SHARDA MOTOR INDUSTRIES LTD SCREENER.

IN

Narration Mar-09 Mar-10 Mar-11 Mar-09 Mar-10 Mar-11 Mar-12 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales 452.64 590.91 700.21 452.64 590.91 700.21 751.42 927.33 1,041.89 1,155.45 - 1,333.65 1,155.45
Expenses 415.65 526.76 644.79 415.65 526.76 644.79 686.57 834.51 917.09 1,010.58 - 1,178.93 1,155.45
Operating Profit 36.99 64.15 55.42 36.99 64.15 55.42 64.85 92.82 124.80 144.87 - 154.72 -
Other Income 2.60 3.94 4.77 2.60 3.94 4.77 5.12 13.27 8.92 16.99 - - -
Depreciation 18.16 21.98 24.18 18.16 21.98 24.18 31.26 44.32 49.79 43.78 - - -
Interest 9.36 8.47 8.17 9.36 8.47 8.17 9.33 12.13 7.60 2.13 - - -
Profit before tax 12.07 37.64 27.84 12.07 37.64 27.84 29.38 49.64 76.33 115.94 - 154.72 -
Tax 4.81 12.30 6.02 4.81 12.30 6.02 2.68 -0.38 20.38 38.14 - 0% 0%
Net profit 8.00 26.53 24.26 8.00 26.53 24.26 28.50 35.31 60.90 87.97 - 154.72 -
EPS 13.45 44.62 40.80 13.45 44.62 40.80 47.93 59.38 102.42 147.94 - 260.19 -
Price to earning 14.50 19.75 13.20 - 15.82 -
Price - - - - - - - 860.83 2,022.84 1,953.41 1,504.60 4,115.46 -

RATIOS:
Dividend Payout 74.38% 22.43% 24.53% 74.38% 22.43% 24.53% 20.88% 10.54% 12.22% 8.46%
OPM 8.17% 10.86% 7.91% 8.17% 10.86% 7.91% 8.63% 10.01% 11.98% 12.54% 0.00%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 10.97% 7.42% 14.35% 15.42% 10.90% 15.42% 7.42%
OPM 10.06% 10.39% 10.55% 11.60% 0.00% 11.60% 0.00%
Price to Earning 15.82 15.82 15.82 15.82 - 15.82 -

Sales Growth YOY 31% 18% -35% 31% 18% 7% 23% 12% 11%
Expenses growth YOY 27% 22% -36% 27% 22% 6% 22% 10% 10%
Operating Profit YOY 73% -14% -33% 73% -14% 17% 43% 34% 16%
Other Income YOY 52% 21% -45% 52% 21% 7% 159% -33% 90%
Depreciation YOY 21% 10% -25% 21% 10% 29% 42% 12% -12%
Interest YOY -10% -4% 15% -10% -4% 14% 30% -37% -72%
Profit before tax YOY 212% -26% -57% 212% -26% 6% 69% 54% 52%
Tax YOY 156% -51% -20% 156% -51% -55% -114% -5463% 87%
Net profit YOY 232% -9% -67% 232% -9% 17% 24% 72% 44%
EPS YOY 232% -9% -67% 232% -9% 17% 24% 72% 44%
NPM % 2% 4% 3% 2% 4% 3% 4% 4% 6%

Sales 100 100 100 100 100 100 100 100 100 100
Expenses/Sales% 91.83% 89.14% 92.09% 91.83% 89.14% 92.09% 91.37% 89.99% 88.02% 87.46%

Interest/Debt % 10.21% 8.79% 7.73% 10.21% 8.79% 7.73% 7.43% 10.01% 12.89% -
Tax/OPM % 13.00% 19.17% 10.86% 13.00% 19.17% 10.86% 4.13% -0.41% 16.33% 26.33%

