Astral Ltd Management Discussions

Global Economy

The global economy demonstrated resilience in FY24, with a projected growth rate of 3.0%, slightly down from 3.2% in FY23. This stability was underpinned by a modest acceleration in advanced economies, where growth increased from 1.6% in FY23 to 1.7% in FY24. However, emerging market and developing economies experienced a slight deceleration, with growth projected to decrease from 4.3% in FY23 to 4.1% in FY24.

Several factors contributed to this economic performance, including elevated central bank rates aimed at combating persistent inflationary pressures. Advanced economies benefited from robust consumer spending and investment, supported by strong labour markets and fiscal policies. In contrast, emerging markets faced headwinds from tighter financial conditions and geopolitical uncertainties, which dampened their growth prospects. Despite these challenges, the global economy showed signs of resilience, driven by technological advancements, increased digitalization, and a gradual recovery in global trade. The International Monetary Fund (IMF)

Indian Economy

The Indian economy demonstrated robust growth in FY24, with the World Bank upgrading its growth forecast to 7.5%, a significant increase from its earlier projection of 6.3%. This strong performance was driven by resilient domestic demand, increased government spending on infrastructure, and a favourable investment climate. Several factors contributed to this impressive growth.

The governments focus on infrastructure development, including initiatives like "Nal se Jal" and increased budget allocations for public projects, played a crucial role. Additionally, the private sector showed strong investment activity, supported by improved business confidence and policy reforms aimed at enhancing ease of doing business.

The manufacturing sector was a key driver of growth, with significant contributions from industries such as construction and real estate. Looking ahead, the outlook for the Indian economy remains positive, albeit with some moderation in growth rates. The World Bank projects a growth rate of 6.6% for FY25, reflecting a slight deceleration as the economy stabilises post-pandemic recovery. The IMFs latest World Economic Outlook also aligns with this projection, emphasising the need emphasised the importance of structural reforms and policy measures to enhance productivity and foster sustainable growth.

Looking ahead, the global economic outlook remains cautiously optimistic, with the IMF projecting global growth to stabilise at around 3.0% in FY25. Policymakers are urged to focus on mitigating risks, promoting inclusive growth, and addressing climate change to ensure longterm economic stability and prosperity for continued structural reforms to sustain long-term growth. Key risks to the economic outlook include global geopolitical tensions, inflationary pressures, and potential disruptions in global supply chains. However, the Indian governments proactive measures, such as monetary policy adjustments by the RBI and targeted fiscal interventions, are expected to mitigate these risks.

Industry and Company Performance

PLUMBING SEGMENT

Indian Plastic Pipes Industry

The Indian plastic pipes industry has been experiencing robust growth, driven by increasing urbanisation, government initiatives, and rising demand for durable and cost-effective piping solutions. The market was valued at INR 474.47 billion in 2023 and is expected to grow at a CAGR of 14.18% during the forecast period. The shift from traditional metal pipes to plastic pipes, due to their corrosion resistance, lightweight, and ease of installation, has further fuelled this growth. Key segments within the industry include CPVC, UPVC, and HDPE pipes, each catering to different applications such as plumbing, agriculture, and infrastructure.

Types of Plastic Pipes and Their Usage:

CPVC (Chlorinated Polyvinyl Chloride) Pipes: These are primarily used for hot and cold water distribution in residential, commercial, and industrial settings. CPVC pipes are known for their high-temperature resistance and durability.

UPVC (Unplasticized Polyvinyl Chloride) Pipes: These are widely used for cold water distribution, drainage, and sewage systems. UPVC pipes are preferred for their chemical resistance and long lifespan.

Source: TechSci Research from NOW to NEXT

Indian Water Tank Industry

The Indian water tank industry is witnessing significant growth due to increasing water scarcity, urbanisation, and the need for efficient water storage solutions. The market is expected to grow at a CAGR of 8-10% over the next few years. Innovations in materials and designs, such as anti-bacterial and UV- resistant tanks, are driving the demand. The governments focus on improving water infrastructure through initiatives like the Jal Jeevan Mission is also contributing to the industrys growth.

