Track Record

CUMI in the Past Five Years (31st March)

  Standalone performance Consolidated performance
  2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
Summary information                     
a Net Sales   4646 5868 6578 7381 9197 6198 9072 11871 12797 16007
b EBITDA  * 1023 1121 1143 1439 2002 1375 1587 2043 2460 3121
c PBIT * 855 869 845 1085 1602 1130 1261 1662 2016 2616
 [*excluding exceptional income / (expense) (Net)]
d PBT 853 1372 861 842 1643 1119 1740 1601 1714 2580
e PAT 587 972 597 580 1243 751 1189 1037 1017 1708
f Net Fixed Assets 2492 3246 3710 3788 3885 3063 4349 5173 5316 5525
g Net Working Capital 1371 1868 2325 2036 2464 1953 3262 4267 4315 5505
h Investments 897 1698 1722 1718 1641 636 564 610 779 749
i Shareholders Networth 2740 3519 3909 4289 5282 3420 4468 5039 5929 7455
j Loan Funds 1815 3010 3480 2838 2288 1954 3822 5150 4391 4085
 
Ratio Analysis                    
A Performance Ratios                      
1 EBITDA / Net Sales % 22% 19% 17% 19% 22%   22% 17% 17% 19% 19%
2 PBIT / Net Sales % 18% 15% 13% 15% 17%   18% 14% 14% 16% 16%
3 Asset Turnover  times  1.4 1.3 1.2 1.2 1.5   1.4 1.3 1.2 1.2 1.4
4 Return on Capital Employed % 21% 15% 12% 14% 21%   23% 17% 17% 18% 22%
5 Return on Equity 23% 31% 16% 14% 26%   24% 30% 22% 19% 26%
6 International Revenue share % 15% 15% 21% 18% 21% 15% 33% 47% 45% 47%
B Leverage Ratios                    
1 Interest Cover times 14.4 6.6 4.2 6.0 9.8   17.2 8.2 5.9 8.0 11.5
2 Debt Equity Ratio 0.7 0.9 0.9 0.7 0.4   0.6 0.9 1.0 0.7 0.5
3 Debt / Total Assets 0.4 0.4 0.4 0.4 0.3   0.3 0.4 0.5 0.4 0.3
C Liquidity Ratio                    
1 Current Ratio 2.6 2.8 3.1 2.6 2.7   2.6 2.9 3.1 3.3 3.4
D Activity Ratio                     
1 Inventory Turnover days 49 52 59 58 54   50 55 64 68 62
2 Receivable Turnover days 69 70 79 77 67   71 72 76 78 69
3 Payables No of days 45 47 47 48 47   51 52 52 51 44
4 Cash Cycle days 74 76 90 88 74   70 76 89 96 88
E Investor related Ratios                    
1 Earning Per Share (Rs.) 6.3 10.4 6.4 6.2 13.3   8.0 12.7 11.1 10.9 18.3
2 Dividend Per Share (Rs.) 1.5 2.0 2.0 2.0 2.5   - - - - -
3 Dividend Payout 27.9% 22.1% 35.8% 36.3% 21.0%   - - - - -
4 Price to Earnings Ratio - - - -   19.9 12.7 9.3 13.2 12.3
5 Enterprise Value / EBITDA - - - -   12.0 11.8 7.2 7.2 8.0
6 Enterprise Value / Net Sales - - - -     2.7 2.1 1.2 1.4 1.6

Glossary
A Performance Ratios
1 EBITDA/Net Sales % EBITDA/Net Sales
2 PBIT/Net Sales %  PBIT/Net Sales
3 Asset Turnover  times (excluding Investments) Net sales/ Average Capital Employed excluding Investments
4 Return on Capital Employed % PBIT/Average Capital Employed
5 Return on Equity PAT/Average of Shareholder's Funds
B Leverage Ratios
1 Interest Cover times EBITDA/Interest cost
2 Debt Equity Ratio Total Debt/Shareholders Funds
3 Debt/Total Assets Total Debt/Total Assets
C Liquidity Ratio
1 Current Ratio Average of Current Assets/Current Liabilities
D Activity Ratio *
1 Inventory Turnover days Average Inventory / (Turnover/365)
2 Receivable Turnover days Average Receivables / (Turnover/365)
3 Payables No of days Average Payables / (Turnover/365)
4 Cash Cycle days Inventory Turnover + Receivables Turnover - Creditors No of days
* based on Turnover and average of opening/closing  parameters
E Investor related Ratios
1 Earning Per Share (Rs.)
2 Dividend Per Share (Rs.)
3 Price to Earnings Ratio Average share price of monthly high low / EPS
4 Enterprise Value/EBITDA Total Enterprise Value^ / EBITDA
5 Enterprise Value/Net Sales Total Enterprise Value^ / Net Sales
^ Enterprise Value Market capitalisation + Loan Funds + Minority Interest - Cash & Cash equivalents.

Murugappa Group Abrasives & Ceramics Manufacturers