REPORT ON PROJECTION A

BRITANNIA
TIME PERIOD:- 2017-2

RISHI

19/BMS/003
N PROJECTION AND VALUATION OF
BRITANNIA LTD.
PERIOD:- 2017-2021 (i.e. 5 Years)

Submitted By:
RISHI
Roll No.
19/BMS/0033
EQUITY AND LIABILITIES 2017 2018 2019

Sources Of Funds

Total Share Capital 24 24.01 24.03

Equity Share Capital 24 24.01 24.03
Reserves 2,557.98 3,211.27 4,015.42
Share Application Money 0 0 0
Networth 2,581.98 3,235.28 4,039.45
Secured Loans 0.44 0.3 0.26
Unsecured Loans 0 9.01 0
Total Equity 2581.98 3235.28 4039.45
Total Debt 0.44 9.31 0.26
Total Liabilities 2,582.42 3,244.59 4,039.71

ASSETS
Application Of Funds
Gross Block 1,012.92 1,320.03 1,738.59
Less: Accum. Depreciation 173.6 288.76 410.99
Net Block 839.32 1,031.27 1,327.60
Capital Work in Progress 29.77 200.28 64.91
Investments 599.91 1,186.13 1,645.67
Inventories 602.61 594.58 718.89
Sundry Debtors 126.41 230.32 350.96
Cash and Bank Balance 53.55 97.25 40.48
Total Current Assets 782.57 922.15 1,110.33
Loans and Advances 1,444.57 1,287.47 1,504.46
Total CA, Loans & Advances 2,227.14 2,209.62 2,614.79
Current Liabilities 939.24 1,211.66 1,424.74
Provisions 174.48 171.05 188.52
Total CL & Provisions 1,113.72 1,382.71 1,613.26
Net Current Assets 1,113.42 826.91 1,001.53
Total Assets 2,582.42 3,244.59 4,039.71

Contingent Liabilities 355.58 295.08 245.43

Book Value (Rs) 215.16 269.47 168.09
2020 2021

24.05 24.09
24.05 24.09
4,216.19 3,267.34
34.41 28.1
4,274.65 3,319.53
1,202.12 1,797.25
0 0
4240.24 3291.43
1,202.12 1,797.25
5,476.77 5,116.78

2,015.91 2,117.18
555.38 713.34
1,460.53 1,403.84
38.92 111.66
3,141.17 2,950.12
633.53 991.28
242.23 198.36
39.16 110.8
914.92 1,300.44
1,697.80 1,649.95
2,612.72 2,950.39
1,593.87 1,933.60
182.7 365.63
1,776.57 2,299.23
836.15 651.16
5,476.77 5,116.78

241.37 547.05
176.33 136.65
in Cr.
PARTICULARS Mar '17 Mar '18 Mar '19
2017 2018 2019
Income
Sales Turnover 8,684.39 9,380.17 10,482.45
Excise Duty 270.02 76.11 0
Net Sales 8,414.37 9,304.06 10,482.45
Other Income 144.78 155.93 190.52
Stock Adjustments 49.25 4.18 49.02
Total Income 8,608.40 9,464.17 10,721.99
Expenditure
Raw Materials 5,263.24 5,796.49 6,356.93
Power & Fuel Cost 75.04 94.98 140.44
Employee Cost 241.68 294.87 321.64
Selling and Admin Expenses 322.07 345.43 437.92
Miscellaneous Expenses 1,357.44 1,365.99 1,612.41
Total Expenses 7,259.47 7,897.76 8,869.34

Operating Profit 1,204.15 1,410.48 1,662.13

PBDIT 1,348.93 1,566.41 1,852.65
Interest 1.34 1.45 1.54
PBDT 1,347.59 1,564.96 1,851.11
Depreciation 96.43 119.76 135
Profit Before Tax 1,251.16 1,445.20 1,716.11
PBT (Post Extra-ord Items) 1,251.16 1,445.20 1,716.11
Tax 407.47 497.31 593.91
Reported Net Profit 843.69 947.89 1,122.20
Total Value Addition 1,996.23 2,101.27 2,512.41
Equity Dividend 239.95 264.13 300.15
Corporate Dividend Tax 48.85 53.78 61.7
Per share data (annualised)
Shares in issue (lakhs) 1,200.01 1,200.59 2,403.18
Earning Per Share (Rs) 70.31 78.95 46.7
Equity Dividend (%) 1,100.00 1,250.00 1,500.00
Book Value (Rs) 215.16 269.47 168.09
 Mar '20 Mar '21
2020 2021

