Particulars 2015-16 2016-17 2017-18 2018-19

Sales 2,881.45 2,989.37 3,069.68 3,469.19

Less: Discounts -333.11 -252.54 -243.43 -235.55
Net Sales 2,548.34 2,736.83 2,826.25 3,233.64
Other operating revenues 15.56 27.2 51.24 22.66
Total revenues from operations 2,563.90 2,764.03 2,877.49 3,256.30
Other Revenues 10.5 26.45 25.77 55.77
Total Income 2,574.40 2,790.48 2,903.26 3,312.07

Less : Expenses 2,184.03 2,268.88 2,274.50 2,397.62

Raw Materials 1,282.33 1,268.40 1,254.37 1,278.11
Purchases of Stock in Trade 171.31 222.66 284.48 301.53
stock-in-trade and work-in-progress 30 (4.69) 19.22 19.22 -4.69 -10.36 47.19
Employee benefits expense 180.51 217.97 231.71 262.26
Finance costs 11.29 17.28 10.34 11.6
Excise duty 126.65 135.42 33.22
Other expenses 392.72 411.84 470.74 496.93
EBITDA 390.37 521.60 628.76 914.45
Depriciation 117.22 119.53 120.89 125.3
EBIT 273.15 402.07 507.87 789.15
Interest & Finance charge 183.94 170.36 132.68 110.8
EBT 89.21 231.71 375.19 678.35
Tax 28.34 69 115.05 241.15
PAT 60.87 162.71 260.14 437.20
Particulars 2015-16 2016-17 2017-18 2018-19

Liabilities
Equity and Liabilities
Share Capital 148.53 155.96 175.5 178.24
Other Equity 962.56 1,165.56 1,467.59 1,859.86
Total Equity & Liability 1111.09 1321.52 1643.09 2038.1

Non Controlling Interest 50.88

Non-Current Liabilities
Long term Borrowings 1,415.39 1,299.05 971.49 1,287.34
Other financial liabilities 44.01 53.93 51.7 59.03
Provisions 3.59 1.6 6.55 7.49
Deferred tax liabilities (net) 77.89 97.94 143.44 238.83
Total Non Current Liabilities 1,540.88 1,452.52 1,173.18 1,592.69

Current Liabilities
Borrowings 128.29 127.75 76.03 18.04
Trade payables 187.85 230.94 255.26 274.24
Other financial liabilities 414.3 343.45 334.31 360.91
Other current liabilities 98.21 105.65 119.49 175.74
Provisions 5 12.03 7.08 11.5
Total Current Liabilities 833.65 819.82 792.17 840.43

Total Liabilities 3,485.62 3,593.86 3,608.44 4,522.10

Assets
Non-Current Assets
Property,plant and equipment 2,748.31 2,634.29 2,653.92 2,696.22
Capital work-in-progress 19.56 15.51 33.86 313.76
Other intangible assets 2.64 1.41 3.05 25.18
Financial Assets
Investments 30.61 28.41 24.71 29.12
Loans 35.5 52.9 17.92 17.47
Other financial assets 11.39 8.41 16.52 18.25
Other non-current assets 5.59 6.09 6.12 21.72
Total Non Current Assets 2,853.60 2,747.02 2,756.10 3,121.72
Current Assets
Inventories 334.71 382.94 394.23 346.27
Investments 10.01 242.59 127.22 646.24
Trade receivables 139.18 110.81 109.15 73.48
Cash and cash equivalents 7.73 15.51 18.95 15.24
Bank balances other than above 6.91 11.88 104.42 11.5
Loans 21.89 0.8 150.8
Other financial assets 10.24 9.91 7.65 30.49
Current tax assets (net) 1 1.28
Other current assets 100.28 71.92 89.93 126.36
Total Current Assets 631.95 846.84 852.35 1400.38
Total Assets 3,485.55 3,593.86 3,608.45 4,522.10

