19-Mar 18-Mar 17-Mar 16-Mar 15-Mar

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 161.14 161.02 160.9 160.68 160.59

Total Share Capital 161.14 161.02 160.9 160.68 160.59
Revaluation Reserves 0 0 0 0 8.97
Reserves and Surplus 14,851.14 14,068.17 12,382.76 11,355.54 10,619.68
Total Reserves and Surplus 14,851.14 14,068.17 12,382.76 11,355.54 10,628.65
Total Shareholders Funds 15,012.28 14,229.19 12,543.66 11,516.22 10,789.24
Equity Share Application Money 0 0 0 0 12.25
Minority Interest 331.97 352.44 438.23 350.09 180.48

NON-CURRENT LIABILITIES

Long Term Borrowings 3,830.07 3,662.11 3,645.36 221.88 309.28

Deferred Tax Liabilities [Net] 425.32 503.31 756.89 975.73 331.74
Other Long Term Liabilities 470.76 143.36 138.71 143.53 40.58
Long Term Provisions 121.41 137.92 140.52 144.68 160.35
Total Non-Current Liabilities 4,847.56 4,446.70 4,681.48 1,485.82 841.95
CURRENT LIABILITIES
Short Term Borrowings 486.16 435.87 467.23 4,969.67 1,392.48
Trade Payables 1,947.99 2,119.12 1,571.14 1,475.82 1,577.24
Other Current Liabilities 600.6 650.12 932.96 1,019.71 503.68
Short Term Provisions 736.76 627.11 402.37 310.85 420.21
Total Current Liabilities 3,771.51 3,832.22 3,373.70 7,776.05 3,893.61
Total Capital And Liabilities 23,963.32 22,860.55 21,037.07 21,128.18 15,717.53
ASSETS

NON-CURRENT ASSETS

Tangible Assets 5,176.20 5,316.38 5,010.43 4,604.85 4,140.56

Intangible Assets 1,563.02 1,819.05 1,784.88 2,057.90 130.62
Capital Work-In-Progress 331.05 512.35 719.23 741.01 534.88
Intangible Assets Under
345.13 468.98 963.75 1,319.86 46.02
Development
Other Assets 0 0 0 1.07 0
Fixed Assets 7,415.40 8,116.76 8,478.29 8,724.69 4,852.08
Non-Current Investments 428.35 156.63 135.62 175.28 249.76
Deferred Tax Assets [Net] 201.41 187.65 168.13 78.69 47.11
Long Term Loans And Advances 49.42 41.66 39.48 41.84 296.96
Other Non-Current Assets 572.97 729.01 714.25 560.88 121.72
Total Non-Current Assets 11,536.69 12,046.45 12,232.44 12,286.95 8,126.09
CURRENT ASSETS
Current Investments 2,125.79 1,102.21 837.39 582.34 390.02
Inventories 3,964.83 4,044.70 3,485.28 3,808.05 3,780.62
Trade Receivables 4,150.72 3,102.45 2,563.05 2,356.27 2,004.25
Cash And Cash Equivalents 618.81 965.61 624.21 871.4 564.26
Short Term Loans And Advances 6.28 19.91 9.53 10.92 707.37
OtherCurrentAssets 1,560.20 1,579.22 1,285.17 1,212.25 144.92
Total Current Assets 12,426.63 10,814.10 8,804.63 8,841.23 7,591.44
Total Assets 23,963.32 22,860.55 21,037.07 21,128.18 15,717.53
 2018 2019
2554.99 2434.15
 Mar '19 Mar '18 Mar '17 Mar '16 Mar '15
Income
Sales
16,362.41 15,219.25 14,630.24 13,790.10 11,454.47
Turnover
Excise
0 63.54 235.95 0 109.03
Duty
Net Sales 16,362.41 15,155.71 14,394.29 13,790.10 11,345.44
Other
485.49 283.54 236.15 200 165.55
Income
Stock
Adjustment -47.04 232.94 -110.96 -63.55 344.22
s
Total
16,800.86 15,672.19 14,519.48 13,926.55 11,855.21
Income
Expenditure
Raw
5,866.28 5,814.32 5,334.05 5,164.16 4,632.60
Materials
Power &
335.11 298.82 251.73 245.92 228.29
Fuel Cost
Employee
2,856.53 2,690.10 2,633.82 2,434.01 1,973.67
Cost
Other
Manufactur
0 0 0 361.82 0
ing
Expenses

