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Jagran prakashan



@dd1474 and other seasoned friends here, i am trying to calculate Jagran’s ROCE for printing business ex. excess cash. Below is the my calculations, need a cross check from the experienced members here.

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales + 1,244 1,412 1,589 1,662 1,754 1,864 1,868 1,940 1,772 1,133 1,401 1,594 1,586
Expenses + 952 1,122 1,224 1,227 1,255 1,337 1,400 1,533 1,397 879 1,044 1,298 1,301
Operating Profit 293 290 365 435 499 526 468 407 375 254 357 296 285
OPM % 24% 21% 23% 26% 28% 28% 25% 21% 21% 22% 25% 19% 18%
Other Income + 45 28 52 30 49 40 27 25 18 27 56 85 93
Depreciation 66 69 73 95 84 82 82 75 84 69 60 49 48
TOT EBIT (OP Profit) 359 359 438 530 583 608 550 482 459 323 417 345 333
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Share Capital + 63 66 65 65 65 65 62 59 56 56 53 44
Reserves 688 853 886 968 1,292 1,605 1,459 1,281 1,315 1,438 1,609 1,318
Long term Borrowings 177 310 293 279 109 0 0 0 0 249 249 81
Short term Borrowings 135 165 162 353 243 81 91 293 199 2 12 192
Lease Liabilities 0 0 0 0 0 0 0 0 33 26 55 54
Other Borrowings 21 22 24 100 27 75 0 0 0 0 0 0
Trade Payables 67 88 112 101 51 103 107 136 151 81 117 145
Advance from Customers 14 17 21 16 18 32 19 16 17 17 16 28
Other liability items 282 242 312 332 220 251 304 319 270 292 266 357
Total Liabilities 1,447 1,764 1,874 2,214 2,025 2,213 2,043 2,104 2,042 2,160 2,377 2,219
Fixed Assets + 506 504 507 498 704 715 740 728 715 659 635 548
CWIP 61 131 114 72 79 76 12 3 2 2 2 2
Investments 292 477 596 630 677 757 601 569 567 905 1,085 1,062
Inventories 68 73 88 82 59 83 62 163 182 51 80 84
Trade receivables 244 302 325 350 351 414 471 482 436 339 338 361
Cash Equivalents 72 49 31 489 34 78 38 40 28 79 129 45
Short term loans 0 68 52 8 5 4 4 4 5 3 4 4
Other asset items 205 160 161 86 117 87 115 115 108 123 104 113
Current Assets 384 424 444 921 444 575 571 685 646 469 547 490
Current Liabilities 363 347 445 449 289 386 430 471 438 390 399 530
Debt 333 497 479 732 379 156 91 293 199 251 261 273
Cash 292 477 596 630 677 757 601 569 567 905 1085 1062
Excess Cash -41 -20 117 -102 298 601 510 276 368 654 824 789
Net Working Capital (CA-CL) 21 77 -1 472 155 189 141 214 208 79 148 -40
Net Fixed Assets 506 504 507 498 704 715 740 728 715 659 635 548
ROCE 68% 62% 87% 55% 68% 67% 62% 51% 50% 44% 53% 68%

Legend:
Cash = Investments
Current Assets = Inventory+ Trade recivables+ Cash equv.
Curr. Lia = Trade Pay + Adv. from customers + Other liability items
Debt = Long term borrowings + short term borrowings
I have not included excess cash to avoid compressing ROCE artificially.

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