ACCOUNTS PROJECT - 1
‘Financial statement analysis of Ultra Tech Cements Ltd by using Comparative and
Common size statements’
ACKNOWLEDGEMENT
I, -------- of grade 12-- would like to express my sincere gratitude to my
Accounts teacher Mr/Ms---- for his/her guidance and continuous support in completing my ISC
project.
I would also like to extend sincere gratitude to my Parents for providing me all the facilities for
completing the project.
INDEX
SL No
1
2
3
4
5
6
7
8
9
Topic
About the Company
Introduction to Financial Statement Analysis
Comparative Balance sheet and analysis
Common size Balance sheet and analysis
Comparative Statement of Profit and Loss and analysis
Common size Statement of Profit and Loss and analysis
Findings and Conclusions
Bibliography
Appendix
Page No.
01-03
04-05
06-09
10-13
14-17
18-21
22
23
24-26
ULTRATECH CEMENT LIMITED
ABOUT THE COMPANY
UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. A $
5.9 billion building solutions powerhouse, UltraTech is the largest manufacturer of grey
cement and ready mix concrete and one of the largest manufacturers of white cement in India.
It is the third largest cement producer in the world, excluding China. UltraTech is the only
cement company globally to have 100+ MTPA of cement manufacturing capacity in a single
country. The Company’s business operations span UAE, Bahrain, Sri Lanka and India.
UltraTech pioneered the UltraTech Building Solutions concept to provide individual home
builders with a one-stop-shop solution for building their homes. This is the first pan-India
multi-category retail chain catering to the needs of individual home builders. The purpose of
this initiative is to engage with home builders at all stages of the construction cycle, empower
them with quality construction products and services, and assist in the completion of their
dream homes. Today, UBS is the largest single brand retail chain with over 2500 stores
across India.
UltraTech is a founding member of Global Cement and Concrete Association. It is a
signatory to the GCCA Climate Ambition 2050 and has committed to the Net Zero Concrete
Roadmap announced by GCCA. UltraTech is focused on accelerating the decarbonisation of
its operations. It has adopted new age tools like the Science Based Targets Initiative and
Internal Carbon Price as well as set ambitious environmental targets through both EP100 and
RE100. UltraTech is the first company in India and the second company in Asia to issue
dollar-based sustainability linked bonds. UltraTech works to actively contribute to the social
and economic development of the communities in which it operates in. The Company’s social
initiatives focus on education, healthcare, sustainable livelihoods, community infrastructure
and social causes. UltraTech reaches out to more than 2.1 million beneficiaries in over 500
villages in 16 states across India.
Their Vision: To be the leader in Building Solutions
Their mission: To deliver superior value to stakeholders on the four pillars of




Sustainability
Innovation
Customer Centricity
Team Empowerment
Page: 01
HISTORY
UltraTech Cement's top competitors include Heidelberg Cement, CEMEX, ASSA ABLOY
Door Security Solutions and Carborundum Universal. UltraTech Cement Ltd. is the largest
manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India.
Heidelberg Cement is a global manufacturer of building materials.
Ultratech Cement was incorporated in 2000 as Larsen & Toubro. Later it was demerged and
acquired by Grasim and was renamed as Ultra Tech Cement in 2004. Today Ultatech cement
a part of Aditya Birla group, is the country’s largest exporter of cement clinker. UltraTech
Cement Limited has an annual capacity of 52 million tonnes. It manufactures and markets
Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana
Cement. It also manufactures ready mix concrete (RMC). All the plants have received ISO
9001 certification.
The company has 11 integrated plants, one white cement plant, one clinkerisation plant in
UAE, 15 grinding units 11 in India, 2 in UAE, one in Bahrain and Bangladesh each and five
terminals, four in India and one in Sri Lanka. The export markets span countries around the
Indian Ocean, Africa, Europe and the Middle East.
Narmada Cement Company Limited was amalgamated with UltraTech in May 2006, while
Samruddhi Cement Limited was amalgamated with UltraTech Cement Limited in July 2010.
UltraTech Cement Middle East Investments Limited, a wholly owned subsidiary of the
Company acquired management control of ETA Star Cement together with its operations in
the UAE, Bahrain and Bangladesh in September, 2010
UltraTech's other subsidiaries are Dakshin Cements, Harish Cements, UltraTech Ceylinco (P)
and UltraTech Cement Middle East Investments.
