Financial Forecasting:

Date Created on
Group Number
Created by
Relaxo Footwear Limited
2/3/2022
Group 5
Renil Shah J008
Muskaan Siwach J016
Ronakk Moondra J027
Deven Sethi J037
Aman More J047
Pragati Bhar J057
 Relaxo Footwears Limited
(Amounts in INR Crores, except EPS) 2017 2018 2019 2020 2021 2022E

Revenue From Operations 1,631.15 1,941.05 2,292.08 2,410.48 2,359.15 2876.32

Other Income 13.61 4.46 12.98 9.05 22.77 12.57

Total Revenue 1,644.76 1,945.51 2,305.06 2,419.53 2,381.92 2,888.90

Cost of Sales 725.83 883.01 1072.32 1039.32 1003.28 1279.96

Cost of Sales as a % of Revenue from Operations 44.50% 45.49% 46.78% 43.12% 42.53% 44.50%

Gross Profits 918.93 1,062.50 1,232.74 1,380.21 1,378.64 1,608.93

Gross Profits Margins (%) 56.34% 54.74% 53.78% 57.26% 58.44% 55.94%

Employee Benefit Expenses 177.04 214.08 258.66 293.99 301.39 344.74

Other Expenses 497.37 541.87 636.79 668.22 558.99 672.61

EBITDA 244.52 306.55 337.29 418.00 518.26 591.58

EBITDA Margins (%) 14.99% 15.79% 14.72% 17.34% 21.97% 20.57%

Depreciation and Amortization 51.46 54.34 62.41 109.42 110.02 82.35

EBIT 193.06 252.21 274.88 308.58 408.24 509.23

EBIT Margins (%) 11.84% 12.99% 11.99% 12.80% 17.30% 17.70%

Finance Cost 15.03 8.59 6.9 16.87 17.08 17.73

Finance Cost as a % of Total Revenue 0.91% 0.44% 0.30% 0.70% 0.72% 0.61%

Profit Before Tax 178.03 243.62 267.98 291.71 391.16 491.50

PBT Margins (%) 10.91% 12.55% 11.69% 12.10% 16.58% 17.09%

Tax Expenses 58.08 82.55 92.54 65.46 99.6 123.71

Tax Rate 25.17%

Profit After Tax 119.95 161.07 175.44 226.25 291.56 367.79

PAT Margins (%) 7.35% 8.30% 7.65% 9.39% 12.36% 12.79%

No. of Shares O/S 24.89 24.89 24.89 24.89 24.89 24.89

Earnings per Share (Rs.) 4.82 6.47 7.05 9.09 11.71 14.78

62.225 62.225 62.225 62.225 62.225 77.78125

1.25 1.25
 2023E 2024E 2025E 2026E

3175.30 3517.45 3922.13 4328.15

12.37 13.95 14.14 15.16

3,187.67 3,531.39 3,936.27 4,343.31

1448.73 1644.41 1877.72 2120.79

45.63% 46.75% 47.88% 49.00%

1,738.94 1,886.99 2,058.55 2,222.52

54.76% 53.65% 52.49% 51.35%

394.32 451.04 515.92 590.12

698.74 725.52 754.91 773.37

645.87 710.42 787.73 859.02

20.34% 20.20% 20.08% 19.85%

87.34 93.00 100.24 108.64

558.54 617.43 687.48 750.38

17.59% 17.55% 17.53% 17.34%

17.65 20.35 24.86 26.86

0.55% 0.58% 0.63% 0.62%

540.89 597.08 662.62 723.52

17.03% 16.97% 16.89% 16.72%

136.14 150.28 166.78 182.11

25.17% 25.17% 25.17% 25.17%

404.74 446.79 495.84 541.41

12.75% 12.70% 12.64% 12.51%

24.89 24.89 24.89 24.89

16.26 17.95 19.92 21.75

97.22656 121.5332 151.9165 189.8956

1.25 1.25 1.25

 Balance Sheet (Amounts in INR Crore)

Particulars 2017 2018 2019 2020

ASSETS
Non-Current Assets
Property, Plant and Equipment 479.8 469.81 800.45 750.09
Capital Work-in-Progress 61.91 136.44 10.17 43.81
Intangible Assets 61.22 55.05 47.69 40.98
Intangible Assets under Development 0.51 1.14 1.23 1.79
Right-of-Use Asset 0 0 0 189.94
Investments 0.7 0.2 0.2 0.2
Loans 14.56 16.2 17.09 18.49
Other Financial Assets 0.9 0.61 0.12 0.35
Other Non-Current Assets 4.01 8.64 7.5 4.23
Total Non-Current Assets 623.61 688.09 884.45 1049.88

Current Assets
Inventories 290.21 313.93 382.43 447.74
Investments 0 0.5 0 0
Trade Receivables 123.18 173.45 222.57 172.08
Cash and Cash Equivalents 3.51 3.12 1.88 2.55
Bank Balances other than Cash & Cash Equivalents 0.14 0.88 0.34 1.54
Loans 0.28 0.39 0.39 0.28
Other Financial Assets 3.43 22.71 43.07 1.87
Current Tax Assets (Net) 0 0 0 6.16
Other Current Assets 25.98 46.76 76.3 158.98
Total Current Assets 446.73 561.74 726.98 791.2

Total Assets 1070.34 1249.83 1611.43 1841.08

Equity & Liabilities

Equity
Equity Share Capital 12.01 12.03 12.4 24.82
Other Equity 594.36 749.18 1092.67 1247.58
Total Equity 606.37 761.21 1105.07 1272.4

Liabilities
Non-Current Liabilities
Borrowings 70.94 39.26 0 0
Lease Liabilities 0 0 0 119.78
Other Financial Liabilities 0.4 0.71 0.01 0.01
Provisions 7.26 7.48 9 10.84
Deferred Tax Liabilities (Net) 25.5 26.31 34.44 24.75
Total Non-Current Liabilities 104.1 73.76 43.45 155.38

Current Liabilities
Borrowings 60.89 86.09 86.92 19.16
Trade Payables 125.7 174.9 171.82 183.79
Other Financial Liabilities 99.41 92.63 114.27 101.11
Other Current Liabilities 70.31 55.97 58.18 58.59
 Provisions 2.38 2.64 29.67 50.65
Current Tax Liabilities (Net) 1.18 2.63 2.05 0
Total Current Liabilities 359.87 414.86 462.91 413.3

