Equity Research VRL

3QFY20
in INR.millions VRIL TCIL FUTE MALO

Net Revenue 5,573 6,846 2,831 9,079
(Operating Expenses) 4,776 6,415 2,177 8,655

% of Revenue 85.70% 93.71% 76.87% 95.33%
EBITDA 797 431 655 424
% of Revenue 14.30% 6.29% 23.13% 4.67%
(Depreciation)
(Amortization) 408.06 214.90 411.72 188.20
% of Revenue 7.32% 3.14% 14.54% 2.07%
EBIT 388.66 215.90 243.04 236.00
% of Revenue 6.97% 3.15% 8.58% 2.60%
(Non operating income/expense) 62.52 -204.40 105.05 22.60
% of Revenue 1.12% 2.99% 3.71% 0.25%
PBT 326.14 420.3 137.99 213.4
% of Revenue 5.85% 6.14% 4.87% 2.35%
(Taxes) 68.16 76.70 0 56.70
% of Revenue 1.22% 1.12% 0.00% 0.62%
PAT 257.98 343.60 137.99 156.70
% of Revenue 4.63% 5.02% 4.87% 1.73%
FY19
in INR.millions VRIL TCIL FUTE MALO
Net Revenue 21,095.44 27,536.44 12,284.19 38,513.40
(Operating Expenses) 18,652.49 25,030.46 11,073.37 36,995.00

% of Revenue 88.42% 90.90% 90.14% 96.06%
EBITDA 2,442.95 2,505.98 1,210.82 1,518.40
% of Revenue 11.58% 9.10% 9.86% 3.94%
(Depreciation)
(Amortization) 1,005.29 774.38 454.22 219.50
% of Revenue 4.77% 2.81% 3.70% 0.57%
EBIT 1,437.66 1,731.60 756.60 1,298.90
% of Revenue 6.82% 6.29% 6.16% 3.37%
(Non operating income/expense) 32.91 -54.75 120.31 -35.50
% of Revenue 0.16% 0.20% 0.98% 0.09%
PBT 1404.75 1786.35 636.29 1334.4
% of Revenue 6.66% 6.49% 5.18% 3.46%
(Taxes) 485.59 333.41 0 467.9
% of Revenue 2.30% 1.21% 0.00% 1.21%
PAT 919.16 1452.94 636.29 866.5
% of Revenue 4.36% 5.28% 5.18% 2.25%
Tax Rate= Income Taxes/Net Income before taxes
2019
Sl. (in INR mllions) VRL TCIL FUTE MALO
I Net Income After Minority Interest 919.16 1444 615.3 856.4
II Interest Expense 96.34 361.67 178.48 34.80
III Tax Rate 0.345677 0.186643 0 0.350644
IV(I+II*III) Tax Adjusted Operating Income 982.1975 1738.167 793.78 878.9976
V Total Shareholder's Equity 6459.38 8919.65 5421.96 4982.2

VI Total Debt 1406.77 4702.85 2,178 377.00
VII Cash and cash eq. 155.595 113.9 1011.42 679.9
VIII(V+VI-VII) Total Capital,YoY avg 7710.555 13508.6 6588.69 4679.3
IX(IV/VIII) RoIC 12.74% 12.87% 12.05% 18.78%
RoIC VRL TCIL FUTE MALO

2019 12.74% 12.87% 12.05% 18.78%
2018 15.15% 12.52% 11.27% 16.77%
2017 12.09% 9.90% 17.07% 14.45%
Tax Rate= Income Taxes/Net Income before taxes
2018
Sl. VRL TCIL FUTE MALO
I Net Income After Minority Interest 925.64 1231.74 304.72 640.1
III Tax Rate 0.33593 0.18796810032 0 0.360787
V Total Shareholder's Equity 5932.2 7617.71 4802.87 4196

VI Total Debt 811.67 4396.35 330 346.30
VIII(V+VI-VII) Total Capital,YoY avg 6,593.50 11,863.40 4,121.08 3,961.25
IX(IV/VIII) RoIC 15.15% 12.52% 11.27% 16.77%
RoIC comparison
20.00% 18.78%
18.00% 16.77% 17.0
16.00%
14.00% 12.74% 15.15%

12.05%
12.87%
12.00% 12.52%11.27%
1
10.00%
8.00% 9.9
6.00%
4.00%
2.00%
0.00%
2019 2018 201
VRL TCIL FUTE MALO

Tax Rate= Income Taxes/Net Income before taxes 2017
Sl. VRL TCIL FUTE MALO
I Net Income After Minority Interest 704.73 806.93 457.54 455.89
III Tax Rate 0.330747 0.190338 0.213741 0.320707
V Total Shareholder's Equity 5412.32 6465.61 2928.09 3476.8

VI Total Debt 1846.66 4212.68 807 343.20
VIII(V+VI-VITotal Capital,YoY avg 7129.395 10504.03 3268.42 3318.2
IX(IV/VIII) RoIC 12.09% 9.90% 17.07% 14.45%
son
17.07%
14.45%
12.09%
9.90%
2017
E MALO
EBITDA Margin 2019 2018
in INR (millions) VRL TCIL FUTE MALO VRL TCIL
EBIT 1437.66 1731.6 756.59 1298.9 1366.01 1466.46
(+) Dep.+Amort. 1,005.29 774.38 454.22 219.50 975.83 686.47
EBITDA(I) 2,442.95 2,505.98 1,210.81 1,518.40 2,341.84 2,152.93
Sales Revenue(II) 21,095 27,536 12,284 38,513 19,223 23,461
(I/II) EBITDA Margin 11.58% 9.10% 9.86% 3.94% 12.18% 9.18%
Last 4 quarters
EBITDA Margin 3QFY20 2QFY20
in INR(millions) VRL TCIL FUTE MALO VRL TCIL
EBIT 388.66 433.4 243.04 236 317.08 384.1
(+) Dep.+Amort. 408.06 214.90 411.72 188.20 414.62 203.20
EBITDA(I) 796.72 648.30 654.76 424.20 731.70 587.30
Sales Revenue(II) 5,573 6,846 2,831 9,079 5,238 6,846
(I/II) EBITDA Margin 14.30% 9.47% 23.13% 4.67% 13.97% 8.58%
EBITDA Mar.(%) 3QFY20 2QFY20 1QFY20 4QFY19 TTM

VRL 14.30% 13.97% 16.45% 11.70% 14.14%
TCIL 9.47% 8.58% 8.86% 10.59% 9.41%
FUTE 23.13% 20.48% 19.05% 10.38% 18.05%
MALO 4.67% 4.43% 4.46% 4.03% 4.39%
2018 2017 EBITDA MARGIN(LFY)(%)
FUTE MALO VRL TCIL FUTE MALO 3/31/2019
344.53 1001.1 1237.16 1052.13 551.45 616.42 VRL 11.58%
497 197.30 952.05 592.00 191.40 0.00 TCIL 9.10%
841.16 1,198.40 2,189.21 1,644.13 742.85 616.42 FUTE 9.86%
9,378 34,161 18,031 19,425 5,612 26,666 MALO 3.94%
8.97% 3.51% 12.14% 8.46% 13.24% 2.31%
2QFY20 1QFY20 4QFY19

FUTE MALO VRL TCIL FUTE MALO VRL TCIL FUTE MALO
228.15 200.7 488.14 384.8 180.59 251.9 344.9 584.79 210.76 348.2
411.70 177.10 399.79 199.30 389.43 148.70 255.23 201.88 127.63 60.50
639.85 377.80 887.93 584.10 570.02 400.60 600.13 786.67 338.39 408.70
3,125 8,524 5,396 6,592 2,993 8,990 5,129 7,427 3,260 10,147
20.48% 4.43% 16.45% 8.86% 19.05% 4.46% 11.70% 10.59% 10.38% 4.03%
EB
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
3QFY20
3/31/2018 3/31/2017
EBITDA
12.18% 12.14%
Margin
9.18% 8.46% Annual
8.97% 13.24% Trend
3.51% 2.31% VRL TCIL
FUTE MALO
TTM(Trailing 12 months)
VRL TCIL FUTE MALO
1538.78 1787.09 862.54 1036.8
1,477.70 819.28 1,340.48 574.50
3,016.48 2,606.37 2,203.02 1,611.30
21,336 27,710 12,208 36,741
14.14% 9.41% 18.05% 4.39%
EBITDA Margin-Quarterly
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
3QFY20 2QFY20 1QFY20 4QFY19
VRL TCIL FUTE MALO

D/E(LFY) 2017
in INR(millions) VRL TCIL FUTE MALO
I Short term Debt+
Current portion 1251.21 2781.15 71.71 145.5
of long term debt
(Lease liability+other current fin. liabilities)
II Long term Debt 595.45 1431.53 735.37 197.70
(Lease liability+Non current borrowings)
III=I+II Total Debt 1846.66 4212.68 807.08 343.2
IV Total shareholder's 5412.32 6508.35 2928.09 3524.6

equity
III/IV D/E 0.34 0.65 0.28 0.10
D/E(x)
2017
VRL 0.34
TCIL 0.65
FUTE 0.28
MALO 0.10
2018 2019 Sep-19
VRL TCIL FUTE MALO VRL TCIL FUTE MALO VRL TCIL
762.23 2881.96 78.50 165.6 373.19 2838.75 0.00 288.1 542.85 3261.5
49.44 1514.39 251.13 180.70 1033.58 1864.1 2178.15 88.90 3108.62 1443.2
811.67 4396.35 329.63 346.3 1406.77 4702.85 2178.15 377 3651.47 4704.7
5932.2 7664.41 4802.87 4265.5 6459.38 8971.98 5421.96 5039.3 6655.73 9057.4
0.14 0.57 0.07 0.08 0.22 0.52 0.40 0.07 0.55 0.52
2018 2019 Sep-19

0.14 0.22 0.55
0.57 0.52 0.52
0.07 0.40 1.47
0.08 0.07 0.27
Sep-19 collated from half yearly statements
FUTE MALO
D/E
2697.17 232.7
1.60
1.47
1.40
5660.67 1157.6
1.20
8357.84 1390.3
1.00
5689.8 5135.7
0.80
0.65 0.52
0.60 0.57
1.47 0.27 0.52
0.40 0.55
0.40 0.34
0.28 0.27
0.22
0.20 0.14
0.10 0.08
0.07 0.07
0.00
2017 2018 2019 43709
VRL TCIL FUTE MALO

1.47
0.52
0.55
0.27
43709
D*EBITDA(LFY) 2017
in INR(millions) VRL TCIL FUTE
I EBIT 1237.16 1052.13 551.45
II Dep.+Amort. 952.05 592.00 191.40
III=I+II EBITDA(I) 2189.21 1644.13 742.85
Short term Debt+

IV Current portion 1251.21 2781.15 71.71
of long term debt
(Lease liability+other current fin. liabilities)
V Long term Debt 595.45 1431.53 735.37
(Lease liability+Non current borrowings)
VI=IV+V Total Debt 1846.66 4212.68 807.08
VII Debt/EBITDA 0.84 2.56 1.09
D/EBITDA(x)
2017
VRL 0.84
TCIL 2.56
FUTE 1.09
MALO 0.56
2018 2019
MALO VRL TCIL FUTE MALO VRL TCIL FUTE MALO
616.42 1366.01 1466.46 344.53 1001.10 1437.66 1731.60 756.59 1298.90
0.00 975.83 686.47 496.63 197.30 1005.29 774.38 454.22 219.50
616.42 2341.84 2152.93 841.16 1198.40 2442.95 2505.98 1210.81 1518.40
145.50 762.23 2881.96 78.50 165.60 373.19 2838.75 0.00 288.10
197.70 49.44 1514.39 251.13 180.70 1033.58 1864.10 2178.15 88.90
343.20 811.67 4396.35 329.63 346.30 1406.77 4702.85 2178.15 377.00

D/EBITDA(x)
0.56 0.35 2.04 0.39 0.29
5.00 0.58 1.88 1.80 0.25
4.41
4.50
4.00
3.50
3.00
2018 2019 Sep-19 2.56
2.50 1.88
0.35 0.58 1.25 2.04
2.00 1.83
2.04 1.88 1.83 1.50 0.39 1.80 1.
1.09
0.39 1.80 4.41 1.00 0.84
0.56 0.58
0.29 0.25 0.90 0.50 0.35 0.9
0.00 0.25
0.29
2017 2018 2019 4370
VRL TCIL FUTE MALO

Sep 19(TTM) (collated from half yearly statements)
VRL TCIL FUTE MALO
1593.75 1756.19 853.69 1102.70
1322.88 812.28 1039.80 443.40
2916.63 2568.47 1893.49 1546.10
542.85 3261.50 2697.17 232.70
3108.62 1443.20 5660.67 1157.60
3651.47 4704.70 8357.84 1390.30

x)
1.25 1.83 4.41 0.90
4.41
88
1.83
1.80 1.25
0.58
0.90
0.25
2019 43709
TE MALO
2017 2018
in INR(millions) VRL TCIL FUTE MALO VRL TCIL FUTE
I Sales Revenue 18,030.85 19,425.37 5,611.83 26,665.87 19,223.20 23,461.36 9,378.05
II Average Total Assets 9,191.91 12,294.40 5,095.05 8,168.10 8,794.71 13,135.95 6,412.15
(Tot assets1+Tot assets2)/2
III=I/II Asset Turnover 1.96 1.58 1.10 3.26 2.19 1.79 1.46
Ratio(x)
Aset
Asset Turnover(x) 4.00 3.7
2017 2018 2019 Sep-19 3.50 3.26

VRL 1.96 2.19 2.29 2.02 3.00
TCIL 1.58 1.79 1.83 1.90 2.50 2.1
FUTE 1.10 1.46 1.29 0.94 2.00
1.96
1.79
MALO 3.26 3.79 3.52 3.08
1.50 1.58
1.46
1.00
1.10
0.50
0.00
2017 201
VRL
018 2019 Sep 19(TTM)
34,161.20 21,095.44 27,536.44 12,284.19 38,513.40 21,275.48 27,972.34 12,710.24 37,472.50
9,014.05 9,200.41 15,068.53 9,496.32 10,955.55 10,556.21 14,752.40 13,585.95 12,153.25
3.79 2.29 1.83 1.29 3.52 2.02 1.90 0.94 3.08
Aset turnover(x)
3.79
3.52
3.26
3.08
2.29
2.19
1.96 2.02
1.79 1.83
1.58 1.90
1.46
1.29
1.10 0.94
2017 2018 2019 43709
VRL TCIL FUTE MALO

averaged over current and preceding period 2017
VRL TCIL FUTE
I PPE 7,002.84 5978.18 1985.88
II Inventories 206.51 25.18 0.00
III Trade Receivables-ST 732.165 3584.42 157.81
IV Cash and Cash Eq 129.585 174.26 466.75
V Prepaid Expenses-ST 227.69 32.19 0.00
VI(sum(I:V)) Avg. operating assets 8,298.79 9,794.23 2,610.44

VII Sales Revenue 18,030.85 19,425.37 5,611.83
VIII EBITDA 2,189.21 1,644.13 742.85
IX=VI/VII Asset Weight/Intensity 46.03% 50.42% 46.52%
X=VIII/VI Operating RoA 26.38% 16.79% 28.46%
Asset Weight
2017
VRL 46.03%
TCIL 50.42%
FUTE 46.52%
MALO 21.60%
7 2018 2019
566.4 6,558.95 6396.88 2587.06 588.4 6,615.11 7059.4 4002.52 648.35
539.50 249.17 29.145 0 496.6 314.455 43.15 27.65 437.5
4120.7 772.545 3916.485 1376.96 4660.55 798.65 4699.665 3145.94 5758.8
501.8 150.375 150.66 1011.42 581.05 155.595 113.9 1011.42 679.9
32.50 264.6 27.65 0 31.5 266.235 33.08 0 33.3
5,760.90 7995.64 10520.82 4975.44 6358.1 8,150.04 11949.195 8187.53 7557.85

26,665.87 19,223.20 23,461.36 9,378.05 34,161.20 21,095.44 27,536.44 12,284.19 38,513.40
616.42 2,341.84 2,152.93 841.16 1,198.40 2,442.95 2,505.98 1,210.81 1,518.40
21.60% 41.59% 44.84% 53.05% 18.61% 38.63% 43.39% 66.65% 19.62%
10.70% 29.29% 20.46% 16.91% 18.85% 29.97% 20.97% 14.79% 20.09%
Operating RoA
2018 2019 2017 2018 2019
41.59% 38.63% VRL 26.38% 29.29% 29.97%
44.84% 43.39% TCIL 16.79% 20.46% 20.97%
53.05% 66.65% FUTE 28.46% 16.91% 14.79%
18.61% 19.62% MALO 10.70% 18.85% 20.09%
Operati ng Return on Assets
35.00%
29.97%
30.00%
26.38% 29.29%
25.00% 28.46% 20.97%
20.46%
20.00% 16.79%
18.85% 20.09%
15.00% 16.91%
10.70% 14.79%
10.00%
5.00%
0.00%
2017 2018 2019
VRL TCIL FUTE MALO
Asset Weight
70.00% 66.65%
60.00% 50.42% 53.05%

50.00% 46.03% 44.84% 43.39%
38.63%
40.00% 46.52%
41.59%
30.00%
21.60% 19.62%
18.61%
20.00%
10.00%
0.00%
2017 2018 2019
VRL TCIL FUTE MALO

2017 2018
in INR(millions) VRL TCIL FUTE MALO VRL TCIL
I Profit/(Loss) 1053.01 1003.69 581.92 678.20 1393.89 1524.78
(+) Non-Cash Items & Reconc Adj 1221.62 870.69 171.63 162.60 1074.18 987.09
(-) Taxes Paid 196.07 249.85 134.28 526.20 510.41 368.16
(-) Interest Paid 243.10 299.46 127.59 33.40 120.16 323.02
(+) Interest,Dividend received 12.32 5.05 144.44 91.10 0.39 8.82
II Cash Flow from Ops 1847.78 1330.12 636.12 372.30 1837.89 1829.51
III Change in WC -98.81 -636.62 306.70 -656.40 97.18 -575.79
(+) Change in Acct Rcvbl -23.92 -330.98 781.37 -2345.00 -53.30 -664.12
(+) Change in Invnt 0.12 -7.49 0.00 0.00 -58.12 -7.94
(+) Change in Oth Assets -83.78 -321.05 0.00 0.00 -42.76 120.53
(+) Change in Acct Pble 8.77 22.90 -474.67 1688.60 251.36 -24.26
IV=II+III Net Cash Flow from Op 1748.97 693.50 942.82 -284.10 1935.07 1253.72
V= Total Current Liabilities 1871.08 3939.54 1284.63 4314.90 1598.68 4336.01

