Apollo Enterprise

Introduction
Apollo Hospitals Enterprise Limited (AHEL) was incorporated as a Public Limited Company in the year
1979. Promoted by Dr. Prathap C Reddy, it is the first group of hospitals that pioneered the concept of
corporate healthcare delivery in India. AHEL is a listed Company on the Bombay Stock Exchange.
AHEL today, is the leading private sector healthcare provider in Asia and owns and manages a network
of specialty hospitals and clinics, a chain of Pharmacy retail outlets across the country, and provides
Consultancy Services for commissioning and managing the Specialty Hospitals
It is often said that nothing happens, unless there is a dream first. At the genesis of the Apollo story there
was a dream. A dream so powerful, that it helped transform the medical landscape in India. The dream
nurtured and grew within Dr. Prathap C Reddy, the founder Chairman of Apollo Hospitals, until the
point of inflection happened in 1983.
Apollo Hospitals started as a 150 bed hospital in Chennai. And it has to be said, amidst much
skepticism. India in the early 80's was not the easiest place for private enterprise. Moreover private
healthcare institutions were unknown and they were not doing cutting edge work. 25 years later it is an
amazing story of success, achievement and most importantly, dreams realized.
The Apollo Hospitals group today includes over 7500 beds across 43 hospitals in India and overseas,
neighborhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO and health
insurance services and clinical research divisions that are working on the cutting edge of medical
science. Apollo has succeeded in being more than just a quality healthcare provider. It has been a major
player in scripting the medical landscape of the nation. This is primarily because the group has
continuously been at the helm of several game-changing innovations in Indian healthcare.
By the start of the new millennium, Apollo Hospitals Group had become an integrated healthcare
organization with owned and managed hospitals, diagnostic clinics, dispensing pharmacies and
consultancy services. In addition, the group's service offerings include healthcare at the patient's
doorstep, clinical & diagnostic services, medical business process outsourcing, third party administration
S.R. Luthra Institute of Management

Apollo Enterprise
services and health insurance. To enhance performance and service to customers, the company also
makes available the services to support the business of healthcare; telemedicine services, education and
training programmes & research services and a host of not- for- profit projects.
Services offered by the company:

Cardiology & Cardiothoracic Surgery

Orthopedics & Joint Replacement Surgery

Spine Surgery

Oncology

Medical & Surgical Gastroenterology

Neurology & Neurosurgery

Nephrology & Urology

Critical Care Medicine

S.R. Luthra Institute of Management

Apollo Enterprise

Multi-Step Analysis
Apollo Hospitals Enterprises
Standalone Profit & Loss account
Mar '13
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax

Mar '12
12 mths
in crores

Mar '11
12 mths

3,317.79
0
3,317.79
35.58
0
3,353.37

2,800.07
0
2,800.07
24.12
0
2,824.19

2,331.96
0
2,331.96
17.61
0
2,349.57

0
0
524.4
1,719.82
0
520.02
0
2,764.24

0
0
425.55
1,530.60
261.22
110.12
0
2,327.49

0
0
357.2
1,298.75
227.08
68
0
1,951.03

553.55
589.13
72.63
516.5
108.52
0
407.98
-2.17
405.81
98.87

472.58
496.7
68.06
428.64
91.13
0
337.51
0
337.51
106.53

380.93
398.54
58.64
339.9
70.26
0.33
269.31
1.36
270.67
88.96

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Apollo Enterprise
Reported Net Profit

309.11

230.99

181.72

Apollo Hospitals Enterprises

Standalone Balance Sheet

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit

Mar '13
12 mths

Mar '12
12 mths
in crores

Mar '11
12 mths

69.56
69.56
0.00
0.00
2658.03
2727.59
863.48
34.23
897.71
3625.30

67.23
67.23
38.71
0.00
2246.33
2352.27
374.22
185.75
559.97
2912.24

130.86
62.36
0.00
68.51
1641.30
1772.16
549.61
191.40
741.01
2513.17

Mar '13
12 mths

Mar '12
12 mths

Mar '11
12 mths

2284.85
578.53
1706.32
357.92
896.04
205.39
426.61
255.47
887.47
506.84
0.00
1394.31
0.00

