8 2,827.0
625.0 857.4 3,837.4 1,719.2 5,028.4
625.0 857.4 1,829.3 692.8 3,775.9
0.0 0.0 0.0 14.1 15.9
— — 2,008.0 1,012.3 1,236.7
4,539.1 6,262.6 2,086.1 1,760.4 1,552.4
0.0 0.0 0.0 157.3 176.9
0.0 0.0 0.0 0.0 0.0
4,539.1 6,262.6 2,086.1 1,603.0 1,375.5
7,967.7 10,763.3 12,498.3 9,633.6 15,672.7
12,223.8 17,280.6 24,497.8 29,533.8 29,238.0
12,223.8 17,280.6 24,497.8 29,493.2 29,213.3
0.0 0.0 0.0 40.6 24.7
3,578.6 4,307.1 2,511.2 7,647.8 7,378.2
0.0 0.0 0.0 0.0 0.0
— — 32.7 46.1 62.3
0.0 0.0 0.0 0.0 0.0
3,519.1 4,222.3 2,174.7 2,413.2 2,565.1
0.0 0.0 0.0 59.0 43.7
59.5 84.8 303.9 5,129.5 4,707.1
15,802.4 21,587.7 27,009.1 37,181.5 36,616.2
23,770.2 32,351.0 39,507.4 46,815.1 52,288.9
23,770.2 32,351.0 39,507.4 46,815.1 52,288.9
166.5 20,625.1 30,509.9 33,666.1 36,815.6
18,000.4 6,278.4 6,523.8 10,799.0 12,132.5
— — 1,522.6 1,127.2 1,623.6
508.0 561.0 932.6 1,132.3 1,538.9
1,576.2 664.2 18.5 90.5 178.3
— — — 0.0 —
— — — — —
3,519.1 4,222.3 — — —
— — — 46,815.1 52,288.9
— — — 46,815.1 52,288.9
0.0 0.0 0.0 0.0 0.0
18,306.4 18,316.6 20,308.2 17,834.2 17,834.2
695.6 695.6 695.6 695.6 695.6
17,610.8 17,621.0 19,612.5 17,138.5 17,138.5
0.0 — — — —
0.0 0.0 0.0 0.0 0.0
 1,924.1 1,724.1 1,719.0 3,472.1 2,601.6
9,536.28 11,672.62 11,284.14 11,825.79 12,079.26
29,766.8 31,713.3 33,311.3 33,132.0 32,515.1
187.8 730.1 779.3 1,245.8 1,324.4
29,954.6 32,443.5 34,090.6 34,377.8 33,839.4
53,724.8 64,794.4 73,598.0 81,192.9 86,128.3

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

139.1 139.1 139.1 139.1 139.1
0.0 0.0 0.0 0.0 0.0
— — 32.7 46.1 62.3
10,906.1 20,089.0 11,290.5 6,408.4 6,080.3
0.0 0.0 0.0 54.7 40.6
54.58 57.34 58.61 53.61 50.17
36,238.00 32,413.00 35,847.00 37,077.00 38,814.00
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.2
8,580.0 12,965.4 23,989.0 24,981.5 29,549.6
28.64 39.96 70.37 72.67 87.32
53.81 47.22 42.51 37.95 34.82
1.88 1.80 1.58 2.21 1.42
42.09 39.91 28.84 26.14 34.79
35,883.00 40,065.00 43,557.00 49,747.00 54,698.00

FY 2016 FY 2017 FY 2018

03/31/2016 03/31/2017 03/31/2018

40,832.5 48,721.6 54,886.8

12.1 132.1 151.1
132.1 151.1 69.5
40,712.5 48,702.6 54,968.3

2,638.3 3,140.4 3,590.3

0.0 0.0 0.0
43,350.8 51,843.0 58,558.6
0.0 0.0 0.0
0.0 0.0 32,657.0
43,350.8 51,843.0 25,901.6
0.0 0.0 0.0
0.0 0.0 0.0
43,350.8 51,843.0 25,901.6
 1,717.7 1,409.1 2,220.2
10,323.2 12,801.8 15,107.4
55,391.7 66,053.9 43,229.2
27,864.8 68,462.4 77,643.9

FY 2016 FY 2017 FY 2018

03/31/2016 03/31/2017 03/31/2018

*5.The
material
inventor, WIP
and FG
inventory is
taken at
closing figure
for the year,
rather than
average of all
1.16800606 1.116679602 0.455433404 Days years.

0 0 0 Days

0.00 0.00 0.00 Days

1.17 1.12 0.46 Days

*6. the
debtors are
also taken at
the year end
figures rather
than the
average for
all the years
and credit
sale is taken
as equal to
sales
79 39 41 Days revenue.
80 41 41 Days

*7. creditors
are also taken
at year end
figures rather
than aat
average of all
years and all
purchases of
raw material
is considered
as credit
58 45 60 Days purchases.

22 -5 -18 Days

All green cells in interpretation comment shows poitive signs and pink nega
Note: company performance.
 *4.It is assumed as residual of other operating expense over
personnel and rental expense.

*2 it includesd R&D expenses

*1.It includes selling & Marketing expense and provison for doubtful
accounts.
*3 it includes personnel and rental expenses
in interpretation comment shows poitive signs and pink negative in terms of
company performance.
Apollo Hospitals Enterprise Ltd (APHS IN) - Adjusted
In Millions of INR except Per Share
12 Months Ending 03/31/2009
Revenue SALES_R
Sales & Services Revenue IS_SALES
Other Revenue IS_OTHE
Other Operating Income IS_OTHER
Operating Expenses IS_OPERA
Selling, General & Admin IS_SG&A_
Selling & Marketing IS_SELLI
General & Administrative IS_GENER
Research & Development IS_OPEX_
Depreciation & Amortization IS_DEPRE
Prov For Doubtful Accts IS_PROVI
Other Operating Expense IS_OTHER
Operating Income (Loss) IS_OPER_
Non-Operating (Income) Loss IS_NONO
Interest Expense, Net IS_NET_I
Interest Expense IS_INT_E
Interest Income IS_INT_IN
Other Investment (Inc) Loss IS_OTHER
Foreign Exch (Gain) Loss IS_FOREI
(Income) Loss from Affiliates INCOME_L
Other Non-Op (Income) Loss IS_OTHER
Pretax Income (Loss), Adjusted PRETAX_I
Abnormal Losses (Gains) IS_ABNOR
Abnormal Derivatives IS_DERIV
Disposal of Assets IS_GAIN_
Sale of Investments IS_GAIN_
Unrealized Investments IS_UNREA
Pretax Income (Loss), GAAP PRETAX_I
Income Tax Expense (Benefit) IS_INC_T
Current Income Tax IS_CURRE
Deferred Income Tax IS_DEFER
Tax Allowance/Credit IS_TAX_V
(Income) Loss from Affiliates IS_SH_PR
Income (Loss) from Cont Ops IS_INC_B
Net Extraordinary Losses (Gains) XO_GL_NE
Discontinued Operations IS_DISCO
XO & Accounting Changes IS_EXTR
Income (Loss) Incl. MI NI_INCLU
Minority Interest MIN_NONC
Net Income, GAAP NET_INC
Preferred Dividends IS_TOT_C
Other Adjustments OTHER_A
Net Income Avail to Common, GAAP EARN_FO
Net Income Avail to Common, Adj EARN_FO
Net Abnormal Losses (Gains) IS_NET_A
Net Extraordinary Losses (Gains) XO_GL_NE

