Balance Sheet (All numbers in thousands)

Break down 7/30/2020

Total Assets 94,853,000,000
Current Assets 43,573,000,000
Cash, Cash Equivalents & Short Term Investments 29,419,000,000
Cash And Cash Equivalents 11,809,000,000
Other Short Term Investments 17,610,000,000
Receivables 10,523,000,000
Accounts receivable 5,472,000,000
Gross Accounts Receivable 5,615,000,000
Allowance For Doubtful Accounts Receivable -143,000,000
Other Receivables 5,051,000,000
Inventory 1,282,000,000
Raw Materials 640,000,000
Work in Process 25,000,000
Finished Goods 601,000,000
Other Inventories 16,000,000
Other Current Assets 2,349,000,000
Total non-current assets 51,280,000,000
Net PPE 2,453,000,000
Gross PPE 11,014,000,000
Properties 4,252,000,000
Machinery Furniture Equipment 1,262,000,000
Other Properties 5,500,000,000
Accumulated Depreciation -8,561,000,000
Goodwill And Other Intangible Assets 35,382,000,000
Goodwill 33,806,000,000
Other Intangible Assets 1,576,000,000
Non Current Accounts Receivable 5,714,000,000
Non Current Deferred Assets 3,990,000,000
Non Current Deferred Taxes Assets 3,990,000,000
Other Non Current Assets 3,741,000,000

Total Liabilities Net Minority Interest 56,933,000,000

Current Liabilities 25,331,000,000
Payables And Accrued Expenses 3,057,000,000
Payables 3,057,000,000
Accounts Payable 2,218,000,000
Total Tax Payable 839,000,000
Income Tax Payable 839,000,000
Pension & Other Post Retirement Benefit Plans Current 3,122,000,000
Current Debt And Capital Lease Obligation 3,005,000,000
Current Debt 3,005,000,000
Current Notes Payable -
Commercial Paper -
Other Current Borrowings 3,005,000,000
Current Deferred Liabilities 11,406,000,000
Current Deferred Revenue 11,406,000,000
Other Current Liabilities 4,741,000,000
Total Non Current Liabilities Net Minority Interest 31,602,000,000
Long Term Debt And Capital Lease Obligation 11,578,000,000
Long Term Debt 11,578,000,000
Non Current Deferred Liabilities 9,040,000,000
Non Current Deferred Revenue 9,040,000,000
Tradeand Other Payables Non Current 8,837,000,000
Other Non Current Liabilities 2,147,000,000
Total Equity Gross Minority Interest 37,920,000,000
Stockholders' Equity 37,920,000,000
Capital Stock 41,202,000,000
Preferred Stock -
Common Stock 41,202,000,000
Retained Earnings -2,763,000,000
Gains Losses Not Affecting Retained Earnings -519,000,000
Minority Interest -
Total Capitalization 49,498,000,000
Common Stock Equity 37,920,000,000
Net Tangible Assets 2,538,000,000
Working Capital 18,242,000,000
Invested Capital 52,503,000,000
Tangible Book Value 2,538,000,000
Total Debt 14,583,000,000
Net Debt 2,774,000,000
Share Issued 4,237,000,000
Ordinary Shares Number 4,237,000,000

1)
a) current price
no of outstanding shares

2)
a) one half of
cash and cash equivalent

no of shares to be repurchased
b) dividend per share

3) Adjusted closing price

5) cash received
a) repurchase
no of existing shares after reperchase
stock value
cost of buying shares
 capital gains
after tax 20%
number of shares

dividend
dividend per share
total dividend
tax on dividend
cash received
share price after dividend
stock current value
cost of buying shares
capital gain
tax @20%
capital gain after tax
total cash received

4) dividend
cash received without tax
with tax cash

repurchase
no of shares repurchased
cash received without tax
cash received with tax

7)
DIVIDEND PAID
current price after dividend is paid 47.59
increase in price per year 10%
price after 5 years 76.6384426994572
overall increase year wise 110%
price after 10 years 123.426978351903

REPURCHASE
current price after dividend is paid 48.98
increase in price per year 10%
price after 5 years 78.88
overall increase year wise 110%
price after 10 years 127.041505695698

t=5
dividend paid after tax cash flow

cash received from dividend after tax 1114845.40948784

cash from selling shares 76638442.6994572
cost of buying shares 10450000
capital gain 66188442.6994572
tax @20% 13237688.5398914
total cash inflow 63400754.1595657

t=5 repurchase
cash received from dividend after tax 0
cash from selling shares 78882779.8
cost of buying shares 10450000
capital gain 68432779.8
tax @20% 13686555.96
total cash inflow 65196223.84
difference between the two cash flow 1795469.68043427

t = 10
dividend paid after tax cash flow

cash received from dividend after tax 1114845.40948784

cash from selling shares 123426978.351903
cost of buying shares 10450000
capital gain 112976978.351903
tax @20% 22595395.6703806
total cash inflow 100831582.681522

t = 10
cash received from dividend after tax 0
cash from selling shares 127041505.695698
cost of buying shares 10450000
capital gain 116591505.695698
tax @20% 23318301.1391396
total cash inflow 103723204.556558
difference between the two cash flow 2891621.87503619

