Excel Sheet Made by Amol N

ASIAN GRANITO INDIA LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 27% 229% 9% 9% 17% 7% 9% 3% 3% -9% Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM
Sales 169 215 708 775 846 994 1,061 1,156 1,187 1,225 1,116
Raw Material Cost 40 43 360 481 536 615 559 614 640 713 - 23% 20% 51% 62% 63% 62% 53% 53% 54% 58%
Power and Fuel 42 54 123 116 131 128 141 141 167 130 25% 25% 17% 15% 16% 13% 13% 12% 14% 11%
Other Mfr. Exp 30 40 57 23 25 40 88 61 77 65 18% 19% 8% 3% 3% 4% 8% 5% 7% 5%
Employee Cost 7 10 36 39 44 59 69 94 110 109 4% 5% 5% 5% 5% 6% 7% 8% 9% 9%
Selling and admin 20 24 58 49 50 58 75 102 100 90 12% 11% 8% 6% 6% 6% 7% 9% 8% 7%
Other Expenses -9 -10 3 3 1 2 1 4 5 0 -6% -4% 0% 0% 0% 0% 0% 0% 0% 0%
Depreciation 5 7 22 22 19 28 24 25 27 31 28 3% 3% 3% 3% 2% 3% 2% 2% 2% 3%
Operating Profit (Op. EBIT) 35 47 48 42 41 63 103 114 60 87 87 Op. EBIT 21% 22% 7% 5% 5% 6% 10% 10% 5% 7% 8%

Other Income 0 1 2 1 1 1 5 8 9 10 4 0% 1% 0% 0% 0% 0% 0% 1% 1% 1%
Interest 6 7 25 21 23 29 41 39 37 40 34 3% 3% 4% 3% 3% 3% 4% 3% 3% 3%
Profit before tax 29 41 25 22 19 35 67 83 33 57 56
Tax 6 11 8 8 6 11 19 26 10 11 13
PROFIT AFTER TAX (PAT) 23 30 17 13 13 24 48 57 23 46 43 14% 14% 2% 2% 2% 2% 5% 5% 2% 4% 4%
Effective Tax Rate 21% 28% 33% 39% 30% 32% 28% 31% 30% 19%

Marginal Tax Rate 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% MANUALLY INPUT MARGINAL TAX RATE FOR THE COMPANY

GROWTH ANALYSIS
SALES Op. EBIT PAT
9 Year CAGR 25% 11% 8%
7 Year CAGR 8% 9% 15%
5 Year CAGR 8% 16% 28%
3 Year CAGR 5% -5% -1%
TTM CAGR -9% 0% -7%

DEBT & SOLVENCY RATIOS

Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Debt 63 65 252 228 175 335 327 340 361 332
Equity 72 167 262 275 290 356 399 435 451 496
Debt/Equity Ratio 0.9 0.4 1.0 0.8 0.6 0.9 0.8 0.8 0.8 0.7

Interest Coverage (Op. EBIT/Int) 5.9 6.7 1.9 2.0 1.8 2.2 2.5 2.9 1.6 2.2

NET DEBT (as at) Mar-20

Outstanding Debt 332
- Investments - Investments of 30 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 13
Net Outstanding Debt 319

FREE CASH FLOW

Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
CASH FROM OPERATIONS 21 19 62 104 21 63 94 88 56
- CAPEX 61 83 30 37 222 41 48 62 31
- Tax Benefit from Interest (Int x Tax) 2 8 7 7 10 13 13 12 13
FREE CASH FLOW TO FIRM (FCFF) -43 -72 25 59 -211 8 33 14 12

- Interest 7 25 21 23 29 41 39 37 40
+ Tax Benefit from Interest (Int x Tax) 2 8 7 7 10 13 13 12 13
- Debt Repayment - - 24 53 - 8 - - 29
+ New Debt 3 187 - - 160 - 13 21 -
FREE CASH FLOW TO EQUITY (FCFE) -45 97 -13 -9 -71 -27 21 10 -43

FREE CASH FLOW OVER 9 YEARS FROM Mar-08 UNTIL Mar-20

Total CFO - Int Tax Shield 441 (Cum CFO - Interest)/Cum PAT 98% (ideally, should be more than 75%. Higher the better)
- Total Capex 616
TOTAL FCFF -175 (Should be greater than 0. Higher the better) Cum FCFF/Cum EBIAT -41%
(Payout Ratio)
- Total Interest + Int Tax Benefit 175
Total FCFE through operations -350 (Should be greater than 0. Higher the better)