1930.38
482.75
1447.63
221.37
764.12
182.71
353.77
89.58
626.06
601.77
97.37
1325.20
0.00

1444.50
398.74
1045.76
352.40
624.11
150.52
269.64
101.68
521.84
571.50
39.69
1133.03
0.00

S.R. Luthra Institute of Management

Apollo Enterprise
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets

623.28
106.00
729.28
665.03
0.00
3625.31

503.07
343.02
846.09
479.11
0.00
2912.23

372.91
269.21
642.12
490.91
0.00
2513.18

Horizontal Analysis
Apollo Hospitals Enterprises
Standalone Profit & Loss account
Increase/Decrease
Mar '13 Mar '12 Mar '11 over 2013
12 mths 12 mths 12 mths
in crores
in crores %age

Increase/Decrease
over 2012
in crores

%age

Income
3,317.7
9
35.58
3,353.3
7

2,800.0
7
24.12
2,824.1
9

2,331.9
6
17.61
2,349.5
7

524.4
1,719.8
2

425.55
1,530.6
0

357.2
1,298.7
5

Total Expenses

0
520.02
2,764.2
4

261.22
110.12
2,327.4
9

Operating Profit
PBDIT
Interest
PBDT
Depreciation

553.55
589.13
72.63
516.5
108.52

Other Written Off

Profit Before Tax

Net Sales
Other Income
Total Income
Expenditure
Employee Cost
Other Manufacturing
Expenses
Selling and Admin
Expenses
Miscellaneous Expenses

Extra-ordinary items
PBT (Post Extra-ord
Items)
Tax
Reported Net Profit

517.72
11.46

18.49
47.51

468.11
6.51

20.07
36.97

529.18

18.74

474.62

20.20

98.85

23.23

68.35

19.13

189.22

12.36

231.85

17.85

227.08
68
1,951.0
3

(261.22)
409.90

(100.00)
372.23

34.14
42.12

15.03
61.94

436.75

18.76

376.46

19.30

472.58
496.7
68.06
428.64
91.13

380.93
398.54
58.64
339.9
70.26

80.97
92.43
4.57
87.86
17.39

17.13
18.61
6.71
20.50
19.08

91.65
98.16
9.42
88.74
20.87

0
407.98

0
337.51

0.33
269.31

0.00
70.47

0.00
20.88

(0.33)
68.20

-2.17

1.36

(1.36)

24.06
24.63
16.06
26.11
29.70
(100.0
0)
25.32
(100.0
0)

405.81
98.87
309.11

337.51
106.53
230.99

270.67
88.96
181.72

66.84
17.57
49.27

24.69
19.75
27.11

(2.17)
68.30
(7.66)
78.12

20.24
(7.19)
33.82

S.R. Luthra Institute of Management

Apollo Enterprise
Total Value Addition
Equity Dividend
Corporate Dividend Tax

2,764.2
4
76.52
13

2,327.4
9
53.79
8.73

1,951.0
3
46.77
7.59

436.75
22.73
4.27

18.76
42.26
48.91

376.46
7.02
1.14

19.30
15.01
15.02

1,391.2
5
22.22
110
196.05

1,344.6
7 1,247.11
17.18
14.57
80
75
172.05
136.61

46.58
5.04
30.00
24.00

3.46
29.34
37.50
13.95

97.56
2.61
5.00
35.44

7.82
17.91
6.67
25.94

Per share data (annualised)

Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

Analysis of Profit and Loss Account

Net sales growth in 2013 is 18.49 % and in 2012, it is 20.07%

Employee cost expenses are higher than net sales in 2013(23.23%) but in 2012, it was low
(19.13%).
The miscellaneous expense was more than 3 times more in 2013.
Though the miscellaneous expense was so high in 2013, the total expenses in 2013 was
18.76% which is low compared to last year (19.30%). The reason is there was no selling and
administration expense in 2013.
Growth in other income is low compared to last year. In 2012, it was 24.06% whereas in
2013, it was17.13%
The tax provision of 2013 is less compared to last year i. e. in 2012, it was 19.75% where as
in 2013, it is -7.19%
The net profit of the company has increased compared to last year. This resulted in increase
in earning per share of the company for the current year. In 2012, earning per share was Rs.
17.18 where as in 2013, it is Rs. 22.22.