Total Equity and Liabilities 1070.34 1249.83 1611.43 1841.08

CHECK 0 0 0
 2021 2022E 2023E 2024E 2025E 2026E

721.05 793.31 873.00 959.63 1064.99 1183.82

112.23 134.676 161.6112 193.9334 232.7201 279.2642
33.33 28.41 23.03 17.15 10.77 3.85
5.8 5.80 5.80 5.80 5.80 5.80 1,631.15
183.68 225.29686 247.9698 275.1019 306.5224 338.3807
0.2 0.20 0.20 0.20 0.20 0.20
15.43 16.35 16.71 16.82 16.76 16.41
1.89 0.77 0.75 0.78 0.91 1.02 1,631.15
22.3 27.19 30.01 33.25 37.07 40.91 61.91
1095.91 1232.01 1359.09 1502.66 1675.75 1869.66

422.14 536.53 597.35 666.77 748.52 830.89

337.98 378.5376 423.9621 474.8376 531.8181 595.6362
181.46 220.65 239.23 260.19 284.76 308.31
6.34 4.91 5.10 5.30 6.69 7.82
1.35 0.85 0.99 1.01 1.15 1.07
0.41 0.35 0.36 0.36 0.35 0.37
0.07 0.07 0.07 0.07 0.07 0.07
0 0 0 0 0 0 1,631.15
Other
130.14 111.84504 138.05 166.5631 196.7591 203.4618 Current 25.98
1079.89 1253.75 1405.13 1575.11 1770.11 1947.62 Assets 1.59%

2175.8 2485.76 2764.22 3077.77 3445.86 3817.28 4.01

24.84 24.84 24.84 24.84 24.84 24.84

1547.57 1835.02 2073.41 2335.62 2653.09 2970.63
1572.41 1859.86 2098.25 2360.46 2677.93 2995.47

0 0 0 0 0 0
115.23 110.85284 106.6419 102.591 98.69396 94.94494 3.80%
0.17 0.26 0.23 0.14 0.16 0.19
16.1 10.14 10.71 11.36 11.83 12.03
22.8 26.76 27.01 27.15 25.69 25.88
154.30 148.01 144.60 141.24 136.38 133.05

0 0 0 0 0 0
222.8 284.05 323.48 369.43 424.42 482.26 1,631.15
Trade
134.55 108.394 110.1908 113.703 113.5896 116.0855 Payables 125.7
57.81 60.17 58.14 58.58 58.66 58.67 7.71%
 27.18 22.50 26.53 31.31 31.63 27.83
6.75 2.52 2.79 2.82 2.98 3.57 1,631.15
Other
449.09 477.64 521.14 575.84 631.28 688.42 Financial 99.41
Liabilities 0.060945
2175.8 2485.76 2764.22 3077.77 3445.86 3817.28

0 0.00 0 0 0 0

2485.7586 2764.218 3077.77 3445.861 3817.276

650.73763 690.8053 742.1467 792.7752 846.6418
1,941.05 2,292.08 2,410.48 2,359.15 2876.324 3175.301 3517.446 3922.131
189.94 183.68 225.2969 247.9698 275.1019 306.5224
0.078798 0.077859 0.078328 0.078093 0.078211 0.078152

1,941.05 2,292.08 2,410.48 2,359.15

136.44 10.17 43.81 112.23

1,941.05 2,292.08 2,410.48 2,359.15 2876.324 3175.301 3517.446 3922.131

46.76 76.3 158.98 130.14 111.845 138.05 166.5631 196.7591
2.41% 3.33% 6.60% 5.52% 3.89% 4.35% 4.74% 5.02%

8.64 7.5 4.23 22.3 2876.324 3175.301 3517.446 3922.131

0.95% 0.009453 0.009453 0.009453 0.009453
27.18861 30.01471 33.24886 37.07417

96.20%

1,941.05 2,292.08 2,410.48 2,359.15 2876.324 3175.301 3517.446 3922.131

174.9 171.82 183.79 222.8 237.4794 265.6577 289.7509 328.9018
9.01% 7.50% 7.62% 9.44% 8.26% 8.37% 8.24% 8.39%
 1,941.05 2,292.08 2,410.48 2,359.15 2876.324 3175.301 3517.446 3922.131
92.63 114.27 101.11 134.55 148.1306 157.5299 175.8333 196.1687
0.0477215939826383 0.049854 0.041946 0.057033 0.0515 0.049611 0.049989 0.050016
4328.152
338.3807
0.078181

4328.152
203.4618
4.70%

4328.152
0.009453
40.91211

4328.152
369.5388
8.54%
4328.152
223.4616
0.05163
STATEMENT OF INCOME (% of REVENUE FROM OPERATIONS)
(Amounts in INR Crores, except EPS) 2017 2018 2019 2020

Revenue From Operations 100.00% 100.00% 100.00% 100.00%

Cost of Sales 44.50% 45.49% 46.78% 43.12%

Gross Profits 56.34% 54.74% 53.78% 57.26%

Employee Benefit Expenses 10.85% 11.03% 11.28% 12.20%

Other Expenses 30.49% 27.92% 27.78% 27.72%

EBITDA 14.99% 15.79% 14.72% 17.34%

Depreciation and Amortization 3.15% 2.80% 2.72% 4.54%

EBIT 11.84% 12.99% 11.99% 12.80%

Finance Cost 0.92% 0.44% 0.30% 0.70%

Profit Before Tax 10.91% 12.55% 11.69% 12.10%

Tax Expenses 3.56% 4.25% 4.04% 2.72%

Profit After Tax 7.35% 8.30% 7.65% 9.39%

Balance Sheet (Amounts in INR Crore)

Particulars 2017 2018 2019 2020

ASSETS
Non-Current Assets
Property, Plant and Equipment 44.83% 37.59% 49.67% 40.74%
Capital Work-in-Progress 5.78% 10.92% 0.63% 2.38%
Intangible Assets 5.72% 4.40% 2.96% 2.23%
Intangible Assets under Development 0.05% 0.09% 0.08% 0.10%
Right-of-Use Asset 0.00% 0.00% 0.00% 10.32%
Investments 0.07% 0.02% 0.01% 0.01%
Loans 1.36% 1.30% 1.06% 1.00%
Other Financial Assets 0.08% 0.05% 0.01% 0.02%
Other Non-Current Assets 0.37% 0.69% 0.47% 0.23%
Total Non-Current Assets 58.26% 55.05% 54.89% 57.03%

