Key Financials¹

For the Fiscal Period Ending 12 months† 12 months

2019 2020 2021 2022 Mar-31-2023E Mar-31-2024E
Currency INR INR INR INR INR INR

Total Revenue 385,047.2 289,367.9 719,423.5 676,262.4 704,755.44 868,321.97

Growth Over Prior Year 18.9% (24.8%) 148.6% (6.0%) 5.09% 23.21%

Gross Profit 56,862.8 61,222.8 66,423.7 78,164.4 - -

Margin % 14.8% 21.2% 9.2% 11.6% - -

EBITDA 15,772.6 15,265.2 17,247.4 15,807.0 - -

Margin % 4.1% 5.3% 2.4% 2.3% - -

EBIT 15,317.5 14,800.2 16,741.2 15,528.5 16,302.93 19,236.62

Margin % 4.0% 5.1% 2.3% 2.3% 2.31% 2.22%

Earnings from Cont. Ops. 12,779.3 12,974.4 13,608.7 13,269.3 - -

Margin % 3.3% 4.5% 1.9% 2.0% - -

Net Income 12,779.3 12,974.4 13,608.7 13,269.3 16,586.26 19,495.21

Margin % 3.3% 4.5% 1.9% 2.0% 2.35% 2.25%

Diluted EPS Excl. Extra Items³ 6.33 6.42 6.73 6.48 7.93 9.33
Growth Over Prior Year 15.3% 1.4% 4.8% (3.7%) 22.44% 17.62%

Current Capitalization (Millions of INR)

Currency INR
Share Price 545.25
Shares Out. 2,113.3

Market Capitalization 1,152,255.0

- Cash and Equivalents -
+ Total Debt 9,500.0
+ Pref. Equity -
+ Total Minority Interest -
= Total Enterprise Value (TEV) 1,161,755.0

Book Value of Common Equity 154,000.0

+ Pref. Equity -
+ Total Minority Interest -
+ Total Debt 9,500.0
= Total Capital 163,500.0
 12 months
Mar-31-2025E
INR

993,562.26
14.42%

-
-

-
-

22,040.32
2.22%

-
-

23,405.04
2.36%

10.9
16.76%
 Timeline GIND30YR Index GIND10YR Index GIND5YR Index
12/31/2001 8.79 7.94 7.52
12/31/2002 6.57 6.07 5.85
12/31/2003 5.98 5.13 4.73
12/31/2004 7.05 6.55 6.33
12/31/2005 7.45 7.11 6.57
12/30/2006 7.78 7.61 7.49
12/31/2007 8.12 7.79 7.77
12/31/2008 8.10 5.26 5.40
12/31/2009 8.44 7.59 7.26
12/31/2010 8.43 7.92 7.86
12/31/2011 8.82 8.57 8.44
12/31/2012 8.67 8.05 8.03
12/31/2013 8.75 8.83 8.89
12/31/2014 7.94 7.86 7.94
12/31/2015 8.08 7.76 7.69
12/31/2016 7.11 6.52 6.57
12/30/2017 7.64 7.33 7.11
12/31/2018 7.61 7.37 7.19
12/31/2019 7.13 6.56 6.47
12/31/2020 6.53 5.87 5.04
12/31/2021 7.06 6.45 5.79
Average 7.72% 7.15% 6.95%

To look up the equity risk premium for a country, use this worksheet
Moody's sovereign rating Baa3
S&P sovereign rating BBB-
Fitch rating BBB-
CDS spread 1.87% Source: https://pages.stern.nyu.edu/~adamodar/New_
Country Default Spread (based on rating) 2.18% Source: http://pages.stern.nyu.edu/~adamodar/New_H

If we go by Indian Treasury Bond Rate 7.15% 7.15%

If we go by pure risk free rate using credit rating 4.97% 4.97%
If we go by pure risk free rate using CDS rate 5.28% 5.28%
If we use built up approach 7.57% 7.57%

Year Jan Feb Mar

2022 6.00% 6.10% 7.00%
2021 4.10% 5.00% 5.50%
2020 7.60% 6.60% 5.80%
2019 2.00% 2.60% 2.90%
2018 5.10% 4.40% 4.30%
2017 3.20% 3.70% 3.90%
 2016 5.70% 5.30% 4.80%
Source: https://www.rateinflation.com/inflation-rate/india-historical-inflation-rate/

Sources of Govt. Bond Yield

1. In.investing.com
2. Worldgovernmentbond.com
3. Bloomberg
 GIND3YR Index GIND2YR Index GIND1YR Index IYTB6M Index IYTB3M Index
7.12 7.38 7.04 6.85 6.75
5.57 5.62 5.93 5.50 5.50
4.44 4.44 4.55 4.27 4.19
6.02 5.87 5.68 5.46 5.31
6.42 6.19 6.25 6.14 6.10
7.47 7.29 7.18 7.20 7.18
7.70 7.70 7.45 7.50 7.35
5.24 5.01 5.02 4.90 4.92
6.44 5.63 4.39 4.29 3.68
7.48 7.47 7.29 7.22 7.17
7.69 8.11 8.47 8.53 8.53
7.93 8.02 7.99 8.14 8.15
8.56 8.43 8.84 8.81 8.59
7.98 7.98 8.33 8.29 8.31
7.47 7.49 7.30 7.21 7.15
6.38 6.35 6.41 6.28 6.20
6.73 6.60 6.28 6.32 6.20
7.02 6.86 6.91 6.33 6.11
6.24 5.77 5.48 6.33 6.11
4.46 3.87 3.40 6.33 6.11
5.30 4.52 4.37 3.98 3.70
6.65% 6.50% 6.41% 6.47% 6.35%

nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
yu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

Apr May Jun Jul Aug

7.80% 7.00%
4.20% 6.30% 6.30% 5.60% 5.30%
7.20% 6.30% 6.20% 6.70% 6.70%
3.00% 3.00% 3.20% 3.10% 3.30%
4.60% 4.90% 4.90% 4.20% 3.70%
3.00% 2.20% 1.50% 2.40% 3.30%
5.50% 5.80% 5.80% 6.10% 5.00%
IYTB30D Index USGG30YR Index USGG10YR Index USGG5YR Index SPBDUB3Y Index
6.88 5.47 5.05 4.30
5.55 4.78 3.82 2.73
4.18 5.07 4.25 3.25
5.18 4.83 4.22 3.61
6.04 4.53 4.39 4.35
7.61 4.81 4.70 4.69
7.33 4.45 4.02 3.44
4.78 2.68 2.21 1.55
3.51 4.64 3.84 2.68
7.10 4.33 3.29 2.01 0.09
8.49 2.89 1.88 0.83 0
8.13 2.95 1.76 0.72 0.03
8.69 3.97 3.03 1.74 0.02
8.32 2.75 2.17 1.65 0.02
7.06 3.02 2.27 1.76 0.11
6.18 3.07 2.44 1.93 0.38
6.15 2.74 2.41 2.21 1.02
6.02 3.01 2.68 2.51 1.93
6.02 2.39 1.92 1.69 1.45
6.02 1.64 0.91 0.36 0.06
3.42 1.90 1.51 1.26 0.03
6.32% 3.62% 2.99% 2.35% 0.43%

