Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23

Reve
Nominal GDP Growth (Y-o-Y) 15.00% 15.00% 15.00% 15.00% 12%
Electrical Goods Inflation
Construction GVA as percentage of GDP 6% 6% 7% 7% 7%
CGEL % share in ECD peers 39% 39% 39% 39% 39%
CGEL % share in Lighting peers 34% 34% 34% 34% 34%
Standalone Other Income as % of Revenue 1% 1% 1% 1% 1%
Consolidated Revenue as % of Standalone Revenue 100.41% 100.41% 100.41% 100.41% 100.41%
Ex
Raw Materials 22% 22% 22% 22% 22%
Purchase of Traded Goods 48% 48% 48% 48% 48%
Consolidated Purchase of Traded Goods 48% 48% 48% 48% 48%
Increase/Decrease in Stocks -1% -1% -1% -1% -1%

Employee Costs 7% 7% 7% 7% 7%
Employee Costs Y-o-Y Growth 6% 6% 6% 6% 6%
Freight as % of Revenue 3% 3% 3% 3% 3%
Packing Materials as % of Revenue 1% 1% 1% 1% 1%
After Sales & Promotion as % of Revenue 2% 2% 2% 2% 2%

Advertising Y-o-Y Growth 8% 8% 8% 8% 8%

Selected Items as % of Revenue 70% 70% 70% 70% 70%
Other Expenses 149.02 149.02 149.02 149.02 171.92

Interest Expenses 10.7275 10.7275 10.7275 10.7275 10.7275

Tax Rate 25% 25% 25% 25% 25%
Payable Days 76 76 76 76 76
Inventory Days 55 55 55 55 55
Receivable Days 37 37 37 37 37

Tangible Gross Block Addition as % of Revenue 1%

Depreciation as % of Gross Block 14.03%

Intangible Gross Block Addition as % of Revenue 0.02%

Amortization as % of Gross Block 36%
 Assumptions
Q2FY23 Q3FY23 Q4FY23 FY24 FY25 FY26
Revenue Growth-Based Assumptions
12% 12% 12% 11.00% 11.00% 11.00%

7% 7% 7% 7% 7% 7%
39% 39% 39% 39% 39% 39%
34% 34% 34% 34% 34% 34%
1% 1% 1% 1% 1% 1%
100.41% 100.41% 100.41% 100.41% 100.41% 100.41%
Expense Based Assumptions
22% 22% 22% 22% 22% 22%
48% 48% 48% 48% 48% 48%
48% 48% 48% 48% 48% 48%
-1% -1% -1% -1% -1% -1%

7% 7% 7% 7% 7% 7%
6% 6% 6% 6% 6% 6%
3% 3% 3% 3% 3% 3%
1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2%

8% 8% 8% 8% 8% 8%
70% 70% 70% 70% 70% 70%
171.92 171.92 171.92 777.18 879.81 996.90
Other Assumptions
10.7275 10.7275 10.7275 42.91 42.91 42.91
25% 25% 25% 25% 25% 25%
76 76 76 76 76 76
55 55 55 55 55 55
37 37 37 37 37 37

1% 1% 1% 1%
14.03% 14.03% 14.03% 14.03%

0.02% 0.02% 0.02% 0.02%

36% 36% 36% 36%
 Comments

Based on the estimates given by the RBI & the World Bank & assuming an average inflation of 5%

The management hasn't indicated any spike in hiring/ substantial wage increases. Hence we believe the growth in
employee costs would be identical

Advertising Expenses Reduced for FY21 due to COVID. However we expect normalcy to return from FY22 & hence the
average growth in advertising expenses would be similar to that in the last 3 years

It is assumed that all the expenses for the capex is done in Q4

 22.36% 6.21% 3.35% 1.28%
1.297016 1.125826 1.09551 1.073568
 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
Revenues
Net Sales/Income from operations 810.05 1001.63 1120.84 889.99 888.92 1076.15
Other Operating Income -- -- -- -- -- --
Total Income From Operations 810.05 1001.63 1120.84 889.99 888.92 1076.15
Expenditure
Consumption of Raw Materials 197.32 230.68 245.95 150.68 190.81 231.69
Purchase of Traded Goods 397.01 482.91 546.52 411.60 434.59 542.16
Increase/Decrease in Stocks -20.05 -17.63 -21.04 52.33 -17.68 -32.76
Employees Cost 45.13 55.25 47.34 49.84 59.49 68.51
Depreciation 2.97 3.30 2.80 2.72 2.63 2.89
Other Expenses 107.85 123.27 147.09 128.17 122.41 127.99
P/L Before Other Inc. , Int., Excpt. Items & Tax 79.82 123.85 152.18 94.65 96.67 135.67
Other Income 0.12 0.03 0.15 4.15 5.04 6.88
P/L Before Int., Excpt. Items & Tax 79.94 123.88 152.33 98.80 101.71 142.55
Interest 15.81 15.94 14.68 16.06 16.24 15.26
P/L Before Exceptional Items & Tax 64.13 107.94 137.65 82.74 85.47 127.29
Exceptional Items -1.19 -9.27 -- -0.45 -- -2.07
P/L Before Tax 62.94 98.67 137.65 82.29 85.47 125.22
Tax 21.76 32.06 45.71 27.33 28.11 38.78
P/L After Tax from Ordinary Activities 41.18 66.61 91.94 54.96 57.36 86.44
Prior Year Adjustments -- -- -- -- -- --
Extra Ordinary Items -- -- -- -- -- --
Net Profit/(Loss) For the Period 41.18 66.61 91.94 54.96 57.36 86.44
Equity Share Capital 125.35 125.35 125.35 125.35 125.35 125.35
Reserves Excluding Revaluation Reserves -- -- -- -- -- --
Equity Dividend Rate (%) -- -- -- -- -- --

EPS Before Extra Ordinary

Basic EPS 0.66 1.06 1.47 0.88 0.92 1.38

Diluted EPS 0.66 1.06 1.47 0.88 0.91 1.38

EPS After Extra Ordinary

Basic EPS 0.66 1.06 1.47 0.88 0.92 1.38

Diluted EPS 0.66 1.06 1.47 0.88 0.91 1.38
 Profit & Loss (in Rs. Crores)
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

1055.45 959.71 938.19 1126.31 1203.89 1037.83 1030.31 1206.88 1346.84 1075.79
-- -- -- -- -- -- -- -- -- --
1055.45 959.71 938.19 1126.31 1203.89 1037.83 1030.31 1206.88 1346.84 1075.79

275.19 143.46 236.02 256.19 340.89 133.05 301.62 280.93 261.59 231.01
522.97 464.57 430.79 520.22 544.73 500.77 456.70 556.42 642.91 528.12
-65.29 60.59 -39.10 -6.06 -71.35 107.26 -55.09 -4.11 2.83 -26.48
68.57 69.93 74.18 69.97 71.83 67.53 76.02 76.50 81.98 81.00
3.15 3.16 3.22 3.08 3.10 3.23 3.26 3.30 5.78 6.39
124.61 100.46 119.83 121.52 150.53 105.30 124.99 128.60 165.47 132.63
126.25 117.54 113.25 161.39 164.16 120.69 122.81 165.24 186.28 123.12
9.69 3.53 6.62 10.91 8.84 9.83 12.38 17.21 17.32 12.24
135.94 121.07 119.87 172.30 173.00 130.52 135.19 182.45 203.60 135.36
16.14 15.70 15.83 16.07 15.21 15.04 15.03 14.32 14.99 8.71
119.80 105.37 104.04 156.23 157.79 115.48 120.16 168.13 188.61 126.65
-- -- -- -- -- -- -- -- -- --
119.80 105.37 104.04 156.23 157.79 115.48 120.16 168.13 188.61 126.65
39.53 34.57 34.54 53.01 53.52 38.57 40.49 26.46 66.01 15.38
80.27 70.80 69.50 103.22 104.27 76.91 79.67 141.67 122.60 111.27
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
80.27 70.80 69.50 103.22 104.27 76.91 79.67 141.67 122.60 111.27
125.35 125.35 125.35 125.36 125.36 125.36 125.38 125.38 125.40 125.41
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --

1.28 1.13 1.11 1.65 1.66 1.23 1.27 2.26 1.96 1.78
1.28 1.13 1.11 1.64 1.66 1.22 1.26 2.25 1.94 1.76

1.28 1.13 1.11 1.65 1.66 1.23 1.27 2.26 1.96 1.78
1.28 1.13 1.11 1.64 1.66 1.22 1.26 2.25 1.94 1.76
Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

1071.29 1018.05 713.17 1198.39 1323.13 1515.26

-- -- -- -- -- --
1071.29 1018.05 713.17 1198.39 1323.13 1515.26

216.41 270.45 71.17 255.80 303.19 355.28

520.20 520.62 284.86 527.35 653.46 817.53
-7.65 -94.99 125.32 20.94 -61.02 -123.44
77.36 70.61 72.00 79.65 92.93 92.00
6.42 8.20 7.99 7.66 6.88 7.16
128.11 112.93 61.00 128.79 139.39 149.06
130.44 130.23 90.83 178.20 188.30 217.67
17.39 11.92 18.76 16.66 19.87 20.34
147.83 142.15 109.59 194.86 208.17 238.01
8.72 8.25 10.78 11.13 10.56 10.44
139.11 133.90 98.81 183.73 197.61 227.57
-- -- -- -- -- --
139.11 133.90 98.81 183.73 197.61 227.57
-21.91 34.09 25.10 46.65 50.18 -18.95
161.02 99.81 73.71 137.08 147.43 246.52
-- -- -- -- -- --
-- -- -- -- -- --
161.02 99.81 73.71 137.08 147.43 246.52
125.45 125.46 125.46 125.47 125.48 125.54
-- -- -- -- -- --
-- -- -- -- -- --

2.57 1.59 1.18 2.19 2.35 3.93

2.55 1.58 1.17 2.17 2.33 3.90

2.57 1.59 1.18 2.19 2.35 3.93

2.55 1.58 1.17 2.17 2.33 3.90
 Profit & Loss (in Rs. Crores)
Mar-18 Jun-18 Sep-18
Revenues
Net Sales/Income from operations 1,126.31 1,203.89 1,037.83
Other Operating Income -- -- --
Total Income From Operations 1,126.31 1,203.89 1,037.83
Expenditure
Consumption of Raw Materials 256.19 340.89 133.05
Purchase of Traded Goods 520.22 544.73 500.77
Increase/Decrease in Stocks -6.06 -71.35 107.26
Employees Cost 69.97 71.83 67.53
Depreciation 3.08 3.1 3.23
Other Expenses 121.52 150.53 105.3
P/L Before Other Inc., Int., Excpt. Items & Tax 161.39 164.16 120.69
Other Income 10.91 8.84 9.83
P/L Before Int., Excpt. Items & Tax 172.3 173 130.52
Interest 16.07 15.21 15.04
P/L Before Exceptional Items & Tax 156.23 157.79 115.48
Exceptional Items -- -- --
P/L Before Tax 156.23 157.79 115.48
Tax 53.01 53.52 38.57
P/L After Tax from Ordinary Activities 103.22 104.27 76.91
Prior Year Adjustments -- -- --
Extra Ordinary Items -- -- --
Net Profit/(Loss) For the Period 103.22 104.27 76.91
Minority Interest -- -- --
Share Of P/L Of Associates -- -- --
Net P/L After M.I & Associates 103.22 104.27 76.91
Equity Share Capital 125.36 125.36 125.4
Reserves Excluding Revaluation Reserves -- -- --
Equity Dividend Rate (%) -- -- --

