SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT

(Fundamental analysis for EMAMI LTD)

By HEMNATH.D 08MBI042 MBA (Integrated)

FUNDAMENTAL ANALYSIS

Fundamental Analysis is the examination of the underlying forces that affect the well being of the economy, industry groups, and companies. As with most analysis, the goal is to derive a forecast and profit from future price movements. At the company level fundamental analysis may involve examination of financial data, management, business concept and competition. At the industry level, there might be an examination of supply and demand forces for the products offered. For the national economy, it might focus on economic data to assess the present and future growth of the economy. To forecast future stock prices, this analysis combines economic, industry, and company analysis to derive a stock's current fair value and forecast future value. If fair value is not equal to the current stock price, analysts believe that the stock is either over or under valued and the market price will ultimately gravitate towards fair value. Fundamental lists do not heed the advice of the random walkers and believe that markets are weak-form efficient. By believing that prices do not accurately reflect all available information, analysts look to capitalize on perceived price discrepancies.

ECONOMY ANALYSIS

GDP:

India's economy grew at a higher-than-expected 5.5 per cent in the quarter ending in June, against analysts' forecasts of 5.3 per cent, government data showed on Friday. Economic growth in Asia's third largest economy slipped to 6.5 per cent in 2011/12 fiscal year ending in March from an annual rate of 8.4 per cent in the two previous fiscal years. India's economy would grow at 6.7 per cent in the current fiscal year, less than an earlier estimate of 7.5-8.0 per cent, Prime Minister Manmohan Singh's Economic Advisory Council said two weeks ago. "Sense of relief was palpable in the domestic financial markets after the stronger-than-expected Q2 GDP print. Whilst an upside surprise at 5.5 percent, the pace of growth is undeniably below

potential and validates the need for the government to address sluggishness in investment and external sector activity. The country's economic growth in the current fiscal is expected to remain below 6 per cent, possibly due to low confidence levels in the industry, a survey today said. "A majority of CEOs remain pessimistic about the outlook for the economy in the current year and expect only a moderate recovery in the forthcoming year," CII said in its survey. The survey indicated that the GDP growth during 2012-13 is expected to remain below 6 per cent, it said. "This reflects low confidence levels in industry. The first quarter GDP numbers corroborate the fact that the slowdown is sustaining. Our best hope would be that the economy is bottoming out," CII Director General Chandrajit Banerjee said in a statement. However, from the results of the snap poll or from government data, the industry body does not have adequate indicators to substantiate this hypothesis. Poor showing by the manufacturing sector pulled down the GDP growth to 5.5 per cent in the April-June quarter, the decade's worst Q1 performance. Over half of the 75 CEOs who participated in the survey expect the average rate of inflation in this financial year to be in the range of 7-8 per cent. About 75 per cent of the respondents do not expect economic reforms - introduction of GST, FDI in multi-brand retail and FDI cap in insurance and pension sectors - to move forward given that general elections are coming up in 2014. Majority of the respondents expect both domestic and international investment either to increase or remain unchanged during 2012-13, CII said.

RBI has projected the country's economic growth at 7.3 per cent this fiscal, even as it has assessed the inflation rate to rule at around 6.5 per cent by end-March, 2013. "The global outlook looks slightly better than expected earlier. Overall, the domestic growth outlook for 2012-13 also looks a little better than in 2011-12," Reserve Bank of India (RBI) Governor D. Subbarao said in a statement.

INFLATION: The country's wholesale inflation unexpectedly dropped to near three-year low of 6.87 per cent in July from 7.25 per cent in June, while consumer price inflation slowed slightly to 9.86 per cent from 10.02 per cent. "Also, construction number looks abnormally strong. On paper this looks good, but there is some scope of revision in the GDP data. For RBI, I guess it will possibly help them to explain their anti-inflation stance. But even if on relative basis the number looks good, overall it is still weak. If we look at the first half of 2012, growth is 5.4 percent compared with 6.4 percent in second half of 2011.

