PPP Pakistan Paper Products Limited

Pakistan Paper Products Limited (PPP) income statement

Pakistan Paper Products Limited reported revenue of Rs 1.9 bn for FY2026 (Jul 2025 – Jun 2026), up 10.4% on FY2025. Gross profit came to Rs 374.9 mn, a gross margin of 19.6%. Operating profit was Rs 254.1 mn (an operating margin of 13.3%). Finance cost was Rs 27.3 mn, down 23.9% on FY2025. Tax of Rs 59.4 mn took 26.4% of pre-tax profit. Profit attributable to shareholders was Rs 165.9 mn, up 35.5% on FY2025, or Rs 20.73 per share.

PPP income statement (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Revenue	1,913.7	1,733.6	1,927.3	1,745.9	1,234.2	1,093.0	913.3	875.4	788.2	659.9	613.7	576.3	504.3	501.2	433.3
Cost of revenue	(1,538.8)	(1,434.6)	(1,536.0)	(1,454.6)	(1,045.0)	(932.1)	(816.4)	(776.2)	(658.5)	(535.7)	(488.3)	(459.4)	(394.2)	(404.5)	(333.3)
Gross profit	374.9	299.0	391.3	291.3	189.2	160.8	96.9	99.3	129.7	124.3	125.3	116.9	110.1	96.7	100.0
Selling, general & administrative expenses	(103.7)	(84.6)	(75.6)	(66.8)	(67.9)	(56.4)	(52.6)	(48.6)	(50.4)	(46.2)	(50.2)	(40.8)	(33.7)	(31.1)	(30.9)
Operating profit	254.1	197.8	289.4	214.4	122.0	112.9	44.4	51.0	79.7	78.8	69.8	77.5	77.7	67.3	70.1
Finance cost	(27.3)	(35.9)	(52.3)	(53.2)	(19.6)	(15.5)	(16.8)	(15.7)	(9.9)	(4.9)	(7.3)	(4.0)	(4.3)	(7.3)	(5.5)
Profit before tax	225.3	161.5	231.1	132.6	90.4	97.0	21.6	24.0	64.5	73.1	62.6	73.5	73.4	60.0	64.5
Taxation	(59.4)	(39.0)	(75.2)	(43.6)	(28.7)	(26.5)	(6.0)	(6.0)	(14.4)	(12.2)	(24.2)	(16.1)	(25.2)	(21.2)	(23.2)
Profit after tax	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Profit attributable to shareholders	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Per share & other
EPS – basic (Rs) Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS – diluted (Rs) Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
Dividend per share (Rs) Rs	8.00	5.00	7.50	4.00	2.50	5.00	1.25	1.00	1.88	4.13	0.00	5.25	2.25	2.25	0.00
EBITDA	305.1	248.5	331.5	258.9	160.2	149.3	76.4	83.0	113.1	107.7	96.1	100.2	96.3	85.7	83.8
Depreciation & amortisation	51.0	50.7	42.1	44.5	38.2	36.4	32.0	32.1	33.4	28.9	26.2	22.7	18.6	18.3	13.7
Weighted average shares mn	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0

