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CHAPTER ONE

ABOUT THE COMPANY

1.1.1 Godrej-the organization

Godrej is a brand that touches lifes of millions every day. The company celebrated its centenary

in 1997. Getting started in 1897 by SIR Ardeshir Godrej, who initiated with Godrej locks.

Later on it went into making Safes and Security equipments of extreme Quality. From

there on Godrej got translated into a Multi-Business enterprise.

His brother pirojsha godrej carried ardeshir's dream forward, leading godrej towards becoming a

vibrant, multi-business enterprise. Pirojsha laid the foundation for the sprawling industrial

garden township (iso 14001- certified) now called pirojshanagar in the suburbs of mumbai.

Godrej touches the lives of millions of Indians every day. To them, it is a symbol of enduring

ideals in a changing world.

Incorporation

Established in 1897, the company was incorporated with limited liability on march 3,1932,under

the Indian companies act, 1913.

Mission Values & Vision:-

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Godrej Mission is to operate in existing and new businesses which capitalize on the Godrej

brand and corporate image of reliability and integrity.

Godrej objective is to delight our customer both in India and abroad.

We shall achieve this objective through continuous improvement in quality, cost and

customer service.

We shall strive for excellence by nurturing, developing and empowering our employees

and suppliers.

We shall encourage an open atmosphere, conducive to learning and team work.

Values:-

Commitment to Quality

Customer Orientation

Dedication & Commitment

Discipline

Honesty & Integrity

Learning Organisation

Openness & Transparency

Respect/Care & Concern for People

Teamwork

Trust

Vision:-

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We are dedicated to Deliver Superior Stakeholder Value by providing solutions to existing and

emerging consumer needs in the Household & Personal Care Business. We will achieve this

through Enduring Trust and Relentless Innovation delivered with Passion and Entrepreneurial

Spirit.

Awards& Recognition:-

2006

Lalji Mehrotra Foundation Award for Excellence, conferred by National Society for Equal

Opportunities for the Handicapped.

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Great Son of India Award given to Sohrab Godrej by National Convention For Protection

of India's Resources and Environment.

2005

BNHS Green Governance Award for the Category - Conservation & Restoration of

Habitat, awarded to Godrej & Boyce Mfg. Co. Ltd.

2003

Economic Times Corporate Excellence Award for Corporate Citizenship.

1994

Nisarga Mitra Award from Rotary Club of Bombay, Vikhroli for Environmental

Conservation.

1991

Indira Gandhi Paryavaran Puraskar, awarded to Sohrabji Godrej.

1989

Institution of Economic Studies Lok Shree Award for Social Commitment towards the

society.

Godrej group of companies

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CORPORATE INFORMATION

BOARD COMMITTEES

A. Audit Committee

a) K K Dastur (Chairman)

b) S A Ahmadullah

c) K N Petigara

B. Compensation Committee

a) S.A. Ahmadullah (chairman)

b) A.B. Choudhury

c) K.N. Peti ara

d) N.B. Godrej

C. Shareholders committee

a) A.B. Godrej (chairman)

b)

1.K.N.Petigara 7.J.N. Godrej

2.N.D. Forbes 8.N.B. Godrej

3.S.A. Ahmadullah 9.M. Eipe

4.V.M. Crishna 10.A.B. Chaudhary

5.T.A. Dubash 11.J.S. Bilimoria

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6.A.B. Godrej 12.K.K.Dastur

Company secre tary : k.r. rajput

Godrej Group consists of two corporate entities: Godrej Consumer Products and Godrej

Industries.

Godrej Industries Ltd. (GIL):

It is India's leading manufacturer of oleo-chemicals and makes more than a hundred chemicals for

use in over two dozen industries. It also has a major presence in food products such as refined oil

and tetra pack fruit beverages. Besides, it operates businesses in medical diagnostics and real

estate.Godrej Consumer Products Ltd. (GCPL) is a major player in the Indian FMCG market with

leadership in personal, hair, household and fabric care segments. Each company has several

SBUs, divisions and factories.

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Godrej & Boyce Mfg. Co. Ltd.:

Godrej & Boyce manufactures a spectrum of consumer products and industrial products. The

Consumer products include Appliances (Refrigerators, Washing Machines, Air Conditioners,

Microwaves, and DVD Players), Locks, Furniture, Security Equipment, Office Automation,

Conferencing Solutions, and vending Machines. Industrial Products include Storage Solutions,

Automated Warehousing, Material Handling Equipment, Process Equipment, Precision

Components & Systems, Machine Tool Service, Electrical & Electronic, Tooling, and

Construction Material & Services.

