Income Statement

(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A
A. Income :
Revenue from Operations
Gross Revenue from Sale of Products and Services 395476 583187
Less : Excise Duty 26838 36129
Net Revenue from Sale of Products and Services 368638 547059
Other Operating Revenue 0 46931
Revenue from Operations (Net) 368638 593989

B. Cost of sales (Direct Expenses)

Cost of Materials Consumed (191847) (351902)
Purchases of Stock-in-Trade (12659) (14527)
Changes in Inventories of Finished Goods, Work-in-Progress, Stock-
in-Trade and Manufactured Components
4528 11697
Total (Cost of Production) (199978) (354732)

C. Gross Profit 168659 239258

D. Indirect Expenses
Employee benefit expenses (42223) (65909)
Finance cost (853) (1017)
Other expenses (66673) (101341)
Cost of Manufactured/Purchased Products Capitalised 1255 1772
Total Indirect Expenses (108494) (166495)

E. EBITDA 60165 72763

Depreciation (14045)
Amortization (3971)
Total Depreciation and Amortisation Expense (9724) (18017)

F. EBIT 50441 54746

Interest Expense (10501) (16979)
Other income 3168 3460

G. Profit Before Exceptional Items and Tax 43108 41228

Add : Exceptional Items 2040 608
Profit Before Tax 45149 41835
(Add)/Less : Tax Expense
Current Tax 12659 13407
 Less : MAT Credit Entitlement (221) (2020)
Net Current Tax 12438 11388
Deferred Tax (Net) 733 2688
(13171) (14076)
Profit for the year before share of Profit/(Loss) of Associates and
Minority Interest 31978 27760
Add/(Less) : Share of Profit/(Loss) of Associates for the year
– From Ordinary Activities 1245 2618
– Exceptional Items (1318) 222

Add/(Less) : Share of Profit/(Loss) of Associates - Earlier period

items
H. – From Ordinary Activities 456 0
– Exceptional Items (613) 0
Profit before Minority Interest 31748 30599
Minority Share in (Profit)/Loss . (950) 667

Net Profit for the year 30797 31267

Diluted Weighted Average Shares (millions) 576.08 587.94

earnings per share

Basic 53.46 53.18
Diluted 51.29 50.92

Tax rate 28% 32%

Horizontal Analysis
Particular 2011 A 2012 A
A. Income :
Revenue from Operations
Gross Revenue from Sale of Products and Services
Less : Excise Duty
Net Revenue from Sale of Products and Services
Other Operating Revenue
Revenue from Operations (Net)

B. Cost of sales (Direct Expenses)

Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in Inventories of Finished Goods, Work-in-Progress, Stock-
in-Trade and Manufactured Components
Total (Cost of Production)
C. Gross Profit

D. Indirect Expenses
Employee benefit expenses
Finance cost
Other expenses
Cost of Manufactured/Purchased Products Capitalised
Total Indirect Expenses

E. EBITDA
Depreciation
Amortization
Depreciation and Amortisation Expense
F. EBIT
Interest Expense
Other income

G. Profit Before Exceptional Items and Tax

Add : Exceptional Items
Profit Before Tax
(Add)/Less : Tax Expense
Current Tax
Less : MAT Credit Entitlement
Net Current Tax
Deferred Tax (Net)

Profit for the year before share of Profit/(Loss) of Associates and

Minority Interest
Add/(Less) : Share of Profit/(Loss) of Associates for the year
– From Ordinary Activities
– Exceptional Items
Add/(Less) : Share of Profit/(Loss) of Associates - Earlier period
items
H. – From Ordinary Activities
– Exceptional Items
Profit before Minority Interest
Minority Share in (Profit)/Loss .