Page: 02
PRODUCTS
It manufactures ordinary portland cement commonly used in dry–lean mixes, general–
purpose ready–mixes, and even high strength pre–cast and pre–stressed concrete.
It produces Portland blast furnace that has features like lighter colour, better concrete
workability, easier finishability, higher compressive and flexural strength, improved
resistance to aggressive chemicals and more consistent plastic and hardened consistency. It
also manufactures portland pozzolana cement.
Ultratech cement exports over 2.5 million tonnes per annum which accounts for 30% of
country’s total exports. It exports to countries like Africa, Europe and the Middle East.
COMPETITORS
There are several brands in the market which are competing for the same set of customers.
Below are the top 5 competitors of UltraTech Cements:
1. Ambuja Cement
2. ACC Limited
3. Shree Cement
4. The Indian Cement
5. JK Cements
Page: 03
FINANCIAL STATEMENT ANALYSIS
Meaning
It is a systematic process of critical examination of the financial information in the financial
statements to understand and to make decisions regarding the operations of the enterprise. the
term financial analysis includes both analysis and interpretation. a delicious beat simplify get
classified the data in the financial statements and interpretation means understanding and
interpreting the result of analysis.
Tools/Techniques of Financial Statement Analysis
Comparative statement: it means a comparative study of individual items or components of
financial statement example balance sheet and statement of profited loss of two or more years
of the enterprise itself. in this boat profit and loss and balance sheet are prepared in the form
of comparative statements or comparative financial statements the amounts of current year
are placed first and that of previous year later. this analysis is also known as horizontal
analysis.
Common size statements: these are the statements which shows the relationship of different
items of financial statements with some common item by expressing each item as a
percentage of that common base. common base in general are taken as a total asset value as
hundred in case of common size balance sheet and revenue from operations in case of
common size statement of profit and loss. this analysis is also known as vertical analysis.
Objectives
Assessing the earning capacity or profitability- on basis of financial analysis earning capacity
of the enterprise can be assessed or computed and in addition the earning capacity of the
enterprise in the coming years may also be forecasted all external users of financial statement
especially the investors and potential investors are interested in earning capacity and forecast.
Inter-firm comparison- it becomes easy with the help of financial analysis and it helps an
enterprise in assessing its own performance as well as that of others if mergers and
acquisitions are to be considered.
Financial statement analysis help in assessing developments in future especially in the next
year it may be possible to forecast the next year profit on the basis of earning capacity shown
in the past and the analysis thus helps in forecasting and preparing the budgets.
Financial analysis helps the users of financial statement to understand the complicated matter
in the simplified manner and financial data can be made more comprehensive by charts,
graphs and diagrams which can be easily explained and understood.
Page: 04
Limitations
Historical analysis: Financial statement analysis is an analysis of historical or past data and it
analyzes what has happened in the past and does not reflect the future and people like
shareholders, investors, etc. Arbor interested in knowing the likely position in the future.
Ignores price level changes: Price level changes and purchasing power of money are
inversely related and change in the price level makes analysis of financial statements of
different accounting years invalid because accounting records ignored changes in value of
money.
Variation in accounting practices: For interfirm comparison it is desirable that accounting
practices followed by the firms do not vary significantly as there maybe variations in
accounting practices followed by different firms a meaningful comparison of their financial
statement is not possible.
Window dressing: It is the presentation of a better financial position than what it is by
manipulating the books of accounts and on account of such a situation financial analysis may
give false information to the users
Page: 05
COMPARATIVE BALANCE SHEET
COMPARATIVE BALANCE SHEET as at 31st March 2021
Absolute
31st
Change
NOTE
march
31st march
(Increase/
PARTICULARS
NO.