CURRENCY RATES: "Likely to take some of the heat out of USD/INR but only at the margin. The RBI still maintains a hawkish bias and rate cuts still seem some way off. Asian data momentum has not been great in Q3 so difficult to see a dramatic improvement in Q3." But for the companies doing operation in abroad from india has a greater benefit from currency rates.

MONETARY POLICY: I don't think that today's growth number will lead to any change in the Reserve Bank of India's monetary policy stance. It is unlikely that there will be a rate cut before the fourth quarter of the current fiscal year ending in March 2013.

IIP: India's industrial production has contracted 1.8% during June 2012 compared with 2.5% growth in May 2012. This was mainly due to sharp fall of 27.9% in capital goods. June industrial production came in the red down 1.8%, lower than ours and consensus estimates. Consequently, on a cumulative basis, factory output was -0.1% in 1QFY13 v/s 7% in the same period last year. The production numbers will have a bearing on the 'value-add' industry numbers for 1QFY13 GDP. This coupled with sub-par monsoons and the deceleration seen in some of the service sectors could result in a sub 5% 1Q FY13 GDP print due on Aug

31. This is largely in line with our recently revised FY13 GDP estimate at 5.4% with the base effect having a positive impact on 3Q/4Q trends. Industrial Production in India decreased 1.8 percent in June of 2012. Historically, from 1994 until 2012, India Industrial Production averaged 7.4 Percent reaching an all time high of 20.0 Percent in November of 2006 and a record low of -7.2 Percent in February of 2009. Industrial production measures changes in output for the industrial sector of the economy which includes manufacturing, mining, and utilities. Industrial Production is an important indicator for economic forecasting and is often used to measure inflation pressures as high levels of industrial production can lead to sudden changes in prices. This page includes a chart with historical data for India Industrial Production

Rating agency CRISIL cut its growth forecast to 5.5 percent for the fiscal year ending March, just two months after pruning its projection to 6.5 percent from 7 percent.

POLITIAL SYSTEM: Formation of a stable government at the Centre will have positive implications for Indias sovereign rating, global agency Standard and Poor's today said without indicating when it would review country's rating. Generally speaking political stability is a positive factor for the sovereign ratings. Because of strong mandate, next government will have a better opportunity to execute its policy agenda.

INDUSTRY ANALYSIS:

HEALTH CARE

As with virtually every other segment of the global economy, including software, financial services, manufacturing etc, the healthcare industry is becoming increasingly global in nature. Since independence in 1947, India has come a long way in achieving basic health goals. The Indian healthcare sector has now become the largest service sector. Since public and government funding has proved inadequate, the private sector and foreign direct investment has been encouraged to participate in developing this sector.

As world class medical facilities become available, the process of marketing specialized healthcare to patients from overseas is being facilitated by private healthcare sector, the tourism sector and the government of India. The Indian National Medical Policy of 2002 strongly encourages the providing of such health services to overseas patients to capitalize on the country's comparative cost advantage. The providers of such services are encouraged by giving these services the status of "deemed exports".

Several initiatives have to succeed. India is rushing to develop an integrated system to link travel agencies, healthcare providers, insurers and patients. The popular stereotype image of India as a hot country with poverty, squalor and undeveloped infrastructure definitely does not help. The image of poverty and bad hygiene impacts the level of confidence that one needs to have before going to India for a medical procedure.

GROWTH: The rate of growth of the health care industry in India is moving ahead neck to neck with the pharmaceutical industry and the software industry of the country. Much has been said and done in the health care sector for bringing about improvement. Till date, approximately 12% of the scope offered by the health care industry in India has been tapped. The health care industry in India is reckoned to be the engine of the economy in the years to come. Health care industry in India is worth $17 billion and is anticipated to grow by 13% every year. The health care sector

encompasses health care instruments, health care in the retail market, hospitals enrolled to the hospital networks etc. The Indian healthcare sector is expected to reach US$ 100 billion by 2015 from the current US$ 65 billion, growing at around 20 per cent a year, according to rating agency Fitch. Some of the major factors driving the growth in the sector include increasing population, growing lifestyle related health issues, cheaper costs for treatment, thrust in medical tourism, improving health insurance penetration, increasing disposable income, government initiatives and focus on Public Private Partnership (PPP) models. Further, the Indian pharmaceutical market is also set to witness medium-term growth. The sector is expected to grow at 15.3 per cent from 2011-12 to 2013-14, according to a Barclays Capital Equity Research report on India Healthcare & Pharmaceuticals.