Basic Weighted Avg Shares IS_AVG_

Basic EPS, GAAP IS_EPS
Basic EPS from Cont Ops IS_EARN_
Basic EPS from Cont Ops, Adjusted IS_BASIC

Diluted Weighted Avg Shares IS_SH_FO

Diluted EPS, GAAP IS_DILUT
Diluted EPS from Cont Ops IS_DIL_E
Diluted EPS from Cont Ops, Adjusted IS_DIL_E

Reference Items
Accounting Standard ACCOUNT
EBITDA EBITDA
EBITDA Margin (T12M) EBITDA_M
EBITA EBITA
EBIT EBIT
Operating Margin OPER_MA
Profit Margin PROF_MA
Sales per Employee ACTUAL_
Dividends per Share EQY_DPS
Total Cash Common Dividends IS_TOT_
Capitalized Interest Expense IS_CAP_I
Personnel Expenses IS_PERSO
Depreciation Expense IS_DEPR_
Rental Expense BS_CURR
Interpretation/Comments

Though marginally RMCP has reduced hinting a better raw material handling and improved
procurement procedure and Time Management.

There is no WIP conversion found in Apollo hospitals.

There is no FG conversion found in Apollo hospitals.

Hence the less improved or negligible improvement in RM,WIP and Fg conversion as it is only 0.5
day savings in conversion of investories into sales.Hence the inventory management and sales
efforts can't be considered as getting better from FY 2017 too FY 2018.

The same improvement is however missing in case of conversion of debtors cash, where the
company takes 3 more days than the previous year wheras only improvement is seen in FY 2017
where conversion take less than 40 days from previous year.It means a slower collection of cash
from the customers and its undesirable. In fact the entire savings in ICP exceeded in the extra
period taken from DCP.
The GOC suggests that the time taken from acquisition of resources to cash conversion has
diluted marginally by 0 day between FY17 to FY18 whereas in FY2016 to FY2017 is about 39 days
which is good but according to FY2018 the efficiency of inventory management has been counter
positioned by the inefficiency at the debtors management.

But the only respite is the ability of the company to defer the payment to the creditors by as
much as 15 days.

As a result the NOC or CCC also reduces from -5 to -18 days. This hints the company manages to
receive cash from customers 18 days prior to the payment date of the creditors.
 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2009 3/31/201003/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018
16,142.1 20,264.7 26,053.5 31,475.3 37,687.1 43,842.2 51,784.5 62,146.5 72,557.0 82,434.7
16,142.1 20,264.7 26,053.5 29,244.7 24,377.3 27,530.8 31,067.5 27,864.8 68,462.4 77,643.9
— — — 2,230.6 13,309.7 16,311.4 20,717.0 34,281.8 4,094.6 4,790.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14,486.5 17,988.0 22,779.0 27,024.4 32,411.2 38,114.4 45,844.3 57,870.3 68,359.5 78,012.7
2,796.4 3,423.0 4,263.7 — — — — — — —
251.1 205.3 436.3 601.8 832.7 1,065.0 932.1 1,568.9 1,320.3 1,742.8
2,545.3 3,217.6 3,827.4 — — — — — — —
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
632.2 749.5 941.7 1,239.1 1,423.4 1,677.9 2,116.5 2,638.3 3,140.4 3,590.3
4.6 7.9 14.2 24.4 28.2 0.0 — 148.8 88.8 477.5
11,053.2 13,807.6 17,559.4 25,159.1 30,126.9 35,371.4 42,795.7 53,514.2 63,810.0 72,202.2
1,655.6 2,276.7 3,274.5 4,450.8 5,275.8 5,727.9 5,940.2 4,276.2 4,197.5 4,422.0
175.7 240.6 627.8 1,153.8 1,246.1 1,626.4 1,358.4 918.2 1,800.4 2,559.2
458.8 602.1 814.4 891.4 1,032.5 1,193.8 1,178.5 1,800.2 2,161.7 2,407.6
458.8 602.1 814.4 891.4 1,032.5 1,193.8 1,178.5 1,800.2 2,284.3 2,592.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122.7 184.5
— — — — — — — — -7.8 -9.7
31.1 15.0 35.9 0.0 1.4 0.0 10.5 27.1 -187.0 -76.8
-115.2 -39.1 — 521.5 578.3 647.2 682.3 -272.4 -423.9 -2.3
-198.9 -337.4 -222.4 -259.1 -366.1 -214.7 -513.0 -636.7 257.4 240.4
1,479.8 2,036.1 2,646.7 3,297.0 4,029.8 4,101.5 4,581.9 3,358.0 2,397.1 1,862.7
20.9 20.6 33.5 37.3 39.0 34.4 27.7 36.8 176.3 148.1
— — — — — — — — 218.4 94.9
16.8 20.1 31.8 37.3 39.0 34.4 27.7 36.8 46.9 80.1
— — — — — — — — -89.0 -26.8
4.1 0.4 1.7 — — — — 0.0 0.0 —
1,459.0 2,015.5 2,613.2 3,259.7 3,990.8 4,067.1 4,554.1 3,321.2 2,220.8 1,714.6
489.9 676.1 873.0 1,149.6 1,050.4 1,017.6 1,300.0 969.0 909.6 1,119.1
483.5 583.4 566.8 672.1 841.5 882.8 1,005.7 115.9 835.8 883.7
-22.2 92.7 306.1 706.8 743.5 995.3 740.1 853.1 73.8 235.4
28.6 — — -229.3 -534.7 -860.5 -445.7 — — —
— — -83.8 -71.0 -86.5 -104.3 -93.5 — — —
969.0 1,339.4 1,824.0 2,181.1 3,026.9 3,153.8 3,347.6 2,352.3 1,311.2 595.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
969.0 1,339.4 1,824.0 2,181.1 3,026.9 3,153.8 3,347.6 2,352.3 1,311.2 595.6
-55.9 -36.3 -15.2 -12.3 -16.6 -13.7 -51.4 -11.5 -898.7 -578.6
1,024.9 1,375.7 1,839.2 2,193.5 3,043.5 3,167.4 3,399.0 2,363.8 2,209.9 1,174.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,024.9 1,375.7 1,839.2 2,193.5 3,043.5 3,167.4 3,399.0 2,363.8 2,209.9 1,174.2
 1,038.7 1,389.3 1,861.9 2,218.6 3,069.2 3,190.2 3,417.2 2,387.9 2,333.3 1,277.9
13.8 13.6 22.6 25.2 25.7 22.7 18.1 24.1 123.4 103.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

