Statement of Profit and Loss

For the Year End March 31,

2016 2017 2018
INCOME
Revenue from operations 5775.42 6585.96 8260.27
Other income 69.35 134.28 116.99
Total Income 5844.77 6720.24 8377.26

EXPENSES
Cost of materials consumed 2875.42 3268.69 3586.69
Purchase of traded goods 392.69 493.3 1719.96
Change in inventories of finished goods,
traded goods and work in progress (94.64) (113.52) (325.88)
Excise duty 397.1 450.7 121.7
Employee benefits expense 370.69 500.4 649.73
Finance costs 12.73 12.15 23.97
Depreciation and amortisation expenses 104.91 119.63 139.52
Other expenses 1079.13 1162.25 1458.78
Total Expenses 5138.03 5893.6 7374.47
Profit before exceptional items and tax 706.74 ### 1002.79
Add : Exceptional items 202.39 (57.81) 11.91

Profit before tax 909.13 ### 1014.7

TAX EXPENSES
Income Tax expenses
Current tax 197.63 202.29 208.99
Less: MAT credit entitlement (5.82) (43.09)
Deferred tax 5.19 27.5 136.28
Total tax expense 197 229.79 302.18

PROFIT FOR THE YEAR 712.13 539.04 ###

EBIDTA 756 824 1049

EBIT 651.09 704.37 909.48

NORMALISAED

For the Year End March 31,

2016 2017 2018

Profit for the Year 712.13 539.04 ###

Less:
Exceptional Items 202.39 (57.81) 11.91
Interest on lease liability 0 0 0

REAL PROFIT FOR THE YEAR 509.74 596.85 ###

Loss
(₹ In crores)
Year End March 31, Common Size
CAGR
2019 2020 2016 2017 2018 2019

10057.62 9429.2 10.30% 98.81% 98.00% 98.60% 98.75%

127.55 111.98 10.06% 1.19% 2.00% 1.40% 1.25%
10185.17 9541.18 10.30% 100.00% 100.00% 100.00% 100.00%

4513.04 4389.58 8.83% 49.20% 48.64% 42.81% 44.31%

2013.67 1272.82 26.52% 6.72% 7.34% 20.53% 19.77%

(248.16) 172.74 -1.62% -1.69% -3.89% -2.44%

0 0 -100.00% 6.79% 6.71% 1.45% 0.00%
832.42 899.58 19.40% 6.34% 7.45% 7.76% 8.17%
15.91 19.72 9.15% 0.22% 0.18% 0.29% 0.16%
148.57 217.91 15.74% 1.79% 1.78% 1.67% 1.46%
1754.46 1667.1 9.09% 18.46% 17.29% 17.41% 17.23%
9029.91 8639.45 10.95% 87.91% 87.70% 88.03% 88.66%
1155.26 ### 4.99% 12.09% 12.30% 11.97% 11.34%
0 0 -100.00% 3.46% -0.86% 0.14% 0.00%

1155.26 ### -0.16% 15.55% 11.44% 12.11% 11.34%

269.53 198.93 0.13% 3.38% 3.01% 2.49% 2.65%

-0.10% 0.00% -0.51% 0.00%
94.21 (30.23) 0.09% 0.41% 1.63% 0.92%
363.74 168.7 -3.05% 3.37% 3.42% 3.61% 3.57%

791.52 ### 0.58% 12.18% 8.02% 8.51% 7.77%

1184 1027
1035.43 809.09

(₹ In crores)
Year End March 31,
2019 2020

791.52 ###
 0 0 Common Size
0 10.92
2016 2017 2018 2019
791.52 ### 8.72% 8.88% 8.36% 7.77%
ze Year on Year Growth
2020 2017 2018 2019 2020

