Balance Sheet

INR (Lakhs)
millions millions
Particular 16-17 17-18
ASSETS
NON-CURRENT ASSSETS
Property, Plant & Equipments 7,455.54 8,342.25
Right to Use Assets
Capital Work-in-Progress 213.56 212.86
Investment in Subsidaries
Investment Properties 483.18 595.62
Intangible Assets 1,141.60 1,057.36
Investments 347.89 434.49
Loans 300.00
Other Financial Assets (security deposit) 335.94 357.43
Deferred Tax Assets (net)
Income Tax Assets (net) 61.44 16.85
Other Non-Current Assets 1,967.71 1,911.17
Total Non-Current Assets 12,006.86 13,228.03

CURRENT ASSETS
Inventories 1,987.13 1,599.38
Investments -
Trade Receivables 4,176.56 5,417.29
Cash & Cash Equivalents 1,732.40 2,975.70
Bank Balances other than 3.09 234.02
Loans 300.00 -
Other Financial Assets 7.95 28.58
Contract Assets -
Other Current Assets 672.23 920.65
Total Current Assets 8,879.36 11,175.62
Total Assets 20,886.22 24,403.65

Particular 16-17 17-18

LIABILTIES
Equity
Equity Share Capital 1,838.95 1,840.28
Other Equity ( Retained Earning) 14,149.56 17,500.07
Total Equity 15,988.51 19,340.35

NON-CURRENT LIABILITIES
Borrowings
Lease Liabilities
Other Financial Liabilities 486.00 527.51
Provisions -
Contract Liabilties -
Non-Current Tax Liabilities (net) 69.19 91.69
Deferred Tax Liabilities (net) 781.00 804.45
Other Non-Current Liabilities -
Total Non-Current Liabilties 1,336.19 1,423.65

CURRENT LIABILITIES
Borrowings 561.19 448.65
Lease Liabilities -
Trade Payables 2,092.11 2,590.44
Other Financial Liabilities 351.28 100.28
Other Current Liabilities 338.49 304.51
Provisions 218.45 192.55
Contract Liabilities - -
Current Tax Liabilities (net) - 3.22
Total Current Liabilities 3,561.52 3,639.65
Total Liabilities 20,886.22 24,403.65
millions millions millions millions
18-19 19-20 20-21 21-22

8,058.71 6,292.27 5,713.12 5,499.32 Operating item

4,152.11 4,537.95 4,299.53 Operating item
11.57 8.74 4.42 1.77 Operating item
Non-Operating item
803.67 853.60 940.71 998.44 Non-Operating item
980.42 896.22 809.11 722.32 Operating item
444.41 260.06 221.86 216.72 Non-Operating item
300.00 250.00 Non-Operating item
374.53 361.43 375.38 393.32 Operating item
Non-Operating item
14.00 51.32 51.53 133.45 Operating item
1,880.15 695.63 672.51 249.26 Operating item
12,567.46 13,871.38 13,576.59 12,514.13

2,495.54 2,529.00 2,334.79 2,151.30 Operating item

Non-Operating item
6,369.42 6,306.14 4,969.01 4,789.46 Operating item
1,314.24 333.93 1,196.65 1,121.04 Operating item
2.99 1,004.73 1,914.79 4,033.49 Operating item
309.10 8.70 2.00 2.00 Non-Operating item
5.81 9.75 8.93 60.84 Non-Operating item
- Operating item
927.30 843.67 805.48 744.09 Operating item
11,424.40 11,035.92 11,231.65 12,902.22
23,991.86 24,907.30 24,808.24 25,416.35

18-19 19-20 20-21 21-22

1,749.11 1,749.55 1,749.61 1,770.57 Non-Operating item

16,570.57 15,084.06 16,527.53 17,101.01 Non-Operating item
18,319.68 16,833.61 18,277.14 18,871.58

- Non-Operating item
- 1,476.13 1,616.29 1,497.74 Non-Operating item
570.38 604.01 613.79 663.76 Non-Operating item
 35.86 77.00 198.94 Non-Operating item
Operating item
Operating item
720.97 320.04 207.35 117.35 Non-Operating item
Non-Operating item
1,291.35 2,436.04 2,514.43 2,477.79

