From 2008-09 ( 18 month) to 2009-10 there is significant reduction on net profit. From a Rs. 16.5 EPS( 18months) , Rs. 11 annaulised , to Less than a rupee .

My sense is that purposely numbers are kept lower to depress the prices.

These are capacity stories. Capacity story means. small companies which have huge capacity , well built brands and ready to sell off. These are  possible takeover/ sell of candidates with retailing by biggies picking up. All major retailers are trying to push thier inhouse brands. Just walk through any malls.. Big bazzar, More,Tata Star, Reliacne etc, each of them have thier own brand of noodles, tooth brush, chips , biscuits ( and  what not out of FMCG basket). They can mint huge margins against the vapour thing margins  they get as retailers by selling brands of HLL, Nestle, Colgate, P&G.

Some retail major wil buy such capacity stories ( Read  Reliance or Biyani).

The big risk in such storeis is that retail investors can be taken for a ride. Since both sellers and buyers would not mind doing transactions in black, in such cases swap ratio or buyout price will be peanuts.
Retail investors will get valuation based on Fair value , valuation done ( read fradulently) by some MNC consulting firm based on lower reported numbers. Promoters who sell of their stake will get the actual value in black.

Look at JHS another capacity story for oral care.

Basantji, I would request you to start a thread to identify such capcacity stories.