10,986.68 12,378.83
0 0
10,986.68 12,378.83
354.43 292.7
-61.51 43.22
11,279.60 12,714.75

6,629.04 7,450.92
134.93 129.42
368.87 402.85
412.11 381.21
1,609.53 1,706.33
9,154.48 10,070.73

1,770.69 2,351.32
2,125.12 2,644.02
65.17 97.81
2,059.95 2,546.21
151.69 166.77
1,908.26 2,379.44
1,908.26 2,379.44
423.96 619.41
1,484.30 1,760.03
2,525.44 2,619.81
422.27 2,839.66
0 0

2,404.68 2,408.68
61.73 73.07
3,500.00 15,750.00
176.33 136.65
in Cr.
Particulars Mar '17 Mar '18 Mar '19

EQUITY AND LIABILITIES 2017 2018 2019

Sources Of Funds
Total Share Capital 24 24.01 24.03
Equity Share Capital 24 24.01 24.03
Share Application Money 0 0 0
Reserves 2,557.98 3,211.27 4,015.42
Networth 2,581.98 3,235.28 4,039.45
Secured Loans 0.44 0.3 0.26
Unsecured Loans 0 9.01 0
Total Debt 0.44 9.31 0.26
Total Liabilities 2,582.42 3,244.59 4,039.71

ASSETS
Application Of Funds
Gross Fixed Assets 1,012.92 1,320.03 1,738.59
Less: Accum. Depreciation 173.6 288.76 410.99
Net Fixed Assets 839.32 1,031.27 1,327.60
Capital Work in Progress 29.77 200.28 64.91
Investments 599.91 1,186.13 1,645.67
Inventories 602.61 594.58 718.89
Sundry Debtors 126.41 230.32 350.96
Cash and Bank Balance 53.55 97.25 40.48
Total Current Assets 782.57 922.15 1,110.33
Loans and Advances 1,444.57 1,287.47 1,504.46
Total CA, Loans & Advances 2,227.14 2,209.62 2,614.79
Current Liabilities 939.24 1,211.66 1,424.74
Provisions 174.48 171.05 188.52
Total CL & Provisions 1,113.72 1,382.71 1,613.26
Net Current Assets 1,113.42 826.91 1,001.53
Total Assets 2,582.42 3,244.59 4,039.71

Contingent Liabilities 355.58 295.08 245.43

Book Value (Rs) 215.16 269.47 168.09
Mar '20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25

2020 2021 2022 2023 2024 2025

24.05 24.09 24.1125 24.135 24.1575 24.18

24.05 24.09 24.1125 24.135 24.1575 24.18
34.41 28.1 35.125 42.15 49.175 56.2
4,216.19 3,267.34 3444.68 3622.02 3799.36 3976.7
4,274.65 3,319.53 3503.9175 3688.305 3872.6925 4057.08
1,202.12 1,797.25 2246.4525 2695.655 3144.8575 3594.06
0 0 0 0 0 0
1,202.12 1,797.25 2246.4525 2695.655 3144.8575 3594.06
5,476.77 5,116.78 5750.37 6383.96 7017.55 7651.14

2,015.91 2,117.18 2393.245 2669.31 2945.375 3221.44

555.38 713.34 848.275 983.21 1118.145 1253.08
1,460.53 1,403.84 1544.97 1686.1 1827.23 1968.36
38.92 111.66 132.1325 152.605 173.0775 193.55
3,141.17 2,950.12 3537.6725 4125.225 4712.7775 5300.33
633.53 991.28 1088.4475 1185.615 1282.7825 1379.95
242.23 198.36 216.3475 234.335 252.3225 270.31
39.16 110.8 125.1125 139.425 153.7375 168.05
914.92 1,300.44 1429.9075 1559.375 1688.8425 1818.31
1,697.80 1,649.95 1701.295 1752.64 1803.985 1855.33
2,612.72 2,950.39 3131.2025 3312.015 3492.8275 3673.64
1,593.87 1,933.60 2182.19 2430.78 2679.37 2927.96
182.7 365.63 413.4175 461.205 508.9925 556.78
1,776.57 2,299.23 2595.6075 2891.985 3188.3625 3484.74
836.15 651.16 535.595 420.03 304.465 188.9
5,476.77 5,116.78 5750.37 6383.96 7017.55 7651.14

241.37 547.05 594.9175 642.785 690.6525 738.52

176.33 136.65 117.0225 97.395 77.7675 58.14
Mar'26 in Cr.