Sep Oct Nov Dec Annual

4.30% 4.50% 4.90% 5.70% 5.10%

7.30% 7.60% 6.90% 4.60% 6.60%
4.00% 4.60% 5.50% 7.40% 3.70%
3.70% 3.40% 2.30% 2.10% 3.90%
3.30% 3.60% 4.90% 5.20% 3.30%
4.40% 4.20% 3.60% 3.40% 4.90%
4.58%
Dates NIFTY Index NSE500 Index SENSEX Index
07-01-2001 1327.25 962.75 4183.73
14-01-2001 1286.75 925.05 4036.58
21-01-2001 1329.1 963.5 4194.46
28-01-2001 1370.1 985.55 4330.22
04-02-2001 1378.85 984.9 4352.26
11-02-2001 1405.7 1016.8 4397.33
18-02-2001 1381.35 992.95 4330.32
25-02-2001 1320.45 936.8 4122.16
04-03-2001 1306.35 905.3 4095.16
11-03-2001 1254.75 852.55 3881.96
18-03-2001 1193.55 791.45 3745.74
25-03-2001 1161.3 762.25 3635.28
01-04-2001 1148.2 754.2 3604.38
08-04-2001 1139.6 734.4 3576
15-04-2001 1024.9 662.6 3183.77
22-04-2001 1144 754.15 3583.04
29-04-2001 1101.3 724 3422.76
06-05-2001 1130.05 758.1 3514.59
13-05-2001 1140.5 762.75 3559.77
20-05-2001 1172.8 786.9 3655.03
27-05-2001 1174.9 798.2 3659.81
03-06-2001 1148.05 779.7 3557.64
10-06-2001 1126.6 764.4 3495.84
17-06-2001 1087.75 737.2 3372.94
24-06-2001 1087.65 723.35 3381.76
01-07-2001 1107.9 725.85 3456.78
08-07-2001 1065.1 696.35 3305.78
15-07-2001 1110.45 719 3453.99
22-07-2001 1077.7 705.15 3340.75
29-07-2001 1051.7 681.45 3251.53
05-08-2001 1074.6 702 3325.38
12-08-2001 1071.15 691.35 3316.21
19-08-2001 1069.2 691.9 3296.71
26-08-2001 1069.15 694.55 3305.51
02-09-2001 1053.75 684.2 3244.95
09-09-2001 1035.2 671.3 3198.4
16-09-2001 919.7 595.5 2830.12
23-09-2001 854.2 545.85 2600.12
30-09-2001 913.85 583.55 2811.6
07-10-2001 914.6 580.3 2812.9
14-10-2001 960.4 605.35 2959.39
21-10-2001 976.65 620.6 3016.84
28-10-2001 983.2 628.95 3022.16
04-11-2001 997.6 632.85 3052.6
11-11-2001 1004.05 646.25 3079.67
18-11-2001 1035.7 669.65 3180.23
25-11-2001 1059 692.35 3252.2
02-12-2001 1067.15 703.2 3287.56
09-12-2001 1112.3 742.8 3436.37
16-12-2001 1087.85 723.65 3353.6
23-12-2001 1050.85 693.25 3235.49
30-12-2001 1033.8 682.7 3184.44
06-01-2002 1096.2 727.5 3375.74
13-01-2002 1088.55 710.05 3362.88
20-01-2002 1093.15 721.05 3377.05
27-01-2002 1088.4 715.6 3332.3
03-02-2002 1081.65 719.1 3333.92
10-02-2002 1123.75 758.5 3493.92
17-02-2002 1159.95 787.55 3602.02
24-02-2002 1163.5 788.15 3604.08
03-03-2002 1178 790.1 3678.75
10-03-2002 1187.65 803.35 3656.77
17-03-2002 1169.75 795.85 3617.68
24-03-2002 1138.45 777.65 3516.11
31-03-2002 1129.55 775.5 3469.35
07-04-2002 1141.95 792.8 3500.57
14-04-2002 1146.5 801.6 3510.9
21-04-2002 1100.3 773.45 3364.4
28-04-2002 1097.4 772.45 3371.7
05-05-2002 1096.95 778.75 3380.61
12-05-2002 1116.4 790.95 3431.32
19-05-2002 1090.65 770.05 3333.76
26-05-2002 1067 760.95 3255.62
02-06-2002 1028.8 739.55 3125.73
09-06-2002 1048.8 754.6 3217.76
16-06-2002 1085.7 790.75 3312.07
23-06-2002 1062.55 774.45 3242.75
30-06-2002 1057.8 772.85 3244.7
07-07-2002 1073.8 791.1 3330.61
14-07-2002 1058.25 784.25 3305.83
21-07-2002 1035.9 769.1 3230.27
28-07-2002 973.5 724.35 3024.35
04-08-2002 954.75 708.05 2985.01
11-08-2002 961.95 711.1 2976.34
18-08-2002 979.25 726.35 3065.9
25-08-2002 995.2 734.95 3119.18
01-09-2002 1010.6 737.15 3181.23
08-09-2002 995.2 730.95 3141.11
15-09-2002 992 716.45 3098.94
22-09-2002 969.6 698.85 3024.35
29-09-2002 976.45 701.65 3037.26
06-10-2002 948.2 683.4 2930.51
13-10-2002 971.05 707.75 2995.77
20-10-2002 971.65 708.1 3009.76
27-10-2002 932.2 676.3 2875.53
03-11-2002 951.45 695.2 2950.58
10-11-2002 956.95 696.35 2956.84
17-11-2002 990.35 705.9 3033.91
24-11-2002 1020.15 719.15 3141.61
01-12-2002 1050.15 741.55 3228.82
08-12-2002 1069.8 762.5 3306.29
15-12-2002 1086.2 768.45 3342.97
22-12-2002 1079.3 764.15 3337.22
29-12-2002 1098.4 774.3 3398
05-01-2003 1089.6 773.95 3357.54
12-01-2003 1080.25 772.6 3358.99
19-01-2003 1086.5 780.15 3370.39
26-01-2003 1056.05 760.75 3287.86
02-02-2003 1041.85 749.1 3250.38
09-02-2003 1057.5 759.1 3279.77
16-02-2003 1036 740.65 3223.41
23-02-2003 1066.15 763.2 3307.2
02-03-2003 1063.4 762 3283.66
09-03-2003 1017.1 729.75 3153.06
16-03-2003 999.65 718.05 3108.24
23-03-2003 1037.15 737.05 3218.73
30-03-2003 1000.6 716.15 3115.44
06-04-2003 1016.95 732 3167.7
13-04-2003 949.8 700.85 2997.87
20-04-2003 940.7 696.1 2984.5
27-04-2003 924.3 689.2 2924.03
04-05-2003 938.3 702.75 2966.63
11-05-2003 937.85 710.35 2950
18-05-2003 973.1 750.25 3056.58
25-05-2003 967.9 769.05 3049.84
01-06-2003 1006.8 807.2 3180.75
08-06-2003 1046.4 831.1 3303.24
15-06-2003 1056.2 840.1 3354.14
22-06-2003 1100.25 872.8 3499.5
29-06-2003 1125.55 888.15 3583.06
06-07-2003 1138.45 908.85 3622.34
13-07-2003 1161.65 915.5 3676.26
20-07-2003 1140 904.3 3647.58
27-07-2003 1162.75 918.9 3726.46
03-08-2003 1195.75 945.25 3815.31
10-08-2003 1222.65 985.6 3883.76
17-08-2003 1247.75 1007.2 3921.2
24-08-2003 1311.15 1053.05 4125.12
31-08-2003 1356.55 1100.45 4244.73
07-09-2003 1398.4 1127.55 4369.17
14-09-2003 1372.1 1118.25 4305.91
21-09-2003 1322.15 1050.5 4217.12
28-09-2003 1386.95 1106.95 4382.57
05-10-2003 1449.3 1160.8 4552.92
12-10-2003 1523.1 1208.25 4768.9
19-10-2003 1569.45 1235.65 4930.53
26-10-2003 1521.95 1198.9 4802.28
02-11-2003 1555.9 1218.3 4906.87
09-11-2003 1592.05 1259.75 4971.57
16-11-2003 1562.8 1247.5 4911.76
23-11-2003 1540.7 1223.1 4838.54
30-11-2003 1615.25 1285.4 5044.82
07-12-2003 1645.8 1318.8 5131.72
14-12-2003 1698.9 1381.55 5315.81
21-12-2003 1778.55 1450 5541.35
28-12-2003 1837.05 1496.35 5699.24
04-01-2004 1946.05 1609.3 6026.59
11-01-2004 1971.9 1630.6 6119.59
18-01-2004 1900.65 1555.15 5946.19
25-01-2004 1847.55 1494.4 5816.64
01-02-2004 1809.75 1459.8 5695.67
08-02-2004 1833.65 1466.6 5786.35
15-02-2004 1913.6 1533.4 6011.66
22-02-2004 1852.65 1494.65 5850.72
29-02-2004 1800.3 1442.8 5667.51
07-03-2004 1867.7 1506.7 5880.35
14-03-2004 1812.2 1475.45 5700.4
21-03-2004 1725.1 1418.9 5443.44
28-03-2004 1747.5 1428.05 5528.94
04-04-2004 1841.1 1513.15 5788.08
11-04-2004 1853.55 1531.15 5838.45
18-04-2004 1868.1 1567.1 5861.63
25-04-2004 1892.45 1589.25 5925.58
02-05-2004 1796.1 1507.55 5655.09
09-05-2004 1804.45 1522.5 5669.58
16-05-2004 1582.4 1309.85 5069.87
23-05-2004 1560.2 1301.95 4961.57
30-05-2004 1508.75 1257.3 4835.39
06-06-2004 1521.1 1258.75 4889
13-06-2004 1508.45 1256.4 4832.71
20-06-2004 1491.2 1236.4 4769.99
27-06-2004 1488.5 1225.3 4756.39
04-07-2004 1537.5 1271.15 4870.58
11-07-2004 1553.2 1273.3 4945.48
18-07-2004 1558.8 1293.6 4951.17
25-07-2004 1601.6 1329.6 5073.34
01-08-2004 1632.3 1351.45 5170.32
08-08-2004 1633.4 1360 5196.99
15-08-2004 1598.2 1333.3 5102.92
22-08-2004 1590.35 1328.75 5064.66
29-08-2004 1609 1353.4 5117.01
05-09-2004 1634.1 1383.8 5218.46
12-09-2004 1668.75 1412.75 5370.05
19-09-2004 1733.65 1459.3 5561.15
26-09-2004 1722.5 1460.85 5527.75
03-10-2004 1775.15 1498.3 5675.54
10-10-2004 1817.8 1537.15 5757.93
17-10-2004 1795 1508.55 5686.73
24-10-2004 1779.75 1497.75 5641.06
31-10-2004 1786.9 1502.05 5672.27
07-11-2004 1852.3 1562.6 5891.36
14-11-2004 1872.95 1579.15 5964.01
21-11-2004 1872.35 1586.6 5961.71
28-11-2004 1901.05 1617.35 6035.03
05-12-2004 1996.2 1692.95 6322.76
12-12-2004 1969 1680.9 6233.54
19-12-2004 2012.1 1725.45 6346.48
26-12-2004 2062.7 1774.25 6498.06
02-01-2005 2080.5 1804.9 6602.69
09-01-2005 2015.5 1758.05 6420.46
16-01-2005 1931.1 1683.55 6173.82
23-01-2005 1925.3 1668.3 6183.24
30-01-2005 2008.3 1732.7 6419.09
06-02-2005 2077.95 1798.2 6618.23
13-02-2005 2082.05 1817.5 6633.76
20-02-2005 2055.55 1794.1 6584.32
27-02-2005 2060.9 1796.3 6569.72
06-03-2005 2148.15 1871.95 6849.48
13-03-2005 2154 1880.85 6853.73
20-03-2005 2109.15 1838.35 6700.34
27-03-2005 2015.4 1748.6 6442.87
03-04-2005 2067.65 1805.3 6605.04
10-04-2005 2031.2 1783.3 6479.54
17-04-2005 1956.3 1726.75 6248.34
24-04-2005 1967.35 1742.15 6346.57
01-05-2005 1902.5 1688.65 6154.44
08-05-2005 1977.5 1748.55 6388.48
15-05-2005 1988.3 1768.25 6451.54
22-05-2005 1992.4 1771.3 6499.5
29-05-2005 2076.4 1824.75 6707.72
05-06-2005 2092.35 1844.85 6753
12-06-2005 2090.6 1851 6781.99
19-06-2005 2123.4 1854.6 6906.52
26-06-2005 2194.35 1901.35 7148.62
03-07-2005 2211.9 1912.35 7210.77
10-07-2005 2196.2 1924.4 7212.08
17-07-2005 2212.55 1955.05 7271.54
24-07-2005 2265.6 2007.4 7423.25
31-07-2005 2312.3 2027.4 7635.42
07-08-2005 2361.2 2086 7754
14-08-2005 2361.55 2093.2 7767.49
21-08-2005 2383.45 2116.5 7780.76
28-08-2005 2357.05 2094.9 7680.22
04-09-2005 2415.8 2150.94 7899.77
11-09-2005 2455.45 2179.15 8060.01
18-09-2005 2552.35 2258.15 8380.96
25-09-2005 2477.75 2174.65 8222.59
02-10-2005 2601.4 2274 8634.48
09-10-2005 2574.05 2264.1 8491.56
16-10-2005 2484.4 2181.05 8201.73
23-10-2005 2443.75 2119.45 8068.95
30-10-2005 2316.05 2022.15 7685.64
06-11-2005 2419.05 2106.4 8072.75
13-11-2005 2548.65 2220.2 8471.04
20-11-2005 2620.05 2269 8686.65
27-11-2005 2683.45 2321.95 8889.03
04-12-2005 2697.95 2345.15 8961.61
11-12-2005 2756.45 2385.85 9067.28
18-12-2005 2810.15 2425.4 9284.46
25-12-2005 2804.85 2426.1 9256.91
01-01-2006 2836.55 2459.2 9397.93
08-01-2006 2914 2537.3 9640.29
15-01-2006 2850.55 2502.75 9374.19
22-01-2006 2900.95 2529.1 9520.96
29-01-2006 2982.75 2587.5 9870.79
05-02-2006 2940.6 2550.2 9742.58
12-02-2006 3027.55 2621.4 10110.97
19-02-2006 2981.5 2593.55 9981.11
26-02-2006 3050.05 2644.95 10200.76
05-03-2006 3147.35 2724.25 10595.43
12-03-2006 3183.9 2765.85 10765.16
19-03-2006 3234.05 2790.05 10860.04
26-03-2006 3279.8 2821.55 10950.3
02-04-2006 3402.55 2910.35 11279.96
09-04-2006 3454.8 2977.5 11589.44
16-04-2006 3345.5 2884.4 11237.23
23-04-2006 3573.05 3034.75 12030.3
30-04-2006 3557.6 3064.7 12042.56
07-05-2006 3663.95 3143.1 12359.7
14-05-2006 3650.05 3132.35 12285.11
21-05-2006 3246.9 2767.75 10938.61
28-05-2006 3209.6 2726.45 10809.35
04-06-2006 3091.35 2615.75 10451.33
11-06-2006 2866.3 2376.3 9810.46
18-06-2006 2890.35 2386.25 9884.51
25-06-2006 3050.3 2539.85 10412.93
02-07-2006 3128.2 2562.5 10609.25
