Ratios

Dupont Analysis

Metric	Mar 2007	Mar 2008	Mar 2010	Mar 2011	Mar 2012
ROE	3.74%	3.52%	2.31%	6.01%	4.51%
PAT margin	2.22%	4.13%	1.76%	3.32%	3.41%
Asset Turnover	0.56x	0.57x	0.70x	0.80x	1.08x
Leverage	1.77x	1.85x	1.89x	1.83x	1.89x

Metric	Mar 2007	Mar 2008	Mar 2010	Mar 2011	Mar 2012
Inventory Days	125.7	98.9	69.0	72.0	60.5
Receivable Days	168.2	172.7	131.5	117.1	102.0
Payable Days	71.0	54.7	60.6	64.1	55.7
Cash Conversion Cycle	222.9	216.9	139.9	125.0	106.8

Metric	Mar 2007	Mar 2008	Mar 2010	Mar 2011	Mar 2012
ROE	3.74%	3.52%	2.31%	6.01%	4.51%
ROCE	8.04%	7.96%	5.95%	10.32%	8.82%
ROA	2.11%	1.90%	1.22%	3.29%	2.39%