VI=IV/V Operating CF ratio(x) 0.93 0.18 0.73 -0.07 1.21 0.29
2018 2019
FUTE MALO VRL TCIL FUTE MALO Current Liability Coverage
304.72 1021.10 1404.75 1786.35 615.30 1334.40 2017 2018
613.20 281.80 1103.75 1105.28 702.11 299.60 VRL 0.93 1.21

163.82 700.50 523.04 342.06 124.44 419.40 TCIL 0.18 0.29
113.07 36.60 104.05 377.29 127.59 34.80 FUTE 0.73 0.33
41.77 37.10 0.62 17.40 24.86 32.80 MALO -0.07 0.02
682.80 602.90 1882.03 2189.68 1090.24 1212.60
171.03 -483.00 -63.54 -719.16 -559.76 -265.10
-204.14 -1451.10 38.40 -902.24 -1136.77 -1671.00
Current Liability Covera
1.60
0.00 0.00 -56.65 -20.08 -55.29 0.00
1.40
-99.85 0.00 -75.07 110.57 -204.83 0.00 1.21
475.02 968.10 29.78 92.59 837.13 1405.90 1.20
1.00 0.93
853.83 119.90 1818.49 1470.52 530.48 947.50
0.80 0.73
0.60
2612.58 5266.10 1238.82 4913.87 3605.35 6759.30
0.40 0.33
0.29
0.33 0.02 1.47 0.30 0.15 0.14
0.18
0.20
0.02
0.00 -0.07
2017 2018
-0.20
VRL TCIL FUTE M

2019
1.47
0.30
0.15
0.14
nt Liability Coverage
1.47
1.21
0.33
0.29 0.30
0.15
0.14
0.02
2018 2019
TCIL FUTE MALO

2017 2018
VRL TCIL FUTE MALO VRL
I Sales Revenue 18,030.85 19,425.37 5,611.83 26,665.87 19,223.20

Avg Trade Accounts
II &Trade notes
receivable 776.82 3,614.89 977.87 3,992.90 832.16
A/C Recvl Turnover

III=I/II 23.21 5.37 5.74 6.68 23.10
IV=365/III Receivable 15.73 67.92 63.60 54.65 15.80

Days
2017 2018
VRL TCIL FUTE MALO VRL
I COGS+Dep.+Amort 12,986.78 15,577.91 3,320.34 NA 13,127.89
Avg Trade Accounts
II &Trade notes
payable 48.61 357.32 978.95 NA 56.29
III=I/II A/C Payable 267.16 43.60 3.39 NA 233.24

Turnover
IV=365/III Payable 1.37 8.37 107.61 NA 1.56

Days
2018 2019 Sep 2019
TCIL FUTE MALO VRL TCIL FUTE MALO VRL
23,461.36 9,378.05 34,161.20 21,095.44 27,536.44 12,284.19 38,513.40 21,275.48
3,971.79 1,386.29 4,428.00 884.03 4,763.51 2,206.54 5,431.85 1,004.51
5.91 6.76 7.71 23.86 5.78 5.57 7.09 21.18
61.79 53.96 47.31 15.30 63.14 65.56 51.48 17.23
2018 2019 Sep 2019

TCIL FUTE MALO VRL TCIL FUTE MALO VRL
18,631.67 6,938.71 26,982.30 11,748.68 21,781.97 9,314.64 29,999.60 15,661.83
477.17 2,772.58 4,428.00 64.68 635.62 4,413.07 5,431.85 69.66
39.05 2.50 6.09 181.66 34.27 Payable5.52

2.11 Days 224.83
200.00
180.00 172.93
9.35 145.85 59.90 2.01
160.00 10.65 172.93
145.85
66.09 1.62
140.00
120.00 107.61
100.00 94.63
80.00 66.09 67.69
59.90
60.00
40.00
20.00 8.37 9.35 10.65 8.01
1.37
0.00 1.56 2.01 1.62
0.00
2017 2018 2019 Sep 2019(T
VRL TCIL FUTE MALO

Sep 2019(TTM)
TCIL FUTE MALO Receivable Days
27,972.34 12,710.24 37,472.50 2017 2018 2019
VRL 15.73 15.80 15.30

4,292.80 3,433.80 3,128.30 TCIL 67.92 61.79 63.14
FUTE 63.60 53.96 65.56
6.52 3.70 11.98 MALO 54.65 47.31 51.48
56.02 98.61 30.47
Sep 2019(TTM)
TCIL FUTE MALO Payable Days
23,595.89 9,717.87 30,588.00 2017 2018 2019
VRL 1.37 1.56 2.01

517.65 2,519.49 5,672.40 TCIL 8.37 9.35 10.65
FUTE 107.61 145.85 172.93
ys 45.58 3.86 5.39 MALO NA 59.90 66.09
Receivable Days
172.93
120.00
8.01 94.63 67.69
98.61
100.00
94.63 80.00
67.92 65.56
63.60 61.79 63.14
66.09 67.69 60.00 54.65 53.96 56.02
51.48
47.31
40.00 30.47
10.65 8.01
2.01 1.62 15.73 15.80 15.30 17.23
20.00
2019 Sep 2019(TTM)
0.00
E MALO 2017 2018 2019 Sep 2019(TTM)
VRL TCIL FUTE MALO

Sep 2019(TTM)
17.23
56.02
98.61
30.47
Sep 2019(TTM)
1.62
8.01
94.63
67.69
e Days
98.61
65.56
63.14
56.02
51.48
30.47
15.30 17.23
2019 Sep 2019(TTM)
FUTE MALO
Revenue-actual(in INR,millions)
2019 2018 2017 2016
Goods Transport 16,860 15,172 14,262 13,579
Bus Operations 3803.27 3587.09 3262.06 3176.1
Sale of Power 220.85 217.21 234.68 213.94
Transport of passengers by air 107.22 131.3 160.34 111.78
Total revenue 21,095 19,223 18,031 17,225
EBIT(in INR,millions)
2019 2018 2017 2016
Goods Transport 1,521 1,364 1,282 1,516
Bus Operations 165.71 210.99 120.32 520.72
Sale of Power 46.09 52.13 33.97 47.90
Transport of passengers by air -21.58 -2.17 -16.38 -29.61
EBIT total 1,438 1,366 1,237 1,812
CAPEX(in INR,millions)
2019 2018 2017 2016
419% Goods Transport 1,903.65 367.14 363.56 667.94
Bus Operations 18.93 4.83 147.16 275.83
Sale of Power 0.00 1.53 0.00 0.00
CAPEX Total 2,111.42 472.57 627.40 1,107.26
Assets(in INR,millions)
2019 2018 2017 2016
6.73% Goods Transport 6,549.42 5,075.79 5,194.87 4,986.58
Bus Operations 834.81 1,056.42 1,322.91 1,383.15
Sale of Power 778.75 926.06 1,011.63 1,125.94
Assets Total 9,778.20 8,622.62 8,966.80 9,417.02
Liabilities(in INR,millions)
2019 2018 2017 2016
Goods Transport 872.16 786.24 564.24 568.47
Bus Operations 135.97 142.15 121.87 85.89
Sale of Power 0.29 0.30 0.35 0.26
Liabilities Total 3,318.82 2,690.43 3,554.48 4,277.76
Lat 3 quarters Quarterly Revenue(in INR,millions)

Goods Transport 4525.06 4318.67 4230.4
Bus Operations 946.62 745.1 1039.55
Sale of Power 22.64 95.81 48.39
Transport of passengers by air 52.32 51.49 51.85
Revenue Total 5572.53 5238.2 5396.3
Quarterly EBIT(in INR,millions)

Goods Transport 320.24 294.02 355.63
Bus Operations 107.6 -19.14 136.69
Sale of Power -19.96 55.34 2.77
Transport of passengers by air -2.66 11.56 10.01
EBIT Total 405.22 341.8 505.1
Assets(in INR,millions)
3QFY19 2QFY19 1QFY19 FY19
Goods Transport 8637.59 8716.06 8699.2 6,549.42
Bus Operations 796.42 869.04 935.2 834.81
Sale of Power 697.54 773.26 767.1 778.75
Assets Total 11766 12030.22 12031.44 9,778.20
Liabilities(in INR,millions)
Goods Transport 3274.28 3412.08 3315.64 872.16
Bus Operations 277.25 331.6 319.09 135.97
Sale of Power 0.096 0.1 0.097 0.29
Liabilities Total 5296.34 5374.48 5495.85 3,318.82
Revenue-contribution
2015 2019 2018 2017 2016
12,908 Goods Transport 79.92% 78.93% 79.10% 78.83%
3315.74 Bus Operations 18.03% 18.66% 18.09% 18.44%
222.18 Sale of Power 1.05% 1.13% 1.30% 1.24%
116.84 Transport of passengers by air 0.51% 0.68% 0.89% 0.65%
16,712
EBIT-contribution
2015 2019 2018 2017 2016
NA Goods Transport 105.80% 99.86% 103.59% 83.70%
NA Bus Operations 0.79% 1.10% 0.67% 3.02%
NA Sale of Power 0.22% 0.27% 0.19% 0.28%
NA Transport of passengers by air -0.10% -0.01% -0.09% -0.17%
1,869
CAPEX-contribution
2015 2019 2018 2017 2016
677.30 Goods Transport 90.16% 77.69% 57.95% 60.32%
16.02 Bus Operations 0.90% 1.02% 23.46% 24.91%
0.00 Sale of Power 0.00% 0.32% 0.00% 0.00%
852.23
Assets-contribution
2015 2019 2018 2017 2016
4,912.22 Goods Transport 66.98% 58.87% 57.93% 52.95%
1,318.16 Bus Operations 8.54% 12.25% 14.75% 14.69%
1,255.67 Sale of Power 7.96% 10.74% 11.28% 11.96%
9,514.89
Liabilities-contribution
2015 2019 2018 2017 2016
424.59 Goods Transport 26.28% 29.22% 15.87% 13.29%
83.92 Bus Operations 4.10% 5.28% 3.43% 2.01%
2.72 Sale of Power 0.01% 0.01% 0.01% 0.01%
5,962.67
Quarterly Revenue-contribution
Goods Transport 81.20% 82.45% 78.39%
Bus Operations 16.99% 14.22% 19.26%
Sale of Power 0.41% 1.83% 0.90%
Transport of passengers by air 0.94% 0.98% 0.96%
Quarterly EBIT-contribution
Goods Transport 79.03% 86.02% 70.41%
Bus Operations 26.55% -5.60% 27.06%
Sale of Power -4.93% 16.19% 0.55%
Transport of passengers by air -0.66% 3.38% 1.98%
Assets-contribution
Goods Transport 73.41% 72.45% 72.30% 66.98%
Bus Operations 6.77% 7.22% 7.77% 8.54%
Sale of Power 5.93% 6.43% 6.38% 7.96%
Transport of passengers by air 2.76% 2.87% 2.81% 3.38%
Liabilities-contribution
Goods Transport 61.82% 63.49% 60.33% 26.28%
Bus Operations 5.23% 6.17% 5.81% 4.10%
Sale of Power 0.00% 0.00% 0.00% 0.01%
Transport of passengers by air 0.12% 0.13% 0.22% 0.33%
Liability Contribution-quarter
80.00%
0.12%
0.00%
5.23% 0.13%
0.00%
6.17% 0.22%
0.00%
5.81%
60.00%
40.00%
61.82% 63.49% 60.33% 0.33%
0.01%
4.10%
20.00% 26.28%
0.00%
Goods Transport Bus Operations

Sale of Power Transport of passengers by air
Segment Revenue Contribution
2015 120.00% 0.51%
1.05% 1.13%
0.68% 0.89%
1.30% 0.65%
1.24% 0.70%
1.33%
18.03% 18.66% 18.09% 18.44% 19.84%
77.23% 80.00%
19.84% 40.00% 79.92% 78.93% 79.10% 78.83% 77.23%
1.33% 0.00%
2019 2018 2017 2016 2015
0.70%
Segment EBIT Contribution

2015
150.00%
NA
100.00% 0.22%
0.79% 0.27%
1.10% 0.19%
0.67%
NA 0.28%
3.02%
50.00% 105.80% 99.86% 103.59% 83.70%
NA
0.00% -0.10% -0.01% -0.09% -0.17%
NA 2019 2018 2017 2016
-50.00%

2015
79.47% Segment CAPEX Contribution
1.88% 100.00% 2.18%
0.00%
0.90% 0.00%
0.00% 80.00% 0.00%
0.32%
1.02% 0.00% 0.00%
1.88%
23.46% 24.91%
60.00%
0.00% 40.00% 90.16% 77.69% 79.47%
57.95% 60.32%
20.00%
0.00%
2019 2018 2017 2016 2015

2015 Sale of Power Transport of passengers by air
51.63%
13.85% Segment Assets Contribution
13.20% 100.00%
80.00% 3.38%
7.96% 3.53% 3.70%
11.28% 3.83% 3.77%
8.54% 10.74% 11.96% 13.20%
3.77% 60.00% 12.25% 14.75% 14.69% 13.85%
40.00% 66.98% 58.87% 57.93% 52.95% 51.63%
20.00%
0.00%
2019 2018 2017 2016 2015
2015 Goods Transport Bus Operations

7.12% Sale of Power Transport of passengers by air
1.41%
0.05%
0.06% Segment Liabilities Contribution
40.00%
0.19%
0.01%
5.28%
30.00% 0.33%
0.01%
4.10%
20.00% 0.19%
0.01%
3.43%
26.28% 29.22% 0.01%
0.11%
2.01%
10.00% 15.87% 13.29% 0.06%
0.05%
1.41%
7.12%
0.00%
2019 2018 2017 2016 2015

40.00%
0.19%
0.01%
5.28%
30.00% 0.33%
0.01%
4.10%
20.00% 0.19%
0.01%
3.43%
26.28% 29.22% 0.01%
0.11%
2.01%
10.00% 15.87% 13.29% 0.06%
0.05%
1.41%
7.12%
0.00%
2019 2018 2017 2016 2015

Quarterly Revenue Contribution

120.00%
0.94%
0.41%
16.99% 0.98%
1.83%
14.22% 0.96%
0.90%
80.00% 19.26%
40.00% 81.20% 82.45% 78.39%

0.00%

Quarterly EBIT Contribution

150.00%
100.00% 26.55% 3.38%
16.19% 1.98%
0.55%
27.06%
50.00% 79.03% 86.02% 70.41%
0.00% -4.93%
-0.66% -5.60%
-50.00%

Asset Contribution-quarter
100.00%
80.00% 2.76%
5.93% 2.87%
6.43% 2.81%
6.38% 3.38%
7.96%
6.77% 7.22% 7.77% 8.54%
60.00%
40.00% 73.41% 72.45% 72.30% 66.98%
20.00%
0.00%

0.70%
.33%
19.84%
77.23%
2015
P/E(latest) Dec-19(TTM)
VRL TCIL FUTE MALO
I Net Income(INR million) 1084.92 1557.30 232.63 689.20 I
II Shares outstanding(mn) 90.20 77.54 40.70 71.66
II
III=I/II EPS 12.03 20.08 5.72 9.62
IV Market Closing price* 153.20 154.95 132.05 253.20
V=IV/III P/E 12.74 7.72 23.10 26.33 III
*Price data as of NSE 12/05/2020 IV
V=
I+II+III-IV
VI
VII
VIII=V+VII
IX=V/VIII
EV/EBITDA(TTM) Dec-19(TTM)
in INR(million) VRL TCIL FUTE MALO
M-Cap* 13818.64 12014.82 5374.44 18144.31
ST Debt+ 542.85 3261.50 2697.17 232.70

Current maturity
of LT Debt
LT Debt 3108.62 1443.20 5660.67 1157.60
Cash and
Cash eq. 178.20 66.10 3073.81 355.70
Enterprise Value 17291.91 16653.42 10658.47 19178.91

(mkt value of debt and equity less cash)
EBIT 1538.78 1787.09 862.54 1036.80

Dep.+Amort. 1477.70 819.28 1340.48 574.50
EBITDA 3016.48 2606.37 2203.02 1611.30
EV/EBITDA 5.73 6.39 4.84 11.90

*Price data as of NSE 12/05/2020
VRL Ltd Current Ratio
in INR(millions) 2019 2018 2017 2016 2015
TCA 1716.70 1714.17 1499.78 1562.22 1573.49 I
TCL 1238.82 1598.68 1871.08 2072.19 3021.53 II
CR=TCA/TCL 1.39 1.07 0.80 0.75 0.52 III
(II-I)/III
Current Rati o
1.60
1.39
1.40
1.07 1.20
1.00
0.75 0.80
0.80
0.52 0.60
0.40
0.20
0.00
2015 2016 2017 2018 2019
CR=TCA/TCL
Quick Ratio Cash and Cash Equiv
in INR(millions) 2019 2018 2017 2016 2015 0.1
TCA 1716.70 1714.17 1499.78 1562.22 1573.49 BB-Curr a/c
Inventory 338.27 290.64 207.70 205.32 183.38 BB-Dep a/c
TCL 1238.82 1598.68 1871.08 2072.19 3021.53 Cash on hand
QR 1.11 0.89 0.69 0.65 0.46 Cheques on hand
Cash in transit
C,C Eq
Quick Ratio
1.11 1.20
0.89 1.00 Cash and Cash Equ

0.80
la
0.65 0.69
200
0.60
0.46 180
0.40 160
0.20 140
120
0.00
2015 2016 2017 2018 2019 100
80
QR
60
40
20
0
2019 2018 2017
Cash and Cash Equivalents(in million INR)
2019 2018 2017 2016 2015
87.833 143.936 83.053 104.553 117.104
0 0 0 40.221 2.121
38.174 41.245 30.271 38.973 46.214
0 0 2.239 0 0
0 0 0.005 0.074 0.241
126.007 185.181 115.568 183.821 165.68
BB-Curr a/c
Cash and Cash Equivalents(breakup in BB-Dep a/c
Cash on hand
lakhs) Cheques on hand
Cash in transit
C,C Eq
19 2018 2017 2016 2015

