Date Change % NIFTY Change % JSTL annualised NIFTY annualised JSTL

Feb 27, 2022 0.81% 4.82% 0.52120577900641 10.5636803745 0.26637634405055600%

Feb 20, 2022 -3.58% -5.41% -0.8497928480417 -0.94454359352 0.148356212434711
Feb 13, 2022 -0.57% -5.74% -0.2571402128117 -0.95375906127
Feb 06, 2022 -0.81% 2.14% -0.3448657666753 2.00735282607
Jan 30, 2022 2.42% 4.67% 2.4674333178471 9.73385333096
Jan 23, 2022 -2.92% -5.73% -0.7858352856384 -0.95350327459
Jan 16, 2022 -3.50% -2.41% -0.8431731953172 -0.71876035823
Jan 09, 2022 2.49% 1.46% 2.5928380612052 1.12487122348
Jan 02, 2022 2.64% 2.58% 2.8767291076339 2.7606258409
Dec 26, 2021 2.06% 0.71% 1.88728282726375 0.44469107668
Dec 19, 2021 0.11% -1.36% 0.05883427569046 -0.50936411802
Dec 12, 2021 -3.00% -2.84% -0.7948222883356 -0.77646253636
Dec 05, 2021 1.83% 5.43% 1.56766686042891 14.6364708275
Nov 28, 2021 1.00% 2.53% 0.67768892146295 2.66648390972
Nov 21, 2021 -4.16% -3.37% -0.8902425869342 -0.83180118334
Nov 14, 2021 -1.87% -3.10% -0.6252915042711 -0.80553725735
Nov 07, 2021 1.04% -1.08% 0.71259058621569 -0.43144353811
Oct 31, 2021 1.39% 1.42% 1.04996477642839 1.08174496542
Oct 24, 2021 -2.45% 0.20% -0.7246923787517 0.10948521609
Oct 17, 2021 -1.22% -3.62% -0.4718112644911 -0.85299911743
Oct 10, 2021 2.48% 4.05% 2.57465448248807 6.88112827937
Oct 03, 2021 2.07% -1.25% 1.90203047045889 -0.48008850029
Sep 26, 2021 -1.80% 2.29% -0.6111363351034 2.24582639529
Sep 19, 2021 1.52% -3.39% 1.19120834141336 -0.83360193576
Sep 12, 2021 1.24% -0.97% 0.89806507144807 -0.39761727246
Sep 05, 2021 0.26% -0.28% 0.14456487627308 -0.13567309658
Aug 29, 2021 3.70% 1.98% 5.61447428250354 1.77191811604
Aug 22, 2021 1.55% -1.04% 1.22513437263845 -0.41936434055
Aug 15, 2021 -0.48% -8.60% -0.2213557120112 -0.99068458563
Aug 08, 2021 1.79% -1.10% 1.51574111169199 -0.43739036807
Aug 01, 2021 3.01% 2.77% 3.67442432065078 3.1404785533
Jul 25, 2021 -0.59% 2.70% -0.2648705227281 2.99634586248
Jul 18, 2021 -0.42% 1.98% -0.1965657512872 1.77191811604
Jul 11, 2021 1.49% 3.24% 1.15778977300584 4.24923221339
Jul 04, 2021 -0.21% 1.53% -0.103551847435 1.20246026302
Jun 27, 2021 -0.87% -2.64% -0.3651581898832 -0.75123493453
Jun 20, 2021 1.13% 2.82% 0.79374364946461 3.24653957333
Jun 13, 2021 -0.73% -8.29% -0.3168168636193 -0.98889117669
Jun 06, 2021 0.82% 1.39% 0.52907237189049 1.04996477643
May 30, 2021 1.52% 4.55% 1.19120834141336 9.11229969071
May 23, 2021 1.72% -1.20% 1.42733813056895 -0.46622144881
May 16, 2021 3.39% -1.26% 4.66087854280447 -0.48281920437
May 09, 2021 -0.98% -6.59% -0.400772213296 -0.97112943068
May 02, 2021 1.31% 5.45% 0.96752563023914 14.7914631761
Apr 25, 2021 2.02% 12.98% 1.82902378075431 569.271490906
Apr 18, 2021 -1.89% 2.58% -0.6292421653398 2.7606258409
Apr 11, 2021 -1.46% -0.26% -0.5345714576527 -0.12661260073
Apr 04, 2021 -0.22% 22.06% -0.10821127057 31754.2116933
Mar 28, 2021 2.48% 14.27% 2.57465448248807 1028.14323548
Mar 21, 2021 -1.61% 1.06% -0.5700183225319 0.73030747085
Mar 14, 2021 -1.91% 5.21% -0.6331519661621 13.0270088585
Mar 07, 2021 0.62% 3.04% 0.37906353625896 3.74574283603
Feb 28, 2021 2.81% 2.77% 3.2251163777521 3.1404785533
