i

A CASE STUDY ON
COMPARATIVE PROFITABILITY RATIO
ANALYSIS OF DABUR NEPAL PVT. LTD

A Project Work Report

By:

Nikesh Shrestha
T.U Registration Number: 7-2-920-146-2018
Exam Roll Number: 709200161
Danfe College

Submitted To:
The Faculty of Management
Tribhuvan University
Kathmandu

In partial fulfillment of the requirement for the degree of

BACHELOR OF BUSINESS STUDIES (BBS)

Putalisadak, Nepal
April, 2023
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DECLARATION

I hereby declare that the project work entitled “COMPARATIVE PROFITABILITY RATIO
ANALYSIS OF DABUR NEPAL PVT. LTD” submitted to the Faculty of Management,
Tribhuvan University, Kathmandu is the real work carried out under the supervision of Mr. Ganesh
Khadka, faculty member of DANFE COLLEGE, PUTALISADAK, KATHMANDU, and this
report is submitted in partial fulfillment of the requirement for the degree of Bachelor of Business
Studies (BBS).

…………….……………
Nikesh Shrestha
Date:
 iii

RECOMMENDATION

The Project work report entitle “COMPARATIVE PROFITABILITY RATIO ANALYSIS OF

DABUR NEPAL PVT. LTD” submitted by DANFE COLLEGE, PUTALISADAK,
KATHMANDU, is prepared under my supervision as per the procedure and format requirements
laid by the faculty of management, Tribhuvan University as partial fulfillment of the requirements
for award of the degree of Bachelor of Business Studies (BBS). I, therefore recommend the project
work report for evaluation.

………………………….
Mr. Ganesh Khadka
DANFE COLLEGE
PUTALISADAK, KATHMANDU
April, 2023
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ENDORSMENT

We hereby endorse the project work report entitled “COMPARATIVE PROFITABILITY RATIO
ANALYSIS OF DABUR NEPAL PVT. LTD” submitted by Nikesh Shrestha of Danfe College,
Putalisadak, Kathmandu, in partial fulfillment of the requirements for the degree of the Bachelor
of Business Studies (BBS) for external evaluation.

……………………….. …………………………

Krishna Paudel Shishir Sharma Neupane

Chairman, Research Committee Campus Chief/ Principal

Date: Date:
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ACKNOWLEDGEMENT

The present study is concerned with “COMPARATIVE PROFITABILITY RATIO ANALYSIS

OF DABUR NEPAL PVT. LTD”. During the course of my study, I found myself fortunate enough
to receive a good deal to help and inspiration from various persons and institution. So I would like
to express my sincere thanks to all of them.
First of all I need to thank Tribhuvan University for including such a wonderful task in the
curriculum of BBS and giving the opportunity to prepare the report as well as expand knowledge
capacity. Secondly, I would like to thank Danfe College for providing me with the sufficient
material to prepare this project work. Then, I would like to provide a heartfelt thanks to Mr. Ganesh
Khadka for providing me every aspect of process and his continuous support/guidance throughout
the whole project duration.
Finally, I would like to thanks to all co-operative faculty members, teachers and guiders who help
me in different ways of providing very selective suggestion towards the goal and also to all the
people who really had worked to make this report successful.
I am heartily thankful to all the staffs of Dabur Nepal Private Ltd who have provided me with
various data and suggestion and help to complete the research study.

………………….………
Nikesh Shrestha
Date:
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Table of Contents
DECLARATION .............................................................................................................................. ii

RECOMMENDATION ................................................................................................................... iii

ENDORSMENT.............................................................................................................................. iv

ACKNOWLEDGEMENT ................................................................................................................ v

LIST OF TABLES......................................................................................................................... viii

LIST OF FIGURES ........................................................................................................................ ix

ABBREVIATION ............................................................................................................................. x

CHAPTER: I ................................................................................................................................. 1

INTRODUCTION......................................................................................................................... 1

1.1 Background of Study............................................................................................................. 1

1.2 Profile of Company ............................................................................................................... 2

1.3 Statement of Problem ............................................................................................................ 6

1.4 Objective of the Study ........................................................................................................... 7

1.5 Rationale of the study ............................................................................................................ 7

1.6 Literature Review .................................................................................................................. 8

1.7 Research Methodology.......................................................................................................... 8

1.8 Organization of Study ........................................................................................................... 9

1.9 Limitations of the study......................................................................................................... 9

Chapter: II ................................................................................................................................... 10

RESULT AND ANALYSIS ........................................................................................................ 10

2.1 Data Presentation................................................................................................................. 10

2.2 Data Analysis ...................................................................................................................... 10

2.3 Major Findings .................................................................................................................... 25

CHAPTER: III ............................................................................................................................ 26

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SUMMARY AND CONCLUSION ........................................................................................... 26

3.1 Summary ............................................................................................................................. 27

3.2 Conclusion........................................................................................................................... 28

BIBLIOGRAPHY

APPENDIX
 viii

LIST OF TABLES

2.2.1 Gross Profit Margin ………………………....….………………13

2.2.2 Net Profit Margin Ratio…………………………………... ……14
2.2.3 Operating Profit Margin Ratio …………………….…..………..15
2.2.4 Return on Assets ……………………………...………..……….17
2.2.5 Return on Equity ……………………………………...…. …….18
2.2.6 Current Ratio………………………………………...…… …….19
2.2.7 Quick Ratio ………………………………………..……. ……...20
2.2.8 Debt Ratio …………………………………………..…...............22
2.2.9 Debt to Equity Ratio.………………………………...…………..23
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LIST OF FIGURES

2.2.1 Gross Profit Margin ………………………....….………………13

2.2.2 Net Profit Margin Ratio………………………………….......... 14
2.2.3 Operating Profit Margin Ratio …………………….…..…. …...16
2.2.4 Return on Assets ……………………………...………..…….. .17
2.2.5 Return on Equity ……………………………………...…. ……18
2.2.6 Current Ratio………………………………………...………… 20
2.2.7 Quick Ratio ………………………………………..………….. 21
2.2.8 Debt Ratio …………………………………………..…............ 22
2.2.9 Debt to Equity Ratio.………………………………...………… 23
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ABBREVIATION
PVT Private

LTD Limited

F. Y Financial/Fiscal Year
 1

CHAPTER: I

INTRODUCTION

1.1 Background of Study

The word Profitability is composed of two words, namely; profit and ability. The term profit has
already been discussed at length in detail. The term ability indicates the power of a firm to earn
profits. The ability of an enterprise also denotes its earning power or operating performance. Also,
that the business ability points towards the financial and operational ability of the business. So, on
this basis profitability may be defined as the ability of a given instrument to earn a return from its
use (Brown & Howard ,1975).