Godrej Consumer Products Ltd (GCPL):

Godrej Consumer Products is a leading player in the Indian FMCG market with interests in

personal, hair, household and fabric care segments. Godrej Consumer Products is the largest

marketer of toilet soaps in the country with leading brands such as Cinthol, Fairglow, and Godrej

No 1. The company is also leader in the hair colour category in India and offers a vast product such

as Godrej Renew Coloursoft Liquid Hair Colours, Godrej Liquid & Powder Hair Dyes to Godrej

Kesh Kala Oil, Nupur based Hair Dyes. Its liquid detergent brand Ezee is the market leader in its

category.

Godrej Industries Ltd.:

The company is India's leading manufacturer of oleochemicals. It also has major presence in food

products such as refined oil and tetrapack fruit beverages.

Geometric Software Solutions:

It is a CMMI Level 5 Company and the leading PLM services provider.

Godrej Infotech:

The company is engaged in the business of developing customized software solutions and

implementing ERP, CRM, SCM software.

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C o n s u m e r P r o d u c t s

S er v ices

Introduction to the Project

The project has been assigned to me by Godrej & Boyce Mfg Co. ltd for my summer internship

program with them. This project is a part of the Master in Business Administration (MBA)

Program under JMI University. The project entails finding out the demand of Godrejs Modular

and Desking solutions in offices around Delhi and NCR region for the period May to July2012.

This demand analysis will be done with the help of a Business Research Questionnaire. The said

Questionnaire will cover different attributes measurement techniques which will help me get

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responses from respondents which in turn will be then normalized using different Quantitative

tools. Such normalized results will portray a clear picture of Current Consumer demand and will

also help us know the changing business environment.

The project will help me develop Communication Skills, will enhance my marketing

abilities, will give me a good exposure of market dynamics and will allow me to use the theory I

have learns so far.

Description of project

Project Focus

The modular and Desking Solutions of Godrej comes under Interior Division. Apart from

Desking & modular solutions there are also Seating, Storage and Interiors Solutions provided by

Godrej.

Godrej also work as Turn Key Consultants for office Interiors, solving all interiors related needs

of consumers under one roof.

Our focus in this report will be limited only towards the -Modular and Desking

Solutions of Godrej in offices.

Modular and Desking Solutions- Modular Furnitures comes in breakdown or knockdown

format which means that the whole work station is broken into several parts which can be

assembled as per the needs of the consumers.

While catering to such needs the space utilization, design of office, furnishing requirements e.t.c

such factors are considered. Godrej is one of the best dealers in Modular and Desking solutions.

With more and more penetration of IT and allied services in India, the need of modular settings

has risen. This is because this sector uses most of the OPOS and modular solutions. And

Desking solution as we know is a must need for every office.

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More over now-a-days even small offices are shifting to OPOS designs as these provide better

space utility and are less costly than concrete divisions. All the more these settings are even

easier to modify and also gives a trendy creating a congenial work environment.

Some advantages of OPOS solutions:

Flexible set up.

Better sharing and utilization of resources.

High level of customization.

Easy modification.

Less costly.

Objectives of the Project

The primary objective of the project was to find out the demand of Godrejs Modular and

desking solutions in offices in Delhi and surrounding areas during the period May -July2012.

Secondary to the primary objective the project will help us evaluate

Some advantages of OPOS solutions:

Flexible set up.

The changing business environment.

Understanding consumer preferences.

Define Godrejs Interio segment.

Recommend changes in key areas to improve its consumer base and market share.

Methodology

Step 1- Collection of data from market.

Step 2- Storage of the collected Data.

Step 3- Analysis of data collected so far.

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Step 4- Preparation of project report.

step 1 elaborate

The data collection process was done with the help of a well designed Questionnaire.

The Questionnaire was designed taking considerations of

Survey time

Respondent willingness

Project objective

The Questionnaire uses different types of Questions needed to conduct a research. I had used

the following type of Questions-

Lead in Questions (Q no. 1)

Qualifying Questions (Q no. 2 &3)

Warm up Questions (Q no. 4&5)

Specific Questions and (Q no.6-15)

Demographic Questions (Demographic profile)

The set of Warm up and Specific Questions uses different attitude measurement scales to

capture the consumer responses. These attitude measurement scales assign numbers or symbols

to some attributes of an object. Thus scaling involves developing a continuum based on whichmeasured objects are located. I had used a few attitude measurement scales like-

Pictorial Scale

Rank order scale

Constant sum scale

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Paired comparison scale.

