Analysis of Financial Statements

Analysis of Financial Statements involves evaluating a company's financial data to

understand its performance, financial health, and future prospects. This process helps
stakeholders like investors, managers, and creditors make informed decisions.

Financial statement analysis helps evaluate a company's financial health using its financial
reports—Balance Sheet, Income Statement, and Cash Flow Statement.

1. Key Financial Statements:

1. Income Statement (Profit & Loss Statement):
o Shows the company’s revenues, expenses, and profits over a specific period.

o Key metrics: Revenue, Gross Profit, Operating Income, Net Income.

2. Balance Sheet:
o Provides a snapshot of the company’s financial position at a specific point in
time.

o Key metrics: Assets, Liabilities, Equity.

3. Cash Flow Statement:

o Details cash inflows and outflows from operating, investing, and financing
activities.

o Key metrics: Operating Cash Flow, Investing Cash Flow, Financing Cash Flow.

4. Statement of Changes in Equity:

o Shows changes in the company’s equity over a reporting period.

2. Key Techniques of Financial Analysis:

1. Quantitative Analysis:
This involves analysing numerical data from financial statements to assess a company's
financial health and performance.

A. Horizontal Analysis (Trend Analysis):

 Definition: Compares financial data across multiple periods to identify trends, growth
patterns, or inconsistencies.

 Purpose: To detect growth trends, declining sales, or unexpected fluctuations.

  Example: Comparing sales figures from 2022 to 2023 to see if there's an increase or
decrease.

B. Vertical Analysis (Common-Size Analysis):

 Definition: Expresses each line item as a percentage of a base figure within the same
period.

 Purpose: Useful for comparing companies of different sizes or for analyzing cost
structures.

 Example: On an income statement, each expense might be shown as a percentage of

total revenue.

C. Ratio Analysis:
 Definition: Uses financial ratios to evaluate various aspects of a company’s
performance.

 Purpose: Provides insights into liquidity, profitability, efficiency, and solvency.

Key Categories of Ratios:

o Liquidity Ratios: Measure the ability to meet short-term obligations (e.g.,

Current Ratio, Quick Ratio).

o Profitability Ratios: Assess how effectively a company generates profit (e.g.,

Net Profit Margin, Return on Equity).

o Efficiency Ratios: Evaluate asset usage and operational efficiency (e.g.,

Inventory Turnover, Asset Turnover).

o Solvency/Leverage Ratios: Analyze long-term financial stability and debt levels

(e.g., Debt-to-Equity Ratio).

o Market Valuation Ratios: Used by investors to assess value (e.g., Price-to-

Earnings Ratio, Earnings Per Share).

D. Cash Flow Analysis:

 Definition: Focuses on the cash flow statement to assess the company’s cash-
generating ability.

 Purpose: Ensures the business has enough cash for operations, investments, and
financing activities.

 Example: Analyzing if operating cash flow covers dividends and capital expenditures.

E. Comparative Financial Statement Analysis:

  Definition: Compares financial statements of the same company across different
periods or against other companies.

 Purpose: Identifies changes in financial position and performance.

1. Example: Comparing two years of balance sheets to see changes in asset and liability
structures.

F. Common-Size Financial Statements:

o Converts figures into percentages to simplify comparison across companies or
periods.

2. Qualitative Analysis:
This evaluates non-numerical factors that can impact a company’s financial performance.

A. Management Discussion & Analysis (MD&A):

 Definition: Reviews management's explanations of financial results, future outlook,
and strategic direction.

 Purpose: Provides insights into potential risks, opportunities, and management

effectiveness.

B. Industry Analysis:
 Definition: Examines the industry’s health, trends, and competitive environment.

 Purpose: Helps understand how external factors like market demand, competition, or
regulation might impact financial performance.

C. Corporate Governance & Risk Analysis:

 Definition: Evaluates the company’s governance structure, internal controls, and risk
management.

 Purpose: Ensures transparency, ethical practices, and identification of potential

financial risks.

D. Economic Environment Analysis:

 Definition: Looks at macroeconomic factors like interest rates, inflation, and GDP
growth.

 Purpose: Determines how economic conditions affect the company’s operations and
profitability.
3. Specialized Types of Financial Analysis:
A. DuPont Analysis:
 Definition: Breaks down Return on Equity (ROE) into multiple components to
understand what drives profitability.