EPS Before Extra Ordinary

Basic EPS 1.65 1.66 --

Diluted EPS 1.64 1.66 --

EPS After Extra Ordinary

Basic EPS 1.65 1.66 --

Diluted EPS 1.64 1.66 --
Profit & Loss (in Rs. Crores)
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

1,030.31 1,206.88 1,346.84 1,075.79 1,071.29 1,026.34 720.1 1,213.19 1,348.17 1,522.05
-- -- -- -- -- -- -- -- -- --
1,030.31 1,206.88 1,346.84 1,075.79 1,071.29 1,026.34 720.1 1,213.19 1,348.17 1,522.05

301.62 280.93 261.59 231.01 216.41 270.45 71.17 255.8 303.19 356.15
456.7 556.42 642.91 528.12 520.2 525.93 289.28 536.58 673.44 820.7
-55.09 -4.11 2.83 -26.48 -7.65 -94.99 125.32 20.94 -61.02 -124.31
76.02 76.5 81.98 81 77.36 70.61 72 79.65 92.93 92
3.26 3.3 5.78 6.39 6.42 8.2 7.99 7.66 6.88 7.16
124.99 130.07 165.61 132.85 128.29 113.13 61.13 128.97 139.58 149.53
122.81 163.77 186.14 122.9 130.26 133.01 93.21 183.59 193.17 220.82
12.38 16.96 17.3 12.25 17.54 11.96 18.58 16.68 19.89 20.6
135.19 180.73 203.44 135.15 147.8 144.97 111.79 200.27 213.06 241.42
15.03 14.32 14.99 8.71 8.72 8.25 10.78 11.13 10.56 10.44
120.16 166.41 188.45 126.44 139.08 136.72 101.01 189.14 202.5 230.98
-- -- -- -- -- -- -- -- -- --
120.16 166.41 188.45 126.44 139.08 136.72 101.01 189.14 202.5 230.98
40.49 25.87 66.01 15.56 -21.89 34.62 26.21 47.46 51.41 -18.1
79.67 140.54 122.44 110.88 160.97 102.1 74.8 141.68 151.09 249.08
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
79.67 140.54 122.44 110.88 160.97 102.1 74.8 141.68 151.09 249.08
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
79.67 140.54 122.44 110.88 160.97 102.1 74.8 141.68 151.09 249.08
125.38 125.4 125.4 125.41 125.45 125.46 125.46 125.47 125.48 125.54
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --

1.27 2.24 1.95 1.77 2.57 1.63 1.19 2.26 2.41 3.97
1.26 2.23 1.94 1.76 2.55 1.62 1.18 2.24 2.39 3.94

1.27 2.24 1.95 1.77 2.57 1.63 1.19 2.26 2.41 3.97
1.26 2.23 1.94 1.76 2.55 1.62 1.18 2.24 2.39 3.94
 Profit & Loss (in Rs. Crores)
Mar-18 Jun-18 Sep-18
Revenues
Net Sales/Income from operations 100% 100% 100%
As % of Standalone Sales 100% 100% 100%
Other Operating Income -- -- --
Other Income 0.97% 0.73% 0.95%
Expenditure
Consumption of Raw Materials 22.75% 28.32% 12.82%
Purchase of Traded Goods 46.19% 45.25% 48.25%
Increase/Decrease in Stocks -0.54% -5.93% 10.34%
Employees Cost 6.21% 5.97% 6.51%
Other Expenses 10.79% 12.50% 10.15%
Exceptional Items -- --
Minority Interest -- -- --
Share Of P/L Of Associates -- -- --
Profit & Loss (in Rs. Crores)
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 101% 101% 101% 102% 100%
-- -- -- -- -- -- -- -- -- --
1.20% 1.41% 1.28% 1.14% 1.64% 1.17% 2.58% 1.37% 1.48% 1.35%

29.27% 23.28% 19.42% 21.47% 20.20% 26.35% 9.88% 21.08% 22.49% 23.40%
44.33% 46.10% 47.73% 49.09% 48.56% 51.24% 40.17% 44.23% 49.95% 53.92%
-5.35% -0.34% 0.21% -2.46% -0.71% -9.26% 17.40% 1.73% -4.53% -8.17%
7.38% 6.34% 6.09% 7.53% 7.22% 6.88% 10.00% 6.57% 6.89% 6.04%
12.13% 10.78% 12.30% 12.35% 11.98% 11.02% 8.49% 10.63% 10.35% 9.82%
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
Profit & Loss (in Rs. Crores) Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Net Sales/Income from operations 100.00% 100.00% 100.00% 100.00% 100.00%

Other Operating Income
Total Income From Operations 100.00% 100.00% 100.00% 100.00% 100.00%
EXPENDITURE
Consumption of Raw Materials 23.45% 22.91% 21.35% 9.98% 26.57%
Purchase of Traded Goods 53.95% 49.39% 44.00% 39.94% 51.14%
Increase/Decrease in Stocks -8.15% -4.61% 1.75% 17.57% -9.33%
Employees Cost 6.07% 7.02% 6.65% 10.10% 6.94%
Depreciation 0.47% 0.52% 0.64% 1.12% 0.81%
Other Expenses 9.84% 10.53% 10.75% 8.55% 11.09%
P/L Before Other Inc. , Int., Excpt. Items & Tax 14.37% 14.23% 14.87% 12.74% 12.79%
Other Income 1.34% 1.50% 1.39% 2.63% 1.17%
P/L Before Int., Excpt. Items & Tax 15.71% 15.73% 16.26% 15.37% 13.96%
Interest 0.69% 0.80% 0.93% 1.51% 0.81%
P/L Before Exceptional Items & Tax 15.02% 14.94% 15.33% 13.86% 13.15%
Exceptional Items
P/L Before Tax 15.02% 14.94% 15.33% 13.86% 13.15%
Tax -8.33% 25.39% 25.39% 25.40% 25.46%
P/L After Tax from Ordinary Activities 16.27% 11.14% 11.44% 10.34% 9.80%
Prior Year Adjustments
Extra Ordinary Items
Net Profit/(Loss) For the Period 16.27% 11.14% 11.44% 10.34% 9.80%
Equity Share Capital 8.29% 9.48% 10.47% 17.59% 12.32%
Reserves Excluding Revaluation Reserves
Equity Dividend Rate (%)
 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

20.20% 21.47% 19.42% 23.28% 29.27% 12.82% 28.32% 22.75% 25.16%

48.56% 49.09% 47.73% 46.10% 44.33% 48.25% 45.25% 46.19% 45.92%
-0.71% -2.46% 0.21% -0.34% -5.35% 10.34% -5.93% -0.54% -4.17%
7.22% 7.53% 6.09% 6.34% 7.38% 6.51% 5.97% 6.21% 7.91%
0.60% 0.59% 0.43% 0.27% 0.32% 0.31% 0.26% 0.27% 0.34%
11.96% 12.33% 12.29% 10.66% 12.13% 10.15% 12.50% 10.79% 12.77%
12.18% 11.44% 13.83% 13.69% 11.92% 11.63% 13.64% 14.33% 12.07%
1.62% 1.14% 1.29% 1.43% 1.20% 0.95% 0.73% 0.97% 0.71%
13.80% 12.58% 15.12% 15.12% 13.12% 12.58% 14.37% 15.30% 12.78%
0.81% 0.81% 1.11% 1.19% 1.46% 1.45% 1.26% 1.43% 1.69%
12.99% 11.77% 14.00% 13.93% 11.66% 11.13% 13.11% 13.87% 11.09%

12.99% 11.77% 14.00% 13.93% 11.66% 11.13% 13.11% 13.87% 11.09%

-15.75% 12.14% 35.00% 15.74% 33.70% 33.40% 33.92% 33.93% 33.20%
15.03% 10.34% 9.10% 11.74% 7.73% 7.41% 8.66% 9.16% 7.41%

15.03% 10.34% 9.10% 11.74% 7.73% 7.41% 8.66% 9.16% 7.41%

11.71% 11.66% 9.31% 10.39% 12.17% 12.08% 10.41% 11.13% 13.36%
 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

14.95% 26.07% 21.53% 21.47% 16.93% 21.94% 23.03% 24.36%

48.41% 49.55% 50.38% 48.89% 46.25% 48.76% 48.21% 49.01%
6.31% -6.19% -3.04% -1.99% 5.88% -1.88% -1.76% -2.48%
7.29% 6.50% 6.37% 6.69% 5.60% 4.22% 5.52% 5.57%
0.33% 0.30% 0.27% 0.30% 0.31% 0.25% 0.33% 0.37%
10.47% 11.81% 11.89% 13.77% 14.40% 13.12% 12.31% 13.31%
12.25% 11.96% 12.61% 10.87% 10.63% 13.58% 12.36% 9.85%
0.37% 0.92% 0.64% 0.57% 0.47% 0.01% 0.00% 0.01%
12.62% 12.88% 13.25% 11.44% 11.10% 13.59% 12.37% 9.87%
1.64% 1.53% 1.42% 1.83% 1.80% 1.31% 1.59% 1.95%
10.98% 11.35% 11.83% 9.62% 9.30% 12.28% 10.78% 7.92%

10.98% 11.35% 11.64% 9.62% 9.25% 12.28% 9.85% 7.77%

32.81% 33.00% 30.97% 32.89% 33.21% 33.21% 32.49% 34.57%
7.38% 7.61% 8.03% 6.45% 6.18% 8.20% 6.65% 5.08%

7.38% 7.61% 8.03% 6.45% 6.18% 8.20% 6.65% 5.08%

13.06% 11.88% 11.65% 14.10% 14.08% 11.18% 12.51% 15.47%
 Total Revenue of the Select
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 810.05 1,001.63 1,120.84 889.99 888.92 1,076.15 1,055.45 959.71 938.19
Havells 1,330.41 1,459.69 1,466.81 1,452.24 1,506.01 1,710.20 1,860.54 1,777.36 1,965.77
Bajaj 1,146.63 1,357.19 1,049.46 1,263.91 1,020.47 935.58 1,145.13 1,606.27 1,139.93
V-Guard 416.28 513.3 572.68 495.1 459.58 623.26 559.53 559.92 523.52
Sum Total 4,209.79 4,101.24 3,874.98 4,345.19 4,620.65 4,903.26 4,567.41

Approximate Perce
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 100% 100% 100% 100% 100% 100% 100% 100% 100%
Havells 92% 92% 96% 96% 96% 96% 97% 97% 97%
Bajaj 99% 99% 99% 99% 99% 99% 99% 99% 99%
V-Guard 100% 100% 100% 100% 100% 100% 100%

Approximate Percentage of Elec

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 69% 69% 72% 72% 72% 72% 69% 69% 69%
Havells 21% 21% 22% 22% 22% 22% 19% 19% 19%
Bajaj 43% 43% 45% 45% 45% 45% 39% 39% 39%
V-Guard 37% 37% 37% 37% 38% 38% 38%