Weston and Brigham (1994) define profitability as the net surplus of a large number of policies
and decisions “. Profit being an absolute figure fails to indicate the adequacy of income and
changes in efficiency resulting from financial and operational performance of an enterprise. Much
difficulty and confusion come home while interpreting the absolute figures of profit in case of
historical or inter firm comparison due to variation in the size of investment or volume of sale etc.
Such problems are handled by relating figures of profit either with the volume of sales or with the
level of investment.

A quantitative relationship is thereof established either in the form of ratios or percentages. Such
ratios are named as profitability ratios. Thus, profitability may be regarded as a relative term
measurable in terms of profit and its relation with other elements that can directly influence the
profit. No doubt, profit and profitability are closely related and mutually interdependent, yet they
are two different concepts.” The accounting concept of profit measures what has been
accumulated; the analytical concept of profitability is concerned with future accumulation of
wealth” (Basant,1978).
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1.2 Profile of Company

A Company is a legal entity made up of an association of people, be they natural legal, or a
mixture of both, for carrying on a commercial or industrial enterprise. Company members share
a common purpose and unite in order to focus their various talents and organize their collectively
available skills or resources to achieve specific, declared goals (Tulsian ,2014).

Companies take various forms such as:

 Voluntary associations which may include non-profit organizations.

 A group of soldiers.
 Business entities with an aim of gaining a profit.
 Financial entities and banks.

Paul(2000)states that a company or association of persons can be created at law as legal person so
that the company in itself can accept limited liability for civil responsibility and taxation incurred
as members perform (or fail) to discharge their duty within the publicly declared “birth certificate”
or published policy .Because companies are legal persons ,they also may associate and register
themselves as companies-often known as a corporate group .When the company closes it may need
a “death certificate” to avoid further legal obligations.

Company may be trading or manufacturing. According to The Law Dictionary, a manufacturing

corporation is “a corporation engaged in the production of some article subjected to artificial forces
or to which something has been added to change its natural condition.” Manufacturing companies
are often structured with division of labor and task specialization, so as to efficiently carry out the
large-scale production of standardized products.
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1.2.1 Origin and evolution of Companies

Business history deals with the history of business organizations, methods, government regulation,
labor relations, and impact on society. It also includes biographies of individual companies,
executives, and entrepreneurs. It is related to economic history. The history of business is in many
ways the history of business is in many ways the history of humans is in many ways the history of
human society and civilization (Spender,2014).

Chaudhary (1977) explains the word “business” can potentially include almost all economic
activities undertaken by humans, but it may be more prudent to confine the term to activities that
involve production or exchange of articles or goods. The history of business, like the history of
economic activities, can be most easily divided into three phases-businesses in pre-industrialized
world, business during the industrialization and finally business in the networked world.

1.2.2 History of companies in Nepal

The evolution of companies in Nepal also can be divided into parts:

 Evolution of industry
 Evolution of commerce
 Evolution of companies:

Industrial development is the key to rapid economic progress of a country. Handicrafts and cottage
industries have been in Nepal since ancient times, but industrial development is still in its infancy.
Historically, the industrial development process began after the establishment of Biratnagar Jute
Mill. It was the first joint stock company of Nepal established under Company Act; this act has
been revised in 1957,1964, and 1997(2053 Chaitra). Nepal Bank Limited was established in 1937
for the development and growth of industry and trade (Basant,1978).

In between 1936 and 1949 a number of industries ,particularly in the fields of cotton textile ,sugar
match ,hydropower ,rice, and oil mills ,and cigarettes were set up in the south eastern and eastern
terai region Between 1945 and 1949 ,the prevailing war time inflator conditions and scarcity of
goods in the market provided a rare opportunity to these enterprise to make high profits .After the
second world war ,the demand for the goods produced in Nepal went into decline along with the
profits which resulted fall in confidence in industries and shutdowns(Chandra,2000).
 4

The total number of public companies and proprietorship firms registered before 1950 reached the
figures of 59 and 299 respectively. In Nepal, development plans were implemented only from
1956(2013 B. S). The First-Year plan was implemented as a trial development corporation in
1959.In the same year, Nepal Factory and Factory Workers Act was also passed to allow industrial
development. In the plan period private firm registration act,1957 and industrial policy ,1960 was
announced (Pandey,1995).

In the Second Three Year Plan (1962-65) eleven public enterprise were established i.e. Birgunj
Sugar Factory, Janakpur Cigarette Factory, In the private sector sugar, metal, handicraft, hotel,
soap, biscuit, and sweets industries, etc. were established. Patan and Hetauda Industrial Estates
were established in the plan period. The Third Five Year Plan (1965-70) recognized
industrialization as an essential component of economic growth and gave it third priority. In this
plan period, Bansbari Leather and Shoe Factory, Agriculture Tools Factory, Himal Cement
Company, Nepal Tea Development Corporation, Dairy Development Corporation, were
established (Chandra ,1994).

The Fourth, Fifth, Sixth, Seventh and Eighth Five Year Plans also emphasized the need to attract
private sector investment in industries. During the Eight Plan HMG adopted privatization,
economic liberalization and open market policies. Keeping in mind the condition of public
enterprises, HMG initiated privatization efforts from the Eighth Plan. The new revised industrial
policy (1992) has been greatly liberalized and made transparent. Foreign Investment and
Technology Transfer Act (B.S.2050) was reviewed to attract foreign investment and to emphasize
the transfer of advanced technology and efficient management. The Ninth plan (1997-2001)
continued to emphasize privatization and economic liberalization. The core objectives of the Tenth
plan (2002-2007) is participation in the private sector and to create additional employment in both
rural and urban areas to reduce poverty (Paul,2000).