S.R. Luthra Institute of Management

Apollo Enterprise

Mar '13
12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application
Money
Preference Share
Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum.
Depreciation
Net Block
Capital Work in
Progress
Investments
Inventories
Sundry Debtors
Cash and Bank
Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans &
Advances
Current Liabilities
Provisions
Total CL &
Provisions
Net Current Assets
Total Assets
Contingent Liabilities
Book Value (Rs)

Apollo Hospitals Enterprises

Standalone Balance Sheet
Increase/Decrease over
Mar '12
Mar '11
2013
12 mths
12 mths
in crores
in crores percentage

Increase/Decrease over
2012
in crores

Percentage

69.56
69.56

67.23
67.23

130.86
62.36

0.00

38.71

0.00

0.00
2658.03
2727.59
863.48
34.23
897.71
3625.30

0.00
2246.33
2352.27
374.22
185.75
559.97
2912.24

68.51
1641.30
1772.16
549.61
191.40
741.01
2513.17

411.70
375.32
489.26
(151.52)
337.74
713.06

2284.85

1930.38

1444.50

578.53
1706.32

482.75
1447.63

357.92
896.04
205.39
426.61

18.33
15.96
130.74
(81.57)
60.31
24.48

605.03
580.11
(175.39)
(5.65)
(181.04)
399.07

36.86
32.73
(31.91)
(2.95)
(24.43)
15.88

354.47

18.36

485.88

33.64

398.74
1045.76

95.78
258.69

19.84
17.87

84.01
401.87

21.07
38.43

221.37
764.12
182.71
353.77

352.40
624.11
150.52
269.64

136.55
131.92
22.68
72.84

61.68
17.26
12.41
20.59

(131.03)
140.01
32.19
84.13

(37.18)
22.43
21.39
31.20

255.47
887.47
506.84
0.00

89.58
626.06
601.77
97.37

101.68
521.84
571.50
39.69

165.89
261.41
(94.93)
(97.37)

185.19
41.75
(15.78)
(100.00)

(12.10)
104.22
30.27
57.68

(11.90)
19.97
5.30
145.33

1394.31
623.28
106.00

1325.20
503.07
343.02

1133.03
372.91
269.21

69.11
120.21
(237.02)

5.22
23.90
(69.10)

192.17
130.16
73.81

16.96
34.90
27.42

729.28
665.03
3625.31

846.09
479.11
2912.23

642.12
490.91
2513.18

(116.81)
185.92
713.08

(13.81)
38.81
24.49

203.97
(11.80)
399.05

31.77
(2.40)
15.88

1186.23
196.05

1345.41
172.05

817.74
136.61

(159.18)
24.00

(11.83)
13.95

527.67
35.44

64.53
25.94

Analysis of Balance Sheet

S.R. Luthra Institute of Management

Apollo Enterprise

Total Assets/liabilities up by 24.49% in 2013 where as in 2012, it was 15.88%.

In 2013, Net worth is 15.96% where as in 2012 it was 32.73%.
In 2012, gross block (fixed assets) was 38.43% which reduced to 17.87%.
In 2012, investments were 22.43% which reduced to 17.26% in 2013. Investments in absolute
terms are high but compared to 2012, investments in 2013 has decreased.
Inventory management in 2012 was 21.39% where as in 2013, it was 12.41%.
The net current assets was negative (-2.40%) in 2012. So the company increased its cash and
bank balance which led to rise in net current assets up to 38.81%.