730 Days Historical P/E (Daily Time Series Ratio)
VRLL.NS TCIL.NS FUTE.NS MALO.NS
5/11/2020 14.5968574713708 7.86965245499048 23.2452421124409 26.3016091561076
5/8/2020 14.8377764781798 7.86718083047572 22.1437375971466 25.2280740885114
5/7/2020 15.0597998766117 8.06243916714163 21.0946856778187 25.8013209692667
5/6/2020 15.2582037645721 8.04513779553833 20.0980863544572 25.5042748583298
5/5/2020 14.9889413451973 8.02289317490549 21.1471382737851 26.1504804329994
5/4/2020 15.1259345059318 8.02042155039074 22.2573848884071 27.1145774597242
4/30/2020 15.4991227713811 8.46037071401772 23.4200840989955 27.1823248183589
4/29/2020 15.8297959179817 8.5567640700933 22.8868160400038 27.3542988825855
4/28/2020 15.9573412745277 8.12917302904011 21.8639904186591 27.9796591161367
4/27/2020 15.7211461698129 8.11928653098107 23.0092054305921 28.1255765039653
4/24/2020 15.4849510650982 8.31701649216174 24.2156151378192 27.3178195356283
4/23/2020 15.6172203237385 8.37880710503069 23.0704001258862 28.1568445156429
4/22/2020 15.4471598483438 8.59383843781467 21.9776377099197 29.6003843880902
4/21/2020 15.7400417781901 8.7816819009363 20.9373278899195 31.0908262780539
4/20/2020 15.9384456661505 9.14501070460577 19.940728566558 32.7219742205666
4/17/2020 16.1793646729595 9.36745691093402 18.9965818391629 31.2471663364417
4/16/2020 16.122677847828 9.18702832135666 18.0961456084064 29.47531234138
4/15/2020 16.3966641692971 8.57900869072612 17.2394198742886 28.9958694956574
4/13/2020 15.1117627996489 8.59136681329991 16.4264046368095 26.4214698675383
4/9/2020 15.253479862 8.497445082 15.648357797 28.208957868
4/8/2020 14.75274624 8.554292446 14.905279354 26.384990521
4/7/2020 14.200049695 8.48014371 15.683326194 23.992987627
4/3/2020 13.515083892 8.383750354 16.505083531 22.768323837
4/1/2020 14.11974336 8.781681901 17.370551364 23.675096175
3/31/2020 14.587409667 9.2957798 18.279729694 23.622982822
3/30/2020 13.264717081 8.156360899 19.24136062 21.486335358
3/27/2020 14.072504339 9.117822835 20.246702043 22.73184449
3/26/2020 13.62373364 7.773259099 21.304496062 22.059582239
3/25/2020 13.033245878 7.10592048 22.423484776 21.371685982
3/24/2020 12.400242998 7.167711093 23.603668185 22.856916536
3/23/2020 12.655333711 6.690687561 24.845046289 22.273246985
3/20/2020 13.944958982 7.5112669 26.147619089 25.118636048
3/19/2020 14.14336287 7.778202348 27.520128684 26.718515978
3/18/2020 15.943169568 8.366448982 28.962575073 26.921758054
3/17/2020 16.972980225 9.367456911 32.179667625 29.027137507
3/16/2020 18.371255245 9.387229907 35.75518625 28.928122137
3/13/2020 18.961743006 9.149953954 39.724099345 30.455043374
3/12/2020 18.952295202 8.648214177 49.655124182 30.512368062
3/11/2020 20.218300964 9.597317991 62.068905227 32.753242232
3/9/2020 21.238663816 9.649222106 63.520093715 34.530307563
3/6/2020 21.078051145 10.21028087 66.675991573 35.186935808
3/5/2020 21.267007229 10.563723176 67.121838638 36.541882981
3/4/2020 21.229216012 11.067934577 67.287938526 36.958789803
3/3/2020 21.583508669 11.376887641 69.237426676 39.053746585
3/2/2020 21.635471592 10.867732991 69.508431755 38.970365221
2/28/2020 21.739397438 11.520241863 69.464721258 38.58472641
2/27/2020 21.545717452 12.3507077 69.429752861 40.122070318
2/26/2020 21.800808165 12.494061922 72.944076791 41.419692802
2/25/2020 22.088966193 12.625058021 75.391864602 42.540129887
2/24/2020 22.410191535 12.847504228 77.62984203 42.40463517
2/20/2020 23.222702696 12.924124588 77.822168215 43.582396943
2/19/2020 22.967611982 12.845032603 76.196137741 41.305043426
2/18/2020 23.170739773 12.854919101 77.11405817 41.84181096
2/17/2020 23.695092905 12.857390726 75.863937966 42.310831135
2/14/2020 23.902944597 12.835146105 74.832370245 41.450960814
2/13/2020 24.63042552 12.835146105 76.169911443 41.044476662
2/12/2020 24.757970876 12.864805599 77.463742143 41.732372919
2/11/2020 24.880792331 12.906823216 77.437515845 41.133069362
2/10/2020 24.85717282 12.983443576 77.734747222 42.060687042
2/7/2020 24.72696721 13.141627545 63.628510629 43.238448815
2/6/2020 24.895751969 13.198474909 63.50209637 43.285350832
2/5/2020 25.824068144 13.149042419 64.063937523 41.638568884
2/4/2020 25.936591317 13.228134403 64.049891494 41.268864176
2/3/2020 26.077245283 13.156457292 63.045600433 39.997149776
1/31/2020 26.138195335 13.200946533 63.270336894 41.922040443
1/30/2020 26.264783904 13.428335989 62.954301245 41.254019261
1/29/2020 26.977430665 13.841458966 62.638265596 41.545969259
1/28/2020 27.047757648 13.968012284 63.017508375 41.451951463
1/27/2020 25.655283385 13.888606281 63.052623447 40.73444723
1/24/2020 25.106732918 13.881161968 63.122853591 41.496486209
1/23/2020 24.984832814 13.345171445 62.968347274 41.491537904
1/22/2020 24.966078952 13.216136689 62.757656841 41.160001465
1/21/2020 24.928571228 13.211173814 62.870025072 42.332749763
1/20/2020 25.106732918 13.312912756 62.006194299 42.218938747
1/17/2020 25.505252488 13.394800197 62.989416317 42.664286202
1/16/2020 25.570891005 13.427058886 62.413529135 43.490653147
1/15/2020 25.556825609 13.508946327 62.919186173 42.94633959
1/14/2020 25.158306039 13.377430134 63.179037707 42.134817561
1/13/2020 25.102044452 13.511427765 63.684694745 44.415986192
1/10/2020 24.839490383 13.394800197 64.478295374 42.842425184
1/9/2020 24.848867314 13.481650513 65.117389686 40.452393842
1/8/2020 24.403463088 13.506464889 64.717077864 39.84375232
1/7/2020 24.755098003 13.35013432 64.745169922 40.640429434
1/6/2020 24.886375038 13.216136689 64.527456475 40.150547233
1/3/2020 25.664660316 13.409688823 63.881339148 42.204093832
1/2/2020 26.086622214 13.439466074 64.52043346 41.447003158
1/1/2020 25.594333333 13.126804936 65.103343657 39.675509948
12/31/2019 25.781871954 13.159063625 65.721368926 39.804165879
12/30/2019 26.302291628 13.27817263 65.756483998 39.546854016
12/27/2019 25.425548574 13.469243325 66.360463238 39.373663339
12/26/2019 24.787917262 13.178915125 67.132994824 38.294932837
12/24/2019 24.961390486 13.250876816 68.502482636 38.507709954
12/23/2019 25.186436832 13.377430134 68.565689765 38.15143199
12/20/2019 24.900440434 13.466761888 69.218830106 37.617015044
12/19/2019 24.966078952 13.521353515 69.120507904 36.642198948
12/18/2019 25.144240642 13.570982267 68.544620722 36.988580302
12/17/2019 25.317713867 13.781904464 68.656988953 36.706526913
12/16/2019 25.327090798 13.362541508 70.49701873 36.736216744
12/13/2019 25.552137143 13.518872077 69.317152308 37.047959962
12/12/2019 25.48181016 13.717387086 69.148599962 37.047959962
12/11/2019 25.252075349 13.131767811 69.857924418 37.582376908
12/10/2019 25.313025401 13.208692377 70.110752937 37.315168435
12/9/2019 25.697479575 13.320357069 66.135726777 38.403795548
12/6/2019 26.325733956 13.598278081 66.831005204 39.734889608
12/5/2019 25.763118092 13.652869708 66.788867118 39.532009101
12/4/2019 25.870952799 13.543686453 67.898503396 39.507267576
12/3/2019 26.442945594 13.444428949 67.961710525 39.165834527
12/2/2019 26.316357025 13.459317575 68.74828814 37.547738773
11/29/2019 25.70216804 13.531279265 69.95624662 38.255346396
11/28/2019 24.966078952 13.603240956 69.485704654 38.57203792
11/27/2019 25.186436832 13.563537954 69.95624662 38.61162436
11/26/2019 26.743007388 13.585870893 67.828273251 39.289542153
11/25/2019 26.76176125 13.677684084 68.839587328 39.289542153
11/22/2019 25.308336936 13.563537954 69.310129294 39.00254046
11/21/2019 25.275517677 13.566019392 69.345244366 39.061920121
11/20/2019 24.900440434 13.87868053 69.555934798 39.047075205
11/19/2019 25.036405935 14.037492537 69.555934798 38.903574359
11/18/2019 25.280206142 14.104491352 69.668303029 39.02233368
11/15/2019 24.698836417 13.893569156 70.188006096 39.289542153
11/14/2019 24.544117054 13.503983452 69.253945178 39.363766729
11/13/2019 24.998898211 13.538723578 68.664011967 38.735331987
11/11/2019 25.102044452 13.680165522 67.533306646 39.284593848
11/8/2019 24.926743282 13.781904464 67.470099516 38.576986225
11/7/2019 25.273211724 13.99282666 68.158354929 39.517164186
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10/3/2018 29.144482197 17.392424633 84.939627865 50.314532653
10/1/2018 30.17343293 17.485781716 85.088678864 49.716765096
9/28/2018 29.341515316 17.650712563 84.226775262 49.945180341
9/27/2018 30.698854581 18.973271245 84.537838216 52.467467837
9/26/2018 30.748112861 19.552085162 84.816498779 52.797940958
9/25/2018 31.777063594 19.42760905 84.473033434 51.893999775
9/24/2018 31.29542708 19.39337812 84.725772084 53.162433371
9/21/2018 32.258700107 20.018870578 83.986997569 52.491767331
9/19/2018 32.362689809 21.164050801 84.984991212 53.089534888
9/18/2018 32.357216666 20.936881898 84.952588821 53.429727807
9/17/2018 32.433840657 20.902650968 83.695376049 53.935157286
9/14/2018 32.745809762 21.011567565 83.701856527 54.061514656
9/12/2018 32.280592676 20.915098579 81.816037369 52.95831762
9/11/2018 33.331435977 21.148491287 80.824524203 53.62412376
9/10/2018 33.544888523 21.328981648 80.072788731 56.151271155
9/7/2018 34.420591274 21.665067149 80.785641334 57.949433725
9/6/2018 34.672355816 20.84974862 81.569779197 57.978593118
9/5/2018 33.654351367 20.354956079 78.854458828 58.299346441
9/4/2018 33.895169624 21.030238982 79.327533737 58.041771802
9/3/2018 34.097675885 21.717969496 79.781167212 58.459723102
8/31/2018 34.50816155 22.720002191 80.746758465 57.220448899
8/30/2018 34.289235862 22.464826163 80.409773598 55.854817326
8/29/2018 34.322074715 22.663987941 80.351449294 53.988616173
8/28/2018 34.595731825 22.122516857 80.020944906 54.931436547
8/27/2018 34.699721527 22.218985843 78.41378631 54.907137053
8/24/2018 35.028110058 22.74178551 80.325527381 54.644702516
8/23/2018 34.716140953 22.113181149 80.643070813 54.975175637
8/21/2018 35.219670035 22.306119121 80.228320208 54.780779683
8/20/2018 34.705194669 22.704442677 80.636590335 54.528064944
8/17/2018 34.579312398 22.287447704 80.58474651 54.7127411
8/16/2018 34.639516962 20.585236884 81.025419028 54.50376545
8/14/2018 35.077368338 21.098700843 81.453130589 54.255910609
8/13/2018 35.00621749 20.893315259 81.394806286 54.649562415
8/10/2018 31.308096483 19.150649703 81.375364851 54.936296446
8/9/2018 32.607882216 20.090444342 81.893803108 55.568083295
8/8/2018 32.435562138 19.950408717 82.749226231 55.159851793
8/7/2018 33.011603542 20.224256162 82.781628622 55.767339147
8/6/2018 33.395631144 19.405825731 81.874361673 56.365106704
8/3/2018 33.971672549 19.735687426 57.255525136 56.331087412
8/2/2018 34.070141165 18.705647606 56.970804576 64.930597171
8/1/2018 34.483709352 17.398648438 56.690532774 64.542189907
7/31/2018 34.557560814 17.572914994 57.63366963 64.020614438
7/30/2018 35.212377111 17.647600661 55.983180133 65.135898153
7/27/2018 35.015439879 17.308403258 55.711805849 65.990394133
7/26/2018 35.118831926 17.081234355 55.640625709 67.460793061
7/25/2018 35.271458281 17.006548688 55.70735709 66.87263349
7/24/2018 35.458548651 26.29390575 55.974282615 63.948481661
7/23/2018 34.343045162 25.796094696 55.889756199 63.704339952
7/20/2018 34.881016181 25.355176334 55.734049643 61.889923162
7/19/2018 35.95695822 25.554300756 55.796332265 62.983012176
7/18/2018 36.033811222 26.341316326 55.734049643 63.709888627
7/17/2018 36.899688387 26.559404978 56.788405467 64.897305119
7/16/2018 36.884317786 26.858091611 57.397885416 62.12296752
7/13/2018 36.853576585 27.218411992 58.803693182 64.131587942
7/12/2018 37.381300537 27.460205933 59.172940158 65.507659391
7/11/2018 37.929518624 27.370125837 59.573328446 66.778306012
7/10/2018 35.833993415 27.592955547 59.502148306 67.649448018
7/9/2018 36.14652896 27.616660835 59.346441749 78.461956737
7/6/2018 35.30114593 26.976618052 58.247598338 77.855653996
7/5/2018 34.722186642 26.98135911 58.95050222 75.870810289
7/4/2018 34.840027913 27.109367666 58.963848497 73.273281706
7/3/2018 34.588974771 27.246858338 59.786868866 72.609539759
7/2/2018 33.34907966 26.986100167 58.990541049 73.158403292
6/29/2018 33.251732523 27.346420549 60.227295982 70.59278538
6/28/2018 32.821355707 26.559404978 57.415680451 70.401321357
6/27/2018 32.032331546 26.488289113 58.674679178 73.094581951
6/26/2018 32.22702582 27.014546513 58.972746014 76.119713519
6/25/2018 33.615503403 26.801198919 60.05824315 75.972924434
6/22/2018 34.117609687 27.336938434 61.677591335 77.179147781
6/21/2018 34.906633849 27.152037185 63.305837038 78.219435641
6/20/2018 34.799039645 27.569250259 59.973716733 79.642651547
6/19/2018 35.495840203 27.180483531 58.910463392 81.212656538
6/18/2018 36.018440622 27.014546513 58.318778478 80.542532456
6/15/2018 35.757140412 27.327456318 56.009872685 78.972527466
6/14/2018 35.485593136 27.085662378 56.156681724 77.804596924
6/13/2018 35.690534477 27.052474974 57.758234875 73.228606767
6/12/2018 35.97232882 27.071439205 57.184344996 73.273281706
6/11/2018 36.115787759 27.550286028 58.576806485 74.792229624
6/8/2018 35.485593136 27.327456318 59.155145123 70.439614162
6/7/2018 35.582940273 26.805939976 59.777971348 71.550105497
6/6/2018 35.746893345 26.530958632 61.90892679 70.216239468
6/5/2018 35.044969254 26.658967189 59.608918516 69.482294045
6/4/2018 36.038934756 26.606815555 61.708732647 72.392547199
6/1/2018 37.970506892 27.152037185 61.73097644 72.130879701
5/31/2018 38.047359894 27.009805455 60.05824315 72.718036039
5/30/2018 37.422288805 27.066698147 60.09383322 73.649827619
5/29/2018 37.427412339 27.024028628 59.622264792 74.134869811
5/28/2018 37.406918205 27.237376223 58.225354544 75.615524924
5/25/2018 39.973808497 26.891279014 58.189764474 70.822542208
5/24/2018 40.527150116 26.085299213 58.042955435 70.80977794
5/23/2018 40.988268133 26.099522386 58.389958618 68.920666244
5/22/2018 41.46475675 26.104263444 58.576806485 68.193102955
5/21/2018 41.208580074 26.360280557 59.546635893 68.295217101
5/18/2018 41.044627002 27.427018529 59.884741558 69.450383375
5/17/2018 42.146186708 27.976981217 59.95147294 68.486681124
5/16/2018 42.417733984 25.947808541 58.954950979 71.518194826
5/15/2018 41.613339222 25.871951618 59.239671539 68.314363503
5/14/2018 42.515081121 25.886174791 59.693444932 70.758720867
730 Days Historical Enterprise Value To EBITDA (Daily Time Series Ratio)
Date VRLL.NS TCIL.NS FUTE.NS MALO.NS
5/11/2020 5.72251808893464 6.18581262927449 3.77866238378984 11.1715549876497
5/8/2020 5.79889039386902 6.18433881441758 3.65316758761751 10.714263523118
5/7/2020 5.86927271410268 6.30077018811199 3.53364873412005 10.958448285732
5/6/2020 5.93216755346041 6.29045348411375 3.42010582329745 10.8319161814684
5/5/2020 5.85057985129551 6.27718915040172 3.53962467679492 11.1160161843886
5/4/2020 5.88289446092304 6.27571533554484 3.66611546341306 11.5001654085315
4/30/2020 5.98412060036926 6.51298114681486 3.79858219270608 11.4891644077394
4/29/2020 6.07325138151634 6.55474658314246 3.73782677551154 11.5268241169311
4/28/2020 6.14271460808212 6.32994343548966 3.62129589335151 11.8602391782097
4/27/2020 6.07892217862844 6.33257287475149 3.75177064175291 11.943322141707
4/24/2020 6.00404736986924 6.47675249889059 3.88921732327499 11.6611615393888
4/23/2020 6.0459772627744 6.45606667688726 3.75874257487359 11.881761604565
4/22/2020 5.99206740046777 6.57969132522104 3.63424376914708 12.4833529559833
4/21/2020 6.08491216332917 6.75700548548605 3.51572090609543 13.2807924508999
4/20/2020 6.14780700268692 6.94843845431606 3.40217799527284 13.9118875547784
4/17/2020 6.2241793076213 7.06075925769827 3.29461102712513 13.2348701231427
4/16/2020 6.20620935351907 6.97135594799747 3.19202401120647 12.5613342070938
4/15/2020 6.29306413167975 6.60879749320225 3.09441694751688 12.4084335914681
4/13/2020 5.88574517202969 6.6161665674867 3.00178983605635 11.2783890800298
4/9/2020 5.93067005728522 6.560161603 2.91314668637906 11.984024288711
4/8/2020 5.7719354627157 6.594059345 2.82848749848503 11.2070727713027
4/7/2020 5.59672841021917 6.549844899 2.91713064816231 10.1881563527586
4/3/2020 5.3795914648175 6.49236612 3.01075375 9.66648890535594
4/1/2020 5.57127097524105 6.729650311 3.109356804 10.0527448025818
3/31/2020 5.71952309658427 7.036203802 3.212939811 10.0305461877987
3/30/2020 5.30022416753274 6.356775153 3.32249876 9.12040298169179
3/27/2020 5.556296013 6.930089132 3.437037661 9.650949875
3/26/2020 5.414033877 6.12833385 3.557552505 9.364587744
3/25/2020 5.226846855 5.730403838 3.685039282 9.071566029
3/24/2020 5.026182367 5.76724921 3.819497992 9.70422655
3/23/2020 5.107047161 5.482802943 3.960928635 9.455602065
3/20/2020 5.515863617 5.972109475 4.109331212 10.667646432
3/19/2020 5.578758456 6.13128148 4.265701712 11.349143906
3/18/2020 6.149304499 6.482049416 4.430040135 11.435718504
3/17/2020 6.475758665 7.078944433 4.796564619 12.332542541
3/16/2020 6.919017533 7.090734951 5.203924712 12.290365173
3/13/2020 7.106204555 6.949248725 5.656104374 12.940784586
3/12/2020 7.103209562 6.650064309 6.787549521 12.965203062
3/11/2020 7.504538537 7.216009214 8.201855954 13.919743498
3/9/2020 7.827997711 7.246959326 8.367190368 14.676716262
3/6/2020 7.777082841 7.581515299 8.726742919 14.956418808
3/5/2020 7.836982688 7.792270823 8.777538431 15.533582793
3/4/2020 7.825002719 8.092929054 8.79646225 15.711171711
3/3/2020 7.937314932 8.277155911 9.018568119 16.603556025
3/2/2020 7.95378739 7.973550051 9.049443823 16.568038241
2/28/2020 7.986732306 8.362637173 9.044463871 16.403768492
2/27/2020 7.925334963 8.857838965 9.040479909 17.058627628
2/26/2020 8.006199756 8.943320227 9.440868068 17.611373136
2/25/2020 8.097547023 9.021432414 9.719745393 18.088643354
2/24/2020 8.199376763 9.154075751 9.974718947 18.030926956
2/20/2020 8.456946105 9.199764012 9.996630737 18.53261565
2/19/2020 8.376081311 9.152601936 9.811376514 17.562536184
2/18/2020 8.440473647 9.158497196 9.915955511 17.791181916
2/17/2020 8.606695722 9.15997101 9.773528877 17.990969449
2/14/2020 8.672585554 9.146706677 9.656002005 17.624692305
2/13/2020 8.903199965 9.146706677 9.808388543 17.45154311
2/12/2020 8.943632362 9.164392455 9.955795129 17.744564825
2/11/2020 8.982567262 9.189447308 9.952807157 17.489280755
2/10/2020 8.975079781 9.235135568 9.986670833 17.884416098
2/7/2020 9.300942846 9.329459719 11.813902388 18.386104792
2/6/2020 9.356698409 9.363357461 11.793043843 18.406083545
2/5/2020 9.663354003 9.333881164 11.885748488 17.704607318
2/4/2020 9.700524378 9.381043239 11.883430872 19.260937683
2/3/2020 9.746987347 9.338302608 11.717721319 18.652559263
1/31/2020 9.7671213 9.364831276 11.754803177 19.551835932
1/30/2020 9.808937972 9.500422242 11.702656814 19.239747628
1/29/2020 10.044350348 9.857465565 11.650510451 19.376141776
1/28/2020 10.067581833 9.93373924 11.713086086 19.332218236
1/27/2020 9.607598441 9.885881248 11.718880127 18.99701228
1/24/2020 9.426392862 9.881394561 11.730468207 19.353024123
1/23/2020 9.386124955 9.558353116 11.70497443 19.350712358
1/22/2020 9.379929893 9.480583879 11.670210188 19.195824089
1/21/2020 9.367539768 9.477592755 11.688751117 19.743712445
1/20/2020 9.426392862 9.538910807 11.546217725 19.690541845
1/17/2020 9.55803794 9.588264361 11.708450854 19.898600714
1/16/2020 9.579720659 9.60770667 11.613428592 20.284665505
1/15/2020 9.575074362 9.657060224 11.696862773 20.030371332
1/14/2020 9.443429284 9.577795425 11.739738672 19.651241836
1/13/2020 9.424844096 9.658555786 11.823172853 20.716965601
1/10/2020 9.338113221 9.588264361 11.954118164 19.981824262
1/9/2020 9.341210752 9.640609039 12.059569699 18.865241663
1/8/2020 9.194078017 9.655564662 11.993517639 18.580894541
1/7/2020 9.31023544 9.56134424 11.998152871 18.953088741
1/6/2020 9.353600877 9.480583879 11.962229821 18.724223985
1/3/2020 9.610695972 9.597237734 11.855619479 19.683606549
1/2/2020 9.750084878 9.615184481 11.961071013 19.329906471
1/1/2020 9.587464487 9.426743638 12.057252082 18.502294524
12/31/2019 9.649415113 9.446185947 12.159227192 18.56240042
12/30/2019 9.821328097 9.517972935 12.165021233 18.442188628
12/27/2019 9.531708925 9.633131228 12.264678727 18.361276846
12/26/2019 9.321076799 9.458150445 12.392147614 17.857312029
12/24/2019 9.378381127 9.50152175 12.618115187 17.956717933
12/23/2019 9.452721878 9.577795425 12.62854446 17.790270838
12/20/2019 9.358247174 9.631635666 12.73631361 17.540600194
12/19/2019 9.379929893 9.664538035 12.720090297 17.085182447
12/18/2019 9.438782987 9.69444928 12.625068036 17.247006012
12/17/2019 9.496087315 9.821572071 12.643608965 17.115235395
12/16/2019 9.499184846 9.568822052 11.941113242 17.129105986
12/13/2019 9.573525597 9.663042473 11.763272038 17.274747194
12/12/2019 9.550294112 9.782687453 11.737866151 17.274747194
12/11/2019 9.474404596 9.429734763 11.84478259 17.524417838
12/10/2019 9.49453855 9.476097192 11.882891419 17.399582516
12/9/2019 9.621537331 9.543397493 11.283735934 17.908170864
12/6/2019 9.829071926 9.710900465 11.388535215 18.530035707
12/5/2019 9.64322005 9.743802834 11.382183743 18.435253333
12/4/2019 9.678841659 9.677998096 11.549439161 18.423694507
12/3/2019 9.867791066 9.618175606 11.558966369 18.264182707
12/2/2019 9.825974394 9.627148979 11.677527171 17.508235481
11/29/2019 9.623086097 9.670520284 11.85960269 17.838817907
11/28/2019 9.379929893 9.713891589 11.788677924 17.986770881
11/27/2019 9.452721878 9.689962594 11.85960269 18.005265003
11/26/2019 9.966912067 9.703422654 11.538853375 18.321976837
11/25/2019 9.973107129 9.758758457 11.691288693 18.321976837
11/22/2019 9.492989784 9.689962594 11.762213459 18.187894455
11/21/2019 9.482148425 9.691458156 11.767506352 18.215635637
11/20/2019 9.358247174 9.879898999 11.79926371 18.208700342
11/19/2019 9.403161377 9.975614983 11.79926371 18.14165915
11/18/2019 9.48369719 10.015995163 11.816200968 18.197141516
11/15/2019 9.291650252 9.888872372 11.894535784 18.321976837
11/14/2019 9.240540986 9.6540691 11.75374483 18.356653315
11/13/2019 9.390771252 9.675006971 11.664824228 18.063059133
11/11/2019 9.424844096 9.760254019 11.494393074 18.319665072
11/8/2019 9.174176557 9.821572071 11.484865867 17.989082646
11/7/2019 9.295162469 9.948694862 11.588606569 18.428318037
11/6/2019 9.258700962 10.134144581 11.462635716 17.341788386
11/5/2019 9.379686873 10.363569966 11.407589629 17.198458942
11/4/2019 9.444323182 10.437219549 11.417116837 17.11344779
11/1/2019 9.348197389 10.399643231 13.601397365 17.232234547
10/31/2019 9.301791834 10.513875238 13.632017727 17.549695574
10/30/2019 9.278589057 10.742339251 13.740464841 17.407548845
10/29/2019 9.255386279 10.342527228 14.036461672 16.928988192
10/25/2019 9.28356108 10.145627322 13.133160999 15.948175765
10/24/2019 9.185777946 10.130596795 13.135712696 16.31775726
10/23/2019 9.266987668 10.25535017 13.205884358 16.440951091
10/22/2019 9.364770802 10.372588283 13.277331869 16.817639922
10/18/2019 9.550393023 10.23280438 13.366641258 16.874498613
10/17/2019 9.281903739 10.273386803 13.649879604 16.073738709
10/16/2019 9.266987668 10.228295222 13.615431697 16.488333334
10/15/2019 9.25704362 10.184706693 13.521018915 16.58309782
10/14/2019 9.248756914 10.310963121 13.588638881 16.573621371
10/11/2019 9.288533104 10.017867841 13.591190578 16.623372726
10/10/2019 9.328309294 10.118572373 13.654982998 16.521500904
10/9/2019 9.15097378 10.156148691 14.013496401 16.365139502
10/7/2019 9.21726743 10.178694482 13.521018915 16.225361886
10/4/2019 9.469183301 10.225289116 13.847636107 16.06426226
10/3/2019 9.537134293 10.498844711 13.987979432 16.002665345
10/1/2019 9.613371991 10.583015663 13.640948665 16.234838335
9/30/2019 9.641546792 11.024913162 13.828498381 16.320126372
9/27/2019 9.628288062 10.80246136 14.068357882 16.867391277
9/26/2019 9.484099373 10.350042492 14.067082034 16.955048426
9/25/2019 9.659777546 10.465777551 13.723878812 17.000061557
9/24/2019 9.649833498 10.533414923 14.040289217 17.649198284
9/23/2019 9.70452576 10.422189022 14.461319192 17.118517164
9/20/2019 9.306763858 10.071977739 14.097702395 15.467246
9/19/2019 9.38797358 9.912654151 14.544249338 15.187690768
9/18/2019 9.417805722 9.909648045 14.557007822 15.474353337
9/17/2019 9.237155525 9.82397404 14.608041759 15.543057589
9/16/2019 9.563651753 9.957745732 14.378389045 15.723110112
9/13/2019 9.906721393 10.192221956 14.391147529 15.976605111
9/12/2019 9.712812466 10.213264694 14.531490854 15.810767261
9/11/2019 9.780763458 10.282405119 14.637386272 15.583332495
9/9/2019 9.842085084 10.240319643 14.753488477 15.462507776
9/6/2019 9.969700361 10.228295222 14.859383895 15.417494645
9/5/2019 10.145378534 10.262865434 14.937210648 15.180583431
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8/1/2018 13.774593334 11.61580941 34.674930392 33.937681877
7/31/2018 13.803520655 11.712651342 35.246507592 33.658397528
7/30/2018 14.060009568 11.754155026 34.246247492 34.255590658
7/27/2018 13.982870045 11.565659124 34.081784241 34.713141613
7/26/2018 14.023368295 11.43941875 34.03864634 35.500485789
7/25/2018 14.083151425 11.397915065 34.079088123 35.185548118
7/24/2018 14.156433972 14.841426178 34.240855254 33.619773097
7/23/2018 13.224973411 14.605695427 34.189628996 33.489044252
7/20/2018 13.42978414 14.396905334 34.095264836 32.51749125
7/19/2018 13.839405598 14.491197634 34.1330105 33.10279994
7/18/2018 13.868664273 14.863876725 34.095264836 33.492015362
7/17/2018 14.198312018 14.967149245 34.734245007 34.127832923
7/16/2018 14.192460283 15.094564983 35.103613292 32.642277875
7/13/2018 14.180756813 15.265001021 35.955586854 33.71781973
7/12/2018 14.381666385 15.379372572 36.17936472 34.454655034
7/11/2018 14.590378271 15.336763563 36.422015418 35.135039246
7/10/2018 13.792591717 15.442164797 36.378877516 35.601503532
7/9/2018 13.911576997 15.453377694 36.284513355 41.183320019
7/6/2018 13.589731566 15.150629469 35.618571995 40.852902309
7/5/2018 13.36931621 15.152872048 36.044558776 39.771219071
7/4/2018 13.414179513 15.213421693 36.052647133 38.355640042
7/3/2018 13.318601173 15.278456497 36.551429123 37.993919602
7/2/2018 12.846561207 15.155114628 36.068823846 38.293034581
6/29/2018 12.809500218 15.325550666 36.818344891 36.894845958
6/28/2018 12.645651634 14.953282478 35.114397767 36.790503523
6/27/2018 12.345262565 14.919643786 35.877399406 38.258253769
6/26/2018 12.419384543 15.168570104 36.058039371 39.906864236
6/25/2018 12.947991282 15.067654029 36.715892374 39.826868369
6/22/2018 13.139147962 15.321065507 37.697279641 40.484225707
6/21/2018 13.439537032 15.233604908 38.684059147 41.051152935
6/20/2018 13.398574886 15.430951899 36.664666116 41.826765032
6/19/2018 13.663853544 15.247060385 36.020293706 42.682372995
6/18/2018 13.862812538 15.168570104 35.661709897 42.317174474
6/15/2018 13.763333041 15.316580348 34.262424205 41.461566511
6/14/2018 13.659952388 15.202208796 34.351396128 40.82507766
6/13/2018 13.737975522 15.18651074 35.32199892 38.331293474
6/12/2018 13.845257333 15.195481058 34.974199586 38.355640042
6/11/2018 13.899873527 15.421981582 35.818084791 39.183423356
6/8/2018 13.659952388 15.316580348 36.168580244 36.81137201
6/7/2018 13.697013377 15.069896609 36.546036885 37.416558131
6/6/2018 13.759431885 14.939827001 37.837477822 36.68963917
6/5/2018 13.492202648 15.000376646 36.443584368 36.289659837
6/4/2018 13.870614852 14.975708272 37.716152473 37.875664843
6/1/2018 14.605982898 15.233604908 37.729633068 37.733063515
5/31/2018 14.635241573 15.166327525 36.715892374 38.053046981
5/30/2018 14.397271012 15.193238478 36.737461325 38.56084683
5/29/2018 14.39922159 15.173055263 36.451672725 38.825180997
5/28/2018 14.391419277 15.273971338 35.605091401 39.632095825
5/25/2018 15.368659041 15.110263039 35.58352245 37.020056879
5/24/2018 15.579321505 14.729024533 35.494550527 37.013100717
5/23/2018 15.754873558 14.735752272 35.704847799 35.983588696
5/22/2018 15.936277347 14.737994851 35.818084791 35.587087444
5/21/2018 15.838748428 14.859094141 36.405838704 35.642736743
5/18/2018 15.776329921 15.363674516 36.610743738 36.272269431
5/17/2018 16.19570427 15.623813732 36.651185521 35.747079177
5/16/2018 16.299084924 14.663989729 36.047254895 37.399167725
5/15/2018 15.99284412 14.628108458 36.219806503 35.653170986
5/14/2018 16.336145913 14.634836197 36.494810627 36.985276068
Holding Top 10
Investor Name % Outstanding Position (M) Position Change Value (INR M)
(M)
1 Sankeshwar (Anand Vijay) 34.61% 31.27 0 4,818.19
2 Sankeshwar (Vijay Basavanneppa) 32.98% 29.79 0 4,591.15
3 Nippon Life India Asset Management Limited 9.88% 8.93 -0.59 1,376.18
4 ICICI Prudential Asset Management Co. Ltd. 4.64% 4.19 -0.47 645.63
IDFC Asset Management Company Private
5 Limited 3.66% 3.30 +0.12 509.16
6 HDFC Asset Management Co., Ltd. 2.26% 2.04 +0.00 313.96
Goldman Sachs Asset Management
7 International 2.02% 1.83 -0.04 436.12
Goldman Sachs Asset Management (India)
8 Private Ltd. 1.96% 1.77 -0.10 272.46
9 UTI Asset Management Co. Ltd. 0.93% 0.84 +0.02 129.02
10 AllianceBernstein L.P. 0.78% 0.71 0 168.40
Company Name VRL Logistics Ltd (VRLL.NS)
Segments - Business Line By Segment (Currency: As Reported)
Field Name 31-03-2019 31-03-2018 31-03-2017 31-03-2016 31-03-2015
Goods trasport
Total Assets 6,549.4 5,075.8 5,194.9 4,986.6 4,912.2
Fixed Assets - Purchased - Cash Flow 1,903.7 367.1 363.6 667.9 677.3
Total Liabilities including Debt - Short-Term & Long-Term 872.2 786.2 564.2 568.5 424.6
External Revenue 16,860 15,172 14,262 13,579 12,908
Depreciation & Amortization 531.1 500.4 482.0 452.9 415.3
Earnings before Interest & Taxes (EBIT) 1,521.1 1,364.1 1,281.6 1,516.3
Bus Operations
Total Assets 834.8 1,056.4 1,322.9 1,383.2 1,318.2
Fixed Assets - Purchased - Cash Flow 18.93 4.83 147.2 275.8 16.02
External Revenue 3,803.3 3,587.1 3,262.1 3,176.1 3,315.7
Earnings before Interest & Taxes (EBIT) 165.7 211.0 120.3 520.7
Sale of Power
Total Assets 778.8 926.1 1,011.6 1,125.9 1,255.7
Fixed Assets - Purchased - Cash Flow 0 1.53 0 0 0
External Revenue 220.9 217.2 234.7 213.9 222.2
Earnings before Interest & Taxes (EBIT) 46.09 52.13 33.97 47.90
Transport of passengers by air
Total Assets 330.0 304.4 332.0 360.9 358.4
Fixed Assets - Purchased - Cash Flow 46.06 0 0 0 0
Earnings before Interest & Taxes (EBIT) -21.58 -2.17 -16.38 -29.61
Un-allocable assets
Total Assets 1,285.2 1,260.0 1,105.4 1,560.5 1,686.6
Fixed Assets - Purchased - Cash Flow 142.8 99.07 116.7 163.5 158.9
Total Liabilities including Debt - Short-Term & Long-Term 2,299.5 1,756.6 2,861.2 3,618.6 5,454.5
Total
Total Assets 9,778.2 8,622.6 8,966.8 9,417.0 9,531.1
Fixed Assets - Purchased - Cash Flow 2,111.4 472.6 627.4 1,107.3 852.2
Total Liabilities including Debt - Short-Term & Long-Term 3,318.8 2,690.4 3,554.5 4,277.8 5,969.2
External Revenue 21,095 19,223 18,031 17,225 16,712
Depreciation & Amortization 1,005.8 976.3 952.6 897.0 876.6
Earnings before Interest & Taxes (EBIT) 1,711.3 1,625.1 1,419.5 2,055.3
Company Fundamentals - Balance Sheet
Balance Sheet - YoY Growth (Currency: As Reported)
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)