508.15 1,681.63 563.10 225.67 Non-Operating item

288.93 296.88 265.99 Non-Operating item
2,956.25 2,766.82 1,828.18 2,405.02 Operating item
97.33 104.83 574.70 491.26 Non-Operating item
255.45 169.30 197.69 197.35 Operating item
189.50 226.60 195.92 196.16 Non-Operating item
275.30 331.80 282.02 218.08 Operating item
98.85 67.74 78.18 67.45 Operating item
4,380.83 5,637.65 4,016.67 4,066.98
23,991.86 24,907.30 24,808.24 25,416.35
Balance Sheet
INR (Lakhs)

Particular 16-17 17-18 18-19 19-20 20-21

ASSETS
NON-CURRENT ASSSETS
Property, Plant & Equipments 35.7% 34.2% 33.6% 25.3% 23.0%
Right to Use Assets 0.0% 0.0% 0.0% 16.7% 18.3%
Capital Work-in-Progress 1.0% 0.9% 0.0% 0.0% 0.0%
Investment in Subsidaries 0.0% 0.0% 0.0% 0.0% 0.0%
Investment Properties 2.3% 2.4% 3.3% 3.4% 3.8%
Intangible Assets 5.5% 4.3% 4.1% 3.6% 3.3%
Investments 1.7% 1.8% 1.9% 1.0% 0.9%
Loans 0.0% 1.2% 0.0% 1.2% 1.0%
Other Financial Assets (security deposit) 1.6% 1.5% 1.6% 1.5% 1.5%
Deferred Tax Assets (net) 0.0% 0.0% 0.0% 0.0% 0.0%
Income Tax Assets (net) 0.3% 0.1% 0.1% 0.2% 0.2%
Other Non-Current Assets 9.4% 7.8% 7.8% 2.8% 2.7%
Total Non-Current Assets 57.5% 54.2% 52.4% 55.7% 54.7%

CURRENT ASSETS
Inventories 9.51% 6.55% 10.40% 10.15% 9.41%
Investments 0.00% 0.00% 0.00% 0.00% 0.00%
Trade Receivables 20.00% 22.20% 26.55% 25.32% 20.03%
Cash & Cash Equivalents 8.29% 12.19% 5.48% 1.34% 4.82%
Bank Balances other than 0.01% 0.96% 0.01% 4.03% 7.72%
Loans 1.44% 0.00% 1.29% 0.03% 0.01%
Other Financial Assets 0.04% 0.12% 0.02% 0.04% 0.04%
Contract Assets 0.00% 0.00% 0.00% 0.00% 0.00%
Other Current Assets 3.22% 3.77% 3.87% 3.39% 3.25%
Total Current Assets 42.5% 45.8% 47.6% 44.3% 45.3%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%

Particular 16-17 17-18 18-19 19-20 20-21

LIABILTIES
Equity
Equity Share Capital 8.8% 7.5% 7.3% 7.0% 7.1%
Other Equity ( Retained Earning) 67.7% 71.7% 69.1% 60.6% 66.6%
Total Equity 76.6% 79.3% 76.4% 67.6% 73.7%

NON-CURRENT LIABILITIES
Borrowings 0.00% 0.00% 0.00% 0.00% 0.00%
Lease Liabilities 0.00% 0.00% 0.00% 5.93% 6.52%
Other Financial Liabilities 2.33% 2.16% 2.38% 2.43% 2.47%
Provisions 0.00% 0.00% 0.00% 0.14% 0.31%
Contract Liabilties 0.00% 0.00% 0.00% 0.00% 0.00%
Non-Current Tax Liabilities (net) 0.33% 0.38% 0.00% 0.00% 0.00%
Deferred Tax Liabilities (net) 3.74% 3.30% 3.01% 1.28% 0.84%
Other Non-Current Liabilities 0.00% 0.00% 0.00% 0.00% 0.00%
Total Non-Current Liabilties 6.4% 5.8% 5.4% 9.8% 10.1%

CURRENT LIABILITIES
Borrowings 2.7% 1.8% 2.1% 6.8% 2.3%
Lease Liabilities 0.0% 0.0% 0.0% 1.2% 1.2%
Trade Payables 10.0% 10.6% 12.3% 11.1% 7.4%
Other Financial Liabilities 1.7% 0.4% 0.4% 0.4% 2.3%
Other Current Liabilities 1.6% 1.2% 1.1% 0.7% 0.8%
Provisions 1.0% 0.8% 0.8% 0.9% 0.8%
Contract Liabilities 0.0% 0.0% 1.1% 1.3% 1.1%
Current Tax Liabilities (net) 0.0% 0.0% 0.4% 0.3% 0.3%
Total Current Liabilities 17.1% 14.9% 18.3% 22.6% 16.2%
Total Liabilities 100.0% 100.0% 100.0% 100.0% 100.0%
 21-22

