Name of the Company CEAT Blue - Input Values

CMP(Rs) 926.00 Black - Calculated Values

No. of outstanding shares (crore) 4.05 Green - Comments
Market Cap. (Rs crore) 3745.67 Yellow Fill - Assumptions
Restated Restated
(Rs Crore) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
P&L Statement
Revenue 6393.88 6145.92 6441.30 6452.33 6984.51
Less: Excise Duty 591.50 662.37 674.79 168.91 0.00
Net Revenues 5802.38 5483.55 5766.51 6283.42 6984.51
YoY Growth %

Raw Material Consumed 3476.94 3102.24 3475.26 3723.26 4381.28

Change in stock -56.39 11.39 75.49 -86.74 199.47
COGS 3533.33 3090.85 3399.77 3810.00 4181.81

Gross Profit 2269.05 2392.70 2366.74 2473.42 2802.70

GP Margin% 39.11% 43.63% 41.04% 39.36% 40.13%
YoY Growth % 5.45% -1.08% 4.51% 13.31%

Employee Exp 378.89 388.25 406.31 438.27 530.06

Other Exp 1209.52 1231.24 1303.65 1420.38 1630.10

EBITDA 680.64 773.21 656.78 614.77 642.54

EBITDA Margin% 11.73% 14.10% 11.39% 9.78% 9.20%
YoY Growth % 13.60% -15.06% -6.40% 4.52%

Depreciation 93.43 107.72 143.08 168.61 192.71

EBIT 587.21 665.49 513.70 446.16 449.83

EBIT Margin% 10.12% 12.14% 8.91% 7.10% 6.44%
YoY Growth % 13.33% -22.81% -13.15% 0.82%

Finance Cost 131.86 94.89 81.72 97.35 88.04

Other income 22.35 63.86 47.00 52.47 59.20
Exceptional Items 6.13 11.40 13.33 33.96 44.79

PBT 471.57 623.06 465.65 367.32 376.20

Less: Tax 157.65 187.34 106.42 134.03 125.12
ETR 33.43% 30.07% 22.85% 36.49% 33.26%
Reported PAT 313.92 435.72 359.23 233.29 251.08
PAT Margin % 5.41% 7.95% 6.23% 3.71% 3.59%
EPS (Rs.) 77.61 107.72 88.81 57.67 62.07

Business PAT 318.00 443.69 369.51 254.86 280.97

Business EPS (Rs.) 78.62 109.69 91.35 63.01 69.46
Core Earnings 303.12 399.03 333.25 221.53 241.46
Core EPS (Rs.) 74.94 98.65 82.39 54.77 59.69

Dividend (incl. DDT) 40.42 0.66 97.93 52.80 52.63

BALANCE SHEET

Assets
Net Fixed Assets 1501.43 2032.07 2452.53 2709.24 3179.53
Capital WIP 223.84 299.08 326.26 309.96 832.91

Investment 130.53 155.28 167.33 173.46 181.42

Other Non Current Assets 90.75 128.31 197.28 139.17 210.40

Total Non Current Assets 1946.56 2614.74 3143.40 3331.83 4404.26

Current Investment 312.43 40.21 64.27 40.06 0.00

Inventories 653.43 639.71 943.48 784.61 1005.60
Trade Receivables 673.18 593.51 613.80 747.23 706.38
Loans & Advances 3.27 2.80 1.27 0.36 0.75
Other Current Assets 122.22 203.32 195.14 160.17 220.39
Total Current Assets 1764.53 1479.55 1817.96 1732.43 1933.12

Trade Payables 637.89 635.32 758.21 870.51 1052.87

Provisions 54.48 47.01 53.82 50.38 100.53
Short Term Debt 264.27 33.54 57.99 195.57 224.25
Other Current Liablities 559.91 515.58 537.83 722.46 751.95
Total Current Liabilities 1516.55 1231.45 1407.85 1838.92 2129.60
Working Capital 247.99 248.10 410.11 -106.49 -196.48

Cash & Cash Equivalents 70.58 13.66 24.01 82.18 67.55

Total Assets 2265.12 2876.50 3577.52 3307.52 4275.33

Liabilities

Share Capital 40.45 40.45 40.45 40.45 40.45

Reserves & surplus 1672.99 2014.29 2374.50 2565.64 2725.66
Shareholders Equity 1713.44 2054.74 2414.95 2606.09 2766.11