PPP income statement — year-on-year change (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Revenue	+10.4%	-10.0%	+10.4%	+41.5%	+12.9%	+19.7%	+4.3%	+11.1%	+19.4%	+7.5%	+6.5%	+14.3%	+0.6%	+15.7%	—
Cost of revenue	+7.3%	-6.6%	+5.6%	+39.2%	+12.1%	+14.2%	+5.2%	+17.9%	+22.9%	+9.7%	+6.3%	+16.5%	-2.5%	+21.4%	—
Gross profit	+25.4%	-23.6%	+34.3%	+54.0%	+17.6%	+65.9%	-2.4%	-23.5%	+4.4%	-0.9%	+7.2%	+6.2%	+13.8%	-3.3%	—
Selling, general & administrative expenses	+22.5%	+11.9%	+13.2%	-1.7%	+20.4%	+7.2%	+8.4%	-3.7%	+9.2%	-8.0%	+23.1%	+21.1%	+8.3%	+0.6%	—
Operating profit	+28.5%	-31.6%	+35.0%	+75.7%	+8.1%	+154.0%	-12.8%	-36.0%	+1.1%	+12.9%	-9.9%	-0.2%	+15.3%	-3.9%	—
Finance cost	-23.9%	-31.4%	-1.7%	+171.8%	+26.1%	-7.4%	+6.6%	+59.5%	+101.1%	-32.4%	+80.0%	-5.7%	-41.7%	+33.0%	—
Profit before tax	+39.5%	-30.1%	+74.3%	+46.7%	-6.8%	+348.8%	-9.8%	-62.8%	-11.8%	+16.8%	-14.8%	+0.1%	+22.3%	-7.0%	—
Taxation	+52.2%	-48.1%	+72.5%	+52.0%	+8.4%	+337.7%	+0.9%	-58.4%	+17.7%	-49.5%	+50.0%	-35.9%	+18.5%	-8.3%	—
Profit after tax	+35.5%	-21.5%	+75.1%	+44.2%	-12.5%	+353.1%	-13.4%	-64.1%	-17.7%	+58.6%	-33.1%	+18.8%	+24.3%	-6.3%	—
Profit attributable to shareholders	+35.5%	-21.5%	+75.1%	+44.2%	-12.5%	+353.1%	-13.4%	-64.1%	-17.7%	+58.6%	-33.1%	+18.8%	+24.3%	-6.3%	—
Per share & other
EPS – basic (Rs)	+35.5%	-21.5%	+75.1%	+44.2%	-12.5%	+353.1%	-13.4%	-64.1%	-17.7%	+58.6%	-33.1%	+18.8%	+24.3%	-6.3%	—
EPS – diluted (Rs)	+35.5%	-21.5%	+75.1%	+44.2%	-12.5%	+353.1%	-13.4%	-64.1%	-17.7%	+58.6%	-33.1%	+18.8%	+24.3%	-6.3%	—
Dividend per share (Rs)	+60.0%	-33.3%	+87.5%	+60.0%	-50.0%	+300.0%	+25.0%	-46.7%	-54.5%	—	-100.0%	+133.3%	0.0%	—	—
EBITDA	+22.8%	-25.0%	+28.0%	+61.7%	+7.3%	+95.4%	-8.0%	-26.5%	+5.0%	+12.1%	-4.1%	+4.0%	+12.4%	+2.3%	—
Depreciation & amortisation	+0.7%	+20.3%	-5.4%	+16.7%	+4.7%	+14.0%	-0.4%	-4.0%	+15.8%	+10.0%	+15.5%	+21.9%	+1.6%	+33.5%	—
Weighted average shares	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Change against the previous fiscal year; shown when the earlier figure is positive.

PPP income statement — common size (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Cost of revenue	(80.4%)	(82.8%)	(79.7%)	(83.3%)	(84.7%)	(85.3%)	(89.4%)	(88.7%)	(83.5%)	(81.2%)	(79.6%)	(79.7%)	(78.2%)	(80.7%)	(76.9%)
Gross profit	19.6%	17.2%	20.3%	16.7%	15.3%	14.7%	10.6%	11.3%	16.5%	18.8%	20.4%	20.3%	21.8%	19.3%	23.1%
Selling, general & administrative expenses	(5.4%)	(4.9%)	(3.9%)	(3.8%)	(5.5%)	(5.2%)	(5.8%)	(5.5%)	(6.4%)	(7.0%)	(8.2%)	(7.1%)	(6.7%)	(6.2%)	(7.1%)
Operating profit	13.3%	11.4%	15.0%	12.3%	9.9%	10.3%	4.9%	5.8%	10.1%	11.9%	11.4%	13.4%	15.4%	13.4%	16.2%
Finance cost	(1.4%)	(2.1%)	(2.7%)	(3.0%)	(1.6%)	(1.4%)	(1.8%)	(1.8%)	(1.3%)	(0.7%)	(1.2%)	(0.7%)	(0.8%)	(1.5%)	(1.3%)
Profit before tax	11.8%	9.3%	12.0%	7.6%	7.3%	8.9%	2.4%	2.7%	8.2%	11.1%	10.2%	12.7%	14.6%	12.0%	14.9%
Taxation	(3.1%)	(2.3%)	(3.9%)	(2.5%)	(2.3%)	(2.4%)	(0.7%)	(0.7%)	(1.8%)	(1.9%)	(3.9%)	(2.8%)	(5.0%)	(4.2%)	(5.3%)
Profit after tax	8.7%	7.1%	8.1%	5.1%	5.0%	6.5%	1.7%	2.1%	6.4%	9.2%	6.3%	9.9%	9.6%	7.7%	9.6%
Profit attributable to shareholders	8.7%	7.1%	8.1%	5.1%	5.0%	6.5%	1.7%	2.1%	6.4%	9.2%	6.3%	9.9%	9.6%	7.7%	9.6%
Per share & other
EBITDA	15.9%	14.3%	17.2%	14.8%	13.0%	13.7%	8.4%	9.5%	14.3%	16.3%	15.7%	17.4%	19.1%	17.1%	19.3%
Depreciation & amortisation	2.7%	2.9%	2.2%	2.6%	3.1%	3.3%	3.5%	3.7%	4.2%	4.4%	4.3%	3.9%	3.7%	3.7%	3.2%

Each line as a percentage of revenue.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. Updated 15 Oct 2026.