1.2.3 Introduction of Dabur Nepal Pvt. Ltd

Dabur Nepal Private Limited was established as an Independent Group Company in 1992.
Established with the objective of making you look and feel good. Dabur Nepal Private Limited has
a wide variety of herbal and Ayurvedic Personal Care products on offer, categorized into various
groups such as Hair Care (hair oil and shampoo) Dabur Vatika Coconut hair oil and Dabur Almond
 5

hair oil ;Dabur Vaitika –black olive and almond /henna and olive /lemon Refresh /moisturizer
,Fem Fairness Bleach ,Dabur Uveda Range)and Baby Care (Dabur lal Tel, etc.) along with Oral
Care (Dabur Red toothpaste, Dabur Babool toothpaste).

Utilizing local nature and natural resources for manufacturing, Dabur Nepal has been
manufacturing and selling Ayurvedic medicine for over a century now. Established with the vision
of eco-sustenance and expanding Dabur resource and production base ,Dabur Nepal Private
Limited was set up in Nepal in the year 1992 as an independent group company. Dabur Nepal has
been involved in various fields and sectors such as health care ,personal care, food products, home
care and consumer health ethical along with professional range. Established with the objectives of
producing and dispensing Ayurvedic medicine to a wide mass of people who had no access to
proper treatment, Dabur was the result of commitment and ceaseless efforts of Dr.S.K Burman ,a
physician living in Bengal ,in 1884 .He carried the mission of providing effective and affordable
cure for ordinary people in far flung villages and for that purpose ,he started preparing natural
cures for some of the killer disease of the time that are cholera, malaria, and plague among others.
His efforts paid up and he soon, became famous as`daktar`(Doctor)who had effective cures. The
word “DaktarBurman'' gave name to one of the biggest ventures in South Asia, known as Dabur.
The small medicine manufacturer company based in a small house in Calcutta soon became a
household name all over India and Nepal.

For its commitment and dedication to high quality services and products, Dabur Nepal Private
Limited has received several awards and honors such as Overall Excellence Award of Nepal-India
Chamber of Commerce and Industries in the year 2000 along with Best Exporter Award of Export
Promotion Board, Ministry of Commerce, His Majesty Government Nepal (now Nepal
Government) in the same year. Two years later ,in the (HACCP) plan verification for
manufacturing of fruits juices and tomato puree. In the same year ,it also managed to increase its
turnover by over 19 percent. In January 2003, its manufacturing facilities and systems got certified
for having met the requirements of Codex Alimentarius Commission Guidelines, Recommended
International Code of Practices and General Principles of Food Hygiene.

Under its health care sector, the company offers a wide variety of Ayurvedic and natural products
which offers complete care for varying needs of many individuals. The products that are made in
traditional Ayurvedic ways are tested and tried using most modern scientific methods which
 6

ensures the quality and safety of the product. Some of the products under this division are Pudin
Hara and Hajmola for digestives, Chyawanprash and Honey for health supplements and
DaburHonitus, Gripe water and Dabur Lal Tail for OCT health care.

Dabur Nepal has also been involved in the production of consumer health products by blending
the traditional knowledge of drug manufacturing with scientific update. Redefining Ayurvedic
market and healthcare promotion activities, Dabur's Consumer Health division looks after
marketing of Ayurvedic medicines and other products. More than 350 classical Ayurvedic
preparation methods at Dabur form an important part of every Ayurvedic practitioner’s daily
practice. The products under this division are categorized as General Health care products
(Stresscom,Broncorid and Madhuvaani), Digestive support (Trifgol and Lipistat) and joint support
(Rheumatil Gel,RheumatilTab, Rheumatil Oil and Mensta).

The Personal Range products of Dabur Company have made an immense contribution to the
professional grooming market. These products strive to meet the personal grooming needs of the
consumers who want to protect their skin from various factors. The personal products are made
available to the consumers through parlors, salons and some of its outlets all across the country.
Some of the products under this division are Oxylife Facial, Fem Queen’s Pearl Facial, Fem Gold
Facial and Fem Body Bleach.

1.3 Statement of Problem

For its commitment and dedication to high quality services and products, Dabur Nepal Private
Limited has received several awards and honors such as Overall Excellence Award of Nepal-India
Chamber of commerce and Industries in the year 2000 along with Best Exporter Award of Export
Promotion Board, Ministry of commerce, His Majesty Government Nepal (now Nepal
Government) in the same year. Two years later ,in the year 2002 it received the Certificate of
Hazard Analysis and Critical Control Point (HACCP) plan verification for manufacturing of fruit
juices and tomato puree .In the same year ,it also managed to increase its turnover by over 19
percent .In January 2003,its manufacturing facilities and systems got certified for having met the
requirement of Codex Alimentarius Commission Guidelines ,Recommended International Code
of Practices,General Principles of Food Hygiene .The company is also involved in many
environmental conservation and other social activities to stay committed to its Corporate Social
Responsibility. Some of them are the Medicinal Plants Project (which attempts to protect the
 7

medicinal plants that have immense value in Ayurvedic medicines), Nursery and Bee-keeping
Development Program (for production of medicinal plants and honey).

The study aims to find out the answer to the following questions:

 What is the performance of Dabur Nepal related to liquidity ratios?

 What is the performance of Dabur Nepal related to asset management ratios?
 What is the performance of the company related to Profitability ratios?
 What is the performance of the company related to Market value ratios?
 What is the performance of the company related to debt management ratios?

1.4 Objective of the Study

The main objectives of the study are to analyze financial performance and profitability of Dabur
Nepal through the use of different ratios other objectives of this study are as following:

• To analyze the relationship between Working Capital Efficiency and Profitability in Dabur
Nepal

• To analyze the relationship between Liquidity and Profitability in Dabur Nepal

• To examine the relationship between Liquidity and Leverage of Dabur Nepal

• To examine the relationship between the size of the firm and profitability of Dabur Nepal.

1.5 Rationale of the study

The study will attempt to generate the idea about the export of its products in current and past
years and the prospects in the global market. This project will be helpful to those who want to
carry out the study regarding the product of Dabur Nepal in the future.

It would be helpful to find out the:

• Current situation of Dabur Nepal.

• Decisions to make for the enhancement of handicraft styles.

• Emphasis on the quality of its products

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• Techniques and tools for better promotion and profit.

• In this perspective, the current study will examine the Nepalese context of quality services and
its products. It would help in knowing the weak points and making improvements, as there`s
tough competition in the global arena.

1.6 Literature Review

Profitability analysis is a component of enterprise resource planning (ERP) that allows
administrators to forecast the profitability of a proposal or optimize the profitability of an existing
project. Profitability analysis can anticipate sales and profit potential specific to aspects of the
market such as customer age groups, geographic regions, or product types (Troy, 1996).