 Formula:
ROE=Net Profit Margin×Asset Turnover×Equity Multiplier\text{ROE} = \text{Net Profit
Margin} \times \text{Asset Turnover} \times \text{Equity
Multiplier}ROE=Net Profit Margin×Asset Turnover×Equity Multiplier

 Purpose: Helps identify if profitability is driven by efficiency, profit margins, or

leverage.

B. Credit Analysis:
 Definition: Focuses on a company's ability to repay its debts.

 Purpose: Used by banks and lenders to determine creditworthiness.

 Key Metrics: Debt-to-Equity Ratio, Interest Coverage Ratio, and Cash Flow Adequacy.

C. Valuation Analysis:
 Definition: Estimates the company’s intrinsic value using models like Discounted Cash
Flow (DCF) or Comparable Company Analysis.

 Purpose: Helps investors decide whether a stock is overvalued or undervalued.

D. Sensitivity & Scenario Analysis:

 Definition: Examines how changes in key variables (e.g., interest rates, sales growth)
affect financial outcomes.

 Purpose: Assesses risk by exploring best-case, worst-case, and most-likely scenarios.

4. External vs. Internal Analysis:

A. External Analysis:
 Definition: Conducted by external stakeholders like investors, creditors, and analysts.

 Purpose: To make investment, lending, or regulatory decisions.

 Data Source: Public financial reports, industry reports.

B. Internal Analysis:
  Definition: Conducted by company management for internal decision-making.

 Purpose: To improve operational efficiency, budgeting, and strategic planning.

 Data Source: Detailed internal financial data and operational reports.

4. Interpretation and Decision-Making:

1. Benchmarking:

o Comparing a company’s performance against industry standards or

competitors.

2. SWOT Analysis:

o Identifying Strengths, Weaknesses, Opportunities, and Threats.

3. Forecasting and Projections:

o Using historical data to predict future performance.

4. Credit Analysis:

o Evaluating a company’s ability to meet its financial obligations.

Two key methods of analysis are:

1. Comparative Statements
2. Common Size Statements

1. Comparative Statements
Definition

Comparative statements present financial data for multiple periods side by side. This helps in
identifying trends, growth patterns, and financial stability over time.

Types of Comparative Statements

 Comparative Balance Sheet

 Comparative Income Statement

Purpose

 Helps in analyzing the financial position over different periods.

  Identifies changes in financial elements (assets, liabilities, revenue, expenses).

 Assists in decision-making by spotting trends.

 Useful for investors, creditors, and management.

Comparative Balance Sheet

 Compares assets, liabilities, and equity at different points in time.

 Shows percentage and absolute changes.

 Helps in understanding liquidity, solvency, and financial structure.

Example Format of Comparative Balance Sheet (in ₹):

Particulars Year 1 (₹) Year 2 (₹) Absolute Change % Change

(₹)

Fixed Assets 50,00,000 60,00,000 10,00,000 20%

Current Assets 30,00,000 40,00,000 10,00,000 33.33%

Total Assets 80,00,000 1,00,00,000 20,00,000 25%

Comparative Income Statement

 Compares revenues, expenses, and net profit over multiple periods.

 Highlights growth in income and costs.

 Indicates profitability trends.

Example Format of Comparative Income Statement (in ₹):

Particular Year 1 (₹) Year 2 (₹) Absolute Change % Change

s (₹)

Revenue 1,00,00,000 1,20,00,000 20,00,000 20%

Expenses 60,00,000 70,00,000 10,00,000 16.67%

Net Profit 40,00,000 50,00,000 10,00,000 25%

Key Insights from Comparative Statements

 Growth Analysis: Evaluates if the company is expanding.

 Expense Control: Identifies cost efficiency.

 Profitability Trends: Indicates changes in profit margins.

 Financial Health: Assesses the strength of the balance sheet.

 Merits (Advantages) of Comparative Statements
1. Trend Analysis
o Helps in identifying trends by comparing financial data over multiple periods.

o Shows whether a company is growing or declining.

2. Financial Performance Evaluation

o Highlights changes in assets, liabilities, revenue, and expenses.

o Assists in evaluating the company's financial health.

3. Decision Making
o Helps management make informed business decisions.

o Aids in cost control and revenue improvement strategies.

4. Easy to Understand
o Provides a clear comparison of financial data over different years.

o Shows absolute and percentage changes in financial elements.