Field Name 31-03-2019 31-03-2018 31-03-2017 31-03-2016 31-03-2015
Cash & Short-Term Investments 126.3 185.2 115.6 143.6 163.6
Cash & Cash Equivalents 126.0 185.2 115.6 143.6 163.6
Loans & Receivables - Net - Short-Term 981.9 962.7 907.8 967.5 985.2
Trade Accounts & Trade Notes Receivable - Net 797.0 800.3 744.8 719.5 893.0
Loans - Short-Term 119.3 116.8 82.24 73.34 76.77
Income Tax - Receivables - Short-Term 0 44.58 157.5
Receivables - Other - Total 65.60 45.59 36.15 17.11 15.44
Inventories - Total 338.3 290.6 207.7 205.3 183.4
Inventories - Raw Materials 0.21 0.08 0.15 0.25 0.20
Inventories - Other - Total 338.1 290.6 207.6 205.1 183.2
Prepaid Expenses - Short-Term 265.1 267.3 261.9 193.5 213.5
Other Current Assets - Total 5.17 8.36 6.90 52.26 27.79
Total Current Assets 1,716.7 1,714.2 1,499.8 1,562.2 1,573.5
Investments - Long-Term 25.47 25.99 26.50 27.02 28.04
Investment Property - Net 24.89 25.41 25.93 26.45 26.97
Investments - Available for Sale/Held to Maturity - Long-Term 0.57 0.57 0.57 0.57 1.08
Receivables & Loans - Long-Term 413.8 437.0 295.3 316.8 577.7
Loans - Long-Term 322.8 357.3 255.8 267.0 204.2
Receivables - Other - Net - Long-Term 91.02 79.74 39.49 49.82 373.5
Property, Plant & Equipment - Net - Total 7,429.6 6,293.5 6,918.6 7,267.2 7,085.0
Construction in Progress - Net 416.5 76.42 17.73 162.3 90.74
Property, Plant & Equipment - Gross - Total 11,192 9,071.8 8,744.4 8,157.4
Property, Plant & Equipment - Accumulated Depreciation & Impairment -