S.R. Luthra Institute of Management

Apollo Enterprise
Vertical analysis
Apollo Hospitals Enterprises
Profit and loss account.

Income
Sales turnover
Excise duty
Net sales
Other incomes
Total income
Expenditure
Employee cost
Other manufacturing expense
Selling and admin expense
Miscellaneous expense
Pre operative exp capitalised
Total expense
Operating profit
PBDIT
Interest
PBDT
Depreciation
Other written off
PBT
Extra ord items
PBT(post extra ord items)
Tax
Reported net profit
Total value addition
Equity dividend
Corporate dividend tax
Per share data (annualised)
Shares in issue (in lakhs)
Earnings per share
Equity dividend (%)
Book value(Rs)

Mar-11
Rs(in
crores)

Mar-12
Rs(in
crores)

Mar-13
Rs(in
crores)

2331.96
0
2331.96
17.61
2349.57

100
0
100
0.76
100.76

2800.07
0
2800.07
24.12
2824.19

100
0
100
0.86
100.86

3317.79
0
3317.79
35.58
3353.37

100
0
100
1.07
101.07

357.2
1298.75
227.08
68
0
1951.03
380.93
398.54
58.64
339.9
70.26
0.33
269.31
1.36
270.67
88.96
181.72
1951.03
46.77
7.59

15.32
55.69
9.74
2.92
0
83.66
16.33
17.09
2.51
14.58
3.01
0.014
11.55
0.05
1.19
3.81
7.79
83.66
2.005
0.33

425.55
1530.6
261.22
110.12
0
2327.49
472.58
496.7
68.06
428.64
91.13
0
337.51
0
337.51
106.53
230.99
2327.49
53.79
8.73

15.19
54.66
9.33
3.93
0
83.12
16.88
17.74
2.43
15.31
3.25
0
12.05
0
12.05
3.8
8.25
83.12
1.92
0.31

524.4
1719.82
0
520.02
0
2764.24
553.55
589.13
72.63
516.5
108.52
0
407.98
-2.17
405.81
98.87
309.11
2764.24
76.52
13

15.81
51.84
0
15.67
0
83.32
16.68
17.76
2.19
15.57
3.28
0
12.3
-0.07
12.23
2.98
9.32
83.32
2.31
0.39

1247.11
14.57
75
136.61

53.48
0.62
3.22
5.86

1344.67
17.18
80
172.05

48.02
0.61
2.86
6.14

1391.25
22.22
110
196.05

41.93
0.67
3.32
5.91

Analysis of Profit and loss account.

S.R. Luthra Institute of Management

Apollo Enterprise

Net sales of March 2013 are Rs.3317.79, of March 2012 are 2800.07 and of March 2011 are

2331.96.
This shows that net sales are increasing continuously from past 2 years.
In 2013 there was an increase of 51.77% in net sales as compared to 2012.
In 2012 there was an increase of 46.81% in net sales as compared to 2011.
The total income of 2013 is Rs 3353.37 which was highest as compared to 2012 and 2011, ie Rs

2824.19 and Rs 2349.57.

The total expense in the year 2013 is Rs 2764.24 which is again more in comparison with the

year 2012 and 2011 which were Rs 2327.49 and Rs 1951.03 respectively.
The operating profit for the year 2013 is 16.68%, 2012 is 16.88% and for the 2011 is 16.33%.
This shows the operating expense has increased in the year 2012 than again it got diminished in
2013.
The reported net profit is 9.32% in 2013, 8.25% in 2012, and 7.79% in 2011 respectively.
Earnings per share of Apollo hospitals Enterprise is 0.62% in 2013, 0.61% in 2012 and 0.67% in
2011.