1.7 Research Methodology

The research methodology is the systematic, theoretical analysis of the methods applied to a field
of study. How the data is collected and which source the research uses for getting the data is under
the research methodology. Research methodology is the crucial step that is carried out by the
researcher regarding their field visit. Our creativity leads us to make us our identity. Research
methodology evaluated the performance of the researcher. Research methodology deals with
collecting, presenting, and analyzing data. For my research work, the necessary materials are
collected from Dabur Nepal Pvt. Ltd.

1.7.1 Research design:

“A research design is the arrangement of conditions for collection and analysis of data in a manner
that aims to combine relevance to the research purpose with economy in procedure.”
(Kothari,1989). In fact, the research design is the conceptual structure within which research is
conducted; it constitutes the blueprint for the collection, measurement and analysis of data. As
such the design includes an outline of what the researcher will do from writing the hypothesis and
its operational implications to the final analysis of data.

1.7.2 Sources of data

The sources of data collection, in this research, is secondary sources like annual reports and
websites Dabur Nepal Pvt. Ltd..
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1.7.3 Technique of analysis

Data analysis tools means which the research used for present and analyzed the data. The main
tools of analysis are mathematical and statistical tools. In this reports financial ratio tools is used
for data analysis.

1.8 Organization of Study

The study is organized into the following chapters:
Chapter I-Introduction
This chapter includes background of study, statement of problem, objectives of the study and
rationale of the study.
Chapter II-Result and Analysis
This chapter reviews the existing literature on the concept of profitability analysis. It contains
reviews of journals, articles, and earlier thesis related to analysis. It also expresses the way and
technique of the study applied in research process. It also includes research design, population and
sample, data collection techniques. The way and techniques of a study applied in research process.
Here, data are presented and analysed. Researcher includes interpretation of collected information.
Various calculations are drawn to draw the conclusion.
Chapter III- Summary and Conclusion
This chapter is the last chapter which includes summery and conclusion of the study. Here the
findings are summarized, conclusions are clearly presented.

1.9 Limitations of the study

This study is simply a partial requirement of BBS programmed. There are so many limitations in
this study and some are given as follows:

• The validity of the study depends upon response of the employee

• The study is not representing the overall company. It is basically a micro study.

• It is very difficult to know the activities of each department due to the short span of time.

• There are many factors that affect the company. However, only those factors, which are related
to profitability, are considered in this study.
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Chapter: II

RESULT AND ANALYSIS

2.1 Data Presentation

Data presentation and analysis forms an important part of all academic studies, commercial,
industrial and marketing activities as well as professional practices. It is necessary to make use of
collected data which is considered to be raw data which must be processed to put for any use. Data
analysis helps in interpretation of data and take a decision or answer the research question. Data
analysis starts with the collection of data followed by sorting and processing it. Processed data
helps in obtaining information from it as the raw data is non-comprehensive in nature. Presenting
the data includes the pictorial representation of the data by using graphs, charts, maps and other
methods. These methods help in adding visual aspect to data which makes it much easier and quick
to understand.

2.2 Data Analysis

An analysis of a data means the process where the process where the statement or the report gets
resolved by breaking them into simple statements. Analysis means to find out something and
give an opinion about the presented data

Profitability Ratios
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Here the profitability ratios that business owners should look at regularly are Gross Profit Margin
Ratio, Operating Profit Margin Ratio, Net Profit Margin Ratio and Other Common Size Ratios.
The three measurements of profits – gross profit, operating profit and net profit – all come from
your company’s income statement (Troy, 1996).

Gross Profit Margin Ratio

Gross profit is what is left after the costs of goods sold have been subtracted from net sales. (Cost
of goods sold, also called “cost of sales,” is the price paid by your company for the products it sold
during the period you are looking at. It is the price of the goods, including inventory or raw
materials and labor used in production, but it does not include selling or administrative expenses.)

The ratio of gross profit as a percentage of sales is an important indicator of your company’s
financial health. Without an adequate gross margin, a company will be unable to pay its operating
and other expenses and build for the future.

Here is the formula to compute the gross profit margin ratio:

Gross profit margin ratio = (Gross profit/sales) x 100

A company’s gross margin is a very important measure of its profitability, because it looks at your
company’s major inflows and outflows of money: sales (money in) and the costs of goods sold
(money out). It is a real measure of profitability, because it must be high enough to cover costs
and provide for profits. Because it is an important barometer, you should monitor it closely. In
general, the company’s gross profit margin ratio should be sFigure. It should not fluctuate much
from one period to another, unless the industry the company is in is undergoing changes which
affect the costs of goods sold or pricing policies. The gross margin is likely to change whenever
prices or costs change.

Operating Profit Margin

The operating profit margin is an indicator of your company’s earning power from its current
operations. This is the core source of your company’s cash flow, and an increase in the operating
profit margin from one period to the next is considered a sign of a healthy, growing company. (If
 12

your company’s operating income is not sufficient to generate the cash you need to keep operating,
you must find other sources of cash.)

Here is the formula to compute the operating profit margin ratio:

Operating Profit Margin = (Operating Income/Sales) x 10

In general, the operating profit margin is an indicator of management skill and operating efficiency.
It measures your company’s ability to turn sales into pre-tax profits. It is a ratio that you can use
to compare your company’s competitive position to others in the same industry. Because it looks
at a company’s operating income before taxes are subtracted, the operating profit margin is
sometimes considered a more objective evaluator than the net profit margin ratio.

Net Profit Margin Ratio

The formula for the net profit margin ratio is as follows:

Net Profit Margin Ratio = (Net Income/Sales) x 100

Other Common Size Ratios

While the calculation and evaluation of the gross profit margin ratio, the operating profit ratio, and
the net profit margin ratio are important, there are many other helpful tools you can use to get real
information from the data in your company’s income statement.

One of the most useful ways for the owner of a small business to look at the items listed on the
income statement is to see how each one relates to sales. This is done by constructing “common
size” ratios for the entire income statement. The phrase “common size ratio” may be unfamiliar to
you, but it is simple in concept and just as simple to create. You just calculate each line item on
the income statement as a percentage of total sales. (Divide each line item by total sales, then
multiply each one by 100 to turn it into a percentage.)

