Whirlpool of India.

Standalone Profit & Loss account(in Rs crores)

Mar-11 Mar-12 Mar-13
12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 2,896.55 2,847.07 3,034.47
Revenue From Operations [Net] 2,700.22 2,654.53 2,770.70
Total Operating Revenues 2,702.80 2,657.94 2,772.73
Other Income 25.8 12.3 23.66
Total Revenue 2,728.60 2,670.24 2,796.39
EXPENSES
Cost Of Materials Consumed 1,307.36 1,187.94 1,428.36
Purchase Of Stock-In Trade 569.73 303.6 383.09
Changes In Inventories Of FG,WIP And Stock-In Trade -178.4 199.46 -75.92
Employee Benefit Expenses 210.05 213.44 242.75
Finance Costs 5.65 4.38 3
Depreciation And Amortisation Expenses 44.51 49.7 60.32
Other Expenses 530.45 530.41 575.61
Total Expenses 2,489.35 2,488.93 2,617.21
EBIT 239.24 181.31 179.17
Profit/Loss Before Tax 239.24 181.31 179.17
Tax Expenses-Continued Operations
Total Tax Expenses 73.21 57.58 51.42
Profit/Loss After Tax And Before ExtraOrdinary Items 166.03 123.73 127.75
Profit/Loss For The Period 166.03 123.73 127.75
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 12.18 9.62 10.07
Diluted EPS (Rs.) 12.18 9.62 10.07
DIVIDEND AND DIVIDEND PERCENTAGE
Preference Share Dividend 9.96 1.42 0
Tax On Dividend 1.52 0.26 0
EBITDA 283.75 231.01 239.49
 Mar-14 Mar 15 Mar-16 Mar-17 Mar-18 Mar-19 Mar 20
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

3,104.43 3,576.14 3,805.99 4,358.39 4,959.40 5,385.28 5,981.61

2,833.11 3,292.16 3,438.29 3,938.78 4,805.48 5,385.28 5,981.61
2,834.64 3,293.78 3,439.94 3,940.77 4,831.91 5,397.65 5,992.52
27.95 38.00 55.33 72.99 86.72 104.7 128.71
2,862.59 3,331.78 3,495.27 4,013.76 4,918.63 5,502.35 6,121.23

1,352.62 1,622.97 1,620.03 1,889.87 2,225.51 2,969.70 3,243.75

487.46 448.51 447.59 616.26 657.97 464.58 642.68
-47.66 -100.22 -31.12 -196 115.29 -59.75 -236.53
263.13 315.26 382.66 411.63 455.25 493.05 589.63
1.42 0.64 5.18 5.89 4.39 9.09 19.85
63.83 68.13 76.93 87.46 101.51 111.31 129.32
567.58 675.96 637.25 730.17 817.89 887.9 1,079.64
2,688.38 3,031.25 3,138.52 3,545.28 4,377.81 4,875.88 5,468.34
174.21 300.52 356.75 468.48 540.82 626.47 652.89
174.21 300.52 355.95 468.48 540.82 626.47 652.89

51.29 90.01 115.93 157.99 190.15 219.42 176.6

122.91 210.51 240.02 310.49 350.67 407.05 476.29
122.91 210.51 240.02 310.49 350.67 407.05 476.29