09-07-2006 3075.85 2534.25 10509.53
16-07-2006 3123.35 2560.15 10678.22
23-07-2006 2945 2391.85 10085.91
30-07-2006 3130.8 2545.6 10680.23
06-08-2006 3176.75 2588.35 10866.51
13-08-2006 3274.35 2692.65 11192.46
20-08-2006 3356.75 2767.4 11465.72
27-08-2006 3385.95 2793.7 11572.2
03-09-2006 3435.45 2828.3 11778.02
10-09-2006 3471.45 2884.3 11918.65
17-09-2006 3478.6 2898.9 12009.59
24-09-2006 3544.05 2934.65 12236.78
01-10-2006 3588.4 2988.25 12454.42
08-10-2006 3569.7 3002.65 12372.81
15-10-2006 3676.05 3064.9 12736.42
22-10-2006 3683.5 3069.9 12736.82
29-10-2006 3739.35 3111.3 12906.81
05-11-2006 3805.35 3161.4 13130.79
12-11-2006 3834.75 3186.7 13282.91
19-11-2006 3852.8 3200.6 13429.48
26-11-2006 3950.85 3291 13703.33
03-12-2006 3997.6 3318.9 13844.78
10-12-2006 3962 3295.6 13799.49
17-12-2006 3888.65 3235.45 13614.52
24-12-2006 3871.15 3208.8 13471.74
31-12-2006 3966.4 3295.05 13786.91
07-01-2007 3983.4 3325.3 13860.52
14-01-2007 4052.45 3362.1 14056.53
21-01-2007 4090.15 3397.6 14182.71
28-01-2007 4147.7 3431.6 14282.72
04-02-2007 4183.5 3462.15 14403.77
11-02-2007 4187.4 3453.35 14538.9
18-02-2007 4146.2 3403.7 14355.55
25-02-2007 3938.95 3241.75 13632.53
04-03-2007 3726.75 3091.25 12886.13
11-03-2007 3718 3048.15 12884.99
18-03-2007 3608.55 2993.15 12430.4
25-03-2007 3861.05 3168.65 13285.93
01-04-2007 3821.55 3145.35 13072.1
08-04-2007 3752 3100.85 12856.08
15-04-2007 3917.35 3233.9 13384.08
22-04-2007 4083.55 3353.6 13897.41
29-04-2007 4083.5 3363.5 13908.58
06-05-2007 4117.35 3410.4 13934.27
13-05-2007 4076.65 3378.4 13796.16
20-05-2007 4214.5 3503.55 14303.41
27-05-2007 4248.15 3528.25 14338.45
03-06-2007 4297.05 3575.15 14570.75
10-06-2007 4145 3457.4 14063.81
17-06-2007 4171.45 3486.7 14162.71
24-06-2007 4252.05 3571.2 14467.36
01-07-2007 4318.3 3625.75 14650.51
08-07-2007 4384.85 3672.55 14964.12
15-07-2007 4504.55 3780.75 15272.72
22-07-2007 4566.05 3819.3 15565.55
29-07-2007 4445.2 3711.55 15234.57
05-08-2007 4401.55 3688.4 15138.4
12-08-2007 4333.35 3628.7 14868.25
19-08-2007 4108.05 3447.4 14141.52
26-08-2007 4190.15 3478.95 14424.87
02-09-2007 4464 3711.55 15318.6
09-09-2007 4509.5 3782.75 15590.42
16-09-2007 4518 3800.85 15603.8
23-09-2007 4837.55 4036.5 16564.23
30-09-2007 5021.35 4188.55 17291.1
07-10-2007 5185.85 4301.75 17773.36
14-10-2007 5428.25 4451.4 18419.04
21-10-2007 5215.3 4250.45 17559.98
28-10-2007 5702.3 4650.2 19243.17
04-11-2007 5932.4 4810.5 19976.23
11-11-2007 5663.25 4673.75 18907.6
18-11-2007 5906.85 4939.1 19698.36
25-11-2007 5608.6 4705.05 18852.87
02-12-2007 5762.75 4869.55 19363.19
09-12-2007 5974.3 5095.65 19966
16-12-2007 6047.7 5224 20030.83
23-12-2007 5766.5 4971.05 19162.57
30-12-2007 6079.7 5284.2 20206.95
06-01-2008 6274.3 5502.6 20686.89
13-01-2008 6200.1 5348.2 20827.45
20-01-2008 5705.3 4925.85 19013.7
27-01-2008 5383.35 4567.2 18361.66
03-02-2008 5317.25 4450.05 18242.58
10-02-2008 5120.35 4313.95 17464.89
17-02-2008 5302.9 4432.6 18115.25
24-02-2008 5110.75 4295.35 17349.07
02-03-2008 5223.5 4360.7 17578.72
09-03-2008 4771.6 3922.5 15975.52
16-03-2008 4745.8 3868.65 15760.52
23-03-2008 4573.95 3657.8 14994.83
30-03-2008 4942 3971.15 16371.29
06-04-2008 4647 3747.95 15343.12
13-04-2008 4777.8 3861.7 15807.64
20-04-2008 4958.4 4027.9 16481.2
27-04-2008 5111.7 4162.55 17125.98
04-05-2008 5228.2 4280.4 17600.12
11-05-2008 4982.6 4064.1 16737.07
18-05-2008 5157.7 4198.1 17434.94
25-05-2008 4946.55 4037.35 16649.64
01-06-2008 4870.1 3959.65 16415.57
08-06-2008 4627.8 3730.5 15572.18
15-06-2008 4517.1 3634.8 15189.62
22-06-2008 4347.55 3510.95 14571.29
29-06-2008 4136.65 3293.65 13802.22
06-07-2008 4016 3178.15 13454
13-07-2008 4049 3232.2 13469.85
20-07-2008 4092.25 3248.05 13635.4
27-07-2008 4311.85 3452.45 14274.94
03-08-2008 4413.55 3524.25 14656.69
10-08-2008 4529.5 3635 15167.82
17-08-2008 4430.7 3551.3 14724.18
24-08-2008 4327.45 3459.75 14401.49
31-08-2008 4360 3489.05 14564.53
07-09-2008 4352.3 3489.35 14483.83
14-09-2008 4228.45 3377.9 14000.81
21-09-2008 4245.25 3314.35 14042.32
28-09-2008 3985.25 3123.75 13102.18
05-10-2008 3818.3 2984.3 12526.32
12-10-2008 3279.95 2507.55 10527.85
19-10-2008 3074.35 2386.45 9975.35
26-10-2008 2584 2035.25 8701.07
02-11-2008 2885.6 2225.7 9788.06
09-11-2008 2973 2312.25 9964.29
16-11-2008 2810.35 2203.55 9385.42
23-11-2008 2693.45 2067.2 8915.21
30-11-2008 2755.1 2093.1 9092.72
07-12-2008 2714.4 2083.1 8965.2
14-12-2008 2921.35 2230.25 9690.07
21-12-2008 3077.5 2370.35 10099.91
28-12-2008 2857.25 2212.5 9328.92
04-01-2009 3046.75 2380.4 9958.22
11-01-2009 2873 2225.45 9406.47
18-01-2009 2828.45 2189.45 9323.59
25-01-2009 2678.55 2072.85 8674.35
01-02-2009 2874.8 2209.05 9424.24
08-02-2009 2843.1 2180.7 9300.86
15-02-2009 2948.35 2264.3 9634.74
22-02-2009 2736.45 2106.1 8843.21
01-03-2009 2763.65 2112.85 8891.61
08-03-2009 2620.15 2002.4 8325.82
15-03-2009 2719.25 2064.6 8756.61
22-03-2009 2807.05 2139.7 8966.68
29-03-2009 3108.65 2343.7 10048.49
05-04-2009 3211.05 2429.05 10348.83
12-04-2009 3342.05 2545.95 10803.86
19-04-2009 3384.4 2612.6 11023.09
26-04-2009 3480.75 2689.95 11329.05
03-05-2009 3473.95 2662.95 11403.25
10-05-2009 3620.7 2795.95 11876.43
17-05-2009 3671.65 2833.65 12173.42
24-05-2009 4238.5 3355.05 13887.15
31-05-2009 4448.95 3579.9 14625.25
07-06-2009 4586.9 3710.5 15103.55
14-06-2009 4583.4 3664.9 15237.94
21-06-2009 4313.6 3458.85 14521.89
28-06-2009 4375.5 3521.85 14764.64
05-07-2009 4424.25 3568.05 14913.05
12-07-2009 4003.9 3244.9 13504.22
19-07-2009 4374.95 3542.2 14744.92
26-07-2009 4568.55 3689.65 15378.96
02-08-2009 4636.45 3764.1 15670.31
09-08-2009 4481.4 3663.6 15160.24
16-08-2009 4580.05 3749.6 15411.63
23-08-2009 4528.8 3701.05 15240.83
30-08-2009 4732.35 3864.4 15922.34
06-09-2009 4680.4 3837.8 15689.12
13-09-2009 4829.55 3914.05 16264.3
20-09-2009 4976.05 4045.25 16741.3
27-09-2009 4958.95 4041.35 16693
04-10-2009 5083.4 4119.05 17134.55
11-10-2009 4945.2 4029.55 16642.66
18-10-2009 5141.8 4207.05 17326.01
25-10-2009 4997.05 4104.75 16810.81
01-11-2009 4711.7 3853.15 15896.28
08-11-2009 4796.15 3950.45 16158.28
15-11-2009 4998.95 4114.45 16848.83
22-11-2009 5052.45 4147.6 17021.85
29-11-2009 4941.75 4069.05 16632.01
06-12-2009 5108.9 4238.85 17101.54
13-12-2009 5117.3 4242.9 17119.03
20-12-2009 4987.7 4153.05 16719.83
27-12-2009 5178.4 4300.35 17360.61
03-01-2010 5201.05 4329.1 17464.81
10-01-2010 5244.75 4405.3 17540.29
17-01-2010 5252.2 4468.15 17554.3
24-01-2010 5036 4310.75 16859.68
31-01-2010 4882.05 4156.05 16357.96
07-02-2010 4757.25 4066.85 15915.65
14-02-2010 4826.85 4123.6 16152.59
21-02-2010 4844.9 4102.7 16191.63
28-02-2010 4922.3 4127.55 16429.55
07-03-2010 5088.7 4270.25 16994.49
14-03-2010 5137 4253.35 17166.62
21-03-2010 5262.8 4324 17578.23
28-03-2010 5282 4312.95 17644.76
04-04-2010 5290.5 4345.2 17692.62
11-04-2010 5361.75 4410.05 17933.14
18-04-2010 5262.6 4342.25 17591.18
25-04-2010 5304.1 4369 17694.2
02-05-2010 5278 4368.1 17558.71
09-05-2010 5018.05 4182.25 16769.11
16-05-2010 5093.5 4236.65 16994.6
23-05-2010 4931.15 4101.6 16445.61
30-05-2010 5066.55 4186.8 16863.06
06-06-2010 5135.5 4263.45 17117.69
13-06-2010 5119.35 4247.25 17064.95
20-06-2010 5262.6 4328.65 17570.82
27-06-2010 5269.05 4365.85 17574.53
04-07-2010 5237.1 4382.55 17460.95
11-07-2010 5352.45 4461.55 17833.54
18-07-2010 5393.9 4490.05 17955.82
25-07-2010 5449.1 4523.25 18130.98
01-08-2010 5367.6 4475.15 17868.29
08-08-2010 5439.25 4539.85 18143.99
15-08-2010 5452.1 4576.4 18167.03
22-08-2010 5530.65 4629.55 18401.82
29-08-2010 5408.7 4550.9 17998.41
05-09-2010 5479.4 4623.65 18221.43
12-09-2010 5640.05 4740.35 18799.66
19-09-2010 5884.95 4876.5 19594.75
26-09-2010 6018.3 4934.2 20045.18
03-10-2010 6143.4 5018.8 20445.04
10-10-2010 6103.45 5032.65 20250.26
17-10-2010 6062.65 4998.7 20125.05
24-10-2010 6066.05 5018.7 20165.86
31-10-2010 6017.7 4972.95 20032.34
07-11-2010 6312.45 5197.05 21004.96
14-11-2010 6071.65 5012.3 20156.89
21-11-2010 5890.3 4850.55 19585.44
28-11-2010 5751.95 4677.5 19136.61
05-12-2010 5992.8 4875.8 19966.93
12-12-2010 5857.35 4713.3 19508.89
19-12-2010 5948.75 4794.95 19864.85
26-12-2010 6011.6 4839.9 20073.66
02-01-2011 6134.5 4940.95 20509.09
09-01-2011 5904.6 4750.75 19691.81
16-01-2011 5654.55 4566.75 18860.44
23-01-2011 5696.5 4592.7 19007.53
30-01-2011 5512.15 4427.5 18395.97
06-02-2011 5395.75 4339.55 18008.15
13-02-2011 5310 4240.45 17728.61
20-02-2011 5458.95 4365.3 18211.52
27-02-2011 5303.55 4226.75 17700.91
06-03-2011 5538.75 4403.75 18486.45
13-03-2011 5445.45 4343.7 18174.09
20-03-2011 5373.7 4298.4 17878.81
27-03-2011 5654.25 4493.35 18815.64
03-04-2011 5826.05 4640.05 19420.39
10-04-2011 5842 4684.5 19451.45
17-04-2011 5824.55 4679.8 19386.82
24-04-2011 5884.7 4711.55 19602.23
01-05-2011 5749.5 4615.3 19135.96
08-05-2011 5551.45 4460.45 18518.81
15-05-2011 5544.75 4470.35 18531.28
22-05-2011 5486.35 4411.9 18326.09
29-05-2011 5476.1 4409.8 18266.1
05-06-2011 5516.75 4457.9 18376.48
12-06-2011 5485.8 4442.8 18268.54
19-06-2011 5366.4 4357.75 17870.53
26-06-2011 5471.25 4392.2 18240.68
03-07-2011 5627.2 4522.05 18762.8
10-07-2011 5660.65 4554.8 18858.04
17-07-2011 5581.1 4514.65 18561.92
24-07-2011 5633.95 4544.3 18722.3
31-07-2011 5482 4424.05 18197.2
07-08-2011 5211.25 4220.5 17305.87
14-08-2011 5072.95 4121.35 16839.63
21-08-2011 4845.65 3925.8 16141.67
28-08-2011 4747.8 3851.55 15848.83
04-09-2011 5040 4070.9 16821.46
11-09-2011 5059.45 4098.1 16866.97
18-09-2011 5084.25 4105.1 16933.83
25-09-2011 4867.75 3952.1 16162.06
02-10-2011 4943.25 3978.35 16453.76
09-10-2011 4888.05 3913.95 16232.54
16-10-2011 5132.3 4090.7 17082.69
23-10-2011 5049.95 4024.65 16785.64
30-10-2011 5360.7 4229.75 17804.8
06-11-2011 5284.2 4201.1 17562.61
13-11-2011 5168.85 4100.9 17192.82
20-11-2011 4905.8 3869.05 16371.51