Profitability ratios compare income statement accounts and categories to show a company ability
to generate profits from its operations are:
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Return on Capital Employed (ROCE)

Return on capital employed or ROCE is a profitability ratio that measures how efficiently a
company can generate profits from its capital employed by comparing net operating profit to
capital employed. It is a long-term profitability ratio because it shows how effectively assets are
performing while taking into consideration long-term financing. Return on capital employed
formula is calculated by dividing net operating profit or EBIT by the employed capital.

Return on Equity (ROE)

The return on equity ratio or ROE is a Profitability ratio that measures the ability of a firm to
generate profits from its shareholder’s investments in the company. In other words, the return on
equity ratio shows how much profit each common stockholder’s equity generates. ROE is also
an indicator of how effective management is at using equity financing to found operations and
grow the company.

ROE = Net Income/shareholder’s equity

Margin Ratios

Margin ratios are employed to test the profitability of the firm:

2.2.1 Gross Profit Margin: Gross Profit Margin is a percentage value, specially a form of profit
dividend by net revenue. It is used to determine the value of incremental sales, and to guide pricing
and promotion decisions.

Table 2.2.1

Gross Profit Margin (NPR in lacs)

Fiscal Year Sales Operating Profit Ratio(%)

2021/22 80382.4 2337.6 3

2020/21 94009.60 8982.4 10

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2019/20 86569.60 6080 7

2019/20 73752.01 4233.10 6

2017/18 68542.07 489.04 0.7

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
12

10

0
2021/22 2020/21 2019/20 2019/20 2017/18

Figure 2.2.1 Gross Profit Margin of different fiscal year

In the above figure, the gross profit margin of different fiscal year has been shown. As per the
figure, the highest rate of margin is 10% in FY 2020/21 and lowest is 0.7% in FY 2017/18.

2.2.2 Net Profit Margin: It measures how successful a company has been at the business of
making a profit on each rupee sales. It is one of the most essential financial ratios.Net margin
includes all the factors that influence profitability whether under management control or not. The
higher the ratio, the more effective a company is at cost control.

Table no: 2.2.2

Net Profit Margin Ratio (NPR in lacs)

Fiscal Year Sales Net Profit Ratio(%)

 15

2021/22 80382.4 2128 2

2020/21 94009.60 7179.2 8

2019/20 86569.60 4728 5

2018/19 73752.01 3475.38 5

2017/18 68542.07 414.83 6

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
9
8
7
6
5
4
3
2
1
0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.2 Net Profit Margin Ratio

In the above figure, the net profit margin of different fiscal year has been shown. As per the
figure, the highest rate of margin is 8% in FY 2020/21 and lowest is 2% in FY 2021/22.

2.2.3 Operating Profit Margin Ratio: Operating margin takes into account the costs of producing
the product or services that are unrelated to the direct production of the product or services, such
as overhead and administrative. It is calculated by dividing your operating profit (OP) by your net
sales (NS).

Table no: 2.2.3

 16

Operating Profit Margin Ratio (NPR in lacs)

Fiscal year Sales Operating profit Ratio(%)

2021/22 80382.4 2337.6 3

2020/21 94009.60 8982.4 10

2019/20 86569.60 6080 7

2019/20 73752.01 4233.10 6

2017/18 68542.07 489.04 0.7

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
12

10

0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.3 Operating Profit Margin Ratio

In the above figure, Fiscal Years and Operating Profit Margin have been measured in X-axis and
Y-axis respectively. From the above Figure it is clear that operating profit has been increasing till
2020/2120 and has decreased in 2020/2021. A higher operating margin is more favorable
compared with a lower ratio because this shows that the company is making enough money from
its ongoing operations to pay for its variable costs as well as its fixed costs.
 17

Return Ratios:

2.2.4 Return on Assets (ROA): Return on Assets measures how efficiently a company can
manage its assets to produce profits during a period. Since company assets' sole purpose is to
generate revenues and produce profits, this ratio helps both management and investors see how
well the company can convert its investment in assets into profits.

Table no: 2.2.4

Return on Assets (NPR in lacs)

Fiscal year Net income Assets Ratio(times)

2021/22 2128 78593.6 0.03

2020/21 7179.2 71934.4 0.09

2019/20 4728 60312.8 0.07

2019/20 3475.38 51926.03 0.06

2017/18 414.83 44314.73 0.009

Source: Annual Report of Dabur Nepal Private Ltd

 18

Ratio
0.1
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.4: Return on Assets Ratio

In the above figure, Fiscal Year and ROA have been measured in X-axis and Y-axis respectively.
It shows that the return on assets ratio of the company is not sFigure in the last five fiscal years.
There is high fluctuation in return on assets ratio. And there is a very low return on assets ratio in
last fiscal year’s i.e. 2021/22.

2.2.5 Return on Equity (ROE): Return On equity is the amount of net income returned as a
percentage of shareholder’s equity. Return on equity measures a corporation profitability by
revealing how much profit a company generates with the money shareholders have invested. In
other words, the return on equity ratio shows how much profit each common stockholder’s equity
generates. ROE is also an indicator of how effective management is at using equity financing to
fund operations and grow the company.

Table no: 2.2.5

Return on Equity (NPR in lacs)

Fiscal year Net income Equity shareholders Ratio (times)

fund

2021/22 2128 31739.2 0.07

 19

2020/21 7179.2 29268.6 0.25

2019/20 4728 24216 0.19

2019/20 3475.38 18130.72 0.19

2017/18 414.83 14655.32 0.03

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
0.3

0.25

0.2

0.15

0.1

0.05

0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.5 Return on Equity

In the above figure, Fiscal Years and ROE have been measured in X-axis and Y –axis respectively.
Higher values are generally favorable meaning that the company is efficient in generating income
on new investment. Investors should compare the ROE of different companies and also check the
trend in ROE over time. From the above Figure it is clear that ROE is highest in the year 2020/21
and decreases in the year 2021/22.