98.83% 14.03% 25.42% 21.76% -6.25%

1.17% 93.63% -12.88% 9.03% -12.21%
100.00% 14.98% 24.66% 21.58% -6.32%

46.01% 13.68% 9.73% 25.83% -2.74%

13.34% 25.62% 248.66% 17.08% -36.79%

1.81% 19.95% 187.07% -23.85% -169.61%

0.00% 13.50% -73.00% -100.00% 0.00%
9.43% 34.99% 29.84% 28.12% 8.07%
0.21% -4.56% 97.28% -33.63% 23.95%
2.28% 14.03% 16.63% 6.49% 46.67%
17.47% 7.70% 25.51% 20.27% -4.98%
90.55% 14.71% 25.13% 22.45% -4.32%
9.45% 16.97% 21.31% 15.20% -21.95%
0.00% -128.56% -120.60% -100.00% 0.00%

9.45% -15.43% 31.98% 13.85% -21.95%

2.08% 2.36% 3.31% 28.97% -26.19%

0.00%
-0.32% 429.87% 395.56% -30.87% -132.09%
1.77% 16.64% 31.50% 20.37% -53.62%

7.68% -24.31% 32.18% 11.09% -7.39%

ze Year on Year Growth

2020 2017 2018 2019 2020

7.57% 17.09% 17.38% 12.98% -8.77%
 BALANCE SHEET
(₹ In crores)
For the Year End March 31,
2016 2017 2018 2019 2020
ASSETS
Non-current assets
Property, plant and equipment 1177.25 1191.67 1247.90 1430.60 1899.44
Capital work in progress 20.49 11.91 24.05 232.15 82.77
Investment property 55.92 53.79
Goodwill 310.47 310.47 310.47
Other intangible assets 10.82 18.16 1173.00 1159.74 1139.51
Intangible assets under development 0.51 3.36
Investment in subsidiaries 309.61 227.41 41.70 58.26 1.63
Financial assets
(i)Investments 153.10 161.66
(ii) Trade receivables 17.62 7.96
(iii) Other bank balances 0.41
(iv) Loan 8.85
(v) Other financial assets 9.97 13.55 17.21 21.3821.37
Contract assets 69.8460.58
Other non-current assets 30.51 88.59 40.15 58.7450.67
Non current tax asset (net) 16.53
1711.75 1768.87 2908.68 3368.16 3594.29
Current assets
Inventories 784.36 928.43 1621.65 1917.03 1871.88
Financial assets
(i) Trade receivables 157.64 228.50 325.40 404.78 240.92
(ii) Cash and cash equivalents 76.77 554.96 301.20 678.08 242.09
(iii) Bank balances other than (ii) above 1288.44 1382.57 1224.97 606.75 864.83
(iv) Other financial assets 6.02 6.02 7.97 29.65 29.44
Contract assets 9.27 20.01
Other current assets 63.90 74.37 135.21 147.48 164.60
2377.13 3174.85 3616.40 3793.04 3433.77
Assets classified as held for sale 0.10 16.27 16.33 17.88 19.80
2377.23 3191.12 3632.73 3810.92 3453.57
Total assets 4088.98 4959.99 6541.41 7179.08 7047.86

EQUITY AND LIABILITIES

Equity
Equity share capital 62.46 62.49 62.51 62.55 62.58
Other equity 2891.21 3211.09 3676.64 4179.98 4242.23
Total equity 2953.67 3273.58 3739.15 4242.53 4304.81

Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 81.00 40.50
(ii) Other financial liabilities 2.88 2.93 5.48 0.92 90.87
Provisions 5.85 9.08 23.88 32.36 35.57
Deferred tax liabilities (Net) 86.26 113.76 206.95 321.67 286.52
Contract liability 2.63 4.32
Other non-current liabilities 1.64 17.71 17.71 17.71
94.99 127.41 335.02 415.79 434.99
Current liabilities
Financial liabilities
(i) Trade payables 436.33 629.56 1633.99
a) Total outstanding dues of micro and
small enterprises 56.98 106.28
b) Total outstanding due other than micro
and small enterprises 1502.38 1307.79
(ii) Other financial liabilities 354.41 444.29 513.29 609.59 563.17
(iii) Borrowings 198.05 27.00
Contract liability 0.93 15.74
Other current liabilities 87.46 110.53 107.55 117.08 105.07
Provisions 91.41 110.19 154.09 202.86 210.01
Current tax liabilities (Net) 70.71 66.38 31.32 30.94
Current liabilities 1040.32 1559.00 2467.24 2520.76 2308.06
Total liabilities 1135.31 1686.41 2802.26 2936.55 2743.05