Total Long Term Debt 351.66 587.91 852.43 451.16 1222.64

Net Deferred Tax Liabilities 125.91 158.20 213.35 189.29 219.78

Other Non Current Liabilities 74.11 75.65 96.79 60.98 66.80
Total Liability 2265.12 2876.50 3577.52 3307.52 4275.33

Check 0.00 0.00 0.00 0.00 0.00

CASH FLOWS

PBT 471.57 586.88 437.28 344.31 356.00

Depreciation 93.43 107.72 143.08 168.61 192.71
Interest Income -8.03 -7.39 -5.47 -10.85 -29.42
Dividend Income -7.44 -10.89 -0.23 -2.00 0.00
Finance Cost 131.86 94.89 81.72 97.35 88.04
Others 8.16 17.46 -2.63 -0.99 2.70
Operating Profit Before WC changes 689.55 788.67 653.75 596.43 610.03
(consumption)/releases of WC 171.42 82.02 -217.36 173.83 23.47
Cash Generated from operations 860.97 870.69 436.39 770.26 633.50
Taxes Paid -112.28 -168.64 -101.73 -97.87 -80.83
Net CFO 748.69 702.05 334.66 672.39 552.67

Capex -302.79 -738.13 -587.71 -483.85 -1107.32

Investments in subsidiaries and associates 0.00 0.00 0.00 0.00 0.00
Sales/(purchase) of Investments 30.53 226.03 10.80 36.71 33.92
Ineterest Received 8.62 7.49 5.69 11.51 3.41
Dividend Received 7.44 10.89 0.23 2.00 0.00
Others 2.91 61.11 27.56 21.88 18.25
Net Cash Flow from Investing Activities -253.29 -432.61 -543.43 -411.75 -1051.74

Increase/(decrease) in Debt -399.42 -92.48 330.96 -52.42 625.96

Issue of Equity 393.45 0.00 0.00 0.00 0.00
Dividend Paid -40.42 -0.66 -97.93 -52.80 -52.63
Interest Paid -131.86 -94.89 -81.72 -97.35 -88.04
Others -15.77 -138.33 67.81 0.10 -0.85
Net Cash from Financing Activities -194.02 -326.36 219.12 -202.47 484.44

Net Change In Cash 301.38 -56.92 10.35 58.17 -14.63

Cash at the Start of the Year (Op. Bal.) 102.59 70.58 13.66 24.01 82.18
Cash at the End of the Year (Cl. Bal.) 403.97 13.66 24.01 82.18 67.55

FCFF (Free Cash Flow to the Firm) 445.90 -36.08 -253.05 188.54 -554.65
 Projected Projected Projected
Mar-20 Mar-21 Mar-22 Mar-23

6778.83 7260.13 7775.60 8327.66 Net Revenue + Excise Duty

0.00 0.00 0.00 0.00
6778.83 7260.13 7775.60 8327.66 From Working

3908.79
-6.29
3915.08 4193.05 4490.76 4809.60 From Working

2863.75 3067.08 3284.84 3518.06 Net Rev - COGS

42.25% 42.25% 42.25% 42.25% GP / Net Rev
2.18% 7.10% 7.10% 7.10% Curr. Value / Prev. Value -1

541.77 568.86 597.30 627.17 From Working

1598.14 1,669.83 1,788.39 1,915.36 From Working

723.84 828.39 899.15 975.53 GP - Emp Exp - Other Exp

10.68% 11.41% 11.56% 11.71% EBITDA / Net Rev
12.65% 14.44% 8.54% 8.50% Curr. Value / Prev. Value -1

276.51 366.55 405.55 426.55 From Working

447.33 461.84 493.60 548.99 GP - Emp Exp - Other Exp

6.60% 6.36% 6.35% 6.59% EBITDA / Net Rev
-0.56% 3.24% 6.88% 11.22% Curr. Value / Prev. Value -1