3,762.5 2,778.3 1,825.8 890.2
Total
Other Non-Current Assets - Total 180.1 144.8 214.7 227.2 233.6
Prepaid Expenses - Long-Term 106.9 70.35 99.94 142.1 149.5
Other Non-Current Assets 73.27 74.48 114.7 85.08 84.06
Intangible Assets - Total - Net 12.48 7.16 12.00 16.66 17.10
Intangible Assets - excluding Goodwill - Net - Total 12.48 7.16 12.00 16.66 17.10
Intangible Assets - Gross - Total 32.45 22.17 22.17 21.85
Intangible Assets - Accumulated Amortization & Impairment - Total 19.98 15.01 10.17 5.19
Total Non-Current Assets 8,061.5 6,908.5 7,467.0 7,854.8 7,941.4
Total Assets 9,778.2 8,622.6 8,966.8 9,417.0 9,514.9
Trade Accounts Payable & Accruals - Short-Term 591.7 559.9 439.7 420.9 311.1
Trade Accounts & Trade Notes Payable - Short-Term 61.06 68.29 44.28 52.94 44.72
Accrued Expenses - Short-Term 530.7 491.6 395.5 368.0 266.4
Short-Term Debt & Current Portion of Long-Term Debt 373.2 762.2 1,251.2 1,465.6 2,515.5
Short-Term Debt & Notes Payable 273.6 639.1 631.5 497.2 996.7
Current Portion of Long-Term Debt including Capitalized Leases 99.61 123.2 619.7 968.5 1,518.8
Income Taxes - Payable - Short-Term 37.05 12.51 20.92 4.57 9.22
Dividends/Distributions Payable 0.60 0.22 0.24 0.12 0
Other Current Liabilities - Total 236.3 263.8 159.0 181.0 185.7
Deferred Income - Short-Term 43.86 0.86 0.68 1.23 1.96
Customer Advances - Short-Term 20.99 70.22 53.75 33.09 27.76
Provisions - Short-Term 99.76 113.8 45.11 81.52 76.07
Other Current Liabilities 71.64 78.98 59.44 65.14 79.86
Total Current Liabilities 1,238.8 1,598.7 1,871.1 2,072.2 3,021.5
Debt - Long-Term - Total 1,033.6 49.44 595.5 1,154.1 1,912.0
Long-Term Debt excluding Capitalized Leases 623.5 49.44 595.5 1,154.1 1,912.0
Capitalized Lease Obligations - Long-Term 410.1
Deferred Tax & Investment Tax Credits - Long-Term 737.7 807.9 896.1 884.2 887.5
Deferred Tax - Liability - Long-Term 737.7 807.9 896.1 884.2 887.5
Other Non-Current Liabilities - Total 308.8 234.4 191.9 167.3 141.6
Provisions - Long-Term 164.5 89.25 50.35 35.93 25.76
Customer Advances - Long-Term 70.21
Other Non-Current Liabilities 74.12 145.2 141.5 131.4 115.9
Total Non-Current Liabilities 2,080.0 1,091.7 1,683.4 2,205.6 2,941.1
Total Liabilities 3,318.8 2,690.4 3,554.5 4,277.8 5,962.7
Common Equity Attributable to Parent Shareholders 6,459.4 5,932.2 5,412.3 5,139.3 3,552.2
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 6,459.4 5,932.2 5,412.3 5,139.3 3,552.2
Total Liabilities & Equity 9,778.2 8,622.6 8,966.8 9,417.0 9,514.9
Share/Per Share - Common
Common Shares - Issued - Total 90.34 91.24 91.24 91.24 85.54
Common Shares - Outstanding - Total 90.34 91.24 91.24 91.24 85.54
Common Shares - Treasury - Total 0 0 0 0 0
Debt Related
Net Debt 1,280.5 626.5 1,731.1 2,476.1 4,264.0
Debt Maturity
Debt - Long-Term - Maturities - Total 1,759.0 187.2
Debt - Long-Term - Maturities - within 1 Year 470.3 135.2
Debt - Long-Term - Maturities - Year 5 1,088.3 51.95
Debt - Long-Term - Maturities - Remaining 200.4 0
Debt - Long-Term - Maturities - 4-5 Years 1,088.3 51.95
Debt - Long-Term - Maturities - Year 6 & Beyond 200.4 0

Company Fundamentals - Income Statement
Income Statement - YoY Growth (Currency: As Reported)
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)

Field Name 31-03-2019 31-03-2018 31-03-2017 31-03-2016 31-03-2015
Revenue from Goods & Services 20,984 19,089 17,903 17,064 16,712
Sales of Goods & Services - Net - Unclassified 20,968 19,089 17,903 17,064 16,712
Hotel Revenue 16.28
Revenue from Business-Related Activities - Other - Total 111.6 134.4 128.0 160.8
Revenue from Business Activities - Total 21,095 19,223 18,031 17,225 16,712
Cost of Operating Revenue 15,378 13,786 13,528 12,452 12,670
Cost of Revenues - Total 15,378 13,786 13,528 12,452 12,670
Cost of Revenues - Unclassified 10,743 12,152 12,035 11,025 11,301
Amortization in Cost of Revenues 4.96 4.85 4.98 5.19 2.56
Depreciation in Cost of Revenues 1,000.3 971.0 947.1 891.3 874.1
Material Expenses 3,620.8 658.2 540.9 531.0 493.2
Materials Purchased 763.5 658.2 540.9 531.0 493.2

Ground leases/Rental Expenses in Cost of Revenues 2,857.2
Property Operating Expenses - Hotel 8.46
Gross Profit - Industrials/Property - Total 5,717.6 5,437.1 4,503.2 4,773.1 4,041.6
Selling, General & Administrative Expenses - Total 4,274.0 4,067.5 3,261.9 2,954.3 2,169.0
Selling, General & Administrative Expenses - Unclassified 222.1 215.9 195.7 204.0 170.7
Labor & Related Expenses including Stock-Based Compensation in Selling,

3,667.8 3,458.5 2,661.6 2,409.6 1,980.4
General & Administrative Expenses
Selling, General & Administrative Expenses - Other - Total 384.1 393.1 404.6 340.7 17.90
Other Operating Expense/(Income) - Net 5.85 3.62 4.18 7.18 3.47
Other Operating Expense 5.85 3.62 4.18 7.18 3.47
Operating Expenses - Total 19,658 17,857 16,794 15,414 14,843
Operating Profit before Non-Recurring Income/(Expense) 1,437.7 1,366.0 1,237.2 1,811.6 1,869.2
Financing Income/(Expense) - Net - Total -103.9 -82.47 -210.8 -286.2 -583.6
Interest Expense - Net of (Interest Income) 91.68 78.97 206.1 279.3 580.9
Non-Interest Financial Income/(Expense) - Total -12.23 -3.50 -4.68 -6.89 -2.70
Sale of Tangible & Intangible Fixed Assets - Gain/(Loss) -3.52 2.82 -7.32 -1.82 -17.47
Other Non-Operating Income/(Expense) - Total 74.52 108.3 63.91 56.79 73.74
Non-Operating Rental Income 61.98 65.86 51.14 45.07 41.05
Normalized Pre-tax Profit 1,404.8 1,394.7 1,083.0 1,580.4 1,341.9
Non-Recurring Income/(Expense) - Total -0.81 -30.00 -0.43 37.16
Impairment - Tangible & Intangible Fixed Assets 0 29.22
Fair Value Adjustments - Financial Investments -0.81 -0.78 -0.43
Non-Recurring Income/(Expense) - Other - Total 37.16
Income before Taxes 1,404.8 1,393.9 1,053.0 1,580.0 1,379.0
Income Taxes 485.6 468.3 348.3 537.6 466.8

Income Taxes for the Year - Current 550.0 546.5 336.4 514.0 409.7
Income Taxes - Deferred -64.43 -78.19 11.91 21.10 59.35
Income Taxes - Other (by Type) 0 2.45 -2.25
Net Income after Tax 919.2 925.6 704.7 1,042.4 912.2
Income before Discontinued Operations & Extraordinary Items 919.2 925.6 704.7 1,042.4 912.2
Net Income before Minority Interest 919.2 925.6 704.7 1,042.4 912.2
Net Income after Minority Interest 919.2 925.6 704.7 1,042.4 912.2
Income Available to Common Shares 919.2 925.6 704.7 1,042.4 912.2
Other Comprehensive Income - Starting Line 919.2 925.6
Other Comprehensive Income - Other -44.32 -28.59
Other Comprehensive Income - Income Tax 15.49 9.99
Other Comprehensive Income - Net of Tax - Total -28.83 -18.60
Comprehensive Income before Minority Interest - Total 890.3 907.0
Comprehensive Income - Attributable to Parent Company Equity Holders - Total 890.3 907.0
Share/Per Share - Basic
Net Income - Basic - including Extraordinary Items Applicable to Common -

919.2 925.6 704.7 1,042.4 912.2
Total
Income available to Common excluding Extraordinary Items 919.2 925.6 704.7 1,042.4 912.2
Shares used to calculate Basic EPS - Total 90.34 91.03 91.24 90.87 85.54
Share/Per Share - Diluted
Net Income - Diluted - including Extraordinary Items Applicable to Common -