21.6% Operating item

16.9% Operating item
0.0% Operating item
0.0% Non-Operating item
3.9% Non-Operating item
2.8% Operating item
0.9% Non-Operating item
0.0% Non-Operating item
1.5% Operating item
0.0% Non-Operating item
0.5% Operating item
1.0% Operating item
49.2%

8.46% Operating item

0.00% Non-Operating item
18.84% Operating item
4.41% Operating item
15.87% Operating item
0.01% Non-Operating item
0.24% Non-Operating item
0.00% Operating item
2.93% Operating item
50.8%
100.00%

21-22

7.0% Non-Operating item

67.3% Non-Operating item
74.2%

0.00% Non-Operating item

5.89% Non-Operating item
 2.61% Non-Operating item
0.78% Non-Operating item
0.00% Operating item
0.00% Operating item
0.46% Non-Operating item
0.00% Non-Operating item
9.7%

0.9% Non-Operating item

1.0% Non-Operating item
9.5% Operating item
1.9% Non-Operating item
0.8% Operating item
0.8% Non-Operating item
0.9% Operating item
0.3% Operating item
16.0%
100.0%
BALANCE SHEET ASSUMPTION
INR (Lakhs)

16-17 17-18 18-19

Particular Actual Actual Actual
Trade Receivables 4,176.56 5,417.29 6,369.42
DSO 68 85 94

Trade Payables 2,092.11 2,590.44 2,956.25

DPO 116 129 117

Inventories 1,987.13 1,599.38 2,495.54

DIO 110 80 99

Cash Conversion Cycle (CCC) 62 35 76

PPE, INTANGIBLES, WIP 8,810.70 9,612.47 9,050.70

% Sales 39% 41% 37%
 19-20 20-21 21-22 22-23 23-24 24-25 25-26 26-27
Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
6,306.14 4,969.01 4,789.46 5220.5114 5690.35743 6202.4895943 6760.71366 7369.17789
104 120 99 99 99 99 99 99

2,766.82 1,828.18 2,405.02 2,597.67 2,831.46 3,086.29 3,364.06 3,666.83

132 158 159 159 159 159 159 159

2,529.00 2,334.79 2,151.30 2,323.63 2,532.75 2,760.70 3,009.17 3,279.99

120 202 142 142 142 142 142 142

92 164 82 82 82 82 82 82

7,197.23 6,526.65 6,223.41 6783.5169 7394.03342 8059.4964289 8784.85111 9575.48771

32% 43% 35% 35% 35% 35% 35% 35%
BALANCE SHEET FORECASTED
INR (Lakhs)

16-17 17-18
Particular Actual Actual
PPE, INTANGIBLES, WIP 8,810.70
Depreciation and Amortisation Expense (861.63) (922.37)
Capex 1,724.14
Ending Value (PPE, INTANGIBLES, WIP) 8,810.70 9,612.47

Trade Receivables 4,176.56 5,417.29

Trade Payables 2,092.11 2,590.44
Inventories 1,987.13 1,599.38
Working Capital 4,071.58 4,426.23
Changes In Working Capital 354.65
 18-19 19-20 20-21 21-22 22-23 23-24 24-25 25-26
Actual Actual Actual Actual Forecast Forecast Forecast Forecast
9,612.47 9,050.70 7,197.23 6,526.65 6,223.41 6,783.52 7,394.03 8,059.50
(985.67) (1,206.65) (1,148.70) (1,099.55) (771.08) (840.48) (916.13) (998.58)
423.90 (646.82) 478.12 796.31 1,331.19 1,451.00 1,581.59 1,723.93
9,050.70 7,197.23 6,526.65 6,223.41 6,783.52 7,394.03 8,059.50 8,784.85

6,369.42 6,306.14 4,969.01 4,789.46 5,220.51 5,690.36 6,202.49 6,760.71

2,956.25 2,766.82 1,828.18 2,405.02 2,597.67 2,831.46 3,086.29 3,364.06
2,495.54 2,529.00 2,334.79 2,151.30 2,323.63 2,532.75 2,760.70 3,009.17
5,908.71 6,068.32 5,475.62 4,535.74 4,946.47 5,391.65 5,876.90 6,405.82
1,482.48 159.61 (592.70) (939.88) 410.73 445.18 485.25 528.92
 26-27
Forecast
8,784.85
(1,088.45)
1,879.09
9,575.49 beg ppe + capex-dep =end ppe

