Historicals

(amt in lakhs)

2001 2002 2003 2004

Sales 49,504.93 42,060.68 40,697.04 44,656.98
Less: Excise duty 4,244.96 3,757.09 4,389.74 4,025.59
Net sales 45,259.97 38,303.59 36,307.30 40,631.39
Total sales growth -15.4% -5.2% 11.9%
Cost of goods sold 25,363.33 19,981.08 13,761.18 14,492.69
Gross Profit 19,896.64 18,322.51 22,546.12 26,138.70
Margin 44.0% 47.8% 62.1% 64.3%
Growth -7.9% 23.1% 15.9%
Other income 597.75 520.68 619.88 688.51
Selling, administration & other services 16,430.00 14,325.94 13,953.06 16,273.09
EBITDA 4,064.39 4,517.25 9,212.94 10,554.12
Margin 9.0% 11.8% 25.4% 26.0%
Growth 11.1% 104.0% 14.6%
Depreciation 3,001.09 2,054.79 1,819.43 1,605.47
EBIT 1,063.30 2,462.46 7,393.51 8,948.65
Margin 2.3% 6.4% 20.4% 22.0%
Growth 131.6% 200.2% 21.0%
Interest expenses 1,377.30 549.57 0.90 -
Interest received 384.67 32.39 520.14 821.01
EBT 70.67 1,945.28 7,912.75 9,769.66
Margin 0.2% 5.1% 21.8% 24.0%
Growth 2652.6% 306.8% 23.5%
Tax (1,415.31) 1,099.32 2,988.03 3,665.70
Provision for tax 35.10 337.47 1,838.08 3,722.24
Provision for deferred tax liabilities / (assets) (1,450.41) 761.85 1,149.95 (56.54)
Wealth tax
Fringe benefit tax
Net income 1,485.98 845.96 4,924.72 6,103.96
Margin 3.3% 2.2% 13.6% 15.0%
Growth -43.1% 482.1% 23.9%
Outstanding shares 325.85 325.85 325.85 325.85
Growth 0.0% 0.0% 0.0%
Normalised EPS INR 4.56 INR 2.60 INR 15.11 INR 18.73
Growth 56.9% 582.1% 123.9%

Non recurring expenses

Income
Job charges 4.05 - - -
Service income 44.11 22.05 - -
Liabilities and provisions no longer required written back
200.59 123.75 201.96 378.51
Consulting fees 432.00 - - -
Profit on sale of fixed assets - 206.18 106.13 -
Sale of Geep distribution network - 400.00 - -
Expenses
Miscellaneous exp written off 28.43 28.43 28.43 28.42
Voluntory retirement scheme 1,196.34 921.59 563.25 149.80
Loss on writing down of fixed assets & capital WIP 3,179.84 - 157.70 -
Loss on sale of fixed assets 99.95 - - 177.04
Investment written off - - 1.23 -
Advances written off 589.30 2.21 0.54 4.86

Total assets 54,349.68 35,816.23 40,063.37 42,934.03

Deferred tax assets 447.31 - - -
Miscellaneous expenditure 85.28 56.85 28.42 -
Cash 2,582.98 3,500.35 10,742.46 19,391.75
Investment - cash equivalents 1.23 1.23 - -
Operating assets 51,232.88 32,257.80 29,292.49 23,542.28
Return on operating assets 2.1% 7.6% 25.2% 38.0%

Fixed assets 23,809.86 20,971.29 16,259.50 13,369.88

Current assets excluding cash 27,423.02 11,286.51 13,032.99 10,172.40
Current liabilities excluding debt 14,386.07 7,944.57 9,924.84 9,861.40
Capital invested 36,846.81 24,313.23 19,367.65 13,680.88
Return on capital invested 2.9% 10.1% 38.2% 65.4%

Cash and cash equivalents 2,584.21 3,501.58 10,742.46 19,391.75

Debt 12,356.19 125.30 - -
Shareholders equity 27,607.42 27,431.82 28,674.04 31,664.68
Tangible book value (TBV) INR 84.72 INR 84.18 INR 88.00 INR 97.17

Fixed assets (net block) 23,809.86 20,971.29 16,259.50 13,369.88

Trademarkts, copyrights and designs 1,942.12 - - -
Land - Freehold 386.00 392.18 392.18 91.42
Land - Leasehold 534.45 746.15 736.58 727.01
Buildings 6,279.67 6,179.59 6,009.88 4,833.58
Plant and machinery 12,103.47 11,572.41 7,506.77 6,323.95
Furniture, fittings & office equipments 1,849.44 1,714.11 1,341.07 1,018.77
Motor vehicles 363.61 337.55 269.16 348.48
Capital work in progress 351.10 29.30 3.86 26.67