150.93 187.49 202.48 179.70 From Working

37.73 37.73 37.73 37.73 Assume Constant
29.84 0.00 0.00 0.00 Assume 0

304.29 312.09 328.86 407.02 EBIT - Fin Cost + Other Income - Exp. Items
74.23 78.02 82.21 101.75 PBT * ETR
24.39% 25.00% 25.00% 25.00% Assume Current ETR
230.06 234.06 246.64 305.26 PBT - Tax
3.39% 3.22% 3.17% 3.67% PAT / Net Rev
56.88 57.87 60.98 75.47 PAT / No. of OS Shares

252.62 234.06 246.64 305.26 PAT + Exp Items*(1-ETR)

62.45 57.87 60.98 75.47 B-PAT / No. of OS Shares
 224.09 205.77 218.35 276.97 B-PAT - Other Income*(1-ETR)
55.40 50.87 53.98 68.47 Core Earnings / No. of OS Shares

107.90 58.52 61.66 76.32 From Working

4159.79 5,261.78 5,506.24 5,429.69 From Working

1068.54 400.00 250.00 100.00 From Working

179.41 179.41 179.41 179.41 Keep Constant

115.92 115.92 115.92 115.92 Keep Constant

5523.66 5,957.11 6,051.57 5,825.02 NFA + CWIP + Inv + ONCA

0.00 0.00 0.00 0.00 Keep Constant

925.69 994.54 1065.15 1140.78 Inv. Days Sales * Rev / 365
674.35 716.07 766.91 821.36 TR Days Sales * Rev / 365
0.95 0.95 0.95 0.95 Keep Constant
200.88 200.88 200.88 200.88 Keep Constant
1801.87 1912.44 2033.89 2163.96 Total All CA

1194.76 1193.45 1278.18 1368.93 From Working

123.19 119.34 127.82 136.89 From Working
236.45 298.36 319.55 342.23 From Working
746.97 746.97 746.97 746.97 Keep Constant
2301.37 2358.12 2472.51 2595.03 Total All CL
-499.50 -445.69 -438.62 -431.06 TCA - TCL

27.40 65.68 49.15 47.08 Cl. Cash Bal. from CF

5051.56 5577.11 5662.09 5441.04 TNCA + WC + Cash

40.45 40.45 40.45 40.45 From Working

2867.47 3043.02 3228.00 3456.95 Prev. R&S + PAT - TDCO
2907.92 3,083.47 3,268.45 3,497.40 SC + R&S

1640.78 1,990.78 1,890.78 1,440.78 From Working

274.39 274.39 274.39 274.39 Keep Constant

228.47 228.47 228.47 228.47 Keep Constant
5051.56 5577.11 5662.09 5441.04 From AR / QR - Total Equity + TNCL

0.00 0.00 0.00 0.00 TA - TL

287.07 312.09 328.86 407.02 From P&L

276.51 366.55 405.55 426.55 From P&L
-6.46 -37.73 -37.73 -37.73 From P&L - Other Income
0.00 0.00 0.00 0.00 Keep 0
192.49 187.49 202.48 179.70 From P&L
-33.41 0.00 0.00 0.00 Keep 0
716.20 828.39 899.15 975.53 Sum of all above items
258.23 -115.73 -28.24 -30.25 Prev. WC - Curr. WC - (Curr. ST Debt - Prev. ST Debt)
974.43 712.66 870.91 945.28 OPBWC + Changes in WC
-18.10 -78.02 -82.21 -101.75 From P&L
956.33 634.64 788.69 843.53 CGO + Taxes Paid

-1109.88 -800.00 -500.00 -200.00 From Working

-2.99 0.00 0.00 0.00 Keep 0
0.62 0.00 0.00 0.00 Prev. Inv - Curr. Inv.
31.55 37.73 37.73 37.73 From CFO item
10.36 0.00 0.00 0.00 From CFO item
-5.16 0.00 0.00 0.00 Keep 0
-1075.50 -762.27 -462.27 -162.27 Sum of all above items

431.03 411.91 -78.82 -427.31 From Working

0.00 0.00 0.00 0.00 Current Equity Cap. - Prev. Equity Cap.
-107.90 -58.52 -61.66 -76.32 From Working
-192.49 -187.49 -202.48 -179.70 From CFO item
-51.62 0.00 0.00 0.00 Keep 0
79.02 165.91 -342.95 -683.33 Sum of all above items

-40.15 38.28 -16.53 -2.07 Net CFO + Net CFI + Net CFF

67.55 27.40 65.68 49.15 Prev. Cash Cl. Bal.