119.3 123.4 123.9 130.3 137.8 139.1 139.1 139.1 139.1 139.1
8.60 11.15 14.84 16.83 22.08 22.77 24.43 16.99 15.88 8.44
8.82 11.15 14.84 16.83 21.62 22.77 24.43 16.99 15.88 8.44
8.71 11.26 15.02 17.02 22.27 22.93 24.56 17.16 16.77 9.18

123.6 124.0 128.0 134.9 139.1 139.1 139.1 139.1 139.1 139.1
8.30 11.10 14.37 16.30 21.88 22.77 24.43 16.99 15.88 8.44
8.51 11.10 14.37 16.30 21.42 22.77 24.43 16.99 15.88 8.44
8.62 11.21 14.55 16.49 21.60 22.93 24.56 17.16 16.77 9.18

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
2,287.8 3,028.3 4,216.2 5,686.7 6,695.7 7,398.7 8,056.8 6,934.9 7,337.9 8,012.3
14.17 14.94 16.18 18.07 17.77 16.88 15.56 11.16 10.11 9.72
— — — 4,495.2 5,346.2 5,798.0 6,015.9 4,428.4 4,326.7 4,604.5
1,655.6 2,276.7 3,274.5 4,450.8 5,275.8 5,727.9 5,940.2 4,276.2 4,197.5 4,422.0
10.26 11.23 12.57 14.14 14.00 13.06 11.47 6.88 5.79 5.36
6.43 6.86 7.15 7.05 8.14 7.28 6.60 3.84 3.22 1.55
### ### ### ### ### ### ### ### ### ###
3.25 3.50 3.75 4.00 5.50 5.75 5.75 6.00 6.00 5.00
401.6 432.5 467.7 537.9 765.2 800.0 800.0 834.8 834.8 695.6
0.0 0.0 0.0 0.0 0.0 — — — — —
2,419.3 3,100.6 3,870.6 5,028.6 6,231.3 7,274.5 8,600.3 10,235.6 11,965.0 14,043.9
— — — 1,191.4 1,349.5 1,600.7 2,040.8 2,506.6 3,011.2 3,407.8
546.8 679.2 797.5 965.2 1,119.0 1,286.8 1,722.9 2,566.2 3,142.4 3,190.0
BALANCE SHEET
Dabur India Ltd (DABUR IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010
12 Months Ending 03/31/2009 03/31/2010
Total Assets
Cash, Cash Equivalents & STI C&CE_AND_ 2,648.4 4,399.3
Cash & Cash Equivalents BS_CASH_N 1,467.8 1,892.7
ST Investments BS_MKT_SE 1,180.6 2,506.6
Accounts & Notes Receiv BS_ACCT_N 1,778.8 1,198.4
Accounts Receivable, Net BS_ACCTS_ 1,778.8 1,198.4
Notes Receivable, Net NOTES_REC 0.0 0.0
Inventories BS_INVENT 3,754.7 4,262.2
Raw Materials INVTRY_RA 1,178.6 1,449.4
Work In Process INVTRY_IN 611.2 566.7
Finished Goods INVTRY_FI 1,346.7 1,561.6
Other Inventory BS_OTHER_ 618.2 684.5
Other ST Assets OTHER_CUR 2,506.7 3,704.3
Prepaid Expenses BS_PREPAY 1,671.7 2,692.3
Derivative & Hedging Assets BS_DERIV_ — —
Assets Held-for-Sale BS_ASSETS — —
Taxes Receivable BS_TAXES_ — —
Misc ST Assets BS_OTHER_ 835.1 1,012.0
Total Current Assets BS_CUR_A 10,688.6 13,564.2
Property, Plant & Equip, Net BS_NET_FI 5,220.7 6,418.4
Property, Plant & Equip BS_GROSS_ 8,093.8 9,641.9
Accumulated Depreciation BS_ACCUM 2,873.0 3,223.5
LT Investments & Receivables BS_LT_INV 240.4 128.8
LT Investments BS_LONG_T 240.4 128.8
Other LT Assets BS_OTHER_ 2,741.3 645.3
Total Intangible Assets BS_DISCLO 371.0 348.9
Goodwill BS_GOODWI 214.6 231.3
Other Intangible Assets OTHER_INT 156.3 117.6
Prepaid Expense BS_PREPAI — —
Deferred Tax Assets BS_DEFERR 235.3 263.3
Derivative & Hedging Assets BS_DERIV_ — —
Investments in Affiliates BS_INVEST 0.0 4.9
Misc LT Assets OTHER_NON 2,135.0 28.2
Total Noncurrent Assets BS_TOT_NO 8,202.5 7,192.5
Total Assets BS_TOT_AS 18,891.1 20,756.7
Product/Brand Segments 18,691.1 20,493.4
Unallocated 8,023.1 7,249.0
Consumer Care Business 7,891.0 9,398.0
Foods 1,379.0 2,385.0
Retail 194.1 163.6
Others 335.9 326.6
Consumer Health Business 727.6 943.8
Reconciliation 140.4 27.4
Liabilities & Shareholders' Equity
Payables & Accruals ACCT_PAYA 7,667.5 9,168.2
Accounts Payable BS_ACCT_P 1,361.2 1,300.1
Accrued Taxes BS_TAXES_ 1,650.9 2,419.0
Interest & Dividends Payable BS_INTERE 1,041.3 1,303.7
Other Payables & Accruals BS_ACCRUA 3,614.2 4,145.4
ST Debt BS_ST_BO 2,231.0 1,670.1
ST Borrowings SHORT_TER 2,231.0 1,670.1
ST Capital Leases ST_CAPITA 0.0 0.0
Current Portion of LT Debt BS_CURR_P — —
Other ST Liabilities OTHER_CUR 408.9 34.0
Deferred Revenue ST_DEFER — —
Derivatives & Hedging BS_DERIVA — —
Misc ST Liabilities OTHER_CUR 408.9 34.0
Total Current Liabilities BS_CUR_LI 10,307.5 10,872.3
LT Debt BS_LT_BO 44.9 122.9
LT Borrowings LONG_TERM 44.9 122.9
LT Capital Leases LT_CAPITA 0.0 0.0
Other LT Liabilities OTHER_NON 304.9 370.0
Accrued Liabilities BS_ACCRUED 0.0 0.0
Pension Liabilities PENSION_LI — —
Deferred Revenue LT_DEFERR 0.0 0.0
Deferred Tax Liabilities BS_DEFERRE 304.9 370.0
Derivatives & Hedging BS_DERIVA — —
Misc LT Liabilities OTHER_NON 0.0 0.0
Total Noncurrent Liabilities NON_CUR_L 349.7 492.9
Total Liabilities BS_TOT_LI 10,657.2 11,365.2
Product/Brand Segments 10,457.2 11,101.9
Unallocated 6,187.3 7,573.9
Consumer Care Business 2,512.7 2,569.4
Foods 198.2 696.0
Retail 23.3 38.7
Others 47.7 6.3
Consumer Health Business 91.5 255.2
Reconciliation 1,396.5 -37.6
Preferred Equity and Hybrid Capital BS_PFD_EQ 0.0 0.0
Share Capital & APIC BS_SH_CAP 1,004.3 867.6
Common Stock BS_COMMO 865.1 867.6
Additional Paid in Capital BS_ADD_PA 139.2 0.0
Treasury Stock BS_AMT_OF 0.0 0.0
Retained Earnings BS_PURE_R 5,571.4 7,252.0
Other Equity OTHER_INS 1,612.41 1,234.30
Equity Before Minority Interest EQTY_BEF_ 8,188.1 9,353.9
Minority/Non Controlling Interest MINORITY_ 45.8 37.6
Total Equity TOTAL_EQU 8,233.8 9,391.5
Total Liabilities & Equity TOT_LIAB_ 18,891.1 20,756.7
Reference Items
Accounting Standard ACCOUNTI IN GAAP IN GAAP
Shares Outstanding BS_SH_OUT 1,730.2 1,735.2
Number of Treasury Shares BS_NUM_OF 0.0 0.0
Pension Obligations BS_PENSIO 0.0 0.0
Future Minimum Operating Lease ObligatBS_FUTURE 56.2 93.3
Capital Leases - Total BS_TOTAL_ 0.0 0.0
Percent Of Foreign Ownership BS_PERCEN 2.75 14.76
Number Of Shareholders BS_NUM_O 104,796.00 89,448.00
Options Granted During Period BS_OPTION 1.1 0.8
Options Outstanding at Period End BS_OPTION 8.0 —
Net Debt NET_DEBT -372.5 -2,606.3
Net Debt to Equity NET_DEBT_ -4.52 -27.75
Tangible Common Equity Ratio TCE_RATIO 42.21 44.13
Current Ratio CUR_RATIO 1.04 1.25
Cash Conversion Cycle CASH_CONV 47.83 80.05
Number of Employees NUM_OF_E 4,222.00 4,984.00