Investments 1.23 1.23 - -

Unquoted - others
Government securities 0.24 0.24 - -
Investment in bonds 0.53 0.53 - -
National Savings Certificates 0.46 0.46 - -

Inventories 7,920.43 5,220.95 5,249.90 4,746.78

Raw materials 1,089.35 590.61 1,684.91 1,773.19
Packaging materials
Stores and spare parts 261.61 200.55 159.16 186.86
Work in progress 339.31 300.72 139.51 116.36
Finished goods
- Manufactured 2,694.87 1,412.87 2,598.17 2,085.09
- Trading items 2,965.42 2,304.02 538.66 475.55
Goods in transit 569.87 412.18 129.49 109.73

Sundry debtors
Outstanding for a period exceeding 6 months
Considered good 650.83 124.90 672.94 563.28
Considered doubtful 934.01 592.37 428.38 570.35
 1,584.84 717.27 1,101.32 1,133.63
Other debts
Considered good 6,222.97 2,491.61 2,060.85 2,526.35
Considered doubtful - 44.89 34.53 9.54
6,222.97 2,536.50 2,095.38 2,535.89
Less : Provision for doubtful debts 934.01 637.26 462.91 579.89
6,873.80 2,616.51 2,733.79 3,089.63

Cash and bank 2,582.98 3,500.35 10,742.46 19,391.75

Loans and advances 12,628.79 3,449.05 4,885.46 2,183.65

Loans
Inter corporate deposit - unsecured - 750.00 2,900.00 -
Loan to fellow subsidiary
Loans to employees - secured 664.90 702.24 733.51 822.91
Advances - unsecured
Advances recoverable in cash or in kind
Considered good 10,064.51 708.19 391.37 468.64
Considered doubtful 169.95 95.59 101.38 29.34
Less : Provision for doubtful advances (169.95) (95.59) (101.38) (29.34)
Deposits 682.28 283.15 233.72 265.08
Advance tax 292.41 208.84 82.76 88.08
Balance with excise and customs authorities on current
924.69account 796.63 544.10 538.94

Other current assets - - 163.84 152.34

Interest accrued on bank deposits - - 163.84 152.34
Interest accrued on loan to fellow subsidiary - - - -
Interest accrued on inter corporate deposits - - - -

Current liabilities 13,433.26 6,972.94 6,748.58 6,687.00

Sundry creditors
- Due to small scale industrial undertakings 25.32 3.58 14.85 11.33
- Due to others 12,440.03 6,441.65 6,184.77 6,036.00
Unclaimed dividends 12.50 14.91 17.08 22.47
Other liabilities 403.80 512.80 531.88 617.20
Interest accrued but not due on loans 551.61 - - -

Provisions 952.81 971.63 3,176.26 3,174.40

Proposed dividend 733.17 896.09 2,769.74 2,769.74
Provision for income tax
Provision for Fringe benefit tax
Provision for tax on proposed dividend 74.78 - 354.87 361.97
Provision for staff benefits 144.86 75.54 51.65 42.69

CASH FLOW
Net profit before tax - as reported (4,194.19) 1,745.03 7,469.69 9,788.05
Adjustments
Depreciation 3,001.09 2,054.79 1,819.43 1,605.47
Baddebts written off - - - -
Provision for doubtful debts and advances 756.82 275.72 134.41 116.98
Provision for employee benefits - - - -
Translation loss on advance against export 130.50 - - -
Translation loss on external commercial borrowings 65.18 - - -
Interest 1,377.30 549.57 0.90 -
Loss on sale of fixed assets 99.95 - - 177.04
Advances written off 589.30 2.21 0.54 4.86
Investment written off - - 1.23 -
Inventories written off 1,504.42 1,149.11 521.98 306.96
Loss on writing down of assets 3,179.84 - 157.70 -
Miscellaneous expenditure written off 28.43 28.43 28.43 28.42
Expenses / losses in relation to sale of Geep Business - 75.66 - -
Interest capitalized (98.59) - - -
Profit on sale of fixed assets - (206.18) (106.13) -
Sale of Geep distribution network - (400.00) - -
Unrealized FOREX gain - - - -
Interest received - others (384.67) (32.39) (485.91) (797.32)
Liabilities and provisions no longer required written back
(200.59) (123.75) (201.96) (378.51)
(A) 5,854.79 5,118.20 9,340.31 10,851.95

