TATA GLOBAL BEVERAGES LTD SCREENER.

IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales 4,846.56 5,782.68 6,003.17 6,640.04 7,350.98 7,737.61 7,993.39 6,636.54 6,779.55 6,815.35 7,251.50 7,251.50 6,440.02
Expenses 4,320.96 5,269.07 5,467.39 6,133.69 6,645.23 7,212.06 7,201.19 6,270.63 6,032.65 6,031.35 6,465.59 6,465.59 5,869.34
Operating Profit 525.60 513.61 535.78 506.35 705.75 525.55 792.20 365.91 746.90 784.00 785.91 785.91 570.69
Other Income 1,039.30 379.23 179.03 233.75 120.58 396.90 -77.36 37.54 132.63 127.93 123.84 - -
Depreciation 98.69 102.92 99.44 96.13 105.10 129.06 133.10 116.79 126.04 116.04 122.57 122.57 122.57
Interest 210.13 149.08 121.02 70.35 84.44 86.53 81.86 116.90 91.53 42.76 52.47 52.47 52.47
Profit before tax 1,256.08 640.84 494.35 573.62 636.79 706.86 499.88 169.76 661.96 753.13 734.71 610.87 395.65
Tax 424.18 247.53 202.31 141.71 164.07 184.49 215.52 200.01 198.31 185.87 260.88 36% 36%
Net profit 700.55 390.30 254.33 356.14 372.75 480.52 247.82 -5.52 389.44 495.56 408.19 393.96 255.16
EPS 11.33 6.31 4.11 5.76 6.03 7.77 4.01 -0.09 6.17 7.85 6.47 6.24 4.04
Price to earning 5.72 15.91 25.02 20.50 22.37 19.72 37.74 -1,374.80 24.55 35.75 30.90 30.90 23.82
Price 64.80 100.39 102.91 118.09 134.85 153.21 151.22 120.24 151.49 280.72 199.85 192.88 96.29

RATIOS:
Dividend Payout 15.40% 31.59% 48.55% 37.33% 35.67% 28.96% 5.61% 0.00% 38.08% 31.84%
OPM 10.84% 8.88% 8.92% 7.63% 9.60% 6.79% 9.91% 5.51% 11.02% 11.50% 10.84%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 3.86% 1.83% -1.50% -5.18% 6.40% 6.40% -5.18%
OPM 9.01% 8.86% 8.94% 9.38% 10.84% 10.84% 8.86%
Price to Earning 23.82 27.36 29.73 30.40 30.90 30.90 23.82
TATA GLOBAL BEVERAGES LTD SCREENER.IN

Narration Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19
Sales 1,740.82 1,681.97 1,704.42 1,692.14 1,730.39 1,688.40 1,802.59 1,760.87 1,912.58 1,775.46
Expenses 1,559.34 1,496.51 1,460.25 1,478.18 1,495.31 1,542.70 1,553.82 1,594.22 1,716.36 1,601.19
Operating Profit 181.48 185.46 244.17 213.96 235.08 145.70 248.77 166.65 196.22 174.27
Other Income 66.35 -32.23 19.45 21.36 8.14 24.07 10.34 64.07 22.59 26.84
Depreciation 31.08 31.20 29.05 29.47 29.05 28.47 29.49 30.48 29.62 32.98
Interest 21.57 24.77 11.06 9.62 8.50 13.58 12.57 11.47 12.95 15.48
Profit before tax 195.18 97.26 223.51 196.23 205.67 127.72 217.05 188.77 176.24 152.65
Tax 50.32 12.90 80.54 72.75 19.56 13.02 83.45 63.68 54.92 58.83
Net profit 127.63 31.41 124.44 143.80 188.64 59.45 116.24 169.73 99.32 22.90