+ INCREASE in Debt 269

TOTAL FCFE -81

Total Dividends in 9 yrs 16 Dividends have been FULLY financed from Debt

CASH FLOW STATEMENT

Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TOTAL
Cash from Operating Activity 10 21 19 62 104 21 63 94 88 56 537
Cash from Investing Activity -11 -12 -49 -29 -33 -221 -40 -48 -62 -41 -545
Cash from Financing Activity 3 -4 34 -43 -76 203 -22 -42 -16 -40 -3
Net Cash Flow 2 4 4 -10 -4 3 1 5 9 -24 -10

VALUATION MULTIPLES
Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 2.6.21
No. of shares (in crores) - 2 2 2 2 2 3 3 3 3 3
EPS #DIV/0! 14 8 6 6 11 16 19 8 15 14
Stock Price - 51 39 26 121 150 368 452 246 162 168
P / ETTM 3.6 5.1 4.5 20.5 14.2 23.1 23.9 32.1 10.6 11.7

Debt - Cash 58 57 223 209 161 318 309 319 327 319
Enterprise Value (EV) 121 164 310 268 433 656 1,418 1,680 1,068 806 -
EBIT 35 48 51 43 42 64 108 121 70 97 91
EV / EBITTTM 3.5 3.4 6.1 6.3 10.4 10.2 13.2 13.9 15.3 8.3

Book Value / Share #DIV/0! 79.1 118.0 121.9 128.2 157.4 132.6 144.6 149.9 164.9 164.9
P/B 0.6 0.3 0.2 0.9 0.9 2.8 3.1 1.6 1.0 1.0

DIVIDENDS
Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 2.6.21
Dividends (Rs crores) - 2 2 - - - 4 4 2 2

Dividends/Net Profit 0% 7% 13% 0% 0% 0% 8% 7% 8% 5%

Dividends/Share #DIV/0! 1.0 1.0 - - - 1.3 1.3 0.6 0.7
Stock Dividend Yield 2% 3% 0% 0% 0% 0% 0% 0% 0% 0%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/17

Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 2.6.21
Stock Bought - - - - - - -368 - - -
Dividends - - - - - - 1.3 1.3 0.6 0.7
Stock Sold 168
Total - - - - - - -367 1 1 1 168

IRR -16.9%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company
 Excel Sheet Made by Amol N
ASIAN GRANITO INDIA LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 14 21 22 23 23 23 30 30 30 30 8% 7% 3% 3% 3% 2% 3% 3% 2% 2%
Reserves 58 146 240 253 267 333 369 405 421 466 33% 50% 37% 37% 41% 35% 35% 34% 33% 37%
Borrowings 63 65 252 228 175 335 327 340 361 332 36% 22% 39% 33% 27% 35% 31% 29% 28% 26%
Trade Payables (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 40 60 134 182 186 259 334 416 469 431 23% 21% 21% 27% 29% 27% 32% 35% 37% 34%
TOTAL LIABILITIES 175 292 648 685 651 950 1,060 1,191 1,281 1,259 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 58 103 174 178 188 392 413 426 472 463 33% 35% 27% 26% 29% 41% 39% 36% 37% 37%
Capital Work in Progress 3 11 3 7 15 6 1 11 0 9 1% 4% 0% 1% 2% 1% 0% 1% 0% 1%
Cash & Bank 4 9 29 19 15 17 17 21 33 13 2% 3% 4% 3% 2% 2% 2% 2% 3% 1%
Investments 0 14 18 13 11 13 17 23 28 30 0% 5% 3% 2% 2% 1% 2% 2% 2% 2%
Inventory 54 71 190 207 191 245 274 276 305 292 31% 24% 29% 30% 29% 26% 26% 23% 24% 23%
Receivables 38 45 170 191 166 197 300 401 400 374 22% 15% 26% 28% 25% 21% 28% 34% 31% 30%
Loans & Advances (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 18 40 65 70 66 80 38 34 43 78 10% 14% 10% 10% 10% 8% 4% 3% 3% 6%
TOTAL ASSETS 175 292 648 685 651 950 1,060 1,191 1,281 1,259 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital 8 -
Reserves 199 45
Borrowings 157 -29
Trade Payables - -
Other Liabilities 245 -38
TOTAL CHANGE IN LIABILITIES 608 -22