Increase/Decrase in Debt 105% 110% 87% 105% 110% 119% 96% 49% 0%

ROCE 14% 25% 17% 14% 25% 17% 15% 19% 32% 48%
ROE 8% 21% 17% 8% 21% 17% 17% 14% 20% 23%
ROA 2.53% 7.73% 6.17% 2.53% 7.73% 6.17% 6.50% 6.42% 10.59% 14.25%

Interest Coverage 2.29 5.44 4.41 2.29 5.44 4.41 4.15 5.09 11.04 55.44
Debt/ocf 3.32 1.87 1.83 3.32 1.87 1.83 2.29 1.32 0.36 -
EBIT 21.43 46.11 36.01 21.43 46.11 36.01 38.71 61.77 83.93 118.08 EBIT EBIDTA-D&A

Capital EMployed1 154.2 186.87 213.61 154.2 186.87 213.61 264.24 317.12 263.47 248.44 Assets-other liab-investments-CWIP
Capital EMployed2 154.2 186.87 213.61 154.2 186.87 213.61 264.24 317.12 263.47 248.44 netblock+WC

Equity 104.35 124.16 141.49 104.35 124.16 141.49 163.08 246.78 305.50 384.53

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

EPS Growth 30.53% 20.20% 27.09% 45.60% 44.45% 45.60% 20.20%
Price to Earning 15.8173112601 15.8173112601 15.8173112601 15.8173112601 - 15.81731126 -

EPS 13.45 44.62 40.80 13.45 44.62 40.80 47.93 59.38 102.42 147.94 Avg EPS 55.54
EPS growth YOY (%) 231.63% -8.56% -67.02% 231.63% -8.56% 17.48% 23.89% 72.47% 44.45% avg PE 15.82
EPS growth 3Y avg 52.01% 52.01% 52.01% 80.18% 10.94% 37.95% 46.94% Price 878.50
EPS growth 5Y avg 75.82% 32.99% 39.48% 67.38% 29.95%
3Y CAGR 44.74% -32.94% 3.03% 44.74% 2.42% 13.33% 28.80% 35.56%
5yr CAGR 27.10% -1.77% 3.27% 34.57% 18.08% 29.39%
Worst case Cautiously optimistic
year EPS Growth rate EPS EPS Growth rate EPS
Avg EPS Growth rate 59.71% 1 15% 170.131102802 15% 170.1311028
Min EPS Growth rate -67.02% 2 15% 195.650768222 15% 195.65076822
3 -10% 176.0856914 10% 215.21584504
4 5% 184.88997597 10% 236.73742955
5 0% 184.88997597 5% 248.57430103

P/E - -

Expected Price 0 0

returns @ CMP 1504.6 -100.00% -100.00%

1.25 1.68
1.05 1.11

EPS GrowthRate 4% 6% 8% 10% 12% EPS GrowthRate 4% 6% 8% 10% 12%

PE 166.41 176.20 186.36 196.91 207.85 PE 179.99 197.98 217.37 238.26 260.72
8 1,331.30 1,409.59 1,490.90 1,575.27 1,662.76 8 1,439.93 1,583.82 1,738.98 1,906.07 2,085.77
10 1,664.12 1,761.99 1,863.62 1,969.08 2,078.45 10 1,799.92 1,979.77 2,173.73 2,382.59 2,607.21
12 1,996.95 2,114.39 2,236.34 2,362.90 2,494.14 12 2,159.90 2,375.73 2,608.47 2,859.11 3,128.65
16 2,662.60 2,819.18 2,981.79 3,150.53 3,325.52 16 2,879.87 3,167.64 3,477.96 3,812.14 4,171.54
18 2,995.42 3,171.58 3,354.51 3,544.35 3,741.21 18 3,239.85 3,563.59 3,912.71 4,288.66 4,692.98
20 3,328.25 3,523.98 3,727.24 3,938.17 4,156.90 20 3,599.83 3,959.54 4,347.45 4,765.18 5,214.42
24 3,993.90 4,228.78 4,472.69 4,725.80 4,988.28 24 4,319.80 4,751.45 5,216.94 5,718.22 6,257.30
28 4,659.55 4,933.57 5,218.13 5,513.43 5,819.66 28 5,039.77 5,543.36 6,086.43 6,671.25 7,300.19
SHARDA MOTOR INDUSTRIES LTD SCREENER.IN