Current Assets
Inventories 27.11% 25.12% 23.73% 24.32%
Investments 0.00% 0.04% 0.00% 0.00%
Trade Receivables 11.51% 13.88% 13.81% 9.35%
Cash and Cash Equivalents 0.33% 0.25% 0.12% 0.14%
Bank Balances other than Cash & Cash Equivalents 0.01% 0.07% 0.02% 0.08%
Loans 0.03% 0.03% 0.02% 0.02%
Other Financial Assets 0.32% 1.82% 2.67% 0.10%
Current Tax Assets (Net) 0.00% 0.00% 0.00% 0.33%
Other Current Assets 2.43% 3.74% 4.73% 8.64%
Total Current Assets 41.74% 44.95% 45.11% 42.97%

Total Assets 100.00% 100.00% 100.00% 100.00%

Equity & Liabilities

Equity
Equity Share Capital 1.12% 0.96% 0.77% 1.35%
Other Equity 55.53% 59.94% 67.81% 67.76%
Total Equity 56.65% 60.91% 68.58% 69.11%

Liabilities
Non-Current Liabilities
Borrowings 6.63% 3.14% 0.00% 0.00%
Lease Liabilities 0.00% 0.00% 0.00% 6.51%
Other Financial Liabilities 0.04% 0.06% 0.00% 0.00%
Provisions 0.68% 0.60% 0.56% 0.59%
Deferred Tax Liabilities (Net) 2.38% 2.11% 2.14% 1.34%
Total Non-Current Liabilities 9.73% 5.90% 2.70% 8.44%

Current Liabilities
Borrowings 5.69% 6.89% 5.39% 1.04%
Trade Payables 11.74% 13.99% 10.66% 9.98%
Other Financial Liabilities 9.29% 7.41% 7.09% 5.49%
Other Current Liabilities 6.57% 4.48% 3.61% 3.18%
Provisions 0.22% 0.21% 1.84% 2.75%
Current Tax Liabilities (Net) 0.11% 0.21% 0.13% 0.00%
Total Current Liabilities 33.62% 33.19% 28.73% 22.45%

Total Equity and Liabilities 100.00% 100.00% 100.00% 100.00%

 2021 2022E 2023E 2024E 2025E 2026E

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

42.53% 44.50% 45.63% 46.75% 47.88% 49.00%

58.44% 55.94% 54.76% 53.65% 52.49% 51.35%

12.78% 11.99% 12.42% 12.82% 13.15% 13.63%

23.69% 23.38% 22.01% 20.63% 19.25% 17.87%

21.97% 20.57% 20.34% 20.20% 20.08% 19.85%

4.66% 2.86% 2.75% 2.64% 2.56% 2.51%

17.30% 17.70% 17.59% 17.55% 17.53% 17.34%

0.72% 0.62% 0.56% 0.58% 0.63% 0.62%

16.58% 17.09% 17.03% 16.97% 16.89% 16.72%

4.22% 4.30% 4.29% 4.27% 4.25% 4.21%

12.36% 12.79% 12.75% 12.70% 12.64% 12.51%

2021 2022E 2023E 2024E 2025E 2026E

33.14% 31.91% 31.58% 31.18% 30.91% 31.01%

5.16% 5.42% 5.85% 6.30% 6.75% 7.32%
1.53% 1.14% 0.83% 0.56% 0.31% 0.10%
0.27% 0.23% 0.21% 0.19% 0.17% 0.15%
8.44% 9.06% 8.97% 8.94% 8.90% 8.86%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
0.71% 0.66% 0.60% 0.55% 0.49% 0.43%
0.09% 0.03% 0.03% 0.03% 0.03% 0.03%
1.02% 1.09% 1.09% 1.08% 1.08% 1.07%
50.37% 49.56% 49.17% 48.82% 48.63% 48.98%

19.40% 21.58% 21.61% 21.66% 21.72% 21.77%

15.53% 15.23% 15.34% 15.43% 15.43% 15.60%
8.34% 8.88% 8.65% 8.45% 8.26% 8.08%
0.29% 0.20% 0.18% 0.17% 0.19% 0.20%
0.06% 0.03% 0.04% 0.03% 0.03% 0.03%
0.02% 0.01% 0.01% 0.01% 0.01% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.98% 4.50% 4.99% 5.41% 5.71% 5.33%
49.63% 50.44% 50.83% 51.18% 51.37% 51.02%

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

1.14% 1.00% 0.90% 0.81% 0.72% 0.65%

71.13% 73.82% 75.01% 75.89% 76.99% 77.82%
72.27% 74.82% 75.91% 76.69% 77.71% 78.47%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

5.30% 4.46% 3.86% 3.33% 2.86% 2.49%
0.01% 0.01% 0.01% 0.00% 0.00% 0.01%
0.74% 0.41% 0.39% 0.37% 0.34% 0.32%
1.05% 1.08% 0.98% 0.88% 0.75% 0.68%
7.09% 5.95% 5.23% 4.59% 3.96% 3.49%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

10.24% 11.43% 11.70% 12.00% 12.32% 12.63%
6.18% 4.36% 3.99% 3.69% 3.30% 3.04%
2.66% 2.42% 2.10% 1.90% 1.70% 1.54%
1.25% 0.91% 0.96% 1.02% 0.92% 0.73%
0.31% 0.10% 0.10% 0.09% 0.09% 0.09%
20.64% 19.22% 18.85% 18.71% 18.32% 18.03%

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

Method 1 PFCE Based Approach

PFCE Growth(%) Revenue

1225156.81 214.73
1224958.83 199.26
1377374.40 204.15
1351601.70 241.69
1321378.64 7.85% 248.32
1299202.94 6.06% 242.23
1473208.35 6.96% 223.03
1463539.42 8.28% 291.41
1417165.14 7.25% 312.36
1412804.02 8.74% 263.36
1504575.61 2.13% 259.23
1578111.95 7.83% 370.88
1517932.64 7.11% 372.11
1513130.30 7.10% 331.90
1633448.36 8.57% 330.66
1716907.40 8.80% 438.12
1623632.81 6.96% 451.74
1658457.34 9.60% 384.29
1816561.27 11.21% 385.68
1801584.59 4.93% 482.47
1763224.96 8.60% 431.71
1738953.32 4.85% 415.99
1892042.09 4.16% 387.83
1936508.11 7.49% 498.29
1882274.76 6.75% 482.96
1896451.74 9.06% 459.85
2042135.25 7.93% 457.50
2063561.66 6.56% 556.61
2024420.50 7.55% 566.48
2019782.99 6.50% 545.19
2173139.38 6.42% 551.27
2104357.76 1.98% 635.70
1494523.68 -26.18% 648.30
1793862.86 -11.19% 621.77
2112185.51 -2.80% 599.83
2160413.42 2.66% 540.58
1783610.99 19.34% 363.58
1948345.73 8.61% 575.87
2238916.64 6.00% 672.02
2207942.52 2.20% 747.68
Average 5.44%