Net Block + WIP 269 1

Cash & Bank -2 -20
Investments 19 2
Inventory 101 -13
Receivables 209 -26
Loans & Advances - -
Other Assets 12 35
TOTAL CHANGE IN ASSETS 608 -22

ASSET TURNOVER RATIOS

Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Net Working Capital 92 115 360 399 357 442 573 677 705 666

Average Working Capital Turnover 2.1 3.0 2.0 2.2 2.5 2.1 1.8 1.7 1.8

Average Working Capital Cycle (in days)

Average Inventory Days 166 88 117 105 102 120 123 120 120
Average Receivable Days 70 55 85 77 66 85 111 123 115
Average Payable Days 0 0 0 0 0 0 0 0 0 Median Min Max
Average Working Capital Cycle Days 236 143 202 182 168 205 234 243 235 205 143 243

Average Fixed Asset Turnover 2.5 4.9 4.3 4.4 3.3 2.6 2.7 2.6 2.6 2.7 2.5 4.9

RETURN ON INVESTED CAPITAL (ROIC)

Mar-07 Mar-08 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating EBIT 35 47 48 42 41 63 103 114 60 87 Median Min Max
Effective Tax Rate 21% 28% 33% 39% 30% 32% 28% 31% 30% 19% 30% 19% 39%
Operating EBIAT 27 34 32 25 29 43 74 78 42 70

Invested Capital = (Book Value of Equity + Book Value of Debt - Cash)

Invested Capital 130 224 485 484 450 674 708 754 779 815
Average Invested Capital 177 354 485 467 562 691 731 766 797
Median Min Max
ROIC (EBIAT / Average Invested Capital) 19% 9% 5% 6% 8% 11% 11% 6% 9% 9% 5% 19%
with DuPont breakup
EBIAT/Sales 16% 5% 3% 3% 4% 7% 7% 4% 6% 5% 3% 16%
Sales/Av Invested Capital 1.2 2.0 1.6 1.8 1.8 1.5 1.6 1.5 1.5 1.6 1.2 2.0
ASIAN GRANITO INDIA LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-20 Dec-19 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 384 298 29% 729 655 11% 858 967 -11%
Expenses 335 264 638 592 764 870
Depreciation 7 9 14 17 22 25
Operating Profit 42 24 74% 76 46 66% 73 73 0%

Other Income 1 1 1 2 1 3
Interest 8 10 16 19 25 28
Profit before tax 28 5 46 12 27 23
Tax 10 4 16 4 12 10
Net profit 18 2 925% 31 8 278% 15 13 15%

EBIT Margin 11% 8% 10% 7% 8% 8%

EBITDA Margin 13% 11% 12% 10% 11% 10%
PAT Margin 5% 1% 4% 1% 2% 1%

Dec-20 Dec-19 Dec-18 Sep-20 Sep-19 Sep-18 Jun-20 Jun-19 Mar-20 Mar-19
Sales 384 298 296 344 357 283 129 312 258 369
29% 1% -4% 26% -59% -30%

Operating Profit 42 24 17 34 22 11 -4 27 14 17
74% 47% 57% 93% -114% -17%
COMPANY NAME ASIAN GRANITO INDIA LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 3.23
Face Value 10.00
Current Price 167.50
Market Capitalization 541.42

PROFIT & LOSS

Report Date Mar-07 Mar-08 Mar-13 Mar-14
Sales 169.02 215.09 708.36 775.16
Raw Material Cost 46.35 52.29 386.08 473.91
Change in Inventory 6.72 9.38 26.06 -7.52
Power and Fuel 42.01 54.37 123.26 116.32
Other Mfr. Exp 29.68 40.30 57.44 23.27
Employee Cost 6.87 9.78 36.34 38.72
Selling and admin 20.26 23.71 58.14 48.84
Other Expenses -9.41 -9.51 3.32 3.42
Other Income 0.40 1.29 2.44 1.24
Depreciation 5.32 6.82 21.69 21.63
Interest 5.91 6.94 25.21 21.17
Profit before tax 29.15 41.06 25.38 21.60
Tax 6.10 11.46 8.27 8.41
Net profit 23.05 29.60 17.11 12.09
Dividend Amount 2.11 2.22

Quarters
Report Date Sep-18 Dec-18 Mar-19 Jun-19
Sales 282.52 296.22 369.21 312.04
Expenses 264.49 272.25 345.12 277.73
Other Income 0.64 1.01 2.15 0.79
Depreciation 6.78 7.46 6.68 7.70
Interest 8.17 8.74 10.63 8.70
Profit before tax 3.72 8.78 8.93 18.70
Tax 0.84 3.81 3.36 6.53
Net profit 4.44 4.63 5.78 11.27
Operating Profit 18.03 23.97 24.09 34.31