8)
rate of return is 20%

DIVIDEND PAID
current price after dividend is paid 47.59
increase in price per year 20%
price after 5 years 118.410298438329
overall increase year wise 120%
price after 10 years 294.642713810063

REPURCHASE
current price after dividend is paid 48.98
increase in price per year 20%
price after 5 years 121.8779136
overall increase year wise 120%
price after 10 years 303.271249969152

t=5
dividend paid after tax cash flow

cash received from dividend after tax

cash from selling shares 118410298.438329
cost of buying shares 10450000
capital gain 107960298.438329
tax @20% 21592059.6876658
total cash inflow 96818238.7506632

t=5
cash received from dividend after tax
cash from selling shares 121877913.6
cost of buying shares 10450000
capital gain 111427913.6
tax @20% 22285582.72
total cash inflow 99592330.88
difference between the two cash flow 2774092.12933679

t = 10
dividend paid after tax cash flow

cash received from dividend after tax

cash from selling shares 294642713.810063
cost of buying shares 10450000
capital gain 284192713.810063
tax @20% 56838542.7620125
total cash inflow 237804171.04805

t = 10
cash received from dividend after tax
cash from selling shares 303271249.969152
cost of buying shares 10450000
capital gain 292821249.969152
tax @20% 58564249.9938304
total cash inflow 244706999.975322
difference between the two cash flow 6902828.92727137

9)
present value of cash flow
present value of cash flow
7/30/2019 7/30/2018 7/30/2017
97,793,000 108,784,000 129,818,000
47,755,000 61,837,000 83,703,000
33,413,000 46,548,000 70,492,000
11,750,000 8,934,000 11,708,000
21,663,000 37,614,000 58,784,000
10,586,000 10,503,000 10,002,000
5,491,000 5,554,000 5,146,000
5,627,000 5,683,000 5,357,000
-136,000 -129,000 -211,000
5,095,000 4,949,000 4,856,000
1,383,000 1,846,000 1,616,000
599,000 681,000 589,000
10,000 0 1,000
752,000 1,132,000 1,003,000
22,000 33,000 23,000
2,373,000 2,940,000 1,593,000
50,038,000 46,947,000 46,115,000
2,789,000 3,006,000 3,322,000
12,039,000 12,243,000 12,819,000
4,545,000 4,710,000 4,926,000
1,298,000 1,443,000 1,830,000
6,196,000 6,090,000 6,063,000
-9,250,000 -9,237,000 -9,497,000
35,730,000 34,258,000 32,305,000
33,529,000 31,706,000 29,766,000
2,201,000 2,552,000 2,539,000
4,958,000 4,882,000 4,738,000
4,065,000 3,219,000 4,239,000
4,065,000 3,219,000 4,239,000
2,496,000 1,582,000 1,511,000

64,222,000 65,580,000 63,681,000

31,712,000 27,035,000 27,583,000
3,208,000 2,908,000 1,483,000
3,208,000 2,908,000 1,483,000
2,059,000 1,904,000 1,385,000
1,149,000 1,004,000 98,000
1,149,000 1,004,000 98,000
3,221,000 2,986,000 2,895,000
10,191,000 5,238,000 7,992,000
10,191,000 5,238,000 7,992,000
- - 0
4,193,000 0 3,245,000
5,998,000 5,238,000 4,747,000
 10,668,000 11,490,000 10,821,000
10,668,000 11,490,000 10,821,000
4,424,000 4,413,000 4,392,000
32,510,000 38,545,000 36,098,000
14,475,000 20,331,000 25,725,000
14,475,000 20,331,000 25,725,000
7,799,000 8,195,000 7,673,000
7,799,000 8,195,000 7,673,000
8,927,000 8,585,000 1,250,000
1,309,000 1,434,000 1,450,000
33,571,000 43,204,000 66,137,000
33,571,000 43,204,000 66,137,000
40,266,000 42,820,000 45,253,000
0 0 0
40,266,000 42,820,000 45,253,000
-5,903,000 1,233,000 20,838,000
-792,000 -849,000 46,000
0 0 0
48,046,000 63,535,000 91,862,000
33,571,000 43,204,000 66,137,000
-2,159,000 8,946,000 33,832,000
16,043,000 34,802,000 56,120,000
58,237,000 68,773,000 99,854,000
-2,159,000 8,946,000 33,832,000
24,666,000 25,569,000 33,717,000
12,916,000 16,635,000 22,009,000
4,250,000 4,614,000 4,983,000
4,250,000 4,614,000 4,983,000