Approximate Perce
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 31% 31% 28% 28% 28% 28% 31% 31% 31%
Havells 40% 40% 14% 14% 14% 14% 14% 14% 14%
Bajaj 23% 23% 20% 20% 20% 20% 20% 20% 20%
V-Guard 0% 0% 0% 0% 0% 0% 0%

ECD Reven
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 558.29 690.32 803.64 638.12 637.36 771.60 727.21 661.24 646.41
Havells 256.27 281.17 302.73 299.72 310.82 352.96 343.57 328.21 363.00
Bajaj 493.59 584.22 467.06 562.50 454.16 416.38 446.13 625.78 444.10
V-Guard 211.72 183.04 169.91 230.42 211.83 211.98 198.20
Sum Total 1785.15 1683.39 1572.24 1771.36 1728.74 1827.21 1651.72
 Lighting Rev
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
CGEL 317.20 251.87 251.56 304.55 328.24 298.47 291.78
Havells 190.63 188.73 195.72 222.26 255.51 244.08 269.96
Bajaj 207.58 250.00 201.85 185.06 225.78 316.70 224.76
V-Guard
Surya
Sum Total 715.41 690.60 649.13 711.87 809.53 859.26 786.49

3476632 810.05 15.061575 6.697096

3695814 1,001.63 15.122711 6.909384
3639775 1,120.84 15.107432 7.0218337
3754117 889.99 15.138364 6.7912102
3875007 888.92 15.170058 6.7900072
4122771 1,076.15 15.232036 6.9811451 1771.3597 15.232036 7.4795027
4008916 1,055.45 15.204031 6.9617225 1728.7377 15.204031 7.4551468
4157246 959.71 15.240363 6.8666312 1827.2149 15.240363 7.5105482
4339194 938.19 15.283199 6.8439525 1651.7184 15.283199 7.4095715
4584686 1,126.31 15.338232 7.0267021 2116.2034 15.338232 7.6573789 8.2
4565593 1,203.89 15.334059 7.0933133 1996.6886 15.334059 7.5992454
8
4653178 1,037.83 15.353061 6.9448873 1944.2859 15.353061 7.5726501
f(x) = 1.6
4867698 1,030.31 15.398132 6.937615 2196.156 15.398132 7.6944638 7.8 R² = 0.81
4800488 1,206.88 15.384228 7.0957938 2287.3632 15.384228 7.735155
7.6
5004209 1,346.84 15.42579 7.2055164 2561.3374 15.42579 7.8482848
4942940 1,075.79 15.413471 6.9808106 2111.1059 15.413471 7.6549672 7.4
5182997 1,071.29 15.460894 6.9766188 2215.132 15.460894 7.7030673
7.2
5220867 1,018.05 15.468174 6.9256443 2136.4148 15.468174 7.6668844
3888824 713.17 15.173617 6.5697198 1388.2775 15.173617 7.235819 7
4726016 1,198.39 15.368593 7.0887343 2411.9762 15.368593 7.7882017
1,323.13 15.512029 6.8
5454921 7.1877554 2909.7686 15.512029 7.9758288 15.15 15.2
5675909 1,515.26 15.551741 7.3233423 2968.1764 15.551741 7.995703
 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Net Sales/In 414.15 510.07 569.9 493.2 457.13 623.26 559.53 559.92 523.52
Other Operat 2.13 3.23 2.78 1.9 2.45 -- -- -- --
Total Income 416.28 513.3 572.68 495.1 459.58 623.26 559.53 559.92 523.52
tal Revenue of the Selected Listed Companies (in Rs. Crores)
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
1,126.31 1,203.89 1,037.83 1,030.31 1,206.88 1,346.84 1,075.79 1,071.29 1,018.05 713.17
2,534.90 2,596.34 2,190.99 2,523.81 2,754.77 2,716.88 2,232.65 2,273.29 2,217.44 1,483.40
1,598.44 1,139.93 1,599.81 2,164.49 1,775.18 1,300.69 1,095.65 1,283.86 1,300.66 608.29
658.61 642.42 604.5 601.31 745.78 706.65 623.27 631.89 541.14 408
5,918.26 5,582.58 5,433.13 6,319.92 6,482.61 6,071.06 5,027.36 5,260.33 5,077.29 3,212.86

Approximate Percentage of Domestic Revenues

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
97% 97% 97% 97% 97% 98% 98% 98% 98% 99%
99% 99% 99% 99% 99% 97% 97% 97% 97% 97%
100% 100% 100% 100% 100% 99% 99% 99% 99% 100%

ximate Percentage of Electric Consumer Durables (ECD) Revenues

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
69% 72% 72% 72% 72% 75% 75% 75% 75% 78%
19% 20% 20% 20% 20% 23% 23% 23% 23% 23%
39% 35% 35% 35% 35% 52% 52% 52% 52% 58%
38% 38% 38% 38% 38% 38% 38% 38% 38% 38%
4% 4% 4% 4% 4% 4% 4% 4% 5%

Approximate Percentage of Lighting Revenues

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
31% 28% 28% 28% 28% 25% 25% 25% 25% 22%
14% 13% 13% 13% 13% 12% 12% 12% 12% 10%
20% 20% 20% 20% 20% 21% 21% 21% 21% 21%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

40.17%
ECD Revenues (in Rs. Crores)
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
776.03 863.79 744.64 739.25 865.94 1011.61 808.03 804.65 764.66 557.70
468.10 496.77 419.21 482.89 527.08 627.96 516.04 525.43 512.52 333.10
622.73 393.23 551.87 746.66 612.37 654.85 551.62 646.38 654.84 343.06
249.35 242.90 228.56 227.36 281.98 266.92 235.42 238.68 204.40 154.42
2116.20 1996.69 1944.29 2196.16 2287.36 2561.34 2111.11 2215.13 2136.41 1388.28
 0.34017757
Lighting Revenues (in Rs. Crores)
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
350.28 340.10 293.19 291.06 340.94 335.23 267.76 266.64 253.39 155.47
348.12 323.89 273.32 314.84 343.66 323.75 266.04 270.89 264.23 152.41
315.16 223.02 312.99 423.46 347.30 264.46 222.77 261.04 264.45 123.93

1013.56 887.01 879.50 1029.37 1031.90 923.43 756.58 798.57 782.08 431.81

Chart Title
8.2

8
f(x) = 1.63717312803245 x − 17.5030397309435
7.8 R² = 0.811404511281546

7.6

7.4

7.2

6.8
15.15 15.2 15.25 15.3 15.35 15.4 15.45 15.5 15.55 15.6
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

658.61 642.42 604.5 601.31 745.78 706.65 623.27 631.89 541.14 408
-- -- -- -- -- -- -- -- -- --
658.61 642.42 604.5 601.31 745.78 706.65 623.27 631.89 541.14 408
 0.0527441
Sep-20 Dec-20 Mar-21
1,198.39 1,323.13 1,515.26
2,459.49 3,175.20 3,339.21
1,217.71 1,500.14 1,258.47
623.01 835.04 855.2
5,498.60 6,833.51 6,968.14

Sep-20 Dec-20 Mar-21

100% 100% 100%
99% 99% 99%
97% 97% 97%
100% 100% 100%

Sep-20 Dec-20 Mar-21

78% 78% 78%
23% 23% 23%
58% 58% 58%
38% 38% 38% 68.79% 68.79%
5% 5% 5%

Sep-20 Dec-20 Mar-21

22% 22% 22%
10% 10% 10%
21% 21% 21%
0% 0% 0%

38.85% 35.56% 39.92%

66794
Sep-20 Dec-20 Mar-21
937.14 1034.69 1184.93 9678.20
552.28 712.99 749.82
686.76 846.04 709.75
235.80 316.05 323.68
2411.98 2909.77 2968.18
Sep-20 Dec-20 Mar-21
261.25 288.44 330.33
252.69 326.23 343.08
248.10 305.64 256.40

762.04 920.31 929.81

 0.0000%
Sep-20 Dec-20 Mar-21

Sep-20 Dec-20 Mar-21

623.01 835.04 855.2

-- -- --
623.01 835.04 855.2
68.79% 68.79% 68.77% 68.77% 68.77% 68.77% 70.71% 70.71% 70.71% 70.71%
70.00% 70.00% 70.00% 70.00% 71.90% 71.90% 71.90% 71.90%
Qtr Nominal GDP Industry Season Centred Mean Ratio Seasonal Index Industry Revenue SA
Q1FY17 3639775 1785.15 1 0.94 1894.87
Q2FY17 3754117 1683.39 2 0.98 1715.86
Q3FY17 3875007 1572.24 3 1695.98 0.93 0.97 1624.21
Q4FY17 4122771 1771.36 4 1706.91 1.04 1.06 1678.73
Q1FY18 4008916 1728.74 1 1734.82 1.00 0.94 1834.98
Q2FY18 4157246 1827.21 2 1787.86 1.02 0.98 1862.47
Q3FY18 4339194 1651.72 3 1864.46 0.89 0.97 1706.32
Q4FY18 4584686 2116.20 4 1912.59 1.11 1.06 2005.54
Q1FY19 4565593 1996.69 1 1995.28 1.00 0.94 2119.40
Q2FY19 4653178 1944.29 2 2084.73 0.93 0.98 1981.80
Q3FY19 4867698 2196.16 3 2176.70 1.01 0.97 2268.75
Q4FY19 4800488 2287.36 4 2268.14 1.01 1.06 2167.75
Q1FY20 5004209 2561.34 1 2291.36 1.12 0.94 2718.76
Q2FY20 4942940 2111.11 2 2274.87 0.93 0.98 2151.84
Q3FY20 5182997 2215.13 3 2109.37 1.05 0.97 2288.35
Q4FY20 5220867 2136.41 4 2000.34 1.07 1.06 2024.69
Q1FY21 3888824 1388.28 1 2124.78 0.65 0.94 1473.60
Q2FY21 4726016 2411.98 2 2315.58 1.04 0.98 2458.51
Q3FY21 5454921 2909.77 3 0.97 3005.95
Q4FY21 5675909 2968.18 4 1.06 2812.96
Q1FY22 4472147.742577 1 0.94
Q2FY22 5434918.711455 2 0.98
Q3FY22 6273159.62022 3 0.97
Q4FY22 6527294.839425 4 1.06
Q1FY23 5008805.471686 1 0.94
Q2FY23 6087108.956829 2 0.98
Q3FY23 7025938.774646 3 0.97
Q4FY23 7310570.220156 4 1.06