BALANCE SHEET
Report Date Mar-07 Mar-08 Mar-13 Mar-14
Equity Share Capital 14.06 21.06 22.16 22.58
Reserves 57.86 145.90 239.91 252.83
Borrowings 62.58 65.18 251.84 228.24
Other Liabilities 40.03 60.08 134.49 181.76
Total 174.53 292.22 648.40 685.41
Net Block 57.55 103.49 173.62 177.64
Capital Work in Progress 2.61 11.24 2.75 7.16
Investments 0.05 13.63 18.05 12.72
Other Assets 114.32 163.86 453.98 487.89
Total 174.53 292.22 648.40 685.41
Receivables 37.61 44.52 169.88 191.24
Inventory 54.46 70.95 190.39 207.45
Cash & Bank 4.16 8.60 29.06 19.20
No. of Equity Shares 14,061,298.00 21,061,298.00 22,161,300.00 22,582,541.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-07 Mar-08 Mar-13 Mar-14
Cash from Operating Activity 9.93 20.90 19.19 61.62
Cash from Investing Activity -11.02 -12.12 -49.01 -28.50
Cash from Financing Activity 3.26 -4.34 33.51 -43.24
Net Cash Flow 2.17 4.44 3.69 -10.12

PRICE: 50.75 39.35 26.00

DERIVED:
Adjusted Equity Shares in Cr 2.11 2.22 2.26
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

846.01 993.90 1,061.48 1,155.60 1,186.66 1,224.53
523.25 623.85 584.98 617.48 665.58 714.79
-12.42 8.61 25.74 3.42 25.31 2.18
131.22 127.91 141.43 141.00 166.68 130.08
24.70 40.47 88.05 60.64 77.22 65.18
43.99 58.86 69.10 94.27 109.96 108.55
49.98 58.19 75.47 102.31 99.78 90.29
0.80 2.44 1.09 4.34 4.99 0.12
1.08 0.88 4.62 7.53 9.33 10.27
19.10 27.55 24.16 25.39 27.32 30.78
22.71 29.11 40.71 38.61 36.88 40.01
18.92 35.01 66.85 82.51 32.89 57.18
5.60 11.27 18.97 25.63 9.84 11.13
14.80 24.26 45.07 52.69 20.87 42.18
3.91 3.91 1.81 2.11

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

356.90 297.86 257.74 129.40 344.30 384.46
327.74 264.32 237.05 125.64 302.93 334.98
1.12 0.79 2.47 0.23 0.42 0.56
7.50 9.30 6.28 7.54 7.27 7.22
8.65 10.34 9.75 8.31 8.40 8.00
14.13 14.69 7.13 -11.86 26.12 34.82
0.18 3.65 0.79 -3.07 5.74 9.77
 12.73 11.13 7.04 -7.45 19.89 24.97
29.16 33.54 20.69 3.76 41.37 49.48

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

22.58 22.58 30.09 30.09 30.09 30.09
267.21 333.09 368.92 405.05 421.02 466.12
175.26 335.21 326.75 339.92 360.58 331.92
186.39 258.88 334.29 415.87 469.39 430.97
651.44 949.76 1,060.05 1,190.93 1,281.08 1,259.10
188.06 391.79 413.43 425.69 471.52 462.78
14.96 5.94 1.10 11.47 0.13 9.37
10.55 13.07 16.70 22.74 27.62 29.80
437.87 538.96 628.82 731.03 781.81 757.15
651.44 949.76 1,060.05 1,190.93 1,281.08 1,259.10
165.57 196.58 299.67 400.65 400.20 374.25
191.21 245.07 273.54 275.90 305.22 291.76
14.72 17.30 17.34 20.93 33.18 13.17
22,582,541.00 22,582,541.00 30,087,446.00 30,087,446.00 30,087,446.00 30,087,446.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

104.21 20.67 62.72 93.98 87.59 56.49
-32.59 -221.20 -40.02 -47.57 -62.29 -40.63
-76.10 203.12 -21.67 -41.64 -15.92 -39.72
-4.48 2.58 1.03 4.77 9.38 -23.86

120.70 149.50 368.15 452.15 246.15 161.85

2.26 2.26 3.01 3.01 3.01 3.01