Narration Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Sales - - - - - - - - - -
Expenses - - - - - - - - - -
Operating Profit - - - - - - - - - -
Other Income - - - - - - - - - -
Depreciation - - - - - - - - - -
Interest - - - - - - - - - -
Profit before tax - - - - - - - - - -
Tax - - - - - - - - - -
Net profit - - - - - - - - - -

OPM
SHARDA MOTOR INDUSTRIES LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-09 Mar-10 Mar-11 Mar-12 Mar-16 Mar-17 Mar-18
Equity Share Capital 5.95 5.95 5.95 5.95 5.95 5.95 5.95 5.95 5.95 5.95
Reserves 98.40 118.21 135.54 98.40 118.21 135.54 157.13 240.83 299.55 378.58
Borrowings 91.66 96.31 105.73 91.66 96.31 105.73 125.55 121.14 58.98 -
Other Liabilities 120.17 122.66 145.91 120.17 122.66 145.91 150.15 181.80 210.40 232.77
Total 316.18 343.13 393.13 316.18 343.13 393.13 438.78 549.72 574.88 617.30

Net Block 128.39 151.19 181.39 128.39 151.19 181.39 229.24 243.44 204.16 179.12
Capital Work in Progress 31.65 22.70 20.81 31.65 22.70 20.81 10.51 3.86 0.71 0.36
Investments 10.16 10.90 12.80 10.16 10.90 12.80 13.88 46.94 100.30 135.73
Other Assets 145.98 158.34 178.13 145.98 158.34 178.13 185.15 255.48 269.71 302.09
Total 316.18 343.13 393.13 316.18 343.13 393.13 438.78 549.72 574.88 617.30

Working Capital 25.81 35.68 32.22 25.81 35.68 32.22 35.00 73.68 59.31 69.32
Debtors 68.24 78.13 76.17 68.24 78.13 76.17 94.28 102.03 108.07 122.41
Inventory 40.75 48.59 65.59 40.75 48.59 65.59 62.09 82.88 71.84 85.62

Debtor Days 55.03 48.26 39.71 55.03 48.26 39.71 45.80 40.16 37.86 38.67
Inventory Turnover 11.11 12.16 10.68 11.11 12.16 10.68 12.10 11.19 14.50 13.50

Return on Equity 8% 21% 17% 8% 21% 17% 17% 14% 20% 23%
Return on Capital Emp 9% 16% 12% 9% 16% 12% 12% 15% 21% 25%
SHARDA MOTOR INDUSTRIES LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-09 Mar-10 Mar-11 Mar-12 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 27.57 51.64 57.78 27.57 51.64 57.78 54.78 91.94 164.32 115.78
Cash from Investing Activity -27.30 -33.86 -62.19 -27.30 -33.86 -62.19 -58.86 -61.37 -84.10 -30.07
Cash from Financing Activity -16.08 -11.09 -2.36 -16.08 -11.09 -2.36 5.41 -42.53 -76.91 -69.53
Net Cash Flow -15.81 6.69 -6.77 -15.81 6.69 -6.77 1.33 -11.96 3.31 16.18
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COMPANY NAME SHARDA MOTOR INDUSTRIES LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 0.59
Face Value 10.00
Current Price 1,504.60
Market Capitalization 894.68