Total equity and liabilities 4088.98 4959.99 6541.41 7179.08 7047.86

 Common Size Year on Year Growth
2016 2017 2018 2019 2020 2017 2018

28.79% 24.03% 19.08% 19.93% 26.95% 1.22% 4.72%

0.50% 0.24% 0.37% 3.23% 1.17% -41.87% 101.93%
1.13% 0.82% -3.81%
4.75% 4.32% 4.41%
0.26% 0.37% 17.93% 16.15% 16.17% 67.84% 6359.25%
0.01% 0.05%
7.57% 4.58% 0.64% 0.81% 0.02% -26.55% -81.66%

3.74% 3.26% 5.59%

0.25% 0.11%
0.01%
0.12%
0.24% 0.27% 0.26% 0.30% 0.30% 35.91% 27.01%
0.97% 0.86%
0.75% 1.79% 0.61% 0.82% 0.72% 190.36% -54.68%
0.23%
41.86% 35.66% 44.47% 46.92% 51.00% 3.34% 64.44%

19.18% 18.72% 24.79% 26.70% 26.56% 18.37% 74.67%

3.86% 4.61% 4.97% 5.64% 3.42% 44.95% 42.41%

1.88% 11.19% 4.60% 9.45% 3.43% 622.89% -45.73%
31.51% 27.87% 18.73% 8.45% 12.27% 7.31% -11.40%
0.15% 0.12% 0.12% 0.41% 0.42% 0.00% 32.39%
0.13% 0.28%
1.56% 1.50% 2.07% 2.05% 2.34% 16.38% 81.81%
58.14% 64.01% 55.28% 52.83% 48.72% 33.56% 13.91%
0.00% 0.33% 0.25% 0.25% 0.28% 16170.00% 0.37%
58.14% 64.34% 55.53% 53.08% 49.00% 34.24% 13.84%
100.00% 100.00% 100.00% 100.00% 100.00% 21.30% 31.88%

1.53% 1.26% 0.96% 0.87% 0.89% 0.05% 0.03%

70.71% 64.74% 56.21% 58.22% 60.19% 11.06% 14.50%
72.23% 66.00% 57.16% 59.10% 61.08% 10.83% 14.22%

0.00% 0.00% 1.24% 0.56% 0.00%

0.07% 0.06% 0.08% 0.01% 1.29% 1.74% 87.03%
0.14% 0.18% 0.37% 0.45% 0.50% 55.21% 163.00%
2.11% 2.29% 3.16% 4.48% 4.07% 31.88% 81.92%
0.00% 0.00% 0.00% 0.04% 0.06%
0.00% 0.03% 0.27% 0.25% 0.25% 979.88%
2.32% 2.57% 5.12% 5.79% 6.17% 34.13% 162.95%

10.67% 12.69% 24.98% 0.00% 0.00% 44.29% 159.54%

0.00% 0.00% 0.00% 0.79% 1.51%

0.00% 0.00% 0.00% 20.93% 18.56%

8.67% 8.96% 7.85% 8.49% 7.99% 25.36% 15.53%
0.00% 3.99% 0.41% 0.00% 0.00% -86.37%
0.00% 0.00% 0.00% 0.01% 0.22%
2.14% 2.23% 1.64% 1.63% 1.49% 26.38% -2.70%
2.24% 2.22% 2.36% 2.83% 2.98% 20.54% 39.84%
1.73% 1.34% 0.48% 0.43% 0.00% -6.12% -52.82%
25.44% 31.43% 37.72% 35.11% 32.75% 49.86% 58.26%
27.77% 34.00% 42.84% 40.90% 38.92% 48.54% 66.17%