Dabur Industries Ltd (BRIT IN)

FY 2011 FY 2012 FY 2013
03/31/2011 03/31/2012 03/31/2013

Purchase of Raw material 32,805.9 41,288.2 46,577.0

Add: Opening stock of Raw material 1,449.4 3,507.2 3,509.8

Less: Closing Stock of Raw material 3,507.2 3,509.8 2,847.0

RAW MATERIAL CONSUMED*4 30,748.1 41,285.6 47,239.8
ADD: Manufacturing Expenses
Direct Labour

Depreciation 584.0 696.2 804.9

 Other Manufacturing Expenses*2 36.8 37.4 71.0
TOTAL COST 31,368.9 42,019.2 48,115.7
Add: Opening WIP Inventory 566.7 781.1 1,038.1
Less: Closing WIP Inventory 781.1 1,038.1 1,046.9
COST OF PRODUCTION 31,154.5 41,762.2 48,106.9
Add: Opening Finished Goods Inventory 1,561.6 2,797.0 3,684.7
Less: Closing Finished Goods Inventory 2,797.0 3,684.7 3,312.9
COST OF GOODS SOLD 29,919.1 40,874.5 48,478.7

ADD: S&D, Admin. Expenses

Selling & Distribution Expenses*1 6,343.0 7,744.5 9,722.2

Administrative Expenses*3 3,248.5 3,899.3 5,376.5
COST OF SALES 39,510.6 52,518.3 63,577.4
SALES 40,780.4 52,835.8 61,466.8

FY 2011 FY 2012 FY 2013

03/31/2011 03/31/2012 03/31/2013

Raw Material Conversion Period (RMCP) 41 31 22

(RM Inventory/Raw Material Consumption per day)

WIP Conversion Period (WIPCP) 9 9 8

(WIP Inventory/ Cost of Production per day)

Finshed Goods Conversion Period (FGCP) 34 32 25

(Finished Goods Inventory/Cost of Goods sold per day)

INVENTORY CONVERSION PERIOD (ICP) 84 72 54

(RMCP+WIPCP+FGCP)

DEBTORS CONVERSION PERIOD (DCP) 31 31 28

(Debtors/Credit Sales per day)

GROSS OPERATING CYCLE (GOC) 115 103 82

(ICP+DCP)

CREDITORS DEFERRAL PERIOD (CDP) 88 89 88

(Creditors/ Credit Purchases per day)

NET OPERATING CYCLE (NOC) 27 14 -5

(GOC-CDP)
 FINAL Words

britannia seems to be improving in

inventory management and payable
management over the last two financial
years. Only concern area is debtors Note:
management and a better and quicker
collectrion from customers which
needs deployment of apt and
corrective stratgeies

FINANCIAL STRUCTURE of DABUR

Common Size Ratio
FY 2018
Liabilities (Balance Sheet Extract) 2018 03/31/2018
LIABILITIES Rs. In Cr.
Shareholders’ funds 57,330.5
Non-current liabilities 0.0
Total NCL 57,330.5 #DIV/0!
Current liabilities 0.0 #DIV/0!

Total
HenceLiabilities
the financial Structure between 57,330.5 #DIV/0!
NCL and current liabilities is 82: 18 this
suggest Apollo is using more of NCL
than current liabilities to Finance its
assets that hints a less risky approach
being adopted by Apollo in this regard.
Working Capital Financing Policy of DABUR
Summarised Balance Sheet 2012
LIABILITIES Rs. In Cr. common size ASSETS

Shareholders’ funds Non-current assets

0.0 #DIV/0!
Non-current liabilities 0.0 #DIV/0!