OPM 10% 11% 14% 13% 14% 9% 14% 9% 10% 10%

TATA GLOBAL BEVERAGES LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 61.64 61.64 61.74 61.84 61.84 61.84 61.84 63.11 63.11 63.11
Reserves 3,591.25 3,661.59 3,895.38 4,503.90 4,748.28 5,787.01 5,429.68 6,184.06 6,202.39 6,968.49
Borrowings 2,431.07 1,796.79 1,041.49 915.59 1,388.75 1,438.10 1,324.02 1,354.05 786.56 1,067.58
Other Liabilities 2,776.34 2,745.16 2,843.04 2,873.13 2,700.28 2,749.66 2,734.05 2,410.38 2,634.31 2,580.80
Total 8,860.30 8,265.18 7,841.65 8,354.46 8,899.15 10,036.61 9,549.59 10,011.60 9,686.37 10,679.98

Net Block 3,762.15 3,647.04 3,771.30 4,243.64 4,434.34 5,181.01 4,921.69 4,661.80 4,572.59 4,798.18
Capital Work in Progress 63.19 47.36 31.27 49.15 90.68 59.57 47.17 39.42 63.19 135.16
Investments 351.30 519.11 586.51 566.53 577.93 610.97 622.02 1,365.94 1,451.04 1,161.33
Other Assets 4,683.66 4,051.67 3,452.57 3,495.14 3,796.20 4,185.06 3,958.71 3,944.44 3,599.55 4,585.31
Total 8,860.30 8,265.18 7,841.65 8,354.46 8,899.15 10,036.61 9,549.59 10,011.60 9,686.37 10,679.98

Working Capital 1,907.32 1,306.51 609.53 622.01 1,095.92 1,435.40 1,224.66 1,534.06 965.24 2,004.51
Debtors 449.98 519.72 573.26 651.81 712.92 654.35 616.09 592.43 592.45 648.28
Inventory 744.44 921.65 1,069.65 1,160.73 1,382.92 1,518.46 1,625.30 1,629.01 1,452.96 1,448.31

Debtor Days 33.89 32.80 34.85 35.83 35.40 30.87 28.13 32.58 31.90 34.72
Inventory Turnover 6.51 6.27 5.61 5.72 5.32 5.10 4.92 4.07 4.67 4.71

Return on Equity 19% 10% 6% 8% 8% 8% 5% 0% 6% 7%

Return on Capital Emp 14% 12% 12% 12% 12% 8% 4% 10% 11%
TATA GLOBAL BEVERAGES LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 64.69 139.61 54.36 279.10 172.88 421.77 417.81 115.98 741.20 355.58
Cash from Investing Activity 485.31 1,432.42 110.68 155.96 23.98 -1.20 -207.05 144.62 145.05 -31.10
Cash from Financing Activity -784.05 -757.35 -1,072.09 -437.84 185.97 -363.25 -392.38 -281.80 -815.84 -30.39
Net Cash Flow -234.05 814.68 -907.05 -2.78 382.83 57.32 -181.62 -21.20 70.41 294.09
TATA GLOBAL BEVERAGES LTD

DELTA
NETWORTH DELTA MKTCAP IMPACT*
10 YR 3379 13710 4.06
7 YR 2466 10415 4.22
5 YR 1183 8243 6.97
3 YR 784 10128 12.91
1 YR 766 8156 10.65
* IMPACT – Every Rupee retained added xx.yy in incremental market value

TATA GLOBAL BEVERAGES LTD SALES GROSS PROFIT EBIT PAT

10 YR CAGR 3.86% 1.43% -6.56% -3.77%
5 YR CAGR -3.12% -6.13% 0.08% 0.77%
3 YR CAGR 1.34% 6.46% 66.63% #NUM!
1 YR GROWTH 0.53% -4.82% 5.63% 27.25%
**modify (if, then) for negative values
TATA GLOBAL BEVERAGES LTD Mar-09 Mar-10 Mar-11 Mar-12
Total Assets/Networth= Financial
Leverage 2.43 2.22 1.98 1.83
Long term debt/Earning 3.47 4.60 4.10 2.57
Current liablility/Earning 3.96 7.03 11.18 8.07
Total liability/Earning 7.43 11.64 15.27 10.64
Debt/Equity 0.67 0.48 0.26 0.20
Interest Coverage 6.98 5.30 5.08 9.15
Working Capital/Sales 39.35% 22.59% 10.15% 9.37%
Inventory Turns 56.06 58.17 65.04 63.80
Inventory Days 7 6 6 6
Debtor Days 34 33 35 36
Creditor Days
Cash Conversion Cycle
Cash In/Cash Out Ratio 0.55 0.88 0.55 0.48
Current Ratio 1.69 1.48 1.21 1.22
CFO/PAT 0.09 0.36 0.21 0.78

