2020 2019 2018

Depreciation &
Amortization 11,056. 12,547. 10903
 Scenario A 12% PBIT/Assets
Scenario A Rs. In Million
1 2 3
Assets 50000 50000 50000
PBIT/Assets 12% 12% 12%
Equity ( of Rs. 10 e 50000 40000 25000
Debt 0 10000 25000
Average Interest ra 8% 8.50% 9%
Equity + Debt 50000 50000 50000
D/E Ratio 0 0.25 1
PBIT 6000 6000 6000
Interest 0 850 2250
PBT 6000 5150 3750
Tax @ 25% 1500 1287.5 937.5
PAT 4500 3862.5 2812.5
ROE 9.00% 9.66% 11.25%

Scenario B 9% PBIT/Assets
Rs. In Million
1 2 3
Assets 50000 50000 50000
PBIT/Assets 9% 9% 9%
Equity ( of Rs. 10 e 50000 40000 25000
Debt 0 10000 25000
Average Interest ra 8% 8.50% 9%
Equity + Debt 50000 50000 50000
D/E Ratio 0 0.25 1
PBIT 4500 4500 4500
Interest 0 850 2250
PBT 4500 3650 2250
Tax @ 25% 1125 912.5 562.5
PAT 3375 2737.5 1687.5
ROE 6.75% 6.84% 6.75%

Scenario C 6% PBIT/Assets
Rs. In Million
1 2 3
Assets 50000 50000 50000
PBIT/Assets 6% 6% 6%
Equity ( of Rs. 10 e 50000 40000 25000
Debt 0 10000 25000
Average Interest ra 8% 8.50% 9%
Equity + Debt 50000 50000 50000
D/E Ratio 0 0.25 1
PBIT 3000 3000 3000
Interest 0 850 2250
PBT 3000 2150 750
Tax @ 25% 750 537.5 187.5
PAT 2250 1612.5 562.5
ROE 4.50% 4.03% 2.25%
9 2018

47. 10903
Best Case

4 5
50000 50000
12% 12%
15000 5000
35000 45000
10% 11.5%
50000 50000
2.33 9
6000 6000
3500 5175
2500 825
625 206.25
1875 618.75
12.50% 12.38%

Moderate

4 5
50000 50000
9% 9%
15000 5000
35000 45000
10% 11.5%
50000 50000
2.33 9
4500 4500
3500 5175
 1000 -675
250 -168.75
750 -506.25
5.00% -10.13%

15.00%

Worst 9.00%
10.00%
6.75%
4 5 5.00% 4.50%
50000 50000
6% 6% 0.00%
D/E 0
15000 5000
35000 45000 -5.00%

10% 11.5%
-10.00%
50000 50000
2.33 9 -15.00%
3000 3000
3500 5175 -20.00%
-500 -2175
-125 -543.75 -25.00%

-375 -1631.25
-30.00%
-2.50% -32.63%
-35.00%
Current year Prior year Change
61.5% 60.92% 0.61%
11.71% 11.24% 0.47%

Apple Inc
 2020 2019
Sales 274515 260174
Gross Profit 104956 98392
Gross Profit Margin 38.23% 37.82%

Operating Profit 66288 63930

Operating profit ratio 24.15% 24.57%

2020 2019
EBITDA
Net Income 57411 55256
Depreciation 11056 12546
Finance cost 2873 3576
Tax 9680 10481
81020 81859

Sales 274515 260174

Other income ( expense) -87 422
Total Income 274428 260596
EBIDTA/ Sales 29.51% 31.46%
EBITDA/ Total Income 29.52% 31.41%

2020 2019
Net Profit 9680 10481
Total Income 274428 260596
Net Profit % 3.53% 4.02%
EBITDA/ Total Income % 29.52% 31.41%
Operating profit ratio 24.15% 24.57%
Gross Profit Margin 38.23% 37.82%

2020 2019
Total Assets 323888 338516
Average Assets 331202 352120.5
Net profit 9680 10481
ROTA% 2.92% 2.98%

Capital Employed : 2020 2019

Equity 65339 90488
Borrowings
Non-current 98667 91807
Current 8773 10260
107440 102067
Average Equity (E) 77913.5 98817.5
Average Debt (D) 104753.5 102293

Avearge Capital Employed 182667.00 201110.50

Return
Net Profit after Tax 9680 10481
Innterest 2873 3576
12553 14057
ROCE 6.87% 6.99%
ROE
2020 2019
Equity 65339 90488
Average Equity (E) 77913.5 98817.5
Net Profit after Tax 9680 10481
ROE% 12.42% 10.61%

ROE
D/E 0 D/E 0.25
Best case 12% PBIT/Assets 9.00% 9.66%
Moderate 9% PBIT/Assets 6.75% 6.84%
Worst 6% PBIT/Assets 4.50% 4.03%
 Profitability Versus Leverage
15.00%
12.50%
11.25%
9.00% 9.66%
10.00%
6.75% 6.84% 6.75%
4.50% 5.00
5.00% 4.03%
2.25%

0.00%
D/E 0 D/E 0.25 D/E 1 D/E 2

-5.00%

-10.00%

-15.00%

-20.00%

-25.00%

-30.00%

-35.00%

Best case 12% PBIT/Assets Moderate 9% PBIT/Assets Worst 6% PBIT/Assets

Cost of sales
Operating expenses
 2018
265595
101839
38.34%

70898
26.69%

2018

59531
10903
3240
13372
87046

265595
-441
265154
32.77%
32.83%

2018
13372
265154
5.04%
32.83%
 26.69%
38.34%

2018 2017
365725 375319
370522
13372
3.61%

2018 2017
107147 134047

93735 97207
8784 6496
102519 103703
120597
103111

223708.00

13372
3240
16612
7.43%
 2018 2017
107147 134047
120597
13372
11.09%

D/E 1 D/E 2.33 D/E 9

11.25% 12.50% 12.38%
6.75% 5.00% -10.13%
2.25% -2.50% -32.63%
sus Leverage
12.50% 12.38%

75%
5.00%
2.25%

E1 D/E 2.33 D/E 9

-2.50%

-10.13%

-32.63%

PBIT/Assets Worst 6% PBIT/Assets