Net Profit for the year

Vertical Analysis
Particular 2011 A 2012 A
A. Income :
Revenue from Operations
 Gross Revenue from Sale of Products and Services
Less : Excise Duty
Net Revenue from Sale of Products and Services
Other Operating Revenue
Revenue from Operations (Net)

B. Cost of sales (Direct Expenses)

Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in Inventories of Finished Goods, Work-in-Progress, Stock-
in-Trade and Manufactured Components
Total (Cost of Production)

C. Gross Profit

D. Indirect Expenses
Employee benefit expenses
Finance cost
Other expenses
Cost of Manufactured/Purchased Products Capitalised
Total Indirect Expenses

E. EBITDA
Depreciation
Amortization
Depreciation and Amortisation Expense
F. EBIT
Interest Expense
Other income

G. Profit Before Exceptional Items and Tax

Add : Exceptional Items
Profit Before Tax
(Add)/Less : Tax Expense
Current Tax
Less : MAT Credit Entitlement
Net Current Tax
Deferred Tax (Net)

Profit for the year before share of Profit/(Loss) of Associates and

Minority Interest
Add/(Less) : Share of Profit/(Loss) of Associates for the year
– From Ordinary Activities
– Exceptional Items
 Add/(Less) : Share of Profit/(Loss) of Associates - Earlier period
items
H. – From Ordinary Activities
– Exceptional Items
Profit before Minority Interest
Minority Share in (Profit)/Loss .

Net Profit for the year

Diluted Weighted Average Shares (millions)

earnings per share

Basic
Diluted

Tax rate
Current Tax
MAT Credit (entitlement)/utilisation
Deferred Tax
H. Profit after tax for the year before share of Profit from Associates
Tax of Prior years
Share of Profit/(Loss) from Associates
Pre-acquisition profits/(loss)
Minority interest (gain)/ Loss
I. Profit for the Year
 2013 A 2014 E 2015 E 2016 E 2017 E 2018 E

679219
52784
626435
60921
687357

(390620)
(30019)

2204
(418436)

268921

(68191)
(1411)
(112232)
2660
(179174)

89747

(16180)
(4619)
(20799)

68948
(21559)
3889

51279
4525
55804

17541
 (211)
17330
2016
(19346)

36457

4834
—

0
0
41292
(300)

40992
31%
587.94

69.51
66.76

31%

2013 E 2014 E 2015 E 2016 E 2017 E 2018 E

2013 E 2014 E 2015 E 2016 E 2017 E 2018 E
Balance Sheet
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E
A. EQUITY AND LIABILITIES
I Shareholders’ Funds
(a) Share Capital 2936 2945 2952
(b) Share Capital Suspense Account 0 0 0
(c) Reserves and Surplus 136825 160966 192556
PAT 3080 3127 4099
Total Equity 142841 167038 199607

Minority Interest 43366 45252 52970

II Non - Current Liabilities

(a) Long Term Borrowings 120524 160399 198603
(b) Deferred Tax Liabilities (Net) 4684 7226 8935
(c) Other Long Term Liabilities 14206 16614 21034
(d) Long Term Provisions 18643 22594 22516
Total Non - Current Liabilities 158057 206832 251088

III Current Liabilities

(a) Short Term Borrowings 20619 28949 33685
(b) Trade Payables 69217 100435 119003
(c) Other Current Liabilities 58245 70191 88029
(d) Short Term Provisions 14333 19161 20317
Total Current Liabilities 162415 218736 261033

Total 506679 637858 764698

B. ASSETS
I. Fixed Assets
Net Block 140992 143391 155310
Capital Work-in-Progress 11119 11313 11195
Net Fixed Assets 152112 154704 166505

Goodwill on Consolidation 0 20860 19973

Intangible assets 27719 7732 7790
Intangible under development 2963 3570 5117

II Non - Current Assets

Non-current investments 31676 34266 46262
Deferred tax assets (net) 3313 3382 3384
Long-term loans and advances 92125 119348 169726
 Other non-current assets 6550 4586 5740
Total Non - Current Assets 133663 161583 225112

less provision for impairment 21633 0 0

III Current Assets

Current investments 15464 19206 18142
Inventories 54492 71577 84169
Trade receivables 42101 53451 51770
Cash and bank balances 22206 34847 47602
Short-term loans and advances 69853 99773 130066
Other Current Assets 7739 10556 8453
Total Current Assets 211854 289409 340201