Liquidity Ratio:

Liquidity ratios measure a company’s ability to pay debt obligations and its margin of safety
through the calculation of ratios including the current ratio, quick ratio, and operating cash flow
ratio.
 20

2.2.6 Current Ratio:

Table no: 2.2.6

Current Ratio (NPR in lacs)

Fiscal Year Current Assets Current liabilities Ratio (times)

2021/22 52812.8 46756.8 1.13

2020/21 45155.2 42288 1.06

2019/20 43320 32734.4 1.32

2019/20 34781.6 32719.84 1.06

2017/18 30851.76 28327.31 1.09

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
1.4

1.2

0.8

0.6

0.4

0.2

0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.6: Current Ratio

In the above figure, Fiscal Years and Current Ratio have been measured in X-axis and Y-axis
respectively. The current ratio is a liquidity ratio that measures a company’s ability to pay short-
 21

term and long-term obligations. Liquid ratios should be 1. From the above Figure, it is clear that
the current ratio of the company is satisfactory.

2.2.7 Quick Ratio: The quick ratio is a measure of how well an associate can meet its short-term
financial liabilities. It is also known as the acid-test ratio.

Table no: 2.2.7

Quick Ratio (NPR in lacs)

Fiscal Years Quick Assets Current Liabilities Ratio (times)

2021/22 33193.6 46756.8 0.70

2020/21 27254.4 42288 0.64

2019/20 14759 32734.4 0.45

2019/20 26588.8 32719.84 0.81

2017/18 15789.43 28327.31 0.55

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.7 Quick Ratio

 22

In the above figure, Fiscal Years and Quick Ratio have been measured in X-axis and Y-axis
respectively.

Ideally, the quick ratio should be 1:1.

If the quick ratio is higher, the company may keep too much cash on hand or have a problem
collecting its account receivable. Higher quick ratio is needed when the company has difficulty
borrowing on short term notes. A quick ratio higher than 1:1 indicates that the business can meet
its current financial obligations with the available quick funds on hand.

A quick ratio lower than 1:1 may indicate that the company relies too much on inventory or other
assets to pay its short-term liabilities. From the above Figure, it is clear that the quick ratio of the
company is not satisfactory.

Leverage Ratios:

A leverage ratio is meant to evaluate a company’s debt levels. The most common leverage ratios
are the debt ratio and debt-to-equity ratio.

2.2.8 Debt Ratio: A debt ratio is simply a company’s total debt divided by its total assets. The
formula is:

Debt Ratio= Total Debt/Total Assets

Table no: 2.2.8

Debt Ratio (NPR in lacs)

Fiscal Year Total debt Total Assets Ratio (times)

2021/22 97.6 78593.6 0.001

2020/21 78.4 71934.4 0.001

2019/20 121.6 60312.8 0.002

2019/20 10725.49 51926.03 0.02

 23

2017/18 1322.11 44314.73 0.03

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
0.035

0.03

0.025

0.02

0.015

0.01

0.005

0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.8 Debt Ratio

In the above figure, Fiscal Years and Debt Ratio have been measured in X-axis and Y-axis
respectively. In the general, a lower ratio is better. Value of 1 or less in debt ratios shows good
financial health of a company. From the above Figure it is clear that the debt ratio of the company
is satisfactory as it is decreasing.

2.2.9 Debt to Equity Ratio: The debt-to-equity ratio is a measure of the relationship between the
capital contributed by creditors and the capital contributed by owners. It also shows the extent to
which shareholders equity can fulfill a company’s obligation to creditors in the event of
liquidation.

Debt-to-equity Ratio=Total Debt/Total equity

Table no: 2.2.9

Debt to Equity Ratio (NPR in lacs)

 24

Fiscal Year Total debt Total equity Ratio (times)

2021/22 97.6 798.52 0.12

2020/21 78.4 798.52 0.09

2019/20 121.6 798.52 0.15

2019/20 1075.49 798.52 1.34

2017/18 1322.11 798.52 1.66

Source: Annual Report of Dabur Nepal Private Ltd

Ratio
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2021/22 2020/21 2019/20 2018/19 2017/18

Figure 2.2.9 Debt to Equity Ratio

In the above figure, Fiscal Years and Debt to Equity Ratio have been measured in X-axis and Y –
axis respectively. In general, a high debt-to equity ratio indicates that a company may not be able
to generate enough cash to satisfy its debt obligations. However, low debt-to-equity trios may also
indicate that a company is not taking advantage of the increased profits that financial leverage may
bring. This is why comparison of debt ratios is generally most meaningful among companies
within the same industry, and the definition of a “high” or “low” ratio should be made within this
context.
 25

2.3 Major Findings

Here the profitability ratios that business owners should look at regularly are Gross Profit Margin
Ratio, Operating Profit Margin Ratio, Net Profit margin measures how successful a company has
been at the business of making a profit on each rupee sales. Net profit margin ratio of the company
has been at the business of making a profit on each rupee sales. Net profit margin ratio of the
company shows decreasing trend throughout the study period. In the year 2021/22, the ratio was 2
percent. So, it shows that the company is in a satisfactory position. Operating profit has been
increasing till 2020/2120 and has decreased in 2020/2021. Return on Assets ratio measures a
corporation’s profitability by revealing how much profit a company generates with the money
shareholders have invested. Higher values are generally favorable meaning that the company is
efficient in generating income on new investment. From the study it is clear that ROE is highest
in the year 2020/2120 and has decreased in the year 2021/22.

The liquidity ratio measures the ability of affirm to meet its short-term obligations and select the
short –term financial solvency of a firm. The liquidity position of the company in terms of current
ratios shows that the ratios of the company are always below the normal standard (i.e. 2:1). It
shows that the liquidity position in terms of current assets to current liabilities of the company is
better. So, it is concluded that the company has a better short-term solvency position. Quick ratio
should be 1:1. Its quick ratio is 0.07 in the year 2021/22. From the figure, it is clear that the quick
ratio of the company is not satisfactory.

A leverage ratio is meant to evaluate a company’s debt level. The total debt to total shareholder’s
fund ratio of the company is 12% in 2021/22. The capital structure position in terms of total debt
to shareholder’s equity ratio of the company is very low. The average of total debt to shareholder’s
equity ratio implies that the proportion of outsiders' claim, in the total capitalization, is lower. Total
debt to total assets ratio implies a bank's success in exploiting debts to be more profiFigure as well
as its capital structure.

The total debt to total assets ratio of the company is 0.70 in 2021/22. Total debt to total assets ratio
of the company is lower. From this analysis, the capital structure ratio has clearly mentioned that
total debt to shareholder’s fund and total assets are slightly lower.
 26

CHAPTER: III

SUMMARY AND CONCLUSION

 27

This chapter is dedicated to provide summary and conclusion after collecting and analyzing the
financial data of Dabur Nepal.