Gross Margin =Gross Profit/Sales 62.43% 59.42% 50.14% 55.61%

EBIT/Sales 30.25% 13.66% 10.25% 9.70%
EBITDA/Sales 32.29% 15.44% 11.91% 11.15%
Op Profit (Ex Other Income)/Sales 10.84% 8.88% 8.92% 7.63%
Net Margin =PAT/Sales 14.45% 6.75% 4.24% 5.36%
Op Cash Flow/Sales 1.33% 2.41% 0.91% 4.20%
Free Cash Flow/Sales 0.00% 2.90% -2.55% -4.63%
EPA/Sales 5.84% -1.99% -2.76% -1.58%

Sales/Invested Capital =Capital Turns 0.85 1.16 1.36 1.35

Sales/Fixed Assets= Fixed Asset Turns 1.29 1.59 1.59 1.56
 Sales/Total Assets= Asset Turns 0.55 0.70 0.77 0.79
Net Margin*Asset Turns= RoA 7.91% 4.72% 3.24% 4.26%
Net Margin*Asset Turn*Fin Leverage=
RoE 19.18% 10.48% 6.43% 7.80%
RoCE 24.10% 14.31% 12.31% 11.75%
EBIT Margin*Cap Turns*(1-Tax rate)=
RoIC 16.94% 9.69% 8.24% 9.87%

Altman Z-Score 1.72 1.70 1.63 1.70

Dividend Payout 15.40% 31.59% 48.55% 37.33%
Cash/Assets 12.29% 23.03% 12.72% 8.81%
EBIT/Invested Capital 25.58% 15.80% 13.95% 13.10%
EPA 283.15 -115.30 -165.92 -104.90
MktCap 4007 6208 6364 7302
MktCap Change 2201 156 939
MktCap Change - EPA 2316.16 321.64 1043.69

ShareHolders Funds 3652.89 3723.23 3957.12 4565.74

Total Debt 2431.07 1796.79 1041.49 915.59
Free Cash Flow 0.00 167.63 -153.25 -307.25

Net Profit Margin 14.45% 6.75% 4.24% 5.36%

Operating Profit 513.61 535.78 506.35 705.75
Operating Profit Margin 10.60% 9.27% 8.43% 10.63%

EPS Valuation 149.98 Capex/Net Profits 10 yr

Book value 116.17 Capex/Net Profits 7 yr
Graham Number 130.0199739 Capex/Net Profits 5 yr
Average Fair Price 140.0007783 Capex/Net Profits 3 yr
Valuation with 25% Margin of safety 105.0005837 Capex/Depreciation 10 yr
Current Price 199.85
Interinsic Value 37.4663078
Years:
3-Year Avg. FCF 296,470,000 Growth Rate:
Shares Outstanding (Nos.): 63,112,985 Terminal Growth Rate:
Discount Rate:

Year FCF Growth Present Value (PV)

1 292017808.8 -1.50% 260730186.5
2 287632477.7 -1.50% 229298850.2
3 283313002.7 -1.50% 201656599.2
4 279058394.6 -1.50% 177346654.7
5 274867679.5 -1.50% 155967303.1
6 285479011.2 3.86% 144632551.5
7 296499995.8 3.86% 134121540.5
 8 307946448.2 3.86% 124374405.5
9 319834793.6 3.86% 115335632.9
10 332182091.3 3.86% 106953743.1

