Posted by: sanjayshetty | June 16, 2008

Stock Data For Research In India

A reader of my blog, wrote the following:

I have following queries for you:

Do you invest in Indian market? If yes will you be able to help me to find following parameters:

1. Return on Invested Capital (ROIC)

2. EQUITY

3. SALES

4. FREE CASH

from Indian stock site like:

Rediff.com or moneycontrol.com.

I was just able to figure out EPS from rediff.com and not able to find the other parameters because they might be having different name compare to USA market sites.

Thanks,

Nilesh

Nilesh, I can completely understand how confusing this can be when you look at the Indian stock market sites. Yes some of the terminology is different. I’ve taken two sites one free and one paid and have tried to put down information, which I feel will be useful for anyone using Indian stock market information sites and relating to the above terminology.

I’ve been able to compare and compile a list of free sites and the data one can grab from them in order to do Rule#1 calcualtions for Indian stocks. In some cases I’ve used items which are closest to what I think Phil suggests in his book Rule#1.

I’ve included references such as BL: for Balance sheet, PL: for Profit & Loss or Income statement.

In the table I’ve also listed MSN as a source however it’s for only comparisons.

In India Equity or Book Value is known on Indian Balance Sheets as Networth as is given on the www.Moneycontrol.com site. There are terminology differences between the Indian and the US centric site http://moneycentral.msn.com

Items given XXXXX I’ve been unable to find on those individual sites, however for instance if it’s not available in KotakSecurities it’s available via MoneyControl and vice versa.

Also between these sites the terminology used is different at times for e.g. on Moneycontrol.com Net Profit and on Kotaksecurities.com Reported Net Profit.

ROIC Calculations

ROIC = NOPAT / ( Equity+ DEBT) (This  is based on Phil’s ROIC Calculation)
Note: Here Equity refers to Book value.

(Ok I know the table below looks a little wonky but sorry the controls at WordPress regarding Tables suck!)

Value MsnMoneyCentral KotakSecurities MonyeControl
NOPAT – Net Operating Profit after Tax.  Net Income can be used instead of NOPAT. Note: Ideally use NOPAT as some times companies receive income from other sources or have other conflicting items in their net income. Reported Net Profit Net Profit
Equity OR Total Shareholders  Equity also known as net worth or book value Total EquityIs already pre-calculated on MSN it is= Total Assets – Total Liabilities Equity = No. of Shares*BVPS
“Book Value (Excl Rev Res) Per Share (Rs.)” is given on the Ratios page.No. of Shares = BS:Number of Equity shares outstanding (in Lakhs)
Equity = BL:Networth – BL: Revaluation Reserves

Equity = Equity Share Capital + Preference Share Capital + Reserves. If Reserves include  Revaluation Reserves that needs to be subtracted.
Equity = No. of Shares*BVPS

No. of Shares = PL:Shares in issue

Note:
Here figure is given in lakhs hence need to divide it by 100 to get figure in crores.

BVPS = PL: Book Value

Debt   BS: Long Term Debt You need to manually total up the following two items found on the BS:

  1. Secured Loans
  2. Unsecured Loans
BS:Total Debt
Sales Total Revenue     Operating Income PL: Sales Turnover
EPS   Found in Income Statement Found in Ratios page, Reported EPS PL: EPS
 
Data on Free Cash Flow needs to be calculated by looking up figures reported by the company in their annual reports. Another site which I’ve often found useful, for Indian stocks is:http://investing.businessweek.com/research/company/overview/overview.asp
 
WARNING
In my experience I’ve found that relying completely on the numbers of the above sites doesn’t work at all. Sometimes I’ve seen data on the sites change at a later date. E.g. If at one time the Networth is given as 10000 another time I’ve found it to change to 8000 etc. Weird yeah I know. I would suggest go to the website of the individual company which you are analyzing and double check the numbers given by them out there.
 
Well I hope this helps Nilesh and others like him who are stuck due to the terminology used on Indian Sites. I know the above list is not complete, so if you think I’m missing something, post a comment and I’ll update.
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Responses

  1. visit the following sites:

    http://www.capitalmarket.com
    http://www.equitymaster.com

    If you have time, visit stock exchange (library).

  2. Phil says that we need to analyze data for 10 years. Is there any website I can get these data for 10 years? Most of the sites that I’ve been to have only 4-5 years of data.

    Thank you,
    Joseph

  3. Dear Joseph,

    Unfortunately there are no free site’s I’ve been able to find which give you 10 year data.

    There are many paid services which do offer the data though, one example is the product Prowess by CMIE, however, it’s expensive.

  4. I need to know How do I find the upgraded and downgraded stocks of Indian stock market??For US markets,It there in msn money.But for Indian stock market,where do I find them??

  5. As far as I know there are no sites which list specifically upgraded and downgraded stocks in the Indian market.

    For some generic stats…You could possibly check out.

    http://www.moneycontrol.com/stocks/marketstats/index.php

  6. Hello Guys, Do listed companies in India have annual reports similar to the ones in the States or other established markets?

    Do you guys usually get the annual reports from the company website or from other sites? It been diffcult sourcing for them

  7. Most of the companies have their annual reports on their websites, I’ve found Reuters, http://investing.businessweek.com/research/company/overview/overview.asp and http://www.moneycontrol.com useful as well.

  8. Hi Sanjay,

    I am new to value investing and am trying to calculate the free cash flow of a company so as to use the value for DCF analysis. I am running against a road block when calculating the Operating Expense. It may seem to be a silly question, but coming from a non financial background, I am finding the information provided on prominent web sites to be inconsistent. A sample of information that I got from businessweek for Dredging Corporation of India is given below:

    Year: 2007

    Total Revenue 5728.9
    Cost of Goods Sold 2870.4
    Selling General & Admin Expenses, Total 373.2
    Depreciation & Amortization, Total 365.8
    Other Operating Expenses 560.6
    OTHER OP EXP, TOTAL 1,299.6
    Operating Income 1,558.9
    Interest Expense -21
    Interest and Investment Income 365.9
    NET INTEREST EXPENSE 345
    Other Non-Operating Income (Expenses) 154.9
    EBT, INCLUDING UNUSUAL ITEMS 2,063.4
    Operating Margin 33.8

    1. Operating Cost = COGS + OTHER OP EXP, Tot – Dep & Amr, Tot
    = 2870.4 + 1299.6
    = 4170

    2. Operating Cost = Total Rev – EBT
    = 5728.9 – 2063.4
    = 3665.5

    2. Operating Cost = (100 – Operating Margin)/100 * Rev
    = (100 – 33.8)/100 * 5728.9
    = 3792.53

    Would you please suggest as to which of the values can be used as the Operating Cost for the DCF analysis? Thanks in advance, your suggestions are highly appreciated.

  9. Do you know where I could get around 10 years of EPS data for the following companies?

    aban
    abgship
    aloktext
    avayagcl
    bel
    chamblfert
    drreddy
    enginersin
    federalbnk
    gitanjali
    hindzinc
    infosystch
    jbfind
    litl
    maruti
    mic
    mtnl
    nalco
    polaris
    redington
    relcapital
    sail
    sasken
    srf
    stcindia
    ster
    suzlon
    syndibank
    uttamstl
    zicom
    zylog

    A lot of companies have it in their annual reports but these don’t.
    Rediff, moneycentral, Indiabulls etc only publish 5 years of EPS data.


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