Types of Water Tanks and Their Usage:

Roto-Moulded Water Tanks: These are made using a rotational moulding process and are known for their durability and strength. They are widely used for residential and commercial water storage.

Blow-Moulded Water Tanks: These are made using a blow moulding process and are lighter and more cost-effective than roto-moulded tanks. They are used for residential water storage.

HDPE (High-Density Polyethylene) Pipes: These are used in various applications, including water supply, gas distribution, and industrial processes. HDPE pipes are known for their flexibility, strength, and resistance to environmental stress.

PP (Polypropylene) Pipes: These are used in industrial applications, particularly for transporting chemicals and hot liquids. PP pipes are known for their high chemical resistance and thermal stability.

PEX (Cross-linked Polyethylene) Pipes: These are used for hot and cold water distribution, radiant floor heating, and other plumbing applications. PEX pipes are flexible, easy to install, and resistant to scale and chlorine.

Underground Water Tanks: These are designed for underground installation and are used for rainwater harvesting, firefighting, and other applications where space is limited.

Loft Water Tanks: These are compact tanks designed for installation in lofts or attics. They are used for residential water storage in areas with limited space.

I GOVERNMENT INITIATIVES

The Indian governments focus on improving water infrastructure through initiatives like the Jal Jeevan Mission and "Nal se Jal" is a significant growth driver. These programmes aim to provide piped water supply to every household, thereby increasing the demand for plastic pipes and water tanks.

URBANISATION AND HOUSING

Rapid urbanisation and the governments "Housing for All" initiative are driving the demand for plastic pipes and water tanks in residential construction. The need for efficient plumbing systems and water storage solutions in new housing projects is boosting the market.

AGRICULTURAL DEMAND

The agriculture sectors demand for irrigation systems is another key driver. Plastic pipes are preferred for their durability and cost-effectiveness in irrigation applications. Water tanks are used to store water for agricultural purposes, ensuring a steady supply during dry periods.

INDUSTRIAL APPLICATIONS

The use of plastic pipes in industrial applications, such as chemical processing and oil and gas, is growing due to their resistance to corrosion and chemicals. Water tanks are also used in industrial settings for water storage and process applications.

REPLACEMENT OF DETERIORATING INFRASTRUCTURE

The replacement of ageing and deteriorating metal pipes with plastic alternatives is contributing to market growth. Plastic pipes offer a longer lifespan and lower maintenance costs. Similarly, the replacement of old water storage systems with modern, efficient water tanks is driving demand.

Market Trends

TECHNOLOGICAL ADVANCEMENTS:

Innovations in plastic pipe manufacturing, such as the development of low-noise drainage pipes and anti-bacterial pipes, are driving market growth. These advancements enhance the functionality and appeal of plastic pipes, making them a preferred choice among consumers. In the water tank industry, innovations such as anti-bacterial and UV-resistant tanks are attracting consumers.

SUSTAINABILITY

The increasing focus on sustainability is driving the demand for eco-friendly plastic pipes and water tanks. Manufacturers are developing products with lower environmental impact, such as pipes made from recycled materials and water tanks designed for rainwater harvesting.

EXPANSION OF DISTRIBUTION NETWORKS

The expansion of distribution networks is enhancing the availability of plastic pipes and water tanks across the country. Manufacturers are focusing on strengthening their distribution channels to reach a wider customer base. This trend is particularly evident in rural areas, where the demand for water infrastructure is growing.

INCREASED INVESTMENT IN INFRASTRUCTURE

The Indian governments increased investment in infrastructure projects, including water supply and sanitation, is boosting the demand for plastic pipes and water tanks. These projects are creating opportunities for manufacturers to supply products for large-scale infrastructure developments.

RISING DISPOSABLE INCOMES

Rising disposable incomes are enabling consumers to invest in high-quality plumbing and water storage solutions. This trend is driving the demand for premium plastic pipes and water tanks, which offer better performance and durability.