India is one of the world's most lucrative healthcare markets, and is expanding rapidly, according to latest findings of a report titled 'Indian Healthcare - New Avenues for Growth'. The Indian healthcare industry estimated at US$ 40 billion in 2010is expected to reach US$ 280 billion by 2020. According to Frost & Sullivan reports, spending on information technology (IT) by Indian healthcare players was estimated at US$ 244 million in 2010 and is expected to grow at 22 per cent a year over the next 10 years. Further, huge private sector investments will significantly contribute to the development of hospital industry, comprising around 80 per cent of the total market, highlighted the RNCOS report, titled 'Indian Hospital Services Market Outlook'. "India is the first country to have a large number of multinational healthcare providers. There are seven-eight very active MNCs. It opens a whole host of opportunities for us. I see the healthcare sector as one of the biggest business opportunities," as per Terri Bresenham, President and CEO, GE Healthcare India, and MD, Wipro GE Healthcare, India. India will witness the largest number of mergers and acquisitions (M&A) in the pharmaceutical and healthcare sector, according to consulting firm Grant Thornton. A survey conducted across 100 companies has revealed that a fourth of the respondents were optimistic about acquisitions in the pharmaceutical sector.

Investment Opportunities According to a survey conducted by consulting firm, Grant Thornton, India is expected to witness the largest number of merger and acquisitions (M&As) in the pharmaceutical and healthcare sector in 2012. The survey that was being conducted across 100 companies stated that fourth of the respondents were bullish on acquiring companies in the pharmaceutical space. "The expectations of M&A activity in the pharma and healthcare sector could be explained by factors such as the impending patent cliff in the US, the increasing attractiveness of India as a low-cost R&D destination and the increasing success of Indian firms in getting ANDA approvals," said Sunil Makharia executive VP (finance) Lupin Pharmaceuticals. Patent cliff refers to expiry of legal protection to top-selling drugs. According to a report by Price Waterhouse Coopers, an estimated 189 million people in the country will be more than 60 years of age by 2025, needing higher healthcare spends. According to a new report published by RNCOS, titled "Booming Medical Tourism in India" Indias share in the global medical tourism industry will reach around 3 per cent by the end of 2013. The report states that medical tourism is expected to generate revenue around US$ 3 billion by 2013, growing at a CAGR of around 26 per cent during 20112013. The number of medical tourists is anticipated to grow at a CAGR of over 19 per cent during the forecast period to reach 1.3 million by 2013.

COMPANY ANALYSIS: EMAMI LTD:

The inception of Emami Group took place way back in mid seventies when two childhood friends, Mr. R.S. Agarwal and Mr. R.S. Goenka left their high profile jobs with the Birla Group to set up Kemco Chemicals, an Ayurvedic medicine and cosmetic manufacturing unit in Kolkata in 1974.

It was an extremely bold step in the early seventies when the Indian FMCG market was still dominated by multinationals. Several such companies headquartered in Kolkata were considering shifting out of West Bengal due to labor unrest and political problems. But against all odds with a vision of combining the age old wisdom of Ayurveda with modern manufacturing techniques for creating winning brands the company was started with a meager amount of Rs. 20,000.

A dream of reaching out to the Indian middle class; a target audience whom they thought will have increasing potential for consumption, the company started manufacturing cosmetic products as well as Ayurvedic medicines under the brand name of Emami from a small factory in Kolkata

Standardised Work Processes Emami is a global company, offering a diverse portfolio of products to markets in more than 60 countries. With the SAP implementation, we-ll be able to manage our entire global supply chain more efficiently, enabling us to make the best possible business decisions ranging from capacity planning to production scheduling. Imagine a scenario in which we can analyze and evaluate our global inventory with a few strokes of the keyboard. That scenario is now within reach because our new applications and processes allow us to apply a simplified and standardized approach to doing business.