Check balance 1 1 1 1
 FORCASTED
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
Trade Receivables 139.18 110.81 109.15 73.48 80.828 88.9108 97.80188
Days Receivables 19.81 14.63 13.85 8.24 8.24 8.24 8.24

Inventories 334.71 382.94 394.23 346.27 375.76 413.34 454.67

Days Inventory 55.94 61.60 63.26 52.71 38.29 38.29 38.29

Trade Payables 187.85 230.94 255.26 274.24 307.85 338.63 372.50

Days Payables 31.39 37.15 40.96 41.75 31.37 31.37 31.37

Property, Plant & Equipmet 2,748.31 2,634.29 2,653.92 2,696.22 3380.71 3592.59 3907.14
as a % of Revenues 107% 95% 92% 83% 94% 91% 90%

Capital Work in Progress 19.56 15.51 33.86 313.76 108.68 141.92 189.06
as a % of Revenues 0.76% 0.56% 1.18% 9.64% 3.03% 3.60% 4.36%

Other assets 111.67 80.33 106.45 144.61 137.92 146.74 170.28

as a % of Revenues 4.36% 2.91% 3.70% 4.44% 3.85% 3.72% 3.93%

Other Liabilities 517.51 461.13 460.88 548.15 624.31 659.61 726.19

as a % of Revenues 20% 17% 16% 17% 17% 17% 17%

Provisions 3.59 1.6 6.55 7.49 14.2 33.7 60.9

y-o-y growth % -55% 309% 14% 89% 138% 81%
FORCASTED
2022-23 2023-24
107.58207 118.34027
8.24 8.24

500.14 550.15
38.29 38.29

409.75 450.72
31.37 31.37

4273.04 4789.85
90% 91%

245.93 211.82
5.16% 4.04%

190.04 203.08
3.99% 3.87%

807.61 889.76
17% 17%

123.3 255.2
103% 107%
 FORCASTED
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Revenues 2,564 2,764 2,877 3,256 3,582 3,940 4,334 4,768
y-o-y growth % 7% 3% 14% 10% 10% 10% 10%

Other Income 10.5 26.45 25.77 55.77 72.50 94.25 122.53 159.28
y-o-y growth % 1.52 -0.03 1.16 30% 30% 30% 30%

Stock Adjustments 19.22 -4.69 -10.36 47.19 47.19 47.19 47.19 47.19
y-o-y growth % -1.24 1.21 -5.56

COGS 2,184.03 2,268.88 2,274.50 2,397.62 2,637.38 2,901.12 3,191.23 3,510.36

% of Revenues 85% 82% 79% 74% 74% 74% 74% 74%

Operating Expenses 2,184.03 2,268.88 2,274.50 2,397.62 2,637.38 2,901.12 3,191.23 3,510.36
% of Revenues

Depriciation 117.22 119.53 120.89 125.3 129.06 132.93 136.92 141.03

% of Revenues 4.57% 4.32% 4.20% 3.85% 3% 3% 3% 3%

Interest 183.94 170.36 132.68 110.8 110.8 110.8 110.8 110.8

y-o-y growth % -7% -22% -16%

Taxes 28.34 69 115.05 241.15 313.50 407.54 529.81 688.75

% of EBT 32% 30% 31% 36% 30% 30% 30% 30%
2023-24
5,244
10%

207.07
30%

47.19

3,861.39
74%

3,861.39

145.26
3%

110.8

895.37
30%
 FORC
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20
Sales 2,881.45 2,989.37 3,069.68 3,469.19
Less: Discounts -333.11 -252.54 -243.43 -235.55
Net Sales 2,548.34 2,736.83 2,826.25 3,233.64
Other operating revenues 15.56 27.2 51.24 22.66
Total revenues from operations 2,563.90 2,764.03 2,877.49 3,256.30 3581.93
Other Revenues 10.5 26.45 25.77 55.77 72.50
Total Income 2,574.40 2,790.48 2,903.26 3,312.07 3654.431