9.69 16.59 18.92 24.47 27.64 32.08 37.54

9.69 16.59 18.92 24.47 27.64 32.08 37.54

0 0 0 0 38.07 50.76 63.44

0 0 0 0 7.75 10.43 13.04
238.04 368.65 433.68 555.94 642.33 737.78 782.21
Whirlpool of India.
Standalone Profit & Loss account(in Rs crores)
Mar-11 Mar-12 Mar-13 Mar-14
12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 100.00% 100.00% 100.00% 100.00%
Revenue From Operations [Net] 93.22% 93.24% 91.31% 91.26%
Total Operating Revenues
Other Income 0.89% 0.43% 0.78% 0.90%
Total Revenue 94.20% 93.79% 92.15% 92.21%
EXPENSES
Cost Of Materials Consumed 45.14% 41.73% 47.07% 43.57%
Purchase Of Stock-In Trade 19.67% 10.66% 12.62% 15.70%
Changes In Inventories Of FG,WIP And Stock-In Trade -6.16% 7.01% -2.50% -1.54%
Employee Benefit Expenses 7.25% 7.50% 8.00% 8.48%
Finance Costs 0.20% 0.15% 0.10% 0.05%
Depreciation And Amortisation Expenses 1.54% 1.75% 1.99% 2.06%
Other Expenses 18.31% 18.63% 18.97% 18.28%
Total Expenses 85.94% 87.42% 86.25% 86.60%
EBIT 8.26% 6.37% 5.90% 5.61%
Tax Expenses-Continued Operations
Total Tax Expenses 2.53% 2.02% 1.69% 1.65%
EBITDA 9.80% 8.11% 8% 7.67%
Profit/Loss For The Period 5.73% 4.35% 4.21% 3.96%
Mar 15 Mar-16 Mar-17 Mar-18 Mar-19 Mar 20 Avg (19-20) CAGR(11-20)
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 8%

92.06% 90.34% 90.37% 96.90% 100.00% 100.00% 100.00% 9%

1.06% 1.45% 1.67% 1.75% 1.94% 2.15% 2.05% 20%

93.17% 91.84% 92.09% 99.18% 102.17% 102.33% 102.25% 9%

45.38% 42.57% 43.36% 44.87% 55.14% 54.23% 54.69% 11%

12.54% 11.76% 14.14% 13.27% 8.63% 10.74% 9.69% 1%
-2.80% -0.82% -4.50% 2.32% -1.11% -3.95% -2.53% 3%
8.82% 10.05% 9.44% 9.18% 9.16% 9.86% 9.51% 12%
0.02% 0.14% 0.14% 0.09% 0.17% 0.33% 0.25% 15%
1.91% 2.02% 2.01% 2.05% 2.07% 2.16% 2.11% 13%
18.90% 16.74% 16.75% 16.49% 16.49% 18.05% 17.27% 8%
84.76% 82.46% 81.34% 88.27% 90.54% 91.42% 90.98% 9%
8.40% 9.37% 10.75% 10.90% 11.63% 10.91% 11.27% 12%

2.52% 3.05% 3.62% 3.83% 4.07% 2.95% 3.51% 10%

10.31% 11.39% 12.76% 12.95% 13.70% 13.08% 13.39% 12%
5.89% 6.31% 7.12% 7.07% 7.56% 7.96% 7.76% 12%
Whirlpool of India.
Forecasted Profit & Loss account(in Rs crores)
Forecasted methods Assumptions

INCOME
Revenue From Operations [Gross] CAGR 8%
Revenue From Operations [Net] CAGR 9%
Total Operating Revenues
Other Income CAGR 20%
Total Revenue CAGR 9%
EXPENSES
Cost Of Materials Consumed CAGR 11%
Purchase Of Stock-In Trade CAGR 1%
Changes In Inventories Of FG,WIP And Stock-In Trade CAGR 3%
Employee Benefit Expenses CAGR 12%
Finance Costs CAGR 15%
Depreciation And Amortisation Expenses CAGR 13%
Other Expenses CAGR 8%
Total Expenses CAGR 9%
EBIT CAGR 12%
Tax Expenses-Continued Operations
Total Tax Expenses CAGR 10%
EBITDA CAGR 12%
Profit/Loss For The Period CAGR 12%
 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

6484 7028 7617 8256 8949 9700 10514 11396 12353 13389
6534 7138 7798 8518 9305 10165 11104 12130 13251 14475

154 184 220 263 314 376 449 537 642 768
6696 7325 8013 8766 9589 10490 11475 12553 13732 15022

3588 3970 4391 4858 5374 5945 6577 7275 8048 8903
651 660 669 678 687 696 706 715 725 735
-244 -252 -260 -268 -277 -285 -295 -304 -314 -324
661 742 832 933 1046 1173 1316 1476 1655 1856
23 26 30 35 40 46 53 61 70 80
146 164 185 208 234 263 296 334 376 423
1168 1264 1368 1481 1602 1734 1876 2031 2197 2378
5968 6513 7109 7758 8467 9241 10085 11007 12012 13110
730 816 912 1020 1140 1275 1425 1594 1782 1992