7,369.18
3,666.83
3,279.99
6,982.34
576.52
INCOME STATEMENT
INR (Lakhs)
Millions Millions
Particular 16-17 17-18
Revenue from Operations 22,574.27 23,284.79
Operating Expenses
Purchases of Stock-in-Trade (6,608.07) (7,341.51)
Changes in Inventory (0.63) 34.06
Employee Benefits Expense (4,250.94) (4,363.93)
Operating and Other Expenses (5,270.84) (5,973.59)
Total Operating Expenses (16,130.48) (17,644.97)
EBITDA 6,443.79 5,639.82
Depreciation and Amortisation Expense (861.63) (922.37)
EBIT 5,582.16 4,717.45
Other Income 172.13 238.72
Finance Costs (74.48) (66.99)
Exceptional Item
Profit Before Tax 5,679.81 4,889.18
Tax ( Including deferred tax) (1,906.75) (1,644.62)
Profit After Tax (LOSS FOR THE YEAR) 3,773.06 3,244.56
Millions Millions Millions Millions
18-19 19-20 20-21 21-22
24,626.97 22,236.99 15,077.03 17,685.42 Operating item

(9,226.90) (7,662.38) (4,214.01) (5,543.64) Operating item

(9.43) (1.78) (2.55) 10.93 Operating item
(4,350.65) (4,181.18) (3,793.66) (3,751.04) Operating item
(5,996.85) (5,577.57) (4,019.94) (5,373.50) Operating item
(19,583.83) (17,422.91) (12,030.16) (14,657.25)
5,043.14 4,814.08 3,046.87 3,028.17
(985.67) (1,206.65) (1,148.70) (1,099.55) Operating item
4,057.47 3,607.43 1,898.17 1,928.62
165.72 124.17 144.44 198.37 Non-Operating item
(85.03) (251.06) (181.84) (243.08) Non-Operating item
Non-Operating item
4,138.16 3,480.54 1,860.77 1,883.91
(1,398.85) (731.72) (518.19) (520.74) Operating item
2,739.31 2,748.82 1,342.58 1,363.17
INCOME STATEMENT
INR (Lakhs)

Particular 16-17 17-18

Revenue from Operations 100% 100%
Operating Expenses
Purchases of Stock-in-Trade 29.3% 31.5%
Changes in Inventories of Stock-in-Trade 0.0% -0.1%
Employee Benefits Expense 18.8% 18.7%
Operating and Other Expenses 23.3% 25.7%
Total Operating Expenses 71.5% 75.8%
EBITDA 28.5% 24.2%
Depreciation and Amortisation Expense 3.8% 4.0%
EBIT 24.7% 20.3%
Other Income 0.8% 1.0%
Finance Costs -0.3% -0.3%
Exceptional items 0.0% 0.0%
Profit Before Tax 25.2% 21.0%
Tax -8.4% -7.1%
Profit After Tax 16.7% 13.9%
 18-19 19-20 20-21 21-22
100% 100% 100% 100% Operating item

37.47% 34.5% 27.9% 31.3% Operating item

0.04% 0.0% 0.0% -0.1% Operating item
17.67% 18.8% 25.2% 21.2% Operating item
24.35% 25.1% 26.7% 30.4% Operating item
79.5% 78.4% 79.8% 82.9%
20.5% 21.6% 20.2% 17.1%
4.0% 5.4% 7.6% 6.2% Operating item
16.5% 16.2% 12.6% 10.9%
0.7% 0.6% 1.0% 1.1% Non-Operating item
-0.3% -1.1% -1.2% -1.4% Non-Operating item
0.0% 0.0% 0.0% 0.0% Non-Operating item
16.8% 15.7% 12.3% 10.7%
-5.7% -3.3% -3.4% -2.9% Operating item
11.1% 12.4% 8.9% 7.7%
INCOME STATEMENT ASSUMPTION
INR (Cr)

Selected Case 1

16-17 17-18 18-19

Particular Actual Actual Actual
Revenue 22574 23285 24627
Revenue Growth % 3% 6%

Case 1
Case 2
Case 3

Purchases of Stock-in-Trade (6,608.70) (7,307.45) (9,236.33)

% Sales (COGS/SALES) 29.28% 31% 38%

Case 1
Case 2
Case 3

Employee Benefits Expense (4,250.94) (4,363.93) (4,350.65)

% SALES 18.8% 18.7% 17.7%

Case 1
Case 2
Case 3

Operating and Other Expenses (5,270.84) (5,973.59) (5,996.85)