SHIFT TOWARDS ORGANISED SECTOR

There is a noticeable shift towards the organised sector in the plastic pipes and water tanks industry. Consumers are increasingly preferring branded products that offer quality assurance and after-sales service. This trend is benefiting organised players who can offer a wide range of products and services.

Adhesives and Sealants Vertical

INDIAN ADHESIVES AND SEALANTS INDUSTRY

The Indian adhesives and sealants market is experiencing significant growth, driven by the expanding construction industry, rising automotive production, and increasing packaging requirements. The market is expected to grow at a CAGR of 8-10% from 2024 to 2032, reaching an estimated $3.36 billion by 2032. The demand for ecofriendly and sustainable products is likely to increase, influencing the product development strategies of manufacturers. Initiatives like "Make in India" are also contributing to the markets growth by enhancing manufacturing competitiveness.

Growth Drivers

CONSTRUCTION INDUSTRY

The booming construction industry is a major driver for the adhesives and sealants market. Adhesives and sealants are essential for various construction applications, including flooring, roofing, and insulation.

AUTOMOTIVE PRODUCTION

The rising production of automobiles is boosting the demand for adhesives and sealants.

These products are used in vehicle assembly, providing strong bonds and sealing solutions.

PACKAGING INDUSTRY

The packaging industrys growth is driving the demand for adhesives and sealants.

These products are used in packaging applications to ensure the integrity and safety of packaged goods.

ECO-FRIENDLY PRODUCTS

The increasing demand for eco-friendly and sustainable adhesives and sealants is influencing product development. Manufacturers are focusing on developing products with low VOC (volatile organic compounds) content and sustainable formulations.

MAKE IN INDIA INITIATIVE

The "Make in India" initiative is enhancing the competitiveness of the manufacturing sector, driving the growth of the adhesives and sealants market. The initiative encourages domestic production and reduces dependency on imports.

Market Trends

TECHNOLOGICAL ADVANCEMENTS

Innovations in adhesives and sealants manufacturing, such as the development of eco-friendly and sustainable products, are driving market growth. These advancements enhance the functionality and appeal of adhesives and sealants, making them a preferred choice among consumers.

SUSTAINABILITY

The increasing focus on sustainability is driving the demand for eco-friendly adhesives and sealants. Manufacturers are developing products with lower environmental impact, such as adhesives and sealants made from recycled materials.

EXPANSION OF DISTRIBUTION NETWORKS

The expansion of distribution networks is enhancing the availability of adhesives and sealants across the country. Manufacturers are focusing on strengthening their distribution channels to reach a wider customer base.

INCREASED INVESTMENT IN R&D

Companies are investing heavily in research and development to innovate and improve product offerings. This includes developing new formulations that meet the evolving needs of various industries.

DIGITAL TRANSFORMATION

The adoption of digital technologies in manufacturing processes is improving efficiency and product quality.

This trend is expected to continue, with more companies leveraging digital tools to enhance their operations.

IndianPaintsIndustry

INDUSTRY PERFORMANCE IN FY24

The Indian paints industry demonstrated robust growth in FY24, driven by increasing urbanisation, rising disposable incomes, and a growing preference for aesthetically appealing and durable paints. The market size was estimated at approximately INR 62,000 crores in FY24, with a projected CAGR of 8-10% over the next few years. The decorative paints segment, which includes interior and exterior wall paints, continued to dominate the market, accounting for around 75% of the total market share. The industrial paints segment, which includes automotive, protective, and powder coatings, also showed significant growth, driven by the expansion of the manufacturing and infrastructure sectors.

Key Segments

DECORATIVE PAINTS

This segment includes interior and exterior wall paints, enamels, wood finishes, and distempers. It is the largest segment, driven by residential and commercial construction activities.

INDUSTRIAL PAINTS

This segment includes automotive coatings, protective coatings, powder coatings, and marine coatings. It is driven by the growth of the automotive, infrastructure, and manufacturing sectors.