Feb 21, 2021 -3.02% -0.05% -0.7970106053008 -0.02567124566
Feb 14, 2021 -1.20% -2.02% -0.4662214488116 -0.6539438066
Feb 07, 2021 1.60% 0.40% 1.28282601595671 0.23070245257
Jan 31, 2021 9.46% 9.64% 108.972241708134 118.781403396
Jan 24, 2021 -5.13% -2.28% -0.9353300045792 -0.6986023709
Jan 17, 2021 -0.43% -4.77% -0.2007505047573 -0.92125249818
Jan 10, 2021 0.60% -2.15% 0.36488165771322 -0.67702927405
Jan 03, 2021 2.35% 3.37% 2.34632442927922 4.60421574877
Dec 27, 2020 1.96% 6.40% 1.74379078666676 24.1747202873
Dec 20, 2020 -0.08% 0.56% -0.0407625651574 0.33694568302
Dec 13, 2020 1.83% 1.27% 1.56766686042891 0.92753431763
Dec 06, 2020 1.93% -2.90% 1.70212390158611 -0.78352888445
Nov 29, 2020 2.23% 5.77% 2.14829022764917 17.4863097809
Nov 22, 2020 0.85% 4.18% 0.55291230963509 7.40981342724
Nov 15, 2020 1.09% -2.05% 0.7572203346645 -0.65941078061
Nov 08, 2020 3.72% 5.13% 5.68113767371231 12.4830004656
Nov 01, 2020 5.34% 5.65% 13.9572698538569 16.426656555
Oct 25, 2020 -2.41% -3.81% -0.7187603582304 -0.86733508405
Oct 18, 2020 1.43% 3.28% 1.09244535593138 4.35604135269
Oct 11, 2020 -1.27% 6.52% -0.4855358404979 25.6944024617
Oct 04, 2020 4.36% 3.53% 8.19965756882776 5.07355723644
Sep 27, 2020 3.32% 5.11% 4.4649811721675 12.3502646958
Sep 20, 2020 -3.95% -6.73% -0.8770118699867 -0.97329560202
Sep 13, 2020 0.35% -0.03% 0.19923306649521 -0.01548125451
Sep 06, 2020 1.15% 1.93% 0.8122834713626 1.70212390159
Aug 30, 2020 -2.69% 0.59% -0.7577919501446 0.35784445692
Aug 23, 2020 2.43% -0.43% 2.48508184174542 -0.20075050476
Aug 16, 2020 1.73% 6.24% 1.43977801696651 22.2797989459
Aug 09, 2020 -0.32% 10.47% -0.1535183958842 176.299049943
Aug 02, 2020 1.27% 9.06% 0.92753431763494 89.9087433031
Jul 26, 2020 -1.08% 7.44% -0.4314435381095 40.7476450534
Jul 19, 2020 2.68% -0.85% 2.95607685400458 -0.35846350931
Jul 12, 2020 1.24% 6.96% 0.89806507144807 32.0759632867
Jul 05, 2020 1.51% 1.23% 1.18001280367444 0.88834053651
Jun 28, 2020 2.16% -0.88% 2.03812739849257 -0.36847978757
Jun 21, 2020 1.35% -0.85% 1.00833037828813 -0.35846350931
Jun 14, 2020 2.72% 2.83% 3.0370168089496 3.2680692946
Jun 07, 2020 -1.67% -4.11% -0.5834433841471 -0.88722506937
May 31, 2020 5.86% 6.98% 18.3222751448371 32.3991077643
May 24, 2020 5.99% 10.86% 19.595597320663 211.957755741
May 17, 2020 -1.07% -4.68% -0.4284470481902 -0.91728776598
May 10, 2020 -1.24% 3.35% -0.4773436568587 4.54810932337
May 03, 2020 -6.17% -6.64% -0.9635439804107 -0.97192215075
Apr 26, 2020 7.71% 17.88% 46.5678307163875 5185.64606925
Apr 19, 2020 -1.21% -13.56% -0.4690235709431 -0.99948812087
Apr 12, 2020 1.70% 6.61% 1.40264469634117 26.8928604621
Apr 05, 2020 12.72% 18.19% 504.884024953892 5944.63299042
Mar 29, 2020 -6.66% -7.10% -0.9722332263142 -0.97828213508
Mar 22, 2020 -0.97% -13.83% -0.3976172724623 -0.99956497238
Mar 15, 2020 -12.15% -18.22% -0.9988126689555 -0.99997131535
Mar 08, 2020 -9.41% -10.01% -0.994136276244 -0.99584949354
Mar 01, 2020 -1.90% 1.32% -0.6312021472847 0.97764992965
Feb 23, 2020 -7.28% -16.36% -0.9803655837554 -0.99990763036
Feb 16, 2020 -0.27% -2.54% -0.1311544320364 -0.73759435935