100.00% 100.00% 100.00% 100.00% 100.00% 21.30% 31.88%

Year on Year Growth
2019 2020

14.64% 32.77%
865.28% -64.35%

0.00% 0.00%
-1.13% -1.74%
558.82%
39.71% -97.20%

-54.82%

24.23% -0.05%
-13.26%
46.30% -13.74%

15.80% 6.71%

18.21% -2.36%

24.39% -40.48%
125.13% -64.30%
-50.47% 42.53%
272.02% -0.71%
115.86%
9.07% 11.61%
4.88% -9.47%
9.49% 10.74%
4.91% -9.38%
9.75% -1.83%

0.06% 0.05%
13.69% 1.49%
13.46% 1.47%

-50.00%
-83.21% 9777.17%
35.51% 9.92%
55.43% -10.93%
64.26%
0.00% 0.00%
24.11% 4.62%

86.52%

-12.95%
18.76% -7.61%

1592.47%
8.86% -10.26%
31.65% 3.52%
-1.21%
2.17% -8.44%
4.79% -6.59%

9.75% -1.83%
 STATEMENT OF CASH FLOWS
For the Year End March 31
2016 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before Income tax 909.03 768.83
Adjustments to reconcile profit before tax to net cash flows
Exceptional items (202.39) 57.81
Depreciation and amortisation expense 104.91 119.63
Loss on disposal of Property, plant and equipment 1.35 1.45
Unrealised foreign exchange (gain) / loss (net) 3.27 0.16
Impairment allowance for trade receivables considered doubtfu 3.22 5.42
Impairment of investment in subsidiary company
Profit on sale of non-current financial investments
Bad debts written off 0.58 2.42
Unwinding of discount on long term provisions
Discounting of long term warranty provision
Interest income (50.99) (98.04)
Interest expenses 6.14 9.11
Interest on lease liability
Liabilties no longer required written back (8.22) (7.61)
Employee stock option expense
Rental Income (0.21) (5.85)
Reversal of Impairment allowance for trade receivables
considered doubtful (0.61) (2.6)
Operating Profit before working capital changes 766.08 850.73
Movement in working capital
(Increase)/ Decrease in trade receivables (28.9) (77.48)
(Increase)/ Decrease in contract assets
(Increase)/ Decrease in contract liability
(Increase)/ Decrease in financial assets (3.56)
(Increase)/ Decrease in non-financial assets (15.29) (15.96)
(Increase)/ Decrease in inventories (94.64) (144.07)
Increase/ (Decrease) in trade payables 42.54 194.76
Increase/ (Decrease) in financial liabilities 136.06
Increase/ (Decrease) in non financial liabilities 24.71
Increase/ (Decrease) in provisions 0.25 17.8
Cash generated from in operations 670.04 982.99
Income tax paid (net of refunds) (144.67) (205.16)
Net Cash flow from Operating Activities (A) 525.37 777.83
CASH FLOWS FROM INVESTING ACTIVITIES
Payment of property, plant and equipment and intangible assets (176.58) (238.63)
Proceeds from sale of property, plant and equipment 2.48 2.8
Addition to investment property (1.02)
Fixed deposits matured during the year (695.25) (80.4)
Proceeds from sale of equity shares invested in subsidiary /
associate 933.66 18.95
Payment for purchase of shares in a subsidiary company (29.12) (10.77)
Investment in shares of Joint Venture
Proceeds from sale of non-current investment (150.66)
Rental income 0.21 5.85
Interest received 37.08 75.77
Loan to subsidiary company
Net Cash flow from/(used) in Investing Activities (B) ### (227.45)

CASH FLOWS FROM FINANCING ACTIVITIES

share capital issued 0.01 0.03
security premium received 2.92 9.22
Payment of principal portion of lease liabilities
Payment of interest portion of lease liabilities
Repayment of short term borrowings (43.38) (44.78)
Proceeds of short term borrowings 198.05
Repayment of long term borrowings
Interest paid (6.28) (9.29)
Final Dividends paid to equity shareholders of the Company
(including dividend distribution tax) (451.06) (225.63)
Interim Dividends paid to equity shareholders of the Company
(including dividend distribution tax)
Net Cash Flow used in Financing Activities (C) (497.79) (72.4)

Net increase / (decrease) in cash and cash equivalents

(A+B+C) ### 477.98
Cash and cash equivalents at the beginning of the year 126.6 76.77
Effect of exchange differences on cash and cash equivalents held
in foreign currency 0.77 0.21