27-11-2011 4710.05 3742.2 15695.43
04-12-2011 5050.15 3962.1 16846.83
11-12-2011 4866.7 3830.85 16213.46
18-12-2011 4651.6 3647.95 15491.35
25-12-2011 4714 3660.55 15738.7
01-01-2012 4624.3 3597.75 15454.92
08-01-2012 4746.9 3697.7 15848.8
15-01-2012 4866 3827.2 16154.62
22-01-2012 5048.6 3952.7 16739.01
29-01-2012 5204.7 4085.35 17233.98
05-02-2012 5325.85 4188.45 17604.96
12-02-2012 5381.6 4258.4 17748.69
19-02-2012 5564.3 4414.05 18289.35
26-02-2012 5429.3 4284.55 17923.57
04-03-2012 5359.4 4256 17636.99
11-03-2012 5333.55 4238.85 17503.24
18-03-2012 5317.9 4226.05 17466.2
25-03-2012 5278.2 4202.25 17361.74
01-04-2012 5295.55 4221.8 17404.2
08-04-2012 5322.9 4262.2 17486.02
15-04-2012 5207.45 4169.55 17094.51
22-04-2012 5290.85 4226.35 17373.84
29-04-2012 5209 4147.1 17187.34
06-05-2012 5086.85 4050.85 16831.08
13-05-2012 4928.9 3928.25 16292.98
20-05-2012 4891.45 3889.05 16152.75
27-05-2012 4920.4 3910.6 16217.82
03-06-2012 4841.6 3851.95 15965.16
10-06-2012 5068.35 4010.95 16718.87
17-06-2012 5139.05 4047.45 16949.83
24-06-2012 5146.05 4063.75 16972.51
01-07-2012 5278.9 4170.65 17429.98
08-07-2012 5316.95 4224.15 17521.12
15-07-2012 5227.25 4156.75 17213.7
22-07-2012 5205.1 4134.75 17158.44
29-07-2012 5099.85 4028.25 16839.19
05-08-2012 5215.7 4129.05 17197.93
12-08-2012 5320.4 4186.95 17557.74
19-08-2012 5366.3 4223.7 17691.08
26-08-2012 5386.7 4226 17783.21
02-09-2012 5258.5 4129.9 17429.56
09-09-2012 5358.7 4210.9 17749.65
16-09-2012 5577.65 4348.8 18464.27
23-09-2012 5691.15 4456.15 18752.83
30-09-2012 5703.3 4504.35 18762.74
07-10-2012 5746.95 4547.9 18938.46
14-10-2012 5676.05 4506.15 18675.18
21-10-2012 5684.25 4509.45 18682.31
28-10-2012 5664.3 4480.3 18625.34
04-11-2012 5697.7 4510.25 18755.45
11-11-2012 5686.25 4508.8 18683.68
18-11-2012 5574.05 4451.1 18309.37
25-11-2012 5626.6 4474.15 18506.57
02-12-2012 5879.85 4675.25 19339.9
09-12-2012 5907.4 4724.25 19424.1
16-12-2012 5879.6 4698.8 19317.25
23-12-2012 5847.7 4686.9 19242
30-12-2012 5908.35 4738.3 19444.84
06-01-2013 6016.15 4844 19784.08
13-01-2013 5951.3 4778.15 19663.64
20-01-2013 6064.4 4844.05 20039.04
27-01-2013 6074.65 4816.45 20103.53
03-02-2013 5998.9 4775.9 19781.19
10-02-2013 5903.5 4682.55 19484.77
17-02-2013 5887.4 4647.25 19468.15
24-02-2013 5850.3 4621.8 19317.01
03-03-2013 5719.7 4499.75 18918.52
10-03-2013 5945.7 4660.65 19683.23
17-03-2013 5872.6 4598.2 19427.56
24-03-2013 5651.35 4404.5 18735.6
31-03-2013 5682.55 4438.35 18835.77
07-04-2013 5553.25 4366.65 18450.23
14-04-2013 5528.55 4352.75 18242.56
21-04-2013 5783.1 4526.8 19016.46
28-04-2013 5871.45 4591.65 19286.72
05-05-2013 5944 4659.1 19575.64
12-05-2013 6107.25 4779.75 20122.32
19-05-2013 6187.3 4847.1 20286.12
26-05-2013 5983.55 4685.6 19704.33
02-06-2013 5985.95 4681.45 19760.3
09-06-2013 5881 4621.1 19429.23
16-06-2013 5808.4 4525.95 19177.93
23-06-2013 5667.65 4420.15 18774.24
30-06-2013 5842.2 4510.9 19395.81
07-07-2013 5867.9 4535.8 19495.82
14-07-2013 6009 4630.95 19958.47
21-07-2013 6029.2 4632.75 20149.85
28-07-2013 5886.2 4507.25 19748.19
04-08-2013 5677.9 4314.95 19164.02
11-08-2013 5565.65 4250.35 18789.34
18-08-2013 5507.85 4224.3 18598.18
25-08-2013 5471.75 4183.65 18519.44
01-09-2013 5471.8 4175.85 18619.72
08-09-2013 5680.4 4319.4 19270.06
15-09-2013 5850.6 4450.45 19732.76
22-09-2013 6012.1 4560.1 20263.71
29-09-2013 5833.2 4455.95 19727.27
06-10-2013 5907.3 4516.15 19915.95
13-10-2013 6096.2 4651.8 20528.59
20-10-2013 6189.35 4706.9 20882.89
27-10-2013 6144.9 4693.4 20683.52
03-11-2013 6317.35 4840.15 21239.36
10-11-2013 6140.75 4725.9 20666.15
17-11-2013 6056.15 4670.1 20399.42
24-11-2013 5995.45 4632.45 20217.39
01-12-2013 6176.1 4770.1 20791.93
08-12-2013 6259.9 4830.8 20996.53
15-12-2013 6168.4 4756.05 20715.58
22-12-2013 6274.25 4861.65 21079.72
29-12-2013 6313.8 4914.7 21193.58
05-01-2014 6211.15 4850.65 20851.33
12-01-2014 6171.45 4813.95 20758.49
19-01-2014 6261.65 4841.3 21063.62
26-01-2014 6266.75 4836.7 21133.56
02-02-2014 6089.5 4709.15 20513.85
09-02-2014 6063.2 4701.7 20376.56
16-02-2014 6048.35 4677.8 20366.82
23-02-2014 6155.45 4762.75 20700.75
02-03-2014 6276.95 4849.5 21120.12
09-03-2014 6526.65 5033.85 21919.79
16-03-2014 6504.2 5011.55 21809.8
23-03-2014 6494.9 5037.5 21755.32
30-03-2014 6695.9 5202.15 22339.97
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13-04-2014 6776.3 5317.7 22628.96
20-04-2014 6779.4 5310.75 22628.84
27-04-2014 6782.75 5328.6 22688.07
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25-05-2014 7367.1 5923.65 24693.35
01-06-2014 7229.95 5802.85 24217.34
08-06-2014 7583.4 6129.95 25396.46
15-06-2014 7542.1 6057.5 25228.17
22-06-2014 7511.45 6038.6 25105.51
29-06-2014 7508.8 6082.1 25099.92
06-07-2014 7751.6 6297.6 25962.06
13-07-2014 7459.6 5991.7 25024.35
20-07-2014 7663.9 6184.55 25641.56
27-07-2014 7790.45 6230.45 26126.75
03-08-2014 7602.6 6111.7 25480.84
10-08-2014 7568.55 6072.65 25329.14
17-08-2014 7791.7 6215.65 26103.23
24-08-2014 7913.2 6352.35 26419.55
31-08-2014 7954.35 6360.75 26638.11
07-09-2014 8086.85 6502.3 27026.7
14-09-2014 8105.5 6572.7 27061.04
21-09-2014 8121.45 6561.65 27090.42
28-09-2014 7968.85 6396.55 26626.32
05-10-2014 7945.55 6398.05 26567.99
12-10-2014 7859.95 6330.35 26297.38
19-10-2014 7779.7 6255.15 26108.53
26-10-2014 8014.55 6463.25 26851.05
02-11-2014 8322.2 6685.75 27865.83
09-11-2014 8337 6720.95 27868.63
16-11-2014 8389.9 6785.75 28046.66
23-11-2014 8477.35 6847.3 28334.63
30-11-2014 8588.25 6918.05 28693.99
07-12-2014 8538.3 6937.55 28458.1
14-12-2014 8224.1 6680.55 27350.68
21-12-2014 8225.2 6670.15 27371.84
28-12-2014 8200.7 6674.8 27241.78
04-01-2015 8395.45 6866.45 27887.9
11-01-2015 8284.5 6783 27458.38
18-01-2015 8513.8 6961.45 28121.89
25-01-2015 8835.6 7170.25 29278.84
01-02-2015 8808.9 7166.7 29182.95
08-02-2015 8661.05 7029.45 28717.91
15-02-2015 8805.5 7176.2 29094.93
22-02-2015 8833.6 7209.4 29231.41
01-03-2015 8901.85 7239.45 29361.5
08-03-2015 8937.75 7303.35 29448.95
15-03-2015 8647.75 7099.9 28503.3
22-03-2015 8570.9 7028.2 28261.08
29-03-2015 8341.4 6846.6 27458.64
05-04-2015 8586.25 7060.2 28260.14
12-04-2015 8780.35 7246.05 28879.38
19-04-2015 8606 7093.85 28442.1
26-04-2015 8305.25 6826.55 27437.94
03-05-2015 8181.5 6749.65 27011.31
10-05-2015 8191.5 6728.9 27105.39
17-05-2015 8262.35 6827.05 27324
24-05-2015 8458.95 6964.45 27957.5
31-05-2015 8433.65 6959.85 27828.44
07-06-2015 8114.7 6700.7 26768.49
14-06-2015 7982.9 6577.4 26425.3
21-06-2015 8224.95 6785.1 27316.17
28-06-2015 8381.1 6908.85 27811.84
05-07-2015 8484.9 7003.95 28092.79
12-07-2015 8360.55 6935.55 27661.4
19-07-2015 8609.85 7148.05 28463.31
26-07-2015 8521.55 7074.95 28112.31
02-08-2015 8532.85 7106.2 28114.56
09-08-2015 8564.6 7183.85 28236.39
16-08-2015 8518.55 7112.5 28067.31
23-08-2015 8299.95 6961 27366.07
30-08-2015 8001.95 6694.45 26392.38
06-09-2015 7655.05 6421.05 25201.9
13-09-2015 7789.3 6511.55 25610.21
20-09-2015 7981.9 6636.95 26218.91
27-09-2015 7868.5 6573.9 25863.5
04-10-2015 7950.9 6654.5 26220.95
11-10-2015 8189.7 6829.4 27079.51
18-10-2015 8238.15 6870.85 27214.6
25-10-2015 8295.45 6913.05 27470.81
01-11-2015 8065.8 6750.95 26656.83
08-11-2015 7954.3 6650.1 26265.24
15-11-2015 7762.25 6526.6 25610.53
22-11-2015 7856.55 6615.65 25868.49
29-11-2015 7942.7 6686.9 26128.2
06-12-2015 7781.9 6584.9 25638.11
13-12-2015 7610.45 6425.45 25044.43
20-12-2015 7761.95 6570.8 25519.22
27-12-2015 7861.05 6656.75 25838.71
03-01-2016 7963.2 6753.65 26160.9
10-01-2016 7601.35 6490.85 24934.33
17-01-2016 7437.8 6262.4 24455.04
24-01-2016 7422.45 6216.7 24435.66
31-01-2016 7563.55 6339.45 24870.69
07-02-2016 7489.1 6270.5 24616.97
14-02-2016 6980.95 5833.4 22986.12
21-02-2016 7210.75 6000.4 23709.15
28-02-2016 7029.75 5852.9 23154.3
06-03-2016 7485.35 6239.35 24646.48
13-03-2016 7510.2 6258.45 24717.99
20-03-2016 7604.35 6322.65 24952.74
27-03-2016 7716.5 6423.7 25337.56
03-04-2016 7713.05 6445.5 25269.64
10-04-2016 7555.2 6346.65 24673.84
17-04-2016 7850.45 6575.35 25626.75
24-04-2016 7899.3 6627.95 25838.14
01-05-2016 7849.8 6588.55 25606.62
08-05-2016 7733.45 6504.55 25228.5
15-05-2016 7814.9 6582.3 25489.57
22-05-2016 7749.7 6513.1 25301.9
29-05-2016 8156.65 6797 26653.6
05-06-2016 8220.8 6844.75 26843.03
12-06-2016 8170.05 6832.05 26635.75
19-06-2016 8170.2 6842.35 26625.91
26-06-2016 8088.6 6775.55 26397.71
03-07-2016 8328.35 7027.85 27144.91
10-07-2016 8323.2 7039.4 27126.9
17-07-2016 8541.4 7194.4 27836.5
24-07-2016 8541.2 7227.45 27803.24
31-07-2016 8638.5 7330 28051.86
07-08-2016 8683.15 7364.05 28078.35
14-08-2016 8672.15 7347.45 28152.4
21-08-2016 8666.9 7397.8 28077
28-08-2016 8572.55 7334.8 27782.25
04-09-2016 8809.65 7504.6 28532.11
11-09-2016 8866.7 7575.55 28797.25
18-09-2016 8779.85 7487.2 28599.03
25-09-2016 8831.55 7554.9 28668.22
02-10-2016 8611.15 7394.85 27865.96
09-10-2016 8697.6 7527.2 28061.14
16-10-2016 8583.4 7439.85 27673.6
23-10-2016 8693.05 7541.7 28077.18
30-10-2016 8625.7 7501.45 27930.21
06-11-2016 8433.75 7274.1 27274.15
13-11-2016 8296.3 7126.5 26818.82
20-11-2016 8074.1 6908.5 26150.24
27-11-2016 8114.3 6960.75 26316.34
04-12-2016 8086.8 6947.3 26230.66
11-12-2016 8261.75 7101.15 26747.18
18-12-2016 8139.45 6976.5 26489.56
25-12-2016 7985.75 6814.9 26040.7
01-01-2017 8185.8 6982.8 26626.46
08-01-2017 8243.8 7083.1 26759.23
15-01-2017 8400.35 7228.3 27238.06
22-01-2017 8349.35 7202.75 27034.5
29-01-2017 8641.25 7455.15 27882.46
05-02-2017 8740.95 7569.9 28240.52
12-02-2017 8793.55 7631.25 28334.25
19-02-2017 8821.7 7638 28468.75
26-02-2017 8939.5 7729.65 28892.97
05-03-2017 8897.55 7696.2 28832.45
12-03-2017 8934.55 7710.9 28946.23
19-03-2017 9160.05 7933.1 29648.99
26-03-2017 9108 7905.3 29421.4
02-04-2017 9173.75 7995.05 29620.5
09-04-2017 9198.3 8045.35 29706.61
16-04-2017 9150.8 8044.9 29461.45