Projections
 PFCE PFCE Growth Quarter
2060070.69 15.50% Q122
2078884.89 6.70% Q222
2292650.64 2.40% Q322
2274180.79 3.00% Q422

Yearly

9228171.87 6.00% FY23

9697566.29 5.09% FY24
10282953.79 6.04% FY25
11035928.54 7.32% FY26

Strength Through Regression

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.87832760008244
R Square 0.771459373066578
Adjusted R Square 0.765445146042014
Standard Error 0.178947387300289
Observations 40

ANOVA
df SS
Regression 1 4.1075604732584
Residual 38 1.2168423620208
Total 39 5.3244028352791

Coefficients Standard Error

Intercept -20.6106270974337 2.3487829295876
X Variable 1 1.85376995289151 0.1636775883476

Method 2 Volume based approach

2017 2018
Industry Units 1500000000 1700000000
Company Units 135000000 157000000
Exported Units 5400000 6280000
Domestic Units 129600000 150720000
Market Share 9.00% 9.24%
Average Realisation 121 124
 Revenue 16335000000 19468000000
Revenue (Cr.) 1633.5 1946.8
Inflation rates 3.60% 3.43%
Infl. Adj. Revenue

Corelation Coefficient 0.89

Method 3 Trendline forecast based approach

Quarter month T Seasonal Quarter

Jun '12 1 1
Sep '12 2 2
Dec '12 3 3
Mar '13 4 4
Jun '13 5 1
Sep '13 6 2
Dec '13 7 3
Mar '14 8 4
Jun '14 9 1
Sep '14 10 2
Dec '14 11 3
Mar '15 12 4
Jun '15 13 1
Sep '15 14 2
Dec '15 15 3
Mar '16 16 4
Jun '16 17 1
Sep '16 18 2
Dec '16 19 3
Mar '17 20 4
Jun '17 21 1
Sep '17 22 2
Dec '17 23 3
Mar '18 24 4
Jun '18 25 1
Sep '18 26 2
Dec '18 27 3
Mar '19 28 4
Jun '19 29 1
Sep '19 30 2
Dec '19 31 3
Mar '20 32 4
Jun'20 33 1
Sep '20 34 2
Dec '20 35 3
Mar '21 36 4
 Jun'21 37 1
Sep '21 38 2
Dec '21 39 3
Mar '22 40 4
Jun'22 41 1
Sep '22 42 2
Dec '22 43 3
Mar '23 44 4
Jun'23 45 1
Sep '23 46 2
Dec '23 47 3
Mar '24 48 4
Jun'24 49 1
Sep '24 50 2
Dec '24 51 3
Mar '25 52 4

R Square 0.81
MAPE 7.79%
Correlation 0.90

Summary
Quarter Growth(%) Ln(PFCE) Ln(Q-Revenue)
Q112 14.02 5.37
Q212 14.02 5.29
Q312 14.14 5.32
Q412 14.12 5.49
Q113 15.64% 14.09 5.51
Q213 21.56% 14.08 5.49
Q313 9.25% 14.20 5.41
Q413 20.57% 14.20 5.67
Q114 25.79% 14.16 5.74
Q214 8.72% 14.16 5.57
Q314 16.23% 14.22 5.56
Q414 27.27% 14.27 5.92
Q115 19.13% 14.23 5.92
Q215 26.03% 14.23 5.80
Q315 27.55% 14.31 5.80
Q415 18.13% 14.36 6.08
Q116 21.40% 14.30 6.11
Q216 15.78% 14.32 5.95
Q316 16.64% 14.41 5.96
Q416 10.12% 14.40 6.18
Q117 -4.43% 14.38 6.07
Q217 8.25% 14.37 6.03
Q317 0.56% 14.45 5.96
Q417 3.28% 14.48 6.21
Q118 11.87% 14.45 6.18
Q218 10.54% 14.46 6.13
Q318 17.96% 14.53 6.13
Q418 11.70% 14.54 6.32
Q119 17.29% 14.52 6.34
Q219 18.56% 14.52 6.30
Q319 20.50% 14.59 6.31
Q419 14.21% 14.56 6.45
Q120 14.44% 14.22 6.47
Q220 14.05% 14.40 6.43
Q320 8.81% 14.56 6.40
Q420 -14.96% 14.59 6.29
Q121 -43.92% 14.39 5.90
Q221 -7.38% 14.48 6.36
Q321 12.04% 14.62 6.51
Q421 38.31% 14.61 6.62
12.54% Elasticity 1.85
 Q-Revenue Growth Q-Revenue FY-Revenue
28.73% 468.05
12.42% 647.39
2606.62
4.45% 701.92
5.56% 789.26

11.12% NA 2896.57
9.43% NA 3169.69
11.19% NA 3524.39
13.57% NA 4002.80

Corelation Coefficient 0.88

MS F Significance F
4.10756047325834 128.272406398317 9.6089888E-14
0.0320221674215995

t Stat P-value Lower 95% Upper 95% Lower 95.0%

-8.77502422118365 1.13145626023013E-10 -25.365489552 -15.8557646425 -25.365489552
11.325740876354 9.60898876735072E-14 1.5224219983 2.18511790751 1.5224219983

2019 2020 2021 2022E 2023E

1800000000 2000000000 2200000000 2400000000 2700000000
184000000 179000000 191000000 209862252.502 230587251.44
7360000 7160000 7640000 8394490.1001 9223490.0577
176640000 171840000 183360000 201467762.402 221363761.38
10.22% 8.95% 8.68% 9.15% 9.61%
123 133 122 131 132
22632000000 23807000000 23302000000 27424899890.9 30438083362
2263.2 2380.7 2330.2 2742.49 3043.81
4.76% 6.18% 5.56% 4.88% 4.32%
2876.32 3175.30