Average Nominal GDP growth FY24-FY26 11.00%

Elasticity 1.40782385124
Real Industry Growth 15.49%
Expected Y-o-Y inflation 0.00%
Nominal Industry Growth 15.49%
GDP CM Ratio GDP SI GDP SA LN_IND LN_GDP Est_Ind WPI Est_Nom_Ind Nom_Ind MAPE
0.95 3836803.46 7.55 15.16 1515.74 1.00 1515.74 1785.15 15%
0.98 3823214.78 7.45 15.16 1570.57 1.00 1570.57 1683.39 7%
3894059.92 1.00 1.02 3816855.75 7.39 15.15 1546.03 1.00 1546.03 1572.24 2%
3990593.76 1.03 1.03 3987234.98 7.43 15.20 1792.12 1.00 1792.12 1771.36 1%
4099008.27 0.98 0.95 4225927.23 7.51 15.26 1736.54 1.00 1736.54 1728.74 0%
4214771.04 0.99 0.98 4233764.04 7.53 15.26 1813.10 1.00 1813.10 1827.21 1%
4342095.03 1.00 1.02 4274076.67 7.44 15.27 1812.98 1.00 1812.98 1651.72 10%
4473671.02 1.02 1.03 4433964.88 7.60 15.30 2081.12 1.00 2081.12 2116.20 2%
4601725.53 0.99 0.95 4812737.89 7.66 15.39 2085.38 1.00 2085.38 1996.69 4%
4694763.92 0.99 0.98 4738823.50 7.59 15.37 2124.84 1.00 2124.84 1944.29 9%
4776566.33 1.02 1.02 4794650.24 7.73 15.38 2131.39 1.00 2131.39 2196.16 3%
4867613.65 0.99 1.03 4642672.85 7.68 15.35 2220.34 1.00 2220.34 2287.36 3%
4943246.17 1.01 0.95 5275097.96 7.91 15.48 2372.85 1.00 2372.85 2561.34 7%
5035205.85 0.98 0.98 5033918.57 7.67 15.43 2313.46 1.00 2313.46 2111.11 10%
4948330.08 1.05 1.02 5105217.11 7.74 15.45 2328.29 1.00 2328.29 2215.13 5%
4781791.52 1.09 1.03 5049231.91 7.61 15.43 2498.88 1.00 2498.88 2136.41 17%
4788666.71 0.81 0.95 4099334.57 7.30 15.23 1663.76 1.00 1663.76 1388.28 20%
4879537.45 0.97 0.98 4813002.66 7.81 15.39 2171.82 1.00 2171.82 2411.98 10%
1.02 5373061.19 8.01 15.50 2502.08 1.00 2502.08 2909.77 14%
1.03 5489313.60 7.94 15.52 2810.86 1.00 2810.86 2968.18 5%
5361753.88 0.95 4714234.75 15.37 2025.54 1.00 2025.54
5570456.94 0.98 5534953.06 15.53 2644.08 1.00 2644.08
5743962.44 1.02 6179020.37 15.64 3046.16 1.00 3046.16
5892568.44 1.03 6312710.64 15.66 3422.08 1.00 3422.08
6068189.62 0.95 5279942.93 15.48 2375.92 1.00 2375.92
6260196.43 0.98 6199147.43 15.64 3101.45 1.00 3101.45
5732005.17 1.02 6920502.82 15.75 3573.09 1.00 3573.09
4345015.87 1.03 7070235.91 15.77 4014.03 1.00 4014.03
MAPE 7.25%
RSQ 79.09%
Elasticity 1.40782385
6424.459 6812.14 0.05691 0.892515
7443.741 7323.874 0.016367 0.039713
8561.955 8424.494 0.016317
9513.477 9023.99 0.054243
9148.509 9678.199 0.05473

Vol P
1 100 5
2 101 5
3 102.01 5
4 103.0301 5
5 104.0604 5
6 105.101 5
7 106.152 5
 5 500 500
5.2 505 525.2
5.408 510.05 551.6701
5.62432 515.1505 579.4743
5.849293 520.302 608.6798
6.083265 525.505 639.3572
6.326595 530.7601 671.5808 0
 Construction GVA at Current Prices Total Lighting Revenue of Peers LN(GVA) LN(Ind_Rev)
Q1FY17 273538 715.41 12.51919574 6.572852134643
Q2FY17 262498 690.60 12.4780002 6.537562983989
Q3FY17 274360 649.13 12.52219763 6.475639505705
Q4FY17 270473 711.87 12.50792905 6.567889098473
Q1FY18 288043 809.53 12.57086476 6.696456861164
Q2FY18 281258 859.26 12.54702806 6.756066091654
Q3FY18 306395 786.49 12.63263063 6.667580655842
Q4FY18 324718 1013.56 12.69071162 6.921220874321
Q1FY19 325930 887.01 12.69443646 6.78785463639
Q2FY19 315553 879.50 12.66208148 6.779354809
Q3FY19 346559 1029.37 12.75580763 6.936702919234
Q4FY19 361754 1031.90 12.79872027 6.939155700151
Q1FY20 351017 923.43 12.76859108 6.8280982063
Q2FY20 318342 756.58 12.6708816 6.628805952097
Q3FY20 334189 798.57 12.7194619 6.68282027266
Q4FY20 365090 782.08 12.80789948 6.661953663877
Q1FY21 169670 431.81 12.04161033 6.067990703464
Q2FY21 290115 762.04 12.5780329 6.635998560376
Q3FY21 366437 920.31 12.81158145 6.824709474741
Q4FY21 455826 929.81 13.0298668 6.834975588907
Q1FY22 268328.86 613.20
Q2FY22 326095.12 830.31
Q3FY22 439121.17 1052.18
Q4FY22 456910.64 931.40
Q1FY23 350616.38 749.04
Q2FY23 426097.63 1014.26
Q3FY23 491815.71 1143.39
Q4FY23 511739.92 1012.14
FY24 1976099.29999174 4230.24
FY25 2193470.22299083 4566.39
FY26 2434751.94751983 4929.25
 Log-Log Regression
7.2

7
f(x) = 0.863723670764129 x − 4.22760791516166
R² = 0.72239767167925
6.8

6.6

6.4

6.2

5.8

5.6
11.8 12 12.2 12.4 12.6 12.8 13

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.8499398047
R Square 0.7223976717
Adjusted R Square 0.7069753201
Standard Error 0.1075004517
Observations 20

ANOVA
df SS MS F Significance F
Regression 1 0.541310331851 0.5413103 46.840955 2.0974051E-06
Residual 18 0.208014248048 0.0115563
Total 19 0.749324579898

Coefficients Standard Error t Stat P-value Lower 95%

Intercept -4.2276079152 1.595406148339 -2.649863 0.0162936 -7.5794318553
X Variable 1 0.8637236708 0.12620075487 6.8440452 2.097E-06 0.59858572336
12.8 13 13.2

Upper 95% Lower 95.0% Upper 95.0%

-0.875783975 -7.5794318553 -0.875783975
1.1288616182 0.5985857234 1.1288616182
 FY18 FY19 FY20 FY21
Employee Costs 282.65 291.88 310.95 336.58
Y-o-Y Growth 3.27% 6.53% 8.24%
CAGR Growth % 0.059936

FY18 FY19 FY20 FY21 FY22 FY23 FY24

Freight 99.92 129.36 131.33 135.16 152.9041 178.3995 203.0743
As % of Revenue 0.024492 0.028882 0.029054 0.028138
Packing Materials 60.46 63.88 60.18 62.77 75.21652 87.7582 99.89622
As % of Revenue 0.013746 0.014262 0.013313 0.013068
Sales Promotion 66.78 62.49 49.4 51.8 125.2744 146.1627 166.3788
After Sales 37.38 48.03 51.27 44.07
After Sales & Promotions 104.16 110.52 100.67 95.87 125.2744 146.1627 166.3788
As % of Revenue 0.023682 0.024676 0.022271 0.019958
Advertising 55.16 59.06 69.85 59.5 64.3721 69.64315 75.34581
Y-o-Y Growth 7% 18% -15%
Sub-Total 319.7 362.82 362.03 353.3 417.7671 481.9636 544.6951
Total Other Expenses 466.42 510.89 539.88 479.21 596.0786 687.6755 777.1822
% of Total Other Expenses 0.685434 0.710172 0.670575 0.737255

0.027641

0.013597

0.022647

0.012541 0.013186 0.015453 0.012387 0.013392

FY25 FY26
231.525 264.1434

113.8917 129.9373

189.6885 216.4128

189.6885 216.4128

81.51543 88.19025 0.081884

616.6206 698.6838
879.8069 996.8963
Profit & Loss (in Rs. Crores) Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
Revenues
ECD Revenues 803.64 638.12 637.36 771.60 727.21 661.24
Y-o-Y Growth -10% 4%
Lighting Revenue 317.20 251.87 251.56 304.55 328.24 298.47
Y-o-Y Growth 3% 19%
Net Sales/Income from operations 1,120.84 889.99 888.92 1,076.15 1,055.45 959.71
Y-o-Y Growth -- -- -- -- -6% 8%
Other Operating Income
Total Income From Operations 1,120.84 889.99 888.92 1,076.15 1,055.45 959.71
Other Income 0.15 4.15 5.04 6.88 9.69 3.53
Total Income 1,120.99 894.14 893.96 1,083.03 1,065.14 963.24
Expenditure
Consumption of Raw Materials 245.95 150.68 190.81 231.69 275.19 143.46
Purchase of Traded Goods 546.52 411.60 434.59 542.16 522.97 464.57
Increase/Decrease in Stocks -21.04 52.33 -17.68 -32.76 -65.29 60.59
Employees Cost 47.34 49.84 59.49 68.51 68.57 69.93
Other Expenses 147.09 128.17 122.41 127.99 124.61 100.46
EBITDA 155.13 101.52 104.34 145.44 139.09 124.23
EBITDA Margin 14% 11% 12% 13% 13% 13%
Depreciation 2.8 2.72 2.63 2.89 3.15 3.16
P/L Before Other Inc. , Int., Excpt. Items & Tax 152.33 98.80 101.71 142.55 135.94 121.07
EBIT 152.33 98.8 101.71 142.55 135.94 121.07
EBIT Margin 14% 11% 11% 13% 13% 13%
Interest 14.68 16.06 16.24 15.26 16.14 15.7
P/L Before Exceptional Items & Tax 137.65 82.74 85.47 127.29 119.8 105.37
Exceptional Items 0 0.45 0 2.07 0 0
PBT 137.65 82.29 85.47 125.22 119.8 105.37
Tax 45.71 27.33 28.11 38.78 39.53 34.57
PAT 91.94 54.96 57.36 86.44 80.27 70.80
Prior Year Adjustments 0 0 0 0 0 0
Extra Ordinary Items 0 0 0 0 0 0
Net Profit/(Loss) For the Period 91.94 54.96 57.36 86.44 80.27 70.8
Equity Share Capital 125.35 125.35 125.35 125.35 125.35 125.35
Reserves Excluding Revaluation Reserves -- -- -- -- -- --
Equity Dividend Rate (%) -- -- -- -- -- --
EPS Before Extra Ordinary
Basic EPS 1.47 0.88 0.92 1.38 1.28 1.13
Diluted EPS 1.47 0.88 0.91 1.38 1.28 1.13
EPS After Extra Ordinary
Basic EPS 1.47 0.88 0.92 1.38 1.28 1.13
Diluted EPS 1.47 0.88 0.91 1.38 1.28 1.13
 Profit & Loss (in Rs. Crores)
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

646.41 776.03 863.79 744.64 739.25 865.94 1011.61 808.03 804.65 764.66
1% 1% 19% 13% 14% 12% 17% 9% 9% -12%
291.78 350.28 340.10 293.19 291.06 340.94 335.23 267.76 266.64 253.39
16% 15% 4% -2% 0% -3% -1% -9% -8% -26%
938.19 1,126.31 1,203.89 1,037.83 1,030.31 1,206.88 1,346.84 1,075.79 1,071.29 1,018.05
6% 5% 14% 8% 10% 7% 12% 4% 4% -16%