Cash and Cash Equivalents at the end of the year/ period ### 554.96
LOWS
(₹ In crores)
For the Year End March 31, Common Size
2018 2019 2020 2016 2017 2018 2019 2020

1014.7 1155.26 901.73 100.00% 100.00% 100.00% 100.00% 100.00%

(11.91) -22.26% 7.52% -1.17% 0.00% 0.00%

139.52 148.57 217.91 11.54% 15.56% 13.75% 12.86% 24.17%
2.01 3.53 6.73 0.15% 0.19% 0.20% 0.31% 0.75%
(1.01) (9.7) (1.31) 0.36% 0.02% -0.10% -0.84% -0.15%
7.27 8.84 18.23 0.35% 0.70% 0.72% 0.77% 2.02%
0.1 0.03 0.00% 0.00% 0.00% 0.01% 0.00%
(18.49) (0.07) 0.00% 0.00% -1.82% -0.01% 0.00%
1.21 2.12 0.82 0.06% 0.31% 0.12% 0.18% 0.09%
2.55 3.55 0.00% 0.00% 0.00% 0.22% 0.39%
(4.21) 0.00% 0.00% 0.00% 0.00% -0.47%
(44.61) (78.2) (69.58) -5.61% -12.75% -4.40% -6.77% -7.72%
19.74 13.2 5.17 0.68% 1.18% 1.95% 1.14% 0.57%
10.92 0.00% 0.00% 0.00% 0.00% 1.21%
(3.42) (4.32) (4.33) -0.90% -0.99% -0.34% -0.37% -0.48%
0.27 0.37 0.00% 0.00% 0.00% 0.02% 0.04%
(6.92) (7.62) -0.02% -0.76% -0.68% -0.66% 0.00%

(2.25) -0.07% -0.34% -0.22% 0.00% 0.00%

1095.84 1234.53 1086.03 84.27% 110.65% 108.00% 106.86% 120.44%

(102.32) (109.06) 157.32 -3.18% -10.08% -10.08% -9.44% 17.45%

(79.11) 0.00% 0.00% 0.00% -6.85% 0.00%
3.56 0.00% 0.00% 0.00% 0.31% 0.00%
(6.15) (25.85) (1.89) 0.00% -0.46% -0.61% -2.24% -0.21%
(62.59) (20.28) (20.03) -1.68% -2.08% -6.17% -1.76% -2.22%
(693.22) (295.38) 47.09 -10.41% -18.74% -68.32% -25.57% 5.22%
1006.03 (61.47) (148.76) 4.68% 25.33% 99.15% -5.32% -16.50%
40.65 55.48 (59.64) 0.00% 17.70% 4.01% 4.80% -6.61%
13.09 9.53 4.33 0.00% 3.21% 1.29% 0.82% 0.48%
61.29 47.39 0.11 0.03% 2.32% 6.04% 4.10% 0.01%
1352.62 759.34 1064.56 73.71% 127.86% 133.30% 65.73% 118.06%
(244.96) (246.83) (239.79) -15.91% -26.68% -24.14% -21.37% -26.59%
1107.66 512.51 824.77 57.79% 101.17% 109.16% 44.36% 91.47%
(1596.19) (502.52) (360.93) -19.43% -31.04% -157.31% -43.50% -40.03%
7.44 1.67 1.69 0.27% 0.36% 0.73% 0.14% 0.19%
0.00% -0.13% 0.00% 0.00% 0.00%
135.99 616.9 (250.87) -76.48% -10.46% 13.40% 53.40% -27.82%

198.25 102.71% 2.46% 19.54% 0.00% 0.00%

(0.63) (16.66) -3.20% -1.40% -0.06% -1.44% 0.00%

169.18 -16.57% 0.00% 16.67% 0.00% 0.00%

6.92 7.62 0.02% 0.76% 0.68% 0.66% 0.00%
77.34 79.99 62.46 4.08% 9.86% 7.62% 6.92% 6.93%
(8.85) 0.00% 0.00% 0.00% -0.77% 0.00%
(1001.7) 178.15 (547.65) -8.60% -29.58% -98.72% 15.42% -60.73%