Less : Expenses 2,184.03 2,268.88 2,274.50 2,397.62 2,637.38

Raw Materials 1,282.33 1,268.40 1,254.37 1,278.11
Purchases of Stock in Trade 171.31 222.66 284.48 301.53
stock-in-trade and work-in-progress 30 (4.69) 19.22 19.22 -4.69 -10.36 47.19 47.19
Employee benefits expense 180.51 217.97 231.71 262.26
Finance costs 11.29 17.28 10.34 11.6
Excise duty 126.65 135.42 33.22
Other expenses 392.72 411.84 470.74 496.93
EBITDA 390.37 521.60 628.76 914.45 969.86
Depriciation 117.22 119.53 120.89 125.3 -129.06
EBIT 273.15 402.07 507.87 789.15 840.80
Interest & Finance charge 183.94 170.36 132.68 110.8 -110.8
EBT 89.21 231.71 375.19 678.35 730.00
Tax 28.34 69 115.05 241.15 -313.50
PAT 60.87 162.71 260.14 437.20 416.51
 FORCASTED
2020-21 2021-22 2022-23 2023-24

3940.123 4334.135 4767.549 5244.304

94.25 122.53 159.28 207.07
4034.374 4456.662 4926.834 5451.374

2,901.12 3,191.23 3,510.36 3,861.39

47.19 47.19 47.19 47.19

1,086.06 1,218.24 1,369.29 1,542.79

-132.93 -136.92 -141.03 -145.26
953.13 1,081.32 1,228.26 1,397.54
-110.8 -110.8 -110.8 -110.8
842.33 970.52 1,117.46 1,286.74
-407.54 -529.81 -688.75 -895.37
434.79 440.71 428.71 391.36
 FORCASTED
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

Liabilities
Equity and Liabilities
Share Capital 148.53 155.96 175.5 178.24 178.24 178.24 178.24
Other Equity 962.56 1,165.56 1,467.59 1,859.86 2,276.37 2,711.15 3,151.87
Total Equity & Liability 1111.09 1321.52 1643.09 2038.1 2454.605 2889.395 3330.109

Non Controlling Interest 50.88

Non-Current Liabilities
Long term Borrowings 1,415.39 1,299.05 971.49 1,287.34 1,287.34 1,287.34 1,287.34
Other financial liabilities 44.01 53.93 51.7 59.03 59.03 59.03 59.03
Provisions 3.59 1.6 6.55 7.49 14.18842 33.72859 60.88031
Deferred tax liabilities (net) 77.89 97.94 143.44 238.83 238.83 238.83 238.83
Total Non Current Liabilities 1,540.88 1,452.52 1,173.18 1,592.69 1,599.39 1,618.93 1,646.08

Current Liabilities
Borrowings 128.29 127.75 76.03 18.04 18.04 18.04 18.04
Trade payables 187.85 230.94 255.26 274.24 307.85 338.63 372.50
Other financial liabilities 414.3 343.45 334.31 360.91
Other current liabilities 98.21 105.65 119.49 175.74 624.31 659.61 726.19
Provisions 5 12.03 7.08 11.5
Total Current Liabilities 833.65 819.82 792.17 840.43 950.2021 1016.281 1116.728