919.2 925.6 704.7 1,042.4 912.2
Total
Diluted Income available to Common excluding Extraordinary Items 919.2 925.6 704.7 1,042.4 912.2
Shares used to calculate Diluted EPS - Total 90.34 91.03 91.24 90.87 85.54
Income Statement - Standardized (Currency: As Reported)
Field Name 31-12-2019 30-09-2019 30-06-2019 31-03-2019 31-12-2018 30-09-2018 30-06-2018 31-03-2018 31-12-2017 30-09-2017 30-06-2017 31-03-2017
Revenues
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)
Rev from Goods & Srvc 5,572.5 5,238.2 5,396.4 5,129.3 5,511.6 5,169.9 5,284.7 4,891.7 4,893.4 4,519.3 4,918.7 4,428.6
Sales of Goods & Srvc - Net - Unclassif 5,572.5 5,238.2 5,396.4 5,129.3 5,511.6 5,169.9 5,284.7 4,891.7 4,893.4 4,519.3 4,918.7 4,428.6
Tot Rev from Biz Activ 5,572.5 5,238.2 5,396.4 5,129.3 5,511.6 5,169.9 5,284.7 4,891.7 4,893.4 4,519.3 4,918.7 4,428.6
Operating Expenses
COGS - Tot 4,146.9 3,899.1 3,891.7 3,812.1 4,058.9 3,902.8 3,975.4 3,759.2 3,550.3 3,306.9 3,549.2 3,524.9
COGS - Unclassif 3,738.8 3,484.5 3,491.9 3,556.9 3,805.7 3,650.7 3,730.2 3,513.7 3,304.9 3,063.4 3,307.2 3,286.4
Amort in COGS
Depr in COGS 408.1 414.6 399.8 255.2 253.2 252.1 245.2 245.5 245.4 243.5 242.0 238.4
Gross Profit - Ind/Prop - Tot 1,425.7 1,339.2 1,504.7 1,317.2 1,452.7 1,267.1 1,309.3 1,132.5 1,343.1 1,212.5 1,369.6 903.8
SGA - Tot 972.8 950.1 925.0 905.7 944.4 917.6 899.1 878.9 910.6 838.5 829.7 674.1
Labor & Related Expn incl Stock-Based Comp in SGA 972.8 950.1 925.0 905.7 944.4 917.6 899.1 878.9 910.6 838.5 829.7 674.1
Oth Op Expn/(Inc) - Net 64.16 72.01 91.53 66.61 64.65 60.95 53.10 55.10 59.55 59.75 59.52 50.56
Oth Op Expn 64.16 72.01 91.53 66.61 64.65 60.95 53.10 55.10 59.55 59.75 59.52 50.56
Op Expn - Tot 5,183.9 4,921.1 4,908.2 4,784.4 5,068.0 4,881.3 4,927.6 4,693.2 4,520.4 4,205.1 4,438.5 4,249.6
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 388.7 317.1 488.1 344.9 443.6 288.5 357.1 198.6 373.0 314.2 480.3 179.1
Non-Operating Expenses
Fin Inc/(Expn) - Net - Tot -86.40 -87.99 -87.88 -37.12 -36.10 -19.54 -15.88 -21.68 -20.05 -30.83 -41.85 -51.01
Intr Expn - Net of (Intr Inc) 86.40 87.99 87.88 37.13 36.10 19.54 15.88 21.68 20.05 30.83 41.85 51.01
Oth Non-Op Inc/(Expn) - Tot 23.88 30.95 23.98 18.59 12.30 23.49 24.87 21.37 36.60 26.61 57.72 21.21
Norm Pretax Profit 326.1 260.0 424.2 326.4 419.8 292.5 366.1 198.3 389.5 310.0 496.2 149.3
Pre-Tax Income
Inc Bef Taxes 326.1 260.0 424.2 326.4 419.8 292.5 366.1 198.3 389.5 310.0 496.2 149.3
Taxes
Inc Taxes 68.16 41.79 149.7 121.2 154.1 86.12 124.2 78.05 137.4 93.99 158.8 65.44
Inc Taxes For The Yr - Curr 76.51 42.61 209.8 110.7 156.0 109.8 173.6 107.5 179.5 82.46 177.0 59.95
Inc Taxes - Def -8.35 -0.83 -60.10 10.50 -1.90 -23.63 -49.41 -29.48 -42.05 11.53 -18.19 5.50
Net Income After Tax
Net Inc After Taxes 258.0 218.3 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
After Tax Income/Expense
Inc Bef Disc Ops & Exord Items 258.0 218.3 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Exord Activ - After Taxes - G/(L) 0 129.0
Exord Items 0 129.0
Net Inc Bef Minority Intr 258.0 347.2 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Net Inc After Minority Intr 258.0 347.2 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Net Income
Earnings Adj to Net Inc - Oth Expn/(Inc) 0
Inc Avail to Com Shares 258.0 347.2 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Net Inc - Basic - incl Exord Items, Com - Tot 258.0 347.2 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Inc Avail to Com excl Exord Items 258.0 218.3 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Shares Used to Calc Basic EPS - Tot 90.20 90.43 90.31 90.34 90.40 90.34 90.25 91.30 90.94 91.24 91.18 91.13
Net Inc - Diluted - incl Exord Items, Com - Tot 258.0 347.2 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Diluted Inc Avail to Com excl Exord Items 258.0 218.3 274.5 205.2 265.8 206.4 241.9 120.2 252.1 216.0 337.4 83.84
Shares Used to Calc Diluted EPS - Tot 90.20 90.43 90.31 90.34 90.40 90.34 90.25 91.30 90.94 91.24 91.18 91.13
Country India
Balance Sheet - Standardized (Currency: As Reported)
Field Name 30-09-2019 31-03-2019 30-09-2018 31-03-2018 30-09-2017 31-03-2017
Current Assets
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)
Cash & ST Invst 347.7 239.6 266.7 303.7 234.6 169.1
Trade Acct & Trade Notes Rcvbl - Net 991.0 795.3 1,018.0 807.5 851.0 754.2
Invnt - Tot 285.4 298.0 308.6 241.3 192.7 183.2
Oth Curr Assets - Tot 366.3 383.8 365.3 361.7 301.1 393.3
Tot Curr Assets 1,990.4 1,716.7 1,958.5 1,714.2 1,579.4 1,499.8
Non-Current Assets
Invst - LT 270.3 307.4 317.4 291.5 320.9 301.7
Invst Prop - Net 24.63 24.89 25.15 25.41 25.67 25.93
Invst - AFS/HTM - LT 0.57 0.57 0.57 0.57 0.57 0.57
Fin Assets - LT 245.1 281.9 291.6 265.5 294.6 275.2
Rcvbl & Loans - LT 58.20 57.57 57.16 56.07 15.66 15.55
PPE - Net - Tot 9,608.9 7,429.6 6,487.7 6,293.5 6,655.2 6,918.6
Constr in Progress - Net 36.09 416.5 88.60 76.42 63.53 17.73
PPE - Oth - Net 9,572.8 7,013.2 6,399.2 6,217.1 6,591.7 6,900.9
Oth Non-Curr Assets - Tot 92.47 254.5 256.5 260.3 252.0 219.2
Intang - Tot - Net 9.95 12.48 4.87 7.16 9.57 12.00
Tot Non-Curr Assets 10,040 8,061.5 7,123.7 6,908.5 7,253.3 7,467.0
Total Assets
Tot Assets 12,030 9,778.2 9,082.2 8,622.6 8,832.6 8,966.8
Current Liabilities
Trade Acct Pble & Accruals - ST 72.21 61.06 67.11 68.29 68.26 44.28
Trade Acct & Trade Notes Pble - ST 72.21 61.06 67.11 68.29 68.26 44.28
ST Debt & Curr Port of LT Debt 542.9 273.6 393.0 639.1 304.9 631.5
ST Debt & Notes Pble 542.9 273.6 393.0 639.1 304.9 631.5
Inc Taxes - Pble - ST 23.43 37.05 92.77 12.51 61.50 20.92
Oth Curr Liab - Tot 953.7 867.1 979.3 878.8 1,075.6 1,174.4
Prov - ST 122.5 99.76 161.1 113.8 35.72 45.11
Oth Curr Liab 831.2 767.4 818.2 765.0 1,039.9 1,129.3
Tot Curr Liab 1,592.2 1,238.8 1,532.2 1,598.7 1,510.2 1,871.1
Non-Current Liabilities
Debt - LT - Tot 3,108.6 1,033.6 186.8 49.44 277.7 595.5
LT Debt excl Cap Lease 3,108.6 1,033.6 186.8 49.44 277.7 595.5
Debt - Non-Convert - LT 3,108.6 1,033.6 186.8 49.44 277.7 595.5
Def Tax & Invst Tax Credits - LT 439.4 737.7 739.6 807.9 889.4 896.1
Def Tax - Liab - LT 439.4 737.7 739.6 807.9 889.4 896.1
Oth Non-Curr Liab - Tot 234.2 308.8 234.5 234.4 185.8 191.9
Prov - LT 164.5 164.5 89.25 89.25 38.43 50.35
Cust Adv - LT 69.77 70.21
Oth Non-Curr Liab 0 74.12 145.2 145.2 147.4 141.5
Tot Non-Curr Liab 3,782.3 2,080.0 1,160.8 1,091.7 1,352.9 1,683.4
Total Liabilities
Tot Liab 5,374.5 3,318.8 2,693.0 2,690.4 2,863.1 3,554.5
Shareholders' Equity
Com Eq Parent Shareholders 6,655.7 6,459.4 6,389.2 5,932.2 5,969.5 5,412.3
Com Stock - Issued & Paid 903.4 903.4 903.4 903.4 912.4 912.4
Eq - Non-Contrib - Rsrv & Retained Earnings 5,752.3 5,556.0 5,485.7 5,028.8 5,057.1 4,499.9
Total Shareholders' Equity
Tot Shareholders Eq 6,655.7 6,459.4 6,389.2 5,932.2 5,969.5 5,412.3
Total Liabilities & Shareholders' Equity
Tot Liab & Eq 12,030 9,778.2 9,082.2 8,622.6 8,832.6 8,966.8
Com Shares - Issued - Tot 90.34 90.34 90.34 91.24 91.24 91.24
Com Shares - O/S - Tot 90.34 90.34 90.34 91.24 91.24 91.24
Com Shares - Treasury - Tot 0 0 0 0 0 0
Debt Related
Net Debt 3,303.8 1,067.5 313.1 384.8 347.9 1,057.8

Company Fundamentals - Cash Flow
Cash Flow - Standardized (Currency: As Reported)
Field Name 31-03-2019 31-03-2018 31-03-2017
Operating Cash Flow - Indirect

in INR(millions) in INR(millions) in INR(millions)
Profit/(Loss) - Starting Line - CF 1,404.8 1,393.9 1,053.0
Non-Cash Items & Reconc Adj - CF 1,103.8 1,074.2 1,221.6
Fin Inc/(Expn) - CF 104.8 113.1 235.6
Oth Non-Cash Items & Reconc Adj - CF -10.33 -12.42 -3.07
Depr, Depl & Amort incl Impair - CF 1,005.8 976.3 981.8
Assets Sale - G/(L) - CF 3.52 -2.82 7.32
Inc Taxes - Paid/(Reimb) - Indirect CF 523.0 510.4 196.1
Intr Paid - Cash 104.1 120.2 243.1
Intr & Div - Received - Tot - CF 0.62 0.39 12.32
Cash Flow from Op Bef Chg in Wkg Cap 1,882.0 1,837.9 1,847.8
Wkg Cap - Incr/(Decr) - CF -63.54 97.17 -98.81
Acct Rcvbl - Decr/(Incr) - CF 38.40 -53.30 -23.92
Invnt - Decr/(Incr) - CF -56.65 -58.12 0.12
Oth Assets - Decr/(Incr) - CF -75.07 -42.76 -83.78
Acct Pble - Incr/(Decr) - CF 29.78 251.4 8.77
Net Cash Flow from Op 1,818.5 1,935.1 1,749.0
Investing Cash Flow
CAPEX - Net - CF 2,109.4 454.7 621.1
Invst excl Loans - Decr/(Incr) - CF 2.95 -1.46 5.26
Invst Sec Sold/(Purch) - Net - Tot - CF 2.95 -1.46 5.26
Oth Invst Cash Flow - Decr/(Incr) 14.36 13.62 12.68
Net Cash Flow from Invst -2,092.1 -442.6 -603.1
Financing Cash Flow
Div Paid - Cash - Tot - CF 381.2 0 439.3
Div - Com - Cash Paid 381.2 0 439.3
Stock - Tot - Issuance/(Ret) - Net - CF 0 -387.2 0

Stock - Issuance/(Ret) - Net - excl Options/Warrants - CF 0 -387.2 0
Debt - LT & ST - Issuance/(Ret) - Tot - CF 595.6 -1,035.7 -774.8
Debt - Issued/(Reduced) - ST - Tot - CF -365.5 7.58 134.4
Debt - Issued/(Reduced) - LT - CF 961.1 -1,043.3 -909.2
Oth Fin Cash Flow - Incr/(Decr) 0
Net Cash Flow from Fin 214.4 -1,422.9 -1,214.1
Change in Cash
Net Chg in Cash - Tot -59.17 69.61 -68.25
Net Cash from Cont Ops -59.17 69.61 -68.25
Net Cash - Beg Bal 185.2 115.6 183.8
Net Cash - Ending Bal 126.0 185.2 115.6

Company Name Transport Corporation of India Ltd (TCIL.NS)
Field Name 31-03-2019 31-03-2018 31-03-2017
Current Assets
Cash & ST Invst 137.9 127.1 174.3
Cash & Cash Equiv 100.7 127.1 174.3
Loans & Rcvbl - Net - ST 6,056.9 5,046.4 4,136.3
Trade Acct & Trade Notes Rcvbl - Net 5,150.8 4,248.6 3,584.4
Loans - ST 394.3 364.5 274.0
Inc Tax - Rcvbl - ST 483.2 419.1 271.3
Rcvbl - Oth - Tot 28.65 14.26 6.64
Invnt - Tot 53.19 33.11 25.18
Invnt - Raw Materials 53.19 33.11 25.18
Prepaid Expn - ST 43.05 23.11 32.19
Oth Curr Assets - Tot 650.8 392.3 381.1
Def Costs - ST 633.4 377.0 368.8
Restr Acct - ST 17.46 15.26 12.30
Tot Curr Assets 6,941.9 5,621.9 4,749.1
Non-Current Assets
Invst - LT 318.3 323.8 229.2
Invst - AFS/HTM - LT 318.3 323.8 229.2
Invst in Assoc, JVs & Unconsol Subs 849.8 719.8 637.1
Rcvbl & Loans - LT 558.9 346.6 619.4
Loans - LT 528.4 281.8 603.1
Rcvbl - Oth - Net - LT 47.55 80.13 30.47
Prov - Doubtful Acct - LT 16.97 15.33 14.11
PPE - Net - Tot 7,303.2 6,815.6 5,978.2
PPE - excl Assets Leased Out - Net - Tot 7,303.2 6,815.6 5,978.2
Plant, Machinery & Equip - Net 4,696.5 3,749.2 3,005.4
Transport Equip - Net 4,002.6 3,136.7 2,436.8
Computer S/W & Equip - Net 40.01 35.77 18.41

Constr in Progress - Net 40.23 563.2 568.1
PPE - Cap Lease - Net 179.1 205.2 223.7
PPE - Oth - Net 232.3 193.1 180.9
Oth Non-Curr Assets - Tot 195.2 156.9 87.41
Def Chrg - LT 7.16 6.75 0
Prepaid Expn - LT 188.0 150.1 87.41
Intang - Tot - Net 4.99 5.67 6.77
Intang - excl Goodw - Net - Tot 4.99 5.67 6.77
Computer S/W - Intang - Net 4.99 5.67 6.77
Tot Non-Curr Assets 9,230.4 8,368.3 7,558.2
Total Assets
Tot Assets 16,160 13,978 12,294
Current Liabilities
Trade Acct Pble & Accruals - ST 1,151.1 862.0 622.5
Trade Acct & Trade Notes Pble - ST 674.2 597.0 357.3
Accrued Expn - ST 476.9 265.0 265.2
ST Debt & Curr Port of LT Debt 2,838.8 2,882.0 2,781.2
ST Debt & Notes Pble 2,277.8 2,438.5 2,363.7
Curr Port of LT Debt & Cap Leases 560.9 443.4 417.5
Div/Distrib Pble 17.46 15.26 12.30
Oth Curr Liab - Tot 906.6 576.8 523.6
Tot Curr Liab 4,913.9 4,336.0 3,939.5
Debt - LT - Tot 1,864.1 1,514.4 1,431.5
Def Tax & Invst Tax Credits - LT 390.0 444.7 394.7
Oth Non-Curr Liab - Tot 19.61 17.96 20.31
Tot Non-Curr Liab 2,273.7 1,977.1 1,846.5
Total Liabilities
Tot Liab 7,187.6 6,313.1 5,786.1

Com Eq Parent Shareholders 8,919.7 7,617.7 6,465.6
Com Eq - Contrib 233.8 210.7 210.7
Eq - Non-Contrib - Rsrv & Retained Earnings 8,685.8 7,407.0 6,254.9
Com Eq - Tot 8,919.7 7,617.7 6,465.6
Minority Intr - Eq 52.33 46.70 42.75
Tot Shareholders Eq 8,972.0 7,664.4 6,508.4
Tot Liab & Eq 16,160 13,978 12,294
Com Shares - Issued - Tot 76.66 76.58 76.58
Debt Related
Net Debt 4,565.0 4,269.3 4,038.4
Debt Maturity
Debt - LT - Mat - Tot 4,702.9 1,514.4 1,384.6
Debt - LT - Mat - within 1 Yr 2,838.8
Debt - LT - Mat - Yr 2 459.3 443.4 391.5
Debt - LT - Mat - Yr 3 449.7 433.4 339.7
Footnotes
Op Lease Paymt - Tot 55.91 81.92 150.0
Op Lease Paymt - Due in Yr 1 26.02 26.02 26.02
Op Lease Paymt - Remain Mat 0 26.90 68.91
Op Lease Paymt - Due in Yr 6 & Beyond 0 26.90 68.91

Field Name 31-03-2019 31-03-2018 31-03-2017
Revenues
Rev from Goods & Srvc 27,493 23,419 19,380
Sales of Goods & Srvc - Net - Unclassif 27,493 23,419 19,380
Rev from Biz-related Activ - Oth - Tot 43.18 42.02 44.97
Tot Rev from Biz Activ 27,536 23,461 19,425
Operating Expenses
COGS - Tot 23,322 19,757 16,394

COGS - Unclassif
Prod Taxes & Royalty Expn
Amort in COGS 1.29 1.56 4.52
Depr in COGS 773.1 684.9 587.5
Labor & Related Expn incl Stock-Based Comp in COGS 170.8 147.1 105.9
Material Expn 1,369.4 978.2 710.2
Materials Purch 1,042.3 678.9 462.0
Ground Leases/Rental Expn in COGS 327.2 299.4 248.2
Prop Op Expn - Hotel
Gross Profit - Ind/Prop - Tot 4,214.2 3,704.3 3,031.4
SGA - Tot 2,433.1 2,198.4 1,945.8
SGA Unclassif 691.8 645.9 576.2
Labor & Related Expn incl Stock-Based Comp in SGA 1,408.3 1,250.8 1,073.0
Op & Maint (Util) 74.02 65.96 52.48
SGA - Oth - Tot 259.0 235.8 244.1
Oth Op Expn/(Inc) - Net 49.54 39.50 33.45
Op Expn - Tot 25,805 21,995 18,373
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 1,731.6 1,466.5 1,052.1
Fin Inc/(Expn) - Net - Tot -335.6 -308.3 -285.8
Intr Expn - Net of (Intr Inc) 321.8 298.1 273.0
Intr Inc - Non-Bank 39.87 13.83 14.83
Non-Intr Fin Inc/(Expn) - Tot -13.80 -10.16 -12.82

Sale of Tang & Intang Fixed Assets - G/(L) 2.04 12.16 -6.99
Eq Earnings/(Loss) - Bef Taxes incl Non-Recur 250.9 224.2 154.7
Oth Non-Op Inc/(Expn) - Tot 143.8 129.8 88.47
Non-Op Rental Inc 26.02 63.61 63.23
Norm Pretax Profit 1,792.8 1,524.3 1,002.5
Non-Recurring Income/Expense
Non-Recur Inc/(Expn) - Tot -6.42 0.48 1.19
FV Adj - Fin Invst 0.24 0.48 1.19
Non-Recur Inc/(Expn) - Oth - Tot -6.66
Pre-Tax Income
Inc Bef Taxes 1,786.4 1,524.8 1,003.7
Taxes
Inc Taxes 333.4 286.6 191.0
Inc Taxes For The Yr - Curr 387.2 231.6 119.0
Inc Taxes - Def -53.77 50.06 72.08
Inc Taxes - Oth (By Type) 0 4.99 0
Net Inc After Taxes 1,452.9 1,238.2 812.7
Inc Bef Disc Ops & Exord Items 1,452.9 1,238.2 812.7
Net Inc Bef Minority Intr 1,452.9 1,238.2 812.7
Minority Intr 8.94 6.43 5.72
Net Inc After Minority Intr 1,444.0 1,231.7 806.9
Net Income
Inc Avail to Com Shares 1,444.0 1,231.7 806.9
Net Inc - Basic - incl Exord Items, Com - Tot 1,444.0 1,231.7 806.9
Inc Avail to Com excl Exord Items 1,444.0 1,231.7 806.9
Shares Used to Calc Basic EPS - Tot 76.64 76.58 76.51

Net Inc - Diluted - incl Exord Items, Com - Tot 1,444.0 1,231.7 806.9
Diluted Inc Avail to Com excl Exord Items 1,444.0 1,231.7 806.9
Shares Used to Calc Diluted EPS - Tot 76.79 76.66 76.51