All reported line items 96

PPP income statement — all reported line items (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Revenue from Goods & Services	1,913.7	1,733.6	1,927.3	1,745.9	1,234.2	1,093.0	913.3	875.4	788.2	659.9	613.7	576.3	504.3	501.2	433.3
Sales of Goods & Services - Net - Unclassified	1,913.7	1,733.6	1,927.3	1,745.9	—	—	—	—	—	—	—	—	—	—	—
Revenue Taxes	—	—	—	—	131.3	131.7	108.0	94.3	80.6	64.5	62.9	55.3	22.7	42.1	50.2
Gross Revenue from Business Activities - Total	—	—	—	—	1,365.5	1,224.7	1,021.3	969.7	868.9	724.4	676.6	631.6	527.0	543.3	483.5
Revenue from Business Activities - Total	1,913.7	1,733.6	1,927.3	1,745.9	1,234.2	1,093.0	913.3	875.4	788.2	659.9	613.7	576.3	504.3	501.2	433.3
Cost of Operating Revenue	1,538.8	1,434.6	1,536.0	1,454.6	1,045.0	932.1	816.4	776.2	658.5	535.7	488.3	459.4	394.2	404.5	333.3
Cost of Revenues - Total	1,538.8	1,434.6	1,536.0	1,454.6	1,045.0	932.1	816.4	776.2	658.5	535.7	488.3	459.4	394.2	404.5	333.3
Cost of Revenues - Unclassified	1,494.6	1,390.9	1,498.7	1,414.9	1,011.6	897.9	786.6	746.0	627.1	508.6	—	—	—	—	—
Selling, General & Administrative Expenses - Total	103.7	84.6	75.6	66.8	67.9	56.4	52.6	48.6	50.4	46.2	50.2	40.8	33.7	31.1	30.9
Selling, General & Administrative Expenses - Unclassified	96.9	77.7	70.8	62.0	56.6	46.8	48.8	44.7	43.6	39.0	44.9	33.9	29.7	26.5	26.2
Depreciation in Cost of Revenues	44.2	43.7	37.4	39.7	33.4	34.2	29.8	30.2	31.4	27.0	—	—	—	—	—
Depreciation in Selling, General & Administrative Expenses	6.8	6.9	4.6	4.7	4.6	2.2	2.2	1.9	2.0	1.8	—	—	—	—	—
Amortization of Intangibles in Selling, General & Administrative Expenses	0.0	0.1	0.1	0.1	—	—	—	—	—	—	—	—	—	—	—
Other Operating Expense/(Income) - Net	17.1	16.5	26.3	10.1	(0.8)	(8.5)	(0.2)	(0.3)	(0.4)	(0.8)	5.3	(1.4)	(1.3)	(1.7)	(0.9)
Other Operating Income - Total	—	—	—	—	2.6	8.5	—	—	—	—	—	—	—	—	—
Gross Profit - Industrials/Property - Total	374.9	299.0	391.3	291.3	189.2	160.8	96.9	99.3	129.7	124.3	125.3	116.9	110.1	96.7	100.0
Operating Expenses - Total	1,659.6	1,535.8	1,637.9	1,531.5	1,112.2	980.1	868.9	824.5	708.6	581.1	543.8	498.8	426.6	433.9	363.3
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses	—	—	—	—	6.8	7.5	1.6	1.9	4.8	5.4	5.3	6.9	4.0	4.6	4.7
Operating Profit before Non-Recurring Income/(Expense)	254.1	197.8	289.4	214.4	122.0	112.9	44.4	51.0	79.7	78.8	69.8	77.5	77.7	67.3	70.1
Financing Income/(Expense) - Net - Total	(29.9)	(38.5)	(59.9)	(83.9)	(32.5)	(16.0)	(22.8)	(27.0)	(15.2)	(5.8)	(7.3)	(4.0)	(4.3)	(7.3)	(5.5)
Interest Expense - Net of (Interest Income)	27.3	35.9	52.3	53.2	19.6	15.5	16.8	15.7	9.9	4.9	7.3	4.0	4.3	7.3	5.5
Other Operating Expense	17.1	16.5	26.3	10.1	1.8	0.0	—	—	—	—	—	—	—	—	—
Interest Expense - Net of Capitalized Interest	27.3	35.9	52.3	53.2	19.6	15.5	16.8	15.7	9.9	4.9	7.3	4.0	4.3	7.3	5.5
Non-Interest Financial Income/(Expense) - Total	(2.6)	(2.6)	(7.6)	(30.8)	(12.9)	(0.5)	(6.1)	(11.3)	(5.4)	(0.9)	—	—	—	—	—
Non-Interest Financial Income/(Expense) - Other - Net	(2.2)	(2.6)	(0.9)	(1.3)	(0.5)	(0.5)	(0.1)	(0.3)	(0.5)	(0.2)	—	—	—	—	—
Sale of Tangible & Intangible Fixed Assets - Gain/Loss	0.0	0.4	0.0	0.3	0.9	0.1	—	0.0	0.0	0.0	—	—	—	—	—