I URBANISATION AND HOUSING

Rapid urbanisation and the governments "Housing for All" initiative are major growth drivers for the paints industry. The increasing construction of residential and commercial buildings is boosting the demand for decorative paints. The need for aesthetically appealing and durable paints in new housing projects is driving market growth.

RISING DISPOSABLE INCOMES

Increasing disposable incomes are enabling consumers to spend more on home improvement and renovation projects. This trend is boosting the demand for premium and luxury paints, which offer better quality and enhanced aesthetic appeal.

GOVERNMENT INITIATIVES

Government programmes like "Housing for All" and increased infrastructure spending are contributing to the growth of the paints industry. These initiatives are driving the demand for paints in new housing and infrastructure projects.

GROWTH IN THE AUTOMOTIVE SECTOR

The growth of the automotive sector is driving the demand for industrial paints, particularly automotive coatings. The increasing production of automobiles is boosting the demand for high-performance coatings that offer protection and aesthetic appeal.

INFRASTRUCTURE DEVELOPMENT

The governments focus on infrastructure development, including the construction of roads, bridges, and public buildings, is driving the demand for industrial paints. Protective coatings are essential for ensuring the durability and longevity of infrastructure projects.

SHIFT TOWARDS PREMIUM PRODUCTS:

There is a noticeable shift towards premium and luxury paint products, driven by rising disposable incomes and changing consumer preferences. Consumers are increasingly opting for high-quality paints that offer better performance and aesthetic appeal.

Market Trends

SUSTAINABILITY FOCUS

The increasing focus on sustainability is driving the demand for eco-friendly paints. Manufacturers are developing products with lower environmental impact, such as paints made from recycled materials and low- VOC formulations.

CUSTOMISATION AND PERSONALISATION

Consumers are increasingly seeking customised and personalised paint solutions. Manufacturers are offering a wide range of colours, finishes, and textures to cater to diverse consumer preferences.

GROWTH OF ORGANISED RETAIL

The growth of organised retail is enhancing the availability of paints across the country. Large retail chains and specialty stores are offering a wide range of paint products, making it easier for consumers to access high-quality paints.

EXPANSION INTO RURAL MARKETS

Manufacturers are expanding their presence in rural markets, driven by the increasing demand for paints in rural and semi-urban areas. The focus on rural markets is expected to drive significant growth in the coming years.

STRATEGIC COLLABORATIONS AND ACQUISITIONS

Companies are engaging in strategic collaborations and acquisitions to expand their product portfolios and market reach. These partnerships are helping manufacturers to leverage synergies and enhance their competitive advantage.

Indian Sanitaryware and Bathware Industry

INDUSTRY PERFORMANCE IN FY24

The Indian sanitaryware and bathware industry has shown significant growth in FY24, driven by increasing urbanisation, rising disposable incomes, and a growing preference for modern and aesthetically appealing bathroom solutions. The market size was estimated at approximately INR 15,000 crores in FY24, with a projected CAGR of 7-9% over the next few years. The industry encompasses a wide range of products, including sanitaryware (toilets, basins, urinals), faucets, showers, and other bathroom accessories. The demand for premium and luxury bathware products has been particularly strong, reflecting the changing consumer preferences towards high-quality and stylish bathroom solutions.

Key Segments

SANITARYWARE

This segment includes products such as toilets, basins, urinals, and bidets. It is driven by residential and commercial construction activities.

FAUCETS

This segment includes various types of taps and mixers used in bathrooms and kitchens. It is driven by the demand for modern and functional bathroom fittings.

SHOWERS AND ACCESSORIES

This segment includes shower systems, enclosures, and other bathroom accessories. It is driven by the increasing focus on bathroom aesthetics and functionality.

I URBANISATION AND HOUSING

Rapid urbanisation and the governments "Housing for All" initiative are major growth drivers for the sanitaryware and bathware industry. The increasing construction of residential and commercial buildings is boosting the demand for modern and aesthetically appealing bathroom solutions.