5. Useful for Investors & Creditors

o Investors can assess growth potential before investing.

o Creditors can evaluate a company’s ability to repay debts.

Demerits (Disadvantages) of Comparative Statements

1. Ignores External Factors
o Does not consider inflation, economic conditions, or industry trends.

2. Misleading if Data is Inaccurate

o Errors in financial statements lead to incorrect conclusions.

o Inconsistent accounting practices may distort comparison.

3. Lack of Standard Benchmark

o No predefined benchmark for performance evaluation.

o A company’s performance may seem good or bad without proper industry

comparison.
4. Limited Insight into Internal Issues
o Only provides numerical differences without explaining the reasons behind
changes.

o Cannot identify operational inefficiencies.

Comparative Balance Sheet - Solved Questions & Answers

1. The total assets of XYZ Ltd. were ₹9,00,000 in 2022 and increased to ₹12,00,000 in
2023. Calculate the absolute and percentage change.

 Absolute Change = ₹12,00,000 - ₹9,00,000 = ₹3,00,000

 Percentage Change = (₹3,00,000 / ₹9,00,000) × 100 = 33.33%

2. The capital of a company was ₹4,50,000 in 2021 and ₹5,40,000 in 2022. Find the
absolute and percentage change in capital.

 Absolute Change = ₹5,40,000 - ₹4,50,000 = ₹90,000

 Percentage Change = (₹90,000 / ₹4,50,000) × 100 = 20%

3. A company's total liabilities were ₹10,00,000 in 2020 and decreased to ₹9,20,000

in 2021. What is the absolute and percentage decrease in total liabilities?

 Absolute Change = ₹9,20,000 - ₹10,00,000 = ₹-80,000 (Decrease)

 Percentage Change = (₹80,000 / ₹10,00,000) × 100 = 8% Decrease

4. In 2022, the cash balance of a company was ₹3,50,000, and in 2023, it was
₹4,80,000. Compute the absolute and percentage change in cash balance.

 Absolute Change = ₹4,80,000 - ₹3,50,000 = ₹1,30,000

 Percentage Change = (₹1,30,000 / ₹3,50,000) × 100 = 37.14%

5. The stock (inventory) of a firm was ₹2,25,000 in 2020 and ₹2,85,000 in 2021. Find
the absolute and percentage increase in inventory.

 Absolute Change = ₹2,85,000 - ₹2,25,000 = ₹60,000

 Percentage Change = (₹60,000 / ₹2,25,000) × 100 = 26.67%

 Comparative Income Statement - Solved Questions & Answers

6. The total revenue of a company was ₹75,00,000 in 2021 and ₹90,00,000 in 2022.
Calculate the absolute and percentage increase in revenue.

 Absolute Change = ₹90,00,000 - ₹75,00,000 = ₹15,00,000

 Percentage Change = (₹15,00,000 / ₹75,00,000) × 100 = 20%

7. If a firm’s net profit was ₹9,00,000 in 2020 and ₹11,70,000 in 2021, determine the
absolute and percentage change in net profit.

 Absolute Change = ₹11,70,000 - ₹9,00,000 = ₹2,70,000

 Percentage Change = (₹2,70,000 / ₹9,00,000) × 100 = 30%

8. The total operating expenses of a company were ₹18,00,000 in 2019 and

₹21,60,000 in 2020. Find the absolute and percentage change in operating expenses.

 Absolute Change = ₹21,60,000 - ₹18,00,000 = ₹3,60,000

 Percentage Change = (₹3,60,000 / ₹18,00,000) × 100 = 20%

9. A company's administrative expenses increased from ₹4,50,000 in 2021 to

₹5,85,000 in 2022. What is the absolute and percentage change in administrative
expenses?

 Absolute Change = ₹5,85,000 - ₹4,50,000 = ₹1,35,000

 Percentage Change = (₹1,35,000 / ₹4,50,000) × 100 = 30%

10. The cost of goods sold (COGS) of a company was ₹30,00,000 in 2020 and
increased to ₹36,00,000 in 2021. Find the absolute and percentage change in COGS.

 Absolute Change = ₹36,00,000 - ₹30,00,000 = ₹6,00,000

 Percentage Change = (₹6,00,000 / ₹30,00,000) × 100 = 20%

2. Common Size Statements

Definition
Common size statements present each financial item as a percentage of a base value,
making it easier to compare financial statements of different companies and periods.