Field Name 31-12-2019 30-09-2019 30-06-2019 31-03-2019 31-12-2018 30-09-2018 30-06-2018 31-12-2017 30-09-2017 30-06-2017
Revenues
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)
Tot Rev from Biz Activ 7,063.1 6,845.6 6,591.9 7,426.9 7,107.9 6,752.1 6,249.5 5,553.1 5,203.3 4,968.7
Operating Expenses
COGS - Tot 6,007.0 5,779.0 5,568.5 6,140.4 6,108.0 5,748.2 5,292.9 4,676.9 4,350.2 4,140.8
COGS - Unclassif 5,792.1 5,575.8 5,369.2 5,938.5 5,900.1 5,554.6 5,121.9 4,500.5 4,175.2 3,980.8
Amort in COGS
Depr in COGS 214.9 203.2 199.3 201.9 207.9 193.6 171.0 176.4 175.0 160.0
Gross Profit - Ind/Prop - Tot 1,056.1 1,066.6 1,023.4 1,286.6 999.9 1,003.9 956.6 876.2 853.1 827.9
SGA - Tot 382.3 385.9 383.6 349.6 350.6 356.9 344.6 295.4 296.0 286.6
Oth Op Expn/(Inc) - Net 240.4 296.6 255.0 352.2 246.8 266.1 259.3 231.0 231.6 249.6
Oth Op Expn 240.4 296.6 255.0 352.2 246.8 266.1 259.3 231.0 231.6 249.6
Op Expn - Tot 6,629.7 6,461.5 6,207.1 6,842.1 6,705.4 6,371.2 5,896.8 5,203.3 4,877.8 4,677.0
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 433.4 384.1 384.8 584.8 402.5 380.9 352.7 349.8 325.5 291.7
Intr Expn - Net of (Intr Inc) 89.40 82.40 86.90 96.04 106.7 97.20 73.90 78.90 73.90 78.40
Eq Earnings/(Loss) - Bef Taxes incl Non-Recur 19.00 91.80 83.60 53.71 83.30 61.40 52.50
Oth Non-Op Inc/(Expn) - Tot 57.30 41.00 35.20 50.44 48.90 52.70 43.10 72.10 71.10 9.40
Non-Recur Inc/(Expn) - Tot 0 -98.80 0 -6.66 0 0 0 0 0 0
Pre-Tax Income
Inc Bef Taxes 420.3 335.7 416.7 586.3 428.0 397.8 374.4 343.0 322.7 222.7
Taxes
Inc Taxes 76.70 -46.70 72.20 89.11 95.00 72.30 77.00 63.90 67.30 46.50
Inc Taxes For The Yr - Curr 51.20 59.50 72.20 102.4 114.5 82.80 77.00 63.90
Inc Taxes - Def 25.50 -106.2 -13.27 -19.50 -10.50
Net Inc After Taxes 343.6 382.4 344.5 497.1 333.0 325.5 297.4 279.1 255.4 176.2
Inc Bef Disc Ops & Exord Items 343.6 382.4 344.5 497.1 333.0 325.5 297.4 279.1 255.4 176.2
Net Inc Bef Minority Intr 343.6 382.4 344.5 497.1 333.0 325.5 297.4 279.1 255.4 176.2
Minority Intr 3.20 2.50 1.60 3.04 1.90 2.50 1.50
Net Inc After Minority Intr 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Inc Avail to Com Shares 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Net Inc - Basic - incl Exord Items, Com - Tot 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Inc Avail to Com excl Exord Items 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Shares Used to Calc Basic EPS - Tot 77.36 76.90 76.71 76.55 76.64 76.72 76.66 76.68 76.47 76.58
Net Inc - Diluted - incl Exord Items, Com - Tot 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Diluted Inc Avail to Com excl Exord Items 340.4 379.9 342.9 494.1 331.1 323.0 295.9 279.1 255.4 176.2
Shares Used to Calc Diluted EPS - Tot 77.54 77.06 76.88 76.61 76.82 76.90 76.86 76.89 76.70 76.94
Country India
Field Name 31-03-2019 31-03-2018 31-03-2017

Profit/(Loss) - Starting Line - CF 1,786.4 1,524.8 1,003.7
Non-Cash Items & Reconc Adj - CF 1,105.3 987.1 870.7
Fin Inc/(Expn) - CF 342.0 316.4 293.7
Oth Non-Cash Items & Reconc Adj - CF -7.01 -3.30 -22.79
Depr, Depl & Amort incl Impair - CF 774.4 686.5 592.0
Assets Sale - G/(L) - CF -2.04 -12.16 8.18
Fin Assets - Unreal G/(L) - CF -2.08 -0.33 -0.39
Intr Paid - Cash 377.3 323.0 299.5
Cash Flow from Op Bef Chg in Wkg Cap 2,189.7 1,829.5 1,330.1
Wkg Cap - Incr/(Decr) - CF -719.2 -575.8 -636.6
Acct Rcvbl - Decr/(Incr) - CF -902.2 -664.1 -331.0
Invnt - Decr/(Incr) - CF -20.08 -7.94 -7.49
Oth Assets - Decr/(Incr) - CF 110.6 120.5 -321.1
Acct Pble - Incr/(Decr) - CF 92.59 -24.26 22.90
Net Cash Flow from Op 1,470.5 1,253.7 693.5
Investing Cash Flow
CAPEX - Net - CF 1,259.3 1,510.6 1,138.1
Invst excl Loans - Decr/(Incr) - CF 55.99 -8.00 -15.50
Invst Sec - Sold/Matured CF 105.0 22.00 0
Invst Sec - Purch CF 49.00 30.00 15.50
Oth Invst Cash Flow - Decr/(Incr) -390.1 200.4 -74.49
Net Cash Flow from Invst -1,593.4 -1,318.2 -1,228.1
Financing Cash Flow

Div Paid - Cash - Tot - CF 138.0 122.5 87.04
Stock - Tot - Issuance/(Ret) - Net - CF 11.83 0 25.35
Debt - LT & ST - Issuance/(Ret) - Tot - CF 306.5 183.7 670.2
Debt - Issued/(Reduced) - ST - Tot - CF -160.7 74.89 201.3
Debt - Issued/(Reduced) - LT - CF 467.2 108.8 468.9
Debt - Issued - LT - CF 574.1 619.6 907.7
Debt - Reduced - LT - CF 106.9 510.8 438.8
Oth Fin Cash Flow - Incr/(Decr) -44.48 -40.91 7.28
Net Cash Flow from Fin 135.9 20.23 615.8
Change in Cash
Net Chg in Cash - Tot 13.01 -44.24 81.28
Net Cash from Cont Ops 13.01 -44.24 81.28
Net Cash - Beg Bal 142.3 186.6 105.3

Company Name Future Supply Chain Solutions Ltd (FUTE.NS)
Field Name 31-03-2019 31-03-2018 31-03-2017
Current Assets
Cash & ST Invst 1,236.7 786.2 466.8
Trade Acct & Trade Notes Rcvbl - Net 3,695.8 2,596.1 157.8
Loans - ST 44.53 112.1
Rcvbl - Oth - Tot 3.09 1.96 2,010.5
Invnt - Tot 55.30 0
Restr Acct - ST 6.07 10.66 3.32
Oth Curr Assets 99.21 146.7 225.2
Tot Curr Assets 5,140.7 3,653.7 2,863.7
Non-Current Assets
Invst - LT 20.35 333.6 0
Invst - AFS/HTM - LT 20.35 10.00 0
Fin Assets - LT 323.6
Invst in Assoc, JVs & Unconsol Subs 63.30 84.29
Rcvbl & Loans - LT 1,203.8 442.1 235.8
Loans - LT 542.7 227.3
Rcvbl - Oth - Net - LT 661.1 442.1 8.59
PPE - Net - Tot 4,816.8 3,188.2 1,985.9
PPE - excl Assets Leased Out - Net - Tot 4,816.8 3,188.2 1,985.9
Land & Build - Net 108.0 161.0 124.8
Land/Improv - Net 58.83
Leasehold Improv - Net 108.0 161.0 65.95
Plant, Machinery & Equip - Net 3,569.0 2,615.0 1,054.9
Transport Equip - Net 20.01 35.18 43.46
Computer S/W & Equip - Net 437.6 164.3 34.89

PPE - Oth - Net 500.8 386.8 108.1
Oth Non-Curr Assets - Tot 0 5.30 0
Intang - Tot - Net 18.38 21.98 9.68
Licenses, Franchises etc - Net 0 0.50 0.95
Total Assets
Tot Assets 11,263 7,729.3 5,095.1
Current Liabilities
Trade Acct Pble & Accruals - ST 2,618.4 1,794.7 979.0

Trade Acct & Trade Notes Pble - ST 2,618.4 1,794.7 977.9
ST Debt & Curr Port of LT Debt 0 78.50 71.71
Curr Port of LT Debt & Cap Leases 0 78.50 71.71
Oth Curr Liab - Tot 987.0 739.4 234.0
Sec Deposits 0.44 0.36
Cust Adv - ST 0.49
Prov - ST 76.00 32.78
Oth Curr Liab 910.6 706.2 233.5
Tot Curr Liab 3,605.4 2,612.6 1,284.6
Debt - LT - Tot 2,178.2 251.1 735.4
Def Tax & Invst Tax Credits - LT 100.9
Def Tax - Liab - LT 100.9
Prov - LT 48.92 45.69 26.46
Oth Non-Curr Liab 9.01 17.00 19.57
Tot Non-Curr Liab 2,236.1 313.8 882.3
Total Liabilities
Tot Liab 5,841.4 2,926.4 2,167.0
Shareholders' Eq - Parent Shareholders - Tot 5,422.0 4,802.9 2,928.1
Com Eq - Contrib 2,604.7 2,558.8 1,990.9
Eq - Non-Contrib - Rsrv & Retained Earnings 2,817.2 2,244.0 937.2
Tot Liab & Eq 11,263 7,729.3 5,095.1
Com Shares - O/S - Tot 40.08 40.06 39.14
Com Shares - Treasury - Tot 0 0 0
Debt Related
Net Debt 941.4 -456.6 340.3
Debt Maturity
Debt - LT - Mat - Tot 121.6
Debt - LT - Mat - within 1 Yr
Debt - LT - Mat - Yr 2 30.40
Debt - LT - Mat - Yr 3 30.40
Debt - LT - Mat - Yr 4 30.40
Footnotes
Op Lease Paymt - Tot 2,235.9 1,180.0 1,205.9
Op Lease Paymt - Due in Yr 5 1,266.4 727.9 690.4
Op Lease Paymt - Remain Mat 307.7 151.8 273.4
Op Lease Paymt - Due in Yr 6 & Beyond 307.7 151.8 273.4

Country India
Field Name 31-03-2019 31-03-2018 31-03-2017
Revenues
Tot Rev from Biz Activ 12,284 9,378.1 5,611.8
Operating Expenses
COGS - Tot 9,513.3 7,078.2 4,037.4

COGS - Unclassif 8,860.4 6,442.1 3,128.9
Prod Taxes & Royalty Expn
Amort in COGS 4.79 4.11
Depr in COGS 449.4 496.6 187.3
Material Expn 198.6 139.5 717.1
Materials Purch 198.6 139.5 93.22
Ground Leases/Rental Expn in COGS 623.9
Gross Profit - Ind/Prop - Tot 2,770.9 2,299.9 1,574.4
SGA - Tot 1,779.0 1,674.3 888.1
SGA Unclassif 22.16 17.33
Labor & Related Expn incl Stock-Based Comp in SGA 1,172.5 1,117.6 565.5
Op & Maint (Util) 132.7 125.1 80.49
SGA - Oth - Tot 451.7 414.2 242.2
Oth Op Expn 235.3 281.0 134.8
Op Expn - Tot 11,528 9,033.5 5,060.4
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 756.6 344.5 551.5
Intr Expn - Net of (Intr Inc) 153.6 118.2 -16.85
Non-Intr Fin Inc/(Expn) - Tot -0.04
Sale of Tang & Intang Fixed Assets - G/(L) 1.00 23.40 1.09
Norm Pretax Profit 636.3 310.4 581.9
Pre-Tax Income
Inc Bef Taxes 636.3 310.4 581.9

Taxes
Inc Taxes 0 0 124.4
Inc Taxes For The Yr - Curr 0 0 135.3
Inc Taxes - Def 0 0 -10.88
Net Inc After Taxes 636.3 310.4 457.5
Eq in Earnings/(Loss) of Affiliates (After Taxes) -20.99 -5.71
Net Income
Inc Avail to Com Shares 615.3 304.7 457.5
Net Inc - Basic - incl Exord Items, Com - Tot 615.3 304.7 457.5
Inc Avail to Com excl Exord Items 615.3 304.7 457.5
Net Inc - Diluted - incl Exord Items, Com - Tot 615.3 304.7 457.5
Diluted Inc Avail to Com excl Exord Items 615.3 304.7 457.5

Field Name 31-12-2019 30-09-2019 30-06-2019 31-03-2019 31-12-2018 30-09-2018 30-06-2018 31-03-2018 31-12-2017 30-09-2017
Revenues
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)
Tot Rev from Biz Activ 2,831.3 3,124.5 2,992.7 3,259.9 3,333.2 3,101.2 2,589.9 3,852.1 1,951.8 2,054.4
Operating Expenses
COGS - Tot 2,081.7 2,383.1 2,313.6 2,503.1 2,518.1 2,323.6 1,969.9 3,151.2 1,314.0 1,444.0
COGS - Unclassif 1,670.0 1,971.4 1,924.2 2,375.5 2,407.1 2,218.2 1,859.7 2,822.0 1,248.6 1,389.4
Amort in COGS
Depr in COGS 411.7 411.7 389.4 127.6 111.0 105.4 110.2 329.2 65.37 54.60
Gross Profit - Ind/Prop - Tot 749.6 741.5 679.0 756.8 815.1 777.6 620.0 701.0 637.8 610.4
SGA - Tot 242.4 249.7 265.6 284.0 309.5 294.5 284.6 580.3 209.1 159.3
Oth Op Expn/(Inc) - Net 264.2 263.6 232.8 262.1 271.4 271.1 235.9 501.5 163.2 185.9
Oth Op Expn 264.2 263.6 232.8 262.1 271.4 271.1 235.9 501.5 163.2 185.9
Op Expn - Tot 2,588.3 2,896.4 2,812.1 3,049.1 3,099.0 2,889.1 2,490.3 4,233.0 1,686.2 1,789.2
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 243.0 228.2 180.6 210.8 234.2 212.1 99.59 -380.8 265.6 265.2
Intr Expn - Net of (Intr Inc) 236.3 155.8 162.4 67.44 64.38 24.12 22.54 94.28 22.34 39.90
Oth Non-Op Inc/(Expn) - Tot 96.00 14.54 13.08 12.41 25.09 9.32 11.36 34.74 13.19 75.73
Norm Pretax Profit 102.7 86.87 31.26 155.7 194.9 197.3 88.41 -440.4 256.4 301.0
Non-Recur Inc/(Expn) - Tot 35.25 0
Non-Recur Inc/(Expn) - Oth - Tot 35.25 0
Pre-Tax Income
Inc Bef Taxes 138.0 86.87 31.26 155.7 194.9 197.3 88.41 -440.4 256.4 301.0
Taxes
Inc Taxes 0 0 0 0 0 0 0 -255.3 94.20 98.08
Inc Taxes For The Yr - Curr 0 0 0 0 0 0 0 -243.6 89.59 93.80
Inc Taxes - Dom - Curr 0 0 0 0 0 0 0 -243.6 89.59 93.80
Inc Taxes - Def 0 0 0 0 0 0 0 -11.65 4.62 4.28
Net Inc After Taxes 138.0 86.87 31.26 155.7 194.9 197.3 88.41 -185.1 162.2 202.9
Eq in Earnings/(Loss) of Affiliates (After Taxes) 0 -59.56 -108.0 -11.68 -2.59 -4.07 -2.65 -5.71
Net Income
Inc Avail to Com Shares 138.0 27.32 -76.73 144.1 192.3 193.2 85.77 -190.8 162.2 202.9
Net Inc - Basic - incl Exord Items, Com - Tot 138.0 27.32 -76.73 144.1 192.3 193.2 85.77 -190.8 162.2 202.9
Inc Avail to Com excl Exord Items 138.0 27.32 -76.73 144.1 192.3 193.2 85.77 -190.8 162.2 202.9
Shares Used to Calc Basic EPS - Tot 40.70 40.09 39.55 40.02 40.06 40.08 39.71 39.87 39.28 39.10
Net Inc - Diluted - incl Exord Items, Com - Tot 138.0 27.32 -76.73 144.1 192.3 193.2 85.77 -190.8 162.2 202.9
Diluted Inc Avail to Com excl Exord Items 138.0 27.32 -76.73 144.1 192.3 193.2 85.77 -190.8 162.2 202.9
Shares Used to Calc Diluted EPS - Tot 40.70 40.09 39.55 40.15 40.15 40.08 40.08 39.87 39.28 40.11
Country India
Field Name 31-03-2019 31-03-2018 31-03-2017

Profit/(Loss) - Starting Line - CF 615.3 304.7 581.9
Non-Cash Items & Reconc Adj - CF 702.1 613.2 171.6
Eq Inc/(Loss) in Net Earnings - CF 20.99 5.71
Fin Inc/(Expn) - CF 153.6 118.2 -16.85
Oth Non-Cash Items & Reconc Adj - CF 37.11 22.22 -1.83
Assets Sale - G/(L) - CF -1.00 -23.39 -1.09
Share Based Paymt - CF 37.18 -6.10
Intr Paid - Cash 73.16 113.1 127.6
Cash Flow from Op Bef Chg in Wkg Cap 1,144.7 682.8 636.1
Wkg Cap - Incr/(Decr) - CF -559.8 171.0 306.7
Acct Rcvbl - Decr/(Incr) - CF -1,136.8 -204.1 781.4
Invnt - Decr/(Incr) - CF -55.29 0
Oth Assets - Decr/(Incr) - CF -204.8 -99.85
Acct Pble - Incr/(Decr) - CF 837.1 475.0 -474.7
Net Cash Flow from Op 584.9 853.8 942.8
Investing Cash Flow
CAPEX - Net - CF 1,845.3 804.6 783.4
Invst excl Loans - Decr/(Incr) - CF 0 -100.0
Oth Invst Cash Flow - Decr/(Incr) 0 1,769.5
Net Cash Flow from Invst -1,845.3 864.9 -783.4
Financing Cash Flow
Div Paid - Cash - Tot - CF 48.29 0

Stock - Tot - Issuance/(Ret) - Net - CF 8.70 0
Debt - LT & ST - Issuance/(Ret) - Tot - CF 1,745.9 -1,447.5 292.6
Debt - Issued/(Reduced) - ST - Tot - CF 0 -1,454.6
Debt - Issued/(Reduced) - LT - CF 1,745.9 7.16 292.6
Net Cash Flow from Fin 1,706.4 -1,447.5 292.6
Change in Cash
Net Chg in Cash - Tot 445.9 271.3 452.0
Net Cash from Cont Ops 445.9 271.3 452.0
Net Cash - Beg Bal 796.8 525.5 14.77
Net Cash - Ending Bal 1,242.7 796.8 466.8