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 452.64 590.91 700.21 751.42
Raw Material Cost 344.88 426.58 524.38 546.28
Change in Inventory 4.51 -5.55 5.49 -1.49
Power and Fuel 6.04 7.86 9.50 10.88
Other Mfr. Exp 21.98 35.11 56.76 52.16
Employee Cost 23.87 29.27 32.01 36.14
Selling and admin 17.54 19.47 22.73 29.26
Other Expenses 5.85 2.92 4.90 10.36
Other Income 2.60 3.94 4.77 5.12
Depreciation 18.16 21.98 24.18 31.26
Interest 9.36 8.47 8.17 9.33
Profit before tax 12.07 37.64 27.84 29.38
Tax 4.81 12.30 6.02 2.68
Net profit 8.00 26.53 24.26 28.50
Dividend Amount 5.95 5.95 5.95 5.95

Quarters
Report Date
Sales
Expenses
Other Income
Depreciation
Interest
Profit before tax
Tax
Net profit
Operating Profit
BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 5.95 5.95 5.95 5.95
Reserves 98.40 118.21 135.54 157.13
Borrowings 91.66 96.31 105.73 125.55
Other Liabilities 120.17 122.66 145.91 150.15
Total 316.18 343.13 393.13 438.78
Net Block 128.39 151.19 181.39 229.24
Capital Work in Progress 31.65 22.70 20.81 10.51
Investments 10.16 10.90 12.80 13.88
Other Assets 145.98 158.34 178.13 185.15
Total 316.18 343.13 393.13 438.78
Receivables 68.24 78.13 76.17 94.28
Inventory 40.75 48.59 65.59 62.09
Cash & Bank 2.49 9.18 2.36 3.69
No. of Equity Shares 5,946,326.00 5,946,326.00 5,946,326.00 5,946,326.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 27.57 51.64 57.78 54.78
Cash from Investing Activity -27.30 -33.86 -62.19 -58.86
Cash from Financing Activity -16.08 -11.09 -2.36 5.41
Net Cash Flow -15.81 6.69 -6.77 1.33

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 0.59 0.59 0.59 0.59
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

898.33 821.16 874.54 927.33 1,041.89 1,155.45
659.64 590.27 626.23 645.41 714.22 791.86
2.38 0.84 5.26 -3.27 -1.95 2.31
11.61 10.97 12.48 12.95 13.24 12.71
57.36 53.79 53.05 57.59 64.14 71.92
41.97 46.48 52.43 63.47 72.83 82.03
33.73 32.73 32.70 36.93 36.50 43.21
9.59 13.23 11.41 14.89 14.21 11.16
3.42 9.35 9.80 13.27 8.92 16.99
35.76 45.55 52.00 44.32 49.79 43.78
10.93 16.25 14.86 12.13 7.60 2.13
43.54 22.09 34.44 49.64 76.33 115.94
17.59 7.08 -1.69 -0.38 20.38 38.14
25.95 15.01 36.13 35.31 60.90 87.97
5.95 5.95 5.95 3.72 7.44 7.44
 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
5.95 5.95 5.95 5.95 5.95 5.95
163.78 171.84 199.44 240.83 299.55 378.58
159.68 225.22 144.22 121.14 58.98
181.02 164.72 169.83 181.80 210.40 232.77
510.43 567.73 519.44 549.72 574.88 617.30
260.38 298.62 271.54 243.44 204.16 179.12
10.70 7.13 7.55 3.86 0.71 0.36
1.39 1.39 2.15 46.94 100.30 135.73
237.96 260.59 238.20 255.48 269.71 302.09
510.43 567.73 519.44 549.72 574.88 617.30
101.04 105.14 99.33 102.03 108.07 122.41
85.88 71.04 86.70 82.88 71.84 85.62
6.33 36.40 15.15 37.20 59.86 73.71
5,946,326.00 5,946,300.00 5,946,300.00 5,946,326.00 5,946,326.00 5,946,326.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

43.06 49.47 99.60 91.94 164.32 115.78
-59.12 -64.45 -17.94 -61.37 -84.10 -30.07
18.88 45.05 -102.91 -42.53 -76.91 -69.53
2.82 30.07 -21.25 -11.96 3.31 16.18

