Mar ' 07 Mar ' 08 Mar ' 09

Income from Operations 2,394.50 3,104.34 3,518.32

Less: Company’s Share of Turnover

in Integrated Joint Ventures 36.88 21.58 204.62
2,357.62 3,082.76 3,313.70

Company’s Share of Profit/(Loss) in

Integrated Joint Ventures 24.38 -0.72 0.06

Other Income 19.88 38.71 58.83

2,401.88 3,120.75 3,372.59

Expenses
Construction Expenses 1837.03 2304.93 2390.14

Employees’ Remuneration and

Benefits 208.68 297.23 374.90

Office and Site Establishment

Expenses 96.65 113.99 117.28

2142.36 2716.15 2882.32

EBITDA 259.52 404.60 490.27
Less: Depreciation 79.66 96.19 115.22
EBIT 179.86 308.41 375.05
Less: Interest 61.97 152.41 210.50
EBT 117.89 156.00 164.55
Less: Tax
Provision for Current Tax 18.19 17.36 18.61
Provision for Deferred Tax 17.81 27.75 36.51
Provision for Fringe Benefit Tax 2.61 3.2 2.4
MAT credit entitlement 0 -1.08 -18.32

PROFIT BEFORE EARLIER YEARS’ TAX 79.28 108.77 125.35

Add/(Less) Earlier Years’ Tax -42.52 0 0
Profit After Tax 36.76 108.77 125.35

Add: Balance brought forward from

Last Year 118.36 154.03 207.95

Add: Transferred from Debenture

Redemption Reserve 2.42 2.67 8.5
Amount avialbale for appropriation 157.54 265.47 341.80
Proposed Dividend 19.22 20.5 20.5
Tax on Proposed Dividend 3.27 3.48 3.48

Debenture Redemption Reserve 8.54 8.54 12.92

General Reserve 15 25 25
46.03 57.52 61.9

Balance carried to Balance Sheet 111.51 207.95 279.90

 Mar ' 07 Mar ' 08 Mar ' 09
Sources of Funds
Owner's Funds
Share Capital 25.63 25.63 25.63
Share Warrants 0 15.19 15.19
Reserves & Surplus 878.45 963.24 964.03
Total Shareholders’ Funds 904.08 1004.06 1004.85
Loans - - -
Secured loans 482.48 520.75 904.1
Unsecured loans 1,068.58 1,324.11 1,417.70
Total Loans 1,551.06 1,844.86 2,321.80
Deferred Tax Liability (Net) 85.54 113.29 113.17
Total of Sources of Funds 2,540.68 2,962.21 3,439.82
Application of Funds
Fixed Assets
Gross Block 1,101.19 1,409.73 1,682.83

Less : Accumulated Depreciation 355.03 456.63 554.65

Net Block 746.16 953.10 1,128.18
Capital Work In Progress 151.27 67.5 46.44
Total Fixed Assets 897.43 1,020.60 1,174.62
Investments 228.64 295.54 365.5
Current Assets
Inventories 1738.61 2143.87 2776.64
Sundry Debtors 0.54 4.45 4.71
Cash & Bank Balances 208.37 264.35 153.87
Other Current Assets 11.09 1.98 3.81
1,958.61 2,414.65 2,939.03
Loans & Advances 347.61 295.4 528.35
Total Current Assets, Loans &
Advances 2,306.22 2,710.05 3,467.38
Less: Current Liabilities &
Provisions
Current Liabilities 843.90 1,017.42 1,402.60
Provisions 47.71 46.56 165.08
Total Current Liabilities &
Provisions 891.61 1,063.98 1,567.68
Net Current Assets 1,414.61 1,646.07 1,899.70
Total of Application of Funds 2,540.68 2,962.21 3,439.82

NOTES:
Book Value of Unquoted
Investments 216.23 252.01 352.55
Market Value of Quoted
Investments 16.72 47.71 7.3
Contingent Liabilities 416.04 800.05 795.74
Number of Equity Shares
Outstanding (In Lakhs) 2562.5 2562.5 2562.5
Year March'07 March'08 March'09
Profitability Ratios
Operating Profit Margin (OPM) (%) 10.84% 13.03% 13.93%
Return on Capital Employed (ROCE) (%) 8.32% 11.87% 12.39%
Return on Net Worth (ROE) (%) 4.07% 10.83% 12.47%

Leverage & Coverage Ratios

Total debt/equity 1.810238 1.950232 2.423217
Asset Turnover Ratio 0.747429 0.832118 0.757932
Asset Coverage Ratio 0.578591 0.553213 0.505909
Interest Coverage Ratio 4.187833 2.654681 2.329074

Liquidity Ratios
Current Ratio 1.720113 1.688414 1.564461
Quick Ratio 0.164089 0.168701 0.073269
Cash Ratio 0.155414 0.164695 0.069425

Degree of Financial Leverage 0.655454 0.50582 0.438742

Loan To Value 0.510855 0.524882 0.524552
Enterprise Value
 March'07 March'08 March'09 CAGR
Working Capital 2,306.22 2,710.05 3,467.38 22.62%
Total Assets 3,203.65 3,730.65 4,642.00 20.37%
Z1 0.719873 0.726428 0.746958 1.86%

Retained Earnings 111.51 207.95 279.90 58.43%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%
Z2 0.034807 0.055741 0.060297 31.62%

EBIT 179.86 308.41 375.05 44.40%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%
Z3 0.056142 0.082669 0.080795 19.96%

Market Value of Equities 3300 3500 3900 8.71%

Book Value of Total Liabilities 2,442.67 2,908.84 3,889.48 26.19%
Z4 1.350981 1.203229 1.002705 -13.85%

Sales 2,394.50 3,104.34 3,518.32 21.22%

Total Assets 3,203.65 3,730.65 4,642.00 20.37%
Z5 0.747429 0.832118 0.757932 0.70%

Z-Score 2.655116 2.775783 2.606186 -0.93%