Terminal Year CF: 323585502.5

Present Value of Year 1-10 Cash Flows: 1650417467
Terminal Value: 714193045.4
Total Present Value of Cash Flows: 2364610513
Intrinsic Value per Share (IV): 37.4663078
 HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES YIELD
MIN -1374.80 1.10 3.42 0.83 2.69%
MAX 37.74 2.52 20.92 2.60 0.15%
TRAILING 30.90 1.79 19.24 1.85 1.25%

DIVIDEND EPA** MKTCAP CFO** FCF** NETWORTH TOTAL RETURNS

4.32% -197.86% 17.96% 20.85% #NUM! 7.55% 17.73%
3.19% 2.06% 16.94% -4.18% -39.14% 4.71% 16.77%
5.41% -46.00% 52.79% 75.10% #NUM! 6.09% 52.06%
6.39% 61.45% 85.30% -52.03% -108.52% 12.23% 84.10%

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

1.85 1.72 1.74 1.60 1.55 1.52

3.73 2.99 5.34 -245.30 2.02 2.15
7.24 5.72 11.03 -436.66 6.76 5.21
10.97 8.72 16.38 -681.96 8.78 7.36
0.29 0.25 0.24 0.22 0.13 0.15
8.54 9.17 7.11 2.45 8.23 18.61
14.91% 18.55% 15.32% 23.12% 14.24% 29.41% Check for improving or deteriorating picture
68.67 71.63 74.22 89.59 78.23 77.57
5 5 5 4 5 5
35 31 28 33 32 35
Check back to see if Creditor policy change is im

0.52 0.50 0.42 0.45 0.44 0.73

1.41 1.52 1.45 1.64 1.37 1.78
0.46 0.88 1.69 -21.01 1.90 0.72

57.07% 57.26% 57.26% 45.73% 53.31% 50.47%

9.81% 10.25% 7.28% 4.32% 11.11% 11.68%
11.24% 11.92% 8.94% 6.08% 12.97% 13.38%
9.60% 6.79% 9.91% 5.51% 11.02% 11.50%
5.07% 6.21% 3.10% -0.08% 5.74% 7.27%
2.35% 5.45% 5.23% 1.75% 10.93% 5.22%
-2.24% -5.46% 6.96% 4.02% 10.04% -0.85%
-1.89% -2.78% -5.16% -12.04% -2.13% -3.42%

1.31 1.16 1.29 1.06 1.21 0.98

1.66 1.49 1.62 1.42 1.48 1.42
 0.83 0.77 0.84 0.66 0.70 0.64
4.19% 4.79% 2.60% -0.06% 4.02% 4.64% Check back what is really driving RoA (Net Marg

7.75% 8.22% 4.51% -0.09% 6.22% 7.05% Check back what is really driving RoE (Net Marg
11.63% 10.89% 8.54% 3.77% 10.68% 9.83%

9.53% 8.78% 5.34% -0.82% 9.42% 8.64% Check back what is really driving RoIC (Op Marg

1.84 1.82 1.81 1.38 1.70 2.15

35.67% 28.96% 5.61% -2572.46% 38.08% 31.84%
7.84% 7.23% 5.70% 5.00% 5.93% 11.59%
12.83% 11.88% 9.39% 4.60% 13.45% 11.47% Check back the significant role of EBIT/Invested
-139.11 -214.80 -412.30 -799.31 -144.36 -233.08 Check back what is really driving EPA (Invested
8339 9475 9352 7589 9561 17717
1037 1135 -123 -1763 1972 8156
1176.01 1350.06 289.28 -963.34 2116.73 8389.11

4810.12 5848.85 5491.52 6247.17 6265.5 7031.6

1388.75 1438.1 1324.02 1354.05 786.56 1067.58
-164.45 -422.85 556.43 266.83 680.60 -58.02

5.07% 6.21% 3.10% -0.08% 5.74% 7.27%

525.55 792.20 365.91 746.90 784.00 785.91
7.15% 10.24% 4.58% 11.25% 11.56% 11.53%