23-04-2017 9119.4 8057.7 29365.3
30-04-2017 9304.05 8214.3 29918.4
07-05-2017 9285.3 8193.25 29858.8
14-05-2017 9400.9 8299.2 30188.15
21-05-2017 9427.9 8258.2 30464.92
28-05-2017 9595.1 8331.85 31028.21
04-06-2017 9653.5 8406.55 31273.29
11-06-2017 9668.25 8452.75 31262.06
18-06-2017 9588.05 8411.45 31056.4
25-06-2017 9574.95 8355.1 31138.21
02-07-2017 9520.9 8331.6 30921.61
09-07-2017 9665.8 8479.45 31360.63
16-07-2017 9886.35 8640.7 32020.75
23-07-2017 9915.25 8669.75 32028.89
30-07-2017 10014.5 8747.45 32309.88
06-08-2017 10066.4 8776.2 32325.41
13-08-2017 9710.8 8427.7 31213.59
20-08-2017 9837.4 8594.25 31524.68
27-08-2017 9857.05 8605.75 31596.06
03-09-2017 9974.4 8755.25 31892.23
10-09-2017 9934.8 8749.95 31687.52
17-09-2017 10085.4 8887.6 32272.61
24-09-2017 9964.4 8738 31922.44
01-10-2017 9788.6 8600 31283.72
08-10-2017 9979.7 8787.4 31814.22
15-10-2017 10167.45 8937.2 32432.69
22-10-2017 10146.55 8937.65 32389.96
29-10-2017 10323.05 9104.45 33157.22
05-11-2017 10452.5 9260.65 33685.56
12-11-2017 10321.75 9154.95 33314.56
19-11-2017 10283.6 9137.1 33342.8
26-11-2017 10389.7 9246.05 33679.24
03-12-2017 10121.8 9060.4 32832.94
10-12-2017 10265.65 9190.55 33250.3
17-12-2017 10333.25 9216.75 33462.97
24-12-2017 10493 9431.5 33940.3
31-12-2017 10530.7 9490.65 34056.83
07-01-2018 10558.85 9573.45 34153.85
14-01-2018 10681.25 9665.2 34592.39
21-01-2018 10894.7 9723.1 35511.58
28-01-2018 11069.65 9810 36050.44
04-02-2018 10760.6 9409.8 35066.75
11-02-2018 10454.95 9251.1 34005.76
18-02-2018 10452.3 9235.6 34010.76
25-02-2018 10491.05 9251.35 34142.15
04-03-2018 10458.35 9225.35 34046.94
11-03-2018 10226.85 8986.4 33307.14
18-03-2018 10195.15 9004.45 33176
25-03-2018 9998.05 8800.8 32596.54
01-04-2018 10113.7 8912.1 32968.68
08-04-2018 10331.6 9172.05 33626.97
15-04-2018 10480.6 9267.65 34192.65
22-04-2018 10564.05 9347.65 34415.58
29-04-2018 10692.3 9443.65 34969.7
06-05-2018 10618.25 9339.75 34915.38
13-05-2018 10806.5 9416.35 35535.79
20-05-2018 10596.4 9209.2 34848.3
27-05-2018 10605.15 9215.55 34924.87
03-06-2018 10696.2 9255.1 35227.26
10-06-2018 10767.65 9316.25 35443.67
17-06-2018 10817.7 9343.7 35622.14
24-06-2018 10821.85 9296.65 35689.6
01-07-2018 10714.3 9162.45 35423.48
08-07-2018 10772.65 9194.5 35657.86
15-07-2018 11018.9 9349.05 36541.63
22-07-2018 11010.2 9286.1 36496.37
29-07-2018 11278.35 9579.05 37336.85
05-08-2018 11360.8 9685.7 37556.16
12-08-2018 11429.5 9724.45 37869.23
19-08-2018 11470.75 9770.2 37947.88
26-08-2018 11557.1 9850.8 38251.8
02-09-2018 11680.5 9992 38645.07
09-09-2018 11589.1 9875.2 38389.82
16-09-2018 11515.2 9792.75 38090.64
23-09-2018 11143.1 9425.55 36841.6
30-09-2018 10930.45 9116 36227.14
07-10-2018 10316.45 8624.95 34376.99
14-10-2018 10472.5 8767.1 34733.58
21-10-2018 10303.55 8640.65 34315.63
28-10-2018 10030 8417.25 33349.31
04-11-2018 10553 8899.4 35011.65
11-11-2018 10585.2 8946.35 35158.55
18-11-2018 10682.2 8993.25 35457.16
25-11-2018 10526.75 8879 34981.02
02-12-2018 10876.75 9109.15 36194.3
09-12-2018 10693.7 8940.65 35673.25
16-12-2018 10805.45 9091.3 35962.93
23-12-2018 10754 9082.55 35742.07
30-12-2018 10859.9 9152.55 36076.72
06-01-2019 10727.35 9054.9 35695.1
13-01-2019 10794.95 9098.2 36009.84
20-01-2019 10906.95 9140.1 36386.61
27-01-2019 10780.55 8994.35 36025.54
03-02-2019 10893.65 9056.3 36469.43
10-02-2019 10943.6 9036.9 36546.48
17-02-2019 10724.4 8827.05 35808.95
24-02-2019 10791.65 8919.75 35871.48
03-03-2019 10863.5 9037.5 36063.81
10-03-2019 11035.4 9211.05 36671.43
17-03-2019 11426.85 9499.4 38024.32
24-03-2019 11456.9 9500.05 38164.61
31-03-2019 11623.9 9663.7 38672.91
07-04-2019 11665.95 9684.95 38862.23
14-04-2019 11643.45 9674.6 38767.11
21-04-2019 11752.8 9738.7 39140.28
28-04-2019 11754.65 9689.7 39067.33
05-05-2019 11712.25 9624.55 38963.26
12-05-2019 11278.9 9290.2 37462.99
19-05-2019 11407.15 9329.7 37930.77
26-05-2019 11844.1 9722.05 39434.72
02-06-2019 11922.8 9805.05 39714.2
09-06-2019 11870.65 9735.85 39615.9
16-06-2019 11823.3 9669.95 39452.07
23-06-2019 11724.1 9581.6 39194.49
30-06-2019 11788.85 9657.95 39394.64
07-07-2019 11811.15 9657.65 39513.39
14-07-2019 11552.5 9457.75 38736.23
21-07-2019 11419.25 9304.65 38337.01
28-07-2019 11284.3 9192.6 37882.79
04-08-2019 10997.35 8943.95 37118.22
11-08-2019 11109.65 9046.55 37581.91
18-08-2019 11047.8 8988.8 37350.33
25-08-2019 10829.35 8790.55 36701.16
01-09-2019 11023.25 8977.55 37332.79
08-09-2019 10946.2 8920.4 36981.77
15-09-2019 11075.9 9050.85 37384.99
22-09-2019 11274.2 9230.5 38014.62
29-09-2019 11512.4 9395.6 38822.57
06-10-2019 11174.75 9091.65 37673.31
13-10-2019 11305.05 9161.4 38127.08
20-10-2019 11661.85 9479.2 39298.38
27-10-2019 11627.15 9478.35 39250.2
03-11-2019 11890.6 9704 40165.03
10-11-2019 11908.15 9683.3 40323.61
17-11-2019 11895.45 9667.3 40356.69
24-11-2019 11914.4 9679.3 40359.41
01-12-2019 12056.05 9813.65 40793.81
08-12-2019 11921.5 9669.4 40445.15
15-12-2019 12086.7 9783.6 41009.71
22-12-2019 12271.8 9905.35 41681.54
29-12-2019 12245.8 9908.7 41575.14
05-01-2020 12226.65 9941.65 41464.61
12-01-2020 12256.8 9978 41599.72
19-01-2020 12352.35 10118.7 41945.37
26-01-2020 12248.25 10083.7 41613.19
02-02-2020 11661.85 9606.05 39735.53
09-02-2020 12098.35 10000.75 41141.85
16-02-2020 12113.45 9961.05 41257.74
23-02-2020 12080.85 9958.65 41170.12
01-03-2020 11201.75 9236.05 38297.29
08-03-2020 10989.45 9059.95 37576.62
15-03-2020 9955.2 8163 34103.48
22-03-2020 8745.45 7160.1 29915.96
29-03-2020 8660.25 7003.3 29815.59
05-04-2020 8083.8 6638.45 27590.95
12-04-2020 9111.9 7441.65 31159.62
19-04-2020 9266.75 7614.4 31588.72
26-04-2020 9154.4 7493.45 31327.22
03-05-2020 9859.9 8012.9 33717.62
10-05-2020 9251.5 7552 31642.7
17-05-2020 9136.85 7504.05 31097.73
24-05-2020 9039.25 7416 30672.59
31-05-2020 9580.3 7822.4 32424.1
07-06-2020 10142.15 8299.35 34287.24
14-06-2020 9972.9 8196.4 33780.89
21-06-2020 10244.4 8403.4 34731.73
28-06-2020 10383 8559 35171.27
05-07-2020 10607.35 8696.25 36021.42
12-07-2020 10768.05 8813.95 36594.33
19-07-2020 10901.7 8895.3 37020.14
26-07-2020 11194.15 9085.95 38128.9
02-08-2020 11073.45 9035.75 37606.89
09-08-2020 11214.05 9198.65 38040.57
16-08-2020 11178.4 9214.4 37877.34
23-08-2020 11371.6 9423.55 38434.72
30-08-2020 11647.6 9641.05 39467.31
06-09-2020 11333.85 9377.95 38357.18
13-09-2020 11464.45 9446.4 38854.55
20-09-2020 11504.95 9559.5 38845.82
27-09-2020 11050.25 9156.1 37388.66
04-10-2020 11416.95 9461.7 38697.05
11-10-2020 11914.2 9750.15 40509.49
18-10-2020 11762.45 9626.25 39982.98
25-10-2020 11930.35 9780.35 40685.5
01-11-2020 11642.4 9581.65 39614.07
08-11-2020 12263.55 10033.5 41893.06
15-11-2020 12780.25 10440.35 43637.98
22-11-2020 12859.05 10560.55 43882.25
29-11-2020 12968.95 10719.05 44149.72
06-12-2020 13258.55 10978.85 45079.55
13-12-2020 13513.85 11171.4 46099.01
20-12-2020 13760.55 11355 46960.69
27-12-2020 13749.25 11325.25 46973.54
03-01-2021 14018.5 11574.85 47868.98
10-01-2021 14347.25 11925.6 48782.51
17-01-2021 14433.7 11931.2 49034.67
24-01-2021 14371.9 11854.5 48878.54
31-01-2021 13634.6 11302.4 46285.77
07-02-2021 14924.25 12279.85 50731.63
14-02-2021 15163.3 12508.55 51544.3
21-02-2021 14981.75 12438.8 50889.76
28-02-2021 14529.15 12181.4 49099.99
07-03-2021 14938.1 12539 50405.32
14-03-2021 15030.95 12593.9 50792.08
21-03-2021 14744 12314.5 49858.24
28-03-2021 14507.3 12148.9 49008.5
04-04-2021 14867.35 12479 50029.83
11-04-2021 14834.85 12527.4 49591.32
18-04-2021 14617.85 12298.05 48832.03
25-04-2021 14341.35 12105.6 47878.45
02-05-2021 14631.1 12364.35 48782.36
09-05-2021 14823.15 12563.1 49206.47
16-05-2021 14677.8 12472.15 48732.55
23-05-2021 15175.3 12917.85 50540.48
30-05-2021 15435.65 13117.05 51422.88
06-06-2021 15670.25 13393.9 52100.05
13-06-2021 15799.35 13563.85 52474.76
20-06-2021 15683.35 13386.55 52344.45
27-06-2021 15860.35 13539.4 52925.04
04-07-2021 15722.2 13494.45 52484.67
11-07-2021 15689.8 13527.95 52386.19
18-07-2021 15923.4 13742.35 53140.06
25-07-2021 15856.05 13687 52975.8
01-08-2021 15763.05 13664.25 52586.84
08-08-2021 16238.2 13954.65 54277.72
15-08-2021 16529.1 14065.3 55437.29
22-08-2021 16450.5 13943.95 55329.32
29-08-2021 16705.2 14192.5 56124.72
05-09-2021 17323.6 14759.3 58129.95
12-09-2021 17369.25 14836.45 58305.07
19-09-2021 17585.15 15027.25 59015.89
26-09-2021 17853.2 15191.95 60048.47
03-10-2021 17532.05 15013.95 58765.58
10-10-2021 17895.2 15365.2 60059.06
17-10-2021 18338.55 15769.25 61305.95
24-10-2021 18114.9 15399.7 60821.62
31-10-2021 17671.65 15086.9 59306.93
07-11-2021 17916.8 15376.9 60067.62
14-11-2021 18102.75 15579 60686.69
21-11-2021 17764.8 15302.55 59636.01
28-11-2021 17026.45 14707.2 57107.15
05-12-2021 17196.7 14856.3 57696.46
12-12-2021 17511.3 15155 58786.67
19-12-2021 16985.2 14673.15 57011.74
26-12-2021 17003.75 14664.8 57124.31
02-01-2022 17354.05 14996.2 58253.82
09-01-2022 17812.7 15348.55 59744.65
16-01-2022 18255.75 15730.4 61223.03
23-01-2022 17617.15 15180.8 59037.18
30-01-2022 17101.95 14723.25 57200.23
06-02-2022 17516.3 15085.45 58644.82
13-02-2022 17374.75 14891.3 58152.92
20-02-2022 17276.3 14710.7 57832.97
27-02-2022 16658.4 14187.4 55858.52
06-03-2022 16245.35 13893.15 54333.81
13-03-2022 16630.45 14237.15 55550.3
20-03-2022 17287.05 14721.7 57863.93
27-03-2022 17153 14651.7 57362.2
03-04-2022 17670.45 15087.3 59276.69
10-04-2022 17784.35 15342.4 59447.18
17-04-2022 17475.65 15138.55 58338.93
24-04-2022 17171.95 14894.85 57197.15
01-05-2022 17102.55 14783.35 57060.87
08-05-2022 16411.25 14145.75 54835.58
15-05-2022 15782.15 13471.5 52793.62
22-05-2022 16266.15 13895.05 54326.39
29-05-2022 16352.45 13873.15 54884.66
05-06-2022 16584.3 14077.9 55769.23
12-06-2022 16201.8 13781.75 54303.44
19-06-2022 15293.5 12994.75 51360.42
26-06-2022 15699.25 13322.5 52727.98
03-07-2022 15752.05 13394.45 52907.93