938.19 1,126.31 1,203.89 1,037.83 1,030.31 1,206.88 1,346.84 1,075.79 1,071.29 1,018.05
6.62 10.91 8.84 9.83 12.38 17.21 17.32 12.24 17.39 11.92
944.81 1,137.22 1,212.73 1,047.66 1,042.69 1,224.09 1,364.16 1,088.03 1,088.68 1,029.97

236.02 256.19 340.89 133.05 301.62 280.93 261.59 231.01 216.41 270.45
430.79 520.22 544.73 500.77 456.70 556.42 642.91 528.12 520.20 520.62
-39.10 -6.06 -71.35 107.26 -55.09 -4.11 2.83 -26.48 -7.65 -94.99
74.18 69.97 71.83 67.53 76.02 76.50 81.98 81.00 77.36 70.61
119.83 121.52 150.53 105.30 124.99 128.60 165.47 132.63 128.11 112.93
123.09 175.38 176.10 133.75 138.45 185.75 209.38 141.75 154.25 150.35
13% 15% 15% 13% 13% 15% 15% 13% 14% 15%
3.22 3.08 3.1 3.23 3.26 3.3 5.78 6.39 6.42 8.2
119.87 172.30 173.00 130.52 135.19 182.45 203.60 135.36 147.83 142.15
119.87 172.3 173 130.52 135.19 182.45 203.6 135.36 147.83 142.15
13% 15% 14% 12% 13% 15% 15% 12% 14% 14%
15.83 16.07 15.21 15.04 15.03 14.32 14.99 8.71 8.72 8.25
104.04 156.23 157.79 115.48 120.16 168.13 188.61 126.65 139.11 133.9
0 0 0 0 0 0 0 0 0 0
104.04 156.23 157.79 115.48 120.16 168.13 188.61 126.65 139.11 133.9
34.54 53.01 53.52 38.57 40.49 26.46 66.01 15.38 -21.91 34.09
69.50 103.22 104.27 76.91 79.67 141.67 122.60 111.27 161.02 99.81
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
69.5 103.22 104.27 76.91 79.67 141.67 122.6 111.27 161.02 99.81
125.35 125.36 125.36 125.36 125.38 125.38 125.4 125.41 125.45 125.46
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --

1.11 1.65 1.66 1.23 1.27 2.26 1.96 1.78 2.57 1.59
1.11 1.64 1.66 1.22 1.26 2.25 1.94 1.76 2.55 1.58

1.11 1.65 1.66 1.23 1.27 2.26 1.96 1.78 2.57 1.59
1.11 1.64 1.66 1.22 1.26 2.25 1.94 1.76 2.55 1.58
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22

557.70 937.14 1034.69 1184.93 789.96 1031.19 1188.00 1334.61 926.61 1209.57
-45% 16% 29% 55% 42% 10% 15% 13% 17% 17%
155.47 261.25 288.44 330.33 208.49 282.31 357.74 316.68 254.67 344.85
-54% -2% 8% 30% 34% 8% 24% -4% 22% 22%
713.17 1,198.39 1,323.13 1,515.26 998.45 1313.50 1545.74 1651.29 1181.28 1554.41
-47% 11% 24% 49% 40% 10% 17% 9% 18% 18%

713.17 1,198.39 1,323.13 1,515.26 998.45 1313.50 1545.74 1651.29 1181.28 1554.41
18.76 16.66 19.87 20.34 10.52 13.84 16.29 17.40 12.45 16.38
731.93 1,215.05 1,343.00 1,535.60 1008.97 1327.34 1562.04 1668.69 1193.73 1570.80

71.17 255.80 303.19 355.28 217.65 286.33 336.96 359.96 257.51 338.85
284.86 527.35 653.46 817.53 477.64 628.36 739.46 789.95 565.11 743.61
125.32 20.94 -61.02 -123.44 -11.76 -15.47 -18.21 -19.45 -13.92 -18.31
72.00 79.65 92.93 92.00 66.30 87.21 102.63 109.64 78.44 103.21
61.00 128.79 139.39 149.06 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
117.58 202.52 215.05 245.17 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
16% 17% 16% 16% #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
7.99 7.66 6.88 7.16
109.59 194.86 208.17 238.01 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
109.59 194.86 208.17 238.01 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
15% 16% 16% 15% #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
10.78 11.13 10.56 10.44
98.81 183.73 197.61 227.57 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
0 0 0 0
98.81 183.73 197.61 227.57 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
25.1 46.65 50.18 -18.95 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
73.71 137.08 147.43 246.52 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
0 0 0 0
0 0 0 0
73.71 137.08 147.43 246.52 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
125.46 125.47 125.48 125.54
-- -- -- --
-- -- -- --

1.18 2.19 2.35 3.93

1.17 2.17 2.33 3.9

1.18 2.19 2.35 3.93

1.17 2.17 2.33 3.9
 Dec-22 Mar-23

1393.50 1565.47
17% 17%
388.75 344.13
9% 9%
1782.26 1909.60
15% 16%

1782.26 1909.60
18.78 20.13
1801.04 1929.73

388.51 416.27
852.61 913.53
-21.00 -22.50
118.34 126.79
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?

#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?

#NAME? #NAME?
 FY19 FY20 FY21 FY22 FY23 FY24
Revenues
ECD Revenues 3214 3395 3756 4362 5116 5908
Y-o-Y Growth 6% 11% 16% 17% 15%
Lighting Revenues 1265 1125 1047 1170 1338 1438
Y-o-Y Growth -11% -7% 12% 14% 8%
Net Sales/Income from operations 4479 4520 4804 5532 6454 7347
Y-o-Y Growth 1% 6% 15% 17% 14%
Other Operating Income
Total Income From Operations 4479 4520 4804 5532 6454 7347
Other Income 48 59 76 58 68 77
Total Income 4527 4579 4879 5590 6522 7424
Expenditure
Consumption of Raw Materials 1056 979 986 1201 1401 1602
Purchase of Traded Goods 2059 2217 2320 2637 3076 3502
Increase/Decrease in Stocks -23 -126 -39 -65 -76 -87
Employees Cost 292 311 337 364 393 424
Other Expenses 511 540 479 596 688 777
EBITDA 632 658 796 857 1040 1206
EBITDA Margin 14% 14% 16% 15% 16% 16%
Depreciation 13 27 30 34 42 51
EBIT 619 631 767 823 998 1156
EBIT Margin 14% 14% 16% 15% 15% 16%
Interest 60 41 43 43 43 43
P/L Before Exceptional Items & Tax 560 591 724 780 955 1113
Exceptional Items
PBT 560 591 724 780 955 1113
Tax 158 94 107 194 230 278
PAT 401 496 617 586 725 835
Prior Year Adjustments
Extra Ordinary Items
Net Profit/(Loss) For the Period 401 496 617 586 725 835
Minority Interest
Share Of P/L Of Associates
Net P/L After M.I & Associates 401 496 617 586 725 835
Equity Share Capital 125 125 125 125 125 125
Reserves Excl Revaluation Reserves -- -- -- -- -- --
Equity Dividend Rate (%) -- -- -- 55% 55% 55%

EPS Before Extra Ordinary

Basic EPS 2 2 -- 1 2 2
Diluted EPS 2 2 -- 1 2 2

EPS After Extra Ordinary

Basic EPS 2 2 -- 1 2 2
Diluted EPS 2 2 -- 1 2 2
 FY25 FY26

6823 7880
15% 15%
1553 1676
8% 8%
8376 9556
14% 14%

8376 9556
88 101
8464 9657

1826 2083
3992 4555
-99 -113
458 495
880 997
1407 1640
17% 17%
60 72
1346 1568
16% 16%
43 43
1304 1525

1304 1525
326 381
978 1144

978 1144

978 1144
125 125
--
55% 55%

2
2

2
2
 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

ECD Revenues 776.02759 863.791075 744.643025 739.247425 865.9364 1011.61152

Y-o-Y Growth 12% 17%
Lighting Revenues 350.28241 340.098925 293.186975 291.062575 340.9436 335.228476
Y-o-Y Growth -3% -1%
Net Sales/Income from operations 1,126.31 1,203.89 1,037.83 1,030.31 1,206.88 1,346.84
Y-o-Y Growth 7% 12%
Other Operating Income
Total Income From Operations 1,126.31 1,203.89 1,037.83 1,030.31 1,206.88 1,346.84
Other Income 10.91 8.84 9.83 12.38 16.96 17.3
Total Income 1,137.22 1,212.73 1,047.66 1,042.69 1,223.84 1,364.14
EXPENDITURE
Consumption of Raw Materials 256.19 340.89 133.05 301.62 280.93 261.59
Purchase of Traded Goods 520.22 544.73 500.77 456.7 556.42 642.91
Increase/Decrease in Stocks -6.06 -71.35 107.26 -55.09 -4.11 2.83
Employees Cost 69.97 71.83 67.53 76.02 76.5 81.98
Other Expenses 121.52 150.53 105.3 124.99 130.07 165.61
EBITDA 175.38 176.10 133.75 138.45 184.03 209.22
EBITDA Margin 15% 15% 13% 13% 15% 15%
Depreciation 3.08 3.1 3.23 3.26 3.3 5.78
EBIT 172.30 173.00 130.52 135.19 180.73 203.44
EBIT Margin 15% 14% 12% 13% 15% 15%
Interest 16.07 15.21 15.04 15.03 14.32 14.99
P/L Before Exceptional Items & Tax 156.23 157.79 115.48 120.16 166.41 188.45
Exceptional Items
P/L Before Tax 156.23 157.79 115.48 120.16 166.41 188.45
Tax 53.01 53.52 38.57 40.49 25.87 66.01
P/L After Tax from Ordinary Activities 103.22 104.27 76.91 79.67 140.54 122.44
Prior Year Adjustments
Extra Ordinary Items
Net Profit/(Loss) For the Period 103.22 104.27 76.91 79.67 140.54 122.44
Minority Interest
Share Of P/L Of Associates
Net P/L After M.I & Associates 103.22 104.27 76.91 79.67 140.54 122.44
Equity Share Capital 125.36 125.36 125.4 125.38 125.4 125.4
Reserves Excluding Revaluation Reserves -- -- -- -- -- --
Equity Dividend Rate (%) -- -- -- -- -- --

EPS Before Extra Ordinary

Basic EPS 1.65 1.66 -- 1.27 2.24 1.95

Diluted EPS 1.64 1.66 -- 1.26 2.23 1.94

EPS After Extra Ordinary

Basic EPS 1.65 1.66 -- 1.27 2.24 1.95

Diluted EPS 1.64 1.66 -- 1.26 2.23 1.94
 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21

808.025869 804.645919 770.883974 563.1182 948.71458 1054.26894 1190.2431 793.220504 1035.44537 1192.903
9% 9% -11% -44% 17% 31% 54% 41% 9% 13%
267.764131 266.644081 255.456026 156.9818 264.47542 293.90106 331.8069 209.347085 283.470422 359.216881
-9% -8% -25% -53% -1% 10% 30% 33% 7% 22%
1,075.79 1,071.29 1,026.34 720.1 1,213.19 1,348.17 1,522.05 1002.567589 1318.915791 1552.119882
4% 4% -15% -47% 13% 26% 48% 39% 9% 15%