Current assets
Total NCL 0.0 #DIV/0!
Current liabilities 0.0 #DIV/0! Permanent Current Assests
Temporary Current Assets
0.0 100.0

LTL is 74% while FA & PCA taken

together is 99%(=74+25)
CL is 18%, Whilw TCA is only 5%.
aggressive financing policy and a Higher
Risk.
However due to negative Net Operating
Cycle Such Risk assumed must have
been counter balanced to an extent.
 FY 2011 FY 2012 FY 2013
03/31/2011 03/31/2012 03/31/2013

6,945.2 8,075.7 11,226.9

2,767.1 4,143.3 1,185.3
4,178.1 3,932.4 10,041.6
3,554.7 4,616.8 4,841.3
3,554.7 4,616.8 4,841.3
0.0 0.0 0.0
7,085.3 8,239.2 8,444.4
3,507.2 3,509.8 2,847.0
781.1 1,038.1 1,046.9
2,797.0 3,684.7 3,312.9
0.0 6.6 1,237.6
1,905.6 2,221.3 2,378.1
— 153.5 107.2
— — —
— — —
— — —
1,905.6 2,067.8 2,270.9
19,490.8 23,153.0 26,890.7
7,322.9 8,690.1 10,382.5
11,464.3 13,481.8 15,594.3
4,141.4 4,791.7 5,211.8
10.9 1,190.2 2,826.0
10.9 1,190.2 2,826.0
12,617.6 9,209.3 6,986.2
7,987.9 7,989.8 6,362.0
7,849.0 7,826.3 6,214.0
138.9 163.5 148.0
3,399.1 258.4 157.7
212.8 239.3 —
— — —
7.6 2.7 0.0
1,010.2 719.1 466.5
19,951.4 19,089.6 20,194.7
39,442.2 42,242.6 47,085.4
39,229.4 42,003.3 47,084.0
19,308.0 17,666.7 22,874.2
13,766.9 18,785.0 20,481.8
3,265.1 3,803.5 5,080.4
125.2 154.5 288.4
317.1 1,383.1 467.0
1,434.6 — —
1,012.5 210.5 -2,107.8
 8,000.4 10,245.9 11,340.4
6,611.1 4,768.1 7,167.4
— — —
1,357.5 1,581.9 1,816.2
31.8 3,895.9 2,356.8
3,336.1 3,900.6 7,177.2
3,034.1 3,409.1 6,114.2
0.0 0.0 0.0
302.0 491.5 1,063.0
801.1 1,052.3 1,244.3
— — —
— — —
801.1 1,052.3 1,244.3
12,137.6 15,198.8 19,761.9
7,173.9 7,271.8 5,399.3
7,173.9 7,271.8 5,399.3
0.0 0.0 0.0
6,178.8 2,569.9 851.5
0.0 0.0 0.0
409.5 401.2 427.4
0.0 0.0 0.0
402.2 513.3 362.1
— — —
5,367.1 1,655.4 62.0
13,352.7 9,841.7 6,250.8
25,490.3 25,040.5 26,012.7
25,277.5 24,801.2 26,012.7
17,212.2 15,465.8 18,168.2
5,839.2 7,113.8 7,512.7
1,581.7 1,628.0 2,484.1
88.3 111.0 110.0
13.8 1,023.7 145.4
580.2 — —
-37.9 -541.1 -2,407.7
0.0 0.0 0.0
1,848.1 1,971.4 2,045.0
1,740.7 1,742.1 1,742.9
107.4 229.3 302.1
0.0 0.0 0.0
10,096.7 13,789.9 17,781.7
1,966.30 1,410.50 1,125.40
13,911.1 17,171.8 20,952.1
40.8 30.3 120.6
13,951.9 17,202.1 21,072.7
39,442.2 42,242.6 47,085.4
 IN GAAP IN GAAP IN GAAP
1,740.7 1,742.1 1,742.9
0.0 0.0 0.0
526.2 436.1 481.8
341.8 320.9 57.1
0.0 0.0 0.0
17.70 18.77 20.57
128,878.00 124,740.00 115,442.00
19.5 1.6 0.7
— — 17.5
3,564.8 3,096.7 1,349.6
25.55 18.00 6.40
18.83 26.81 35.83
1.61 1.52 1.36
60.04 57.05 57.41
5,300.00 5,650.00 6,154.00

FY 2014 FY 2015 FY 2016

03/31/2014 03/31/2015 03/31/2016

54,156.5 58,637.4 58,058.1

2,847.0 3,117.4 2,953.7

3,117.4 2,953.7 4,916.7

53,886.1 58,801.1 56,095.1

935.1 1,110.7 1,274.4

 78.4 243.0 265.8
54,899.6 60,154.8 57,635.3
1,046.9 987.6 888.0
987.6 888.0 1,081.7
54,958.9 60,254.4 57,441.6
3,312.9 4,081.4 4,440.0
4,081.4 4,440.0 4,951.6
54,190.4 59,895.8 56,930.0

11,623.9 12,947.7 7,716.3

6,468.8 7,456.6 8,741.7
72,283.1 80,300.1 73,388.0
70,733.8 78,064.7 78,507.7

FY 2014 FY 2015 FY 2016

03/31/2014 03/31/2015 03/31/2016

21 18 32

6 5 7

27 27 31
54 50 70

34 33 37

89 83 107

96 86 87

-8 -4 20
Rs. In Cr. common size

0.0 #DIV/0!
#DIV/0!

0.0 #DIV/0!
1,175.9 #DIV/0!
-1,175.9 #DIV/0!
0.0 #DIV/0!
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