Feb 09, 2020 0.12% 3.53% 0.06434819670368 5.07355723644
Feb 02, 2020 1.14% 11.41% 0.80299018863005 274.45905926
Jan 26, 2020 -2.34% -7.80% -0.7080762445955 -0.98534425517
Jan 19, 2020 -0.84% -0.53% -0.3550902527346 -0.24143965941
Jan 12, 2020 0.78% -1.64% 0.49784339625869 -0.57678305932
Jan 05, 2020 0.25% 2.00% 0.13864364655316 1.80032818545
Dec 29, 2019 -0.16% 1.32% -0.0798942142907 0.97764992965
Dec 22, 2019 -0.21% 1.59% -0.103551847435 1.2711715371
Dec 15, 2019 1.53% 2.76% 1.2024602630162 3.1195802833
Dec 08, 2019 1.39% 1.38% 1.04996477642839 1.03947749861
Dec 01, 2019 -1.12% -2.85% -0.4432761809141 -0.77765577358
Nov 24, 2019 1.19% 4.10% 0.84992868775168 7.08049441719
Nov 17, 2019 0.16% 2.66% 0.08668688342062 2.91620588842
Nov 10, 2019 -0.11% -2.10% -0.0556245628814 -0.66833474789
Nov 03, 2019 0.15% 5.22% 0.08105947801537 13.0965055926
Oct 27, 2019 2.65% 9.32% 2.89641846462201 101.89171286
Oct 20, 2019 -0.67% -2.69% -0.2950105068139 -0.75779195014
Oct 13, 2019 3.16% 2.81% 4.04184325944797 3.22511637775
Oct 06, 2019 1.17% 1.21% 0.83101119523042 0.86903783378
Sep 29, 2019 -2.93% -7.56% -0.7869794309714 -0.98322290692
Sep 22, 2019 2.11% -2.48% 1.96176339979805 -0.72906069294
Sep 15, 2019 1.79% 5.26% 1.51574111169199 13.3778853243
Sep 08, 2019 1.18% 3.79% 0.84044610303391 5.91968972664
Sep 01, 2019 -0.70% 0.23% -0.3059976808194 0.12689117703
Aug 25, 2019 1.79% -1.45% 1.51574111169199 -0.53210900378
Aug 18, 2019 -1.98% -2.86% -0.6465204404413 -0.77884276319
Aug 11, 2019 -0.56% 2.97% -0.2532452170264 3.58096593803
Aug 04, 2019 1.02% -2.02% 0.69505165398309 -0.6539438066
Jul 28, 2019 -2.54% -9.83% -0.7375943593548 -0.99539502133
Jul 21, 2019 -1.18% -3.61% -0.460573625602 -0.85220390003
Jul 14, 2019 -1.15% -3.30% -0.4519918343457 -0.82534675773
Jul 07, 2019 -2.19% 0.47% -0.6838235906278 0.27612412046
Jun 30, 2019 0.19% -3.60% 0.10374203733797 -0.85140446397
Jun 23, 2019 0.55% 3.54% 0.3300497825071 5.10413814285
Jun 16, 2019 -0.84% -1.51% -0.3550902527346 -0.54669433412
Jun 09, 2019 -0.40% 3.37% -0.1881316744901 4.60421574877
Jun 02, 2019 -0.44% -3.42% -0.2049138786179 -0.83626766501
May 26, 2019 0.66% -5.66% 0.40786222125621 -0.9516735004
May 19, 2019 3.83% 4.20% 6.05973515268928 7.49417855705
May 12, 2019 1.14% -3.81% 0.80299018863005 -0.86733508405
May 05, 2019 -3.70% -6.96% -0.8592115814938 -0.9765131654
Apr 28, 2019 -0.36% 5.05% -0.171002194399 11.959700068
Apr 21, 2019 0.02% -1.72% 0.01045321723399 -0.59431618088
Apr 14, 2019 0.94% 4.29% 0.62664064810125 7.88420779483
Apr 07, 2019 -0.19% -2.51% -0.0941612591916 -0.73336100711
Mar 31, 2019 0.36% 0.41% 0.20546314588196 0.23709282494
Mar 24, 2019 1.46% 2.55% 1.12487122347733 2.7038600166
Mar 17, 2019 0.26% -0.94% 0.14456487627308 -0.38805438149
Mar 10, 2019 3.55% 0.72% 5.13487005115121 0.45216942706
Mar 03, 2019 1.58% 1.52% 1.2595754191913 1.19120834141
Feb 24, 2019 0.67% -1.31% 0.41515355857536 -0.49626312156
Feb 17, 2019 0.63% 7.10% 0.38620857127548 34.4040123243
Feb 10, 2019 -2.00% 1.54% -0.6502514392443 1.21376884685
Feb 03, 2019 0.46% -4.40% 0.26953605329048 -0.90365916671
Jan 27, 2019 1.05% 0.11% 0.72142667427531 0.05883427569