Total 506679 637858 764698

Check - - -

Horizontal Analysis
Particular 2011 A 2012 A 2013 E
A. EQUITY AND LIABILITIES
I Shareholders’ Funds
(a) Share Capital
(b) Share Capital Suspense Account
(c) Reserves and Surplus
PAT
Total Equity

MINORITY INTEREST

II Non - Current Liabilities

(a) Long Term Borrowings
(b) Deferred Tax Liabilities (Net)
(c) Other Long Term Liabilities
(d) Long Term Provisions
Total Non - Current Liabilities

III Current Liabilities

(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions
Total Current Liabilities
Total

B. ASSETS
I. Fixed Assets
Net Block
Capital Work-in-Progress
Net Fixed Assets

Goodwill on Consolidation
Intangible assets
Intangible under development

II Non - Current Assets

Non-current investments
Deferred tax assets (net)
Long-term loans and advances
Other non-current assets
Total Non - Current Assets

less provision for impairment

III Current Assets

Current investments
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Other Current Assets
Total Current Assets

Total

Vertical Analysis
Particular 2011 A 2012 A 2013 E
A. EQUITY AND LIABILITIES
I Shareholders’ Funds
(a) Share Capital
(b) Share Capital Suspense Account
(c) Reserves and Surplus
PAT
Total Equity
 MINORITY INTEREST

II Non - Current Liabilities

(a) Long Term Borrowings
(b) Deferred Tax Liabilities (Net)
(c) Other Long Term Liabilities
(d) Long Term Provisions
Total Non - Current Liabilities

III Current Liabilities

(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions
Total Current Liabilities

Total

B. ASSETS
I. Fixed Assets
Net Block
Capital Work-in-Progress
Net Fixed Assets

Goodwill on Consolidation
Intangible assets
Intangible under development

II Non - Current Assets

Non-current investments
Deferred tax assets (net)
Long-term loans and advances
Other non-current assets
Total Non - Current Assets

less provision for impairment

III Current Assets

Current investments
Inventories
Trade receivables
Cash and bank balances
 Short-term loans and advances
Other Current Assets
Total Current Assets

Total
2014 E 2015 E 2016 E 2017 E 2018 E
2014 E 2015 E 2016 E 2017 E 2018 E
2014 E 2015 E 2016 E 2017 E 2018 E
Cash Flow Statement
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E

I. Cash Flow from Operating Activities :

Net profit before tax 43108 41228 51279
Adjustments for: 0 0 0
Depreciation, Amortisation and Impairment 9732 18032 20846
Profit on Exchange (Net) (385) 533 128
Interest Income (1841) (1683) (2261)
Interest expense 4657 6673 6298
Employee Stock Compensation Expense 363 1374 983
Profit on sale of Investments (Net) (359) (584) (768)

Profit on fixed assets sold/scrapped/written off (Net) (82) (122) (21)

Write off of Intangible asset under Development 66 — 170

Excess of cost over fair value of current investments,
reversed (Net) 19 (1) (18)
12169 24222 25356

Operating profit before working capital changes 55278 65450 76635

Changes in:
Trade and other receivables (17496) (16649) (21545)
Loans against Assets * (37515) (54268) (67564)
Inventories (9477) (17717) (13022)
Trade and other payables 17018 40049 34091
Increase/ decrease in Working Capital (47470) (48585) (68039)

Cash generated from operations 7808 16864 8595

Direct taxes paid (Net) (13578) (16251) (17812)
Net cash from operating activities (5770) 613 (9217)

II. Cash Flow from Investing Activities :

Purchase of fixed assets (26526) (33370) (32914)
Addition to intangibles 0 0 0
Sale of fixed assets 3613 2616 637
Purchase of investments (274128) (250937) (456609)
Sale of investments 275804 247796 455198
Interest received 1213 1032 1798
Dividends received 153 288 272
Bank deposits (Net) 0 874 (5446)
 (Increase)/Decrease in Earmarked & Margin account 0 4 (469)
Inter corporate deposits given 845 (995) (1702)
Inter corporate deposits refunded 0 605 1217
Purchase consideration paid on acquisition of
holding interest in Subsidiaries (6772) (766) (2963)