Selling and
Admin 0 0 0 390.69 0
Expenses

Miscellane
ous 4,160.14 3,759.03 3,587.94 2,650.28 2,693.40
Expenses
Total
13,218.06 12,562.27 11,807.54 11,246.88 9,527.96
Expenses
Operating
3,097.31 2,826.38 2,475.79 2,479.67 2,161.70
Profit
PBDIT 3,582.80 3,109.92 2,711.94 2,679.67 2,327.25
Interest 168.43 114.23 159.38 206.63 168.29
PBDT 3,414.37 2,995.69 2,552.56 2,473.04 2,158.96
Depreciatio
1,326.31 1,322.82 1,322.93 754.22 504.71
n

Profit
2,088.06 1,672.87 1,229.63 1,718.82 1,654.25
Before Tax

PBT (Post
Extra-ord 2,088.06 1,672.87 1,229.63 1,718.82 1,654.25
Items)
Tax 569.53 250.11 179.76 331.59 400.03
Reported
1,544.87 1,413.31 1,013.38 1,395.44 1,254.22
Net Profit
Minority
0 0 0 23.43 48.15
Interest
Share Of
P/L Of 17.17 2.78 6.99 12.02 25.3
Associates

Net P/L
After
Minority
1,492.44 1,494.09 1,035.42 1,359.99 1,180.77
Interest &
Share Of
Associates
 2018 2019

Cost of Goods Sold 8,243.82 9,137.79

DISCOUNTED CASH FLOW ANALYSIS

valuation date
Share price as son analysis date
Diluted Shares outstanding

Select operating data

Actual Annual Data
Year 2015 2016 2017 2018 2019
Revenue 11,454.47 13,790.10 14,630.24 15,219.25 16,362.41
Revenue growth rate
CAGR
EBT 1,654.25 1727.03 1,222.17 1,669.46 2,079.14
EBT Margin (%) 14% 13% 8% 11% 13%
EBT Average 12%
Interest 168.29 116.27 156.53 109.24 163.77
Depreciation
EBITDA 1,822.54 1,843.30 1,378.70 1,778.70 2,242.91
EBITDA Margin (%) 16% 13% 9% 12% 14%
Depreciation & Amortisation 504.71 754.22 1,322.93 1,322.82 1,326.31
D&A as a % of revenue 4% 5% 9% 9% 8%
Average
Select Balance Sheet And Other Data
Actual Annual Data Projected Annual Report
Year 2015 2016 2017 2018 2019 E
Cash 618.81 564.26 871.4 624.21 965.61
Prepaid Expenses 41.24 50.34 44.77 78.93 87.09

Accounts Payable 1,577.24 1,475.82 1,571.14 2,119.12 1,947.99

Accrued Expenses 160.83 165.35

Debt 1701.76 5191.55 4112.59 4097.98 4316.23

Capital Expenditure 3301.87 1446.59 1781.01 984.5

Prepaid Expenses Growth (%)

Accounts Payable Growth (%)
Accrued Expenses Growth (%)
Capital Expenditure Growth (%)
Free Cash flow Buildup
Projected Annual Report
Year 2015 2016 2017 2018 2019 E
Total Revenues 500.95 796.04 1073.28 1603.02 1889.185
EBITDA 422.63 673.35 893.39 1334.82 1568.024
EBIT 422.6 672.63 886.33 1308.64 1568.024
Interest 168.29 116.27 156.53 109.24 163.77
Tax rate 30% 30% 30% 30% 30%
EBIAT/NOPAT 295.82 470.841 620.431 916.048 439.0145
Depreciation & Amortisation 0.03 0.72 7.06 26.18 11.2756
Capital Expenditure 796.51
Unlevered free cash flows 1246.8
Discount Rate (WACC) 0.087148
Present Value of free cash flows 1146.854
Sumof present values of FCF's 4542.308721 Stage 1 of free cash flow analysis

Terminal Value
Growth in perpetuity method
Long Term growth rate 4.00%
WACC 0.087148254
FCF(t+1) 1451.153953
Terminal value 30778.52988
PV of Terimal Value 20267.67857

WACC
Share price 18.25
Diluted shares outstanding 4850.59
cost of debt 9%
tax rate 30%
after tax cost of debt 6.30%
cost of equity 9%

Total Debt 4097.98

Total Equity 88523.2675
Total Capital 92621.2475
Debt weighting 4%
Equity Weighting 96%

WACC= 8.8805398728839200%

Enterprise Value to equity Value

Enterprise Value 24809.9872919166
Less: Net Debt 10454
Equity Value 14355.9872919166
Diluted Shares outstanding 4850.59
Equity Value per share 2.9596373414
as the share is overvalued so don’t purchase
 Projected Annual Report
2020E 2021E 2022E 2023E 2024E
17572.02 18871.05 20266.12 21764.32 23373.27