Jan 20, 2019 -1.16% -3.83% -0.4548672048204 -0.86876186974
Jan 13, 2019 1.04% -1.11% 0.71259058621569 -0.44034086312
Jan 06, 2019 0.63% 0.30% 0.38620857127548 0.16855327541
Dec 30, 2018 -1.22% -3.40% -0.4718112644911 -0.83449520769
Dec 23, 2018 0.98% -3.21% 0.66050065288317 -0.81669028904
Dec 16, 2018 -0.48% 5.08% -0.2213557120112 12.1535607195
Dec 09, 2018 1.05% -3.08% 0.72142667427531 -0.80343912163
Dec 02, 2018 -1.68% -3.77% -0.5856405636055 -0.86443572328
Nov 25, 2018 3.32% -1.77% 4.4649811721675 -0.60491049771
Nov 18, 2018 -1.46% -4.54% -0.5345714576527 -0.91072818562
Nov 11, 2018 0.92% -3.57% 0.60996552352557 -0.84898062396
Nov 04, 2018 0.31% -1.50% 0.17462700562532 -0.54429479834
Oct 28, 2018 5.21% 4.55% 13.0270088585012 9.11229969071
Oct 21, 2018 -2.65% -7.17% -0.7525601153636 -0.9791169358
Oct 14, 2018 -1.61% -4.27% -0.5700183225319 -0.89660511286
Oct 07, 2018 1.51% 3.57% 1.18001280367444 5.19678980058
Sep 30, 2018 -5.62% -3.94% -0.9505964000456 -0.87634426029
Sep 23, 2018 -1.91% -6.46% -0.6331519661621 -0.96896419534
Sep 16, 2018 -3.23% -0.02% -0.8186495929956 -0.01034713637
Sep 09, 2018 -0.64% 0.37% -0.2838527850989 0.21172496528
Sep 02, 2018 -0.78% 2.59% -0.3344823459428 2.77973672524
Aug 26, 2018 1.07% 11.71% 0.73923319770753 315.801109747
Aug 19, 2018 0.75% 6.23% 0.47483301263867 22.1661272116
Aug 12, 2018 0.36% -1.74% 0.20546314588196 -0.5985869295
Aug 05, 2018 0.60% 0.77% 0.36488165771322 0.49013441578
Jul 29, 2018 0.73% 4.35% 0.45968574041147 8.15392978538
Jul 22, 2018 2.44% 6.28% 2.50281845694 22.7399816205
Jul 15, 2018 -0.08% -3.83% -0.0407625651574 -0.86876186974
Jul 08, 2018 2.29% 2.50% 2.245826395288 2.61111234864
Jul 01, 2018 0.54% -5.58% 0.32318877015813 -0.94949576502
Jun 24, 2018 -0.99% -3.01% -0.403910946462 -0.7959193235
Jun 17, 2018 0.04% 1.32% 0.02101358135725 0.97764992965
Jun 10, 2018 0.46% -3.12% 0.26953605329048 -0.80761342326
Jun 03, 2018 0.67% 3.42% 0.41515355857536 4.7469277689
May 27, 2018 0.86% 1.79% 0.56093967290539 1.51574111169
May 20, 2018 0.08% 2.07% 0.04246006694595 1.90203047046
May 13, 2018 -1.94% -1.33% -0.6389409598069 -0.50154418539
May 06, 2018 1.77% 2.00% 1.49016586129223 1.80032818545
Apr 29, 2018 -0.69% -3.11% -0.3023540806426 -0.80657807238
Apr 22, 2018 1.21% 1.47% 0.86903783377977 1.13578897075
Apr 15, 2018 0.80% 4.65% 0.51337888288852 9.62771988262
Apr 08, 2018 1.44% 0.10% 1.10319968453966 0.05334837334
Apr 01, 2018 2.15% 6.96% 2.022701700637 32.0759632867
Mar 25, 2018 1.16% 0.75% 0.82162372930639 0.47483301264
Mar 18, 2018 -1.93% -1.46% -0.6370213211384 -0.53457145765
Mar 11, 2018 -0.31% -0.58% -0.1490912454314 -0.26101528139
Mar 04, 2018 -2.21% -4.44% -0.6871679802196 -0.90573307598
Feb 25, 2018 -0.31% -0.47% -0.1490912454314 -0.21727679087
Feb 18, 2018 0.37% -1.74% 0.21172496527673 -0.5985869295
Feb 11, 2018 -0.03% 0.99% -0.0154812545134 0.66907308701
Feb 04, 2018 -2.84% 3.46% -0.7764625363575 4.8636582675
Jan 28, 2018 -2.79% 2.82% -0.7704015019302 3.24653957333
Jan 21, 2018 1.61% 3.08% 1.29453914370444 3.84249647997
Jan 14, 2018 2.00% -1.64% 1.80032818544818 -0.57678305932
Jan 07, 2018 1.16% 0.60% 0.82162372930639 0.36488165771