Company Name Mahindra Logistics Ltd (MALO.NS)
Field Name 31-03-2019 31-03-2018 31-03-2017
Current Assets
Cash & ST Invst 1,474.7 1,160.8 1,241.3
Trade Acct & Trade Notes Rcvbl - Net 6,317.2 5,200.4 4,120.7
Trade Acct & Trade Notes Rcvbl - Gross 6,467.1 5,326.4 4,214.7
Prov - Trade Acct & Trade Notes Rcvbl 149.9 126.0 94.00
Loans - ST 264.3 113.1 239.9
Inc Tax - Rcvbl - ST 33.60 29.70 21.00
Rcvbl - Oth - Tot 1,254.0 823.0 452.8
Invnt - Tot 421.3 453.7 539.5
Prepaid Expn - ST 36.10 30.50 32.50
Tot Curr Assets 9,818.4 7,822.4 6,679.6
Non-Current Assets
Invst - LT 37.50
Rcvbl & Loans - LT 309.3 207.6 160.8
Acct & Notes Rcvbl - Trade - Net - LT 68.20
Loans - LT 0 0.10 0
Rcvbl - Oth - Net - LT 241.1 207.5 160.8
PPE - Net - Tot 686.3 610.4 566.4
PPE - excl Assets Leased Out - Net - Tot 686.3 610.4 566.4
Plant, Machinery & Equip - Net 409.6 416.8 404.2
Transport Equip - Net 243.1 309.2 297.5
PPE - Oth - Net 250.8 188.1 155.3
Assets Held For Sale/Disc Ops - LT 19.10 19.10 19.10
Oth Non-Curr Assets - Tot 1,127.8 1,146.5 686.6

Def Tax - Asset - LT 187.3 141.1 131.9
Prepaid Expn - LT 779.1 873.6 550.1
Oth Non-Curr Assets 161.4 131.8 4.60
Intang - Tot - Net 52.70 54.00 55.60
Goodw/Cost in Excess of Assets Purch - Net 43.30 43.30 43.30
Total Assets
Tot Assets 12,051 9,860.0 8,168.1
Current Liabilities
Trade Acct Pble & Accruals - ST 6,035.7 4,902.0 4,021.4
Trade Acct & Trade Notes Pble - ST 6,000.6 4,863.1 3,992.9
Accrued Expn - ST 35.10 38.90 28.50
ST Debt & Curr Port of LT Debt 288.1 165.6 145.5
ST Debt & Notes Pble 196.3 81.20 82.40
Curr Port of LT Debt & Cap Leases 91.80 84.40 63.10
Inc Taxes - Pble - ST 168.0 97.60 47.20
Oth Curr Liab - Tot 267.5 100.9 100.8
Sec Deposits 38.20 35.70 33.60
Cust Adv - ST 11.80 0.80 0.10
Prov - ST 51.60 32.70 33.00
Oth Curr Liab 165.9 31.70 34.10
Tot Curr Liab 6,759.3 5,266.1 4,314.9
Debt - LT - Tot 88.90 180.7 197.7
LT Debt excl Cap Lease 88.90 180.7 197.7
Post Emp Benefits - Pension & Oth - LT 3.20 2.10 2.10

Prov - Oth - LT 160.4 145.6 128.6
Oth Non-Curr Liab 0 0.20
Tot Non-Curr Liab 252.5 328.4 328.6
Total Liabilities
Tot Liab 7,011.8 5,594.5 4,643.5
Shareholders' Eq - Parent Shareholders - Tot 4,982.2 4,196.0 3,476.8
Com Eq - Contrib 1,794.2 1,711.3 1,631.3
Eq - Non-Contrib - Rsrv & Retained Earnings 3,188.0 2,484.7 1,845.5
Minority Intr - Eq 57.10 69.50 47.80
Tot Liab & Eq 12,051 9,860.0 8,168.1
Com Shares - O/S - Tot 71.45 71.14 67.83
Com Shares - Treasury - Tot 0 0 0
Debt Related
Net Debt -1,097.7 -814.5 -898.1
Footnotes
Op Lease Paymt - Tot 560.7 199.8 143.8
Op Lease Paymt - Remain Mat 0 0
Op Lease Paymt - Due in Yr 6 & Beyond 0 0

Field Name 31-03-2019 31-03-2018 31-03-2017
Revenues
Rev from Goods & Srvc 38,512 34,159 26,662
Rev from Biz-related Activ - Oth - Tot 1.80 2.60 4.26
Tot Rev from Biz Activ 38,513 34,161 26,666
Operating Expenses
COGS - Tot 30,289 27,221
COGS - Unclassif 29,780 26,785
Amort in COGS 10.90 9.00
Depr in COGS 208.6 188.3
Material Expn 289.7 238.9
Gross Profit - Ind/Prop - Tot 8,224.1 6,940.0
SGA - Tot 6,192.8 5,526.0 25,784
SGA Unclassif 295.4 445.8 21,863
Labor & Related Expn incl Stock-Based Comp in SGA 5,012.6 4,162.7 3,304.2
Depr in SGA 138.3
Amort of Intang in SGA 7.75
Op & Maint (Util) 101.6 231.4 65.70
SGA - Oth - Tot 783.2 686.1 405.6
Ad Expn 9.70 7.00 6.41
Rental Expn 756.4 645.2 399.1
Prov For Doubtful Acct & Write-off 17.10 33.90
Oth Op Expn 708.4 380.9 265.3
Op Prov - Incr/(Decr) 24.00 32.00
Op Expn - Tot 37,215 33,160 26,049
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 1,298.9 1,001.1 616.4

Fin Inc/(Expn) - Net - Tot 3.10 3.30 40.87
Intr Expn - Net of (Intr Inc) -1.80 9.80 -35.57
Non-Intr Fin Inc/(Expn) - Tot 1.30 13.10 5.30
Sale of Tang & Intang Fixed Assets - G/(L) -6.00 -1.10
Norm Pretax Profit 1,313.0 1,015.5 678.2
Non-Recur Inc/(Expn) - Tot 21.40 5.60
FV Adj - Fin Invst 21.40 5.60
Pre-Tax Income
Inc Bef Taxes 1,334.4 1,021.1 678.2
Taxes
Inc Taxes 467.9 368.4 217.5
Inc Taxes For The Yr - Curr 513.8 377.6 261.1
Inc Taxes - Dom - Curr 514.6 377.3 261.0
Inc Taxes - Oth (KFAS/NLST) - Curr -0.80 0.30 0.06
Inc Taxes - Def -45.90 -9.20 -40.64
Inc Taxes - Oth - Def -45.90 -9.20 -40.64
Inc Taxes - Oth (By Type) -2.93
Net Inc After Taxes 866.5 652.7 460.7
Eq in Earnings/(Loss) of Affiliates (After Taxes) -2.50
Inc Bef Disc Ops & Exord Items 864.0 652.7 460.7
Net Inc Bef Minority Intr 864.0 652.7 460.7
Minority Intr 7.60 12.60 4.80
Net Inc After Minority Intr 856.4 640.1 455.9
Net Income
Inc Avail to Com Shares 856.4 640.1 455.9
Net Inc - Basic - incl Exord Items, Com - Tot 856.4 640.1 455.9
Inc Avail to Com excl Exord Items 856.4 640.1 455.9
Net Inc - Diluted - incl Exord Items, Com - Tot 856.4 640.1 455.9
Diluted Inc Avail to Com excl Exord Items 856.4 640.1 455.9

Field Name 31-12-2019 30-09-2019 30-06-2019 31-03-2019 31-12-2018 30-09-2018 30-06-2018 31-03-2018 31-12-2017 30-09-2017 30-06-2017 31-03-2017
Revenues
in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions) in INR(millions)
Tot Rev from Biz Activ 9,079.3 8,524.2 8,990.3 10,147 9,811.2 9,273.5 9,281.9 8,926.6 8,350.6 8,359.4 8,524.7 7,229.7
Operating Expenses
COGS - Tot 7,856.6 7,377.3 7,820.8 7,823.3 7,566.6 7,263.2 7,346.5 7,027.6 6,510.6 13,402 5,685.7
COGS - Unclassif 7,668.4 7,200.2 7,672.1 7,762.8 7,509.5 7,211.9 7,295.9 6,975.1 6,457.2 13,353 5,641.0
Amort in COGS
Depr in COGS 188.2 177.1 148.7 60.50 57.10 51.30 50.60 52.50 53.40 49.68 44.67
Gross Profit - Ind/Prop - Tot 1,222.7 1,146.9 1,169.5 2,323.5 2,244.6 2,010.3 1,935.4 1,899.0 1,840.0 -5,043.0 1,544.0
SGA - Tot 801.5 764.3 745.3 713.8 685.9 631.0 607.0 598.0 595.7 560.9 8,240.1 512.2
Oth Op Expn/(Inc) - Net 185.2 181.9 172.3 1,261.5 1,256.8 1,091.0 973.9 976.8 1,002.7 -5,814.4 60.90 874.3
Op Expn - Tot 8,843.3 8,323.5 8,738.4 9,798.6 9,509.3 8,985.2 8,927.4 8,602.4 8,109.0 8,148.9 8,301.0 7,072.2
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn) 236.0 200.7 251.9 348.2 301.9 288.3 354.5 324.2 241.6 210.5 223.7 157.5
Fin Inc/(Expn) - Net - Tot -42.70 -41.50 -35.50 -10.30 -8.70 -8.10 -7.70 -8.50 -11.00 -9.23 2.86 -9.38
Intr Expn - Net of (Intr Inc) 42.70 41.50 35.50 10.30 8.70 8.10 7.70 8.50 11.00 9.23 -1.13 9.38
Oth Non-Op Inc/(Expn) - Tot 20.10 18.50 70.10 19.10 15.50 12.90 28.80 8.30 14.40 16.17 8.11 17.55
Norm Pretax Profit 213.4 177.7 286.5 357.0 308.7 293.1 375.6 324.0 245.0 217.4 234.7 165.7
Pre-Tax Income
Inc Bef Taxes 213.4 177.7 286.5 357.0 308.7 293.1 375.6 324.0 245.0 217.4 234.7 165.7
Taxes
Inc Taxes 56.70 64.70 99.70 117.9 115.3 102.2 132.5 115.2 90.40 79.44 83.42 42.90
Inc Taxes For The Yr - Curr 76.20 20.60 119.5 129.7 117.6 117.1 149.4 114.2 88.60 83.86 91.02 52.17
Inc Taxes - Def -19.50 44.10 -19.80 -11.80 -2.30 -14.90 -16.90 1.00 1.80 -4.42 -7.60 -6.34
Net Inc After Taxes 156.7 113.0 186.8 239.1 193.4 190.9 243.1 208.8 154.6 137.9 151.3 122.8
Eq in Earnings/(Loss) of Affiliates (After Taxes) -1.70 -1.50 -1.20 -1.00 -1.50
Inc Bef Disc Ops & Exord Items 155.0 111.5 185.6 238.1 191.9 190.9 243.1 208.8 154.6 137.9 151.3 122.8
Net Inc Bef Minority Intr 155.0 111.5 185.6 238.1 191.9 190.9 243.1 208.8 154.6 137.9 151.3 122.8
Minority Intr -0.50 -0.50 -0.80 2.80 0.30 1.50 3.00 3.90 6.20 -0.50 3.08 4.30
Net Inc After Minority Intr 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Net Income
Inc Avail to Com Shares 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Net Inc - Basic - incl Exord Items, Com - Tot 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Inc Avail to Com excl Exord Items 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Shares Used to Calc Basic EPS - Tot 71.66 71.34 71.42 71.31 71.23 71.20 71.04 71.02 71.00 67.32 71.14 71.14
Net Inc - Diluted - incl Exord Items, Com - Tot 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Diluted Inc Avail to Com excl Exord Items 155.5 112.0 186.4 235.3 191.6 189.4 240.1 204.9 148.4 138.4 148.2 118.5
Shares Used to Calc Diluted EPS - Tot 71.66 72.26 71.69 71.86 71.49 71.47 71.46 72.09 71.35 69.01 71.14 71.14
Field Name 31-03-2019 31-03-2018 31-03-2017

Profit/(Loss) - Starting Line - CF 1,334.4 1,021.1 678.2
Non-Cash Items & Reconc Adj - CF 299.6 281.8 162.6
Fin Inc/(Expn) - CF -1.80 6.10 -40.80
Oth Non-Cash Items & Reconc Adj - CF 41.10 65.90 54.60
Assets Sale - G/(L) - CF -15.40 -4.50 -4.30
Share Based Paymt - CF 56.20 17.00 7.10
Intr Paid - Cash 34.80 36.60 33.40
Cash Flow from Op Bef Chg in Wkg Cap 1,212.6 602.9 372.3
Wkg Cap - Incr/(Decr) - CF -265.1 -483.0 -656.4
Acct Rcvbl - Decr/(Incr) - CF -1,671.0 -1,451.1 -2,345.0
Acct Pble - Incr/(Decr) - CF 1,405.9 968.1 1,688.6
Net Cash Flow from Op 947.5 119.9 -284.1
Investing Cash Flow
CAPEX - Net - CF 341.6 372.0 231.3
Invst excl Loans - Decr/(Incr) - CF -553.5 85.50 105.8
Invst Sec - Sold/Matured CF 18,727 18,105 15,724
Invst Sec - Purch CF 19,281 18,019 15,619
Invst - Assoc Co & JVs - Sold/(Purch) - CF -84.60
Oth Invst Cash Flow - Decr/(Incr) 0 250.0 0
Net Cash Flow from Invst -979.7 -36.50 -125.5
Financing Cash Flow
Div Paid - Cash - Tot - CF 128.6
Stock - Tot - Issuance/(Ret) - Net - CF 26.70 72.00 13.50

Debt - LT & ST - Issuance/(Ret) - Tot - CF 23.30 3.10 61.60
Debt - Issued - LT & ST - CF 107.7 75.60 111.4
Debt - Reduced - LT & ST - CF 84.40 72.50 49.80
Net Cash Flow from Fin -78.60 75.10 75.10
Change in Cash
Net Chg in Cash - Tot -110.8 158.5 -334.5
Net Cash from Cont Ops -110.8 158.5 -334.5
Net Cash - Beg Bal 660.3 501.8 836.3

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3QFY20

in INR.millions VRIL TCIL FUTE MALO

(Operating Expenses) 4,776 6,415 2,177 8,655

(Operating Expenses) 18,652.49 25,030.46 11,073.37 36,995.00

V Total Shareholder's Equity 6459.38 8919.65 5421.96 4982.2

RoIC VRL TCIL FUTE MALO

V Total Shareholder's Equity 5932.2 7617.71 4802.87 4196

14.00% 12.74% 15.15%

VRL TCIL FUTE MALO

V Total Shareholder's Equity 5412.32 6465.61 2928.09 3476.8

EBITDA Mar.(%) 3QFY20 2QFY20 1QFY20 4QFY19 TTM

2QFY20 1QFY20 4QFY19

VRL TCIL FUTE MALO

IV Total shareholder's 5412.32 6508.35 2928.09 3524.6

III/IV D/E 0.34 0.65 0.28 0.10

2018 2019 Sep-19

VRL TCIL FUTE MALO

Short term Debt+

VII Debt/EBITDA 0.84 2.56 1.09

145.50 762.23 2881.96 78.50 165.60 373.19 2838.75 0.00 288.10

197.70 49.44 1514.39 251.13 180.70 1033.58 1864.10 2178.15 88.90

343.20 811.67 4396.35 329.63 346.30 1406.77 4702.85 2178.15 377.00

VRL TCIL FUTE MALO

542.85 3261.50 2697.17 232.70

3108.62 1443.20 5660.67 1157.60

3651.47 4704.70 8357.84 1390.30

2017 2018 2019 Sep-19 3.50 3.26

3.79 2.29 1.83 1.29 3.52 2.02 1.90 0.94 3.08

2017 2018 2019 43709

VRL TCIL FUTE MALO

VI(sum(I:V)) Avg. operating assets 8,298.79 9,794.23 2,610.44

5,760.90 7995.64 10520.82 4975.44 6358.1 8,150.04 11949.195 8187.53 7557.85

VRL TCIL FUTE MALO

60.00% 50.42% 53.05%

VRL TCIL FUTE MALO

V= Total Current Liabilities 1871.08 3939.54 1284.63 4314.90 1598.68 4336.01

613.20 281.80 1103.75 1105.28 702.11 299.60 VRL 0.93 1.21

VRL TCIL FUTE M

TCIL FUTE MALO

I Sales Revenue 18,030.85 19,425.37 5,611.83 26,665.87 19,223.20

A/C Recvl Turnover

IV=365/III Receivable 15.73 67.92 63.60 54.65 15.80

III=I/II A/C Payable 267.16 43.60 3.39 NA 233.24

IV=365/III Payable 1.37 8.37 107.61 NA 1.56

23,461.36 9,378.05 34,161.20 21,095.44 27,536.44 12,284.19 38,513.40 21,275.48

3,971.79 1,386.29 4,428.00 884.03 4,763.51 2,206.54 5,431.85 1,004.51

5.91 6.76 7.71 23.86 5.78 5.57 7.09 21.18

61.79 53.96 47.31 15.30 63.14 65.56 51.48 17.23

2018 2019 Sep 2019

477.17 2,772.58 4,428.00 64.68 635.62 4,413.07 5,431.85 69.66

39.05 2.50 6.09 181.66 34.27 Payable5.52

VRL TCIL FUTE MALO

27,972.34 12,710.24 37,472.50 2017 2018 2019

VRL 15.73 15.80 15.30

6.52 3.70 11.98 MALO 54.65 47.31 51.48

56.02 98.61 30.47

VRL 1.37 1.56 2.01

VRL TCIL FUTE MALO

2019 Sep 2019(TTM)

Lat 3 quarters Quarterly Revenue(in INR,millions)

Quarterly EBIT(in INR,millions)

Goods Transport Bus Operations

Segment EBIT Contribution

Goods Transport Bus Operations