2021
2020
Decrease)
₹
₹
₹
I. EQUITY AND LIABILITIES
1. Shareholder's Funds
(a) Share Capital
27673.08
25648.41
2024.67
(b) Reserve and Surplus
274.64
274.61
0.03
Percentage
Change
(Increase/
Decrease)
%
7.89
0.01
2. Non-Current Liabilities
(a) Long term borrowings
(b) Long Term Provisions
(c ) Defered tax liabilities
(d) Other non current liabilities
14939.28
135.58
3544.35
6.27
13906.63
136.78
3174.05
6.57
1032.65
-1.20
370.30
-0.30
7.43
-0.88
11.67
-4.57
3. Current Liabilities
(a) Short term borrowings
(b) Trade Payables
(c ) Other Current Liabilities
(d) Short term Provisions
TOTAL
2642.74
2653.74
5672.16
894.61
58436.45
2687.83
2224.16
5386.89
927.07
54373
-45.09
429.58
285.27
-32.46
4063.45
-1.68
19.31
5.30
-3.50
7.47
34365.67
2929.72
1075.85
34218.98
2991.86
1472.97
146.69
-62.14
-397.12
0.43
-2.08
-26.96
3.8
5549.66
127.18
0.91
2214.19
140.33
2.89
3335.47
-13.15
317.58
150.64
-9.37
147.71
132.99
14.72
11.07
II. ASSETS
1. Non Current Assets
(a) Property, plant, equipment and
intangible assets
i) property, plant and equipment
ii) Intangible assets
iii) Capital Work in progress
iv) Intangible assets under
development
(b) Non Current Investments
(C ) Deffered tax assets
(d ) Long term Loans and
Advances
(e ) Other non current assets
2. Current Assets
(a) Current Investments
(b) Inventories
(c ) Trade Receivables
(d) Cash and Bank Balances
(e ) Short term Loans and
Advances
(f) Other Current Assets
TOTAL
2758.14
2615.16
142.98
5.47
1514.85
3273.62
2097.59
623.96
3948.71
3101.5
1714.2
199.32
-2433.86
172.12
383.39
424.64
-61.64
5.55
22.37
213.04
1919.49
2049.21
58436.45
111.02
1510.86
54373
1808.47
538.35
4063.45
1628.96
35.63
7.47
Page: 07
GRAPHS
COMPARATIVE BALANCE SHEET
ABSOLUTE CHANGES IN EQUITY AND LIABILITIES
Share Capital
Reserve and Surplus
Long term borrowings
Long Term Provisions
Defered tax liabilities
Other non current liabilities
Short term borrowings
Trade Payables
Other Current Liabilities
Short term Provisions
ABSOLUTE CHANGES IN NON CURRENT AND CURRENT ASSETS
property, plant and equipment
Intangible assets
Capital Work in progress
Intangible assets under development
Non Current Investments
Deffered tax assets
Long term Loans and Advances
Other non current assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short term Loans and Advances
Other Current Assets
Page: 08
PERCENTAGE CHANGES IN EQUITY AND LIABILITIES
Share Capital
Reserve and Surplus
Long term borrowings
Long Term Provisions
Defered tax liabilities
Other non current liabilities
Short term borrowings
Trade Payables
Other Current Liabilities
Short term Provisions
PERCENTAGE CHANGES IN NON-CURRENT AND CURRENT ASSETS
property, plant and equipment
Intangible assets
Capital Work in progress
Intangible assets under development
Non Current Investments
Deffered tax assets
Long term Loans and Advances
Other non current assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short term Loans and Advances
Other Current Assets
Page: 09
COMMON-SIZE BALANCE SHEET
ULTR TECH CEMENT Ltd
COMMON-SIZE BALANCE SHEET as at 31st March 2021
Absolute amounts
% of Balance sheet total
NOTE
31st
PARTICULARS
NO.
