Professional Documents
Culture Documents
Particulars
Revenue
I Revenue from operations
II Other Income
III Total Income
IV Expenses
Cost of raw materials consumed
Purchases of Stock-in-Trade
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress
Excise Duty
Employee benefit expenses
Finance Costs
Depreciation and Amortization Expense
Other Expenses
Total expenses
V Profit before Exceptional Items, Share of Net Profits of equity accounted
investees and Tax (III-IV)
- 0 0 0 0
Particulars 2016
I. ASSETS
1 Non-current assets
(a) Property, plant and equipment 847.09
(b) Capital work-in-progress 41.49
(c) Right-of-use assets 0
(d) Goodwil 4574.06
(e) Other intangible assets 889.21
(f) Intangible assets under development 2.17
(g) Financial assets
(i) Investments in subsidiaries and associates 34.42
(ii) Loans 174.06
(iii) Others 0
(iv) Other Investments 0
(h) Deferred tax assets (net) 43.68
(i) Other non-current assets 0.24
(j) Non-current Tax assets (Net) 0
Total non-current assets (A) 6606.42
2 Current assets
(a) Inventories 1306.98
(b) Financial assets
(i) Investments 152.94
(ii)Trade receivables 1118.01
(iii) Cash and cash equivalents 745.87
(iv) Bank balances other than cash and cash equivalents -
(v) Loans 211.68
(vi) Others -
(c) Other current assets 11.55
(d) Non-current Assets held for sale 0
Total current assets (B) 3547.03
2 LIABILITIES
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 2449.03
(iI) Lease liabilities 0
(iii) Other financial liabilities 0
(b) Provisions 34.71
(c) Other non-current liabilities 0.05
(d) Deferred tax liabilities (Net) 2.42
Total non-current liabilities (B) 2,486.21
Current liabilities
(a) Financial liabilities
(i) Borrowings 181.89
(ii) Lease liabilities 0
(iii) Trade payables 1037.16
(a) Total outstanding dues of Micro and Small Enterprises 0
(b) Total outstanding dues of creditors other than Micro and Small Enterprises 0.00
(iv) Other financial liabilities 1201.5
(b) Other current liabilities 0
(c) Provisions 64.82
(d) Current tax liabilities (Net) 0
Total current liabilities (C ) 2,485.37
Total Equity and Liabilities (A+B+C ) 10,153.45
0 0 0 0
5301.95 6258.31 7266.92 7898.36
3,108.25 2,380.32 2,604.78 2,145.04
0 0 0 34.19
911.24 753.95 217.55 131.98
80.57 98.24 108.25 116.98
1.05 2.37 4.27 7.17
286.11 304.72 76.53 76.73
4,387.22 3,539.60 3,011.38 2,512.09
Particulars 2016
Adjustments for:
Depreciation, amortization and impairment expenses 103.11
Bad Debts Written off 7.67
Provision / Write off / (back) for Doubtful Debts / Advances 6.19
Write back of Old Balances -1.17
Expenses on Employee Stock Grant Scheme (ESGS) 6.13
Loss on sale of Property, Plant & Equipment and Intangible assets (net) 11.2
Finance cost 100.17
Interest Income -44.76
Share of profit of equity accounted investees -0.6
Fair value (Gain) / Loss on financial assets measured at FVTPL (net) -13.19
(Profit) on Sale of Investments (net) -
Adjustment due to hyperinflation
Unrealised foreign exchange Loss (net) -21.91
152.84
Operating Profit before Working Capital Changes 1,655.66
Adjustments for :
(Increase) in inventories -235.27
(Increase) / Decrease in trade receivables -322.71
(Increase) in loans -52.06
(Increase) / Decrease in other financial assets -
(Increase) in other non-current assets -
(Increase)/ Decrease in other current assets -
Increase / (Decrease) in trade and other payables -2.22
(Decrease) in other financial liabilities -
Increase/ (Decrease) in other liabilities and provisions 152.62
-459.64
Cash generated from Operating Activities 1,196.02
Income Taxes paid (net) -336.03
Cash Flow before exceptional items 859.99
Exceptional Items:
Restructuring Cost -20.90
Net Cash Flow from Operating Activities ( A ) 839.09
Assumptions:
1) Revenue of FY 20 is not considered in calculating CAGR
particularly impacted by the spread of the COVID-19 pand
This resulted in virtually no sales in the latter part of the m
2) Y-o-y% is taken as 3.67% (CAGR) Because Revenue has
Sales has improve to normal standard (Mentioned in Shar
Revenues
sidered in calculating CAGR (In a message from Chairperson the the Shareholders, March 2020 was
pread of the COVID-19 pandemic and the eventual lockdown in many geographies where we operate.
es in the latter part of the month & Overall 4% decrease in sales)
AGR) Because Revenue has increased at approx constant rate of around 3.5% between FY16 - FY19 and
tandard (Mentioned in Shareholders' Letter)
Cost of Goods sales (COGS)
(in crores) 2016 2017 2018 2019 2020 2021E 2022E 2023E
Cost of Sales 3845.51 4132.52 4274.36 4554.33 4261.68 4418.08 4580.23 4748.32
Total Cost of Sales 3845.51 4132.52 4274.36 4554.33 4261.68 4418.08 4580.23 4748.32
COGS as % of revenue 41.47% 43.01% 43.01% 44.16% 43.00% 43.00% 43.00% 43.00%
Assumptions:
COGS as % of Revenue has remained approx. consta
(COGS)
Other Current Assets 11.6 142.2 326.5 302.3 372.9 238.1 246.8
(as a % of revenue) 0.12% 1.47% 3.25% 2.90% 3.72% 2.29% 2.29%
Other Current Liabilities 0.00 302.54 311.36 51.84 84.71 157.18 162.89
(as a % of revenue) 0.00% 3.12% 3.10% 0.50% 0.85% 1.51% 1.51%
Working capital
Unlevered Free Cash Flow 2596.82 1627.71 2194.27 1733.54 2032.41 1830.84
ow Projection
DCF Valuation
(in Crs.)
Perpetuity Growth Rate-Based Valuation
Total PV of Cash Flows 15,798.4 Explicit
Continuing Value
PV of Continuing Value 64,986.6 Implicit
Mid Year Adjustment Factor 1.026
Enterprise Value 82,925.4
+Cash 602.9
-Non Controlling Interest -
-Financial liabilities 7,058.7
Equity Value 76,469.6
Number of shares outstanding (in Cr) 102.3
Price per share (Rs.) 747.9
DCF Valuation
ed Valuation
of Enterprise Value
of Enterprise Value
EV=market cap+debt-cash