Types of Common Size Statements

 Common Size Balance Sheet

 Common Size Income Statement

Purpose
 Allows easy comparison between companies of different sizes.

 Highlights the proportion of each financial component.

 Useful for trend analysis and benchmarking.

Common Size Balance Sheet

 Expresses each asset and liability as a percentage of total assets.

 Helps in understanding asset structure and financial composition.

Example Format of Common Size Balance Sheet (in ₹):

Particulars Amount (₹) % of Total Assets

Fixed Assets 60,00,000 60%

Current Assets 40,00,000 40%

Total Assets 1,00,00,00 100%

0

Common Size Income Statement

 Expresses each income and expense item as a percentage of total revenue.

 Helps in analyzing profitability and cost structure.

Example Format of Common Size Income Statement (in ₹):

Particulars Amount (₹) % of Revenue

Revenue 1,20,00,000 100%

Cost of Goods Sold 60,00,000 50%

Gross Profit 60,00,000 50%

Operating 30,00,000 25%

 Expenses

Net Profit 30,00,000 25%

Key Insights from Common Size Statements

 Proportion Analysis: Helps in understanding financial structure.

 Comparative Analysis: Makes inter-company and industry comparison easy.

 Performance Evaluation: Highlights efficiency in cost management.

Here are the questions along with their answers for both Comparative Statements
and Common Size Statements using Indian Rupees (₹).

Merits (Advantages) of Common Size Statements

1. Easy Comparability

o Makes it easier to compare companies of different sizes.

o Standardizes financial data for analysis.

2. Helps in Ratio Analysis

o Useful for calculating and analyzing financial ratios.

o Shows the proportion of each financial item relative to revenue or assets.

3. Highlights Strengths and Weaknesses

o Shows which expenses take up the highest proportion of revenue.

o Helps in cost-cutting and efficiency improvements.

4. Useful for Industry Comparisons

o Enables comparison with competitors and industry averages.

o Helps in benchmarking performance.

Demerits (Disadvantages) of Common Size Statements

1. No Trend Analysis
o Does not show changes over time like comparative statements.

o Only provides a snapshot of financial data for a single period.

 2. Ignores Absolute Values

o Focuses on percentages rather than actual monetary values.

o A company may have a high net profit percentage but low actual profit in
value terms.

3. Dependence on Quality of Financial Statements

o If the financial statements contain errors, common size analysis becomes
unreliable.

o Inconsistent financial reporting practices can affect comparability.

4. Does Not Consider External Factors

o Economic conditions, inflation, and industry trends are not considered in
analysis.

o Cannot explain why financial proportions have changed.

1.The total assets of a company are ₹50,00,000. If the fixed assets are ₹30,00,000,
calculate the percentage of fixed assets in the total assets.

 Percentage of Fixed Assets = (₹30,00,000 / ₹50,00,000) × 100 = 60%

2. If the current liabilities of a company amount to ₹12,50,000 and the total liabilities are
₹25,00,000, find the percentage of current liabilities.

 Percentage of Current Liabilities = (₹12,50,000 / ₹25,00,000) × 100 = 50%

3. A company's shareholder’s equity is ₹15,00,000, and the total assets are ₹60,00,000.
Find the percentage of shareholder’s equity in total assets.

 Percentage of Shareholder’s Equity = (₹15,00,000 / ₹60,00,000) × 100 = 25%

4. The total liabilities of a firm are ₹30,00,000, and the long-term liabilities are
₹18,00,000. Find the percentage of long-term liabilities in the total liabilities.

 Percentage of Long-term Liabilities = (₹18,00,000 / ₹30,00,000) × 100 = 60%

5. A company has total revenue of ₹80,00,000 and its gross profit is ₹40,00,000. Find
the gross profit percentage.

 Gross Profit Percentage = (₹40,00,000 / ₹80,00,000) × 100 = 50%

6. The net profit of a firm is ₹12,00,000, and the total revenue is ₹60,00,000. Calculate
the net profit percentage.

 Net Profit Percentage = (₹12,00,000 / ₹60,00,000) × 100 = 20%

7. A company's operating expenses are ₹10,00,000, and its total revenue is ₹50,00,000.
What percentage of revenue is spent on operating expenses?