Dec 31, 2017 0.27% 5.67% 0.15051630268823 16.5990322049
Dec 24, 2017 0.36% 2.00% 0.20546314588196 1.80032818545
Dec 17, 2017 1.55% 5.42% 1.22513437263845 14.5595351376
Dec 10, 2017 0.66% -0.61% 0.40786222125621 -0.27252192106
Dec 03, 2017 1.42% 0.16% 1.08174496542456 0.08668688342
Nov 26, 2017 -2.58% -4.96% -0.7431364311898 -0.9290202873
Nov 19, 2017 1.03% -0.53% 0.7037989859905 -0.24143965941
Nov 12, 2017 -0.37% -1.55% -0.1753175043077 -0.5561691719
Nov 05, 2017 -1.25% 1.58% -0.4800885002901 1.25957541919
Oct 29, 2017 1.25% 0.49% 0.90783871766 0.28940100301
Oct 22, 2017 1.74% 4.57% 1.45228042446278 9.2133829719
Oct 15, 2017 -0.21% -0.14% -0.103551847435 -0.07026065621
Oct 08, 2017 1.88% -1.42% 1.63405407942904 -0.52464472396
Oct 01, 2017 1.95% 3.72% 1.72983228620005 5.68113767371
Sep 24, 2017 -1.76% 0.61% -0.6028135744079 0.37195462476
Sep 17, 2017 -1.20% -7.70% -0.4662214488116 -0.98449440439
Sep 10, 2017 1.52% 1.56% 1.19120834141336 1.23655712144
Sep 03, 2017 -0.40% 2.65% -0.1881316744901 2.89641846462
Aug 27, 2017 1.19% 4.31% 0.84992868775168 7.97323746527
Aug 20, 2017 0.20% 3.80% 0.10948521608699 5.95444349219
Aug 13, 2017 1.30% 6.06% 0.957452169028 20.314953262
Aug 06, 2017 -3.53% -2.08% -0.8456884323558 -0.66479302283
Jul 30, 2017 0.52% 5.77% 0.30957071854201 17.4863097809
Jul 23, 2017 1.00% 0.49% 0.67768892146295 0.28940100301
Jul 16, 2017 0.29% -0.19% 0.16251035018574 -0.09416125919
Jul 09, 2017 2.28% -0.44% 2.22936702524654 -0.20491387862
Jul 02, 2017 1.52% 6.24% 1.19120834141336 22.2797989459
Jun 25, 2017 -0.56% 3.93% -0.2532452170264 6.42212422452
Jun 18, 2017 -0.14% 0.44% -0.0702606562088 0.25645983494
Jun 11, 2017 -0.83% -3.54% -0.3516996021264 -0.84651801955
Jun 04, 2017 0.15% 3.72% 0.08105947801537 5.68113767371
May 28, 2017 0.61% -2.06% 0.37195462476097 -0.661214212
May 21, 2017 1.77% 2.76% 1.49016586129223 3.1195802833
May 14, 2017 0.29% -1.85% 0.16251035018574 -0.6212995644
May 07, 2017 1.24% 3.87% 0.89806507144807 6.20255932802
Apr 30, 2017 -0.20% -4.62% -0.0988685502807 -0.91453652627
Apr 23, 2017 2.02% 6.28% 1.82902378075431 22.7399816205
Apr 16, 2017 -0.34% -1.83% -0.1623050305317 -0.61726592295
Apr 09, 2017 -0.52% -4.55% -0.2374639452879 -0.91121317991
Apr 02, 2017 0.27% 6.19% 0.15051630268823 21.7168589587
Mar 26, 2017 0.72% 0.75% 0.4521694270565 0.47483301264
Mar 19, 2017 -0.57% -2.71% -0.2571402128117 -0.76036702669
Mar 12, 2017 2.52% 8.94% 2.64793482611613 84.8505909044
Mar 05, 2017 0.42% -4.21% 0.24351573771002 -0.89318087664
Feb 26, 2017 -0.47% -1.58% -0.2172767908749 -0.56314756952
Feb 19, 2017 1.34% 1.11% 0.99805205032943 0.77538988085
Feb 12, 2017 0.32% -4.32% 0.18073169476791 -0.89937621128
Feb 05, 2017 0.60% 0.83% 0.36488165771322 0.53697885891
Jan 29, 2017 1.15% -1.89% 0.8122834713626 -0.62924216534
Jan 22, 2017 3.50% 5.22% 4.98271327095794 13.0965055926
Jan 15, 2017 -0.61% -1.72% -0.2725219210553 -0.59431618088
Jan 08, 2017 1.90% 7.82% 1.6610777782151 49.1608664471
Jan 01, 2017 0.71% 7.65% 0.44469107667739 45.2093411368
 NIFTY JSTL
GM 0.148356 0.296882789246
covariance 0.000743
variance 0.000579
Beta 1.282925