% SALES 23.3% 25.7% 24.4%

Case 1
Case 2
Case 3

Depreciation and Amortisation Expense (861.63) (922.37) (985.67)

% SALES 3.8% 4.0% 4.0%

Case 1
Case 2
Case 3

Tax ( Including deferred tax) 34.61% 34.61% 34.61%

Case 1
Case 2
Case 3
 Scenario
Case 1 Optimistic
Case 2 Base (average growth )
Case 3 Worst

19-20 20-21 21-22 22-23 23-24 24-25 25-26

Actual Actual Actual Forecast Forecast Forecast Forecast
22237 15077 17685 19277 21012 22903 24964
-10% -32% 17% 9% 9% 9% 9%

9% 9% 9% 9%
5% 5% 5% 5%
2% 2% 2% 2%

(7,664.16) (4,216.56) (5,532.71) (5,975.90) (6,513.73) (7,099.97) (7,738.97)

34% 28% 31% 31% 31% 31% 31%

31% 31% 31% 31%

32% 32% 32% 32%
34% 34% 34% 34%

(4,181.18) (3,793.66) (3,751.04) (3,624.10) (3,950.26) (4,305.79) (4,693.31)

18.8% 25.2% 21.2% 18.8% 18.8% 18.8% 18.8%

18.80% 18.80% 18.80% 18.80%

20.1% 20.1% 20.1% 20.1%
21.2% 21.2% 21.2% 21.2%

(5,577.57) (4,019.94) (5,373.50) (5,146.99) (5,610.22) (6,115.14) (6,665.50)

25.1% 26.7% 30.4% 26.7% 26.7% 26.7% 26.7%

26.70% 26.70% 26.70% 26.70%

25.9% 25.9% 25.9% 25.9% 25.9%
30.4% 30.4% 30.4% 30.4%

(1,206.65) (1,148.70) (1,099.55) (771.08) (840.48) (916.13) (998.58)

5.4% 7.6% 6.2% 4.0% 4.0% 4.0% 4.0%

4.00% 4.00% 4.00% 4.00%

5.2% 5.2% 5.2% 5.2%
6.2% 6.2% 6.2% 6.2%

25.17% 25.17% 25.17% 25.17% 25.17% 25.17% 25.17%

25.17% 25.17% 25.17% 25.17%
25.17% 25.17% 25.17% 25.17%
34.94% 34.94% 34.94% 34.94%
 26-27
Forecast
27211
9%

9%
5%
2%

(8,435.48)
31%

31%
32%
34%

(5,115.71)
18.8%

18.80%
20.1%
21.2%

(7,265.39)
26.7%

26.70%
25.9%
30.4%

(1,088.45)
4.0%

4.00%
5.2%
6.2%

25.17%
25.17%
25.17%
34.94%
INCOME STATEMENT FORECASTED
INR (Cr)

16-17 17-18 18-19

Particular Actual Actual Actual
Revenue 22,574.27 23,284.79 24,626.97
Purchases of Stock-in-Trade (6,608.70) (7,307.45) (9,236.33)
Gross Margin 15,965.57 15,977.34 15,390.64
Employee Benefits Expense (4,250.94) (4,363.93) (4,350.65)
Operating and Other Expenses (5,270.84) (5,973.59) (5,996.85)
EBITDA 6,443.79 5,639.82 5,043.14
Depreciation and Amortisation Expense (861.63) (922.37) (985.67)
EBIT 5,582.16 4,717.45 4,057.47
Taxes (1,931.99) (1,632.71) (1,404.29)
Tax Rate 34.61% 34.61% 34.61%
Net Operating Profit After Tax (NOPAT) 3,650.17 3,084.74 2,653.18
 19-20 20-21 21-22 22-23 23-24 24-25 25-26 26-27
Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
22,236.99 15,077.03 17,685.42 19,277.11 21,012.05 22,903.13 24,964.41 27,211.21
(7,664.16) (4,216.56) (5,532.71) (5,975.90) (6,513.73) (7,099.97) (7,738.97) (8,435.48)
14,572.83 10,860.47 12,152.71 13,301.20 14,498.31 15,803.16 17,225.45 18,775.74
(4,181.18) (3,793.66) (3,751.04) (3,624.10) (3,950.26) (4,305.79) (4,693.31) (5,115.71)
(5,577.57) (4,019.94) (5,373.50) (5,146.99) (5,610.22) (6,115.14) (6,665.50) (7,265.39)
4,814.08 3,046.87 3,028.17 4,530.12 4,937.83 5,382.24 5,866.64 6,394.63
(1,206.65) (1,148.70) (1,099.55) (771.08) (840.48) (916.13) (998.58) (1,088.45)
3,607.43 1,898.17 1,928.62 3,759.04 4,097.35 4,466.11 4,868.06 5,306.19
(907.99) (477.77) (485.43) (946.15) (1,031.30) (1,124.12) (1,225.29) (1,335.57)
25.17% 25.17% 25.17% 25.17% 25.17% 25.17% 25.17% 25.17%
2,699.44 1,420.40 1,443.19 2,812.89 3,066.05 3,341.99 3,642.77 3,970.62
CASH FLOW STATEMENT
INR (lakhs)