 Operating Expenses Percentage = (₹10,00,000 / ₹50,00,000) × 100 = 20%

8. If the cost of goods sold (COGS) is ₹24,00,000 and total revenue is ₹40,00,000,
compute the percentage of COGS in the total revenue.

 COGS Percentage = (₹24,00,000 / ₹40,00,000) × 100 = 60%

9. A company’s total assets are ₹80,00,000, and the total liabilities are ₹50,00,000. Find
the percentage of total liabilities in relation to total assets.

 Percentage of Total Liabilities = (₹50,00,000 / ₹80,00,000) × 100 = 62.5%

10. If a firm’s current liabilities are ₹15,00,000 and total liabilities are ₹30,00,000, what
percentage of total liabilities do current liabilities represent?

 Percentage of Current Liabilities = (₹15,00,000 / ₹30,00,000) × 100 = 50%

11. The shareholder’s equity of a company is ₹25,00,000, and total assets are
₹1,00,00,000. Compute the percentage of shareholder’s equity in total assets.

 Percentage of Shareholder’s Equity = (₹25,00,000 / ₹1,00,00,000) × 100 = 25%

12. If the long-term loans of a company are ₹40,00,000 and total liabilities are
₹60,00,000, calculate the percentage of long-term loans in total liabilities.

 Percentage of Long-term Loans = (₹40,00,000 / ₹60,00,000) × 100 = 66.67%

13. The fixed assets of a firm are ₹50,00,000, and total assets are ₹1,20,00,000. Find the
percentage of fixed assets in total assets.

 Percentage of Fixed Assets = (₹50,00,000 / ₹1,20,00,000) × 100 = 41.67%

14. A company has a total revenue of ₹1,20,00,000 and a gross profit of ₹72,00,000.
Calculate the gross profit percentage.

 Gross Profit Percentage = (₹72,00,000 / ₹1,20,00,000) × 100 = 60%

15. If a firm’s net profit is ₹18,00,000 and the total revenue is ₹90,00,000, determine the
net profit percentage.

 Net Profit Percentage = (₹18,00,000 / ₹90,00,000) × 100 = 20%

16. The operating expenses of a company are ₹16,50,000, and its total revenue is
₹82,50,000. Compute the percentage of operating expenses in total revenue.

 Operating Expenses Percentage = (₹16,50,000 / ₹82,50,000) × 100 = 20%

17. A company's interest expenses are ₹4,80,000, and its total revenue is ₹24,00,000.
What percentage of revenue is spent on interest expenses?

 Interest Expenses Percentage = (₹4,80,000 / ₹24,00,000) × 100 = 20%

Comparison of Comparative vs. Common Size Statements

Criteria Comparative Common Size Statements
Statements

Purpose Compares financial Expresses financial data as

data over multiple a percentage of a base
years. value.

Trend Yes, shows changes No, only shows proportion

 Analysis over time. within a single period.

Comparability Useful for internal Helps in inter-company

performance and industry comparisons.
evaluation.

Focus Absolute and Percentage proportion of

percentage change. financial elements.

Best Use Identifying financial Benchmarking with

growth or decline. competitors and industry
averages.

Conclusion
 Comparative Statements are best for trend analysis and performance evaluation over
time.

 Common Size Statements are best for standardized financial comparison with
competitors and industry benchmarks.

Both are valuable tools in financial analysis, but they should be used together for a
complete financial assessment.
वित्तीय विवरणों का विश्लेषण

वित्तीय विवरणों का विश्लेषण किसी कंपनी के वित्तीय आंकड़ों का

मूल्यांकन करने की प्रक्रिया है ताकि उसकी प्रदर्शन, वित्तीय
स्थिति और भविष्य की संभावनाओं को समझा जा सके। यह प्रक्रिया
निवेशकों, प्रबंधकों और लेनदारों जैसे हितधारकों को सूचित निर्णय
लेने में मदद करती है।

वित्तीय विवरण विश्लेषण से कंपनी की वित्तीय स्थिति का मूल्यांकन

इसके वित्तीय रिपोर्टों—बैलेंस शीट, आय विवरण और नकदी प्रवाह विवरण
—के माध्यम से किया जाता है।

1. प्रमुख वित्तीय विवरण:

आय विवरण (लाभ और हानि विवरण):

कंपनी के राजस्व, खर्च और लाभ को एक विशिष्ट अवधि के दौरान दर्शाता
है।
मुख्य मापदंड: राजस्व, सकल लाभ, संचालन आय, शुद्ध आय।