2026 2027
Consolidated Avearge Rate Of Change

24.2025 24.225 ### 0.0225

24.2025 24.225 ### 0.0225
63.225 70.25 ### 7.025
4154.04 4331.38 ### 177.34
4241.4675 4425.855 ### 184.3875
4043.2625 4492.465 ### 449.2025
0 0 ### 0
4043.2625 4492.465 ### 449.2025
8284.73 8918.32 ### 633.59

###

###
###
3497.505 3773.57 ### 276.065
1388.015 1522.95 ### 134.935
2109.49 2250.62 ### 141.13
214.0225 234.495 ### 20.4725
5887.8825 6475.435 ### 587.5525
1477.1175 1574.285 ### 97.1675
288.2975 306.285 ### 17.9875
182.3625 196.675 ### 14.3125
1947.7775 2077.245 ### 129.4675
1906.675 1958.02 ### 51.345
3854.4525 4035.265 ### 180.8125
3176.55 3425.14 ### 248.59
604.5675 652.355 ### 47.7875
3781.1175 4077.495 ### 296.3775
73.335 0 ### -115.565
8284.73 8918.32 ### 633.59
###
786.3875 834.255 ### 47.8675
38.5125 18.885 ### -19.6275
PARTICULARS Mar '17 Mar '18 Mar '19 Mar '20
2017 2018 2019 2020
Sales Turnover 8,684.39 9,380.17 10,482.45 10,986.68
Excise Duty 270.02 76.11 0 0
Net Sales 8,414.37 9,304.06 10,482.45 10,986.68
Other Income 144.78 155.93 190.52 354.43
Stock Adjustments 49.25 4.18 49.02 -61.51
Total Income 8,608.40 9,464.17 10,721.99 11,279.60
Expenditure
Raw Materials 5,263.24 5,796.49 6,356.93 6,629.04
Power & Fuel Cost 75.04 94.98 140.44 134.93
Employee Cost 241.68 294.87 321.64 368.87
Selling and Admin Expenses 322.07 345.43 437.92 412.11
Miscellaneous Expenses 1,357.44 1,365.99 1,612.41 1,609.53
Total Expenses 7,259.47 7,897.76 8,869.34 9,154.48

