Corporate Performance Vs Nifty
| Year |
Annual percentage change in |
Relative results |
Per share book
value of Revathi (1) |
Nifty 50 with
dividend Included (2) |
(1) – (2) |
| 2002 – 03 |
9.0% |
-11.7% |
20.7% |
| 2003 – 04 |
21.6% |
86.3% |
-64.7% |
| 2004 – 05 |
41.3% |
17.3% |
24.0% |
| 2005 – 06 |
19.1% |
70.0% |
-50.9% |
| 2006 – 07 |
11.6% |
13.80% |
-2.2% |
| 2007 – 08 |
16.6% |
25.7% |
-9.1% |
| 2008 – 09 |
-2.5% |
-35.4% |
32.9% |
| 2009 – 10 |
3.6% |
75.3% |
-71.7% |
| 2010 – 11 |
6.0% |
12.4% |
-6.4% |
| 2011 – 12 |
-2.9% |
-8.2% |
5.3% |
| 2012 – 13 |
2.8% |
8.7% |
-5.9% |
| 2013 – 14 |
-10.9% |
19.5% |
-30.4% |
| 2014 – 15 |
-0.1% |
28.2% |
-28.3% |
| 2015 – 16 |
29.1% |
-7.8% |
36.9% |
| 2016 – 17 |
6.4% |
20.2% |
-13.8% |
| 2017 – 18 |
-5.7% |
11.8% |
-17.5% |
| 2018 – 19 |
6.8% |
16.5% |
-9.7% |
| 2019 – 20 |
8.8% |
-25.0% |
33.8% |
Average Annual Gain
(FY 03 – FY 20) |
9.5% |
14.4% |
-4.9% |
Overall Gain
(FY 03 – FY 20) |
289.5% |
885.0% |
-595.5% |
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| Notes: |
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1.
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All data is for financial years and includes dividends paid, if any.
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2.
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The Nifty-50 numbers are pre-tax and assume that dividends were reinvested, whereas the numbers for Revathi are after tax.
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3.
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We think our investors should measure our performance against their general experience in the equity markets. While the Nifty-50 is not perfect (nor is anything else) as a measure of performance, it has the advantage of being widely known and reflects with reasonable accuracy the experience of investors generally with the market.
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4.
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The reason we have used the “growth in book value” as against stock price is, that over time, we intend measuring our performance by checking if a rupee retained has created a rupee worth of market value.
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5.
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If you expect, as we do, that owning a representative stock index would produce reasonably satisfactory results over a period of time, it follows that, for long-term investors, gaining small advantages over that index must prove rewarding.
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