The questionnaire has been kept short so as to grip respondents interest and curtail

biasness arising out of disinterest. A copy of the Questionnaire has been attached with this

report. After the questionnaire is prepared the next part is how to get samples/responses?

Responses will be collected in the following manner-

Source- all responses will be collected from primary sources. In this case the primary

sources will be the,Facility managers / Project managers / Administrative managers.Architects /

Designers / Builders.Apart from the primary data, secondary data over the companys past

performances will be collected through companys website, journals, editorials e.t.c.

Mode of communication The managers are contacted personally either by visiting the

office or over the phone. After that an appointment is fixed to have a tete-a-tete with the

respective person.

Sample- An estimated sample count of 40 had been suggested by my faculty guide. (A copy of

the questionnaire has been attached at the end of the report)

Step 2 el abo r ate

The collected data was stored safely and intact so as to allow minimum deviation of

results.While in interview process all data were scripted in a hand note book, which later on

were transferred into excel sheets. Excel transformation helped best usage of quantitative tools

to analyze data. Also tabular presentation in excel allows viewer a clear vies and better

judgment. As per the suggestions on my project guide the data was collected for the first two

weeks of the project. This allowed me to collect data over a good number of samples. More will

be the number of samples, better will be the analysis.

Step 3 el abo r ate

The analysis part is purely done under guidance of my project guide and faculty guide. This

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analysis part entailed best usage of the data collected so far so as to produce best results.

Different quantitative tools were used to calculate the median of responses. These were then

normalized and with usage of various tools congeal attributes were defined. With focusing on

such attributes the company can change their expansion plans accordingly and get a strong hold

on its consumers.

St ep 4 elabor at e

Based on the findings of the analysis, the report is encrypted by me in an expressive and simple

manner. Better presentations of results are as necessary as is the core task. More expressive is

the presentation, more interested will be the readers in getting the essence of the project. This

ultimately will serve the purpose of the project.

Field Survey

In accordance to the requirement of the project, data has been collected from various offices of

all types of companies, firms and organizations. For this personal visits had been made to all the

offices with the Questionnaire.With the help of the Questionnaire data had been collected

successfully from 60 respondents. The number of respondents are approximately (1/3) of the

total number of offices visited. All the visits cannot be made successful because of various

reasons like-

1. Non availability of the Facility Managers.

2. Wrong sample chosen by me. Wrong sample arrive in cases where-

a. If the organization is too small.

b. If the place is a manufacturing unit and not an office.

c. If the number of employees are too small in number, e.g. below 20nos.

d. If the organization does not require Modular and Desking solutions at all. e.g.-

pathological laboratories, Jewelers showrooms e.t.c

e. If the relevant Furnishing Decisions are taken centrally from some other

office, not in Faridabad. e.g ICICI bank

f. If the furnishing requirements are met directly by the Building/Apartment management or

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the Landlord himself.

Thus because of the aforesaid reasons all efforts does not remain fruitfull and thus a mere

success rate of 33% remains in Data collection procedure. The entire group of the current

samples has answered almost all the Questions in the Questionnaire and the same had been

stored.

T he na me s of t he C ompa nies s ur veye d a r e as f oll ows

India infoline finance limited.Noida

Tata consultancy services

sikkim manipal university(study centre)

Fortis escorts hospital

Jamia millia islamia

Jamia hamdard

converse head office,gurgaon

convergys

Genpact

Axis bank

ICICI bank

RBS Gurgaon

DLF tower

Motherson ltd.

Teck link sales and marketing pvt.ltd.

kotak mahindra

Sbi bank

Industry overview

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The furniture industry in India is considered as a non-organized sector as it represents a small

percentage (about 0.5%) of contribution to the formation of GDP. Moreover, the production is

increasing every year. The furniture industry is categorized into various categories amongst

which handicraft production is the major category which accounts for about 85% of the total

furniture production in India. (India Furniture Industry)

The wooden furniture is the major part of this non-organized sector, which caters mainly to

home furniture demand. Demand for household furniture is easily affected by economic

conditions such as disposable income, interest rates, employment level, income growth, etc.

(India Furniture Industry)

The total size of the Indian furniture industry is estimated at around INR 750 billion. From this,

the share of the wooden furniture market is around INR 900 million. Eighty five percent of this

falls into the unorganized sector. The furniture market is growing by 12-15 per cent per annum

and is likely to grow to INR 950 billion by 2012. In fact, around 400,000 workers are held by the

furniture industry. (Indian Furniture Industry .)