Operating Profit 1,204.15 1,410.48 1,662.13 1,770.69

PBDIT 1,348.93 1,566.41 1,852.65 2,125.12
Interest 1.34 1.45 1.54 65.17
PBDT 1,347.59 1,564.96 1,851.11 2,059.95
Depreciation 96.43 119.76 135 151.69
Profit Before Tax 1,251.16 1,445.20 1,716.11 1,908.26
PBT (Post Extra-ord Items) 1,251.16 1,445.20 1,716.11 1,908.26
Tax 407.47 497.31 593.91 423.96
Reported Net Profit 843.69 947.89 1,122.20 1,484.30
Total Value Addition 1,996.23 2,101.27 2,512.41 2,525.44
Equity Dividend 239.95 264.13 300.15 422.27
Corporate Dividend Tax 48.85 53.78 61.7 0
Per share data (annualised)
Shares in issue (lakhs) 1,200.01 1,200.59 2,403.18 2,404.68
Earning Per Share (Rs) 70.31 78.95 46.7 61.73
Equity Dividend (%) 1,100.00 1,250.00 1,500.00 3,500.00
Book Value (Rs) 215.16 269.47 168.09 176.33
 Mar '21 Mar '22 Mar '23 Mar '24 Mar '25
2021 2022 2023 2024 2025
12,378.83 13,302.44 14,226.05 15,149.66 16,073.27
0 0 0 0 0
12,378.83 13,369.95 14,361.06 15,352.18 16,343.29
292.7 329.68 366.66 403.64 440.62
43.22 41.71 40.21 38.70 37.19
12,714.75 13,741.34 14,767.93 15,794.51 16,821.10
0.00 0.00 0.00 0.00
7,450.92 7,997.84 8,544.76 9,091.68 9,638.60
129.42 143.02 156.61 170.21 183.80
402.85 443.14 483.44 523.73 564.02
381.21 396.00 410.78 425.57 440.35
1,706.33 1,793.55 1,880.78 1,968.00 2,055.22
10,070.73 10,773.55 11,476.36 12,179.18 12,881.99
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2,351.32 2,638.11 2,924.91 3,211.70 3,498.49
2,644.02 2,967.79 3,291.57 3,615.34 3,939.11
97.81 121.93 146.05 170.16 194.28
2,546.21 2,845.87 3,145.52 3,445.18 3,744.83
166.77 184.36 201.94 219.53 237.11
2,379.44 2,661.51 2,943.58 3,225.65 3,507.72
2,379.44 2,661.51 2,943.58 3,225.65 3,507.72
619.41 672.40 725.38 778.37 831.35
1,760.03 1,989.12 2,218.20 2,447.29 2,676.37
2,619.81 2,775.71 2,931.60 3,087.50 3,243.39
2,839.66 3,489.59 4,139.52 4,789.44 5,439.37
0 0 0 0 0
0.00 0.00 0.00 0.00
2,408.68 2,710.85 3,013.02 3,315.18 3,617.35
73.07 73.76 74.45 75.14 75.83
15,750.00 19,412.50 23,075.00 26,737.50 30,400.00
136.65 117.02 97.40 77.77 58.14
Mar '26 Mar '27 Mar '28
2026 2027 2028
16,996.88 17,920.49 18,844.10
0 0 0
17,334.41 18,325.52 19,316.64
477.60 514.58 551.56
35.68 34.18 32.67
17,847.69 18,874.28 19,900.86
0.00 0.00 0.00
10,185.52 10,732.44 11,279.36
197.40 210.99 224.59
604.31 644.61 684.90
455.14 469.92 484.71
2,142.44 2,229.67 2,316.89
13,584.81 14,287.62 14,990.44
0.00 0.00 0.00
0.00 0.00 0.00
3,785.28 4,072.08 4,358.87
4,262.88 4,586.66 4,910.43
218.40 242.52 266.63
4,044.49 4,344.14 4,643.80
254.70 272.28 289.87
3,789.79 4,071.86 4,353.93
3,789.79 4,071.86 4,353.93
884.34 937.32 990.31
2,905.46 3,134.54 3,363.63
3,399.29 3,555.18 3,711.08
6,089.30 6,739.23 7,389.15
0 0 0
0.00 0.00 0.00
3,919.52 4,221.69 4,523.85
76.52 77.21 77.90
34,062.50 37,725.00 41,387.50
38.51 18.89 -0.74
Consolidated Average Rate Of Change
923.61
-67.51
991.12
36.98
-1.51

1,026.59
0.00
546.92
13.60
40.29
14.79
87.22
702.82
0.00
0.00
286.79
323.77
24.12
299.66
17.59
282.07
282.07
52.99
229.09
155.90
649.93
-12.21
0.00
302.17
0.69
3,662.50
-19.63
 WEIGHTED AVERAGE COST OF CAPITAL

Column1 Amount
Equity 2581.98
Debt 0.44
Sum 2582.42
E COST OF CAPITAL (WACC)
Cost of equity
Proportion Cost WACC
1.00 9.09 9.09 Expected return=Rf + Beta(Rm-R
0.00 0.25 0.00 Rf (%) 5.97
9.09 Rm (%) 12.75
Beta 0.46
Cost (%) 9.09

WACC=9.09
 DISCOUNTED CASH FLOW VALUATION
Particulars Mar-22 Mar-23 Mar-24
Profit before interest & taxes 2,661.51 2,943.58 3,225.65
Add: depreciation 184.36 201.94 219.53
less: capital expenditure -1,992.70 -2,439.13 -2,885.55
Less: Change in WC -752.28 -871.41 -990.53
Free cash flows 5,590.85 6,456.05 7,321.25
Terminal Value
Present value factor 1 0.943396226415094 0.88999644001424
Present value of cash flows 5590.85 6090.61320754717 6515.88643645425
W VALUATION
Mar-25 Mar-26 Mar-27
3,507.72 3,789.79 4,071.86
237.11 254.70 272.28
-3,331.97 -3,778.39 -4,224.82
-1,109.65 -1,228.77 -1,347.90
8,186.45 9,051.65 9,916.85
515676.2
0.839619283032302 0.79209366323802 0.7472581728661
6873.50127957979 7169.75460684843 7410.4472115868
TOTAL VALUE OF FIRM 39651.052742 CR