1,075.79 1,071.29 1,026.34 720.10 1,213.19 1,348.17 1,522.05 1,002.57 1,318.92 1,552.12
12.25 17.54 11.96 18.58 16.68 19.89 20.6 10.52 13.84 16.29
1,088.04 1,088.83 1,038.30 738.68 1,229.87 1,368.06 1,542.65 1,013.09 1,332.76 1,568.41

231.01 216.41 270.45 71.17 255.8 303.19 356.15 217.6513549 286.3286347 336.9558314
528.12 520.2 525.93 289.28 536.58 673.44 820.7 477.8803496 628.6697738 739.8280178
-26.48 -7.65 -94.99 125.32 20.94 -61.02 -124.31 -11.7630439 -15.4747316 -18.2108962
81 77.36 70.61 72 79.65 92.93 92 66.29521253 87.2138733 102.634594
132.85 128.29 113.13 61.13 128.97 139.58 149.53 149.02 149.02 149.02
141.54 154.22 153.17 119.78 207.93 219.94 248.58 114.01 197.00 258.18
13% 14% 15% 16% 17% 16% 16% 11% 15% 16%
6.39 6.42 8.2 7.99 7.66 6.88 7.16 8.615366193 8.615366193 8.615366193
135.15 147.80 144.97 111.79 200.27 213.06 241.42 105.39 188.39 249.57
12% 14% 14% 15% 16% 16% 16% 10% 14% 16%
8.71 8.72 8.25 10.78 11.13 10.56 10.44 10.7275 10.7275 10.7275
126.44 139.08 136.72 101.01 189.14 202.50 230.98 94.66 177.66 238.84

126.44 139.08 136.72 101.01 189.14 202.50 230.98 94.66 177.66 238.84
15.56 -21.89 34.62 26.21 47.46 51.41 -18.1 23.66617 44.414941 59.710423
110.88 160.97 102.1 74.8 141.68 151.09 249.08 71.00 133.24 179.13

110.88 160.97 102.1 74.8 141.68 151.09 249.08 70.9985107 133.244823 179.131269

110.88 160.97 102.1 74.8 141.68 151.09 249.08 70.9985107 133.244823 179.131269
125.41 125.45 125.46 125.46 125.47 125.48 125.54
-- -- -- -- -- -- --
-- -- -- -- -- -- --

1.77 2.57 1.63 1.19 2.26 2.41 3.97

1.76 2.55 1.62 1.18 2.24 2.39 3.94

1.77 2.57 1.63 1.19 2.26 2.41 3.97

1.76 2.55 1.62 1.18 2.24 2.39 3.94
 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23

1340.11611 930.431141 1214.55587 1399.25039 1571.92831

13% 17% 17% 17% 17%
317.98333 255.724851 346.269123 390.356573 345.54858
-4% 22% 22% 9% 9%
1658.099445 1186.155993 1560.82499 1789.606966 1917.476891
9% 18% 18% 15% 16%

1,658.10 1,186.16 1,560.82 1,789.61 1,917.48

17.40 12.45 16.38 18.78 20.13
1,675.50 1,198.61 1,577.21 1,808.39 1,937.60

359.9633531 257.5072862 338.8456576 388.5128398 416.2726266

790.3438647 565.3889543 743.977364 853.0277782 913.9778082
-19.4543458 -13.9170717 -18.3130325 -20.9973128 -22.4976002
109.6425382 78.43507463 103.210223 118.3385295 126.7939833
149.02 171.92 171.92 171.92 171.92
285.99 139.27 237.57 297.59 331.14
17% 12% 15% 16% 17%
8.615366193 10.47633609 10.47633609 10.47633609 10.47633609
277.37 128.80 227.09 287.11 320.66
17% 11% 14% 16% 17%
10.7275 10.7275 10.7275 10.7275 10.7275
266.65 118.07 216.37 276.39 309.93

266.65 118.07 216.37 276.39 309.93

66.661452 29.517391 54.091329 69.096771 77.483554
199.98 88.55 162.27 207.29 232.45

199.984357 88.5521721 162.273986 207.290314 232.450663

199.984357 88.5521721 162.273986 207.290314 232.450663

 FY19 FY20 FY21 FY22
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 125.4 125.46 125.54 125.54
Preference Share Capital 0 0 0 0.00
Total Share Capital 125.4 125.46 125.54 125.54
Revaluation Reserves 0 0 0
Reserves and Surplus 971.94 1,342.88 1,643.36 1906.90
Total Reserves and Surplus 971.94 1342.88 1643.36 1906.90
Money Received Against Share Warrants 0 0 0 0.00
Employees Stock Options 0 0 162.53 162.53
Total Shareholders Funds 1,097.34 1,468.34 1,931.43 2194.97
Preference Shares Issued By Subsidiary Companies 0 0 0 0.00
Equity Share Application Money 0 0 0 0.00
Preference Share Application Money 0 0 0 0.00
Share Capital Suspense 0 0 0 0.00
Hybrid/Debt/Other Securities 0 0 0 0.00
Statutory Consumer Reserves 0 0 0 0.00
Special Appropriation Towards Project Cost 0 0 0 0.00
Service Line Contribution From Consumers 0 0 0 0.00
Government/Other Grants 0 0 0 0.00
Minority Interest 0 0 0 0.00
Policy Holders Funds 0 0 0 0.00
Group Share In Joint Ventures 0 0 0 0.00
Liabilities
NON-CURRENT LIABILITIES
Long Term Borrowings 349.26 179.72 298.79 298.79
Deferred Tax Liabilities [Net] 0 0 0 0.00
Other Long Term Liabilities 0 0 0 0.00
Long Term Provisions 17.29 19.11 21.44 21.44
Total Non-Current Liabilities 366.55 198.83 320.23 320.23
Foreign Currency Monetary Item Translation Difference A/C 0 0 0 0.00
CURRENT LIABILITIES
Short Term Borrowings 0 0 0 0.00
Trade Payables 665.01 643.57 864.67 785.55
Other Current Liabilities 388.94 275.57 296.21 296.21
Short Term Provisions 151.81 165.51 204.76 204.76
Total Current Liabilities 1,205.76 1,084.65 1,365.64 1286.52
Total Capital And Liabilities 2,669.65 2,751.82 3,617.30 3801.72
Assets
NON-CURRENT ASSETS
Property, Plant & Equipment 78.55 125.06 132.76 148.55
Intangible Assets 5.19 4.5 2.82 2.72
Capital Work-In-Progress 0.98 19.9 10.86 10.86
Intangible Assets Under Development 0 0 0 0.00
Other Assets 0 0 0 0.00
Cnstruction Stores 0 0 0 0.00
Mining Development Expenditure 0 0 0 0.00
Assets Held For Sale 0 0 0 0.00
Fixed Assets 84.72 149.46 146.44 162.13
Non-Current Investments 0 0 0 0.00
Goodwill 779.41 779.41 779.41 779.41
Deferred Tax Assets [Net] 60.25 50.67 58.55 58.55
Long Term Loans And Advances 0 0 0 0.00
Other Non-Current Assets 25.4 30.61 26.24 26.24
Total Non-Current Assets 949.78 1,010.15 1,010.64 1026.33
Minority Interest 0 0 0 0.00
Group Share In Joint Ventures 0 0 0 0.00
Foreign Currency Monetary Item Translation Difference A/C 0 0 0 0.00
CURRENT ASSETS
Current Investments 541.21 540.82 769.73 769.73
Inventories 352.38 463.61 518.64 568.49
Trade Receivables 565.98 463.46 491.18 560.75
Cash And Cash Equivalents 143.05 48.12 603.95 653.26
Short Term Loans And Advances 0 0 0 0.00
OtherCurrentAssets 117.25 225.66 223.16 223.16
Total Current Assets 1,719.87 1,741.67 2,606.66 2775.39
Total Assets 2,669.65 2,751.82 3,617.30 3801.72

Check 0.00 0.00 0.00 0.00

Difference 0.00 0.00 0.00
FY23 FY24 FY25 FY26

125.54 125.54 125.54 125.54

0.00 0.00 0.00 0.00
125.54 125.54 125.54 125.54

2233.04 2608.58 3048.52 3563.27

2233.04 2608.58 3048.52 3563.27
0.00 0.00 0.00 0.00
162.53 162.53 162.53 162.53
2521.11 2896.65 3336.59 3851.34
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

298.79 298.79 298.79 298.79

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
21.44 21.44 21.44 21.44
320.23 320.23 320.23 320.23
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

916.54 1044.60 1190.95 1358.74 71.734684 69.471635
296.21 296.21 296.21 296.21
204.76 204.76 204.76 204.76
1417.51 1545.57 1691.92 1859.71
4258.84 4762.45 5348.74 6031.28

165.07 180.92 196.11 210.62

2.81 3.03 3.33 3.73 26.24
10.86 10.86 10.86 10.86
0.00 0.00 0.00 0.00
 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
178.74 194.80 210.30 225.20
0.00 0.00 0.00 0.00
779.41 779.41 779.41 779.41
58.55 58.55 58.55 58.55
0.00 0.00 0.00 0.00
26.24 26.24 26.24 26.24
1042.94 1059.00 1074.50 1089.40 1010.64
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

769.73 769.73 769.73 769.73

663.28 755.96 861.87 983.30 41.599673 55.113831
654.25 744.74 849.08 968.70 46.123432 37.423268
905.48 1209.86 1570.40 1996.99
0.00 0.00 0.00 0.00
223.16 223.16 223.16 223.16
3215.90 3703.44 4274.24 4941.87
4258.84 4762.45 5348.74 6031.28

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
87.575004 76.260441
57.939913 51.551139
37.322853
 FY22 FY23 FY24 FY25 FY26
Cash Flow Statement (in Rs. Crores)
Operating Activities
Profit Before Tax 780.09 954.95 1112.70 1303.54 1525.19
Depreciation & Amortization Expense 34.46 41.91 50.55 60.45 71.75
Finance Costs 42.91 42.91 42.91 42.91 42.91
Loss on sale of property, plant, equipment
Provision for ESOPs
Change in fair valuation of investments
Interest Income
Unrealized gain/loss
(Inc)/Dec. in other financial assets
(Inc.)/Dec. in other assets 0.00 0.00 0.00 0.00 0.00
(Inc.)/Dec. in inventories -49.85 -94.79 -92.68 -105.91 -121.42
(Inc.)/Dec. in receivables -69.57 -93.50 -90.49 -104.34 -119.62
Inc./(Dec.) in other liabilities 0.00 0.00 0.00 0.00 0.00
Inc./(Dec.) in payables -79.12 130.98 128.06 146.35 167.79
Inc./(Dec.) in other financial liabilities
Inc./(Dec.) in provisions 0.00 0.00 0.00 0.00 0.00
Cash Generated from Operations 658.93 982.46 1151.07 1342.99 1566.59
Income Tax Paid 194.45 230.19 278.18 325.88 381.30
I 464.47 752.27 872.89 1017.11 1185.29
Proceeds from sale of PP&E
Purchase of PP&E -50.15 -58.52 -66.61 -75.95 -86.65
Purchase of investments
Investment in Fixed Deposits
Proceeds from maturity of FDs
Proceeds from sale of Investments
Interest Received
Loan (given to)/repaid by party 0.00 0.00 0.00 0.00 0.00
Net Cash from Investing Activities 414.32 693.75 806.27 941.16 1098.64
Financing Activities
Proceeds from Long term borrowing 0.00 0.00 0.00 0.00 0.00
Proceeds from short term borrowing 0.00 0.00 0.00 0.00 0.00
Repayment of short term borrowing
Repayment of long term borrowings
Payment of lease liabilities (net)
Interest Paid on lease liabilities
Dividends paid (including tax) -322.10 -398.62 -458.99 -537.71 -629.14
Interest paid -42.91 -42.91 -42.91 -42.91 -42.91
Net Cash used in financing activities -365.01 -441.53 -501.90 -580.62 -672.05
Net Increase/Decrease in cash 49.31 252.22 304.37 360.54 426.59
Cash at beginning of the year 603.95 653.26 905.48 1209.86 1570.40
Cash at the end of the year 653.26 905.48 1209.86 1570.40 1996.99
 Plant, Property & Equipment Scheduling
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Tangible Assets
Gross Block 95.42 108.80 178.98 213.80 263.03 320.47 385.86
Deductions -0.68 -0.77 -2.45 -1.25 0.00 0.00 0.00
Accumulated depreciation 19.42 30.25 53.92 81.04 114.48 155.41 204.94
Deductions -0.26 -0.30 -1.16 -0.68 0.00 0.00 0.00
Net Block 76.00 78.55 125.06 132.76 148.55 165.07 180.92
CWIP 0.61 0.98 19.90 10.86 10.86 10.86 10.86
Total 76.61 79.53 144.96 143.62 159.41 175.93 191.78