0.02 0.04 0.03 0.00% 0.00% 0.00% 0.00% 0.00%

14.69 17.94 24.18 0.32% 1.20% 1.45% 1.55% 2.68%
(28.75) 0.00% 0.00% 0.00% 0.00% -3.19%
(10.92) 0.00% 0.00% 0.00% 0.00% -1.21%
(198.05) -4.77% -5.82% -19.52% 0.00% 0.00%
0.00% 25.76% 0.00% 0.00% 0.00%
108 (13.5) (54) 0.00% 0.00% 10.64% -1.17% -5.99%
(19.74) (13.2) (5.17) -0.69% -1.21% -1.95% -1.14% -0.57%

(263.23) (301.62) (339.5) -49.62% -29.35% -25.94% -26.11% -37.65%

(301.77) 0.00% 0.00% 0.00% 0.00% -33.47%

(358.31) (310.34) (715.9) -54.76% -9.42% -35.31% -26.86% -79.39%

(252.35) 380.32 (438.78) -5.57% 62.17% -24.87% 32.92% -48.66%

554.96 301.2 680.87 13.93% 9.99% 54.69% 26.07% 75.51%

(1.41) (3.44) 0.08% 0.03% -0.14% -0.30% 0.00%

301.2 678.08 242.09 8.45% 72.18% 29.68% 58.70% 26.85%

 (₹ In crores) Historical Data
Particulars 2016 2017 2018
Sales 5775.42 6585.96 8260.27
Depreciation 104.91 119.63 139.52
Expense on Operations 3953.99 4611.72 5776.17
Other Expense 1079.13 1162.25 1458.78
Tax 197.00 229.79 302.18
Total Expense 5335.03 6123.39 7676.65
Net income 440.39 462.57 583.62
Net income as % of sales 7.63% 7.02% 7.07%
Working capital 1336.81 1615.85 1149.16
Fixed Asset 1177.25 1191.67 1247.90
Total operating asset 2514.06 2807.52 2397.06
Long term liabilities 94.99 127.41 335.02
Shareholder equity 2953.67 3273.58 3739.15
Total Liabilites &Shareholder equity 3048.66 3400.99 4074.17

Sales of Year 2015 5557.79

Parameters Current Statistics

Sales growth 3.9% 14.0% 25.4%

Depreciation 1.8% 1.8% 1.7%
Expense on Operations 68.5% 70.0% 69.9%
Other Expense 18.7% 17.6% 17.7%

Tax 3.4% 3.5% 3.7%

Networking cap turnover 4.320 4.076 7.188
Fixed asset turnover 4.906 5.527 6.619
Debt/Equity 0.032 0.039 0.090
Assets/Equity 0.851 0.858 0.641

Working of Free Cash Flo

(₹ In crores) Historical Data
Particulars 2016 2017 2018
Net income 440.39 462.57 583.62
Add. Depreciation (non-cash) 104.91 119.63 139.52
Operating Cash Flow before WC
Adjustments 545.30 582.20 723.14
Adjustments of working capital 0.00 -279.04 466.69
Cash Flow from operating activities 545.30 303.16 1189.83
Increase in investments & fixed assets 0 -14.42 -56.23
Free Cash Flow 545.30 288.74 1133.60
Discounted Free Cash Flow - - -

Cumulative of DFCF (1) 2826.82

Terminal Value Gwoth rate 5497.92
PV of Terminal Value 2098.25
Terminal Value without growth rate 2732.34
PV of Terminal Value 1042.78
Value of Operating Assets in terminal year 4073.16
PV of Assets in terminal value (3) 1554.50