The SAP implementation is helping to reduce the amount of time and effort it takes to fulfill customer requests and transactions. Having a robust, online transactional system with a single data base is making that happen.

Improved Timeliness Operational efficiency to respond quickly to fast changing market realities is a strength we built in our IT department.

Strengthen Relationships Companywide access to accurate information about customers, production and distribution will form the backbone of our customer care conceptultimately integrating disparate touch points, raising the quality of customer interactions, and focusing business processes across the enterprise around customer needs. Business process will streamline and automation across all locations. Accuracy of Information Our new system will serve as a repository of information and allow us to build accurate customer profiles based on the products we sell and the services we offer. But it-s not only about having the right data. It-s about having that data presented in the right format, at the right time and in the right place. And it-s about carrying that customer information all the way through the product cycle, from order commitment to production scheduling to delivery to invoicing.

GROWTH:

Emami Ltd is planning to invest up to Rs 125 crore this fiscal to expand capacity and marketing expenses to grow sales in excess of 15%, a senior company official said. "We are setting up three new plants in Bangladesh, Egypt and Assam this fiscal," said chief executive officer (finance, strategy and business development) NH Bhansali. Emami is expecting 14-18 % growth this fiscal in both sales and profitability. "As of now, there is not much impact of the poor monsoon," he said. The company on Wednesday reported 12.3% jump in its net profit at Rs 47 crore for the first quarter ended June 30 on back of 14.1% growth in net sales at Rs 339 crore. However, the company's domestic sales grew at a faster pace of 22.2% during the quarter at Rs 299 crore, providing another indication that consumer demand is still upbeat in the country. "Continued growth in urban demand and rapid expansion in rural areas have helped the company to maintain doubledigit sales growth. Consumer sentiment has been good and demand for our products continues to be robust," Emami director Mohan Goenka said. Emami posted healthy profitable growth from its main brands like Navratna Oil,, Boroplus Antiseptic Cream,Zandu and Menthoplus Balm. Navratna Cool Talcum Powder and Prickly Heat Powder also registered strong growth aided by strong summer season. "We have sustained our sales momentum, at a time when input costs and inflationary pressures were high," said Goenka. The company's board on Wednesday also approved 800 % dividend, including 400% special dividend.

COMPETITORS:

Procter & Gamble Hygiene & Healt Jyothy Laboratories Ltd. Marico Ltd. Parikh Herbals Ltd. Amar Remedies Ltd. JHS Svendgaard Laboratories Ltd. J L Morison (India) Ltd.

PRODUCTS: Baby massage oil Boroplus antiseptic cream Boro plus pickly heat powder Fair and handsome Hairlife Himami fast relief Malai kesar cold cream Mentho plus Navaratna cool talc Navaratna Extra thanda Navaratna lite Navaratna oil Sonachandi Amritprash Sonachandi chawanprash

Emami

Previous Years

Consolidated Balance Sheet Mar '12 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Init. Contribution Settler Preference Share Application Money Employee Stock Opiton Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Minority Interest Policy Holders Funds Group Share in Joint Venture Total Liabilities 15.13 15.13 0.00 0.00 0.00 0.00 0.00 691.50 0.00 706.63 108.13 0.10 108.23 0.12 0.00 0.00 814.86 Mar '12 12 mths Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Minority Interest Group Share in Joint Venture Miscellaneous Expenses 841.90 434.20 407.70 76.81 80.33 112.20 100.54 275.94 488.68 123.82 0.00 612.50 0.00 200.22 162.14 362.36 250.14 0.00 0.00 0.00

------------------- in Rs. Cr. ------------------Mar '11 12 mths Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths

15.13 15.13 0.00 0.00 0.00 0.00 0.00 674.72 0.00 689.85 175.64 48.23 223.87 0.07 0.00 0.00 913.72 Mar '11 12 mths