बैलेंस शीट:
कंपनी की वित्तीय स्थिति का एक विशिष्ट समय बिंदु पर स्नैपशॉट
प्रदान करता है।
मुख्य मापदंड: संपत्ति, देनदारियां, इक्विटी।

नकदी प्रवाह विवरण:

संचालन, निवेश, और वित्तीय गतिविधियों से नकदी के प्रवाह और
बहिर्गमन का विवरण देता है।
मुख्य मापदंड: संचालन नकदी प्रवाह, निवेश नकदी प्रवाह, वित्तपोषण
नकदी प्रवाह।

इक्विटी में परिवर्तन का विवरण:

रिपोर्टिंग अवधि के दौरान कंपनी की इक्विटी में हुए परिवर्तनों को
दर्शाता है।

2. वित्तीय विश्लेषण की प्रमुख तकनीकें:

1. मात्रात्मक विश्लेषण:
यह वित्तीय विवरणों के संख्यात्मक डेटा का विश्लेषण कर कंपनी की
वित्तीय स्थिति और प्रदर्शन का आकलन करता है।

 A. क्षैतिज विश्लेषण (रुझान विश्लेषण):

परिभाषा: विभिन्न अवधियों में वित्तीय डेटा की तुलना करके
रुझानों, विकास पैटर्न, या असंगतियों की पहचान करना।
उद्देश्य: विकास प्रवृत्तियों, घटती बिक्री, या अप्रत्याशित
 उतार-चढ़ाव का पता लगाना।
उदाहरण: 2022 से 2023 के बिक्री आंकड़ों की तुलना करना।
 B. ऊर्ध्वाधर विश्लेषण (सामान्य आकार विश्लेषण):
परिभाषा: प्रत्येक आइटम को उसी अवधि के भीतर एक आधार आंकड़े का
प्रतिशत के रूप में व्यक्त करना।
उद्देश्य: विभिन्न आकार की कंपनियों की तुलना के लिए उपयोगी।
 C. अनुपात विश्लेषण:
परिभाषा: कंपनी के प्रदर्शन के विभिन्न पहलुओं का मूल्यांकन करने
के लिए वित्तीय अनुपात का उपयोग करना।
मुख्य अनुपात श्रेणियाँ:
o तरलता अनुपात
o लाभप्रदता अनुपात
o दक्षता अनुपात
o सॉल्वेंसी/लीवरेज अनुपात
o बाजार मूल्यांकन अनुपात
 D. नकदी प्रवाह विश्लेषण:
कंपनी के नकदी सृजन की क्षमता का मूल्यांकन करता है।
 E. तुलनात्मक वित्तीय विवरण विश्लेषण:
विभिन्न अवधियों या अन्य कंपनियों के साथ वित्तीय विवरणों की
तुलना करता है।
 F. सामान्य आकार के वित्तीय विवरण:
तुलनात्मकता को सरल बनाने के लिए आंकड़ों को प्रतिशत में बदलता
है।

2. गुणात्मक विश्लेषण:
यह उन गैर-संख्यात्मक कारकों का मूल्यांकन करता है जो कंपनी के
वित्तीय प्रदर्शन को प्रभावित कर सकते हैं।

 A. प्रबंधन चर्चा और विश्लेषण (MD&A)

परिभाषा: प्रबंधन के वित्तीय परिणामों, भविष्य की संभावनाओं और
रणनीतिक दिशा की समीक्षा करता है।
 B.उद्योग विश्लेषण:
उद्योग के स्वास्थ्य, रुझानों और प्रतिस्पर्धी वातावरण का
अध्ययन करता है।
 C. कॉर्पोरेट गवर्नेंस और जोखिम विश्लेषण:
कंपनी की गवर्नेंस संरचना, आंतरिक नियंत्रण और जोखिम प्रबंधन का
मूल्यांकन करता है।
 D. आर्थिक पर्यावरण विश्लेषण:
ब्याज दरों, मुद्रास्फीति और जीडीपी वृद्धि जैसे मैक्रोइकॉनॉमिक
कारकों को देखता है।

3. वित्तीय विश्लेषण के विशेष प्रकार:

 A. डुपॉन्ट विश्लेषण:
परिभाषा: इक्विटी पर रिटर्न (ROE) को विभिन्न घटकों में विभाजित
 करता है।
उद्देश्य: यह समझने में मदद करता है कि लाभप्रदता दक्षता, लाभ
मार्जिन, या लीवरेज से संचालित हो रही है या नहीं।
 B. क्रेडिट विश्लेषण:
कंपनी की ऋण चुकाने की क्षमता पर केंद्रित है।
 C. मूल्यांकन विश्लेषण:
डिस्काउंटेड कैश फ्लो (DCF) या तुलनीय कंपनी विश्लेषण जैसे मॉडल
का उपयोग करके कंपनी के आंतरिक मूल्य का अनुमान लगाता है।
 D. संवेदनशीलता और परिदृश्य विश्लेषण:
प्रमुख चर में परिवर्तन (जैसे ब्याज दरें, बिक्री वृद्धि) के
वित्तीय परिणामों पर प्रभाव की जांच करता है।

4. बाहरी बनाम आंतरिक विश्लेषण:

 A. बाहरी विश्लेषण:
परिभाषा: बाहरी हितधारकों जैसे निवेशकों, लेनदारों और
विश्लेषकों द्वारा किया गया विश्लेषण।
 B. आंतरिक विश्लेषण:
परिभाषा: आंतरिक निर्णय लेने के लिए कंपनी प्रबंधन द्वारा किया
गया विश्लेषण।

5. व्याख्या और निर्णय लेना:

 बेंचमार्किंग:
कंपनी के प्रदर्शन की उद्योग मानकों या प्रतिस्पर्धियों के
खिलाफ तुलना करना।
 SWOT विश्लेषण:
ताकत, कमजोरियां, अवसर, और खतरे की पहचान करना।
 पूर्वानुमान और प्रक्षेपण:
भविष्य के प्रदर्शन की भविष्यवाणी के लिए ऐतिहासिक डेटा का उपयोग
करना।
 क्रेडिट विश्लेषण:
कंपनी की अपनी वित्तीय जिम्मेदारियों को पूरा करने की क्षमता का
मूल्यांकन करना।

1. तुलनात्मक विवरण (Comparative Statements)

अर्थ:
तुलनात्मक विवरण वित्तीय आंकड़ों को कई अवधियों के लिए एक साथ
प्रस्तुत करता है, जिससे प्रवृत्तियों (trends), वृद्धि पैटर्न और
समय के साथ वित्तीय स्थिरता की पहचान करना आसान होता है।

प्रकार:
 तुलनात्मक बैलेंस शीट (Comparative Balance Sheet)
 तुलनात्मक आय विवरण (Comparative Income Statement)

प्रारूप (Format):

तुलनात्मक बैलेंस शीट का उदाहरण प्रारूप (₹ में):

विवरण वर्ष 1 वर्ष 2 परिवर्तन %

(₹) (₹) (₹) परिवर्त
न
स्थायी 50,00,0 60,00,00 10,00,00 20%
संपत्ति 00 0 0
चालू 30,00,0 40,00,00 10,00,00 33.33%
संपत्ति 00 0 0
कुल 80,00,0 1,00,00,0 20,00,00 25%
संपत्ति 00 00 0

तुलनात्मक आय विवरण का उदाहरण प्रारूप (₹ में):

विवरण वर्ष 1 वर्ष 2 परिवर्तन %

(₹) (₹) (₹) परिवर्त
न
राजस्व 1,00,00,0 1,20,00,0 20,00,00 20%
00 00 0
खर्च 60,00,00 70,00,00 10,00,00 16.67%
0 0 0
शुद्ध 40,00,00 50,00,00 10,00,00 25%
लाभ 0 0 0

हल किए गए प्रश्न और उत्तर (Solved Questions and Answers):