RISING DISPOSABLE INCOMES

Increasing disposable incomes are enabling consumers to invest in high-quality and stylish bathroom solutions. This trend is boosting the demand for premium and luxury sanitaryware and bathware products, which offer better quality and enhanced aesthetic appeal.

EXPANSION OF DISTRIBUTION NETWORKS

The expansion of distribution networks is enhancing the availability of sanitaryware and bathware products across the country. Manufacturers are focusing on strengthening their distribution channels to reach a wider customer base, particularly in rural and semiurban areas.

GROWTH IN THE HOSPITALITY SECTOR

The growth of the hospitality sector, including hotels and resorts, is driving the demand for high-quality and stylish bathroom solutions. The increasing number of luxury hotels and resorts is boosting the demand for premium sanitaryware and bathware products.

REPLACEMENT DEMAND

The replacement of old and outdated bathroom fixtures with modern and stylish alternatives is another key driver. Consumers are increasingly opting for sanitaryware and bathware products that offer enhanced functionality and aesthetics.

INCREASING AWARENESS OF HYGIENE

The increasing awareness of hygiene and sanitation is driving the demand for modern sanitaryware products. Consumers are becoming more conscious of the importance of maintaining clean and hygienic bathroom environments, leading to increased demand for high- quality sanitaryware products.

I SHIFT TOWARDS PREMIUM PRODUCTS

There is a noticeable shift towards premium and luxury sanitaryware and bathware products, driven by rising disposable incomes and changing consumer preferences. Consumers are increasingly opting for high-quality products that offer better performance and aesthetic appeal.

GROWTH OF ORGANISED RETAIL

The growth of organised retail is enhancing the availability of sanitaryware and bathware products across the country. Large retail chains and specialty stores are offering a wide range of products, making it easier for consumers to access high-quality

INCREASED INVESTMENT IN R&D

Companies are investing heavily in research and development to innovate and improve product offerings. This includes developing new materials and technologies that enhance the functionality and appeal of sanitaryware and bathware products.

EXPANSION INTO RURAL MARKETS:

Manufacturers are expanding their presence in rural markets, driven by the increasing demand for sanitaryware and bathware products in rural and semiurban areas. The focus on rural markets is expected to drive significant growth in the coming years.

ABOUT THE COMPANY

Astral Limited, established in 1996, has grown to become a leading player in the building materials industry in India. The company operates across multiple high-growth categories, including pipes, water tanks, adhesives and sealants, construction chemicals, bathware, and paints. With a robust network of 19 manufacturing units spread across India, UK, and US, Astral has a significant production capacity of over 5,12,582 metric tons per annum. The company boasts a strong distribution network with over 3,303 distributors and 2,29,000+ dealers, ensuring extensive market reach.

Astral is renowned for its innovative approach, being the first to introduce CPVC piping in India and lead- free UPVC pipes for potable water. The company has also pioneered the introduction of low-noise drainage pipes and water tanks with NSF and Anti-Viral Copper Shield. Astrals commitment to quality and innovation has earned it numerous awards and recognitions, including being certified as a Great Place to Work for three consecutive years and being recognized as Indias Most Trusted Pipe Brand.

With a diverse product portfolio and a strong focus on sustainability, Astral continues to lead the market by setting new benchmarks in the building materials industry. The companys strategic initiatives, including the expansion of manufacturing facilities and the introduction of new product lines, position it well for sustained growth in the coming years.

Performance in FY24 and Outlook

PLUMBING & BATHWARE BUSINESS

Performance in FY24

Astrals pipes and water tanks business reported a robust growth of 24% in volume. The company is introducing new products such as OPVC pipes and expanded its manufacturing facilities in Guwahati and Cuttack. The fire sprinkler business also saw substantial growth, with key approvals like UL certification enabling entry into high- value projects. The Guwahati plant is now fully operational, producing PVC and Water Tank, while the Cuttack plant is also fully operational, manufacturing a range of pipe products.