Average weekly Market Return

Annualised Market Return
Risk Premium
Relative market risk premium

Another Sources:
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

Historical Market Risk Premium

Source: http://www.market-risk-premia Implied Market Risk Premium
GIND10YR Index Nifty 50 Return NSE 500 Return Sensex Return
10.67
10.67 -3.10 -3.99 -3.58
10.55 3.24 4.07 3.84
10.57 3.04 2.26 3.19
10.62 0.64 -0.07 0.51
10.33 1.93 3.19 1.03
10.42 -1.75 -2.37 -1.54
10.11 -4.51 -5.82 -4.93
9.87 -1.07 -3.42 -0.66
9.88 -4.03 -6.00 -5.35
10.07 -5.00 -7.44 -3.57
10.11 -2.74 -3.76 -2.99
10.17 -1.13 -1.06 -0.85
10.16 -0.75 -2.66 -0.79
10.1 -10.61 -10.29 -11.62
10.07 10.99 12.94 11.81
10.11 -3.80 -4.08 -4.58
10.08 2.58 4.60 2.65
10.04 0.92 0.61 1.28
9.96 2.79 3.12 2.64
9.87 0.18 1.43 0.13
9.74 -2.31 -2.34 -2.83
9.83 -1.89 -1.98 -1.75
9.72 -3.51 -3.62 -3.58
9.59 -0.01 -1.90 0.26
9.57 1.84 0.35 2.19
9.34 -3.94 -4.15 -4.47
9.46 4.17 3.20 4.39
9.32 -2.99 -1.95 -3.33
9.36 -2.44 -3.42 -2.71
9.35 2.15 2.97 2.25
9.28 -0.32 -1.53 -0.28
9.24 -0.18 0.08 -0.59
9.1 0.00 0.38 0.27
9.36 -1.45 -1.50 -1.85
9.34 -1.78 -1.90 -1.44
9.27 -11.83 -11.98 -12.23
9.73 -7.39 -8.71 -8.48
9.12 6.75 6.68 7.82
9.1 0.08 -0.56 0.05
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6.626 -3.56 -3.56 -3.64
6.753 -2.97 -3.06 -3.16
6.869 2.39 2.43 2.49
6.698 -0.81 -1.30 -0.84
6.663 -0.57 -1.22 -0.55
6.749 -3.64 -3.62 -3.47
6.814 -2.51 -2.10 -2.77
6.862 2.34 2.45 2.21
6.777 3.87 3.35 4.08
6.813 -0.78 -0.48 -0.87
6.836 2.97 2.93 3.28
7.117 0.64 1.68 0.29
7.215 -1.75 -1.34 -1.88
7.166 -1.75 -1.62 -1.98
7.14 -0.40 -0.75 -0.24
7.451 -4.13 -4.41 -3.98
7.318 -3.91 -4.88 -3.79
7.359 3.02 3.10 2.86
7.35 0.53 -0.16 1.02
7.457 1.41 1.47 1.60
7.519 -2.33 -2.13 -2.66
7.544 -5.77 -5.88 -5.57
7.443 2.62 2.49 2.63
7.424 0.34 0.54 0.34
7%
0.22 0.23 0.23
11% 12% 12%
4.09% 4.83% 4.38%
6%

114.57%
1.82%
From Capital IQ
Historical Beta 0.76
Risk Free Rate
If we go by Indian Treasury Bond Rate 7.15% 7.15%
If we go by pure risk free rate using credit rating 4.97% 4.97%
If we go by pure risk free rate using CDS rate 5.28% 5.28%
If we use built up approach 7.57% 7.57%

Equity Risk Premium

Historical Market Risk Premium 4.09% 4.09%

Beta
Historical Beta 0.76 0.77

Cost of Equity
Using Indian Rate 10.256% 10.297%
Interest Paid by the company 656
Debt at Opending Balance Sheet (2020-21) 6000
Debt at Closing Balance Sheet (2021-22) 9500
Average Debt 7750
Cost of Debt as per Balance Sheet 8.46%
Capital Structure Data
For the Fiscal Period Ending
12 months Mar-31-2020 12 months Mar-31-2021 12 months Mar-31-2022
Currency INR INR INR
Units Millions % of Total Millions % of Total Millions % of Total

Total Debt 0 0.0% 6,000.0 6.5% 6,000.0 3.7%

Total Common Equity 68,066.2 100.0% 86,397.9 93.5% 156,133.3 96.3%
Total Capital 68,066.2 100.0% 92,397.9 100.0% 162,133.3 100.0%

Currency INR INR INR

Exchange Rate 1.0 1.0 1.0
Conversion Method S S S

Debt Summary Data

For the Fiscal Period Ending
12 months Mar-31-2020 12 months Mar-31-2021 12 months Mar-31-2022
Currency INR INR INR
Units Millions % of Total Millions % of Total Millions % of Total

Total Subordinated Bonds and Notes - - 6,000.0 100.0% 6,000.0 100.0%

Total Principal Due - - 6,000.0 100.0% 6,000.0 100.0%

Total Debt Outstanding 0 100.0% 6,000.0 100.0% 6,000.0 100.0%

Additional Totals
Total Cash & ST Investments 10,572.8 - 20,517.0 - 19,741.6 -
Net Debt (6,907.5) - (4,992.6) - (7,751.5) -
Total Subordinated Debt - - 6,000.0 100.0% 6,000.0 100.0%
Subordinated Debt - - 6,000.0 100.0% 6,000.0 100.0%
Long-Term Debt (Incl. Cap. Leases) - - 6,000.0 100.0% 6,000.0 100.0%
Total Unsecured Debt - - 6,000.0 100.0% 6,000.0 100.0%
Fixed Rate Debt - - 6,000.0 100.0% 6,000.0 100.0%

Credit Ratios
Net Debt/EBITDA NM - NM - NM -
Total Debt/EBITDA - - 0.3x - 0.4x -
Total Sub. Debt/EBITDA - - 0.3x - 0.4x -
Subordinated Debt/EBITDA - - 0.3x - 0.4x -
Net Debt/(EBITDA-CAPEX) NM - NM - NM -
Total Debt/(EBITDA-CAPEX) - - 0.4x - 0.4x -
Total Sub. Debt/(EBITDA-CAPEX) - - 0.4x - 0.4x -
Subordinated Debt/(EBITDA-CAPEX) - - 0.4x - 0.4x -

Fixed Payment Schedule

LT Debt (Incl. Cap. Leases) Due, After 5 Yrs - - 6,000.0 100.0% 6,000.0 100.0%

Operating Lease Commitment Due +1 73.3 - 41.1 - 281.7 -

Operating Lease Commitment Due +2 9.8 - 7.0 - 123.1 -
Operating Lease Commitment Due +3 9.8 - 7.0 - 123.1 -
Operating Lease Commitment Due +4 9.8 - 7.0 - 123.1 -
Operating Lease Commitment Due +5 9.8 - 7.0 - 123.1 -
Operating Lease Commitment Due, Next 5 Yrs 112.5 - 69.0 - 774.1 -
Operating Lease Commitment Due, After 5 Yrs - - - - 28.5 -

Interest Rate Data

Filing Date Jun-25-2021 - Jun-08-2022 - Jun-08-2022 -

Currency INR INR INR

Exchange Rate 1.0 1.0 1.0
Conversion Method S S S
Cost of Equity 10.26%
Cost of Debt 8.46%

Book Value Weights

Equity 156133.31
Debt 9500.00
Weight of Equity 94.26%
Weight of Debt 5.74%

WACC 10.15%

Market Value Weights

No. of outstanding Shares 2113.3
Market Price of Share (19/07/2022) 567
Equity (Mcap) 1198241.10
Debt 9500.00
Weight of Equity 99.21%
Weight of Debt 0.79%

WACC 10.24%
HDFC Life Insurance Company Limited (BSE:540777) > Financials > Income Statement

Income Statement
Reclassified Reclassified Restated
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 Mar-31-2022 Mar-31-2023
Currency INR INR INR INR INR INR

Premiums and Annuity Rev. 233,811.6 289,496.3 322,673.2 381,942.0 468,009.5

Total Interest And Dividend Income 49,643.1 59,537.0 72,139.9 83,076.8 102,645.6
Asset Management Fee - - - - -
Gain (Loss) on Sale of Invest., Total (Rev) 39,099.4 34,042.6 (108,072.6) 252,539.9 103,494.1
Non-Insurance Activities Revenue - - - - -
Other Revenue 1,250.2 1,971.2 2,627.4 1,864.9 2,113.2
Total Revenue 323,804.4 385,047.2 289,367.9 719,423.5 676,262.4

Policy Benefits 265,361.5 316,627.9 212,824.0 635,800.4 577,909.6

Policy Acq. and Underwriting Costs 10,749.3 11,315.3 14,911.8 17,124.5 20,077.5
Depreciation & Amort. - - - - -
Amort. of Goodwill and Intangibles - - - - -
Selling General & Admin Exp., Total 30,767.6 37,110.8 41,452.0 45,022.3 57,578.0
Provision For Loan Losses 58.8 (165.0) (365.8) (19.8) (23.6)
Salaries and Other Empl. Benefits - 48.2 80.1 73.2 109.2
Other Operating Exp. 3,872.3 4,462.4 4,933.9 4,642.0 5,036.0
Total Operating Exp. 310,691.9 369,729.6 274,567.7 702,682.3 660,733.9

Operating Income 13,112.5 15,317.5 14,800.2 16,741.2 15,528.5

Interest Expense, Total (107.6) (139.4) (170.6) (454.5) (656.0)

Other Non-Operating Inc. (Exp.) - - - - -
EBT Excl. Unusual Items 13,004.9 15,178.1 14,629.6 16,286.7 14,872.5

Impairment of Goodwill - - - - -
Other Unusual Items - - - - -
EBT Incl. Unusual Items 13,004.9 15,178.1 14,629.6 16,286.7 14,872.5

Income Tax Expense 1,932.9 2,398.8 1,655.1 2,678.0 1,603.2

Earnings from Cont. Ops. 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3
Effective Tax rate 15% 16% 11% 16% 11%
Earnings of Discontinued Ops. - - - - -
Extraord. Item & Account. Change - - - - -
 Net Income to Company 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3

Minority Int. in Earnings - - - - -

Net Income 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3

Pref. Dividends and Other Adj. - - - - -

NI to Common Incl Extra Items 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3
NI to Common Excl. Extra Items 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3

Per Share Items

Basic EPS 5.52 6.34 6.43 6.74 6.49
Basic EPS Excl. Extra Items 5.52 6.34 6.43 6.74 6.49
Weighted Avg. Basic Shares Out. 2,004.6 2,014.6 2,017.9 2,019.7 2,044.7

Diluted EPS 5.49 6.33 6.42 6.73 6.48

Diluted EPS Excl. Extra Items 5.49 6.33 6.42 6.73 6.48
Weighted Avg. Diluted Shares Out. 2,017.0 2,019.2 2,020.3 2,022.4 2,047.0