Gross Block Addition 14.15 72.63 36.07 49.23 57.44 65.39

Addition/Revenue 0.32% 1.61% 0.75% 1% 1% 1%

Depreciation 11.13 24.83 27.80 33.44 40.92 49.54

As % of Avg. Gross Block 10.86% 17.11% 14.11% 14.03% 14.03% 14.03%

Intangible Assets
Gross Block 10.10 10.87 12.14 12.35 13.27 14.35 15.57
Deductions -0.02
Accumulated amortisation 3.93 5.68 7.64 9.53 10.55 11.53 12.55
Deductions -0.02
Net Block 6.17 5.19 4.50 2.82 2.72 2.81 3.03

Gross Block Additions 0.77 1.27 0.21 0.92 1.08 1.23

as % of Revenue 0.02% 0.03% 0.00%
Amortisation 1.77 1.96 1.89 1.02 0.98 1.02
As % of Beg. Net Block 29% 38% 42%

Total Depr. & Amortisation 13 27 30 34 42 51

 FY25 FY26

460.41 545.45
0.00 0.00
264.29 334.84
0.00 0.00
196.11 210.62
10.86 10.86
206.97 221.48

74.55 85.05
1% 1%

59.35 70.54
14.03% 14.03%

16.98 18.57

13.64 14.85

3.33 3.73

1.40 1.60

1.09 1.20

60 72
Free Cash Flow to Firm (FCFF) FY22E FY23E FY24E FY25E FY26E FY27E FY28E
1 2 3 4 5 6 7
Net Income 586 725 835 978 1144
+ Depreciation & Amortization 34 42 51 60 72
- CapEx -50 -59 -67 -76 -87
- Net change in working capital -199 -57 -55 -64 -73
+ interest(1-tax rate) 32 32 32 32 32
FCFF 404 683 796 930 1088 1394 1786
Discount Rate 11% 11% 11% 11% 11% 11% 11%
Discount Factor 1 2 3 4 5 6 7
Present Value of FCFF 363 552 577 607 638 734 845

Terminal Value
Final Year Cash Flow 3758
Perpetual Growth Rate 4.50%
Cost of Capital 11%
Terminal Value 57929
Present Value of Terminal Value 22141

Fair Value Calculation

Present Value of all cash flows 28551
Cash & Marketable Securities 1374
Non-Current Investments 0
Enterprise Value 29924
Value of Debt 298.79
Value of Equity 29626
Number of shares(in crores) 62.77
Fair Value of Share 472