Sale Proceeds/Subscription (Net) received on

divesture of Interest in Subsidiaries/Disposal of
Subsidiaries 7204 2922 11542
Exceptional Items : 0 0 0
Sale of Long Term Investments 1127 — 1563
NET CASH USED IN INVESTING ACTIVITIES (17466) (29931) (27876)

III CASH FLOW FROM FINANCING ACTIVITIES :

Proceeds from Issue of Share Capital 87 0 0
Proceeds from borrowings 392002 451040 601082
Repayments of borrowings (365335) (400470) (543922)
Net increase in Loans repayable on demand and
cash credit 0 7508 4279
Dividends paid (7399) (9003) (9973)

Interest, Commitment and Finance charges paid (4984) (6519) (6383)

NET CASH FROM FINANCING ACTIVITIES 14371 42556 45083

NET INCREASE IN CASH AND CASH EQUIVALENTS (8866) 13239 7990

OPENING CASH AND CASH EQUIVALENTS (4769) 21368 51121

CASH AND BANK BALANCE ACQUIRED ON

ACQUISITION OF SUBSIDIARIES 35841 250 7
0 0 0

CONSEQUENT TO CHANGE IN GROUP’S INTEREST 0 (1) (11575)

Cash and Bank Balance on Disposal of Subsidiaries (1) 0 0

CLOSING CASH AND CASH EQUIVALENTS 22206 34847 47602

(0) 0 0
2014 E 2015 E 2016 E 2017 E 2018 E
Ratio Analysis
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A

Solvency Ratios
Current ratio
Quick ratio
Cash ratio

Receivables turnover
Inventory turnover
Payables turnover

Receivables collection period

Inventory processing period
Payment period
Cash Collection Cycle

Operating Efficiency
Total asset turnover
Equity turnover

Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin

Return on total capital

ROE (Net Income / Common Equity)

ROE DuPont Analysis

Profit Margin
Asset Turnover
Financial Leverage
ROE

Financial Risk Ratios

Debt to equity ratio
Debt ratio
Interest coverage ratio

Comments On Ratio
2013 E 2014 E 2015 E 2016 E 2017 E
Revenue Buildup
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E

(A) Sale of Products : 322107 539975 646382

% Growth

(B) Sale of Services : 14,715 16,526 20,043

% Growth

(C) Group Share of Joint Ventures 24479 26686 12795

% Growth

Gross Revenue from Sale of Products and Services 361,301 583,187 679,219

(D) Other Operating Revenues :

(i) Income from long term contracts 4940 5452 4920

% Growth

(ii) Hire purchase, lease and rental income 1044 1298 1913
% Growth

(iii) Scrap Sales 2893 4412 4775

% Growth

(iv) Interest income of Finance companies 20,211 28,246 39,760

% Growth

(v) Profit on sale of tangible assets (Net)/ Dividend Income of 40.7 10.4 5.2
% Growth

(vi) Government Grant and Incentives 2812 2886 3659

% Growth

(vii) Others 2233 4060 5794

% Growth
Group Share of Joint Ventures 0 566.1 94.0
% Growth

Total of Other Operating Revenues 34,174 46,931 60,921

Total 395,476 630,118 740,141

Excise duty 26838 36129 52784

excise duty as % of total revenue

Final Revenue
2014 E 2015 E 2016 E 2017 E 2018 E
Cost Sheet
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E 2014 E