March
31st March
31st March
2021
2020
2021
31st March 2020
₹
₹
%
%
I. EQUITY AND LIABILITIES
1. Shareholder's Funds
(a) Share Capital
27673.08
25648.41
47.36
47.17
(b) Reserve and Surplus
274.64
274.61
0.47
0.51
2. Non-Current Liabilities
(a) Long term borrowings
(b) Long Term Provisions
(c ) Defered tax liabilities
(d) Other non current liabilities
14939.28
135.58
3544.35
6.27
13906.63
136.78
3174.05
6.57
25.57
0.23
6.07
0.01
25.58
0.25
5.84
0.01
3. Current Liabilities
(a) Short term borrowings
(b) Trade Payables
(c ) Other Current Liabilities
(d) Short term Provisions
TOTAL
2642.74
2653.74
5672.16
894.61
58436.45
2687.83
2224.16
5386.89
927.07
54373
4.52
4.54
9.71
1.53
100.00
4.94
4.09
9.91
1.71
100.00
34365.67
2929.72
1075.85
34218.98
2991.86
1472.97
58.81
5.01
1.84
62.93
5.50
2.71
3.8
5549.66
127.18
0.91
2214.19
140.33
0.01
9.50
0.22
0.00
4.07
0.26
147.71
2758.14
132.99
2615.16
0.25
4.72
0.24
4.81
II. ASSETS
1. Non Current Assets
(a) Property, plant, equipment and
intangible assets
i) property, plant and equipment
ii) Intangible assets
iii) Capital Work in progress
iv) Intangible assets under
development
(b) Non Current Investments
(C ) Deffered tax assets
(d ) Long term Loans and
Advances
(e ) Other non current assets
2. Current Assets
(a) Current Investments
(b) Inventories
(c ) Trade Receivables
(d) Cash and Bank Balances
(e ) Short term Loans and
Advances
(f) Other Current Assets
TOTAL
1514.85
3273.62
2097.59
623.96
3948.71
3101.5
1714.2
199.32
2.59
5.60
3.59
1.07
7.26
5.70
3.15
0.37
1919.49
2049.21
58436.45
111.02
1510.86
54373
3.28
3.51
100.00
0.20
2.78
100.00
Page: 11
GRAPHS
COMMON-SIZE BALANCE SHEET
EQUITY AND LIABILITIES - PERCENTAGE ON BALANCE SHEET
TOTAL( 31.3.2019)
Share Capital
Reserve and Surplus
Long term borrowings
Long Term Provisions
Defered tax liabilities
Other non current liabilities
Short term borrowings
Trade Payables
Other Current Liabilities
Short term Provisions
ASSETS- PERCENTAGE ON BALANCE SHEET TOTAL( 31.3.2019)
property, plant and equipment
Intangible assets
Capital Work in progress
Intangible assets under development
Non Current Investments
Deffered tax assets
Long term Loans and Advances
Other non current assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short term Loans and Advances
Other Current Assets
EQUITY AND LIABILITIES - PERCENTAGE ON BALANCE SHEET
TOTAL( 31.3.2018)
Share Capital
Reserve and Surplus
Long term borrowings
Long Term Provisions
Defered tax liabilities
Other non current liabilities
Short term borrowings
Trade Payables
Other Current Liabilities
Short term Provisions
ASSETS- PERCENTAGE ON BALANCE SHEET
TOTAL( 31.3.2019)
property, plant and equipment
Intangible assets
Capital Work in progress
Intangible assets under development
Non Current Investments
Deffered tax assets
Long term Loans and Advances
Other non current assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short term Loans and Advances
Other Current Assets
Page: 13
COMPARATIVE STATEMENT OF PROFIT AND LOSS
ULTR TECH CEMENT Ltd
COMPARATIVE STATEMENT OF PROFIT AND LOSS as at 31st March 2021
Absolute
Percentage
31st
Change
Change
NOTE
March
31st March
(Increase/
(Increase/
PARTICULARS
NO.