Changes in working capital

Debtors 3,513.32 3,997.83 (178.50) (472.82)
Loans and advances 1,505.78 1,392.70 512.17 (197.73)
Inventories 341.39 1,550.37 (550.93) 196.16
Current liabilities 2,060.74 (5,856.69) (48.46) 302.58
(B) 7,421.23 1,084.21 (265.72) (171.81)
Operating cash before tax paid 13,276.02 6,202.41 9,074.59 10,680.14
Tax paid (832.27) (253.90) (1,712.01) (3,727.56)
Business restructuring expenses - - - -
Cash from operating activities 12,443.75 5,948.51 7,362.58 6,952.58

Purchase of fixed assets (4,029.14) (1,006.05) (222.44) (384.52)

Less : loss on restatement of DPC 61.59 - - -
Sale of fixed assets 41.91 196.01 3,063.23 1,491.63
Net capital expenditure (3,925.64) (810.04) 2,840.79 1,107.11
Sale of trademark, copyrights & designs - 1,800.00 - -
Sale of Geep distribution network - 400.00 - -
Expenses/losses in relation to sale of Geep business - (75.66) - -
Inter corporate deposits placed - - - -
Interest receipt 384.67 32.39 323.68 808.82
Cash from investing activities (3,540.97) 1,346.69 3,164.47 1,915.93

Capita grant - 8,435.00 - -

Unsecured loan 590.95 (5,835.77) - -
Less : loss on restatement of loans (65.18) - - -
Secured loans - cash credit (net) (50.53) (394.97) (125.30) -
Unsecured Loans - Short Term Loans (5,359.26) (197.00) - -
Deferred Payment Credit (1,363.50) (1,450.54) - -
Add : Loss on Restatement of Loans (61.59) - - -
Long term Advance Against Export 130.50 - - -
Less : Loss on Restatement of Export Advance (130.50) - - -
Long term Advance Against Export - (4,351.50) - -
Dividend (488.76) (730.76) (893.92) (2,764.35)
Interest Paid (2,019.24) (1,102.29) (0.90) -
Tax on Proposed Dividend (49.85) - (114.82) (354.87)
Cash from Financing Activities (8,866.96) (5,627.83) (1,134.94) (3,119.22)
Opening cash 2,547.16 2,582.98 4,250.35 13,642.46
Changes in cash 35.82 1,667.37 9,392.11 5,749.29
Closing cash 2,582.98 4,250.35 13,642.46 19,391.75

SEGMENT INFORMATION
BUSINESS SEGMENT
REVENUE
Grooming 23,597.04 23,508.40 28,126.29 32,201.76
Growth -0.4% 19.6% 14.5%
%age on total sales 52.1% 61.4% 77.5% 79.3%
Portable power 17,778.45 10,342.18 3,455.83 3,547.10
Growth -41.8% -66.6% 2.6%
%age on total sales 39.3% 27.0% 9.5% 8.7%
Oral care 3,133.80 4,539.60 4,882.53
Growth 44.9% 7.6%
%age on total sales 0.0% 8.2% 12.5% 12.0%
Others 3,884.48 1,319.21 185.58 -
Growth -66.0% -85.9%
%age on total sales 8.6% 3.4% 0.5%
Total 45,259.97 38,303.59 36,307.30 40,631.39
Total growth -15.4% -5.2% 11.9%
- - - -
EBITDA
Grooming 5,249.40 6,315.67 10,715.60 11,335.81
Growth 20.3% 69.7% 5.8%
Margin 22.2% 26.9% 38.1% 35.2%
Portable power 161.60 (1,546.79) 136.68 699.88
Growth -1057.2% -108.8% 412.1%
Margin 0.9% -15.0% 4.0% 19.7%
Oral care - 255.39 284.04 1,384.61
Growth 11.2% 387.5%
Margin 8.1% 6.3% 28.4%
Others (574.96) 65.93 (82.11) -
Growth -111.5% -224.5% -100.0%
Margin -14.8% 5.0% -44.2% #DIV/0!
Corporate overheads 1,027.74 99.00 (2,265.44) (2,832.20)
Total 5,863.78 5,189.20 8,788.77 10,588.10
Growth -11.5% 69.4% 20.5%
Margin 13.0% 13.5% 24.2% 26.1%
- - - -
EBIT (before exceptional items)
Grooming 3,671.66 4,899.28 9,324.42 10,132.05
Growth 33.4% 90.3% 8.7%
Margin 15.6% 20.8% 33.2% 31.5%
Portable power (946.52) (1,825.56) 136.68 699.88
Growth 92.9% -107.5% 412.1%
Margin -5.3% -17.7% 4.0% 19.7%
Oral care 255.39 284.04 1,384.61
Growth 11.2% 387.5%
Margin 8.1% 6.3% 28.4%
Others (574.96) 65.93 (82.11) -
 Growth -111.5% -224.5%
Margin -14.8% 5.0% -44.2%
Corporate overheads 712.51 (260.63) (2,693.69) (3,233.91)
Total 2,862.69 3,134.41 6,969.34 8,982.63
Growth 9.5% 122.3% 28.9%
Margin 6.3% 8.2% 19.2% 22.1%