Sales

Direct Cost
Cost of Materials Consumed
Cost of Materials Consumed as % of Sales

Purchase of stock-in-trade
Purchase of stock-in-trade as % of sales

Changes in inventories of stock-in-trade

Changes in inventories of stock-in-trade as % of Sales

Total Direct Cost

Indirect Cost
Employee Benefits Expense
Employee Benefits Expense as % of Sales

Finance Costs
Finance Costs as % of Sales

Other Expenses
Other Expenses as % of Sales

Cost of Manufactured/Purchased Products Capitalised

Cost of Manufactured/Purchased Products Capitalised as % of sales

Total Indirect Cost

TotalCost
2015 E 2016 E 2017 E 2018E
Working Capital Management
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E

Net Sales
Cost of Sales (excluding D&A)

Working Capital Balances

Current investments
Inventories
Trade receivables
Short-term loans and advances
Other Current Assets
Total Non Cash Current Assets

Trade payables
Other current liabilities
Short-term provisions
Total Current Liabilities

Net Working Capital/ (Deficit)

(Increase)/ Decrease in Working Capital

Ratios & Assumptions

Current investments
Inventories
Trade receivables
Short-term loans and advances
Other Current Assets

Trade payables
Other current liabilities
Short-term provisions
2014 E 2015 E 2016 E 2017 E 2018 E
Deperication Schedule
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E

Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales

Beginning Net PP&E

Capital Expenditures
(Depreciation Expense)
(Asset Sales )
Ending Net PP&E

PPE (Break-up for 2013) Amount Useful Life

Freehold Land 26135 -
Leasehold Land 5299 62
Buildings freehold 39884 25
Buildings – Leasehold 398 5.0
Plant and Equipment – Freehold 74724 7
Plant and Equipment – Leasehold 455 12
Office Equipment 1231 10.0
Furniture and Fixtures 4075 10
Aircraft 500 18
Vehicles – Freehold 2279 6.0
Vehicles – Leasehold 12 -
Total 154,992.20

2011 A 2012 A 2013 E

Total Capex
Breakup
Freehold Land
Leasehold Land
Buildings freehold
Buildings – Leasehold
Plant and Equipment – Freehold
Plant and Equipment – Leasehold
Office Equipment
Furniture and Fixtures
Aircraft
Vehicles – Freehold
Vehicles – Leasehold
Lease hold land - Straight Line Method
Useful Life
Lease hold land
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Depreciation Lease hold land

Buildings freehold
Useful Life
Buildings freehold
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Total Depreciation Buildings freehold

Buildings – Leasehold
Useful Life
Buildings – Leasehold
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Total Depreciation Buildings – Leasehold

Plant and Equipment – Freehold
Useful Life
Plant and Equipment – Freehold
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Total Depreciation Plant and Equipment – Freehold

Plant and Equipment – Leasehold

Useful Life
Plant and Equipment – Leasehold
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Total Depreciation Plant and Equipment – Leasehold

Office Equipment
Useful Life
Office Equipment
Depreciation Expense (existing)

2014
2015
2016
2017
2018
Office Equipment

Furniture and Fixtures

Useful Life
Furniture and Fixtures
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Total Depreciation Furniture and Fixtures

Aircraft
Useful Life
Aircraft
Depreciation Expense (existing)

2014
2015
2016
2017
2018

Depreciation Aircraft

Vehicles – Freehold
Useful Life
Vehicles – Freehold
Depreciation Expense (existing)

2014
2015
2016
2017
2018
Depreciation Vehicles – Freehold

Total Depreciation Expense

 2014 E 2015 E 2016 E 2017 E 2018 E

Proportion of Assets

2014 E 2015 E 2016 E 2017 E 2018 E

Amortization Schedule
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A 2013 E

Net Sales
Additions to Intangible
Additions to Intangible as % of Net Sales

Beginning Net Intangible

Additions to Intangible
(Amortization Expense)
(Intangible Sales & Write offs)
Ending Net Intangible
10
Intangible (Break-up for 2012) Amount Useful Life
Technical knowhow 468 6.0
Development Expenditure 6288 5.0
Computer Software 653 3
Websites 2 5
Non-Compete Fees 19 5
Vacation Ownership 0 -
Trademarks 117 10
Other Intangible 279 8
Total 7825