Total Liabilities 3,485.62 3,593.86 3,608.44 4,522.10 5,004.20 5,524.60 6,092.92

Assets
Non-Current Assets
Property,plant and equipment 2,748.31 2,634.29 2,653.92 2,696.22 3380.71 3592.59 3907.14
Capital work-in-progress 19.56 15.51 33.86 313.76 108.68 141.92 189.06
Other intangible assets 2.64 1.41 3.05 25.18 25.18 25.18 25.18
Financial Assets
Investments 30.61 28.41 24.71 29.12 29.12 29.12 29.12
Loans 35.5 52.9 17.92 17.47 17.47 17.47 17.47
Other financial assets 11.39 8.41 16.52 18.25
Other non-current assets 5.59 6.09 6.12 21.72 21.72 21.72 21.72
Total Non Current Assets 2,853.60 2,747.02 2,756.10 3,121.72 3582.876 3828.001 4189.688
Current Assets
Inventories 334.71 382.94 394.23 346.27 375.76 413.34 454.67
Investments 10.01 242.59 127.22 646.24 646.24 646.24 646.24
Trade receivables 139.18 110.81 109.15 73.48 80.828 88.9108 97.80188
Cash and cash equivalents 7.73 15.51 18.95 15.24 15.24 15.24 15.24
Bank balances other than above 6.91 11.88 104.42 11.5 11.5 11.5 11.5
Loans 21.89 0.8 150.8 150.8 150.8 150.8
Other financial assets 10.24 9.91 7.65 30.49 137.92 146.74 170.28
Current tax assets (net) 1 1.28
Other current assets 100.28 71.92 89.93 126.36 126.36 126.36
Total Current Assets 631.95 846.84 852.35 1400.38 1418.29 1599.13 1672.89
Total Assets 3,485.55 3,593.86 3,608.45 4,522.10 5001.17 5427.13 5862.58

-0.07 0.00 0.01 0.00 -3.03 -97.48 -230.34

FORCASTED
2022-23 2023-24

178.24 178.24
3,580.58 3,971.95
3758.82267 4150.18539

1,287.34 1,287.34
59.03 59.03
123.313326 255.164139
238.83 238.83
1,708.51 1,840.36

18.04 18.04
409.75 450.72

807.61 889.76

1235.39762 1358.52578

6,702.73 7,349.08

4273.04 4789.85
245.93 211.82
25.18 25.18

29.12 29.12
17.47 17.47

21.72 21.72
4612.45491 5095.16603

500.14 550.15
646.24 646.24
107.582068 118.340275
15.24 15.24
11.5 11.5
150.8 150.8
 190.04 203.08

126.36 126.36
1747.90 1821.71
6360.35 6916.88

-342.38 -432.20
Particulars 2015-16 2016-17 2017-18
PAT 60.87 162.71 260.14
Add: Depriciation 117.22 119.53 120.89
Add: Interest Expense 183.94 170.36 132.68

Net Change in Working Capital

Add: borrowings -0.54 -51.72
Add: Increase Trade payable 43.09 24.32
Add: Increase Financial Liabilities -70.85 -9.14
Add: Increase other current Liabilities 7.44 13.84
Add: provisions 7.03 -4.95
Less: Increase in Inventory 48.23 11.29
Less: Increase in Account Receivables -28.37 -1.66
Less: Investments 232.58 -115.37
Less: Other financial Assets -0.33 -2.26
Less: Other Assets -28.36 18.01
Less: Increase in Loans & Advances -21.89 0.8
Net Change in Working Capital 188.03 -116.84

Cashflow from Operations 640.63 396.87

Cashflow from Investment Activities
Less: Capex -114.02 19.63
Add: Capex wip -4.05 18.35
Less: oher assets 11.49 -28.9
Cashflow from Investment Activities -106.58 9.08

Cashflow from Financing Activities

Add: New Equity Raised 7.43 19.54
Add: New Secured Loans Raised 203.00 302.03
Add: New Unsecured Loans Raised
Less: Secured Loans Repaid
Less: Unsecured Loans Repaid
Less: Dividends Paid
Less: Interest Expense -13.58 -37.68
Cashflow from Financing Activities 196.85 283.89

Net Cashflow 730.90 689.84

Cash Balance
Opening Balance 7.73 738.63
Net Cashflow 730.90 689.84
Closing Balance 738.63 1428.47
 FORCASTED
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
437.20 416.51 434.79 440.71 428.71 391.36
125.3 -129.059 -132.9308 -136.9187 -141.0263 -145.257
110.8 -110.8 -110.8 -110.8 -110.8 -110.8