5.3.2.Product segments

The furniture industry consists of eight sectors: Corporate or office furniture (15%); hotel

furniture (15%); and other furniture which mainly includes furniture parts (5%). The upholstered

furniture and the bedroom furniture make up approximately 30% and 20% respectively of the

total production. The remainder is comprised of kitchen furniture, with almost the same

weight; 6% as dining room furniture 6% and other furniture (garden, home office, small

furniture) which accounts for 3% of the total production.

5.3.3.Furniture manufacturing

In India, the furniture supply covers up all range of possible uses. Three main type of

material were used as the supply of furniture; Approximate 65% of the furniture made from

wood, 25% from metal and the remaining 10% from plastic. Wood and Wood Products,

Furniture and Fixtures" carry a weight of 27% in the total manufacturing sector.

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Household production largely produces sofas, dining tables and seating whilst professional

production mainly produces for offices and companies. Various sectors can be found in the

Indian furniture industry. Within these sectors, manufacturers are not as specialized in the

production of a particular kind of furniture as in other industrially advanced countries. The

largest segment with the number of medium and large companies is the office furniture

sector.

Indian furniture industry

Modular or Open Plan Office Systems

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Modular furnitures come in breakdown or knockdown format which means that the whole

furniture system say a work station is broken down into several parts which can be broken down

into several parts which can again be assembled as per the needs of the client, space allocation

design of office etc i.e. customers of modular furnitures can customize the product. Godrej &

Boyce MFG Co. Ltd.was the pioneer in introducing the concept of Modular furniture in India in

1982 but it did not go ahead with it as the market demand for such modern age equipment was

low. But in the past few years, with the growth of IT and Services industry in India, a massive

boom in the demand for such modular furniture increased at tremendous pace because of the

concept of teamwork, groups,huddles, meetings, which rose in specially from the IT, ITES sector.

Also the skyrocketing real estate prices have forced organizations like banks, large corporate, to

ponder on resource sharing. These concepts gave rise to the idea of workstations which would be

allocated in bays where each team can be separately allocated but at the same time there can be

optimal utilization of resources. The modular systems were a perfect solution to it where

customization is the main advantage as it can optimize allocation of space. The workstations can

have various types of arrangements, alignments, and nature of tiles, add on trays, pentagonal for

keyboards, white boards, glass partition, e.t.c. The workshop is made of MDF or PLB i.e. Medium

Density Fibre or Prelaminated Particle Board

Some Advantages of Modular Systems in Corporate offices

1. Flexible and provides optimum allocation of space.

2. Sharing of Resources: Common panel, white board or worktop shared by two ormore employees.

3. Highly improved wire management system: There are two level wire carriers which

enable data and power separation. Facilities mounting of switches has got open

fascia for easy maintenance and has got external wire manager for additional wire

management.

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4. Ease of assembly, move and relocate.

5. Need based customization

Results and Analysis

Based on the data collected and conversion of those into meaningful graphs and charts the

analysis had been done.We will ponder on all the questions of the questionnaire one at a time.

Respondents Analysis

Till date the Questionnaire was served before approximately 100 companies. But data can be

collected from only 40 respondents.

Total = 100

Respondents = 40(40%)

Non-Respondents = 60(60%)

Respondents Analysis

Thus we see that there is a just approximately 36% chance of getting a response.

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References play a pivotal role in getting better number of samples for a research. One key to

that is to ask for reference at the end of each interview from the interviewee. More often than

not this helps.

Furnishings Procurements Analysis

The first Question of the survey asked how do they procure their furnishings requirement. The

question was an closed ended one with options as Internally and Outsourcing. Where internally

meant that the organizations do not hire professional interior developers or architects to make

their furniture. They rather built on their own. Again Outsourcing would mean that theorganization the complete or part of its furnishings requirements to architects or interior

decorators or contractors Of the total number of respondents 16 said that they procure their

furniture requirements internally and the remaining 35 either procured through contracting or

were served by the Buildings Facility Management Department.

Procure Internally- 23 (27%)

Procure by outsourcing- 63 (73%)

Total- 86

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Out of the total sample size, 27% organizations do develop their interiors by self. One of the

main reasons for such practice that came afloat was the cost involved in outsourcing. Of the 23,

(27%%) respondents who preferred internally, most of these were either small or medium sized

organizations.