1. कंपनी XYZ Ltd. की कुल संपत्ति 2022 में ₹9,00,000 थी और 2023

में ₹12,00,000 हो गई। पूर्ण और प्रतिशत परिवर्तन की गणना करें।
o पूर्ण परिवर्तन: ₹12,00,000 - ₹9,00,000 = ₹3,00,000
o प्रतिशत परिवर्तन: (₹3,00,000 / ₹9,00,000) × 100 = 33.33%
2. किसी कंपनी की पूंजी 2021 में ₹4,50,000 थी और 2022 में
₹5,40,000 हो गई। पूंजी में पूर्ण और प्रतिशत परिवर्तन ज्ञात
करें।
o पूर्ण परिवर्तन: ₹5,40,000 - ₹4,50,000 = ₹90,000
o प्रतिशत परिवर्तन: (₹90,000 / ₹4,50,000) × 100 = 20%
3. कंपनी की कुल देनदारियां 2020 में ₹10,00,000 थीं और 2021 में
घटकर ₹9,20,000 हो गईं। कुल देनदारियों में कमी का पूर्ण और
प्रतिशत परिवर्तन क्या है?
o पूर्ण परिवर्तन: ₹9,20,000 - ₹10,00,000 = ₹-80,000 (कमी)
o प्रतिशत परिवर्तन: (₹80,000 / ₹10,00,000) × 100 = 8% कमी
2. सामान्य आकार विवरण (Common Size Statements)

अर्थ:
सामान्य आकार विवरण प्रत्येक वित्तीय आइटम को एक आधार मान (जैसे कुल
संपत्ति या कुल राजस्व) के प्रतिशत के रूप में प्रस्तुत करता है।
इससे विभिन्न कंपनियों और अवधियों के वित्तीय विवरणों की तुलना
आसान होती है।

प्रकार:

 सामान्य आकार बैलेंस शीट (Common Size Balance Sheet)

 सामान्य आकार आय विवरण (Common Size Income Statement)

प्रारूप (Format):

सामान्य आकार बैलेंस शीट का उदाहरण प्रारूप (₹ में):

कुल संपत्ति
विवरण राशि (₹)
का %
स्थायी 60,00,00
60%
संपत्ति 0
चालू 40,00,00
40%
संपत्ति 0
कुल 1,00,00,0
100%
संपत्ति 00

सामान्य आकार आय विवरण का उदाहरण प्रारूप (₹ में):

विवरण राशि (₹) राजस्व का

%
राजस्व 1,20,00,0 100%
00
वस्तुओं की 60,00,00 50%
लागत 0
सकल लाभ 60,00,00 50%
0
संचालन खर्च 30,00,00 25%
0
शुद्ध लाभ 30,00,00 25%
0

हल किए गए प्रश्न और उत्तर (Solved Questions and Answers):

1. कंपनी की कुल संपत्ति ₹50,00,000 है। यदि स्थायी संपत्ति

₹30,00,000 है, तो कुल संपत्ति में स्थायी संपत्ति का प्रतिशत
निकालें।
o प्रतिशत: (₹30,00,000 / ₹50,00,000) × 100 = 60%
2. कंपनी की चालू देनदारियां ₹12,50,000 हैं और कुल देनदारियां
₹25,00,000 हैं। चालू देनदारियों का प्रतिशत ज्ञात करें।
o प्रतिशत: (₹12,50,000 / ₹25,00,000) × 100 = 50%
3. कंपनी की कुल राजस्व ₹80,00,000 है और सकल लाभ ₹40,00,000 है।
सकल लाभ प्रतिशत निकालें।
o सकल लाभ प्रतिशत: (₹40,00,000 / ₹80,00,000) × 100 = 50%
4. कंपनी का शुद्ध लाभ ₹12,00,000 है और कुल राजस्व ₹60,00,000
है। शुद्ध लाभ प्रतिशत ज्ञात करें।
o शुद्ध लाभ प्रतिशत: (₹12,00,000 / ₹60,00,000) × 100 = 20%

तुलनात्मक विवरण बनाम सामान्य आकार विवरण का तुलना (Comparison):

मापदंड तुलनात्मक विवरण सामान्य आकार विवरण

उद्देश्य कई वर्षों के वित्तीय प्रत्येक आइटम को आधार
डेटा की तुलना मान के प्रतिशत में
दिखाना
रुझान हाँ, समय के साथ नहीं, केवल एक अवधि के
विश्लेषण परिवर्तनों को भीतर अनुपात दिखाता है
दर्शाता है
तुलनात्मक आंतरिक प्रदर्शन कंपनियों और उद्योग के
ता मूल्यांकन के लिए बीच तुलना में सहायक
उपयोगी
मुख्य फोकस पूर्ण और प्रतिशत वित्तीय घटकों का
परिवर्तन प्रतिशत अनुपात
उपयोग वित्तीय वृद्धि या प्रतिस्पर्धियों और
गिरावट की पहचान उद्योग औसत के साथ
बेंचमार्किंग