286.19 886.89 860.83 2,022.84 1,953.41

0.59 0.59 0.59 0.59 0.59 0.59

SHARDA MOTOR INDUSTRIES LTD

Narration Mar-09 Mar-10 Mar-11

Sales 453 591 700
Operating Profit 37 64 55
OPM 8.2% 10.9% 7.9%
Other Income 3 4 5
Depreciation 18 22 24
Interest 9 8 8
Profit before tax 12 38 28
Tax 5 12 6
Tax % 39.9% 32.7% 21.6%
Net profit 8 27 24
NPM % 1.8% 4.5% 3.5%
Cash from Operating Activity 28 52 58
Capex (NFA+WIP change+dep) 36 52
TotalDebt 92 96 106
Cash+investments (CI+NCI) 13 20 15

SSGR
PBT/AVG. NFA 27% 17%
ROE 23% 18%
ROCE (EBIT on avg capital emp /total assets) 14% 10%
Incremental ROE 3 yr rolling

Net FA Turnover 4.23 4.21

Receivable Days 45 40
Inventory Turnover 13.23 12.27
Net Fixed Assets 128 151 181
CWIP 32 23 21
Share Capital 6 6 6
Dividend paid without DDT 6 6 6
Dividend Payout 74% 22% 25%
Retained Earnings 2 21 18
Price to Earning
Mcap 0 0 0
Cash+Investments

Equity 104 124 141

D/E 0.9 0.8 0.7
Cost of funds 12%
Interest out go 11 12
Interest coverage 5.7 4.6

Cash from Operating Activity 27.6 51.6 57.8

Cash from Investing Activity (27.3) (33.9) (62.2)
Cash from Financing Activity (16.1) (11.1) (2.4)
Net Cash Flow (15.8) 6.7 (6.8)
Total RE 288
Total increase in Mcap 895
Value created 3.10
-
Depr as % of NFA 14% 15% 13%
SSGR
Depr avg 3 years 14%
NFAT avg 3 years
NPM avg 3 years 3%
Avg div payout ratio 3 years 40%

SSGR

As a % of Sales
Raw materials 76.2% 72.2% 74.9%
change in Inventory 1.0% -0.9% 0.8%
Power & Fuel 1.3% 1.3% 1.4%
other mfg 4.9% 5.9% 8.1%
Employee Cost 5.3% 5.0% 4.6%
SGA 3.9% 3.3% 3.2%
other Exp 1.3% 0.5% 0.7%
RM+power 77.5% 73.5% 76.2%
total 91.8% 89.1% 92.1%
Bal 8.2% 10.9% 7.9%
OPM 8.2% 10.9% 7.9%
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
751 898 821 875 927 1,042
65 87 75 91 93 125
8.6% 9.7% 9.1% 10.5% 10.0% 12.0%
5 3 9 10 13 9
31 36 46 52 44 50
9 11 16 15 12 8
29 44 22 34 50 76
3 18 7 -2 -0 20
9.1% 40.4% 32.1% -4.9% -0.8% 26.7%
29 26 15 36 35 61
3.8% 2.9% 1.8% 4.1% 3.8% 5.8%
55 43 49 100 92 164
69 67 80 25 13 7
126 160 225 144 121 59
18 8 38 17 84 160

-2% -4% -7% -9% -9% -6%

14% 18% 8% 12% 19% 34%
19% 16% 9% 19% 16% 22%
11% 17% 10% 12% 12% 15%
35% -1% -25% 18% 12% 36%

3.66 3.67 2.94 3.07 3.60 4.66

41 40 46 43 40 37
11.77 12.14 10.47 11.09 10.94 13.47
229 260 299 272 243 204
11 11 7 8 4 1
6 6 6 6 6 6
6 6 6 6 4 7
21% 23% 40% 16% 11% 12%
23 20 9 30 32 53
14.5 19.8
0 0 0 0 512 1203