58%
84%
64%
37%
190%

1-5 6-10
-1.50% 3.86%
-2.59%
12.00%
 PRE-TAX BOND
LongTerm Bond 9%
LTB Quote 0.92
Equity Quoting @ 6.23%

for improving or deteriorating picture

back to see if Creditor policy change is impacting Working Cap cycle

back what is really driving RoA (Net Margins or Asset Turns, or both)

back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

back what is really driving RoIC (Op Margins or Capital Turns, or both)

back the significant role of EBIT/Invested Capital

back what is really driving EPA (Invested Capital or RoIC, or both)
COMPANY NAME TATA GLOBAL BEVERAGES LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 63.11
Face Value 1
Current Price 199.85
Market Capitalization 12613.13

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 4846.56 5782.68 6003.17 6640.04
Raw Material Cost 1820.75 2346.65 2993.44 2947.45
Change in Inventory 67.97 37.04 65.87 65.82
Power and Fuel 58.81 58.63 70.81 79.57
Other Mfr. Exp 473.48 535.42 145.01 615.11
Employee Cost 550.23 611.34 562.44 681.33
Selling and admin 1182.94 1316.4 1417.89 1460.07
Other Expenses 302.72 437.67 343.67 415.98
Other Income 1039.3 379.23 179.03 233.75
Depreciation 98.69 102.92 99.44 96.13
Interest 210.13 149.08 121.02 70.35
Profit before tax 1256.08 640.84 494.35 573.62
Tax 424.18 247.53 202.31 141.71
Net profit 700.55 390.3 254.33 356.14
Dividend Amount 107.87 123.28 123.48 132.96

Quarters
Report Date Dec-16 Mar-17 Jun-17 Sep-17
Sales 1740.82 1681.97 1704.42 1692.14
Expenses 1559.34 1496.51 1460.25 1478.18
Other Income 66.35 -32.23 19.45 21.36
Depreciation 31.08 31.2 29.05 29.47
Interest 21.57 24.77 11.06 9.62
Profit before tax 195.18 97.26 223.51 196.23
Tax 50.32 12.9 80.54 72.75
Net profit 127.63 31.41 124.44 143.8
Operating Profit 181.48 185.46 244.17 213.96
BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 61.64 61.64 61.74 61.84
Reserves 3591.25 3661.59 3895.38 4503.9
Borrowings 2431.07 1796.79 1041.49 915.59
Other Liabilities 2776.34 2745.16 2843.04 2873.13
Total 8860.3 8265.18 7841.65 8354.46
Net Block 3762.15 3647.04 3771.3 4243.64
Capital Work in Progress 63.19 47.36 31.27 49.15
Investments 351.3 519.11 586.51 566.53
Other Assets 4683.66 4051.67 3452.57 3495.14
Total 8860.3 8265.18 7841.65 8354.46
Receivables 449.98 519.72 573.26 651.81
Inventory 744.44 921.65 1069.65 1160.73
Cash & Bank 1089.15 1903.83 997.31 736.16
No. of Equity Shares 61839857 61839857 618398570 618398570
New Bonus Shares
Face value 10 10 1 1

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 64.69 139.61 54.36 279.1
Cash from Investing Activity 485.31 1432.42 110.68 155.96
Cash from Financing Activity -784.05 -757.35 -1072.09 -437.84
Net Cash Flow -234.05 814.68 -907.05 -2.78

PRICE: 64.7975 100.387143 102.905263 118.08625

DERIVED:
Adjusted Equity Shares in Cr 61.84 61.84 61.84 61.84
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

7350.98 7737.61 7993.39 6636.54 6779.55 6815.35
3156.06 3306.96 3416.05 3601.49 3165.65 3375.75
41.54 114.19 51.25 -20.11 0.69 46.8
85.25 91.4 84.78 81.26 83.19 87.07
635.42 695.74 691.21 190.32 597.61 565.05
740.11 792.53 857.67 805.06 834.95 821.37
1727.93 1925.39 1919.35 922.88 926.92 857.64
342 514.23 283.38 649.51 425.02 371.27
120.58 396.9 -77.36 37.54 132.63 127.93
105.1 129.06 133.1 116.79 126.04 116.04
84.44 86.53 81.86 116.9 91.53 42.76
636.79 706.86 499.88 169.76 661.96 753.13
164.07 184.49 215.52 200.01 198.31 185.87
372.75 480.52 247.82 -5.52 389.44 495.56
132.96 139.14 13.91 142 148.31 157.78