Target Price (12 Months) 525

FY29E FY30E FY31E
8 9 10

2289 2933 3758

11% 11% 11%
8 9 10
973 1121 1291
Date BSE500 CGEL Index Returns Stock Returns
7/25/2016 11585.96 157
8/1/2016 11627.71 163.55 0.36% 4.17%
8/8/2016 11513.37 172.15 -0.98% 5.26% C
8/15/2016 11681.18 166.65 1.46% -3.19% 2
8/22/2016 11591.88 164.1 -0.76% -1.53%
1
8/29/2016 11851.03 173.7 2.24% 5.85%
9/5/2016 11972.58 165.1 1.03% -4.95% 1
f(x) = 0.743030009547689 x + 0.003119133
9/12/2016 11840.67 156.15 -1.10% -5.42% R² = 0.153085548406297
9/19/2016 11947.61 157 0.90% 0.54%
9/26/2016 11700.65 153.55 -2.07% -2.20% -15.00% -10.00% -5.00%
10/3/2016 11907.81 171.2 1.77% 11.49% -
10/10/2016 11774.6 177.15 -1.12% 3.48%
-1
10/17/2016 11929.72 183.3 1.32% 3.47%
10/24/2016 11853.37 183 -0.64% -0.16% -1
10/31/2016 11504.86 175.65 -2.94% -4.02% -2
11/7/2016 11270.49 158.6 -2.04% -9.71%
11/14/2016 10920.98 148.2 -3.10% -6.56% SUMMARY OUTPUT
11/21/2016 11005.09 145.55 0.77% -1.79%
11/28/2016 10989.25 148.3 -0.14% 1.89% Regression Statistics
12/5/2016 11227.73 148.8 2.17% 0.34% Multiple R
12/12/2016 11031.97 143.85 -1.74% -3.33% R Square
12/19/2016 10781.37 144.25 -2.27% 0.28% Adjusted R Square
12/26/2016 11036.44 145.45 2.37% 0.83% Standard Error
1/2/2017 11199.51 148.5 1.48% 2.10% Observations
1/9/2017 11423.49 157.25 2.00% 5.89%
1/16/2017 11388.54 165.5 -0.31% 5.25% ANOVA
1/23/2017 11783.09 187.75 3.46% 13.44%
1/30/2017 11959.4 191.5 1.50% 2.00% Regression
2/6/2017 12053.91 195.65 0.79% 2.17% Residual
2/13/2017 12068 188.65 0.12% -3.58% Total
2/20/2017 12212.8 200.35 1.20% 6.20%
2/27/2017 12156.62 187.7 -0.46% -6.31%
3/6/2017 12176.27 189.3 0.16% 0.85% Intercept
3/13/2017 12524.81 194.3 2.86% 2.64% X Variable 1
3/20/2017 12485.43 198.15 -0.31% 1.98%
3/27/2017 12631.9 217.2 1.17% 9.61%
4/3/2017 12712.39 215.25 0.64% -0.90%
4/10/2017 12710.75 214.15 -0.01% -0.51%
4/17/2017 12729.13 218.65 0.14% 2.10%
4/24/2017 12979.24 220 1.96% 0.62%
5/1/2017 12945.57 226.85 -0.26% 3.11%
5/8/2017 13112.98 237.15 1.29% 4.54%
5/15/2017 13051.03 222.7 -0.47% -6.09%
5/22/2017 13164.84 224.8 0.87% 0.94%
 5/29/2017 13290.23 241.75 0.95% 7.54%
6/5/2017 13355.15 234.7 0.49% -2.92%
6/12/2017 13287.83 220 -0.50% -6.26%
6/19/2017 13207.78 219.15 -0.60% -0.39%
6/26/2017 13178.45 225.5 -0.22% 2.90%
7/3/2017 13409.25 225.2 1.75% -0.13%
7/10/2017 13660.58 215.7 1.87% -4.22%
7/17/2017 13704.49 204.4 0.32% -5.24%
7/24/2017 13828.51 208.45 0.90% 1.98%
7/31/2017 13879.81 213.65 0.37% 2.49%
8/7/2017 13336.33 223.7 -3.92% 4.70%
8/14/2017 13595.73 225.1 1.95% 0.63%
8/21/2017 13617.08 214.25 0.16% -4.82%
8/28/2017 13857.59 217.75 1.77% 1.63%
9/4/2017 13848.84 215.5 -0.06% -1.03%
9/11/2017 14077.6 216.05 1.65% 0.26%
9/18/2017 13834.58 211.35 -1.73% -2.18%
9/25/2017 13610.7 208.25 -1.62% -1.47%
10/2/2017 13910.16 222.85 2.20% 7.01%
10/9/2017 14146.89 210.2 1.70% -5.68%
10/16/2017 14154.57 215.75 0.05% 2.64%
10/23/2017 14405.17 218.5 1.77% 1.27%
10/30/2017 14657.91 216.75 1.75% -0.80%
11/6/2017 14484.86 250.2 -1.18% 15.43%
11/13/2017 14454.33 243.8 -0.21% -2.56%
11/20/2017 14628.58 262.6 1.21% 7.71%
11/27/2017 14338.18 267.9 -1.99% 2.02%
12/4/2017 14535.58 269.6 1.38% 0.63%
12/11/2017 14586.05 258.75 0.35% -4.02%
12/18/2017 14908.09 266.85 2.21% 3.13%
12/25/2017 15002.73 275.6 0.63% 3.28%
1/1/2018 15137.99 279.1 0.90% 1.27%
1/8/2018 15283.93 271.95 0.96% -2.56%
1/15/2018 15378.91 262.55 0.62% -3.46%
1/22/2018 15514.22 237.25 0.88% -9.64%
1/29/2018 14886.09 244.8 -4.05% 3.18%
2/5/2018 14649.94 243.65 -1.59% -0.47%
2/12/2018 14614.53 227.45 -0.24% -6.65%
2/19/2018 14639.9 232 0.17% 2.00%
2/26/2018 14611.24 233 -0.20% 0.43%
3/5/2018 14234.38 240.05 -2.58% 3.03%
3/12/2018 14276.76 226.9 0.30% -5.48%
3/19/2018 13937.09 240.95 -2.38% 6.19%
3/26/2018 14125.53 236.55 1.35% -1.83%
4/2/2018 14526.25 230.7 2.84% -2.47%
 4/9/2018 14684.22 232.15 1.09% 0.63%
4/16/2018 14817.83 230.35 0.91% -0.78%
4/23/2018 14961.35 232.35 0.97% 0.87%
4/30/2018 14803.81 244.7 -1.05% 5.32%
5/7/2018 14928.11 233.7 0.84% -4.50%
5/14/2018 14603.81 245.2 -2.17% 4.92%
5/21/2018 14620.27 231.9 0.11% -5.42%
5/28/2018 14673.56 223.05 0.36% -3.82%
6/4/2018 14768.92 226.4 0.65% 1.50%
6/11/2018 14813.4 222.75 0.30% -1.61%
6/18/2018 14743.27 224.15 -0.47% 0.63%
6/25/2018 14528.54 226.6 -1.46% 1.09%
7/2/2018 14587.74 228.2 0.41% 0.71%
7/9/2018 14826.58 232.2 1.64% 1.75%
7/16/2018 14735.33 234.2 -0.62% 0.86%
7/23/2018 15200.81 244.55 3.16% 4.42%
7/30/2018 15361.14 250.75 1.05% 2.54%
8/6/2018 15423.22 265.35 0.40% 5.82%
8/13/2018 15495.21 261.8 0.47% -1.34%
8/20/2018 15629.21 264.85 0.86% 1.17%
8/27/2018 15846.2 250.85 1.39% -5.29%
9/3/2018 15659.97 220.2 -1.18% -12.22%
9/10/2018 15528.44 220.15 -0.84% -0.02%
9/17/2018 14945.39 229.3 -3.75% 4.16%
9/24/2018 14445.89 223.45 -3.34% -2.55%
10/1/2018 13689.97 211.45 -5.23% -5.37%
10/8/2018 13906.1 205.9 1.58% -2.62%
10/15/2018 13704.74 196.9 -1.45% -4.37%
10/22/2018 13352.53 197.1 -2.57% 0.10%
10/29/2018 14112.76 218.4 5.69% 10.81%
11/5/2018 14185.4 214.45 0.51% -1.81%
11/12/2018 14249.66 204.5 0.45% -4.64%
11/19/2018 14079.47 202.75 -1.19% -0.86%
11/26/2018 14429 216.65 2.48% 6.86%
12/3/2018 14170.58 218.95 -1.79% 1.06%
12/10/2018 14412.03 225.25 1.70% 2.88%
12/17/2018 14401.2 222.25 -0.08% -1.33%
12/24/2018 14516.04 224.3 0.80% 0.92%
12/31/2018 14355.02 226.05 -1.11% 0.78%
1/7/2019 14422.98 228.25 0.47% 0.97%
1/14/2019 14488.81 228.15 0.46% -0.04%
1/21/2019 14260.83 215.65 -1.57% -5.48%
1/28/2019 14361.85 215.4 0.71% -0.12%
2/4/2019 14323.79 213.55 -0.27% -0.86%
2/11/2019 13994.2 202 -2.30% -5.41%
 2/18/2019 14136.76 209.05 1.02% 3.49%
2/25/2019 14319.03 210.35 1.29% 0.62%
3/4/2019 14591.91 221.85 1.91% 5.47%
3/11/2019 15045.28 228.15 3.11% 2.84%
3/18/2019 15051.35 221.6 0.04% -2.87%
3/25/2019 15304.57 225.65 1.68% 1.83%
4/1/2019 15347.23 229.8 0.28% 1.84%
4/8/2019 15324.53 232.2 -0.15% 1.04%
4/15/2019 15421.87 236.1 0.64% 1.68%
4/22/2019 15338.58 228.9 -0.54% -3.05%
4/29/2019 15231.5 231.3 -0.70% 1.05%
5/6/2019 14699.29 223.45 -3.49% -3.39%
5/13/2019 14767.17 213.5 0.46% -4.45%
5/20/2019 15392.19 223.7 4.23% 4.78%
5/27/2019 15517.9 237.25 0.82% 6.06%
6/3/2019 15413.04 240.85 -0.68% 1.52%
6/10/2019 15304.57 231.6 -0.70% -3.84%
6/17/2019 15172.48 240.05 -0.86% 3.65%
6/24/2019 15291.7 232.1 0.79% -3.31%
7/1/2019 15291.98 232.15 0.00% 0.02%
7/8/2019 14971.95 229.1 -2.09% -1.31%
7/15/2019 14736.48 231.9 -1.57% 1.22%
7/22/2019 14553.92 225.25 -1.24% -2.87%
7/29/2019 14165.4 231.2 -2.67% 2.64%
8/5/2019 14334.42 228.55 1.19% -1.15%
8/12/2019 14235.18 226.65 -0.69% -0.83%
8/19/2019 13932.86 225.15 -2.12% -0.66%
8/26/2019 14234.07 231.4 2.16% 2.78%
9/2/2019 14137.04 233.8 -0.68% 1.04%
9/9/2019 14351.45 238.8 1.52% 2.14%
9/16/2019 14643.08 251.3 2.03% 5.23%
9/23/2019 14899.79 258.2 1.75% 2.75%
9/30/2019 14415.63 244.8 -3.25% -5.19%
10/7/2019 14535.99 256 0.83% 4.58%
10/14/2019 15051.55 266.05 3.55% 3.93%
10/21/2019 14967.51 256.05 -0.56% -3.76%
10/28/2019 15409.93 253.3 2.96% -1.07%
11/4/2019 15372.39 257.55 -0.24% 1.68%
11/11/2019 15336.64 260.25 -0.23% 1.05%
11/18/2019 15355.38 253.7 0.12% -2.52%
11/25/2019 15567.67 254.55 1.38% 0.34%
12/2/2019 15338.67 247.65 -1.47% -2.71%
12/9/2019 15521.95 244.55 1.19% -1.25%
12/16/2019 15716.53 242.7 1.25% -0.76%
12/23/2019 15726.46 243.05 0.06% 0.14%
12/30/2019 15777.51 240.4 0.32% -1.09%
1/6/2020 15835.35 238.6 0.37% -0.75%
1/13/2020 16062.95 253.95 1.44% 6.43%
1/20/2020 16013.34 262 -0.31% 3.17%
1/27/2020 15649.81 284.1 -2.27% 8.44%
2/3/2020 15866.56 285.35 1.39% 0.44%
2/10/2020 15797.63 282.15 -0.43% -1.12%
2/17/2020 15787.45 290.65 -0.06% 3.01%
2/24/2020 14627.62 278.45 -7.35% -4.20%
3/2/2020 14355.82 271.45 -1.86% -2.51%
3/9/2020 12941.75 245.15 -9.85% -9.69%
3/16/2020 11359.42 211.45 -12.23% -13.75%
3/23/2020 11106.47 192.7 -2.23% -8.87%
3/30/2020 10527.29 207.6 -5.21% 7.73%
4/6/2020 11805.03 224.85 12.14% 8.31%
4/13/2020 12086.46 217.5 2.38% -3.27%
4/20/2020 11895.45 219.8 -1.58% 1.06%
4/27/2020 12721 221.95 6.94% 0.98%
5/4/2020 11988.93 203.3 -5.75% -8.40%
5/11/2020 11907.64 207.55 -0.68% 2.09%
5/18/2020 11763.18 212.85 -1.21% 2.55%
5/25/2020 12414.85 224.95 5.54% 5.68%
6/1/2020 13168.97 228.05 6.07% 1.38%
6/8/2020 13002.13 225.1 -1.27% -1.29%
6/15/2020 13330.72 228.95 2.53% 1.71%
6/22/2020 13577.1 236.1 1.85% 3.12%
6/29/2020 13798.56 236.2 1.63% 0.04%
7/6/2020 13968.64 240.6 1.23% 1.86%
7/13/2020 14114.28 243.1 1.04% 1.04%
7/20/2020 14415.85 251.05 2.14% 3.27%
7/27/2020 14346.18 244 -0.48% -2.81%
8/3/2020 14608.94 260.7 1.83% 6.84%
8/10/2020 14634.87 250.35 0.18% -3.97%
8/17/2020 14965.72 263.9 2.26% 5.41%
8/24/2020 15309.58 270.05 2.30% 2.33%
8/31/2020 14897.1 263.35 -2.69% -2.48%
9/7/2020 15012.16 254.5 0.77% -3.36%
9/14/2020 15202.64 279.65 1.27% 9.88%
9/21/2020 14557.67 260.7 -4.24% -6.78%
9/28/2020 15038.24 289.45 3.30% 11.03%
10/5/2020 15498.18 274.1 3.06% -5.30%
10/12/2020 15288.93 280.95 -1.35% 2.50%
10/19/2020 15539.3 303.7 1.64% 8.10%
10/26/2020 15215.01 299 -2.09% -1.55%
11/2/2020 15927.38 308.95 4.68% 3.33%
 11/9/2020 16490.33 299.55 3.53% -3.04%
11/16/2020 16750.03 303.65 1.57% 1.37%
11/23/2020 16995.01 305.15 1.46% 0.49%
11/30/2020 17432.23 332.4 2.57% 8.93%
12/7/2020 17733.83 330.85 1.73% -0.47%
12/14/2020 18027.23 376.15 1.65% 13.69%
12/21/2020 17992.01 356.75 -0.20% -5.16%
12/28/2020 18300.1 378.15 1.71% 6.00%
1/4/2021 18953.86 400.15 3.57% 5.82%
1/11/2021 18968.73 385.25 0.08% -3.72%
1/18/2021 18846.3 428.15 -0.65% 11.14%
1/25/2021 17975.3 427.3 -4.62% -0.20%
2/1/2021 19522.69 410 8.61% -4.05%
2/8/2021 19888.33 397.85 1.87% -2.96%
2/15/2021 19777.47 395.65 -0.56% -0.55%
2/22/2021 19371.25 385.3 -2.05% -2.62%
3/1/2021 19949.68 404.35 2.99% 4.94%
3/8/2021 20046.75 410.3 0.49% 1.47%
3/15/2021 19612.3 397.6 -2.17% -3.10%
3/22/2021 19344.99 383.35 -1.36% -3.58%
3/29/2021 19866.86 393.15 2.70% 2.56%
4/5/2021 19944.06 391 0.39% -0.55%
4/12/2021 19580.05 386.3 -1.83% -1.20%
4/19/2021 19270.89 354.7 -1.58% -8.18%
4/26/2021 19689.52 384.85 2.17% 8.50%
5/3/2021 19903.85 379.1 1.09% -1.49%
5/10/2021 19862.23 363.15 -0.21% -4.21%
5/17/2021 20567.93 388.8 3.55% 7.06%
5/24/2021 20879.07 393.95 1.51% 1.32%
5/31/2021 21326.08 400.2 2.14% 1.59%
6/7/2021 21602.4 430.45 1.30% 7.56%
6/14/2021 21319.12 421.3 -1.31% -2.13%
6/21/2021 21564.16 410.75 1.15% -2.50%
6/28/2021 21495.2 446 -0.32% 8.58%
7/5/2021 21538.62 440 0.20% -1.35%
7/12/2021 21864.48 466.55 1.51% 6.03%
7/19/2021 21784.21 458.85 -0.37% -1.65%
 Chart Title
20.00%

15.00%

10.00%
f(x) = 0.743030009547689 x + 0.00311913304653154
R² = 0.153085548406297 5.00%

0.00%
-10.00% -5.00% 0.00% 5.00% 10.00% 15.00%
-5.00%

-10.00%

-15.00%

-20.00%

gression Statistics
0.3912614834
0.1530855484
0.1498029343
0.0415265633
260

df SS MS F Significance F
1 0.080420420226 0.08042 46.63526 6.1058422E-11
258 0.444909508455 0.001724
259 0.525329928681

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
0.003119133 0.002592231143 1.203262 0.229978 -0.0019854921 0.0082237582 -0.0019854921
0.7430300095 0.108805080877 6.829001 6.106E-11 0.52877089346 0.9572891256 0.5287708935
Upper 95.0%
0.0082237582
0.9572891256
Risk Free 6.14%
MRP 7%

Total Debt 298.79

MV Equity 28805.15
% debt 0.010266
% equity 0.989734

Beta 0.743
Cost of Equity 11.3410%

Credit Rating AA+

Spread 0.85%
Cost of Debt 6.99%

WACC 11.28%