27.40 65.68 49.15 47.08 Net Change in Cash + Curr. Op. Cash Bal.

-153.55 -165.36 288.69 643.53 Net CFO + (Capex)

 Restated Restated
(Rs. Crore) Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Volumes (MT) 258,668.00 275,573.00 309,540.00 320,683.00 343,131.00

YoY Growth % 6.54% 12.33% 3.60% 7.00%

Net Revenue 5,802.38 5,483.55 5,766.51 6,283.42 6,984.51

COGS 3,533.33 3,090.85 3,399.77 3,810.00 4,181.81
Employee Cost 378.89 388.25 406.31 438.27 530.06
YoY Growth % 2.47% 4.65% 7.87% 20.94%
Other Expenses 1,209.52 1,231.24 1,303.65 1,420.38 1,630.10
% of sales 20.85% 22.45% 22.61% 22.61% 23.34%

EBITDA 680.64 773.21 656.78 614.77 642.54

Per unit analysis (Rs.)

Realization per MT 224,317.66 198,987.20 186,292.89 195,938.67 203,552.29
YoY Growth % -11.29% -6.38% 5.18% 3.89%

COGS per MT 136,597.11 112,160.84 109,832.98 118,808.92 121,872.11

YoY Growth % -17.89% -2.08% 8.17% 2.58%

Gross Profit per MT 87,720.55 86,826.36 76,459.91 77,129.75 81,680.17

Employee Cost per MT 14,647.73 14,088.83 13,126.25 13,666.77 15,447.74

Other Expenses per MT 46,759.55 44,679.27 42,115.72 44,292.34 47,506.64

EBITDA per MT 26,313.27 28,058.26 21,217.94 19,170.65 18,725.79

Fixed Asset Schedule

Gross Fixed Assets 1,501.43 2,139.38 2,701.70 3,112.28 3,766.30
Less: Accumulated Dep - 107.31 249.17 403.04 586.77
Net Fixed Assets 1,501.43 2,032.07 2,452.53 2,709.24 3,179.53
Capital WIP 223.84 299.08 326.26 309.96 832.91
Capex 302.79 738.13 587.71 483.85 1,107.32

Depreciation Exp 93.43 107.72 143.08 168.61 192.71

Depreciation Rate (%) 6.22% 5.04% 5.30% 5.42% 5.12%

FA Turnover Ratio 3.86 2.56 2.13 2.02 1.85

Debt Schedule
ST Debt 264.27 33.54 57.99 195.57 224.25
LT Debt 351.66 587.91 852.43 451.16 1,222.64
Total Debt 615.93 621.45 910.42 646.73 1,446.89
Change in ST Debt (230.73) 24.45 137.58 28.68
Change in LT Debt 236.25 264.52 (401.27) 771.48
Total Change in Debt 5.52 288.97 (263.69) 800.16

Finance Cost 131.86 94.89 81.72 97.35 88.04

Interest Rate (%) 15.34% 10.67% 12.50% 8.41%

Equity Schedule
No. of Outstanding Shares 4.05 4.05 4.05 4.05 4.05
FV per share 10.00 10.00 10.00 10.00 10.00
Share Capital 40.45 40.45 40.45 40.45 40.45

Dividend Schedule
Dividend Paid Amount 35.73 (11.36) 97.93 47.27 44.34
DDT Paid 4.69 12.02 - 5.53 8.29
Total Dividend Cash Outflow 40.42 0.66 97.93 52.80 52.63

DDT Rate (%) 11.60% 1820.88% 0.00% 10.47% 15.75%

Dividend Payout (%) 12.88% 0.15% 27.26% 22.63% 20.96%
Dividend Per Share 8.83 (2.81) 24.21 11.69 10.96

Working Capital Ratios

Current Assets
Inventories - Days Sales 41.10 42.58 59.72 45.58 52.55
Trade Receivables - Days Sales 42.35 39.51 38.85 43.41 36.91

Current Liabilities
Trade Payables - Days Sales 40.13 42.29 47.99 50.57 55.02
Provisions - Days Sales 3.43 3.13 3.41 2.93 5.25
Short Term Debt - Days Sales 16.62 2.23 3.67 11.36 11.72

Net WC Cycle - Days Sales 23.27 34.44 43.50 24.13 17.47

 Projected Projected Projected
Mar-20 Mar-21 Mar-22 Mar-23

327,347.00 343,714.35 360,900.07 378,945.07 (1+YoY Growth)*Prev. Vol.