195 215 237 261 288 318 350 386 426 470
875 980 1097 1228 1374 1538 1721 1927 2156 2413
535 602 677 761 855 962 1081 1215 1366 1536
Whirlpool of India Ltd.
BALANCE SHEET OF WHIRLPOOL OF INDIA. (in Rs. Cr.) Mar-11 Mar-12 Mar-13
12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 126.87 126.87 126.87
TOTAL SHARE CAPITAL 180.72 126.87 126.87
TOTAL RESERVES AND SURPLUS 241.65 363.32 490.67
TOTAL SHAREHOLDERS FUNDS 422.37 490.19 617.54
NON-CURRENT LIABILITIES
Long Term Borrowings 0 0 0
Deferred Tax Liabilities [Net] 20.98 21.27 24.8
Other Long Term Liabilities 10.93 9.4 11.51
Long Term Provisions 52.5 46.59 52.33
TOTAL NON-CURRENT LIABILITIES 84.41 77.26 88.64
CURRENT LIABILITIES
Short Term Borrowings 0 0 0
Trade Payables 696.7 513.19 581.22
Other Current Liabilities 65.22 58.28 57.5
Short Term Provisions 45.01 48.31 39.92
TOTAL CURRENT LIABILITIES 806.93 619.78 678.64
TOTAL CAPITAL AND LIABILITIES 1313.71 1187.23 1384.82
ASSETS
NON-CURRENT ASSETS
Tangible Assets 314.32 336.44 387.06
Intangible Assets 2.91 2.16 1.5
Capital Work-In-Progress 12.41 45.03 26.29
Other Assets 0 0 0
FIXED ASSETS 329.64 383.63 414.85
Non-Current Investments 0 0 0
Deferred Tax Assets [Net] 0 0 0
Long Term Loans And Advances 88.38 90.5 67.99
Other Non-Current Assets 3.93 0.01 4.85
TOTAL NON-CURRENT ASSETS 421.95 474.14 487.69
CURRENT ASSETS
Current Investments 0 0 0
Inventories 667.36 432.29 522.28
Trade Receivables 115.22 137.06 170.91
Cash And Cash Equivalents 49.16 85.9 155.03
Short Term Loans And Advances 57.97 56.25 48.17
OtherCurrentAssets 2.05 1.6 0.74
TOTAL CURRENT ASSETS 891.76 713.1 897.13
TOTAL ASSETS 1313.71 1187.24 1384.82
 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

126.87 126.87 126.87 126.87 126.87 126.87 126.87

126.87 126.87 126.87 126.87 126.87 126.87 126.87
613.18 788.91 1038.83 1356.19 1669.47 2015.8 2420.01
740.05 915.78 1165.7 1483.06 1796.34 2142.67 2546.88

0 0 0 0 0 0 0
21.34 2.44 2.95 0 0 0 0
9.88 8.47 14.24 13.73 12.66 12.54 21.72
58.6 68.4 78.25 125.43 150.99 186.36 207.38
89.82 79.31 95.44 139.16 163.65 198.9 229.1

0 0 0 0 0 0 0
634.24 719.41 952.31 1120.8 1152.98 1236.22 1429.15
63.15 90.1 7.7 107.53 83.46 97.74 100.87
41.8 44.32 30.09 25.58 29.38 33.51 37.67
739.19 853.83 990.1 1253.91 1265.82 1367.47 1567.69
1569.06 1848.92 2251.24 2876.13 3225.81 3709.04 4343.67

370.45 382.46 359.98 391.96 439.41 503.19 703.48

0.82 0.23 6.22 5.85 6.51 5.02 5.43
53.15 13.2 36.67 29.54 33.05 43.33 44.08
0 0 0 0 0 0 0
424.42 395.89 402.87 427.35 478.97 551.54 752.99
0 0 0 129.68 456.32 518 172.22
0 0 0 15.92 27.9 34.4 37.49
55.58 46.05 14.76 12.85 17.03 18.15 18.12
4.86 5.03 37.79 57.09 97.23 123.24 81.13
484.86 446.97 455.42 642.89 1077.45 1245.33 1061.95