Apollo Hospitals Enterprise

Standalone Balance sheet
Mar-11
Rs.(in
crore)

Mar-12
Rs.(in
crore)

Mar-13
Rs.(in
crore)

Sources of funds
S.R. Luthra Institute of Management

10

Apollo Enterprise
Total share capital
Equity share capital
Share application money
Preference share capital
Reserves
Revaluation reserves
Net worth
Secured loans
Unsecured loans
Total debt
Total liabilities
Applications of sources
Gross block
LessAccumulated
depreciation
Net block
Capital work in progress
Investments
Inventories
Sundry debtors
Cash and bank balance
Total current assets
Loans and advances
Fixed deposits
Total current assets, Loans
and advances
Current liabilities
Provisions
Total current liabilities and
provisions
Net current assets
Total assets
Contingent liability
Book value (in Rs)

130.86
62.36
0
68.51
1641.3
0
1772.16
549.61
191.4
741.01
2513.17

5.2
2.4
0
2.72
65.31
0
70.51
21.87
7.62
29.49
100

67.23
67.23
38.71
0
2246.33
0
2352.27
374.22
985.75
559.97
2912.24

2.31
2.31
1.33
0
77.13
0
80.77
12.85
33.85
19.23
100

69.56
69.56
0
0
2658.03
0
2727.59
863.48
34.23
897.71
3625.3

1.09
1.09
0
0
73.32
0
75.24
23.82
0.94
24.76
100

144.5

5.75

1930.38

66.29

2284.85

63.02

398.74
1045.76
352.4
624.11
150.52
269.64
101.68
521.84
571.5
39.69

15.87
41.61
139.2
24.83
5.99
10.73
4.04
20.76
22.74
1.58

482.75
1447.63
221.37
764.12
182.71
353.77
89.58
626.06
601.77
97.37

16.58
49.71
7.6
26.24
6.27
12.15
3.08
21.5
20.66
4.05

578.53
1706.32
357.92
896.04
205.39
426.61
255.47
887.47
506.84
0

15.96
47.07
9.87
24.72
5.67
11.77
7.05
24.48
13.98
0

1133.03
372.91
269.21

45.08
14.84
10.71

1315.2
503.07
343.02

45.16
17.3
11.78

1394.31
623.28
106

38.46
17.19
2.92

642.12
490.91
2513.18
817.74
136.61

25.55
19.53
100
32.54
5.44

846.09
479.11
2912.23
1345.41
172.05

29.05
16.45
100
46.2
5.91

729.28
665.03
3625.31
1186.23
196.05

20.12
18.34
100
32.72
5.41

Analysis of balance sheet.

Net worth of the Apollo Hospitals Enterprise in 2013 is 75.24%, in 2012 and 2011 were 80.77%
and 70.51% respectively.
The total debt in the year 2013 is 24.76% and in 2012 and 2011 were 19.23% and 29.49%
respectively.
S.R. Luthra Institute of Management

11

Apollo Enterprise

Total liabilities and assets in 2013 were Rs 3625.31, in 2012 it was Rs 2912.24 and in 2011 it
was Rs 2513.18.
Net block for the year 2013 is 47.07%, in the year 2012 it was 49.71% and in 2011 it was
41.61%.
Investments were 24.72%, 26.24% and 24.83% in the year 2013, 2012 and 2011 respectively.

Trend Analysis
The base year for trend analysis is 2011 and on the basis of 2011, the following
conclusions can be drawn for 2012 and 2013.
Apollo Hospitals Enterprises
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12

Apollo Enterprise
Year

Mar '13
12 mths

Net Sales
INDEX
Total Income
INDEX
Total Expenses
INDEX
Operating Profit
INDEX
PBDIT
INDEX
PBDT
INDEX
Profit Before Tax
INDEX
PBT (Post Extra-ord Items)
INDEX
Profit after tax
INDEX
Equity Dividend
INDEX
Shares in issue (lakhs)
INDEX
Gross Block
INDEX
Net Block
INDEX
Net Current Assets
INDEX
Net Worth
INDEX

3317.79
1.42
3353.37
1.43
2764.24
1.42
553.55
1.45
589.13
1.48
516.50
1.52
407.98
1.51
405.81
1.50
309.11
1.70
76.52
1.64
1391.25
1.12
2284.85
1.58
1706.32
1.63
665.03
1.35
2727.59
1.54