-4.60% 5.00% 5.00% 5.00%

6,778.83 7260.13 7775.60 8327.66 Vol * Real per MT / 10^7

3,915.08 4193.05 4490.76 4809.60 Vol * COGS per MT / 10^7
541.77 568.86 597.30 627.17 (1+YoY Growth)*Prev. Emp. Cost
2.21% 5.00% 5.00% 5.00%
1,598.14 1,669.83 1,788.39 1,915.36 % of Sales * Net Revenue
23.58% 23.00% 23.00% 23.00%

723.84 828.39 899.15 975.53 Net Revenue - (COGS + Emp. Cost + OE)

207,083.92 211,225.60 215,450.11 219,759.11 (1+YoY Growth)*Prev. Real. Per MT

1.74% 2% 2% 2%

119,600.30 121,992.31 124,432.15 126,920.80 (1+YoY Growth)*COGS Per MT

-1.86% 2% 2% 2%

87,483.62 89,233.29 91,017.96 92,838.32 Copy & Paste Prev. Formulas

16,550.33 16,550.33 16,550.33 16,550.33 Copy & Paste Prev. Formulas

48,820.98 48,581.89 49,553.53 50,544.60 Copy & Paste Prev. Formulas

22,112.32 24,101.08 24,914.10 25,743.39 Copy & Paste Prev. Formulas

4,640.55 6,109.09 6,759.09 7,109.09 Prev. GFA + Capex + (Prev. CWIP - Curr. CWIP)
480.76 847.31 1,252.85 1,679.40 Prev. Acc. Dep + Curr. Dep Exp.
4,159.79 5,261.78 5,506.24 5,429.69 GFA - Acc. Dep
1,068.54 400.00 250.00 100.00
1,109.88 800.00 500.00 200.00

276.51 366.55 405.55 426.55 Dep Rate * GFA

5.96% 6.00% 6.00% 6.00%

1.46 1.19 1.15 1.17

236.45 298.36 319.55 342.23 From Model

1,640.78 1,990.78 1,890.78 1,440.78 Prev. LT Debt + Change in LT Debt
1,877.23 2,289.14 2,210.33 1,783.01 ST Debt + LT Debt
 12.20 61.91 21.18 22.69 Curr. ST Debt - Prev. ST Debt
418.14 350.00 -100.00 -450.00
430.34 411.91 (78.82) (427.31) Total of above items

150.93 187.49 202.48 179.70 Int Rate * Avg. Total Debt

9.08% 9.00% 9.00% 9.00%

4.05 4.05 4.05 4.05 SC / FV

10.00 10.00 10.00 10.00 Keep Constant
40.45 40.45 40.45 40.45 Keep Constant

90.03 58.52 61.66 76.32 TDCO - DDT Paid

17.87 0.00 0.00 0.00 TDCO * DDT Rate
107.90 58.52 61.66 76.32 PAT * Div. Payout

16.56% 0.00% 0.00% 0.00% Keep Constant | As per current govt. regime
46.90% 25.00% 25.00% 25.00%
22.26 14.47 15.24 18.87 Copy & Paste Prev. Formulas

49.84 50.00 50.00 50.00 Assume | Inv. / Sales*365

36.31 36.00 36.00 36.00 Assume | TR / Sales*365

64.33 60.00 60.00 60.00 Assume | TP / Sales*365

6.63 6.00 6.00 6.00 Assume | Prov. / Sales*365
12.73 15.00 15.00 15.00 Assume | ST Debt / Sales*365

2.46 5.00 5.00 5.00 All CA Ratios - All CL Ratios