The bathware business reported a revenue from operations of f 61 crores, with the company expecting this segment to break even or achieve single-digit margins in the current fiscal year (FY25). The introduction of new product ranges and increased market acceptance were key drivers of growth in this segment.

Outlook

Astral plans to continue its growth trajectory in the pipes and water tanks segment by expanding its manufacturing footprint with proposed units in Hyderabad and Kanpur. The company is also focusing on introducing new products, including OPVC and aluminium PEX pipes, to cater to the evolving market needs. With the increasing demand for durable and cost-effective piping solutions, Astral is wellpositioned to capitalise on the growth opportunities in this segment.

Astral plans to continue expanding its bathware product portfolio and strengthening its distribution network. The focus on innovation and quality will help the company capture a larger market share in this segment. The company anticipates significant growth in the bathware segment, driven by the increasing demand for modern and aesthetically appealing bathroom solutions.

ADHESIVES & PAINTS BUSINESS

Performance in FY24

The adhesives and paints business reported a revenue from operations of f 1,499 crores with an EBITDA margin of 13.5%. The operationalization of the Dahej plant significantly improved cost efficiency and product consistency. The New Bharat initiative successfully tapped into the rural market, leveraging Astrals strong brand equity. However, the UK operations faced challenges due to fluctuations in raw material prices, resulting in a lower EBITDA margin.

The company focused on establishing a strong brand presence and leveraging its existing distribution network with respect to paints business. The introduction of a comprehensive range of products, including interior and exterior emulsions, primers, and putties, was well-received in the market. The company is planning to launch paints in june under its flagship brand "Astral Paints".

Outlook

Astral anticipates double-digit growth in the adhesives and paints business, driven by the stabilisation of raw material prices and improved operational efficiency. The company plans to expand its product portfolio and strengthen its distribution network to capture a larger market share. The focus on innovation and quality will continue to be a key driver of growth in this segment.

Astral aims to achieve a revenue target of 15% to 20% in paints business in the next few years, driven by its strategic focus on quality and innovation. The company plans to expand its product offerings and strengthen its distribution network to capture a larger market share. The focus on eco-friendly and sustainable paint formulations will further enhance the companys growth prospects in this segment.

KEY FINANCIAL RATIO

Particulars	FY 23-24	FY 22-23	Change
Debtors turnover (in days)	24 days	25 days	1 day
Inventory turnover (in days)	59 days	62 days	3 day
Interest Coverage Ratio	28.58	36.98	-22.71%
Current Ratio	1.77	1.72	3.07%
Debt Equity Ratio	0.02	0.02	0.00%
EBIDTA Margin	17.02%	16.19%	5.15%
PAT Margin	9.67%	8.91%	8.57%
Return on Net worth	17.53%	17.27%	1.49%

Note: Consolidated Figures

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACIES

Astrals commitment to accountability and transparency is exemplified by its institutionalized system of internal controls, which cover all corporate functions. These controls are designed to ensure that operations are efficient and effective, financial controls are reliable, and compliance with applicable laws and regulations is upheld.

To ensure the ongoing appropriateness of these policies and procedures, they are regularly updated, overseen by the Internal Auditor, and aligned with industry standards. The Board and the Audit Committee provide additional supervision of internal control adequacy through monitoring the implementation of internal audit recommendations via compliance reports. Astrals independent auditors have also confirmed the adequacy of its internal controls over financial reporting in their report.

This comprehensive and dynamic internal control system is a testament to Astrals commitment to best practices and serves to inspire confidence among stakeholders in the integrity and soundness of its operations.

HUMAN RESOURCES

The Company recognizes that its employees are the backbone of the business, and it values their commitment, competence, and hard work. Astral emphasises the importance of providing its workforce with opportunities to grow and develop, and has implemented robust HR policies to support this mission. Astrals focus on employee

fulfilment, stretch, and development has translated into a highly motivated and skilled workforce that consistently delivers exceptional results.