Other Non-Operating Income/(Expense) - Total	1.0	1.7	1.6	1.9	—	—	—	—	—	—	—	—	—	—	—
Foreign Exchange Gain/(Loss) - Non-Business	(0.4)	0.0	(6.7)	(29.5)	(12.4)	0.0	(6.0)	(11.0)	(4.8)	(0.7)	—	—	—	—	—
Normalized Pre-tax Profit	225.3	161.5	231.1	132.6	90.4	97.0	21.6	24.0	64.5	73.1	62.6	73.5	73.4	60.0	64.5
Provision for Income Tax Expense- Unclassified	59.4	39.0	75.2	43.6	28.7	26.5	6.0	6.0	14.4	12.2	24.2	16.1	25.2	21.2	23.2
Income before Taxes	225.3	161.5	231.1	132.6	90.4	97.0	21.6	24.0	64.5	73.1	62.6	73.5	73.4	60.0	64.5
Income Taxes	59.4	39.0	75.2	43.6	28.7	26.5	6.0	6.0	14.4	12.2	24.2	16.1	25.2	21.2	23.2
Net Income after Tax	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Income before Discontinued Operations & Extraordinary Items	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Net Income before Minority Interest	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Net Income after Minority Interest	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Income Available to Common Shares	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
DPS - Common - Gross - Issue - By Period End Date Rs	8.00	5.00	7.50	4.00	2.50	5.00	1.25	1.00	1.88	4.13	0.00	5.25	2.25	2.25	0.00
Net Income - Basic - including Extraordinary Items Applicable to Common - Total	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Income available to Common excluding Extraordinary Items	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Shares used to calculate Basic EPS - Total mn	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Earnings Allocation Factor - Basic - Issue Specific	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×
Shares used to calculate Basic EPS - Issue Specific mn	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Basic from Discontinued Operations & Extraordinary Items Rs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dilution Adjustment	—	—	—	—	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Diluted Income available to Common excluding Extraordinary Items	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Shares used to calculate Diluted EPS - Total mn	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Earnings Allocation Factor - Diluted - Issue Specific	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×
Shares used to calculate Diluted EPS - Issue Specific mn	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs	20.73	15.30	19.49	11.13	7.72	8.82	1.95	2.25	6.26	7.60	4.80	7.16	6.03	4.85	5.17
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DPS - Common - Gross - Issue - By Announcement Date Rs	5.00	4.00	7.50	0.00	5.50	3.25	1.00	1.88	1.50	2.63	2.25	3.00	2.25	2.25	2.50
DPS - Common - Net - Issue - By Announcement Date Rs	4.50	3.60	6.75	0.00	4.95	2.93	0.90	1.69	1.35	2.36	2.03	2.70	2.03	2.03	2.25
Earnings before Interest & Taxes (EBIT)	254.1	197.8	289.4	214.4	122.0	112.9	44.4	51.0	79.7	78.8	69.8	77.5	77.7	67.3	70.1
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)	305.1	248.5	331.5	258.9	160.2	149.3	76.4	83.0	113.1	107.7	96.1	100.2	96.3	85.7	83.8
Depreciation & Amortization - Supplemental	51.0	50.7	42.1	44.5	38.2	36.4	32.0	32.1	33.4	28.9	—	—	—	—	—