48.98
4220000000

35.00645270556
5904500000

120549203.756635
1.39355676185981

10.45

so the client has 1000000 shares so company will purchase

4,116,450,796
48980000
10450000
 38530000
30824000
1000000

1.39355676185981
1393556.76185981
278711.352371961
1114845.40948784
47.59
47586443.2381402
10450000
37136443.2381402
7427288.64762804
29709154.5905121
30824000

1393556.76185981
1114845.40948785

28566.1620276387
1399170.61611374
1119336.492891
t=5 10%
discount rate dividend repurchase
1% ₹ 61,438,487.56 ₹ 62,031,969.95
2% ₹ 58,538,861.82 ₹ 59,050,228.62
 3% ₹ 55,804,892.88 ₹ 56,238,835.39
4% ₹ 53,225,643.84 ₹ 53,586,543.63
5% ₹ 50,790,995.27 ₹ 51,082,947.33
6% ₹ 48,491,577.12 ₹ 48,718,411.10
7% ₹ 46,318,706.89 ₹ 46,484,006.55
8% ₹ 44,264,333.37 ₹ 44,371,454.46
9% ₹ 42,320,985.45 ₹ 42,373,072.14
10% ₹ 40,481,725.57 ₹ 40,481,725.57
11% ₹ 38,740,107.17 ₹ 38,690,785.62
12% ₹ 37,090,135.99 ₹ 36,994,088.30
13% ₹ 35,526,234.68 ₹ 35,385,898.28
14% ₹ 34,043,210.42 ₹ 33,860,875.70
15% ₹ 32,636,225.38 ₹ 32,414,045.72
16% ₹ 31,300,769.65 ₹ 31,040,770.73
17% ₹ 30,032,636.45 ₹ 29,736,724.78
18% ₹ 28,827,899.37 ₹ 28,497,870.30
19% ₹ 27,682,891.56 ₹ 27,320,436.59
20% ₹ 26,594,186.56 ₹ 26,200,900.14
21% ₹ 25,558,580.72 ₹ 25,135,966.60
22% ₹ 24,573,077.05 ₹ 24,122,554.08
23% ₹ 23,634,870.33 ₹ 23,157,777.93
24% ₹ 22,741,333.38 ₹ 22,238,936.58
25% ₹ 21,890,004.53 ₹ 21,363,498.63
26% ₹ 21,078,575.90 ₹ 20,529,090.85
27% ₹ 20,304,882.72 ₹ 19,733,487.16
28% ₹ 19,566,893.41 ₹ 18,974,598.45
30% ₹ 18,190,511.84 ₹ 17,559,238.62
FROM THIS WE CAN SEE THAT AS LONG AS THE RATE OF DISCOUTN IS LESS THAN RATE OF RETURN REPURCHASE IS BETTER O

t = 10 10%
discount rate dividend repurchase
1% ₹ 97,052,636.56 ₹ 98,689,070.14
2% ₹ 92,441,116.45 ₹ 93,945,302.06
3% ₹ 88,093,054.37 ₹ 89,472,547.39
4% ₹ 83,991,056.43 ₹ 85,252,913.42
5% ₹ 80,119,028.85 ₹ 81,269,844.84
6% ₹ 76,462,069.65 ₹ 77,508,012.32
7% ₹ 73,006,370.32 ₹ 73,953,211.34
8% ₹ 69,739,126.31 ₹ 70,592,270.16
9% ₹ 66,648,455.72 ₹ 67,412,966.13
10% ₹ 63,723,325.13 ₹ 64,403,949.41
11% ₹ 60,953,482.06 ₹ 61,554,673.49
12% ₹ 58,329,393.33 ₹ 58,855,331.83
13% ₹ 55,842,188.77 ₹ 56,296,799.87
14% ₹ 53,483,609.83 ₹ 53,870,582.21
15% ₹ 51,245,962.50 ₹ 51,568,764.22
16% ₹ 49,122,074.29 ₹ 49,383,967.69
 17% ₹ 47,105,254.78 ₹ 47,309,310.35
18% ₹ 45,189,259.49 ₹ 45,338,368.65
19% ₹ 43,368,256.70 ₹ 43,465,143.62
20% ₹ 41,636,797.04 ₹ 41,684,029.61
21% ₹ 39,989,785.47 ₹ 39,989,785.47
22% ₹ 38,422,455.63 ₹ 38,377,508.15
23% ₹ 36,930,346.10 ₹ 36,842,608.29
24% ₹ 35,509,278.71 ₹ 35,380,787.91
25% ₹ 34,155,338.42 ₹ 33,988,019.67
26% ₹ 32,864,854.83 ₹ 32,660,527.92
27% ₹ 31,634,385.11 ₹ 31,394,771.12
28% ₹ 30,460,698.28 ₹ 30,187,425.60
30% ₹ 28,271,722.24 ₹ 27,935,674.67