11,663.6 6,767.3 9,633.5 10,392.1 10,128.9

3,084.1 624.7 1,311.5 2,984.6 2,995.0
8,579.5 6,142.6 8,322.0 7,407.5 7,133.9
6,753.0 7,108.4 8,092.0 6,504.2 7,060.8
6,753.0 7,108.4 8,092.0 6,504.2 7,060.8
0.0 0.0 0.0 0.0 0.0
9,722.9 9,732.7 10,965.0 11,067.2 12,561.8
3,117.4 2,953.7 4,916.7 3,208.0 3,829.2
987.6 888.0 1,081.7 942.5 1,175.9
4,081.4 4,440.0 4,951.6 5,321.1 5,746.9
1,536.5 1,451.0 15.0 1,595.6 1,809.8
2,419.2 3,697.3 3,466.1 3,181.2 4,646.0
36.1 13.0 1,055.9 1,109.6 1,446.4
— — — 0.0 0.0
— — — 0.0 19.2
— — 30.6 0.0 19.6
2,383.1 3,684.3 2,379.6 2,071.6 3,160.8
30,558.7 27,305.7 32,156.6 31,144.7 34,397.5
11,547.0 12,846.6 13,441.7 15,761.1 16,477.7
17,668.8 19,138.1 21,177.1 24,035.6 26,024.1
6,121.8 6,291.5 7,735.4 8,274.5 9,546.4
4,246.9 14,094.6 18,691.9 24,883.2 30,804.5
4,246.9 14,094.6 18,691.9 24,883.2 30,804.5
6,765.2 6,815.9 5,032.8 5,533.4 5,336.6
6,339.1 6,427.7 4,286.3 4,243.9 4,218.5
6,214.0 6,214.0 4,105.3 4,105.3 4,115.4
125.1 213.7 181.0 138.6 103.1
152.9 110.2 51.2 16.5 21.3
— — — — —
— — — 0.0 0.0
0.0 0.0 117.2 110.9 113.3
273.2 278.0 578.1 1,162.1 983.5
22,559.1 33,757.1 37,166.4 46,177.7 52,618.8
53,117.8 61,062.8 69,323.0 77,322.4 87,016.3
53,117.8 61,062.8 69,323.0 77,322.4 87,016.3
22,566.0 28,217.6 33,111.8 37,870.5 44,936.4
23,394.3 25,440.2 27,666.5 29,334.1 33,243.7
6,208.6 6,562.9 7,414.7 9,216.9 7,906.4
319.3 417.7 552.1 506.9 559.2
448.9 424.4 397.2 394.0 370.6
— — — — —
180.7 — 180.7 — —
14,501.9 14,086.4 14,054.3 14,318.7 15,362.4
10,965.3 10,958.4 13,301.2 13,100.3 14,103.2
93.9 220.6 310.2 385.0 409.3
2,111.6 1,658.9 84.7 108.4 106.3
1,331.1 1,248.5 358.2 725.0 743.6
4,477.4 5,229.9 4,498.7 4,403.3 4,644.9
4,477.4 5,229.9 4,497.4 4,403.3 4,644.9
0.0 0.0 1.3 — —
— — — — —
3,958.6 4,868.6 3,981.8 3,523.4 4,337.1
— — — 0.0 0.0
— — — 0.0 0.0
3,958.6 4,868.6 3,981.8 3,523.4 4,337.1
22,937.9 24,184.9 22,534.8 22,245.4 24,344.4
2,604.0 2,105.7 3,422.9 4,703.9 3,643.4
2,604.0 2,105.7 3,414.5 4,703.9 3,643.4
0.0 0.0 8.4 — —
857.2 1,049.2 1,442.1 1,651.5 1,698.0
0.0 0.0 0.0 — 0.0
401.4 427.9 452.8 534.0 565.0
0.0 0.0 0.0 0.0 0.0
448.3 587.1 882.4 1,080.4 1,090.5
— — — 0.0 0.0
7.5 34.2 106.9 37.1 42.5
3,461.2 3,154.9 4,865.0 6,355.4 5,341.4
26,399.1 27,339.8 27,399.8 28,600.8 29,685.8
26,399.1 27,339.8 27,399.8 28,600.8 29,685.8
15,923.2 19,146.6 17,259.5 15,748.8 13,898.2
7,273.8 5,085.3 6,471.5 7,892.8 10,799.8
3,100.5 3,163.4 3,323.5 4,639.8 4,562.0
127.9 199.0 272.0 236.3 271.4
132.8 107.7 73.3 83.1 154.4
— — — — —
-159.1 -362.2 — — —
0.0 0.0 0.0 0.0 0.0
2,123.3 3,420.2 3,753.8 4,064.0 4,064.0
1,743.8 1,756.5 1,759.1 1,761.5 1,761.5
379.5 1,663.7 1,994.7 2,302.5 2,302.5
0.0 0.0 0.0 0.0 0.0
22,709.0 28,480.4 33,234.4 39,694.7 48,399.6
1,727.30 1,640.80 4,717.90 4,715.20 4,601.60
26,559.6 33,541.4 41,706.1 48,473.9 57,065.2
159.1 181.6 217.1 247.7 265.3
26,718.7 33,723.0 41,923.2 48,721.6 57,330.5
53,117.8 61,062.8 69,323.0 77,322.4 87,016.3
 IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
1,743.8 1,756.2 1,759.1 1,761.5 1,761.5
0.0 0.0 0.0 0.0 0.0
408.9 462.1 452.8 534.0 565.0
1,377.4 484.9 715.0 568.9 463.7
0.0 0.0 9.7 9.6 13.7
19.55 21.31 19.96 — 3.42
123,555.00 118,061.00 135,973.00 — 126,291.00
0.0 11.2 0.4 0.1 0.0
16.6 14.1 11.4 8.8 5.0
-4,582.2 568.3 -1,711.9 -1,284.9 -1,840.6
-17.15 1.69 -4.08 -2.64 -3.21
43.23 49.63 57.54 60.52 63.83
1.33 1.13 1.43 1.40 1.41
33.45 20.32 22.26 14.39 20.29
6,382.00 6,434.00 6,607.00 7,243.00 7,144.00

FY 2017 FY 2018
03/31/2017 03/31/2018

52,940.8 54,488.0
4,916.7 3,208.0

*4.It is
assumed
as
residual
of other
operating
expense
over
personnel
and
rental
3,208.0 3,829.2 expense.
54,649.5 53,866.8

*2 it
includesd
R&D
1,370.1 1,570.6 expenses
 302.7 320.4
56,322.3 55,757.8
1,081.7 942.5
942.5 1,175.9
56,461.5 55,524.4
4,951.6 5,321.1
5,321.1 5,746.9
56,092.0 55,098.6

*1.It
includes
selling &
Marketin
g expense
and
provison
for
doubtful
accounts.

*3 it
includes
personnel
and
rental
6,461.4 6,067.1 expenses
8,704.1 8,704.0
71,257.5 69,869.7
76,800.8 76,538.2

FY 2017 FY 2018
03/31/2017 03/31/2018
*5.The material inventor,
WIP and FG inventory is
taken at closing figure for
the year, rather than
21 26 Days average of all years.

6 8 Days

34 38 Days
61 71 Days

*6. the
debtors are
also taken at
the year end
figures rather
than the
average for
all the years
and credit
sale is taken
as equal to
sales
30 33 Days revenue.

92 104 Days

*7. creditors
are also taken
at year end
figures rather
than aat
average of all
years and all
purchases of
raw material
is considered
as credit
97 101 Days purchases.

