Year on Year (Rs.

in crores) FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E Balance Sheet FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E
Revenue 1,563 1,641 1,840 2,809 3,116 Share Capital 14 14 14 14 14
COGS 915 955 1,067 1,649 1,811 Reserves 840 976 1,070 1,262 1,506
Employee Cost 293 308 343 504 549 NetWorth 854 990 1,084 1,275 1,519
Other Expenses 136 141 171 289 319 Borrowing 391 346 337 287 174
EBITDA 219 237 260 367 436 Trade Payable 214 248 194 302 333
Depreciation 58 57 59 100 112 Other Liabilities 136 143 124 115 127
EBIT 161 180 201 267 325 1,595 1,727 1,739 1,979 2,152
Interest Exp. 23 19 15 22 16 Fixed Assets 613 598 588 894 883
Other Income 22 34 48 18 18 CWIP 15 5 9 9 9
Profit before Tax 160 194 234 263 326 Investments 89 35 9 9 9
Tax Expenses 29 52 61 66 82 Inventories 290 328 343 481 530
Profit After Tax 131 143 173 197 244 Trade Recievables 275 332 297 434 478
Exception Items -27 - 12 - - Cash Equivalents 251 379 441 146 233
Other comprehensive income. 18 1 0 - - Other Assets 62 50 52 6 11
PAT after comp. income 122 144 185 197 244 1,595 1,727 1,739 1,979 2,152
Profitability (%)
Gross Margin 41.4 41.8 42.0 41.3 41.9
EBITDA Margin 14.0 14.4 14.1 13.1 14.0
PAT Margin 7.8 8.8 10.1 7.0 7.8
ROE 12.8 15.5 16.0 16.7 17.5