SIMILARLLY FROM THIS ALSO WE CAN SEE THAT AS LONG AS THE RATE OF DISCOUTN IS LESS THAN RATE OF RETURN REPURC
(for every 35 shares company will purchase 1 share)

28566.16 shares
 20%
dividend repurchase
₹ 93,234,077.52 ₹ 94,758,685.58
₹ 88,806,107.20 ₹ 90,203,842.50
 ₹ 84,631,108.64 ₹ 85,909,219.47
₹ 80,692,380.27 ₹ 81,857,636.38
₹ 76,974,468.86 ₹ 78,033,197.22
₹ 73,463,065.60 ₹ 74,421,183.20
₹ 70,144,911.56 ₹ 71,007,955.50
₹ 67,007,711.87 ₹ 67,780,866.95
₹ 64,040,057.54 ₹ 64,728,181.67
₹ 61,231,354.31 ₹ 61,839,001.86
₹ 58,571,757.78 ₹ 59,103,201.03
₹ 56,052,114.20 ₹ 56,511,363.16
₹ 53,663,906.48 ₹ 54,054,727.13
₹ 51,399,204.76 ₹ 51,725,135.87
₹ 49,250,621.27 ₹ 49,514,989.93
₹ 47,211,269.01 ₹ 47,417,204.97
₹ 45,274,723.85 ₹ 45,425,172.80
₹ 43,434,989.87 ₹ 43,532,725.69
₹ 41,686,467.45 ₹ 41,734,103.60
₹ 40,023,924.13 ₹ 40,023,924.13
₹ 38,442,467.65 ₹ 38,397,154.85
₹ 36,937,521.37 ₹ 36,849,087.98
₹ 35,504,801.46 ₹ 35,375,316.95
₹ 34,140,296.03 ₹ 33,971,714.92
₹ 32,840,245.88 ₹ 32,634,414.98
₹ 31,601,126.70 ₹ 31,359,791.84
₹ 30,419,632.69 ₹ 30,144,444.98
₹ 29,292,661.47 ₹ 28,985,183.13
₹ 27,190,812.03 ₹ 26,823,110.29
RN REPURCHASE IS BETTER OPTION

20%
dividend repurchase
₹ 227,377,354.53 ₹ 232,830,313.99
₹ 216,501,409.83 ₹ 221,638,669.26
₹ 206,246,812.32 ₹ 211,086,407.78
₹ 196,572,539.69 ₹ 201,131,316.49
₹ 187,440,635.92 ₹ 191,734,337.60
₹ 178,815,955.77 ₹ 182,859,305.69
₹ 170,665,932.79 ₹ 174,472,709.01
₹ 162,960,368.41 ₹ 166,543,472.38
₹ 155,671,239.97 ₹ 159,042,759.73
₹ 148,772,525.93 ₹ 151,943,794.19
₹ 142,240,046.54 ₹ 145,221,694.12
₹ 136,051,318.46 ₹ 138,853,323.57
₹ 130,185,422.07 ₹ 132,817,155.65
₹ 124,622,880.11 ₹ 127,093,147.74
₹ 119,345,546.81 ₹ 121,662,627.35
₹ 114,336,506.37 ₹ 116,508,187.65
 ₹ 109,579,979.90 ₹ 111,613,591.74
₹ 105,061,240.23 ₹ 106,963,684.97
₹ 100,766,533.69 ₹ 102,544,314.40
₹ 96,683,008.29 ₹ 98,342,255.01
₹ 92,798,647.76 ₹ 94,345,141.72
₹ 89,102,210.93 ₹ 90,541,407.06
₹ 85,583,175.93 ₹ 86,920,223.74
₹ 82,231,688.79 ₹ 83,471,451.76
₹ 79,038,516.18 ₹ 80,185,589.75
₹ 75,995,001.70 ₹ 77,053,730.07
₹ 73,093,025.72 ₹ 74,067,517.36
₹ 70,324,968.17 ₹ 71,219,110.39
₹ 65,162,422.67 ₹ 65,906,709.79

AN RATE OF RETURN REPURCHASE IS BETTER OPTION