Normalized Basic EPS 4.05 4.71 4.53 5.04 4.55

Normalized Diluted EPS 4.03 4.7 4.53 5.03 4.54

Dividends per Share 1.36 1.63 NA 2.02 1.7

Payout Ratio % 24.7% 25.7% NA NA NA

Supplemental Items
EBITDA 13,559.6 15,772.6 15,265.2 17,247.4 15,807.0
EBITA 13,112.5 15,317.5 14,800.2 16,741.2 15,528.5
EBIT 13,112.5 15,317.5 14,800.2 16,741.2 15,528.5
EBITDAR 14,259.0 16,505.3 16,077.1 18,166.3 16,779.1
Effective Tax Rate % 14.9% 15.8% 11.3% 16.4% 10.8%

Normalized Net Income 8,128.1 9,486.3 9,143.5 10,179.2 9,295.3

Interest on Long Term Debt NA NA NA 269.7 400.2
Non-Cash Pension Expense (37.8) 24.3 92.5 (9.2) (65.8)
Filing Date Jun-25-2019 Jun-26-2020 Jun-25-2021 Jun-08-2022 Jun-08-2022
Restatement Type RC RC NC RS O
Calculation Type REP REP REP REP REP

Supplemental Operating Expense Items

Advertising Exp. 7,160.3 9,836.2 10,695.7 14,102.5 18,933.3
Marketing Exp. 4,914.0 6,227.4 6,122.5 6,661.0 8,525.7
Selling and Marketing Exp. 12,074.3 16,063.6 16,818.2 20,763.5 27,433.2
Net Rental Exp. 699.4 732.7 811.9 919.0 972.1

Imputed Oper. Lease Interest Exp. - - - - 850.2

Imputed Oper. Lease Depreciation - - - - 121.9

Stock-Based Comp., Unallocated 144.7 279.5 483.9 526.0 226.4

Stock-Based Comp., Total 144.7 279.5 483.9 526.0 226.4
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
 12 months 12 months 12 months 12 months
Mar-31-2024 Mar-31-2025 Mar-31-2026 Mar-31-2022
INR INR INR INR
Balance Sheet
Balance Sheet as of: Restated Reclassified Restated Press Release
Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 Mar-31-2022 Jun-30-2022
Currency INR INR INR INR INR INR
ASSETS
Investment In Debt Securities 23,305.1 12,116.1 6,544.9 12,547.0 24,183.1 -
Invest. in Equity and Pref. Securities, Total 4,489.6 6,490.1 6,334.6 9,558.3 9,784.8 -
Mortgage Loans 0.0 0.0 - - - -
Policy Loans 177.4 795.9 2,990.5 4,240.5 12,716.8 -
Total Other Investments 12,778.8 31,753.8 45,970.8 63,131.1 63,677.8 157,100.0
Total Investments 40,750.9 51,155.9 61,840.8 89,476.8 110,362.5 157,100.0

Cash And Equivalents 11,105.0 12,444.5 6,907.5 10,992.6 13,751.5 -

Reinsurance Recoverable 319.5 513.3 178.9 3,045.6 3,320.9 -
Other Receivables 13,030.3 15,566.8 17,738.3 22,782.9 29,550.8 7,000.0
Separate Account Assets 1,025,325.3 1,205,018.7 1,213,706.9 1,652,973.3 2,074,269.7 1,844,100.0

Gross Property, Plant & Equipment 5,358.1 5,436.7 5,637.4 5,765.3 6,921.4 -
Accumulated Depreciation (2,463.3) (2,532.9) (2,682.4) (2,772.0) (3,803.3) -
Net Property, Plant & Equipment 2,894.8 2,903.9 2,954.9 2,993.2 3,118.1 3,500.0

Goodwill - - - - 56,141.6 -
Other Intangibles 522.2 435.0 352.2 422.0 581.7 -
Other Current Assets 10,880.3 12,166.0 18,559.0 13,863.9 16,247.6 -
Other Long-Term Assets - - - - 0.0 -
Total Assets 1,104,828.2 1,300,204.1 1,322,238.5 1,796,550.4 2,307,344.5 2,011,700.0

LIABILITIES
Accounts Payable 16,805.5 18,846.1 17,423.4 28,371.5 32,548.7 -
Accrued Exp. 2,890.9 3,003.8 2,617.7 4,088.8 4,982.3 -
Insurance And Annuity Liabilities 476,810.6 598,682.0 708,231.6 945,969.9 1,303,056.5 1,141,400.0
Unpaid Claims 6,565.2 5,219.3 7,125.5 8,643.1 7,543.3 -
Unearned Premiums 3,482.9 6,364.4 5,052.1 5,235.9 6,398.6 -
Reinsurance Payable 281.3 377.3 1,168.0 141.8 16.9 -
Long-Term Debt - - - 6,000.0 6,000.0 9,500.0
Separate Account Liability 548,977.5 609,480.4 510,640.6 709,635.2 787,784.8 694,500.0
Curr. Income Taxes Payable 116.1 154.9 154.9 292.8 292.8 -
Unearned Revenue, Current 339.9 339.2 720.1 706.6 778.9 -
Other Current Liabilities 1,205.7 1,310.6 1,038.4 1,066.9 1,808.3 12,300.0
Other Non-Current Liabilities - - - - - -
Total Liabilities 1,057,475.6 1,243,778.0 1,254,172.3 1,710,152.5 2,151,211.2 1,857,700.0

Common Stock 20,117.4 20,173.8 20,188.0 20,209.4 21,126.2 86,900.0

Additional Paid In Capital 3,127.5 3,668.5 3,982.1 4,779.7 65,565.6 -
Retained Earnings 23,844.8 32,659.8 45,634.3 59,243.0 68,427.6 67,300.0
Treasury Stock - - - - - -
Comprehensive Inc. and Other 262.9 (76.1) (1,738.1) 2,165.8 1,013.9 (200.0)
Total Common Equity 47,352.6 56,426.1 68,066.2 86,397.9 156,133.3 154,000.0

Total Equity 47,352.6 56,426.1 68,066.2 86,397.9 156,133.3 154,000.0

Total Liabilities And Equity 1,104,828.2 1,300,204.1 1,322,238.5 1,796,550.4 2,307,344.5 2,011,700.0

Supplemental Items
Total Shares Out. on Filing Date 2,011.7 2,017.4 2,018.8 2,020.9 2,112.6 2,107.6
Total Shares Out. on Balance Sheet Date 2,011.7 2,017.4 2,018.8 2,020.9 2,112.6 2,107.6
Book Value/Share 23.54 27.97 33.72 42.75 73.91 73.07
Tangible Book Value 46,830.4 55,991.1 67,714.0 85,975.9 99,410.0 154,000.0
Tangible Book Value/Share 23.28 27.75 33.54 42.54 47.06 73.07
Total Debt 0 0 0 6,000.0 6,000.0 9,500.0
Net Debt (11,105.0) (12,444.5) (6,907.5) (4,992.6) (7,751.5) 9,500.0
Debt Equiv. of Unfunded Proj. Benefit Obligation 41.3 115.5 197.4 133.2 132.5 NA
Debt Equivalent Oper. Leases 5,595.1 5,862.0 6,495.0 7,351.9 7,776.9 NA
Inventory Method NA NA NA NA NA NA
Buildings 2,866.7 2,866.7 2,866.7 2,866.7 2,866.7 NA
Machinery 2,420.0 2,449.2 2,663.0 2,732.6 3,320.8 NA
Construction in Progress 52.8 101.9 84.1 142.4 198.0 -
Leasehold Improvements 18.6 18.9 23.5 23.5 535.8 -
Full Time Employees 17,601 19,583 20,257 20,636 22,059 NA
Filing Date Jun-25-2019 Jun-26-2020 Jun-25-2021 Jun-08-2022 Jun-08-2022 Jul-19-2022
Restatement Type NC RS RC RS O P
Calculation Type REP REP REP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
  

Cash Flow
LTM
Restated Restated Press Release
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 Mar-31-2022 Jun-30-2022
Currency INR INR INR INR INR INR

Net Income 11,072.0 12,779.3 12,974.4 13,608.7 13,269.3 -

Depreciation & Amort. 447.1 455.1 465.0 506.1 278.5 -
Depreciation & Amort., Total 447.1 455.1 465.0 506.1 278.5 -

Other Amortization - - - - 245.4 -

Other Operating Activities 55,873.7 85,448.6 60,437.1 82,913.5 45,632.3 -
Cash from Ops. 67,392.8 98,683.0 73,876.6 97,028.4 59,425.4 -

Capital Expenditures (338.8) (451.3) (385.8) (612.1) (566.4) -

Sale of Property, Plant and Equipment 10.7 17.2 17.3 9.4 10.8 -
Cash Acquisitions - - - - (6,283.6) -
Divestitures - - - - - -
Net Cash from Investments (91,478.7) (157,045.5) (138,601.5) (171,019.1) (112,209.7) -
Net (Increase)/Decrease in Loans Orig/Sold (72.4) (618.5) (2,194.6) (1,250.0) (2,425.8) -
Deferred Charges - - - - - -
Total Other Investing Activities 47,667.7 56,280.4 63,096.3 83,409.0 105,618.5 -
Cash from Investing (44,211.5) (101,817.8) (78,068.4) (89,462.8) (15,856.2) -

Short Term Debt Issued - - - - - -

Long-Term Debt Issued - - - 6,000.0 - -
Total Debt Issued - - - 6,000.0 - -
Short Term Debt Repaid - - - - - -
Long-Term Debt Repaid - - - - - -
Total Debt Repaid - - - - - -

Issuance of Common Stock 1,325.0 597.5 379.7 782.9 2,103.1 -

Common Dividends Paid (2,732.2) (3,288.3) - - - -

Total Dividends Paid (2,732.2) (3,288.3) - - - -

Annuity Receipts - - - - - -
Annuity Payments - - - - - -
Special Dividend Paid - - - - - -
Other Financing Activities (556.2) (680.9) - - (4,484.9) -
Cash from Financing (1,963.5) (3,371.7) 379.7 6,782.9 (2,381.9) -

Foreign Exchange Rate Adj. 2.4 (2.4) 175.5 (54.0) 61.1 -

Misc. Cash Flow Adj. - - - - 0.0 -
Net Change in Cash 21,220.3 (6,508.9) (3,636.6) 14,294.5 41,248.5 -

Supplemental Items
Cash Interest Paid NA NA NA NA 4,484.9 NA
Cash Taxes Paid 3,033.6 3,846.2 2,784.7 2,534.0 1,949.4 NA
Net Debt Issued NA NA NA 6,000.0 NA NA
Levered Free Cash Flow 13,914.1 6,900.8 4,210.4 16,545.3 7,728.3 NA
Unlevered Free Cash Flow 13,981.3 6,987.9 4,317.0 16,829.4 8,138.3 NA
Change In Net Working Capital (5,533.0) 2,868.7 5,496.3 (5,946.1) 1,750.9 NA
Filing Date Jun-25-2019 Jun-26-2020 Jun-25-2021 Jun-08-2022 Jun-08-2022 Jul-19-2022
Restatement Type NC NC RS RS O NV
Calculation Type REP REP REP REP REP NA
Ratios
For the Fiscal Period Ending
2018 2019 2020 2021 2022
Profitability
Return on Assets % 0.8% 0.8% 0.7% 0.7% 0.5%
Return on Capital % 19.1% 18.4% 14.9% 13.0% 7.6%
Return on Equity % 25.9% 24.6% 20.8% 17.6% 10.9%
Return on Common Equity % 25.9% 24.6% 20.8% 17.6% 10.9%

Margin Analysis
Gross Margin % 14.7% 14.8% 21.2% 9.2% 11.6%
SG&A Margin % 9.5% 9.6% 14.3% 6.3% 8.5%
EBITDA Margin % 4.2% 9.6% 5.3% 2.4% 2.3%
EBITA Margin % 4.0% 4.0% 5.1% 2.3% 2.3%
EBIT Margin % 4.0% 4.0% 5.1% 2.3% 2.3%
Earnings from Cont. Ops Margin % 3.4% 3.3% 4.5% 1.9% 2.0%
Net Income Margin % 3.4% 3.3% 4.5% 1.9% 2.0%
Net Income Avail. for Common Margin % 3.4% 3.3% 4.5% 1.9% 2.0%
Normalized Net Income Margin % 2.5% 2.5% 3.2% 1.4% 1.4%
Levered Free Cash Flow Margin % 4.3% 1.8% 1.5% 2.3% 1.1%
Unlevered Free Cash Flow Margin % 4.3% 1.8% 1.5% 2.3% 1.2%

Asset Turnover
Total Asset Turnover 0.3x 0.3x 0.2x 0.5x 0.3x
Fixed Asset Turnover 107.9x 132.8x 98.8x 241.9x 221.3x
Accounts Receivable Turnover 184.5x 215.7x 218.3x 159.7x 117.2x
Inventory Turnover NA NA NA NA NA
 2018 2019 2020 2021 2022 2023E