Sales Centred Moving Average Ratio Seasonal Index Sales SA

248.32 1.02 244.09
242.23 0.96 253.10
223.03 259.25 0.86 0.95 235.69
291.41 269.90 1.08 1.16 250.52
312.36 277.07 1.13 1.02 307.04
263.36 291.52 0.90 0.96 275.18
259.23 308.93 0.84 0.95 273.94
370.88 324.96 1.14 1.16 318.83
372.11 342.46 1.09 1.02 365.77
331.9 359.79 0.92 0.96 346.80
330.66 378.15 0.87 0.95 349.43
438.12 394.65 1.11 1.16 376.64
451.74 408.08 1.11 1.02 444.05
384.29 420.50 0.91 0.96 401.54
385.68 423.54 0.91 0.95 407.57
482.47 425.00 1.14 1.16 414.76
431.71 429.23 1.01 1.02 424.36
415.99 431.48 0.96 0.96 434.66
387.83 439.86 0.88 0.95 409.84
498.29 451.75 1.10 1.16 428.36
482.96 465.94 1.04 1.02 474.74
459.85 481.94 0.95 0.96 480.49
457.5 499.67 0.92 0.95 483.46
556.61 520.78 1.07 1.16 478.50
566.48 543.17 1.04 1.02 556.83
545.19 564.77 0.97 0.96 569.66
551.27 584.89 0.94 0.95 582.55
635.7 604.69 1.05 1.16 546.49
648.3 620.33 1.05 1.02 637.26
621.77 614.51 1.01 0.96 649.67
599.83 567.03 1.06 0.95 633.87
540.58 525.70 1.03 1.16 464.72
363.58 528.99 0.69 1.02 357.39
575.87 563.90 1.02 0.96 601.71
672.02 544.34 1.23 0.95 710.16
747.68 426.91 1.75 1.16 642.76
1.02
0.96
0.95
1.16
1.02
0.96
0.95
1.16
1.02
0.96
0.95
1.16
1.02
0.96
0.95
1.16
 Upper 95.0%
-15.8557646425
2.185117907506

Industry growth CAGR 9.88%

Export growth rate 4.00%
2024E 2025E 2026E
2900000000 3186390221 3501062980
253358952.8062 278379479.2 305870913.9
10134358.11225 11135179.168 12234836.556
243224594.6939 267244300 293636077.35
10.07% 10.54% 11.00%
133 135 136
33792351673.08 37705550251 41596849159
3379.24 3770.56 4159.68
4.09% 4.02% 4.05%
3517.45 3922.13 4328.15

Estimated Sales Abs % Error

247.98 0%
244.01 1%
251.87 13%
322.64 11%
293.57 6%
286.89 9%
294.27 14%
374.76 1%
339.15 9%
329.78 1%
336.67 2% 1000
426.88 3%
900
384.73 15%
372.66 3% 800
379.07 2%
700
479.01 1%
430.31 0% 600
415.54 0%
500
421.47 9%
531.13 7% 400
475.90 1% 300
458.42 0%
463.87 1% 200

583.25 5% 100
521.48 8%
0
501.30 8% 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 0
'1 c '1 '1 c '1 '1 c '1 '1 c '1 '1 c '1 '1 c '1 '1 c '1 '1 c '1 n'2 c '2
506.27 8% n n n n n n n n Ju De Ju
Ju De Ju De Ju De Ju De Ju De Ju De Ju De Ju De
635.37 0%
567.06 13% Sales Estimated Sales
544.19 12%
548.67 9%
687.49 27%
612.65 69%
587.07 2%
591.07 12%
739.61 1%
658.23
629.95
633.47
791.73
703.81
672.83
675.87
843.85
749.40
715.72
718.28
895.97
794.98
758.60
760.68
948.09
7 8 8 9 9 0 0 1 1 2 2 3 3 4 4
'1 c '1 '1 c '1 n'2 c '2 n'2 c '2 n'2 c '2 n'2 c '2 n'2 c '2
n n Ju De Ju De Ju De Ju De Ju De
Ju De Ju De

Estimated Sales
 Cost of Sales

Material Costs
Natural Rubber 0.43
EVA 0.18
PU 0.2
Leather 0.08
Synthetic Rubber 0.05
Foam 0.03
Others 0.03
1

Trend in Natural Rubber Prices

FY Rs/kg
2006 66.99
2007 92.04
2008 90.85
2009 101.12
2010 114.98
2011 190.03
2012 208.05
2013 176.82
2014 166.02
2015 132.57
2016 113.06
2017 135.49
2018 129.8
2019 125.95
2020 135.22
2021 (April to December) 141.85

Trend in Crude Oil Prices

FY Rs/Barrel
2008 3289
2009 3903
2010 3375
2011 3795
2012 4658
2013 5002
2014 5982
2015 4910
2016 2925
2017 3218
2018 3455
2019 4387
2020 3886
 2021 (April to December) 5593

RM Costs & Pricing Flexibility of Relaxo (Total Material Costs to Revenues)

Change in NR
Sep 12 (12)  12.51%
Sep 13 (12)  39.49%
Sep 14 (12)  37.38%
Mar 15 (12) -2.76%
Mar 16 (12)  -10.56%
Mar 17 (12)  -13.13%
Mar 18 (12)  -17.43%
Mar 19 (12)  2.56%
Mar 20 (12) 7.82%
Correlation with change in MCR
1 period lag
Historical Mean
Historical Median

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.990951116
R Square 0.981984115
Adjusted R Square 0.963968231
Standard Error 0.004362245
Observations 7

ANOVA
df
Regression 3
Residual 3
Total 6

Coefficients
Intercept 0.420796198
Avg. change in Mat 0.125087222
Revenue growth 0.143476218
Lagged MC/R -0.986402513

Total Material Costs 1078.14

Revenues 2419.53
44.50%

Employee Benefit Expenses

 Particulars 2017
Number of employees 4855
Growth In Employees in %
Average Growth in Employees 14.38%

Corelation between no. of employees and EBE 0.97

Other Expenses
1
2017
Other Expenses 497.37
Revenue from Operations 1,631.15
Other Expenses as a % of Revenue from Operations 30.49%
 37.39%
-1.29%
11.30%
13.71%
65.27%
9.48%
-15.01%
-6.11%
-20.15%
-14.72%
19.84%
-4.20%
-2.97%
7.36%
4.90%