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

1730.39 1688.4 1802.59 1760.87 1912.58 1775.46
1495.31 1542.7 1553.82 1594.22 1716.36 1601.19
8.14 24.07 10.34 64.07 22.59 26.84
29.05 28.47 29.49 30.48 29.62 32.98
8.5 13.58 12.57 11.47 12.95 15.48
205.67 127.72 217.05 188.77 176.24 152.65
19.56 13.02 83.45 63.68 54.92 58.83
188.64 59.45 116.24 169.73 99.32 22.9
235.08 145.7 248.77 166.65 196.22 174.27
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
61.84 61.84 61.84 63.11 63.11 63.11
4748.28 5787.01 5429.68 6184.06 6202.39 6968.49
1388.75 1438.1 1324.02 1354.05 786.56 1067.58
2700.28 2749.66 2734.05 2410.38 2634.31 2580.8
8899.15 10036.61 9549.59 10011.6 9686.37 10679.98
4434.34 5181.01 4921.69 4661.8 4572.59 4798.18
90.68 59.57 47.17 39.42 63.19 135.16
577.93 610.97 622.02 1365.94 1451.04 1161.33
3796.2 4185.06 3958.71 3944.44 3599.55 4585.31
8899.15 10036.61 9549.59 10011.6 9686.37 10679.98
712.92 654.35 616.09 592.43 592.45 648.28
1382.92 1518.46 1625.3 1629.01 1452.96 1448.31
697.7 725.24 544.24 501.03 574.82 1238.14
618398570 618398570 618398570 631129729 631129729 631129729

1 1 1 1 1 1

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

172.88 421.77 417.81 115.98 741.2 355.58
23.98 -1.2 -207.05 144.62 145.05 -31.1
185.97 -363.25 -392.38 -281.8 -815.84 -30.39
382.83 57.32 -181.62 -21.2 70.41 294.09

134.85375 153.211842 151.2225 120.243421 151.494737 280.72381

61.84 61.84 61.84 63.11 63.11 63.11

COMPANY NAME

COMPANY NAME Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Gross Profit 3025.81 3436.03 3009.73 3692.59 4194.92 4430.65 4577.34
EBIT 1466.21 789.92 615.37 643.97 721.23 793.39 581.74
EBITDA 1564.9 892.84 714.81 740.1 826.33 922.45 714.84