Depreciation
Grooming 1,577.74 1,416.39 1,391.18 1,203.76
Portable power 1,108.12 278.77 - -
Oral care - - - -
Others - - - -
Corporate assets 315.23 359.63 428.25 401.71
Total 3,001.09 2,054.79 1,819.43 1,605.47

Capex
Grooming 2,141.95 914.01 87.03 86.38
Portable power 740.47 - - -
Oral care - - - -
Others - - - -
Corporate assets 4,622.60 413.84 160.85 275.33
Total 7,505.02 1,327.85 247.88 361.71

Assets
Grooming 21,659.92 16,282.79 15,435.01 14,719.66
Portable power 14,306.28 3,641.04 2,298.49 1,716.61
Oral care - 921.41 828.96 746.23
Others 1,019.00 152.89 - -
Corporate assets 17,364.48 14,818.10 21,500.91 25,751.53
Total 54,349.68 35,816.23 40,063.37 42,934.03

Liabilities
Grooming 5,555.26 2,715.85 3,759.59 4,163.00
Portable power 9,697.20 1,759.57 1,227.94 982.68
Oral care - 1,723.23 1,505.40 1,175.86
Others 3,563.60 618.95 - -
Corporate liabilities 7,926.20 1,566.81 4,896.40 4,947.81
Total 26,742.26 8,384.41 11,389.33 11,269.35

GEOGRAPHICAL SEGMENT
REVENUE
Within India 38,120.64 36,700.23 34,946.02 38,254.24
Growth -3.7% -4.8% 9.5%
%age on total sales 84.2% 95.8% 96.3% 94.1%
Outside India 7,139.33 1,603.36 1,361.28 2,377.15
Growth -77.5% -15.1% 74.6%
%age on total sales 15.8% 4.2% 3.7% 5.9%
Total sales 45,259.97 38,303.59 36,307.30 40,631.39
Total growth -15.4% -5.2% 11.9%

ASSETS
Within India 36,973.30 35,672.51 39,878.49 42,818.98
Outside India 11.90 143.72 184.87 115.05
Total 36,985.20 35,816.23 40,063.36 42,934.03

CAPEX
Within India 1,327.85 247.88 361.72
Outside India - - -
Total 1,327.85 247.88 361.72
 18 months
FY Jan 06 to
2005 June 07
48,900.36 72,479.46
3,597.50 4,175.19
45,302.86 68,304.27
11.5% 0.5%
17,114.76 26,998.99
28,188.10 41,305.28
62.2% 60.5%
7.8% -2.3%
526.35 942.11
17,484.35 24,775.35
11,230.10 17,472.04
24.8% 25.6%
6.4% 3.7%
1,556.67 2,229.83
9,673.43 15,242.20
21.4% 22.3%
8.1% 5.0%
- 0.31
1,174.43 1,743.88
10,847.86 16,985.77
23.9% 24.9%
11.0% 4.4%
4,065.82 7,361.46
4,121.21 7,487.47
(238.83) (448.57)
3.44 0.56
180.00 322.00
6,782.04 9,624.31
15.0% 14.1%
11.1% -5.4% -
325.85 325.85
0.0% 0.0%
INR 20.81 INR 29.54
111.1% -5.4% -

- -
- -
88.88 659.90
2.90 -
- 4,245.81
- -

- -
2.82 -
- 48.83
-
 -
2.56

47,572.12 51,861.94
- -
- -
22,965.88 17,279.60
- -
24,606.24 34,582.34
39.3% 44.1%