0 0 0 0 0 138.33 378.33
576.67 659.01 683.52 888.76 810.12 888.6 1198.89
169.87 155.07 192.63 204.86 240.31 255.62 281.6
291.83 535.68 856.3 1058.95 981.85 1061 1284.01
43.72 47.98 1.31 3.42 2.02 2.63 6.74
2.12 4.23 62.06 77.25 114.06 117.53 132.15
1084.21 1401.97 1795.82 2233.24 2148.36 2463.71 3281.72
1569.07 1848.94 2251.24 2876.13 3225.81 3709.04 4343.67
 COMMON SIZE BALANCE SHEET

EQUITIES AND LIABILITIES Mar-11 Mar-12 Mar-13 Mar-14

SHAREHOLDER'S FUNDS
Equity Share Capital 10% 11% 9% 8%
TOTAL SHARE CAPITAL 14% 11% 9% 8%
TOTAL RESERVES AND SURPLUS 18% 31% 35% 39%
TOTAL SHAREHOLDERS FUNDS 32% 41% 45% 47%
NON-CURRENT LIABILITIES
Long Term Borrowings 0% 0% 0% 0%
Deferred Tax Liabilities [Net] 2% 2% 2% 1%
Other Long Term Liabilities 1% 1% 1% 1%
Long Term Provisions 4% 4% 4% 4%
TOTAL NON-CURRENT LIABILITIES 6% 7% 6% 6%
CURRENT LIABILITIES
Short Term Borrowings 0% 0% 0% 0%
Trade Payables 53% 43% 42% 40%
Other Current Liabilities 5% 5% 4% 4%
Short Term Provisions 3% 4% 3% 3%
TOTAL CURRENT LIABILITIES 61% 52% 49% 47%
TOTAL CAPITAL AND LIABILITIES 100% 100% 100% 100%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 23.93% 28.34% 27.95% 23.61%
Intangible Assets 0.22% 0.18% 0.11% 0.05%
Capital Work-In-Progress 0.94% 3.79% 1.90% 3.39%
Other Assets 0.00% 0.00% 0.00% 0.00%
FIXED ASSETS 25.09% 32.31% 29.96% 27.05%
Non-Current Investments 0.00% 0.00% 0.00% 0.00%
Deferred Tax Assets [Net] 0.00% 0.00% 0.00% 0.00%
Long Term Loans And Advances 6.73% 7.62% 4.91% 3.54%
Other Non-Current Assets 0.30% 0.00% 0.35% 0.31%
TOTAL NON-CURRENT ASSETS 32.12% 39.94% 35.22% 30.90%
CURRENT ASSETS
Current Investments 0.00% 0.00% 0.00% 0.00%
Inventories 50.80% 36.41% 37.71% 36.75%
Trade Receivables 8.77% 11.54% 12.34% 10.83%
Cash And Cash Equivalents 3.74% 7.24% 11.19% 18.60%
Short Term Loans And Advances 4.41% 4.74% 3.48% 2.79%
OtherCurrentAssets 0.16% 0.13% 0.05% 0.14%
TOTAL CURRENT ASSETS 67.88% 60.06% 64.78% 69.10%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
N SIZE BALANCE SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 AVG (19-20)

7% 6% 4% 4% 3% 3% 3%
7% 6% 4% 4% 3% 3% 3%
43% 46% 47% 52% 54% 56% 55%
50% 52% 52% 56% 58% 59% 58%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 1% 0% 0% 0% 1% 0%
4% 3% 4% 5% 5% 5% 5%
4% 4% 5% 5% 5% 5% 5%

0% 0% 0% 0% 0% 0% 0%
39% 42% 39% 36% 33% 33% 33%
5% 0% 4% 3% 3% 2% 2%
2% 1% 1% 1% 1% 1% 1%
46% 44% 44% 39% 37% 36% 36%
100% 100% 100% 100% 100% 100% 100%