Operating Profit (excl

Other Income) 525.6 513.61 535.78 506.35 705.75 525.55 792.2
PAT 700.55 390.3 254.33 356.14 372.75 480.52 247.82
Dividend 107.87 123.28 123.48 132.96 132.96 139.14 13.91
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Networth 3652.89 3723.23 3957.12 4565.74 4810.12 5848.85 5491.52
Working Capital 1907.32 1306.51 609.53 622.01 1095.92 1435.4 1224.66
Invested Capital 5732.66 5000.91 4412.1 4914.8 5620.94 6675.98 6193.52
Capital Employed 6083.96 5520.02 4998.61 5481.33 6198.87 7286.95 6815.54
Total Assets 8860.3 8265.18 7841.65 8354.46 8899.15 10036.61 9549.59
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Operating Cash Flow 64.69 139.61 54.36 279.1 172.88 421.77 417.81
Capex 0 -28.02 207.61 586.35 337.33 844.62 -138.62
Free Cash Flow 0.00 167.63 -153.25 -307.25 -164.45 -422.85 556.43
Tax Rate 34% 39% 41% 25% 26% 26% 43%
NOPLAT 971.07 484.81 363.53 484.88 535.40 586.32 330.93
RoIC 17% 10% 8% 10% 10% 9% 5%
WACC 12% 12% 12% 12% 12% 12% 12%
EPA (Economic Profit
Added) 283.15 -115.30 -165.92 -104.90 -139.11 -214.80 -412.30
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
MktCap 4007.07 6207.93 6363.65 7302.44 8339.34 9474.60 9351.58
MktCap+Dividend 4114.94 6331.21 6487.13 7435.40 8472.30 9613.74 9365.49
Retained Profit 592.68 267.02 130.85 223.18 239.79 341.38 233.91
EV 5348.99 6100.89 6407.83 7481.87 9030.39 10187.46 10131.36
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Price/Earnings 5.72 15.91 25.02 20.50 22.37 19.72 37.74
Price/Book 1.10 1.67 1.61 1.60 1.73 1.62 1.70
Price/CashFlow 61.94 44.47 117.06 26.16 48.24 22.46 22.38
Price/Sales 0.83 1.07 1.06 1.10 1.13 1.22 1.17
EV/EBITDA 3.42 6.83 8.96 10.11 10.93 11.04 14.17
Dividend Yield 2.69% 1.99% 1.94% 1.82% 1.59% 1.47% 0.15%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Working Capital/Total 0.22 0.16 0.08 0.07 0.12 0.14 0.13
Retained Profits/Total 0.07 0.03 0.02 0.03 0.03 0.03 0.02
EBIT/Total Assets 0.17 0.10 0.08 0.08 0.08 0.08 0.06
Market Cap/Total 0.45 0.75 0.81 0.87 0.94 0.94 0.98
Sales/Total Assets 0.55 0.70 0.77 0.79 0.83 0.77 0.84
Altman Z-Score 1.72 1.70 1.63 1.70 1.84 1.82 1.81
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey”
Zones
Z < 1.81 -“Distress”
Zones
Mar-16 Mar-17 Mar-18 YOY Mar-10 Mar-11 Mar-12 Mar-13
3035.05 3613.9 3439.6 Gross Profit 13.56% -12.41% 22.69% 13.60%
286.66 753.49 795.89 EBIT -46.13% -22.10% 4.65% 12.00%
403.45 879.53 911.93 EBITDA -42.95% -19.94% 3.54% 11.65%

Operating Profit
365.91 746.9 784 (excl Other Income) -2.28% 4.32% -5.49% 39.38%
-5.52 389.44 495.56 PAT -44.29% -34.84% 40.03% 4.66%
142 148.31 157.78 Dividend 14.29% 0.16% 7.68% 0.00%
Mar-16 Mar-17 Mar-18 YOY
6247.17 6265.5 7031.6 Networth 1.93% 6.28% 15.38% 5.35%
1534.06 965.24 2004.51 Working Capital -31.50% -53.35% 2.05% 76.19%
6235.28 5601.02 6937.85 Invested Capital -12.76% -11.77% 11.39% 14.37%
7601.22 7052.06 8099.18 Capital Employed -9.27% -9.45% 9.66% 13.09%
10011.6 9686.37 10679.98 Total Assets -6.72% -5.12% 6.54% 6.52%
Mar-16 Mar-17 Mar-18 YOY