Book value per share 23.6 28 33.7 42.8 73.3 94.1

YoY Increase 17.1% 18.5% 23.9% 53.8%

Historical Stock Price 453.12 378 441.47 697.64 538.022

Historical P/B 19.2 13.5 13.1 16.3 7.34

YoY Increase -35.22% -3.01% 21.86% -79.78%

EPS 5.49 6.33 6.42 6.73 6.48 6.75

YoY Increase 14.24% 1.41% 4.72% -3.79%

Net profit 11073.33 12781.54 12970.33 13610.75 13692.24 13756.178

Avg Outstanding shares 2017 2019.2 2020.3 2022.4 2113 2038.38

P/E 82.54 59.72 68.76 103.66 83.03 83.15

YoY Increase -32.36% 14.11% 41.04% -22.19%

Predicted Stock Price 561.15548

Predicted P/B 5.9654252

Sensitivity Analysis

561.16 4.14%
0.15% 561.14
0.50% 563.10
1.00% 565.90
P/E
1.50% 568.70
2.00% 571.50
3.50% 579.91
 2024E 2025E 2026E 2027E Average Re Rationale

120.7 154.9 198.8 255.1

28.3% Taken Average to project

-24.04%

7.03 7.32 7.62 7.94

4.14% Taken Average to project
553.5 548.25
14326.344 14920.144 15538.555 16182.598
2038.38 2038.38 2038.38 2038.38 2038.38 Taken average value for all

83.28 83.40 83.52 83.65

0.15% Taken Average to project

585.28363 610.44923 636.69688 664.07311

4.8482694 3.9403254 3.2024136 2.602692

EPS
5.00% 6.00% 7% 8.00% 9.00%
565.77 571.16 576.55 581.94 587.32
567.75 573.15 578.56 583.97 589.38
570.57 576.01 581.44 586.87 592.31
573.40 578.86 584.32 589.78 595.24
576.22 581.71 587.20 592.69 598.17
584.70 590.26 595.83 601.40 606.97
Technical
account FY19 FY20 FY21 FY22 FY23E FY24E FY25E FY26E
(INR b)
Gross
291.9 327.1 385.8 459.6 573.8 702.6 702.6 702.6
Premiums
Reinsuranc
-2.6 -4.8 -4.6 -5.7 -6.3 -7.9 -7.9 -7.9
e Ceded
Net
289.2 322.2 381.2 454 567.5 694.7 694.7 694.7
Premiums
Income
from
90.3 -33.1 326.8 192.2 197.9 226.2 226.2 226.2
Investment
s
Other
4.8 3.5 4.4 7.5 5.3 5.9 5.9 5.9
Income
Total
income 384.4 292.6 712.4 653.6 770.8 926.8 926.8 926.8
(A)
Commissio
11.2 14.9 17.1 19.4 26.3 31.4 31.4 31.4
n
Operating
38.1 42.7 45.9 56.1 65.7 79.8 79.8 79.8
expenses
Total
commissi
49.3 57.6 63 75.5 92 111.2 111.2 111.2
on and
opex
Benefits
139.9 190.2 225.7 318.6 327.2 394.4 394.4 394.4
Paid (Net)
Change in
175.1 24.4 408.3 246.8 324 385.2 385.2 385.2
reserves
Total
expenses 365.2 277.9 695.1 638.4 753.8 903.6 903.6 903.6
(B)
(A) - (B) 19.2 14.7 17.3 15.1 16.9 23.2 23.2 23.2
Tax (incl.
5.7 5 6.3 5.5 6 7.7 7.7 7.7
GST)
Surplus /
13.5 9.7 11 9.6 11 15.6 15.6 15.6
Deficit

Sharehold
er's a/c FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
(INR b)
Transfer
from
12.1 11.9 9.9 10.1 11.4 15.3 15.3 15.3
technical
a/c
Income
From
4.1 4.4 6.5 7.9 5.5 4 4 4
Investment
s
Total
16.4 16.5 16.4 18 16.9 19.3 19.3 19.3
Income
Other
0.3 0.3 0.6 0.8 0.9 1 1 1
expenses
Contributio
n to
3.1 1 2.6 5.7 - - - -
technical
a/c
Total
3.5 3.4 2.8 6.2 0.9 1 1 1
Expenses
PBT 12.9 13.1 13.5 11.8 16 18.3 18.3 18.3
PAT 12.8 13 13.6 12.1 15.8 18 18 18
Growth 15% 1% 5% -11% 31% 14% 14% 14%

Premium
(INR b)
and FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
growth
(%)

NBP –
149.7 172.4 201.1 241.5 314 380 380 380
unweighted

NBP –
60.5 71.6 81.8 96.6 129.5 154.9 154.9 154.9
WRP
Renewal
142.1 154.7 184.8 218.1 259.8 322.7 322.7 322.7
premium

Total
premium – 291.9 327.1 385.8 459.6 573.8 702.6 702.6 702.6
unweighted

NBP
growth – 31.90% 15.10% 16.60% 20.10% 30.00% 21.00% 21.00% 21.00%
unweighted

NBP
growth – 12.00% 18.40% 14.20% 18.10% 34.00% 19.70% 19.70% 19.70%
WRP
Renewal
premium 16.40% 8.80% 19.40% 18.00% 19.10% 24.20% 24.20% 24.20%
growth

Tot.
premium
23.90% 12.10% 18.00% 19.10% 24.80% 22.40% 22.40% 22.40%
growth –
unweighted

Premium
FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
mix (%)
New business – unweighted
-
Individua 51.10% 48.80% 49.90% 63.00% 65.00% 67.00% 67.00% 67.00%
l mix
- Group
48.90% 51.20% 50.10% 37.00% 35.00% 33.00% 33.00% 33.00%
mix
New business mix – WRP
-
Participa 14.40% 15.90% 28.80% 27.70% 26.90% 24.80% 24.80% 24.80%
ting
- Non-
Participa 38.50% 59.50% 49.90% 40.70% 40.70% 42.10% 42.10% 42.10%
ting
 - ULIPs 47.10% 24.50% 21.30% 30.60% 32.40% 33.10% 33.10% 33.10%
Total premium mix – unweighted
-
Participa 20.00% 18.50% 19.80% 40.00% 40.00% 40.00% 40.00% 40.00%
ting
- Non-
Participa 41.20% 47.30% 51.00% 12.80% 12.80% 12.80% 12.80% 12.80%
ting
- ULIPs 38.80% 34.20% 29.10% 47.20% 47.20% 47.20% 47.20% 47.20%

Indi
premium
FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
sourcing
mix (%)
Individual
13.80% 13.30% 12.30% 15.00% 17.00% 18.00% 18.00% 18.00%
agents
Corporate
agents – 46.70% 41.80% 45.80% 49.50% 46.60% 46.50% 46.50% 46.50%
Banks
Direct
31.80% 35.00% 33.40% 28.00% 29.00% 28.00% 28.00% 28.00%
business
Others 7.80% 9.90% 8.50% 7.50% 7.40% 7.50% 7.50% 7.50%

Financials and valuations

Balance
Sheet (INR FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
b)
Sources of Fund
Share
20.2 20.2 20.2 21.2 21.2 21.2 21.2 21.2
Capital
Reserves
And 36.4 49.7 64.1 132.9 144.4 157.1 157.1 157.1
Surplus
Sharehold
56.6 68 86.4 154.9 166.4 179.1 179.1 179.1
ers' Fund
Policy
536.7 652.7 855.2 1,043.40 1,426.10 1,729.80 1,729.80 1,729.80
Liabilities
Prov. for
Linked 605.2 508.4 709.6 765.2 861.7 957.7 957.7 957.7
Liab.
Funds For
Future 39.5 42.2 47.9 50.4 59.4 70.2 70.2 70.2
App.
Current
liabilities 51.2 49.8 65.2 62.3 81 105.3 105.3 105.3
and prov.
Total 1,300.30 1,321.60 1,795.80 2,103.90 2,594.60 3,042.00 3,042.00 3,042.00
Application of Funds
Shareholde
50.5 58.6 85.4 152.4 182.9 219.4 219.4 219.4
rs’ inv.
Policyholde
571.2 671.9 905.4 1,083.10 1,450.30 1,758.30 1,758.30 1,758.30
rs’ inv.
Assets to
cover
633.8 541.8 747.6 806.2 884.1 968.1 968.1 968.1
linked
liabilities
Current
40.4 43.1 49.8 52.3 65.4 81.8 81.8 81.8
assets
Total 1,300.30 1,321.60 1,795.80 2,103.90 2,594.60 3,042.00 3,042.00 3,042.00

Operating
FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
ratios (%)
Investment
7.50% -2.70% 19.80% 10.20% 8.50% 8.30% 8.30% 8.30%
yield
Commissi
3.80% 4.60% 4.40% 4.20% 4.60% 4.50% 4.50% 4.50%
ons/GWP
- first-
year
15.50% 17.90% 18.50% 17.00% 19.60% 19.50% 19.50% 19.50%
premium
s
-
renewal
1.50% 1.60% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
premium
s
- single
premium 1.20% 1.30% 1.00% 1.30% 0.50% 0.50% 0.50% 0.50%
s
Operating
expenses/ 13.10% 13.00% 11.90% 12.20% 11.50% 11.40% 11.40% 11.40%
GWP
Total
expense 16.90% 17.60% 16.30% 16.40% 16.00% 15.80% 15.80% 15.80%
ratio
Claims/
46.40% 56.40% 57.10% 70.20% 55.20% 54.30% 54.30% 54.30%
NWP
Solvency
188% 184% 201% 176% 174% 186% 186% 186%
ratio

Persistenc
y ratios FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
(%)
13th Month 87.20% 90.10% 90.00% 92.00% 92.80% 93.10% 93.10% 93.10%
25th Month 80.50% 80.20% 81.00% 86.00% 87.20% 87.70% 87.70% 87.70%
37th Month 72.00% 73.80% 71.00% 79.00% 80.50% 80.90% 80.90% 80.90%
49th Month 67.70% 67.20% 67.00% 69.00% 74.60% 76.30% 76.30% 76.30%
61st Month 52.30% 55.00% 53.00% 58.00% 59.20% 62.60% 62.60% 62.60%

Profitabilit
y ratios FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
(%)
VNB
24.60% 25.90% 26.10% 27.40% 27.50% 28.80% 28.80% 28.80%
margin (%)
Operating
20.10% 18.20% 18.50% 16.60% 19.30% 20.10% 20.10% 20.10%
RoEV
RoEV (%) 20.30% 12.90% 28.90% 23.80% 17.90% 18.70% 18.70% 18.70%

Valuation
and key FY19 FY20 FY21 FY22 FY23E FY24E FY24E FY24E
data
Total AUM
1,256 1,272 1,738 2,042 2,492 2,946 2,946 2,946
(INR b)
- of
which
equity 38% 29% 36% 36% 38% 39% 39% 39%
AUM
(%)
Dividend
16% 0% 0% 17% 20% 25% 25% 25%
(%)
Dividend
payout 31% 0% 0% 0% 27% 29% 29% 29%
ratio (%)
EPS (INR) 6.3 6.4 6.7 5.7 7.5 8.5 8.5 8.5
VNB (INR
15.4 19.18 21.85 26.75 35.7 44.6 44.6 44.6
b)
Embedded
Value (INR 182.7 206.3 266.2 329.5 388.6 461.3 461.3 461.3
b)
EV per
share 90.4 102.1 131.7 163 192.3 228.2 228.2 228.2
(INR)
VIF as a
percentage 68% 65% 66% 69% 71% 73% 73% 73%
of EV
P/VIF (%) 8.9 8.3 6.3 4.9 4 3.3 3.3 3.3
P/AUM (%) 88% 87% 64% 54% 45% 38% 38% 38%
P/EV (x) 6.1 5.4 4.2 3.4 2.9 2.4 2.4 2.4
P/EPS (x) 86.7 85.6 81.6 96.3 73.8 64.5 64.5 64.5
P/EVOP
36.3 33.5 29 25.2 17.4 14.2 14.2 14.2
(x)
P/VNB (x) 72.1 57.9 50.8 41.5 31.1 24.9 24.9 24.9

Stock price 597.78 652.4175 685.3125 696.2775

FY24E

702.6

-7.9

694.7

226.2

5.9

926.8

31.4

79.8

111.2

394.4

385.2

903.6

23.2
7.7

15.6

FY24E

15.3

19.3

1
 -

18.3
18
14%

FY24E

380

154.9

322.7

702.6

21.00%

19.70%

24.20%

22.40%

FY24E

67.00%

33.00%

24.80%

42.10%
 33.10%

40.00%

12.80%

47.20%

FY24E

18.00%

46.50%

28.00%
7.50%

FY24E

21.2

157.1

179.1

1,729.80

957.7

70.2

105.3

3,042.00

219.4

1,758.30
 968.1

81.8
3,042.00

FY24E

8.30%

4.50%

19.50%

1.50%

0.50%

11.40%

15.80%

54.30%

186%

FY24E

93.10%
87.70%
80.90%
76.30%
62.60%

FY24E

28.80%

20.10%
18.70%

FY24E
 2,946

39%

25%

29%

8.5
44.6

461.3

228.2

73%

3.3
38%
2.4
64.5
14.2
24.9

712.725