Particulars Proprotion Cost Amount Weights

Cost of Debt 23.54% 94.99 0.03
Cost of Equity 17.22% 2953.67 0.97
WACC 3048.66 1.00
rical Data Forecast Data
2019 2020 2021 2022 2023 2024 2025 Terminal Year
10057.62 9429.20 7071.90 7213.34 7872.74 9154.65 10645.29 12378.64
148.57 217.91 193.77 184.66 186.58 193.16 207.58 222.82
7126.88 6754.44 4963.15 5062.42 5525.20 6424.86 7471.01 8687.50
1754.46 1667.10 1260.45 1285.66 1403.19 1631.66 1897.35 2206.29
363.74 168.70 126.53 129.06 278.99 324.42 377.24 438.66
9393.65 8808.15 6543.90 6661.79 7393.95 8574.10 9953.17 11555.27
663.97 621.05 528.00 551.54 478.79 580.55 692.11 823.38
6.60% 6.59% 7.47% 7.65% 6.08% 6.34% 6.50% 6.65%
1272.28 1125.71 1109.64 1131.84 1235.30 1436.44 1670.34 1942.32
1430.60 1899.44 1217.34 1241.69 1355.20 1575.87 1832.46 2130.84
2702.88 3025.15 2326.99 2373.53 2590.50 3012.31 3502.80 4073.16
415.79 434.99 328 355 416 490 575 686
4242.53 4304.81 3153 3318 3772 4328 4949 5747
4658.32 4739.80 3481.59 3673.75 4187.24 4818.19 5524.56 6432.50

nt Statistics Forecasting Parameters Terminal Year

Parameters

21.8% -6.2% -25.0% 2.0% 9.1% 16.3% 16.3% 16.3%

1.5% 2.3% 2.74% 2.56% 2.37% 2.11% 1.95% 1.8%
70.9% 71.6% 70.2% 70.2% 70.2% 70.2% 70.2% 70.2%
17.4% 17.7% 17.8% 17.8% 17.8% 17.8% 17.8% 17.8%

3.6% 1.8% 1.8% 1.8% 3.5% 3.5% 3.5% 3.5%

7.905 8.376 6.373 6.373 6.373 6.373 6.373 6.373
7.030 4.964 5.809 5.809 5.809 5.809 5.809 5.809
0.098 0.101 0.104 0.107 0.110 0.113 0.116 0.119
0.637 0.703 0.738 0.715 0.687 0.696 0.708 0.709

Working of Free Cash Flows

rical Data Forecast Data Terminal Year
2019 2020 2021 2022 2023 2024 2025 Parameters
663.97 621.05 528.00 551.54 478.79 580.55 692.11 823.38
148.57 217.91 193.77 184.66 186.58 193.16 207.58 222.82

812.54 838.96 721.77 736.21 665.37 773.71 899.70 1046.19

 -123.12 146.57 16.07 -22.19 -103.47 -201.14 -233.89 -271.98
689.42 985.53 737.84 714.01 561.91 572.57 665.80 774.21
-182.70 -468.84 682.10 -24.35 -113.51 -220.67 -256.60 -298.38
506.72 516.69 1419.93 689.67 448.40 351.90 409.20 475.84
- - 1209.33 587.38 381.89 299.71 348.51 405.26

Without growth Rate With growth rate

Valuation based on free cash flows 5424.10 6479.57
No. of shares 62.58 62.58
Value per share 86.67 103.54

WACC
0.73% Rf 6.97%
16.68% Rm 16.12%
17.4% 17% Beta 1.12
 Comments
1st year the sales will go down due to pandemic Covid-19 after which the company will start
recovering the next two year. The next three year is average of the previous years when the pandemic
did not have any effect.
The percent value of Depriciation is determined by keeping amount value of depriciation increasing fair
Calculated based on average of the past 5 years
Calculated based on average of the past 5 years
Year 2021 and 2022will give some relaxation in the taxation, so the tax ratio of 2020 is taken and rest
3 years are calculated by taking average value of the past years which was not affected by covid
Based on average of the past 5 years
Based on average of the past 5 years
Followed the increasing pattern of the past two years
Based on average of the past 5 years
CAGR
-19%
Rate of return 17%

Particulars 2021 2022 2023 2024 2025

Shareholder equity 3153.36 3318.26 3771.70 4328.17 4949.17
Net Income based on Rate of return 549.1566 577.8729 656.8397 753.7492 861.8963
Forecast Income 528.00 551.54 478.79 580.55 692.11
Residual Income 21.16 26.33 178.05 173.20 169.78
PV of residual Income 18 19 110 91 76