therefore, RM = 14.836%
Beta Levered= 1.282925145173 Bu = BL/(1+(1-t)*(D/E))
average Rf= 0.00% Bu= 0.894449
Rm-Rf= 14.836%

cost of equity= 19.033% (using CAPM)

cost of debt= 8.90% (As per 2030 maturing debentures information men
cost of unlevered equity= 13.27%

Interest divided by EBIT .. That can also be cost of debt

1+(1-t)*(D/E))

ng debentures information mentioned in capitaliq)

 Reclassifie Reclassifie
Restated d d Reclassified
12 months 12 months 12 months 12 months 12 months
Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 dep 0.05462
INR INR INR INR INR tax 0.026785
Revenues 556040 719330 847570 728600 798390
Expenses 295110 400560 444110 406350 406910 0.768596 0.791987 0.769872
other expenses 132260 169140 208410 194930 190740
total expenses 432,960 570,170 658,270 615,130 596,610
less Depreciation 34300 33780 40320 42460 46790 0.061686 0.04696 0.047571
EBIT 94,370 115,850 154,730 84,860 153,950
deduct tax 16740 15380 36440 -9060 41420 0.030106 0.021381 0.042993
EBIT after tax 77630 100470 118290 93920 112530
add dep 34300 33780 40320 42460 46790
NI 111930 134250 158610 136380 159320
CAPEX -44350 -47360 -102060 -128100 -92580 -82890
NWC -69910 -61290 -83930 12730 -13480
net working capital 58,656 -540 31,530 -70,590 -50,830
changes
FCF 97,624 182,150 229,140 335,070 302,730
0.067869 1.154983 0.255144
0.25514403 0.105489 -0.000751 0.0372

WACC 11.77%
terminal growth rate 2.00%

FCF 97,624 182,150 229,140 335,070 302,730

PV
total PV 1,789,876
valuation 745.781585

Unlevered cost of equ 12.08% (also discount rate here)