-6 2 Days
All green
cells in
interpretatio
n comment
shows
poitive signs
and red
negative in
terms of
company
performance.
INCOME STATEMENT
Dabur India Ltd (DABUR IN) - Adjusted
In Millions of INR except Per Share
12 Months Ending
Revenue
Sales & Services Revenue
Other Revenue
Gross Profit
Other Operating Income
Operating Expenses
Selling, General & Admin
Selling & Marketing
General & Administrative
Research & Development
Depreciation & Amortization
Prov For Doubtful Accts
Other Operating Expense
Operating Income (Loss)
Non-Operating (Income) Loss
Interest Expense, Net
Interest Expense
Interest Income
Other Investment (Inc) Loss
Foreign Exch (Gain) Loss
(Income) Loss from Affiliates
Other Non-Op (Income) Loss
Pretax Income (Loss), Adjusted
Abnormal Losses (Gains)
Disposal of Assets
Asset Write-Down
Sale of Investments
Unrealized Investments
Other Abnormal Items
Pretax Income (Loss), GAAP
Income Tax Expense (Benefit)
Current Income Tax
Deferred Income Tax
Tax Allowance/Credit
(Income) Loss from Affiliates
Income (Loss) from Cont Ops
Net Extraordinary Losses (Gains)
Discontinued Operations
XO & Accounting Changes
Income (Loss) Incl. MI
Minority Interest
Net Income, GAAP
Preferred Dividends
 Other Adjustments
Net Income Avail to Common, GAAP

Net Income Avail to Common, Adj

Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)

Basic Weighted Avg Shares

Basic EPS, GAAP
Basic EPS from Cont Ops
Basic EPS from Cont Ops, Adjusted

Diluted Weighted Avg Shares

Diluted EPS, GAAP
Diluted EPS from Cont Ops
Diluted EPS from Cont Ops, Adjusted

Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Capitalized Interest Expense
Personnel Expenses
Export Sales
Depreciation Expense
Rental Expense
Interpretation/Comments

Though marginally RMCP has reduced hinting a better raw material

handling and improved procurement procedure.

As WIP conversion period is increasing that means company didn't

have a good production procedure and time management in last 2
years whereas in gap of 2 year WIP conversion is good but company
didn't maintain it

Further the increment in FG conversion by 4 whole days in last 2

year wheras in previous year FG is increasing which hints a worse
and less sales.
Hence the improved RM and moderate WIP and worse Fg
conversion has resulted into a 10 day savings in conversion of
investories into sales.Hence the inventory management and sales
efforts can be considered as getting better from FY 2017 too FY 2018.

The same improvement is however missing in case of conversion of

debtors cash, where the company takes 4 more days (almost double)
than the previous year . It means a slower collection of cash from
the customers and its undesirable. In fact the entire savings in ICP
exceeded in the extra period taken from DCP.

The GOC suggests that the time taken from acquisition of resources
to cash conversion has diluted marginally by 1 day between FY17 to
FY18. The efficiency of inventory management has been counter
positioned by the inefficiency at the debtors management.

But the only respite is the ability of the company to defer the
payment to the creditors by as musch as 14 days.

As a result the NOC or CCC also reduces from -5 to -18 days. This
hints the companyt manages to receive cash from customers 18 days
prior to the payment date of the creditors.
 FY 2011 FY 2012 FY 2013 FY 2014
03/31/2011 03/31/2012 03/31/2013 03/31/2014
SALES_REV_TURN 41,045.1 53,054.2 61,691.0 70,944.3
IS_SALES_AND_SERVICES_REVENUES 40,780.4 52,835.8 61,466.8 70,733.8
IS_OTHER_REVENUE 264.7 218.4 224.2 210.5
GROSS_PROFIT — — — —
IS_OTHER_OPER_INC — — — —
IS_OPERATING_EXPN 33,996.6 45,184.9 52,616.3 60,354.9
IS_SG&A_EXPENSE 6,326.0 7,667.6 9,636.3 11,548.4
IS_SELLING_EXPENSES 6,326.0 7,667.6 9,636.3 11,548.4
IS_GENERAL_AND_ADMINISTRATIVE — — — —
IS_OPEX_R&D 36.8 37.4 71.0 78.4
IS_DEPRECIATION_AND_AMORTIZATION 952.0 1,032.4 847.2 974.9
IS_PROVISION_DOUBTFUL_ACCOUNTS 17.0 76.9 85.9 75.5
IS_OTHER_OPERATING_EXPENSES 26,664.8 36,370.6 41,975.9 47,677.7
IS_OPER_INC 7,048.5 7,869.3 9,074.7 10,589.4
IS_NONOP_INCOME_LOSS 79.0 16.8 -397.6 -614.0
IS_NET_INTEREST_EXPENSE 43.7 -183.3 -425.3 -591.5
IS_INT_EXPENSE 247.0 303.9 349.4 329.7
IS_INT_INC 203.3 487.2 774.7 921.2
IS_OTHER_INVESTMENT_INCOME_LOSS 0.0 -3.8 — —
IS_FOREIGN_EXCH_LOSS 0.0 0.0 171.8 145.5
INCOME_LOSS_FROM_AFFILIATES — — — —
IS_OTHER_NON_OPERATING_INC_LOSS 35.3 203.9 -144.1 -168.0
PRETAX_INC 6,969.5 7,852.5 9,472.3 11,203.4
IS_ABNORMAL_ITEM -109.2 -52.4 -11.9 -151.9
IS_GAIN_LOSS_DISPOSAL_ASSETS -14.1 14.5 43.1 5.5
IS_IMPAIRMENT_ASSETS 0.2 5.0 6.8 5.7
IS_GAIN_LOSS_ON_INVESTMENTS -95.3 -71.9 -1.0 -163.1
IS_UNREALIZED_INVESTMENTS — — -60.0 -7.2
IS_OTHER_ONE_TIME_ITEMS — — -0.8 7.2
PRETAX_INC 7,078.7 7,904.9 9,484.2 11,355.3
IS_INC_TAX_EXP 1,389.8 1,463.8 1,826.3 2,190.8
IS_CURRENT_INCOME_TAX_BENEFIT 1,329.7 1,382.9 1,738.2 2,104.6
IS_DEFERRED_INCOME_TAX_BENEFIT 60.1 80.9 88.1 86.2
IS_TAX_VALN_ALLOWNCE_CREDITS — — — —
IS_SH_PRO_EQY_MT_INV_NET_OF_TAX — — — —
IS_INC_BEF_XO_ITEM 5,688.9 6,441.1 7,657.9 9,164.5
XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0
IS_DISCONTINUED_OPERATIONS 0.0 0.0 0.0 0.0
IS_EXTRAORD_ITEMS_&_ACCTG_CHNG 0.0 0.0 0.0 0.0
NI_INCLUDING_MINORITY_INT_RATIO 5,688.9 6,441.1 7,657.9 9,164.5
MIN_NONCONTROL_INTEREST_CREDITS 3.2 -7.8 23.7 25.3
NET_INCOME 5,685.7 6,448.9 7,634.2 9,139.2
IS_TOT_CASH_PFD_DVD 0.0 0.0 0.0 0.0
OTHER_ADJUSTMENTS 0.0 0.0 0.0 0.0
EARN_FOR_COMMON 5,685.7 6,448.9 7,634.2 9,139.2

