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					                                                                                              Regd off: 101, Usha Kamal, 574, Chembur Naka, Chembur, Mumbai - 71
PRATIBHA INDUSTRIES LIMITED                                                                   E-Mail:    pankaj.cs@pratibhagroup.com
                                                                                              Web site: www.pratibhagroup.com
                                                                                              Telephone: (022) 6641 4499 Fax: (022) 2520 1135
CONSTRUCTION                                                         MISCELLANEOUS            Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai - 78
Chairman: Usha B. Kulkarni                                                       SEC: Pankaj S. Chourasia                                AUD: Jayesh Sanghrajka & Co.
Yr of Inc   B. Code       BL. Code      F.V.         Price        % ch 1-m       % ch 12-m      P/E          P/CF        Yield          Mkt cap              Vol.             ISIN
 1983   532718             PRIL:IN      10           212.8          17.5           -18.9         7.9          6.9         0.9           3,550.8              286.0       INE308H01014
SHAREHOLDING                                                       FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :   61.6%               Exports (fob)          Rs m         0
                                                                                                      (Rs)
Foreign collaborators      :    0.0%               Imports (cif)          Rs m       272
Indian inst/Mut Fund       :   10.1%               Fx inflow              Rs m        42        500
FIIs/GDR                   :   15.0%               Fx outflow             Rs m       321                                                                      DAILY
Free float                 :   13.3%               Net fx                 Rs m      -279
Shareholders               :   11,580
                                                                                                400                                                           100 DMA

                           No. of months                    12            12            12
                             Year ending              31/03/07      31/03/08      31/03/09      300
EQUITY SHARE DATA
High                                    Rs                 392           470           385
Low                                     Rs                 133           144            47      200
Sales per share                         Rs               210.2         336.4         478.8
Earnings per share                      Rs                14.3          20.6          26.8
Cash flow per share                     Rs                15.1          22.7          31.0
                                                                                                100
Dividends per share                     Rs                2.00          2.00          2.00
Dividend yield (eoy)                    %                  0.8           0.7           0.9
                                                                                                   0
Book value per share                    Rs                66.3         110.2         134.6
Shares outstanding (eoy)                m                14.29         16.69         16.69         Aug-06            Jun-07             Feb-08              Nov-08            Aug-09
Bonus/Rights/Conversions                                      -           PP              -
Price / Sales ratio                     x                   1.2           0.9           0.5                               No. of months                 12            12            12
Avg P/E ratio                           x                 18.3          14.9            8.1                                 Year ending           31/03/07      31/03/08      31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                        x                 17.4          13.5            7.0
Price / Book Value ratio                x                   4.0           2.8           1.6    From Operations                          Rs   m       -390             1,474          -524
Dividend payout                         %                 13.9           9.7           7.5     From Investments                         Rs   m       -110            -1,604          -100
Avg Mkt Cap                             Rs m             3,751         5,124         3,605     From Financial Activity                  Rs   m        735               295           777
No. of employees                        `000             <500             NA            NA     Net Cashflow                             Rs   m        235               165           153
Total wages/salary                      Rs m                83           173           345
Avg. sales/employee                     Rs Th          6,675.6            NA            NA                                       INTERIM RESULTS
Avg. wages/employee                     Rs Th            184.4            NA            NA                                           2QFY09   3QFY09            4QFY09         1QFY10
Avg. net profit/employee                Rs Th            455.6            NA            NA     Net sales                    Rs   m     1,959    1,920             2,247          2,640
                                                                                               Gross profit                 Rs   m       184      267               272            313
INCOME DATA                                                                                    Gross profit margin          %             9.4    13.9              12.1           11.9
Net Sales                               Rs     m         3,004         5,614         7,992     Net profit                   Rs   m       106      104               121            137
Other income                            Rs     m             25           51           180     Net profit margin            %            5.4       5.4               5.4            5.2
Total revenues                          Rs     m         3,029         5,665         8,172
Gross profit                            Rs     m           331           527           686                                          KEY DATA
Depreciation                            Rs     m             11           36            71     Parameters                          Unit              FY07             FY08       FY09
Interest                                Rs     m           109           140           241     Cost of works done                  % of sales         79.4             78.7       76.4
Profit before tax                       Rs     m           236           402           554     SG&A                                % of sales          5.7              6.5        8.0
Minority Interest                       Rs     m              0             0             0    Personnel expenses                  % of sales          2.8              3.1        4.3
Prior Period Items                      Rs     m              1             2            -2    Finance expenses                    % of sales          4.1              3.9        4.2
Extraordinary Inc (Exp)                 Rs     m              0             0             0
Tax                                     Rs     m             32            61          105
                                                                                                                                      NOTES
Profit after tax                        Rs     m           205           343           447
Gross profit margin                     %                 11.0            9.4           8.6    Pratibha Industries Ltd. (PIL) is engaged in the infrastructure development business
Effective tax rate                      %                 13.6          15.2          19.0     with a niche in the water segment, providing one stop solution for design,
                                                                                               engineering, construction, commissioning and operation of water supply projects. PIL
Net profit margin                       %                   6.8           6.1           5.6
                                                                                               also has presence in mass housing projects, commercial complexes, airport
BALANCE SHEET DATA                                                                             terminals, railway stations, road construction and tunneling projects. During FY08,
                                                                                               the company commissioned its SAW pipes division with a manufacturing capacity of
Current assets                          Rs m             2,673         4,378         5,618     92,000 tonnes per annum.
Current liabilities                     Rs m               878         3,283         2,977
Net working cap to sales                %                 59.8          19.5          33.0     PIL posted a robust 42% YoY growth in consolidated revenues during FY09. This was
Current ratio                           x                   3.0           1.3           1.9    led by a strong accretion to its order book. Operating margins, however contracted
Inventory Turnover                      Days                33           119            96     by 0.8% YoY to 8.6%. This led to a 30% YoY growth in operating profits. At the net
Debtors Turnover                        Days               195            50            64     profit level, the company reported a 30% YoY growth in earnings. During the year,
Net fixed assets                        Rs m               493         1,237         2,151     PIL's infrastructure and construction division contributed to nearly 84% of revenues,
Share capital                           Rs m               143           167           167     while the manufacturing segment (pipes) added the balance.
"Free" reserves                         Rs m               806         1,672         2,080
                                                                                               As on June 2009, PIL had an order backlog of Rs 15.4 bn, which is nearly 1.9 times
Net worth                               Rs m               948         1,839         2,247     its FY09 revenue. Of this, the water supply segment had a share of 57%, while the
Long term debt                          Rs m               326           699         1,644     road segment had a contribution of 14%. The balance was shared between the
Total assets                            Rs m             3,194         6,468         7,770     company's other segments. Given the fact that the company has commissioned its
Interest coverage                       x                   3.2           3.9           3.3    pipes division, it will be able to cater to the growing requirement of pipes for captive
Debt to equity ratio                    x                   0.3           0.4           0.7    consumption as well as for oil and gas distribution, thus allowing the company to
Sales to assets ratio                   x                   0.9           0.9           1.0    diversify and boost its revenues going forward. The entry into saw pipes will also give
Return on assets                        %                 24.6          19.0          17.7     an added advantage in terms of margins.
Return on equity                        %                 21.6          18.7          19.9
Return on capital                       %                 27.2          21.4          20.4
Exports to sales                        %                   0.0           0.0           0.0
Imports to sales                        %                   4.5           5.8           3.4
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posted:11/6/2010
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