FCF 97,624 182,150 229,140 335,070 302,730
PV
total PV 1775641.12
tax shield 47353.8861
APV 1822995
valuation 759.581253
 (8% growth in revenue considered)
823691.3 849794.4 971647.3 1055312 1146180
0.825254 0.748569 626005.4 645843.7 738452 802036.9 871096.8

0.058276 0.058605 44989.93 46415.68 53071.27 57641.01 62604.23

152696 157535 180124.1 195633.8 212479
-0.012435 0.051879 32947.65 33991.77 38865.89 42212.47 45847.2
119748.3 123543.2 141258.2 153421.3 166631.8
44989.93 46415.68 53071.27 57641.01 62604.23
164738.3 169958.9 194329.5 211062.3 229236
-251150 -253661.5 -256198 -258760 -261348 (25110 is taken from annual report and value for f

-40,653 -54,024 -48,503 -47,727 -50,085 (3 year average)

456,542 477,645 499,030 517,549 540,668
-0.277283
-0.096884 -0.063666 -40653.33 -54024.44 -48502.59

1 2 3 4 5 5
2022E 2023E 2024E 2025E 2026E terminal
456,542 477,645 499,030 517,549 540,668 5,645,682
408471.8 382356.5 357414.4 331648.9 309984.2 3236868

1 2 3 4 5
2022E 2023E 2024E 2025E 2026E
456,542 477,645 499,030 517,549 540,668
407332.5 380226.7 354432.1 327964.4 305685.4
annual report and value for future years are at 1% increase to hover near the 25110 value)
 Reclassifie Reclassifie Reclassifie
Restated d d d
12 months 12 months 12 months 12 months 12 months
Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 Expected V
INR INR INR INR INR 2022 2023 2024
Revenues 556040 719330 847570 728600 798390 940724.6 940724.6 1108434 949182.9
Expenses 295110 400560 444110 406350 406910 419123.3 410794.4 412275.9
other expe 132260 169140 208410 194930 190740 198026.7 194565.6 194444.1
total Expe 427,370 569,700 652,520 601,280 597,650
less Deprec 34300 33780 40320 42460 46790 43190 44146.67 44708.89
EBIT 94,370 115,850 154,730 84,860 153,950 280,385 458,927 297,754
deduct tax 16740 15380 36440 -9060 41420 31080 36313.33 36271.11
EBIT after 77630 100470 118290 93920 112530 249,305 422,614 261,483
add dep 34300 33780 40320 42460 46790 43190 44146.67 44708.89
NI 111930 134250 158610 136380 159320 292,495 466,761 306,192
CAPEX -44350 -47360 -102060 -128100 -92580 -107580 -109420 -103193
NWC -69910 -61290 -83930 12730 -13480

net
working 58,656 -540 31,530 -70,590 -50,830
capital
changes -60,710 -60,710 -57,417
FCF 97,624 182,150 229,140 335,070 302,730 460,785 636,891 466,802
1 2 3 4
PV 412268 509833.6 334331.8 333084.9
total PV 3001888
value 1247.789 >>>>> using WACC

Unlevered cost of equity (Ro)= 12.08%

460,785 636,891 466,802

1 2 3
PV total 2963790 411118.2 506993.6 331542.2
tax shield 47353.89
APV 3011144
value 1251.636 >>>>> using APV
 Expected Values
2025 2026 2027 2028 2029 2030
999447.2 1019021 989217.2 1002562 1003600 998459.8
414064.6 412378.3 412906.3 413116.4 412800.3 412941
195678.8 194896.1 195006.3 195193.7 195032.1 195077.4

44015.19 44290.25 44338.11 44214.51 44280.96 44277.86

345,689 367,457 336,966 350,037 351,487 346,164
36257.04 36280.49 36269.55 36269.03 36273.02 36270.53
309,432 331,176 300,697 313,768 315,214 309,893
44015.19 44290.25 44338.11 44214.51 44280.96 44277.86
353,447 375,466 345,035 357,983 359,495 354,171
-106731 -106448 -105458 -106212 -106039 -105903

-59,612 -59,246 -58,758 -59,206 -59,070 -59,011 terminal

519,790 541,161 509,251 523,401 524,604 519,085 529,467
5 6 7 8 9 9
310266.6 261229.5 240218.5 215419.8 190710.4 194524.6

519,790 541,161 509,251 523,401 524,604 519,085 529,467

4 5 6 7 8 9 9
329384.4 305963.9 256888.3 235567.6 210659.9 185976.3 189695.8