15.13 15.13 0.00 0.00 0.00 0.00 0.00 611.70 0.00 626.83 149.23 104.02 253.25 0.00 0.00 0.00 880.08 Mar '10 12 mths

12.43 12.43 0.70 0.00 0.00 0.00 0.00 284.99 0.00 298.12 373.06 67.05 440.11 0.00 0.00 0.00 738.23 Mar '09 12 mths

12.50 12.43 0.00 0.08 0.00 0.00 0.00 273.93 0.00 286.43 46.02 76.71 122.73 0.48 0.00 0.00 409.16 Mar '08 12 mths

800.06 314.83 485.23 6.48 6.61 123.36 108.91 9.31 241.58 162.07 201.19 604.84 0.00 116.03 73.34 189.37 415.47 0.00 0.00 0.01

763.80 202.72 561.08 6.21 61.62 82.65 75.46 28.98 187.09 112.86 132.45 432.40 0.00 111.79 69.46 181.25 251.15 0.00 0.00 0.04

706.72 93.95 612.77 36.70 39.34 73.80 71.04 11.28 156.12 86.44 2.83 245.39 0.00 144.05 52.04 196.09 49.30 0.00 0.00 0.13

111.13 28.30 82.83 13.47 114.05 97.63 37.82 6.58 142.03 197.78 0.04 339.85 0.00 93.86 46.80 140.66 199.19 0.00 0.00 0.11

Total Assets Contingent Liabilities Book Value (Rs)

814.98 27.48 46.70

913.80 27.91 45.59

880.10 17.08 82.85

738.24 14.98 47.86

409.65 23.98 46.08

Emami
Consolidated Profit & Loss account Mar '12 12 mths 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 Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

Previous Years

------------------- in Rs. Cr. ------------------Mar '11 12 mths Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths

1,477.94 24.43 1,453.51 36.18 -22.17 1,467.52 606.23 6.97 92.31 4.65 0.00 424.41 0.00 1,134.57 Mar '12 12 mths

1,277.78 18.77 1,259.01 42.23 28.48 1,329.72 553.32 6.09 76.76 3.85 372.82 18.52 0.00 1,031.36 Mar '11 12 mths 256.13 298.36 15.23 283.13 116.09 0.00 167.04 -0.26 166.78 40.15 228.71 -0.01 0.00 126.88 478.04

1,037.98 16.28 1,021.70 28.96 0.94 1,051.60 382.81 5.53 60.09 2.80 310.62 14.66 0.00 776.51 Mar '10 12 mths 246.13 275.09 54.73 220.36 117.52 0.00 102.84 0.22 103.06 35.43 169.73 0.00 0.00 72.28 393.69

764.71 17.25 747.46 12.75 -46.92 713.29 220.99 3.42 48.15 43.02 229.46 16.29 0.00 561.33 Mar '09 12 mths 139.21 151.96 37.39 114.57 18.00 0.00 96.57 0.26 96.83 14.38 91.75 0.12 -0.23 81.96 340.35

619.16 2.19 616.97 21.94 18.54 657.45 248.31 1.29 33.20 46.58 195.66 13.72 0.64 539.40 Mar '08 12 mths 96.11 118.05 7.37 110.68 7.40 0.00 103.28 0.00 103.28 12.66 90.62 0.43 0.01 89.95 291.08

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Minority Interest Share Of P/L Of Associates Net P/L After Minority Interest & Share Of Associates Total Value Addition

296.77 332.95 15.21 317.74 120.89 0.00 196.85 0.20 197.05 40.32 258.81 -0.03 0.00 156.55 528.34

Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

0.00 121.05 19.43 1,513.12 17.10 0.00 46.70

0.00 52.96 8.80 1,513.12 15.12 0.00 45.59

0.00 45.39 7.71 756.56 22.43 0.00 82.85

0.00 34.05 5.79 621.45 14.76 0.00 47.86

0.00 27.97 4.75 621.45 14.58 0.00 46.08

Consolidated Cash Flow of Emami Mar '12 12 mths Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents 298.94 360.45 -132.65 -144.93 65.44 210.50 275.94