20.69% 15.99% 13.63% 13.62% 13.57% 16.20% 14.88%

0.01% 0.28% 0.20% 0.20% 0.14% 0.13% 0.13%
0.71% 1.63% 1.03% 1.02% 1.17% 1.01% 1.09%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
21.41% 17.90% 14.86% 14.85% 14.87% 17.34% 16.10%
0.00% 0.00% 4.51% 14.15% 13.97% 3.96% 8.97%
0.00% 0.00% 0.55% 0.86% 0.93% 0.86% 0.90%
2.49% 0.66% 0.45% 0.53% 0.49% 0.42% 0.45%
0.27% 1.68% 1.98% 3.01% 3.32% 1.87% 2.60%
24.17% 20.23% 22.35% 33.40% 33.58% 24.45% 29.01%

0.00% 0.00% 0.00% 0.00% 3.73% 8.71% 6.22%

35.64% 30.36% 30.90% 25.11% 23.96% 27.60% 25.78%
8.39% 8.56% 7.12% 7.45% 6.89% 6.48% 6.69%
28.97% 38.04% 36.82% 30.44% 28.61% 29.56% 29.08%
2.60% 0.06% 0.12% 0.06% 0.07% 0.16% 0.11%
0.23% 2.76% 2.69% 3.54% 3.17% 3.04% 3.11%
75.83% 79.77% 77.65% 66.60% 66.42% 75.55% 70.99%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
CAGR(11-20)

0%
-4%
29%
22%

0%
-100%
8%
16%
12%

0%
8%
5%
-2%
8%
14%

9%
7%
15%
0%
10%
0%
0%
-16%
40%
11%

0%
7%
10%
44%
-21%
59%
16%
14%
 Forecasted Balance sheet

Forecasted methods

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital CAGR
TOTAL SHARE CAPITAL CAGR
TOTAL RESERVES AND SURPLUS CAGR
TOTAL SHAREHOLDERS FUNDS CAGR
NON-CURRENT LIABILITIES
Long Term Borrowings CAGR
Deferred Tax Liabilities [Net] CAGR
Other Long Term Liabilities CAGR
Long Term Provisions CAGR
TOTAL NON-CURRENT LIABILITIES CAGR
CURRENT LIABILITIES
Short Term Borrowings CAGR
Trade Payables CAGR
Other Current Liabilities CAGR
Short Term Provisions CAGR
TOTAL CURRENT LIABILITIES CAGR
TOTAL CAPITAL AND LIABILITIES CAGR
ASSETS
NON-CURRENT ASSETS
Tangible Assets CAGR
Intangible Assets CAGR
Capital Work-In-Progress CAGR
Other Assets CAGR
FIXED ASSETS CAGR
Non-Current Investments CAGR
Deferred Tax Assets [Net] CAGR
Long Term Loans And Advances CAGR
Other Non-Current Assets CAGR
TOTAL NON-CURRENT ASSETS CAGR
CURRENT ASSETS
Current Investments CAGR
Inventories CAGR
Trade Receivables CAGR
Cash And Cash Equivalents CAGR
Short Term Loans And Advances CAGR
OtherCurrentAssets CAGR
TOTAL CURRENT ASSETS CAGR
TOTAL ASSETS CAGR
Forecasted Balance sheet

Assumptions Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

0% 126.87 126.87 126.87 126.87 126.87 126.87 126.87 126.87

-4% 122 117 113 108 104 100 96 93
29% 3126 4038 5216 6738 8704 11244 14524 18761
22% 3110 3797 4636 5660 6911 8438 10302 12578

0% 0 0 0 0 0 0 0 0
-100% 0 0 0 0 0 0 0 0
8% 23 25 27 29 32 34 37 40
16% 242 281 328 382 445 518 604 703
12% 256 286 320 357 399 446 498 557

0% 0 0 0 0 0 0 0 0
8% 755 817 885 959 1038 1125 1218 1319
5% 106 111 117 122 129 135 142 149
-2% 37 36 35 35 34 33 33 32
8% 1688 1817 1956 2106 2267 2441 2628 2829
14% 4961 5666 6471 7391 8441 9640 11010 12575