Mar '12
12 mths
in crores
2800.07
1.20
2824.19
1.20
2327.49
1.19
472.58
1.24
496.70
1.25
428.64
1.26
337.51
1.25
337.51
1.25
230.99
1.27
53.79
1.15
1344.67
1.08
1930.38
1.34
1447.63
1.38
479.11
0.98
2352.27
1.33

Mar '11
12 mths
2331.96
1.00
2349.57
1.00
1951.03
1.00
380.93
1.00
398.54
1.00
339.90
1.00
269.31
1.00
270.67
1.00
181.72
1.00
46.77
1.00
1247.11
1.00
1444.50
1.00
1045.76
1.00
490.91
1.00
1772.16
1.00

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Apollo Enterprise
Analysis

Profit before tax growth is higher than net sales. The same can be said for profit after tax.
The growth in total expense and income of the company is in line.
The operating profit growth is little lower in 2013 compared to 2012.
The dividend available with the company is higher in 2013 compared to 2012.
Gross block is higher than net sales. Sales growth is low compared to gross block (fixed asset).

Net block in 2013 is higher compared to 2012, as the current assets have increased compared to
2012.
In 2012, net current asset is lower compared to the base year. But in 2013, there is tremendous
growth in net current asset (1.35). This is because of increase in cash and bank balance.
Net Worth growth is higher than net block growth which indicates high leverage and high
dividend distribution.

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Apollo Enterprise
RATIO ANALYSIS
MEANING:"Ratio is financial form should the comparison between two financial terms".
It relationship between various related items in these financial statements is established, they can
provide useful clues to judge accurately the financial health and ability of business to maximize the
profit. This relationship between related items of financial is thus, one number expressed in form of
return on paid up capital the net profit of the business is dividend by the paid up share capital. The
figure so obtain is the ratio. It the same is multiplied by 100 a percentage rate of return on paid up
capital is obtained.

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Apollo Enterprise
Net profit ratio:-

Types of
This ratio measures the profit on the investment. Net profit judges the operational efficiency.
ratios
For net profit ratio
YEAR

Liquidity
Ratios 2013

NET PROFIT (Rs. in cr)

Profitabilit
Performan
309.11 ce Ratios
y Ratios

SALES (Rs. in cr)

Investmen
t 3317.79
Ratios

2012

230.99

2800.07

2011

181.72

2331.96

CURRENT
RATIO

NET
PROFIT
RATIO

Net Profit Ratio =

(2013)

DEBTORS
TURNOVER
RATIO

RETURN
ON EQUITY

NET PROFIT x 100

SALES

Net Profit Ratio =

309.11 x 100

LIQUIDITY
RATIO

OPERATIN
G PROFIT3317.79
RATIO

Net Profit Ratio =

9.31%

FIXED
ASSET
TURNOVER
RATIO

RETURN
ON
CAPITAL
EMPLOYED

Net Profit Ratio for the last three financial years

DEBTEQUITY
RATIO

YEAR

NET PROFIT RATIO

2013

9.31

2012

8.25

2011

7.79

EARNING
PER
SHARE

Comment on this ratio

Net profit judges the operational efficiency; overall profit ability can be measured. Higher the ratio
better it is, from the above analysis the companys has delivered a steady growth in its profit.

Operating Profit Ratio

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Apollo Enterprise
Operating Profit gives an indication of the current operational profitability of the business.
For operating Profit Ratio
YEAR

operating profit (Rs. in cr)

SALES (Rs. in cr)

2013

553.55

3317.79

2012

472.58

2800.07

2011

380.93

2331.96

(2013)
Operating profit = Operating profit x 100
Sales
Operating profit = 553.55

x 100

3317.79
Operating profit =

16.68%

Ratio for the last three financial years

operating profit Ratio
2013

16.68

2012

16.87

2011

16.33

Comment on this ratio

Operating Profit gives an indication of the current operational profitability of the business and allows a
comparison of profitability between different companies after removing out expenses that can obscure
how the company is really performing. The company is successful in maintaining is operating profit
margin at 16%.