------------------- in Rs. Cr. ------------------Mar '11 12 mths 269.12 126.52 37.04 -102.24 49.07 161.43 210.50 Mar '10 12 mths 217.07 146.21 -33.63 34.03 147.32 14.11 161.43 Mar '09 12 mths 105.87 263.69 -466.41 219.74 7.49 6.62 14.11 Mar '08 12 mths 103.92 21.87 -41.28 0.27 -18.59 25.21 6.62

Emami

Previous Years

------------------- in Rs. Cr. ------------------Mar '12 Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Cash Profit Margin(%) Adjusted Cash Margin(%) Net Profit Margin(%) Adjusted Net Profit Margin(%) Return On Capital Employed(%) Return On Net Worth(%) Adjusted Return on Net Worth(%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Return on Long Term Funds(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio Asset Turnover Ratio Mar '11 Mar '10 Mar '09 Mar '08

1.00 -19.61 96.06 -37.10 20.41 11.66 12.10 19.59 19.59 17.16 17.16 28.22 36.63 24.68 46.70 46.70 30.28 1.29 1.38 0.15 0.07 15.12 0.15 23.07 25.96 13.17 13.88 13.17 4.16 4.51 4.16

1.00 -16.93 83.21 44.54 37.10 20.34 10.86 11.12 17.87 17.87 17.74 17.74 18.56 33.15 16.56 45.59 45.59 21.67 1.57 2.79 0.32 0.13 11.14 0.32 18.76 23.64 10.88 13.66 10.88 4.03 2.83 4.03

2.00 -32.53 135.05 80.56 37.10 24.09 12.14 12.58 18.25 18.25 16.02 16.02 18.86 27.07 12.09 82.85 82.85 21.91 1.40 2.04 0.40 0.21 3.03 0.40 5.18 6.25 12.73 13.95 12.73 3.67 2.50 3.67

2.00 -22.40 120.28 45.69 45.17 18.62 15.74 16.21 14.25 14.25 11.93 11.93 19.43 30.89 30.85 47.84 47.84 21.40 0.75 0.86 1.48 1.25 3.84 1.48 4.32 3.94 10.46 13.73 10.46 3.33 2.92 3.33

2.00 -15.47 99.28 43.49 45.17 15.57 13.91 14.37 15.12 15.12 14.15 14.15 26.64 31.50 31.09 46.06 46.06 26.66 2.41 1.70 0.43 0.43 14.79 0.43 15.80 14.24 6.38 14.83 6.38 5.90 1.53 5.90

Average Raw Material Holding Average Finished Goods Held Number of Days In Working Capital Profit & Loss Account Ratios Material Cost Composition Imported Composition of Raw Materials Consumed Selling Distribution Cost Composition Expenses as Composition of Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio AdjustedCash Flow Times

--61.95 41.70 ---54.27 36.99 19.48 52.44 0.37

28.63 31.65 124.17 43.94 -26.22 -27.00 17.91 45.97 73.20 0.97

34.34 23.94 93.18 37.46 -27.38 -31.29 18.48 29.97 72.54 1.31

47.28 33.79 23.74 29.56 -26.85 -43.36 36.25 56.58 63.70 4.01

22.54 35.43 116.23 40.24 -28.91 -36.27 33.52 63.25 66.07 1.27

FINANCIALS: MARKET CAP (RS CR) *P/E *BOOK VALUE (RS) INDUSTRY P/E *EPS (TTM) *P/C *PRICE/BOOK DIV YIELD.(%) FACE VALUE (RS) 7,564.07 28.39 46.08 39.79 17.61 19.53 10.85 1.60% 1.00

Recommendation: BUY or WAIT TO BUT AT BEST PRICE

The company performance is very good in terms of increasing sales turnover by years and during summer the stock has a good performance because of sales volume increase by product navaratna oil and prickly heat powder. At current position we can buy or to wait for some time for a buy at best price when decreases.