18.67%
-13.53%
12.44%
22.74%
7.39%
19.59%
-17.92%
-40.43%
10.02%
7.36%
26.98%
-11.42%
 43.93%

Change in Crude Oil Mat Cost/Revenue Change in MC/R Avg. change in Mat Revenue growth
2.57% 53.07% 7.54%
-0.54% 46.18% -6.89% 19.47% 17.47%
17.59% 44.96% -1.21% 27.48% 20.58%
15.06% 43.03% -1.93% 6.15% 22.37%
13.49% 40.84% -2.19% 1.46% 15.55%
0.84% 44.13% 3.29% -6.15% -4.69%
-29.17% 45.39% 1.26% -23.30% 17.95%
-15.21% 46.52% 1.13% -6.32% 17.63%
8.69% 42.96% -3.56% 8.26% 5.17%
-0.66 -0.35
-0.35 -0.47
45.23%
44.96%

SS MS F Significance F
0.003111647 0.001037216 54.50657182 0.004082921
0.0000570876 0.0000190292
0.003168734

Standard Error t Stat P-value Lower 95% Upper 95%

0.05044931 8.340970367 0.003612375 0.260243978 0.581348417
0.013267683 9.427962732 0.002528725 0.082863533 0.167310912
0.025215911 5.689908172 0.010761031 0.063227935 0.223724501
0.116733437 -8.450042573 0.003478725 -1.357900409 -0.614904618
 2018 2019 2020 2021
5738 6254 7852 8229
18.19% 8.99% 25.55% 4.80%

2 3 4 5 6
2018 2019 2020 2021 2022E
541.87 636.79 668.22 558.99 672.61
1,941.05 2,292.08 2,410.48 2,359.15 2876.32
27.92% 27.78% 27.72% 23.69% 23.38%
Lagged MC/R

0.53
0.464
0.454
0.436
0.413
0.441
0.454
0.465
-0.86

Lower 95.0% Upper 95.0%

0.260243978 0.581348
0.082863533 0.167311
0.063227935 0.223725
-1.357900409 -0.6149
 7 8 9 10
2023E 2024E 2025E 2026E
698.74 725.52 754.91 773.37
3175.30 3517.45 3922.13 4328.15
22.01% 20.63% 19.25% 17.87%
 Cash, Investments and Other Income (Amounts in INR Crore)

Particulars 2017 2018 2019 2020

Cash & Investments

Non-Current Investments 0.7 0.2 0.2 0.2

Current-Investments 0 1 0 0

Cash & Equivalents 3.51 3.12 1.88 2.55

Total Revenue 1644.76 1945.51 2305.06 2419.53
Cash & Equivalent as a % of Total Revenue 0.21% 0.16% 0.08% 0.11%

Bank Balances other than Cash & Cash Equivalents 0.14 0.88 0.34 1.54

Total Cash & Cash Equivalents 6.14 6.88 6.34 7.54

Total Cash & Investments 4.35 5.2 2.42 4.29
 2021 2022E 2023E 2024E 2025E 2026E

0.2 0.2 0.2 0.2 0.2 0.2

337.98 378.5376 423.9621 474.8376 531.8181 595.6362

6.34 4.91 5.10 5.30 6.69 7.82

2381.92 2,888.90 3,187.67 3,531.39 3,936.27 4,343.31
0.27% 0.17% 0.16% 0.15% 0.17% 0.18%

1.35 1.35 1.35 1.35 1.35 1.35

7.35 7.35 7.35 7.35 7.35 7.35

345.87 385.00 430.61 481.68 540.06 605.00
 Depreciation (Amounts in INR Crore)

Gross Block
Tangible Assets Cost as at April 1, 2020 Additions Deletions
Freehold Land 162.82 0.48
Buildings 305.53
Leasehold Improvements 16.45 0.63 0.73
Plant and Machinery 281.01 9.69 0.59
Moulds 73 16.15 0.05
Computers 14.6 1.06 0.29
Motor Vehicles-Other 10.49 3.02 3.85
Motor Vehicles-Transport 3.58 0.24 0.03
Furniture and Fixtures 21.01 1.99 0.38
Electrical Fittings 27.97 0.54 0.01
Office Equipments 11.08 0.75 0.36
Wooden Structure 2.42 0.13 0.38
Wind Power Generation Plant 17.32
Total 947.28 34.68 6.67

Historical Depreciation Rate Tangible Assets Opening Balance

Freehold Land 163.3
3.63% Buildings 305.53
12.91% Leasehold Improvements 16.35
7.26% Plant and Machinery 290.11
17.07% Moulds 89.1
16.72% Computers 15.37
14.08% Motor Vehicles-Other 9.66
11.61% Motor Vehicles-Transport 3.79
9.64% Furniture and Fixtures 22.62
9.37% Electrical Fittings 28.5
13.43% Office Equipments 11.47
18.43% Wooden Structure 2.17
5.72% Wind Power Generation Plant 17.32
6.32% Total 975.29
k Depreciation
Cost as at March 31, 2021 As at April 1, 2020 For the year Deletions As at March 31, 2021
163.3
305.53 33.46 11.1 44.56
16.35 7.05 2.11 0.31 8.85
290.11 68.65 21.07 0.29 89.43
89.1 43.88 15.21 0.05 59.04
15.37 8.03 2.57 0.26 10.34
9.66 4.78 1.36 2.73 3.41
3.79 1.66 0.44 0.02 2.08
22.62 6.99 2.18 0.32 8.85
28.5 9.99 2.67 0.01 12.65
11.47 6.33 1.54 0.3 7.57
2.17 1.57 0.4 0.3 1.67
17.32 4.8 0.99 5.79
975.29 197.19 61.64 4.59 254.24

Depreciation Proportion Of Assets

0 16.74%
11.1 31.33%
2.11 1.68%
21.07 29.75%
15.21 9.14%
2.57 1.58%
1.36 0.99%
0.44 0.39%
2.18 2.32%
2.67 2.92%
1.54 1.18%
0.4 0.22%
0.99 1.78%
61.64 100.00%
 Net Carrying Value
As at March 31, 2021
163.3
260.97
7.5
200.68
30.06
5.03
6.25
1.71
13.77
15.85
3.9
0.5
11.53
721.05
Depreciation & Capex Schedule (Amounts in INR Crore)