115.98 741.2 355.58 Operating Cash Flow 115.81% -61.06% 413.43% -38.06%
-150.85 60.6 413.6 CHECK? Capex 0.00% -840.94% 182.43% -42.47%
266.83 680.60 -58.02 Free Cash Flow 0.00% -191.42% 100.49% -46.48%
118% 30% 25% Tax Rate 14.38% 5.95% -39.63% 4.29%
-51.08 527.76 599.47 NOPLAT -50.07% -25.01% 33.38% 10.42%
-1% 9% 9% RoIC -42.77% -15.01% 19.74% -3.45%
12% 12% 12% WACC 0.00% 0.00% 0.00% 0.00%
EPA (Economic
-799.31 -144.36 -233.08 Profit Added) -140.72% 43.90% -36.78% 32.62%
Mar-16 Mar-17 Mar-18 CURRENT YOY
7588.92 9561.28 17717.31 12613.13 MktCap 54.92% 2.51% 14.75% 14.20%
7730.92 9709.59 17875.09 MktCap+Dividend 53.86% 2.46% 14.62% 13.95%
-147.52 241.13 337.78 Retained Profit -54.95% -51.00% 70.56% 7.44%
8441.94 9773.02 17546.75 EV 14.06% 5.03% 16.76% 20.70%
Mar-16 Mar-17 Mar-18 YOY
-1374.80 24.55 35.75 Price/Earnings 178.07% 57.31% -18.05% 9.11%
1.21 1.53 2.52 Price/Book 52.00% -3.55% -0.54% 8.40%
65.43 12.90 49.83 Price/CashFlow -28.21% 163.27% -77.65% 84.37%
1.14 1.41 2.60 Price/Sales 29.84% -1.26% 3.75% 3.15%
20.92 11.11 19.24 EV/EBITDA 99.91% 31.19% 12.77% 8.10%
1.87% 1.55% 0.89% Dividend Yield -26.23% -2.29% -6.17% -12.43%
Mar-16 Mar-17 Mar-18 Z-Weights YOY
0.15 0.10 0.19 1.2 Working -26.57% -50.83% -4.22% 65.41%
-0.01 0.02 0.03 1.4 Retained -51.70% -48.35% 60.09% 0.87%
0.03 0.08 0.07 3.3 EBIT/Total Assets -42.25% -17.89% -1.78% 5.14%
0.76 0.99 1.66 0.6 Market Cap/Total 66.08% 8.04% 7.71% 7.21%
0.66 0.70 0.64 1 Sales/Total Assets 27.91% 9.42% 3.82% 3.93%
1.38 1.70 2.15 Altman Z-Score -0.92% -4.27% 4.44% 8.29%
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
5.62% 3.31% -33.69% 19.07% -4.82%
10.01% -26.68% -50.72% 162.85% 5.63%
11.63% -22.51% -43.56% 118.00% 3.68%

-25.53% 50.74% -53.81% 104.12% 4.97%

28.91% -48.43% -102.23% -7155.07% 27.25%
4.65% -90.00% 920.85% 4.44% 6.39%

21.59% -6.11% 13.76% 0.29% 12.23%

30.98% -14.68% 25.26% -37.08% 107.67%
18.77% -7.23% 0.67% -10.17% 23.87%
17.55% -6.47% 11.53% -7.22% 14.85%
12.78% -4.85% 4.84% -3.25% 10.26%

143.97% -0.94% -72.24% 539.08% -52.03%

150.38% -116.41% 8.82% -140.17% 582.51%
157.13% -231.59% -52.05% 155.07% -108.52%
1.30% 65.19% 173.27% -74.57% -17.62%
9.51% -43.56% -115.44% -1133.19% 13.59%
-7.80% -39.16% -115.33% -1250.19% -8.30%
0.00% 0.00% 0.00% 0.00% 0.00%

54.41% 91.94% 93.87% -81.94% 61.45%

13.61% -1.30% -18.85% 25.99% 85.30%

13.47% -2.58% -17.45% 25.59% 84.10%
42.37% -31.48% -163.07% -263.46% 40.08%
12.81% -0.55% -16.68% 15.77% 79.54%

-11.87% 91.38% -3743.28% -101.79% 45.62%

-6.56% 5.12% -28.66% 25.62% 65.11%
-53.43% -0.36% 192.34% -80.29% 286.26%
7.94% -4.46% -2.26% 23.33% 84.33%
1.06% 28.33% 47.64% -46.90% 73.16%
-7.89% -89.87% 1157.96% -17.10% -42.59%

16.13% -10.33% 19.48% -34.97% 88.35%

26.23% -27.99% -160.16% -268.94% 27.05%
-2.46% -22.94% -53.00% 171.68% -4.20%
0.74% 3.74% -22.59% 30.22% 68.06%
-6.67% 8.57% -20.81% 5.58% -8.82%
-1.29% -0.20% -24.17% 23.84% 26.16%