7%
2073.343 2226.618 2391.223 2567.997 2757.84

12% 12% 12% 12% 12%

163.77 163.77 163.77 163.77 163.77 Assumption remains Constant

2,237.11 2,390.39 2,554.99 2,731.77 2,921.61

13% 13% 13% 13% 12%
1255.188 1347.98 1447.631 1554.649 1669.578

7% 7% 7% 7% 7%

Projected Annual Report

2020 E 2021 E 2022 E 2023E
965.61 965.61 965.61 965.61
101.0244 117.1883 135.9384 157.6886

2031.948 2119.525 2210.877 2306.166 4.31%

167.6649 170.0122 172.3924 174.8059 16%
1.40%
4316.23 4316.23 4316.23 4316.23 Debt assumed constant

727.4944 537.5806 397.2442 293.5428 216.9129

16% 16% 16% 16%

4.31% 4.31% 4.31% 4.31%
1.40% 1.40% 1.40% 1.40%
-26% -26% -26% -26%

Projected Annual Report

2020 E 2021 E 2022 E 2023E
2247.53 2605.875 2964.22 3322.565
 1865.45 2162.876 2460.303 2757.729
1865.45 2162.876 2460.303 2757.729
163.77 163.77 163.77 163.77
30% 30% 30% 30%
647.2129 855.4114 1063.61 1271.808
13.41438 15.55316 17.69195 19.83073
257.0056 189.9138 140.3364 103.7013
917.6329 1060.878 1221.638 1395.34
0.087148 0.087148 0.087148 0.087148
776.4106 825.6562 874.5558 918.8324

Beta
Tax rate
Risk free rate
Risk premium
Cost of equity
Cost of debt
Perpertual Growth rate

WACC
 1.89
30.00%
6.78%
5.86%
9.00%
9.00%
7.6%

8.95%
 2015A 2016A 2017A 2018A 2019A
Beg PPE net of acc Dep 6,820.67 9,368.32 9,491.98 9,950.17
Capex(+) 3,301.87 1,446.59 1,781.01 984.50
Depreciation(-) 504.71 754.22 1,322.93 1,322.82 1,326.31
End PPE net of Acc D 6,820.67 9,368.32 9,491.98 9,950.17 9,608.36

Capex
 2020F 2021F 2022F 2023F 2024F
9,608.36 9,080.67 8,270.27 7,219.88 5,958.77
727.49 537.58 397.24 293.54 216.91
1,255.19 1,347.98 1,447.63 1,554.65 1,669.58
9,080.67 8,270.27 7,219.88 5,958.77 4,506.11

-26%
 Interest Rate Calculation
2015 2016 2017 2018 2019
Long Term Debt 309.28 221.88 3,645.36 3,662.11 3,830.07
Long Term Debt Current Period 1392.48 4969.67 467.23 435.87 486.16
Interest Payment 168.29 116.27 156.53 109.24 163.77
Total Debt 1701.76 5191.55 4112.59 4097.98 4316.23
Interest Rates 3% 3% 3% 4%
Average interest Rate 3%
 Financial Statement Analysis
Profit and Loss account

2018 2019
Net sales 15,219.25 16,362.41
Cost of goods Sold 8243.82 9,137.79
Gross profit 6975.43 7224.62
operating expenses 3,759.03 4,160.14
Profits before interest and taxes 3216.4 3064.48
Interest expenses 114.23 168.43
Profit before tax 3102.17 2896.05
tax 930.651 868.815
Profit after tax 2171.519 2027.235

Return on Total Assets[ROTA]

Profit After Tax

------------------------------
Total Assets

X
Return on Sales(ROS)

Profit After Tax Year- 1 Year- 2

--------------------------
Sales

Expense Ratios

Cost of goods sold Year-1 Year-2

---------------------------
Sales

Operating Expenses Year-1 Year-2

-----------------------------
Sales

Summary

Year-1 Year-2
ROTA
ROS
ATO

COGS/Sales
OE/Sales

Sales/Fixed assets
Sales/Current assets
Sales/Inventory
Sales/Debtors
 Year-1 Year-2

X
Asset Turnover

Sales Year-1 Year-2

------------------
Total Assets

Sales Year-1 Year-2 Sales

----------------------- ----------------------
Net Fixed Assets Current Assets

Sales
--------------------
Inventory

Sales
------------------
Debtors
Year-1 Year-2

Year-1 Year-2 Year-1[days] Year-2[days]

Year-1 Year-2 Year-1[days] Year-2[days]