9% 769 841 920 1006 1101 1204 1316 1440

7% 6 6 7 7 8 8 9 9
15% 51 58 67 77 89 103 118 136
0% 0 0 0 0 0 0 0 0
10% 825 905 992 1087 1192 1306 1432 1569
0% 172 172 172 172 172 172 172 172
0% 37 37 37 37 37 37 37 37
-16% 15 13 11 9 8 6 5 4
40% 25 36 50 70 97 136 191 267
11% 90 100 110 122 135 150 166 184

0% 378 378 378 378 378 378 378 378

7% 1280 1366 1457 1555 1660 1772 1891 2018
10% 311 343 379 419 463 511 564 623
44% 1845 2651 3810 5474 7866 11303 16242 23339
-21% 5 4 3 3 2 2 1 1
59% 210 334 530 842 1337 2125 3375 5362
16% 3793 4384 5067 5856 6768 7822 9041 10449
14% 617 705 805 920 1050 1200 1370 1565
 Mar-29 Mar-30
12 mths 12 mths

126.87 126.87
89 86
24235 31306
15358 18751

0 0
0 0
43 47
819 954
622 695

0 0
1429 1548
156 164
32 31
3046 3279
14362 16403

1574 1722
10 11
157 180
0 0
1720 1885
172 172
37 37
4 3
374 524
204 226

378 378
2154 2299
688 760
33537 48191
1 1
8519 13534
12077 13958
1787 2041
Whirlpool of India.
Cash Flow (in Rs crores)
Mar-11 Mar 12 Mar-13 Mar-14
12 mths 12 mths 12 mths 12 mths

Net Profit/Loss Before Extraordinary Items And Tax 239.24 181.31 179.17 174.21
Net CashFlow From Operating Activities 205.3 213.07 143.97 203.62
Net Cash Used In Investing Activities -67.65 -113.94 -73.47 -66.05
Net Cash Used From Financing Activities -145.18 -66.16 2.55 -0.98
Net Inc/Dec In Cash And Cash Equivalents -7.53 32.97 73.05 136.6
Cash And Cash Equivalents Begin of Year 56.48 48.95 81.92 154.98
Cash And Cash Equivalents End Of Year 48.95 81.92 154.98 291.57
 Mar-15 Mar-16 Mar 17 Mar-18 Mar-19 Mar 20
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

300.52 355.95 468.48 540.82 626.47 652.89

299.93 343.77 383.55 384.24 402.48 380.22
-55.29 -28.37 -180.05 -415.12 -261.9 -71.98
-0.62 -0.87 -1.26 -46.48 -61.92 -87.19
244.02 314.53 202.24 -77.36 78.66 221.05
291.57 535.6 850.13 1,052.37 974.45 1,053.11
535.6 850.13 1,052.37 975.01 1,053.11 1,274.16
Net profit margin 2011 2012 2013 2014 2015
Net profit 166.03 123.73 127.75 122.91 210.51
Revenue 2728.6 2670.24 2796.39 2862.59 3331.78
6% 5% 5% 4% 6%

ROCE 2011 2012 2013 2014 2015

Profit before interest,tax and dividend 239.24 181.31 179.17 174.21 300.52
Total Assets 1313.71 1187.24 1384.82 1569.07 1848.94
Current Liabilities 806.93 619.78 678.64 739.19 853.83
Capital Employed 506.78 567.46 706.18 829.88 995.11
ROCE 47.2 32.0 25.4 21.0 30.2

ROA 2011 2012 2013 2014 2015

Net income 166.03 123.73 127.75 122.91 210.51
Total Assets 1313.71 1187.24 1384.82 1569.07 1848.94
12.6 10.4 9.2 7.8 11.4

Asset Turnover 2011 2012 2013 2014 2015

Net Sales 2700.22 2654.53 2770.7 2833.11 3292.16
Fixed Assets 329.64 383.63 414.85 424.42 395.89
8.2 6.9 6.7 6.7 8.3

ROE 2011 2012 2013 2014 2015

Net Profit After Tax & Pref.Dividend 166.03 123.73 127.75 122.91 210.51
Equity Share Holder Fund 422.37 490.19 617.54 740.05 915.78
39% 25% 21% 17% 23%

