Titan Company : P&L Statement
INR lakhs, y/e March
FY14
FY 13
FY 12
Sales
1095514.39
1020635.82
897085.87
Less: Excise Duty
Net Sales
yoy growth %
3935.01
1091579.38
7.9%
9368.74
1011267.08
14.4%
13248.03
883837.84
35.5%
Less COGS
808798.7
752941.28
655012
Gross Profit
Margin %
282780.68
25.9%
258325.80
25.5%
228825.59
25.9%
Less Cash Operating Expenses
181981.13
161154.85
149410.15
16.7%
15.9%
16.9%
11731.4
9891.80
9068
EBITDA
Margin %
112530.95
10.3%
107062.75
10.6%
88482.98
10.0%
Adjusted EBITDA
100799.55
97170.95
79415.44
Adjusted EBITDA margin
yoy growth %
D&A
EBIT
9.2%
5.1%
6558.99
105971.96
9.6%
21.0%
5448.89
101613.86
9.0%
4489.62
83993.36
4380.56
1098.46
420
-1.4
-111.41
-270
101592.80
27478.75
74114.05
6.8%
100626.81
28108.71
72518.10
7.2%
83843.89
23828
60015.59
6.8%
% of sales
Add Other Income
Interest
Exceptional Items
PBT
Income Tax
PAT
Margin %
EPS (INR)
yoy growth %
No of shares
8.35
2.2%
8877.86
8.17
20.8%
8877.86
6.76
8877.86
Titan Company : Balance Sheet
INR Lakhs , y/e March
Cash & Marketable Securities
FY14
FY 13
FY 12
88892.88
113654.54
96053.00
386719.44
367794.49
287866.90
Account Receivables
15202.21
16379.09
16310.94
Short term Loans & Advances
33012.67
20820.83
14991.11
523827.20
518648.95
415221.95
62911.05
2657.06
934.98
20371.99
86875.08
49029.99
1850.90
803.79
17221.99
68906.67
39357.72
1605
377.49
12794
54134.19
Total Assets
610702.28
587555.62
469356.14
Other Current Liabilities + Short Term
Provisions
265531.37
175247.63
129438.03
Accounts payable
Total Current Liabilities
85598.81
351130.18
209531.35
384778.98
188584.25
318022.28
Long Term Debt
Deferred Tax Liabilities
Long Term Liabilities
7176.28
0
7176.28
6289.60
0
6289.60
6344
0
6344.18
Share Capital
Reserves & Surplus
Shareholders' Funds
8877.86
243517.96
252395.82
8877.86
187609.17
196487.03
8877.86
136112
144989.68
Total Liability
610702.28
587555.61
469356.14
Inventories
Current Assets
Fixed Assets
Investments
Deferred Tax Assets
Long Term Loans and Advances
Long Term Assets
FY 11
109649.9
199383
11368
10118.83
330519
30242.48
913
0
11881
43037
373556.13
113245.69
152270.09
265516
5350.57
151.82
5502.39
4438.93
98099.03
102537.96
373556.13
Remarks
Refer to Note 17 (Annual Report 2014) - Figures of 'Revenue from operations (gross)' is taken for Sales
COGS = Cost of material and components consumed + Purchase of traded goods + Power and fuel cost Change in inventory
Ref. to Annual Report 2013-14 In FY13, an amount (INR 1918.95 lakhs) from 'Components' under 'Cost of material and components
consumed' section is moved to 'Loose tools, stores and spare parts consumed' under 'Other Expenses'
section. For FY12, we have moved the same amount (INR 1918.95 lakhs) from 'COGS' to 'Operating
Expenses'.
Operating Expenses = Employee Benefit Expenses + Gold on lease charges (Refer Note 33) + Other
expenses - Loss on sale of fixed assets (Refer Note 21) - Expenses capitalised - Power and fuel cost
Note:
1. Incase of FY12, an amount (INR 1918.95) is added to operating expenses towards adjustment in
'components' cost.
2. 'Expenses capitalised' is considered under 'Exceptional items'. Hence, deducted from 'Other expenses'.
Other income = Other Income - Loss of sale of fixed assets.
Note: For FY12, 'Interest from Income Tax' is also deducted from 'other income'
Adjusted EBITDA = EBIDTA - Other Income
Interest = Finance Charge - Gold on lease charges
Note:
For FYI 12, Interest on income tax (INR 117.95 lakhs) is also excluded
For FY13, INR 952.48 lakhs has been added to adjust the difference in the 'Gold on lease charges' figures
in the Annual report of 2014 and 2013.
Exceptional Items = Expenses Capitalised
EPS = PAT/No. of outstanding shares. [Refer to Note 2.1 (d)]
Remarks
Current Assets = Cash & Bank Balance + Inventories + Account Receivables + Short term Loans &
Advances
Notes:
Short term loans & advances includes Other current assets
When we compare figures of the two Annual Reports 2014 and 2013, we find the following mismatch for
FY 2012-13:
1. An increase in the value of Short Term Loans & Advances in the Annual Report 2014 by INR 1295.58
crore
2. A decrease is the value of Other Advances (under Non Current Asset) in the Annual Report 2014 by INR
1218.74 crore
3. An increase in the value of Other current liabilities in the Annual Report 2014 by INR 76.84 crore
4. This mismatch in the figure may be because a part of the companys non current advances have become
short term (i.e are receivable in the current year) and hence, the company has reclassified them as Short
Term Loans & Advances.
Long Term Assets = Fixed Assets + Investments + Deferred Tax Assets + Long
Term Loans and
Advances
Fixed Assets includes tangible assets, intangible assets and capital work-in progress
Long Term Loans and Advances includes capital and other advances
Total Assets = Current Assets + Long Term Assets
Other Current Liabilities + Short Term Provisions' includes Short-term borrowings, other current liabilities,
short-term provisions and amount due to MESE (Refer to Note 5)
Long Term Debt = Long-term borrowings + Long-term provisions
Total Liability = Total Current Liabilities + Long Term Liabilities + Shareholders' Funds
