Particulars Actual 20% 40% 60%

EPS 2.88 3.19 3.31 3.11

DPS 0.85 0.96 0.99 0.93
BV per share 23.02 19.52 16.12 11.86
ROA 9.96% 10.27% 9.66% 8.22%
ROE 12.51% 16.40% 20.50% 26.20%
ICR 39.6 11.82 4.52
Debt/Lending formula 1.04 2.08 3.13
LF (80% AR+40% Inventory) 139.2
Assuming Market does not change P/E
P/E 14.47
Market Price of shares 41.67 46.16 47.90 45.00

Assuming that Market Price is constant

P/E 14.47 13.06 12.59 13.40

Assuming Dividend Yield (Consta 2.04%

Price per share 41.67 47.07 48.54 45.60

Assuming Price is Constant 41.47

2.04% 2.30% 2.38% 2.23%

Tax Benefit of borrowing 0 51.475 102.95 154.425

Per share 1.73263994 3.81536523 6.30924171

23.2 46.4 69.44

Tax Benefit per share 0.78090814 1.71960123 2.83706488