EPS 2011 2012 2013 2014 2015

Basic EPS 12.18 9.62 10.07 9.69 16.59

Gross Profit Margin 2011 2012 2013 2014 2015

Gross Profit 239.24 181.31 179.17 174.21 300.52
Net Sales 2700.22 2654.53 2770.7 2833.11 3292.16
9% 7% 6% 6% 9%

2011 2012 2013 2014 2015

Debt to Equity 0% 0% 0% 0% 0%

ROIC 2011 2012 2013 2014 2015

NOPAT 166.03 123.73 127.75 122.91 210.51
Invested capital 304 402.85 449.69 468.28 262.1
55% 31% 28% 26% 80%
EBITDA 2011 2012 2013 2014 2015
EBITDA 283.75 231.01 239.49 238.04 368.65
Net sales 2700.22 2654.53 2770.7 2833.11 3292.16
11% 9% 9% 8% 11%
 2016 2017 2018 2019 2020
240.02 310.49 350.67 407.05 476.29
3495.27 4013.76 4918.63 5502.35 6121.23
7% 8% 7% 7% 8%

2016 2017 2018 2019 2020

356.75 468.48 540.82 626.47 652.89
2251.24 2876.13 3225.81 3709.04 4343.67
990.1 1253.91 1265.82 1367.47 1567.69
1261.14 1622.22 1959.99 2341.57 2775.98
28.3 28.9 27.6 26.8 23.5

2016 2017 2018 2019 2020

240.02 310.49 350.67 407.05 476.29
2251.24 2876.13 3225.81 3709.04 4343.67
10.7 10.8 10.9 11.0 11.0

2016 2017 2018 2019 2020

3438.29 3938.78 4805.48 5385.28 5981.61
402.87 427.35 478.97 551.54 752.99
8.5 9.2 10.0 9.8 7.9

2016 2017 2018 2019 2020

240.02 310.49 350.67 407.05 476.29
1165.7 1483.06 1796.34 2142.67 2546.88
21% 21% 20% 19% 19%

2016 2017 2018 2019 2020

18.92 24.47 27.64 32.08 37.54

2016 2017 2018 2019 2020

355.95 468.48 540.82 626.47 652.89
3438.29 3938.78 4805.48 5385.28 5981.61
10% 12% 11% 12% 11%

2016 2017 2018 2019 2020

0% 0% 0% 0% 0%

2016 2017 2018 2019 2020

240.02 310.49 350.67 407.05 476.29
201.49 282.32 660.52 916.85 1059.76
119% 110% 53% 44% 45%
 2016 2017 2018 2019 2020
432.88 555.94 642.33 737.78 782.21
3438.29 3938.78 4805.48 5385.28 5981.61
13% 14% 13% 14% 13%
Outstanding stock Current market price Market captilization
2.89 Whirlpool India 4966 14366.42
Justdial 386.4 2385.14
InfiBeam 76.9 5138
Infoedge 3516.9 45217.92
Industry Total 8946.2 67107.48

Market captilization TOTAL DEBT CASH

IndiaMart 14366.42 0 19.77
Justdial 2385.14 0 33.62
InfiBeam 5138 17.58 90.41
Infoedge 45217.92 0.24 952.22
Industry Total 67107.48

Ratio IndiaMart Industry Value of share

P/E 93.855229633501 42 2224.54671280277
P/BV 54.2333710834277 24.9 2282.35640138408
P/S 22.2838839770436 19.477865626415 4345.11417624558
EV/EBIDTA 55.9265712507778 51.3679656763796 4590.85402293816

Value of share using Relative valuation 3360.71782834265

Average Share Price of Relative valuation and DC 4686.12948158101

PAT Shareholders fund
Earnings BOOK VALUE Sales
153.07 264.9 644.7
272.31 1287.47 875.37
38.6 2635.35 648
205.67 2431.66 1277.25
669.65 6619.38 3445.32

INVESTMENT Enterprise Value EBIDTA

865.55 13481.1 241.05
16.72 2334.8 403.72
0 5065.17 134.84
255.4 44010.54 483.66
64891.61 1263.27