Debtors' turnover Ratio

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Apollo Enterprise
It shows the efficiency of the collection policy of the enterprise. The ratio is computed by dividing the
amount of debtors and bills receivables by the credit sales.
For Debtor turnover Ratio
YEAR

Net Credit Sales(Rs. in cr)

Sundry debtors (Rs. in cr)

2013

3317.79

426.61

2012

2800.07

353.77

2011

2331.96

269.64

(2013)
Debtors' turnover Ratio =

Net Credit Sales

Average debtors

Debtors' turnover Ratio = 3317.79

426.61
Debtors' turnover Ratio = 7.77 times
Debtor turnover ratio for the last three financial years
YEAR

Debtors turnover Ratio

2013

7.77

2012

7.91

2011

8.64

Comment on this ratio

By maintaining accounts receivable, company is extending interest-free loans to their clients. A high ratio
implies either that a company operates on a cash basis or that its extension of credit and collection of accounts
receivable is efficient.

Fixed asset turnover Ratio:S.R. Luthra Institute of Management

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Apollo Enterprise
The fixed-asset turnover ratio measures a company's ability to generate net sales from fixed-asset
investments.
For Fixed Asset turnover Ratio
YEAR

Net Sales (Rs. in cr)

Fixed assets (Rs. in cr)

2013

3317.79

1706.32

2012

2800.07

1447.63

2011

2331.96

1045.76

(2013)
Fixed asset turnover Ratio =

Net Sales
Fixed assets

Fixed asset turnover Ratio = 3317.79

1706.32
Fixed asset turnover Ratio = 1.94 times

Fixed asset turnover ratio for the last three financial years
YEAR

Fixed asset turnover Ratio

2013

1.94

2012

1.93

2011

2.23

Comment on this ratio

The fixed-asset turnover ratio measures a company's ability to generate net sales from fixed-asset investments.
A higher fixed-asset turnover ratio shows that the company has been more effective in using the investment in
fixed assets to generate revenues.

Current Ratio:
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Apollo Enterprise
It attempts to measure the ability of the firm to meet its current obligation or in other words, companys
current assets are able to pay all liability.
For Current Ratio
YEAR

CURRENT ASSET (Rs. in cr)

CURRENT LIABILITIES (Rs. in cr)

2013

887.47

623.28

2012

626.06

503.07

2011

521.84

372.91
(2013)

Current Assets = Stock + Cash & Bank + Debtors

Current Assets = 205.39 + 426.61 + 255.47= 887.47
Current Liabilities = Sundry Creditors+ Bills payable+ o/s expenses
Current Liabilities = 623.28
Current Ratio

Current assets
Current liabilities

Current ratio =

887.47
623.28

Current ratio = 1.42:1

Current ratio for the last three financial years
YEAR

CURRENT RATIO

2013

1.42

2012

1.24

2011

1.4

Comment on this ratio

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Apollo Enterprise
This ratio is a test of the ability of the firm to meet its short-term commitments in time. Idle current ratio
is 2:1. The company is capable enough to maintain and meet its short term obligations.

Liquidity Ratio:
It attempts to measure the ability of the firm to meet its current obligation or in other words,
companys current assets are able to pay all liability.
For Liquid Ratio
YEAR

Liquid ASSET (Rs. in cr)

Liquid LIABILITIES (Rs. in cr)

2013

623.08

623.28

2012

443.35

503.07

2011

371.32

372.91
(2013)

Liquid Assets = current assets stocks prepaid expenses

Liquid Assets = 887.47 205.39
Liquid Assets = 682.08
Liquid Liabilities = current liabilities bank overdraft
Liquid Liabilities = 623.28 0
Liquid Liabilities = 623.28
Liquid Ratio

Current assets stocks prepaid expenses

Current liabilities bank overdraft

Liquid ratio = 682.08

623.28
Liquid ratio = 1.09:1

Liquid ratio for the last three financial years

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Apollo Enterprise
YEAR

Liquid RATIO

2013

1.09

2012

0.88

2011

0.99

Comment on this ratio

A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors
are seeking payment. The higher the value of the ratio, better it is. Ideal ratio is 1:1.