Cummulative Residual Income 314.3215

Terminal RI 2349.732
PV of Terminal RI 896.76
Book Value of Assets 4073.16
PV of Book Value of Assets 1554.50
Valuation based on Residual Income 2765.58
No. of shares 62.58
Value per share 44.19257
Parameters Year 2020
Fixed Assets 1899.44
Total Operating Assets 3025.15
Total Assets 7047.86
Long term Liabilities 434.99
Total Shareholders' Equity 4304.81
Total equity & liabililtes 7047.86

Sales 9429.20
Net income 621.05
No. of shares holders 62.58
EPS 9.92
Average growth rate 0.12
The required rate of return 17.41%
Value per share 56.99
Market Cap / Market value 3566.19
Book value per share 68.79

Market Value considering the

growth factor 196.74
 S.No. Formula
Working Capital
A.
Total Assets
Retained Earnings
B
Total Assets
EBIT
C
Total Assets
Market value of equity
D
Total Liabilities
Sales
E
Total Assets

Parameters Z score
% <2.65
< 1.81
General 1.81 to 2.99
>3.0
 Meaning Value Values in %

Measures liquidity of firm

0.160 15.97%

Measures accumulated profits compared to assets

0.602 60.19%

Measures how much profit the firms assets are producing

0.198 19.79%

compares the company's value versus its liabilities

13.917 1391.66%

Measures how much the company's assets are producing in sales

2.306 230.60%
General Formula % Formula
12.34 12.34%
Indicates potential failures or even bankruptcy
a company in distress
Caution zone
Company with a safe balance sheet
 RATIOS FOR INVESTORS
Ratios 2016 2017 2018 2019 2020

Return on Equity 24.11% 16.47% 19.06% 18.66% 17.03%

Return on Capital Employed 23.36% 15.85% 17.49% 16.99% 15.47%
EBIDTA Margin 13.09% 12.51% 12.70% 11.77% 10.89%
EBIT Margin 11.27% 10.70% 11.01% 10.29% 8.58%
Net Profit Margin 12.33% 8.18% 8.63% 7.87% 7.77%
EBT Margin 12.24% 12.55% 12.14% 11.49% 9.45%

RATIOS FOR LENDERS

Ratios 2016 2017 2018 2019 2020

Current Ratio 2.2849988 2.0364657 1.4657674 1.5047208 1.48773

Net Worth 2953.67 3273.58 3739.15 4242.53 4304.81
Net Worth Growth 10.83% 14.22% 13.46% 1.47%
Return on assets 12.5% 12.0% 10.7% 11.0% 10.2%

Ratios FY2020
Debtors turnover (times) 37.89
Inventory turnover (times) 5.04
Interest Coverage Ratio (times) 41.05
Debt-Equity Ratio (times) 0.01
Return on Net Worth (%) 17.30%
(₹ In crores)
 As at March 31, As at March
2020 31, 2019
Inventories at the end of the year
Finished goods 836.99 623.31
Traded goods 459.3 851.66
Work in progress 100.52 98.77
Work in progress 8.95 4.76
1405.76 1578.5

(₹ in crores)
As at March 31, As at March
2020 31, 2019
Depreciation of property, plant and equipment 153.68 123.69
Depreciation of Investment property 1.43
Amortization of intangible assets 25.54 24.24
Depreciation of Right of use assets 38.69
Total 217.91 149.36

Year on Year Growth

2017 2018
Capital work in progress -41.87% 101.93%

2019 2020
Trade receivables 17.62 7.96

7.96 17.62
240.92 406.58
Year on Year Growth
2017 2018
Total equity and liabilities or Total Assets 21.30% 31.88%
 (₹ in crores)
(Increase)/
Decrease

-213.68
392.36
-1.75 Z Score
-4.19
HAVELLS INDIA General Formula
LTD.
172.74 12.34

Year on Year Growth

2019 2020
865.28% -64.35%

9.66
165.66
Year on Year Growth
2019 2020
9.75% -1.83%
Z Score
% Formula
12.34%