2011 A 2012 A 2013 E

Total Capex
Breakup
Technical knowhow
Development Expenditure
Computer Software
Websites
Non-Compete Fees
Vacation Ownership
Trademarks
Other Intangible

Technical knowhow
Useful Life
Technical knowhow
Amortization Expense (existing)

2014
2015
2016
2017
2018

Technical knowhow

Development Expenditure
Useful Life
Development Expenditure
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization Software

Computer Software
Useful Life
Computer Software
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization Knowledge - Computer Software

Websites
Useful Life
Websites
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization website

Non-Compete Fees
Useful Life
Non-Compete Fees
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization Non-Compete Fees

Trademarks
Useful Life
Trademarks
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization Trademarks

Other Intangible
Useful Life
Other Intangible
Amortization Expense (existing)

2014
2015
2016
2017
2018

Total Amortization Other Intangible

Total Amortization Expense

 2014 E 2015 E 2016 E 2017 E 2018 E

Proportion of Assets

2014 E 2015 E 2016 E 2017 E 2018 E

Shareholder's Equity Schedule
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A

Beginning Equity Balance

Net Income
Issuance/ (Repurchase) of Equity
Dividends Paid
Others
Currency Transalation Reserve
Ending Equity Balance

Dividend Assumptions
Total Dividends Paid
Net Income
Dividend Payout Ratio
2013 E 2014 E 2015 E 2016 E 2017 E 2018 E
Debt Schedule
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A 2012 A

Cash Flow Available for Financing Activities

Proceeds from/ (Repurchase of) Equity
Dividends
+ Beginning Cash Balance
- Minimum Cash Balance
Interest expense
Cash Available for Debt Repayment
Long Term Debt Issuance
Long Term Debt (Repayments)
Cash Available for Long Term Debt

Short Term borrowings

Beginning Balance
Issuance / payment
Ending Balance

Long Term Debt

Beginning Balance
Issuance
(Repayment/ Amortization)
Ending Balance

Short term debt

Long Term Debt

Cash Balances
2013 E 2014 E 2015 E 2016 E 2017 E 2018 E
DCF Valuation
(All data is Millions INR, except per share information, A - Actual, E - Estimated)
(Blue for actual data, Black for calculations, Green for Linkage)
Particular 2011 A

Discounted Cash Flows

All numbers are in Rs. Million except per share data
Free Cash Flow Calculations
Net Income
Add:Depreciation
Add: Interest x (1-tax rate)
Changes in working Capital
Less:Capex
Free Cash Flow to the Firm(FCFF)

Terminal Value

WACC Inputs

Cost of Equity & Cost of Debt

Risk Free Rate

Beta
Equity Risk Premium
Cost of equity

Terminal Growth Rate

Market Value of Equity

Current Stock Price

Current shares outstanding
Options/Warrants Converts
Fully converted shares

Fully converted equity value

Calculating Book value of Debt

Debt
Short-Term Debt
Straight Long-Term Debt
Convertible Debt (out of money)
Value of Debt
Calculating Debt to Equity ratios

Proporiton of Equity in the Capital Strucuture

Proporiton of Debt in the Capital Strucuture

Debt to equity ratio

WACC Calculations

Risk Free rate

Market risk premium
Levered beta of company
Cost of equity
Pre-tax cost of debt
Tax rate
After tax cost of debt
WACC

Free cash flow to firm of explicit period 2013E & to 2017E

Cash Flows
NPV of explicit period

Terminal Value @ perpetual growth rate @ 2017E

Terminal Value
NPV of explicit period

DCF Valuation Summary

Enterprise value
DCF calculation as of
NPV of explicit period
NPV of terminal value
Enterprise Value
Net Debt
Equity value
Share Price
Senstivity Analysis - Share Price vs WACC/Growth Rates

Growth Rates
2012 A 2013 E 2014 E 2015 E 2016 E 2017 E
31-Jan-14 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17

31-Jan-14 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17

WACC
2018 E
31-Mar-18

31-Mar-18