Particulars 2017 2018 2019 2020

Total Revenue 1,644.76 1,945.51 2,305.06 2,419.53
Capital Expenditures 90.33 108.98 92.41 116.1
Capex as % of Total Revenue 5.49% 5.60% 4.01% 4.80%
Beginning Net PPE
Capital Expenditures
(Depreciation Expense)
Ending Net PPE

PPE (Break-up for 2021) Amount Depreciation Rate Proportion Of Assets

Freehold Land 163.3
Buildings 305.53 3.63% 37.63%
Leasehold Improvements 16.35 12.91% 2.01%
Plant and Machinery 290.11 7.26% 35.73%
Moulds 89.1 17.07% 10.97%
Computers 15.37 16.72% 1.89%
Motor Vehicles-Other 9.66 14.08% 1.19%
Motor Vehicles-Transport 3.79 11.61% 0.47%
Furniture and Fixtures 22.62 9.64% 2.79%
Electrical Fittings 28.5 9.37% 3.51%
Office Equipments 11.47 13.43% 1.41%
Wooden Structure 2.17 18.43% 0.27%
Wind Power Generation Plant 17.32 5.72% 2.13%
Total 811.99 6.32% 100.00%

Total Capex 2022E 2023E 2024E 2025E

Freehold Land
Buildings 54.52 59.02 63.57 73.16
Leasehold Improvements 2.92 3.16 3.40 3.91
Plant and Machinery 51.77 56.04 60.36 69.46
Moulds 15.90 17.21 18.54 21.33
Computers 2.74 2.97 3.20 3.68
Motor Vehicles-Other 1.72 1.87 2.01 2.31
Motor Vehicles-Transport 0.68 0.73 0.79 0.91
Furniture and Fixtures 4.04 4.37 4.71 5.42
Electrical Fittings 5.09 5.51 5.93 6.82
Office Equipments 2.05 2.22 2.39 2.75
Wooden Structure 0.39 0.42 0.45 0.52
Wind Power Generation Plant 3.09 3.35 3.60 4.15
Total 144.90 156.85 168.95 194.42

Buildings 3.63% 2022E 2023E 2024E

Opening Balance 305.53 346.97 391.24
Additions during the year 54.52 59.02 63.57
Total 360.05 405.99 454.81
 Depreciation 13.08 14.75 16.52
Closing Balance 346.97 391.24 438.29

Leasehold Improvements 12.91% 2022E 2023E 2024E

Opening Balance 16.35 16.78 17.37
Additions during the year 2.92 3.16 3.40
Total 19.27 19.94 20.77
Depreciation 2.49 2.57 2.68
Closing Balance 16.78 17.37 18.09

Plant and Machinery 7.26% 2022E 2023E 2024E

Opening Balance 290.11 317.05 345.99
Additions during the year 51.77 56.04 60.36
Total 341.88 373.09 406.35
Depreciation 24.83 27.10 29.51
Closing Balance 317.05 345.99 376.84

Moulds 17.07% 2022E 2023E 2024E

Opening Balance 89.1 87.08 86.48
Additions during the year 15.90 17.21 18.54
Total 105.00 104.29 105.02
Depreciation 17.92 17.80 17.93
Closing Balance 87.08 86.48 87.09

Computers 16.72% 2022E 2023E 2024E

Opening Balance 15.37 15.08 15.03
Additions during the year 2.74 2.97 3.20
Total 18.11 18.05 18.23
Depreciation 3.03 3.02 3.05
Closing Balance 15.08 15.03 15.18

Motor Vehicles-Other 14.08% 2022E 2023E 2024E

Opening Balance 9.66 9.78 10.01
Additions during the year 1.72 1.87 2.01
Total 11.38 11.65 12.02
Depreciation 1.60 1.64 1.69
Closing Balance 9.78 10.01 10.33

Motor Vehicles-Transport 11.61% 2022E 2023E 2024E

Opening Balance 3.79 3.95 4.14
Additions during the year 0.68 0.73 0.79
Total 4.47 4.68 4.93
Depreciation 0.52 0.54 0.57
Closing Balance 3.95 4.14 4.35

Furniture and Fixtures 9.64% 2022E 2023E 2024E

Opening Balance 22.62 24.09 25.71
 Additions during the year 4.04 4.37 4.71
Total 26.66 28.46 30.42
Depreciation 2.57 2.74 2.93
Closing Balance 24.09 25.71 27.49

Electrical Fittings 9.37% 2022E 2023E 2024E

Opening Balance 28.5 30.44 32.58
Additions during the year 5.09 5.51 5.93
Total 33.59 35.94 38.51
Depreciation 3.15 3.37 3.61
Closing Balance 30.44 32.58 34.90

Office Equipments 13.43% 2022E 2023E 2024E

Opening Balance 11.47 11.70 12.05
Additions during the year 2.05 2.22 2.39
Total 13.52 13.92 14.44
Depreciation 1.81 1.87 1.94
Closing Balance 11.70 12.05 12.50

Wooden Structure 18.43% 2022E 2023E 2024E

Opening Balance 2.17 2.09 2.04
Additions during the year 0.39 0.42 0.45
Total 2.56 2.51 2.49
Depreciation 0.47 0.46 0.46
Closing Balance 2.09 2.04 2.03

Wind Power Generation Plant 5.72% 2022E 2023E 2024E

Opening Balance 17.32 19.24 21.30
Additions during the year 3.09 3.35 3.60
Total 20.41 22.59 24.90
Depreciation 1.17 1.29 1.42
Closing Balance 19.24 21.30 23.48

Total Depreciation 72.64 77.16 82.32

Total Amortization 9.72 10.18 10.68
Total D&A 82.35 87.34 93.00
 2021 2022E 2023E 2024E 2025E 2026E
2,381.92
2888.90 3187.67 3531.39 3936.27 4343.31
123.32 144.90 156.85 168.95 194.42 215.75
5.18% 5.02% 4.92% 4.78% 4.94% 4.97%
721.05 793.31 873.00 959.63 1064.99
144.90 156.85 168.95 194.42 215.75
72.64 77.16 82.32 89.06 96.91
721.05 793.31 873.00 959.63 1064.99 1183.82