Depreciation Expense - Total - Supplemental	51.0	50.6	42.0	44.4	38.0	36.4	32.0	32.1	33.4	28.9	—	—	—	—	—
Amortization - Total - Supplemental	0.0	0.1	0.1	0.1	0.1	0.0	—	—	—	—	—	—	—	—	—
Intangible Amortization - Other - Supplemental	0.0	0.1	0.1	0.1	0.1	0.0	—	—	—	—	—	—	—	—	—
Amortization of Computer Software - Supplemental	0.0	0.1	0.1	0.1	0.1	0.0	—	—	—	—	—	—	—	—	—
Depreciation, Depletion & Amortization - Total	51.0	50.7	42.1	44.5	38.2	36.4	32.0	32.1	33.4	28.9	26.2	22.7	18.6	18.3	13.7
Depreciation - Total	51.0	50.6	42.0	44.4	38.0	36.4	32.0	32.1	33.4	28.9	26.2	22.7	18.6	18.3	13.7
Amortization of Intangible Assets excluding Goodwill - Total	0.0	0.1	0.1	0.1	0.1	0.0	—	—	—	—	—	—	—	—	—
Normalized after Tax Profit	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Normalized Net Income from Continuing Operations	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Normalized Net Income - Bottom Line	165.9	122.4	155.9	89.0	61.7	70.6	15.6	18.0	50.1	60.8	38.4	57.3	48.2	38.8	41.4
Earnings before Interest & Taxes (EBIT) - Normalized	252.6	197.3	283.4	185.8	110.0	112.5	38.4	39.7	74.3	78.0	69.8	77.5	77.7	67.3	70.1
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized	303.6	248.0	325.5	230.3	148.1	149.0	70.3	71.8	107.7	106.8	96.1	100.2	96.3	85.7	83.8
Interest Expense	27.3	35.9	52.3	53.2	19.6	15.5	16.8	15.7	9.9	4.9	7.3	4.0	4.3	7.3	5.5
Operating Expenses	1,659.6	1,535.8	1,637.9	1,531.5	1,112.2	980.1	868.9	824.5	708.6	581.1	543.8	498.8	426.6	433.9	363.3
Selling, General & Administrative Expenses excluding Research & Development Expenses	103.7	84.6	75.6	66.8	67.9	56.4	52.6	48.6	50.4	46.2	50.2	40.8	33.7	31.1	30.9
Income before Taxes & Provision for Loan Losses	225.3	161.5	231.1	132.6	90.4	97.0	21.6	24.0	64.5	73.1	62.6	73.5	73.4	60.0	64.5
Cost of Revenue including Operation & Maintenance (Utility) - Total	1,538.8	1,434.6	1,536.0	1,454.6	1,045.0	932.1	816.4	776.2	658.5	535.7	488.3	459.4	394.2	404.5	333.3
Cost of Revenues excluding Depreciation	1,494.6	1,390.9	1,498.7	1,414.9	1,011.6	897.9	786.6	746.0	627.1	508.6	488.3	459.4	394.2	404.5	333.3
DPS - Common - Gross - Issue - By Payable Date Rs	5.00	4.00	7.50	0.00	5.50	3.25	1.00	1.88	1.50	0.00	2.25	3.00	2.25	2.25	2.50
DPS - Common - Gross - Issue - By Ex Date Rs	5.00	4.00	7.50	0.00	5.50	3.25	1.00	1.88	1.50	2.63	2.25	3.00	2.25	2.25	2.50
Tax Adjusted Operating Income	186.0	149.6	191.2	124.7	75.1	81.8	27.6	29.8	57.7	64.9	42.8	60.5	51.0	43.5	44.9
Operating Expenses excluding Non-Cash Charges - Total	1,608.6	1,485.1	1,595.8	1,487.0	1,074.0	943.7	836.9	792.4	675.2	552.3	517.6	476.1	408.0	415.6	349.5
Income Available to Common Shares before Depreciation & Amortization	216.9	173.1	198.0	133.6	99.9	107.0	47.5	50.0	83.5	89.7	64.6	80.0	66.9	57.1	55.1
Fixed Charges	27.3	35.9	52.3	53.2	19.6	15.5	16.8	15.7	9.9	4.9	7.3	4.0	4.3	7.3	5.5
Estimated Tax Rate	0.29×	0.29×	0.29×	0.29×	0.29×	0.29×	0.35×	0.30×	0.30×	0.31×	0.32×	0.33×	0.34×	0.35×	0.35×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs	5.00	4.00	7.50	0.00	5.50	3.25	1.00	1.88	1.50	2.63	2.25	3.00	2.25	2.25	2.50

Every line the company reported, in the original order and wording, without regrouping or signs changed.