3.1 Summary
A company is a legal entity made up of an association of people, be they natural, legal, or a mixture
of both, for carrying on a commercial or industrial enterprise. Company members share a common
purpose and unite in order to focus their various talents and organize their collectively available
skills or resources to achieve specific, declared goals.

A manufacturing corporation is a corporation engaged in the production of some article, thing, or

object, by skill or labor, out of raw material, or from matter which has already been subjected to
artificial forces, or to which something has been added to change its natural condition. They are
often structured with division of labor and task specialization so as to efficiently carry out the
large-scale production of standardized products.

Integrated and speedy development of the country is possible only when competitive
manufacturing companies reach every nook and corners of the country. Today a number of
manufacturing companies are concentrated in only a few places because of the lack of development
of infrastructure in remote places. Government must give attention to remote places.

Business plays a vital role in the economic development of nations. So today it is challenging for
the government to formulate the business and industrial policy rationally in remote areas. Actually,
more than 60% of the total area of Nepal is covered with rural areas. For the economic development
of rural areas, it is necessary to develop industrial and business sectors in rural areas.

The research work entitled the comparative study on profitability analysis of Dabur Nepal Pvt.
Ltd. To evaluate the profitability of the company, we have divided the whole report into different
chapters. In every chapter, there are several sub-chapters. The first Introduction chapter gives
background information about the project work, introduction of Dabur Nepal, problem statements,
objectives, rationale, and limitations of the study. The second literature review chapter includes
conceptual review and review of related studies. The third chapter is called methodology. includes
design, sources of data, data collection techniques and data analysis tools. The fourth chapter called
Presentation and Analysis of Data, we tried to analyze its profitability through Ratio Analysis. By
 28

using this financial tool, we computed different ratios to evaluate Profitability Position and
Financial Position.

To know the real performance of Dabur Nepal, the researcher observed and analyzed the
profitability analysis of the company for five years’ period. It is hoped that the comparative
profitability analysis of the company will give a rational result and represent the overall scenario
in terms of performance analysis.

Ratio analysis is a very significant tool to financial performance analysis. It is one of the means by
which financial stability, wealth, viability, and performance of a firm can be judged. Current ratio
of Dabur Nepal is more than its theoretical norm that is 2:1. Its current ratio is 1.13 in the year
2021/22. But there is no matter to worry about because the company has kept enough liquid assets.
It is clear that the current ratio of the company is satisfactory.

Ideally, the quick ratio should be 1:1. Its quick ratio is 0.07 in the year 2021/22. A quick ratio
lower than 1.1 may indicate that the company relies too much on inventory or other assets to pay
its short-term liabilities. From the figure, it is clear that the quick ratio of the company is not
satisfactory. It should manage cash properly because cash on hand doesn’t generate any income.
In aggregate, there is nothing to be worried about the liquidity position of the company since its
quality of current assets is very good which can be easily converted into cash within a short period
without any loss of its assets.

The debt position is also favorable to the management because it has not borrowed much loan from
banks and institutions in the last years which is in decreasing trend.

The profitability position of the company is much satisfactory. The net profit of the company has
increased as compared to its increment in investment.

3.2 Conclusion
Chapter titled Profitability Analysis of Dabur Nepal Pvt. Ltd describes the conceptual framework
of financial efficiency and profitability. Financial efficiency is the ability of a given investment to
earn a return from its use. It's a vital instrument to measure not only the business performance but
also overall efficiency. In present study seven types of measurement tools of financial efficiency
 29

were discussed i.e. Gross profit ratio, operating profit ratio, net profit ratio, return on capital
employed, return on equity, return on assets, current ratio, quick ratio, debt equity ratio, and debt
ratio.

From the finding, it can be assumed that the company has to seek other prospective customers and
other markets to increase the market area. The Limited market area is not sufficient to sell the
product and gain the aspect of the profit. The firm considers not only making more profit but also
considers social factors too because the firm is existing in the society and operates in this society.
So, the firm sees social welfare while operating. Hence, firms oversee the welfare and seniority
about the cost of production, sales of production customers wants, demand of products and
markets.
 BIBLIOGRAPHY

Agrawal, G. (2005). Project Management in Nepal. 21st ed.

Basant, A. and Raj, C. (1978). Corporate Financial Management. New Delhi: Tata McGraw Hill
Publishing co., Ltd., p.154.

Brigham, E. and Houston, J. (2004). Fundamentals of Financial Management. 12th ed. Jack W.
Calhoun Editor-in-Chief.

Brown, J. and Howard, L. (1975). Principles and practice of management accountancy. 4th ed.
Plymouth: MacDonald and Evans, p.878.

Chandra, p. (1994). Financial Management Theory and Practice. 8th ed. Europe: McGraw-Hill
Education.

Dabur Nepal official website. www.dabur.com

.Khan, M. and Jain, P. (1981). Financial Management. New Delhi: Tata McGraw-Hill
Publishing Co. Ltd.,

Kuchhal, S. (1985). Financial Management. Chaitanya Publishing.

Shin, H. and Soenen, L. (1998). Efficiency of working capital management and corporate
profitability. Financial Practice and Education, pp.37-45.

Pandey, P. (1995). A Management Guide for Managing Company Funds and Profits. 1st ed.
New Delhi: Prentice-Hall.

Pandey, I. and Ojha, S. (2014). A Case Study of Public Private Partnership. 3rd ed. Karnataka:
Vikalpa: The Journal of Decision Makers, pp.101-112.
Van, H. and James, C. (1971). Financial management and policy. 2nd ed. ENGLEWOOD
CLIFFS, N.J.: PRENTICE-HALL, INC., p.646.