-57.99 0 0 0 0 0
18.98 33.60971 30.78497 33.86347 37.24981 40.9748
26.6 -360.91 0 0 0 0
56.25 448.5724 35.29378 66.58368 81.41977 82.15336
4.42 -11.5 0 0 0 0
-47.96 29.48918 37.57592 41.33351 45.46686 50.01355
-35.67 7.348 8.0828 8.89108 9.780188 10.75821
519.02 0 0 0 0 0
22.84 107.4329 8.818314 23.53759 19.76181 13.04125
36.43 -126.36 126.36 0 0 0
150 0 0 0 0 0
692.92 127.6822 246.9158 174.2093 193.6784 196.9412

1,366.22 304.33 437.97 367.21 370.57 332.25

42.30 684.49 211.89 314.55 365.90 516.82

279.9 -205.0822 33.23939 47.13885 56.87086 -34.1058
43.42 -18.25 0 0 0 0
365.62 461.16 245.13 361.69 422.77 482.71

2.74 0 0 0 0 0
392.27 416.51 434.79 440.71 428.71 391.36

-21.88 -221.6 0 0 0 0
373.13 194.905 434.7898 440.7145 428.7133 391.3627

2,104.97 960.39 1,117.89 1,169.61 1,222.05 1,206.32

1428.47 3533.44 4493.829 5611.719 6781.326 8003.371

2,104.97 960.39 1,117.89 1,169.61 1,222.05 1,206.32
3533.44 4493.829 5611.719 6781.326 8003.371 9209.692
 FORCASTED
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

DFC FCFF
EBIT 273.15 402.07 507.87 789.15 840.80 953.13
Tax Rate (%) 30%
EBIT*(1-t) 355.095 522.691 660.231 1025.895 1093.04 1239.0733
Add: Depreciation 117.22 119.53 120.89 125.3 -129.059 -132.9308
Less: Increase in Working Capital 188.03 -116.84 692.92 127.68217 246.91578
Less: Capex and increase in WIP -106.58 9.08 365.62 461.16 245.13
Free Cashflow to the Firm (FCFF) 723.671 673.361 2209.735 1552.8188 1598.1835

N 1 2
Years 2019-20 2020-21
FCFF 1552.8188 1598.1835
DCF 0.92 0.85

Present Value of CF 1433.8925 1362.7565

FORCASTED
2021-22 2022-23 2023-24 COE 12.18%
COD 4.55%
G 5%
1,081.32 1,228.26 1,397.54
WACC 8%
1405.7174 1596.7404 1816.7965
-136.9187 -141.0263 -145.257
174.20933 193.67844 196.94116 Present Value of Cashflows 7302.85
361.69 422.77 482.71 Value after FY 24 (Terminal Value) 1488.29
1804.6953 2072.1595 2351.1918 Present Value ofTerminal Value 999.23
Enterprise Value (Intrinsic Value of Company) 8302.08
3 4 5 Financial Liabilities 419.94
2021-22 2022-23 2023-24 Cash 15.24
1804.6953 2072.1595 2351.1918 Equity Value 8737.26
0.79 0.73 0.67 No. of Shares Outstanding 17.82
Share price 490.31
1420.9911 1506.6295 1578.582
Share price 96.80
EPS 24.53
P/E Ratio 3.95
Risk-free rate 6.04% Rating By ICRA A+
Market risk premium 5.96% Default Spread 0.80%
Beta (as of 27 Sep 2018) 1.03 Base Rate 7%

Cost of equity 12.2% Cost of Debt 4.55%

FORCASTED
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
Equity 1111.09 1321.52 1643.09 2038.1 2454.605 2889.3948 3330.1094
Debt 2,374.53 2,272.34 1,965.35 2,433.12 2,549.59 2,635.21 2,762.81

Cost of Equity 0.32 0.37 0.46 0.46 0.49 0.52 0.55

Cost of Debt 0.68 0.63 0.54 0.54 0.51 0.48 0.45

WACC 12.2% 12.2% 12.2%

WACC 8%
 2022-23 2023-24
3758.8227 4150.1854
2,943.91 3,198.89

0.56 0.56
0.44 0.44

12.2% 12.2%