13,638.17 10,305.13
10,968.07 23,873.44
11,581.97 15,182.09
13,024.27 18,996.47
74.3% 80.2%

22,965.88 17,279.60
- -
34,821.03 35,959.29
INR 106.86 INR 110.35

13,638.17 10,305.13
-
91.42 7.27
710.92 858.94
4,716.33 2,436.99
6,717.19 6,669.86
734.79 213.20
296.42 59.94
371.10 58.92

- -

- -
- -
- -

4,987.19 8,267.50
2,117.32 1,188.48
149.56
243.87 222.67
100.16 214.49

1,897.21 6,492.31
580.50 -
48.13 -

480.47 68.43
549.06 761.83
 1,029.53 830.25

2,954.93 6,326.67
5.84 -
2,960.77 6,326.67
554.90 761.83
3,435.40 6,395.10

22,965.88 17,279.60

2,353.84 9,131.73

250.00 4,800.00
1,580.00
750.73 -

818.49 2,003.14
- -
- -
265.32 710.16
- -
269.30 38.44

191.64 79.10
191.64 39.88
- 10.82
- 28.41

6,705.88 10,425.70

3.66 14.94
5,952.40 8,320.40
25.55 37.64
724.27 2,052.73
- -

4,876.09 4,756.39
3,258.52 2,443.89
1,049.37 1,244.83
70.00 -
457.01 415.34
41.19 652.33

10,934.26 21,597.29

1,556.67 2,229.83
- 55.72
28.36 206.93
- 652.33
- -
 - -
- 0.31
- -
2.56 18.38
- -
187.97 218.29
- -
- -
- -
- -
(2.90) (4,196.97)
- -
- (32.21)
(1,156.65) (1,743.88)
(88.88) (659.90)
11,461.39 18,346.12

(374.14) (5,479.81)
(10.85) -
(428.38) (3,498.61)
103.18 4,389.69
(710.19) (4,588.73)
10,751.20 13,757.39
(3,093.75) (7,684.57)
- (6,522.74)
7,657.45 (449.92)

(1,941.48) (2,670.50)
- -
119.42 7,566.88
(1,822.06) 4,896.39
- -
- -
- -
- (4,800.00)
1,117.37 1,856.36
(704.69) 1,952.75

- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
(2,766.66) (6,517.04)
- (0.31)
(361.97) (914.02)
(3,128.63) (7,431.37)
19,391.75 23,215.88
3,824.13 (5,928.54)
23,215.88 17,287.34

36,031.72 54,102.14
11.9% 50.2%
79.5% 79.2%
2,678.95 3,799.16
-24.5% 41.8%
5.9% 5.6%
6,592.18 10,402.97
35.0% 57.8%
14.6% 15.2%
- -

45,302.85 68,304.27
11.5% 50.8%
(0.01) -

11,230.93 19,854.57
-0.9% 76.8%
31.2% 36.7%
656.31 958.05
-6.2% 46.0%
24.5% 25.2%
1,942.81 1,860.05
40.3% -4.3%
29.5% 17.9%
- -
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
(2,501.55) (589.10)
11,328.50 22,083.56
7.0% 94.9%
25.0% 32.3%
- -

10,046.48 18,035.37
-0.8% 79.5%
27.9% 33.3%
656.31 958.05
-6.2% 46.0%
24.5% 25.2%
1,942.81 1,860.05
40.3% -4.3%
29.5% 17.9%
- -
(2,873.77) (999.74)
9,771.83 19,853.73
8.8% 103.2%
21.6% 29.1%

1,184.45 1,819.19
- -
- -
- -
372.22 410.64
1,556.67 2,229.83

1,475.99 2,635.84
- -
- -
- -
121.06 34.66
1,597.05 2,670.50

16,000.55 15,367.50
1,184.32 1,030.50
930.23 1,242.57
- -
29,457.00 34,221.38
47,572.10 51,861.94

4,367.94 1,575.71
858.83 29.91
1,216.77 239.59
- -
6,307.56 14,057.44
12,751.10 15,902.65

43,747.01 65,789.16
14.4% 50.4%
96.6% 96.3%
1,555.85 2,515.10
-34.5% 61.7%
3.4% 3.7%
45,302.86 68,304.27
11.5% 50.8%

47,465.79 51,296.77
 106.28 565.17
47,572.07 51,861.94

1,597.05 2,670.50
- -
1,597.05 2,670.50