EARN_FOR_COMMON 5,611.9 6,413.5 7,626.4 9,038.9

IS_NET_ABNORMAL_ITEMS -73.8 -35.4 -7.8 -100.3
XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0

IS_AVG_NUM_SH_FOR_EPS 1,738.7 1,741.7 1,742.8 1,743.6

IS_EPS 3.27 3.70 4.38 5.24
IS_EARN_BEF_XO_ITEMS_PER_SH 3.27 3.70 4.38 5.24
IS_BASIC_EPS_CONT_OPS 3.23 3.68 4.38 5.18

IS_SH_FOR_DILUTED_EPS 1,749.4 1,752.7 1,754.5 1,755.8

IS_DILUTED_EPS 3.25 3.68 4.35 5.21
IS_DIL_EPS_BEF_XO 3.25 3.68 4.35 5.21
IS_DIL_EPS_CONT_OPS 3.21 3.66 4.35 5.15

ACCOUNTING_STANDARD IN GAAP IN GAAP IN GAAP IN GAAP

EBITDA 7,672.5 8,598.0 9,921.9 11,564.3
EBITDA_MARGIN 18.69 16.21 16.08 16.30
EBITA 7,088.5 7,901.8 9,117.0 10,629.2
EBIT 7,048.5 7,869.3 9,074.7 10,589.4
GROSS_MARGIN — — — —
OPER_MARGIN 17.17 14.83 14.71 14.93
PROF_MARGIN 13.67 12.09 12.36 12.74
ACTUAL_SALES_PER_EMPL 7,744,358.49 9,390,123.89 10,024,536.89 11,116,311.50
EQY_DPS 1.15 1.30 1.50 1.75
IS_TOT_CASH_COM_DVD 2,001.8 2,477.4 2,798.2 3,051.7
IS_CAP_INT_EXP 0.0 0.0 — —
IS_PERSONNEL_EXP 2,986.0 3,516.9 4,835.0 5,884.8
IS_EXPORT_SALES 4,004.5 — — —
IS_DEPR_EXP 584.0 696.2 804.9 935.1
BS_CURR_RENTAL_EXPENSE 262.5 382.4 541.5 584.0
 FY 2015 FY 2016 FY 2017 FY 2018 2019 Est 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 3/31/2019 3/31/2020
78,272.0 78,507.7 76,800.8 76,538.2 86,931.3 98,186.2
78,064.7 78,507.7 76,800.8 76,538.2
207.3 — — —
— — — — 42,871.9 48,749.4
— 180.0 213.6 680.3
66,257.7 64,836.8 63,353.6 62,570.8
- - - -
12,808.5 7,716.3 6,461.4 6,067.1
— — — —
243.0 265.8 302.7 320.4
1,149.8 1,331.9 1,428.6 1,621.8
139.2 - - -
51,917.2 55,522.8 55,160.9 54,561.5
12,014.3 13,850.9 13,660.8 14,647.7 16,462.6 19,239.0
-1,037.9 -1,447.4 -1,884.7 -1,960.1
-914.0 -1,430.3 -1,857.1 -1,991.4
255.4 256.9 307.1 423.8
1,169.4 1,687.2 2,164.2 2,415.2
— — 0.0 -0.1
75.3 0.0 0.0 29.7
0.0 — — —
-199.2 -17.1 -27.6 1.7
13,052.2 15,298.3 15,545.5 16,607.8 19,112.0 22,464.4
-141.4 -239.7 -558.5 -320.7
29.7 -41.4 18.8 69.2
8.4 14.7 6.7 —
-179.5 -214.2 -567.8 -389.9
— 1.2 -16.2 —
— — — —
13,193.6 15,538.0 16,104.0 16,928.5 19,112.0 22,464.4
2,508.9 2,999.0 3,303.4 3,353.5
2,346.7 2,839.6 3,110.3 3,713.4
162.2 159.4 193.1 -359.9
— — — —
— 0.1 -2.5 -2.4
10,684.7 12,538.9 12,803.1 13,577.4 15,302.9 17,982.5
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
10,684.7 12,538.9 12,803.1 13,577.4
26.4 27.4 33.7 33.5
10,658.3 12,511.5 12,769.4 13,543.9 15,302.9 17,982.5
0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0
10,658.3 12,511.5 12,769.4 13,543.9 15,302.9 17,982.5

10,565.8 12,343.7 12,378.5 13,334.2 15,313.9 17,966.4

-92.5 -167.8 -391.0 -209.7
0.0 0.0 0.0 0.0

1,754.4 1,758.1 1,761.4 1,761.5

6.08 7.12 7.25 7.69 8.72 10.21
6.08 7.12 7.25 7.69 8.72 10.21
6.02 7.02 7.03 7.57 8.70 10.19

1,766.1 1,769.8 1,770.3 1,768.1

6.03 7.07 7.21 7.66 8.72 10.21
6.03 7.07 7.21 7.66 8.72 10.21
5.98 6.98 6.99 7.54 8.70 10.19

IN GAAP IN GAAP IN GAAP IN GAAP

13,164.1 15,182.8 15,089.4 16,269.5 18,306.5 21,292.8
16.82 19.34 19.65 21.26 21.06 21.69
12,053.4 13,908.4 13,719.3 14,698.9
12,014.3 13,850.9 13,660.8 14,647.7 16,462.6 19,239.0
— — — — 49.32 49.65
15.35 17.64 17.79 19.14 18.94 19.59
13.50 15.72 16.12 17.42 17.62 18.30
12,165,371.46 11,882,503.41 10,603,451.61 10,713,633.82
2.00 2.25 2.25 2.25 3.82 4.12
3,512.5 3,958.1 3,963.4 3,963.4
— — — —
6,691.0 7,941.0 7,896.1 7,927.9
— 12,446.6 10,942.0 —
1,110.7 1,274.4 1,370.1 1,570.6
765.6 800.7 808.0 776.1