Godrej Brand penetration

The second question of the survey was Do you use any of Godrej Furniture solutions?. The

question was intended to see how many are currently the users of some or the other products of

Godrej Interio. This shows the knowhow of the brand itself, which will let us know how much

people are familier with the Godrej Interio brand. The reason being that if customers had used a

product of a particular brand earlier and are satisfied with the product, then he/she will have the

same expectations with the other product of that brand umbrella. Also deep market penetration

help a brand to introduce new products easily. An example can be of Maggi fast food. Where

Maggi was basically serving vermicellis in market, but when it introduces its Maggi Tomato

ketchup it was readily accepted by the customers. One reason being customers knowhow for

the Maggi brand. This is where Brand helps.

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Thus from the above we find that out of total 60 samples the users are distributed in

the given fashion.

Total = 60

Users = 52 (87%)

Non-Users = 08 (13%)

Total Current Users product wise

Out of the total, here we see that the seating segment has maximum=m penetration in the market

with appx 36% share of the Branded furniture market. This is just followed by Desking with

19%. We may say from this that even in the current segment a large part of market is with the

competitors which Godrej must look in for.Again we see that the market share for Technoseries

is NIL. This means that there are no users of Godrejs Technoseries. It is worth mentioning that

Godrej Interio is the only company which possesses a Hi-tech product like this. This

Godrej should take due emphasis on properly marketing its Technoseries series.

Godrej market ratings

Modular's users= 9(15%) Techno series users=4(5%)

Desking users=15(26%) Security users=5(7%)

Seating users=14(24%) Storage users=13(23%)

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Respondents were asked to mark what expression comes on their face with the name on Godrej

Interio. There were five facial expressions from very sad to very happy. Each of these were

allocated points from 1 to 5- 1 being lowest, for very sad expression. This pictorial scale denotes

how much a brand is liked by the consumers. Since Modulars and Desking solutions are wholly

an B2B segment, here the brand perception in the mind of Facility managers or Admin heads

or Contractors play a pivotal role in bringing new customers.

4321

The result of the survey has been transformed into a 5 point graph where we see that the graph

line seldom touches the 2 mark. The line is continuously between 3 and 4 mark. Thisindicates are fairly happy with the brand and have a good perception of the brand

Factor Rating

Here we listed down five furniture attributes and each attribute was ranked on a five point

scale. Each respondent ranked each attribute based on his usage experience with godrej.This sort

of scale shows us the attributes of our products which consumers are unhappy with. This helps

us ponder on that particular attribute and make required changes, if possible.

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Here the company should take care of the top two colours of each bar. As these colours

denote unsatisfied & Highly unsatisfied ranks. We can see that the top two colours spread

maximum in Price bar and the Designs bar. Which means that there is a need to revise the Prices

and Design portfolio of our products. Also consumers say that when they are paying premium

prices why should they compromise with Delivery Schedules and After sale services. Thus due

emphasis should be given to these attributes.

14 3

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The Godrej Advantage

Next we used a multiple choice question where 7 different reasons of choosing

Godrej were stated. Respondents were asked to tick one of the 7 which would be hisreason of going with Godrej.This type of scale shows us our strengths. The

attribute which gains maximum points is the strength of our products.

Here we see that Quality is the strength of Godrej. Next to Quality People choose

Godrej Interio for its Brand Name. It would be worth mentioning that since these are

the strengths of Godrej Interio, it needs to take due care of these factors. In the

era of evolution constant innovation and repositioning of products is necessary.

Paired Comparison Scale

Next we used a Paired comparison scale, wherein a statistical method is used to find

out the factor preference of consumers. This scale is like a second level of

factor preference test. Here a specialized scale is used wherein two factors are

compared with each other

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Based on the paired comparison scale responses the above Multi Factor

Radar has been prepared. Each pole of the radar signifies 100%.

The centroid symbolizes 0%

Legends mentioned are the compared factors.Percentage value beside each legend is the percentage score of

respective factors.

A bank is an institution, which deals with money and credit. It

accepts deposits from the public and mobilizes the fund to productive

sectors. It also provides remittance facility to transfer money from

one place to another. Generally, bank accepts deposits It also deals

with credit; it has the ability to create credit expanding its liabilities.

It is commercial institution; it aims at earning profit.

1.1.2 Historical Background of Banking

The word Bank is used in the sense of the commercial bank. The word Bank is itself

derived the France word Basqueand Italian word Banca. It refers to a bench. At

that time, there were some moneylenders sitting in the bench for keeping, lending and

exchanging of money in the market place. That was the origin of the commercial bank

in the history.

