Year 2019 2018 2017

Equity Share
EQUITY Capital 34.84 34.84 34.84
Other Equity 9,562.55 8,861.99 7,663.30
Total Equity 9,597.39 8,896.83 7698.14
Total Current Liabilities 1,986.66 2,967.14 1989.01
Total Non-Current Liabilities 3,609.20 3,277.86 1478.96

Weight of Equity (we) 72.67% 73.08% 83.88%

Weight of Debt(wd) 27.33% 26.92% 16.12%

Non-Convertible Debentures (NCDs) 7.15% 7.15% 7.15%

10.09% 10.09% 10.09%
9.61% 9.61% 9.61%

Cost of debt(kd) 8.95% 8.95% 8.95%

Tax (assumed) 30% 30% 30%
Effective Cost of Debt (kd(1-T)) 6.27% 6.27% 6.27%

Risk free Rate (rf) 6.57% 6.57% 6.57%

Source:Bloomberg
Equity risk premium(rm-rf) 8% 8% 8%
β - Value 1.16 1.16 1.16
Soure:Reuters/Economic Times

Cost of equity (Ke) 15.85% 15.85% 15.85%

Cost of Capital wdkd + weke 13.23% 13.27% 14.31%
 2016 2015

34.84 34.84
6,810.69 5,241.56
6,845.53 5276.4
1,161.70 1,448.61
1,456.05 1,272.84

82.46% 80.57%
17.54% 19.43%

8.42% 8.42%
9.42% 9.42%
9.65% 9.65%
9.50% 8.04%
8.30% 9.50%
8.30% 8.30%
10.09% 10.09%
9.10% 9.06%
30% 30%
6.37% 6.34%

6.57% 6.57%

8% 8%
1.07 1.07

15.13% 15.13%
14.17% 13.99%
Year 2019 2018 2017 2016 2015
Total Non-C 2,309.04 2,208.13 518.74 520.92 401.41

Total Non-Current Liabilities

2,500.00
2,309.04
2,208.13

2,000.00

1,500.00

1,000.00

518.74 520.92
500.00

0.00
2019 2018 2017 2016
Current Liabilities

518.74 520.92
401.41

2017 2016 2015

 2019 2018 2017 2016 2015
9,597.39 8,896.83 7698.14 6180.11 5276.31

Total Equity in cr. rs

12,000.00 16.00%
15.85%
9,597.39 15.80%
10,000.00
8,896.83
15.60%
8,000.00 7,698.14

6,180.11 15.40%
6,000.00 5,276.31
15.20%
4,000.00
15.00%

2,000.00 14.80%

0.00 14.60%
2019 2018 2017 2016 2015 2019
 Year 2019 2018 2017 2016 2015
Cost of equ 15.85% 15.85% 15.85% 15.13% 15.13%

Cost of equity (Ke)

16.00%
15.85% 15.85% 15.85%
15.80%

15.60%

15.40%

15.20% 15.13% 15.13%

15.00%

14.80%

14.60%
2019 2018 2017 2016 2015
Year 2019 2018 2017 2016 2015
Weight of 80.61% 80.12% 93.69% 92.23% 92.93%

Weight of Equity (we)

95.00% 93.69%
92.23% 92.93% 25.00%

90.00%
20.00% 19.39%

85.00%
15.00%
80.61% 80.12%
80.00%
10.00%

75.00%
5.00%

70.00%
2019 2018 2017 2016 2015 0.00%
2019
 Year 2019 2018 2017 2016
Weight of 19.39% 19.88% 6.31% 7.77%

Weight of Debt(wd)
25.00%

19.39% 19.88%
20.00%

15.00%

10.00%
7.77% 7.07%
6.31%
5.00%

0.00%
2019 2018 2017 2016 2015
 2015
7.07%
Year 2019 2018 2017 2016 2015
Cost of Cap 13.99% 13.94% 15.24% 15.10% 15.17%

Cost of Capital
6.38%
15.50%
15.24% 6.36%
15.10% 15.17%

15.00% 6.34%

6.32%
14.50%
6.30%

13.99% 13.94% 6.28% 6.27%

14.00%
6.26%
13.50% 6.24%

6.22%
13.00% 2019
2019 2018 2017 2016 2015
 Year 2019 2018 2017 2016 2015
Effective C 6.27% 6.27% 6.27% 6.37% 6.34%

Effective Cost of Debt (kd(1-T))

6.38% 6.37%
6.36%
6.34%
6.34%

6.32%

6.30%

6.28% 6.27% 6.27% 6.27%

6.26%

6.24%

6.22%
2019 2018 2017 2016 2015