Troy, L. (2013). Almanac of Business and Industrial Financial Ratios. 45th ed. United States:
CCH Incorporated, p.39

APPENDIX-1

DABUR NEPAL PVT.LTD

FIVE YEARS COMPARATIVE BALANCE SHEET

CAPITAL
&
2021/22 2020/21 2019/20 2019/20 2017/18
LIABILIT
IES
1. Share 8,21,96,53,2 4,79,98,89,9 2,89,31,83,1 2,33,79,65,7 1,94,81,93,2
Capital 00 46 90 60 65
2. Reserves
1,37,08,31,3 84,95,78,82 1,25,33,60,4 83,70,67,33 77,24,91,81
and
56 1 17 3 1
Surplus
3.
40,00,00,00 40,00,00,00 75,00,00,00 75,00,00,00 75,00,00,00
Debentures
0 0 0 0 0
& Bonds
4. 25,78,75,00
- - - -
Borrowings 0
5. Deposit 59,32,04,03, 48,15,41,98, 39,99,18,14, 30,59,20,46, 25,96,05,98,
Liabilities 977 449 567 237 154
6. Bills
2,44,42,098 1,10,88,599 55,28,477 18,89,881 26,63,146
Payable
7. Proposed
Cash 3,93,28,484 - - 2,05,08,472 -
Dividend
8. Income
Tax
- 36,34,548 - - -
Liabilities
(net)
9. Other 75,61,52,01 44,47,74,38 44,62,74,10 37,96,83,49 38,19,90,58
Liabilities 3 4 3 8 7
TOTAL
CAPITAL
70,38,86,86,12 54,66,31,64,74 45,34,01,60,75 34,91,91,61,18 29,81,59,36,96
AND
9 7 4 1 3
LIABILITIE
S

ASSET
2021/22 2020/21 2019/20 2019/20 2017/18
S
1. Cash 1,36,88,70,0 1,03,18,02,4 68,78,21,70 50,35,98,35 35,77,04,91
Balance 73 31 7 1 0
2.
4,09,21,70,4 3,75,95,61,4 3,94,39,15,0 4,33,92,11,5 2,87,12,38,0
Tangible
64 93 20 00 20
asset
3.Trade
receivab 67,51,69,34 65,95,06,14 30,29,35,65 48,83,86,31 23,61,98,63
le and 9 2 3 6 0
stock
4. Cash
and cash 11,76,90,18 68,05,04,60 72,18,75,00 44,33,29,11
3,37,09,145
equivale 1 5 0 2
nt
5.
9,43,98,08,0 7,42,24,22,1 6,45,43,63,3 4,70,04,17,7 5,41,75,69,5
Investm
90 18 57 84 87
ent
6.
Loans,
Advance
51,88,67,52, 39,63,42,49, 30,97,13,38, 22,72,38,46, 19,69,38,19,
s and
276 129 037 799 578
Bills
Purchas
e
7. Fixed 1,15,61,50,7 1,02,37,71,4 50,11,91,49 43,53,58,62 43,77,39,76
Assets 55 28 6 4 6
8.Capita
- - - - -
l WIP
9. Other 1,65,20,74,9 1,09,81,42,8 1,79,80,90,8 1,00,64,66,8 35,83,37,36
Assets 41 60 79 07 0
TOTAL 70,38,86,86,12 54,66,31,64,74 45,34,01,60,75 34,91,91,61,18 29,81,59,36,96
ASSETS 9 7 4 1 3
 Income Statement
PARTICULA
2021/22 2020/21 2019/20 2019/20 2017/18
RS

1. Interest 4,68,28,11, 3,07,25,65, 2,57,76,74, 2,48,93,15, 2,37,67,34,7

Income 078 479 000 283 33
2. Interest 3,02,81,84, 1,76,54,21, 1,61,81,31, 1,66,70,26, 1,45,18,99,4
Expenses 250 938 321 765 11
Net
1,65,46,26, 1,30,71,43, 95,95,42,68 82,22,88,51
Interest 92,48,35,322
828 541 0 8
Income
3.
Commissi 27,09,38,62 23,14,98,21 21,62,88,07 19,46,05,67
13,92,94,980
on and 1 7 5 1
Discount
4. Other
22,71,63,29 16,50,54,62 15,10,53,43 10,38,98,93
Operating 8,86,37,367
2 8 3 7
Income
5.
19,40,86,68 14,51,98,06 12,03,81,57 12,01,84,98
Exchange 11,73,38,453
2 2 2 0
Income
Total
2,34,68,15, 1,84,88,94, 1,44,72,65, 1,24,09,78, 1,27,01,06,1
Operating
423 448 760 106 23
Income
6. Staff 41,25,53,78 32,69,72,14 27,28,58,13 23,99,96,86
20,73,72,944
Expenses 9 5 1 9
7. Other
48,56,47,27 36,38,19,53 32,23,79,96 26,57,03,86
Operating 24,05,02,808
8 7 4 4
Expenses
 8.
Exchange - - - - -
Loss
Operating
Profit
before
1,44,86,14, 1,15,81,02, 85,20,27,66 73,52,77,37
provision 82,22,30,371
357 766 5 4
for
Possible
Loss
9.
Provision
19,64,08,92 24,39,44,90
for 9,97,33,114 7,36,54,773 18,60,37,811
1 5
Possible
Losses
Operating 1,34,88,81, 96,16,93,84 60,80,82,76 66,16,22,60
63,61,92,559
Profit 242 6 1 1
10. Non-
Operating 16,07,68,00
2,00,30,360 2,38,88,228 2,57,44,242 1,29,71,950
Income 5
/(Loss)
11. Write
back of
Provision 10,93,90,51
4,90,84,000 1,57,56,000 5,37,40,785 1,01,87,031
for 0
Possible
Losses
Profit
1,55,87,33, 1,09,11,14, 64,77,26,98 74,11,07,62
from 65,93,51,541
247 715 8 9
Regular
Operation
s
12.
Profit/(Los
s) from
67,69,363 1,74,500 - 3,00,000 12,00,000
Extra-
Ordinary
Activities
Net Profit
after
1,56,55,02, 1,09,12,89, 64,77,26,98 74,14,07,62
including 66,05,51,541
610 215 8 9
all
Activities
13.
Provision 14,23,18,41
9,92,08,110 5,88,84,272 6,74,00,694 6,00,50,140
for Staff 9
Bonus
14.
Provision
- - - -
for Income
Tax
*
Provision 41,20,50,63 30,00,74,97 16,76,71,44 20,35,66,83
18,54,77,731
for Current 1 5 9 1
Year's Tax
*
Provision
for - 2,06,39,720 2,21,977 -
Previous
Years' Tax
* Deferred
Tax
45,09,390 -57,60,767 47,53,366 -44,16,384 -48,18,910
Expense/
(Income)
Net
1,00,66,24, 67,71,27,17 41,61,95,92 47,48,56,48 10,04,61,53,
Profit/Los
170 7 4 8 906
s