During the early periods, private individuals mostly did the banking business. As public

enterprise, banking made its first appearance in Italy in 1157, when the bank of

Venicewas established. History shows the existence of a Montein Florence in 1336.

The meaning of Monte is given in Italian Dictionary as a standing bank.

As early as 1349, the banking business was carried on by the shopkeepers of Barcelona.

Meanwhile, the local government restricted shopkeepers to operate this business until

they had given sufficient security. During 1401, a public bank was established in

Barcelona. It used to exchange money, received deposits and discount bills of

exchange.

The beginning of the banking may correctly be attributed to the London Goldsmiths.

They marked a turning point in the history of English banking. This led to the growth of

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private banking and the establishment of the Bank of England in 1694. Many of

todays banking services were first practised in ancient Lydia, Phoenicia, Chins, and

Greece, where trade and commerce flourished.

The first bank to offer most of the basic banking function known toady was the Bank of

Barcelona in Spain. Founded by merchants in 1401, this bank held deposits, exchanged

currency, and carried out lending operations. It is also believed to have introduction the

bank check. Three other early banks, each managed by a committee of city officials,

were the Bank of Amsterdam (1609), the Bank of Venice (1587) and the bank of

Hamburg (1619). These institutions laid the foundation for the modern

Some features of Current Deposits of RBB are:

Withdraw Below Minimum Balance

Extended Banking Hour in Kathmandu Valley Branches

Free Cheque Book

No Interest Rate

Standing Instruction

II Saving Deposit

Saving account pay interest to the depositors, but have no specified maturity date on

which the funds need to be withdrawn or reinvested. Any amount can be withdrawn

from a saving account upto the amount deposited. Under normal circumstances,

customers can withdraw their money from a saving account simply by presenting

cheques drawn to the bank. Withdrawals can also be made by using their automated

teller machine (ATM) card .Saving accounts are highly liquid. It carried relatively low

interest rate and normally can be withdrawn at the any time. It is design to attract funds

from customer, who wish to set aside money in anticipation of future expenditure or

financial emergencies. It is also called thrift deposit.

Saving account of the RBB is popular among its customer. Since almost 70% branches

of RBB are situated in rural areas. Saving account is appropriate for small saver. At

present RBB is providing 2% interest to saving deposit, which is subject to frequent

change. Regarding minimum balance required for saving account is Rs 2000.

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Some features of Saving Deposit of RBB are:

Attractive Interest Rate

Affordable Balance

Withdrawal Below Minimum Balance

Extended Banking Hour in Kathmandu Valley Branches

Free Cheque Book

BALANCE SHEET

2011-12

2010-11

2009-10

2008-09

2007-08

SOURCE OF FUNDS:Shareholders' FundsShare Capital 31.7 31.7 31.7 31.9 31.9

Reserve& Surplus 1,200.7 1,058.3 990.9 995.1 1,026.4Secured Loans 17.4 83.2 204.1 232.8 249.4Unsecured Loans 489.2 470.9 343.4 368.1 186.1Deferred Tax Liability 35.7 35.9 31.9 32.7 36.1

1,775.0 1,680.2 1,602.2 1,660.8 1,530.2

APPLICATION OF FUNDS :FixedAssets 473.2 318.5 298.6 288.7 271.4Investments 1,353.8 1,233.7 1,147.6 1,148.0 775.4Net Working Capital (52.0 128.0 156.0 220.2 472.7MiscellaneousExpenditure - - - 3.8 10.6

1,775.0 1,680.2 1,602.2 1,660.8 1,530.2

INCOME & PROFIT

Total Income 1,563.1 1,254.5 991.7 971.4 838.8Expenditure other than Interest and 1,264.3 1,026.5 823.0 867.4 671.1Profit before Interest, Depreciation and Tax 298.7 227.9 168.6 104.0 167.6Interest (net) 70.5 63.1 60.2 61.0 34.4Profit before Depreciation and Tax 228.2 164.8 108.3 42.9 133.1Depreciation 27.1 28.8 28.3 26.4 25.4

Profit before Tax and exceptional items 201.0 136.0 79.9 16.5 107.7Exceptional items - (expense)/income - - - (0 .26 (3 .1Provision forCurrent Tax (0.34 (1.36 (0.13 1.2 5.6Net Profit after Tax 201.3 137.3 80.1 15.5 105.2Provision forDeferred Tax (0.1 3.9 (0.8 0 (3.41 (3.61

Adjustment in respect of prioryears - - - - (0.86 -

Net Profit after taxes and adjustments 201.5 133.4 80.9 18.0 108.8