As of March 31, 2024, Astral boasts a team of over 8,500+ employees (including contract labour) located across various regions. These individuals have shown remarkable dedication to their roles, which has enabled the Company to achieve unparalleled levels of performance. Moving forward, the Company remains committed to nurturing its employees and fostering a culture of growth and development, as it believes that this is the key to driving sustainable success in the long run.

CAUTIONARY STATEMENT

Investors are cautioned that this discussion contains forward-looking statements that involve risks and uncertainties. When used in this discussion, words like will, shall, anticipate, believe, estimate, intend and expect and other similar expressions, as they relate to the Company or its business, are intended to identify such forward-looking statements. The Company undertakes no obligations to publicly update or revise any forwardlooking statements, whether as a result of new information, future events, or otherwise. Accordingly, actual results, performances, or achievements could differ materially from those expressed or implied in such statements. Readers are cautioned not to place undue reliance on the forwardlooking statements as they speak only as of their dates.

Key Highlights (Consolidated)

Particulars	2019-20	2020-21	2021-22	2022-236	2023-24
Capacity (In M.T.)	3,25,547	3,50,122	3,70,802	4,27,611	5,12,582
Sales	25,714	31,699	43,839	51,451	56,288
Net Sales	25,714	31,699	43,839	51,451	56,288
Other Income	186	315	450	401	547
Total Income	25,900	32,014	44,289	51,852	56,835
PBIDT	4,534	6,626	7,883	8,351	9,603
Interest	211	116	61	171	266
Profit Before Depreciation, Tax & Exceptional Items	4,323	6,510	7,822	8,180	9,337
Depreciation	1,079	1,165	1,269	1,781	1,976
Profit Before Tax & Exceptional Items	3,244	5,345	6,553	6,399	7,361
Exceptional Items (Exchange Gain/(Loss))	(183)	(15)	(68)	(247)	(25)
Profit Before Tax	3,061	5,330	6,485	6,152	7,336
Tax	565	1,248	1,581	1,557	1,880
Profit After Tax	2,496	4,082	4,904	4,595	5,456
Other Comprehensive Income (Net of tax)	3	28	6	(3)	30
Total Comprehensive Income	2,499	4,110	4,910	4,592	5,486
Paid Up Equity Capital	151	201	201	269	269
Reserve and Surplus1	14,866	18,745	23,153	26,831	31,600
Shareholders Funds	15,017	18,946	23,354	27,100	31,869
Non-controlling Interests	168	212	278	2,477	804
Loans(Long term)	1,090	247	401	365	569
Deferred Tax Liability (Net)	429	400	398	299	439
Capital Employed2	16,288	19,267	23,219	30,504	32,249
Gross Fixed Assets3	12,888	14,657	17,723	21,569	26,907
Capital Work In Progress	444	566	1,232	1,261	1,506
Net Fixed Assets4	9,646	10,287	12,169	14,583	18,397
Net Current Assets	3,482	5,807	8,042	8,585	8,644
Book Value Per Equity Share (in ?)	56.06	70.73	86.95	100.88	118.63
Earning Per Equity Share (in ?)	9.26	15.10	18.01	17.00	20.33
Cash Earning Per Equity Share (in ?)5	12.82	19.15	22.97	23.42	28.19
Debt : Equity ( Long Term Debt/Total Net Worth)	0.11	0.03	0.02	0.02	0.02

1. Excluding Revaluation Reserves and reducing miscellaneous expenditure

2. Excluding Revaluation Reserves, Miscellaneous Expenditure and Capital Work in Progress.

3. Excluding Goodwill, Brand, Distribution Network and Capital Work in Progress.

4. Excluding Revaluation Reserves, Goodwill, Brand and Capital Work in Progress.

5. Cash profit considered for cash earning per share is Net Profit + Depreciation + Deferred tax + Exceptional item excluding foreign gain(loss).

6. Data represents only continuing operations except details of non-controlling interest.