2021
2020
Decrease)
Decrease)
₹
₹
₹
%
I. Revenue from Operations
35703.50
30251.75
5451.75
18.02
II. Other Income
471.45
599.55
-128.10
-21.37
36174.95
30851.30
5323.65
17.26
III. Total Revenue (I+II)
IV. Expenses
Cost of Materials Consumed
Purchase of Stock In Trade
Changes in inventories
Employees benefit expenses
Finance costs
Depreciation and amortisation
expense
Other expenses
Total Expenses
4737.22
1582.35
-103.86
1926.01
1419.15
3978.36
814.37
-113.08
1706.24
1191.15
758.86
767.98
9.22
219.77
228.00
19.07
94.30
-8.15
12.88
19.14
2010.27
21065.66
32636.80
1763.56
18020.92
27361.52
246.71
3044.74
5275.28
13.99
16.90
19.28
V. Profit before tax (III-IV)
VI. Less Tax
3538.15
736.12
3489.78
712.00
48.37
24.12
1.39
3.39
VII. Profit after tax (V-VI)
2802.03
2777.78
24.25
0.87
Page: 14
GRAPHS
COMPARATIVE STATEMENT OF PROFIT AND LOSS
ABSOLUTE CHANGES IN EXPENSES
3500
3000
2500
2000
1500
1000
500
0
Cost of
Purchase of Changes in
Materials Stock In Trade inventories
Consumed
Employees
benefit
expenses
Finance costs Depreciation
and
amortisation
expense
Other
expenses
ABSOLUTE CHANGES IN PROFIT
60
50
40
30
20
10
0
Profit before tax
Tax Paid
Profit after tax
PERCENTAGE CHANGE IN REVENUE
20
15
10
5
0
Revenue from Operations
-5
-10
-15
-20
-25
Other Income
Total Revenue
PERCENTAGE CHANGE IN EXPENSES
100
80
60
40
20
0
-20
Cost of
Materials
Consumed
Purchase of
Stock In Trade
Changes in
inventories
Employees
benefit
expenses
Finance costs
Depreciation
and
amortisation
expense
Other
expenses
PERCENTAGE CHANGE IN PROFIT
4
3.5
3
2.5
2
1.5
1
0.5
0
Profit before tax
Tax Paid
Profit after tax
Page: 17
COMMON SIZE STATEMENT OF PROFIT AND LOSS
ULTR TECH CEMENT Ltd
COMMON SIZE STATEMENT OF PROFIT AND LOSS as at 31st March 2021
% of Revenue from
Absolute amounts
Operations
NOTE
PARTICULARS
31st
NO.
March
31st March
31st March
31st March
2021
2020
2021
2020
₹
₹
%
%
I. Revenue from Operations
35703.50
30251.75
100.00
100.00
II. Other Income
471.45
599.55
1.32
1.98
36174.95
30851.30
101.32
101.98
III. Total Revenue (I+II)
IV. Expenses
Cost of Materials Consumed
Purchase of Stock In Trade
Changes in inventories
Employees benefit expenses
Finance costs
Depreciation and amortisation
expense
Other expenses
Total Expenses
4737.22
1582.35
-103.86
1926.01
1419.15
3978.36
814.37
-113.08
1706.24
1191.15
13.27
4.43
-0.29
5.39
3.97
13.15
2.69
-0.37
5.64
3.94
2010.27
21065.66
32636.80
1763.56
18020.92
27361.52
5.63
59.00
91.41
5.83
59.57
90.45
V. Profit before tax (III-IV)
VI. Less Tax
VII. Profit after tax (V-VI)
3538.15
736.12
2802.03
3489.78
712.00
2777.78
9.91
2.06
7.85
11.54
2.35
9.18
Page: 18
GRAPHS
COMMON SIZE STATEMENT OF PROFIT AND LOSS
PERCENTAGE OF REVENUE TO REVENUE FROM OPERATIONS
(31.03.2019)
120
100
80
60
40
20
0
Revenue from Operations
Other Income
Total Revenue
PERCENTAGE OF EXPENSES TO REVENUE FROM OPERATIONS
(31.03.2019)
70
60
50
40
30
20
10
0
-10
Cost of
Materials
Consumed
Purchase of
Stock In Trade
Changes in
inventories
Employees
benefit
expenses
Finance costs
Depreciation
and
amortisation
expense
Other
expenses
PERCENTAGE OF EXPENSES TO REVENUE FROM OPERATIONS
(31.03.2019)
12
10
8
6
4
2
0
Profit before tax
Tax paid
Profit after tax
PERCENTAGE OF REVENUE TO REVENUE FROM OPERATIONS
(31.03.2018)
120
100
80
60
40
20
0
Revenue from Operations
Other Income
Total Revenue
PERCENTAGE OF EXPENSES TO REVENUE FROM OPERATIONS
(31.03.2018)
70
60
50
40
30
20
10
0
-10
Cost of
Materials
Consumed
Purchase of
Stock In Trade
Changes in
inventories
Employees
benefit
expenses
Finance costs
Depreciation
and
amortisation
expense
Other
expenses
PERCENTAGE OF EXPENSES TO REVENUE FROM OPERATIONS
(31.03.2018)
14
12
10
8
6
4
2
0
Profit before tax
Tax paid
Profit after tax
Page: 21
FINDINGS and CONCLUSIONS

From the analysis of comparative balance sheet, it has been observed that there is a
substantial increase in shareholders funds. Also, there is an increase in current assets
and current liabilities. There is a high increase in its cash and bank balances that
shows that the liquidity position of the company is good. Also, there is a substantial
increase in its current investments, that shows company has utilized their extra cash in
investments to generate revenue.