163 170 178 205 247 306

0.8 0.9 1.3 0.7 0.5 0.2

14 17 23 22 16 11
4.7 5.1 3.2 4.1 5.8 11.5

54.8 43.1 49.5 99.6 91.9 164.3

(58.9) (59.1) (64.5) (17.9) (61.4) (84.1)
5.4 18.9 45.1 (102.9) (42.5) (76.9)
1.3 2.8 30.1 (21.3) (12.0) 3.3
 14% 14% 15% 19% 18% 24%

14% 14% 14% 16% 18% 21%

4.0 3.8 3.4 3.2 3.2 3.8
4% 3% 3% 3% 3% 5%
23% 23% 28% 26% 22% 13%

-1.61% -3.52% -7.20% -9.04% -9.43% -5.50%

76.2% 72.2% 74.9% 72.7% 69.6% 68.6%

1.0% -0.9% 0.8% -0.2% -0.4% -0.2%
1.3% 1.3% 1.4% 1.4% 1.4% 1.3%
4.9% 5.9% 8.1% 6.9% 6.2% 6.2%
5.3% 5.0% 4.6% 4.8% 6.8% 7.0%
3.9% 3.3% 3.2% 3.9% 4.0% 3.5%
1.3% 0.5% 0.7% 1.4% 1.6% 1.4%
77.5% 73.5% 76.2% 74.1% 71.0% 69.8%
91.8% 89.1% 92.1% 91.4% 90.0% 88.0%
8.2% 10.9% 7.9% 8.6% 10.0% 12.0%
8.6% 9.7% 9.1% 10.5% 10.0% 12.0%
 Trends 10Yr 7Yr 5Yr 3Yr
Mar-18
1,155 Sales 10.97% 7.42% 5.16% 9.73%
145 cOP 837 OPM 10.19% 10.51% 10.96% 11.60%
12.5% PAT growth 30.53% 20.20% 27.66% 34.53%
17 cOI 78 AVG PE 15.8 15.8 15.8 15.8
44 cDepr 367
2 cInt 99
116 cPBT 449
38 cTax 107
32.9% cPBT+cInt+
88 cPAT 349 cTax
7.6% cECFO
116 cCFO 756 cECFO-Adj
18 cCapex 368 cCFO
- cFCF 388 dif
209 total Div 60
??? cash+investments 209
2%
60% FCF/CFO 51%
25% SG to capex
20%
29% <<<Ignore this row>>>

6.03 cRecv 54.17

36 cInt 44.87
14.68
179 99.04
0
6
7
8%
81
13.2
1162 895

385
-

4
40.9

115.8 755.9 cumulatively this much cash came in from operations

(30.1) (499.3) Used in investing either as Plant, machinery, land and building
(69.5) (252.1) And this much was apid out in dividends and Interest
16.2 4.6 RE 288 cPBT
 Div paid 60 cTax
cRE

24% cPAT

22%
4.8
6%
10% Expected
cOP 837
2.21% cOtherIncome 78
cTotalIncome 915
cInterest 99
cPBT 449 816
68.5% cTax 107
0.2% cPAT 342
1.1% cDIv 60
6.2% cRE 282
7.1%
3.7% cCFO 756
1.0% cCFI -499
69.6% cCFF -252 -159
87.5%
12.5%
12.5%
Net FA change
Net CWIP change
change in Inv
change in Recv
change in cash
 915 cOP+cOI 915
107 cDepr 367
808 cInt 99
815 cTax 107
756 cEPAT 342
59 cPAT 349
99.04 Adj -7
-40

e in from operations
machinery, land and building or marketable securities
vidends and Interest
449
 107
282 288 Almost matches

349 342 Tallies

difference explanation

367 367 depreciation

-93 -92 CFF is not only interest+dividend ???

Net FA change 51
Net CWIP change -31
change in Inv 54.17
change in Recv 44.87
change in cash 71.22