Debt-equity Ratio:
A measure of a company's financial leverage calculated by dividing its total liabilities by
stockholders' equity.
For Debt-Equity Ratio
YEAR

Debt (Rs. in cr)

Equity fund (Rs. in cr)

2013

897.71

2727.59

2012

559.97

2352.27

2011

741.01

1772.16

(2013)
Debt= long term loans
Equity= equity capital + reserves & surplus + preference share capital
Debt-equity Ratio =

Debt
Equity

Debt-equity Ratio = 897.71

2727.59
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Apollo Enterprise
Debt-equity Ratio = 0.33
Debt-equity ratio for the last three financial years
YEAR

Debt-equity Ratio

2013

0.33

2012

0.24

2011

0.41

Comment on this ratio

A measure of a company's financial leverage calculated by dividing its total liabilities by stockholders'
equity. It indicates what proportion of equity and debt the company is using to finance its assets. The ideal ratio
is 1:1. The companys debt-equity ratio is less than 1 which is very favourable for the company.

Return on equity:
The amount of net income returned as a percentage of shareholders equity.
For Return on equity
YEAR

Profit after tax (Rs. in cr)

equity fund (Rs. in cr)

2013

309.11

2727.59

2012

230.99

2352.27

2011

181.72

1772.16

(2013)
Return on equity =

Profit after tax

100

Equity shareholders fund

Return on equity = 309.11
2727.59
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Apollo Enterprise
Return on equity = 11.33%

Return on equity for the last three financial years

YEAR

Return on equity (%)

2013

11.33

2012

9.82

2011

10.25

Comment on this ratio

The amount of net income returned as a percentage of shareholders equity. Return on equity measures a
corporation's profitability by revealing how much profit a company generates with the money
shareholders have invested. Higher the ratio higher the profitability and return generated for
shareholders.

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Apollo Enterprise
Return on capital employed:
Return on Capital Employed is a ratio that shows the efficiency and profitability of a company's
capital investments.
For Return on capital employed
YEAR

Profit before Interest & tax (Rs. in cr)

capital employed (Rs. in cr)

2013

480.61

3591.07

2012

405.57

2726.5

2011

328.28

2321.77

(2013)
Capital employed = equity shares + preference shares + reserves + debt
Return on capital employed =

Profit before Interest & tax

100

Capital employed
Return on capital employed = 480.61

100

3591.07
Return on capital employed = 13.38%
Return on capital employed for the last three financial years
YEAR

Return on capital employed (%)

2013

13.38

2012

14.87

2011

14.14

Comment on this ratio

Capital Employed is defined as total assets less current liabilities. Return on Capital Employed is a ratio that
shows the efficiency and profitability of a company's capital investments. The company has maintained its
ROCE at 14%.
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Apollo Enterprise
Earnings per share:
Earnings per share serve as an indicator of a company's profitability. It indicates the profit generated per
equity share.
For Earnings per share
YEAR

Profit after tax (Rs. in cr)

no. of equity shares(in lakhs)

2013

309.11

1391.25

2012

230.99

1344.67

2011

181.72

1247.11

(2013)
Earnings per share =

Profit after tax

100

No. of equity shares

Earnings per share = 309.11

100

1391.25
Earnings per share = Rs. 22.22
Earnings per share for the last three financial years
YEAR

Earnings per share

2013

22.22

2012

17.17

2011

14.57

Comment on this ratio

The portion of a company's profit allocated to each outstanding share of common stock. Earnings per
share serve as an indicator of a company's profitability. It indicates the profit generated per equity share.
Higher EPS indicates financial soundness and better company in its operations.

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