2026E

81.18
4.34
77.08
23.67
4.08
2.57
1.01
6.01
7.57
3.05
0.58
4.60
215.75

2025E 2026E
438.29 492.86
73.16 81.18
511.44 574.04
 18.58 20.86
492.86 553.18

2025E 2026E
18.09 19.16
3.91 4.34
22.00 23.51
2.84 3.03
19.16 20.47

2025E 2026E
376.84 413.89
69.46 77.08
446.30 490.97
32.41 35.66
413.89 455.32

2025E 2026E
87.09 89.92
21.33 23.67
108.43 113.59
18.51 19.39
89.92 94.20

2025E 2026E
15.18 15.71
3.68 4.08
18.86 19.79
3.15 3.31
15.71 16.48

2025E 2026E
10.33 10.86
2.31 2.57
12.64 13.43
1.78 1.89
10.86 11.54

2025E 2026E
4.35 4.65
0.91 1.01
5.26 5.66
0.61 0.66
4.65 5.00

2025E 2026E
27.49 29.73
5.42 6.01
32.91 35.74
3.17 3.44
29.73 32.30

2025E 2026E
34.90 37.81
6.82 7.57
41.72 45.39
3.91 4.25
37.81 41.14

2025E 2026E
12.50 13.20
2.75 3.05
15.24 16.24
2.05 2.18
13.20 14.06

2025E 2026E
2.03 2.08
0.52 0.58
2.55 2.66
0.47 0.49
2.08 2.17

2025E 2026E
23.48 26.05
4.15 4.60
27.63 30.65
1.58 1.75
26.05 28.90

89.06 96.91
11.18 11.73
100.24 108.64
 Amortization Schedule (Amounts in INR Crore)

Particulars 2017 2018 2019

Gross carrying value at end of the year 69.93 72.53 74.04
Addition of other intangible asset 2.01 2.6 1.51

Accumulated Amortization at end of the year 0 17.48 26.35

Amortization expense 8.71 8.77 8.87
Amortization expense as % of Gross value at end of the year 12.46% 12.09% 11.98%

Net carrying value at end of the year 61.22 55.05 47.69

2020 2021 2022E 2023E 2024E 2025E 2026E
76.21 77.13 81.93 86.73 91.53 96.33 101.13
2.17 0.92 4.80 4.80 4.80 4.80 4.80

35.23 43.8 53.52 63.70 74.38 85.56 97.28

8.88 8.57 9.72 10.18 10.68 11.18 11.73
11.65% 11.11% 11.86% 11.74% 11.67% 11.61% 11.60%

40.98 33.33 28.41 23.03 17.15 10.77 3.85

Cash Flow Statement
2018 2019 2020 2021 2022 2023
PBT 243.62 267.98 291.71 391.16 491.50 540.89
(+) Net Finance Cost 8.59 6.9 16.87 17.08 17.73202 17.65318
(+) NC Expenses 54.34 62.41 109.42 110.02 82.35478 87.33585
Changes in WC
Inventories -23.72 -68.5 -65.31 25.6 -114.3928 -60.82064
Trade Payables 49.2 -3.08 11.97 39.01 61.2468 39.43698
Trade Receivables -49.12 50.49 -9.38 -39.18947 -18.58552 -20.95963
(-) Tax Paid -82.55 -92.54 -65.46 -99.6 -123.7097 -136.1408

Cash Flow from Operations 200.36 223.66 289.82 444.08 396.14 467.39

Capex -108.98 -92.41 -116.1 -123.32 -144.8978 -156.8466

FCFF -13.18305 -17.4521 -137.1567 -152.9262 -361.3369 -469.5432
Investments -0.2 32.7 -0.2 0 0 0
NOI 0.5 1.8 0.4 8.6 17.9 5.84
Investing CF -121.8631 -75.3621 -253.0567 -267.6462 -488.3347 -620.5498
 2024 2025 2026
597.08 662.62 723.52
20.34964 24.86273 26.86377
92.99676 100.2444 108.6421

-69.41935 -81.74311 -82.3707 0

45.94441 54.98806 57.84662
-24.56285 -23.54925 0
-150.2843 -166.7813 -182.1089

512.10 570.64 652.39

-168.9482 -194.4209 -215.7482

-547.6466 -638.6727 -739.8992
0 0 0
6.91 7.93 9.44
-709.6868 -825.1641 -946.2119
 Working Capital Projections (Amounts in INR Crore)

Particulars 2017 2018 2019 2020 2021 2022E

Revenue from Operations 1,631.15 1,941.05 2,292.08 2,410.48 2,359.15 2,876.32
Trade Receivables 123.18 173.45 222.57 172.08 181.46 220.65
Receivable Turnover Ratio 13.24 11.19 10.30 14.01 13.00 13.04

Receivable Turnover Days 27.56 32.62 35.44 26.06 28.07 28.00

COGS 725.83 883.01 1072.32 1039.32 1003.28 1279.96

Trade Payables 125.7 174.9 171.82 183.79 222.8 284.05
Payable Turnover Ratio 5.77 5.05 6.24 5.65 4.50 4.51

Payable Turnover Days 63.21 72.30 58.48 64.55 81.06 81.00

COGS 725.83 883.01 1072.32 1039.32 1003.28 1279.96

Inventory 290.21 313.93 382.43 447.74 422.14 536.53
Inventory Turnover Ratio 2.50 2.81 2.80 2.32 2.38 2.39
Inventory Days 145.94 129.77 130.17 157.24 153.58 153.00

Cash Opearting Cycle 110.29 90.09 107.13 118.75 100.60 100.00

Changes in Working Capital

Particulars 2018 2019 2020 2021 2022E 2023E
Changes in Trade Receivables 50.27 49.12 -50.49 9.38 39.19 18.59
Changes in Inventory 23.72 68.5 65.31 -25.6 114.39 60.82
Changes in Trade Payable 49.2 -3.08 11.97 39.01 61.25 39.44
Net Change in Working Capital 123.19 114.54 26.79 22.79 214.83 118.84
 2023E 2024E 2025E 2026E
3,175.30 3,517.45 3,922.13 4,328.15
239.23 260.19 284.76 308.31
13.27 13.52 13.77 14.04

27.50 27.00 26.50 26.00

1448.73 1644.41 1877.72 2120.79

323.48 369.43 424.42 482.26
4.48 4.45 4.42 4.40

81.50 82.00 82.50 83.00

1448.73 1644.41 1877.72 2120.79

597.35 666.77 748.52 830.89
2.43 2.47 2.51 2.55
150.50 148.00 145.50 143.00

96.50 93.00 89.50 86.00

2024E 2025E 2026E

20.96 24.56 23.55
69.42 81.74 82.37
45.94 54.99 57.85
136.32 161.29 163.77
R