Common size balance sheet shows that a major part of liability side consists of equity
capital. Also, there is non-current tangible assets consists the major part of assets.
This shows that company has made right investments in non-current assets from their
equity capital. In other words long term sources of capital is used to finance long term
assets. It is also noted that company is dependent on long term borrowing.

Comparative income statement shows an increase in its revenue and total profit of the
company. The increase in its revenue is 17.26%, however the increase in its profit is
only 1.39%. the reason for the same is increase in expenses. It is advisable for the
company to adopt cost control techniques to reduce its expenses, so that the increase
in its revenue will reflect in its profit as well. It is also noted that there is a huge rise
in cost of purchase of stock and trade. It is recommended to review the supplier.

The common size statement of profit and loss shows percentage of net profit on its
revenue from operations is 9.91% in the year 2021wherein it is 11.54% in the year
2020. It shows a dip in percentage of profit on its revenue from operations. The main
reasons for the same are increase in its expense over a period of one year and a small
dip in its other incomes. As stated above the management should take effective steps
in cost sontrolling.
Page: 22
BIBLIOGRAPHY
https://www.ultratechcement.com/
https://www.moneycontrol.com/
Management accounting book – T.S. GREWAL
Annual report of Ultratech cements limited
Page: 23
APPENDIX
BALANCE SHEET as at 31st March 2021
NOTE
NO.
PARTICULARS
31st march 2021
₹
31st march 2020
₹
I. EQUITY AND LIABILITIES
1. Shareholder's Funds
(a) Share Capital
(b) Reserve and Surplus
27673.08
274.64
25648.41
274.61
2. Non-Current Liabilities
(a) Long term borrowings
(b) Long Term Provisions
(c ) Defered tax liabilities
(d) Other non current liabilities
14939.28
135.58
3544.35
6.27
13906.63
136.78
3174.05
6.57
2642.74
2653.74
5672.16
894.61
58436.45
2687.83
2224.16
5386.89
927.07
54373
34365.67
2929.72
1075.85
34218.98
2991.86
1472.97
3.8
5549.66
127.18
147.71
0.91
2214.19
140.33
132.99
3. Current Liabilities
(a) Short term borrowings
(b) Trade Payables
(c ) Other Current Liabilities
(d) Short term Provisions
TOTAL
II. ASSETS
1. Non Current Assets
(a) Property, plant, equipment and
intangible assets
i) property, plant and equipment
ii) Intangible assets
iii) Capital Work in progress
iv) Intangible assets under
development
(b) Non Current Investments
(C ) Deffered tax assets
(d ) Long term Loans and Advances
(e ) Other non current assets
2758.14
2615.16
2. Current Assets
(a) Current Investments
(b) Inventories
(c ) Trade Receivables
(d) Cash and Bank Balances
(e ) Short term Loans and Advances
(f) Other Current Assets
TOTAL
1514.85
3273.62
2097.59
623.96
1919.49
2049.21
58436.45
3948.71
3101.5
1714.2
199.32
111.02
1510.86
54373
Page: 25
STATEMENT OF PROFIT AND LOSS as at 31st March 2021
PARTICULARS
I. Revenue from Operations
II. Other Income
III. Total Revenue (I+II)
NOTE
NO. 31st march 2021
₹
35703.50
471.45
36174.95
31st march 2020
₹
30251.75
599.55
30851.30
IV. Expenses
Cost of Materials Consumed
Purchase of Stock In Trade
Changes in inventories
Employees benefit expenses
Finance costs
Depreciation and amortisation
expense
Other expenses
Total Expenses
4737.22
1582.35
-103.86
1926.01
1419.15
3978.36
814.37
-113.08
1706.24
1191.15
2010.27
21065.66
32636.80
1763.56
18020.92
27361.52
V. Profit before tax (III-IV)
VI. Less Tax
VII. Profit after tax (V-VI)
3538.15
736.12
2802.03
3489.78
712.00
2777.78
Page: 26