Particular 16-17 17-18 18-19

Net Cash from Operating Activities 3,657.89 3,646.00 2,356.13
Capex (528.74) (1,793.21) (640.58)
Free Cash Flow 3,129.15 1,852.79 1,715.55
 19-20 20-21 21-22
3,629.58 3,740.81 3,705.95
(409.58) (429.94) (297.84)
3,220.00 3,310.87 3,408.11
 CASH FLOW FORECASTED
INR (Cr)

16-17 17-18 18-19

Particular Actual Actual Actual
Net Operating Profit After Tax (NOPAT) 3,650.17 3,084.74 2,653.18
Add : Depreciation and Amortisation Expense 861.63 922.37 985.67
Gross Cash Flow 4,511.80 4,007.11 3,638.85
Less: Capex - (1,724.14) (423.90)
Less: Changes In Working Capital - (354.65) (1,482.48)
Net Cash Flow 4,511.80 1,928.32 1,732.47
 19-20 20-21 21-22 22-23 23-24 24-25 25-26
Actual Actual Actual Forecast Forecast Forecast Forecast
2,699.44 1,420.40 1,443.19 2,812.89 3,066.05 3,341.99 3,642.77
1,206.65 1,148.70 1,099.55 771.08 840.48 916.13 998.58
3,906.09 2,569.10 2,542.74 3,583.97 3,906.53 4,258.12 4,641.35
646.82 (478.12) (796.31) (1,331.19) (1,451.00) (1,581.59) (1,723.93)
(159.61) 592.70 939.88 (410.73) (445.18) (485.25) (528.92)
4,393.30 2,683.68 2,686.31 1,842.05 2,010.35 2,191.28 2,388.49
 26-27
Forecast
3,970.62
1,088.45
5,059.07
(1,879.09)
(576.52)
2,603.46
ACCOUNTING CHECKS

Particular 16-17 17-18 18-19 19-20

Net Income 3,773.06 3,244.56 2,739.31 2,748.82
Cash Flow Operations 3,657.89 3,646.00 2,356.13 3,629.58

Total Assets 20,886.22 24,403.65 23,991.86 24,907.30

Growth Rate 17% -2% 4%

Particular 16-17 17-18 18-19 19-20

Depreciation 342.41 450.06 1,061.00 386.84
Dep/PPE (PLANT, PROPERTY, EQUIPMENT) 5% 5% 13% 6%
 20-21 21-22 Total
1,342.58 1,363.17 11,438.44 So as we can see CFO is more tha the net icome it can be said that the
recievig cash properly they are not manupulating and it is not a concer
3,740.81 3,705.95 17,078.47 perspective 10-15 year comparision can taken

24,808.24 25,416.35
0% 2% So as we can see assets are declining and in cfo there is investement
that’s may be a issue , if there is lot of merger and acquition the total a
more quickly and hence we need to the consolidated statements becau
might distort the company real bussiness but here hence we are doin
alone statement its not a concern here we will the affects in 10-15

20-21 21-22
480 794
To manuplate the net income company increases the usase period of assets to incr
8% 14% income it shows the same percentage of depreciation in that case there is no con
vary so much that’s where concern starts
t icome it can be said that the company is
upulating and it is not a concern for better
r comparision can taken

d in cfo there is investement in capex so

merger and acquition the total assets grow
onsolidated statements because acquition IF assets are increased over 50% over year
ss but here hence we are doing for stand than the accounts have been consolidated
ere we will the affects in 10-15 years with acquired company

e usase period of assets to increase the net

on in that case there is no concern but if it
e concern starts
 GROWTH
Particular 16-17 17-18 18-19
Revenue from Operations 22,574.27 23,284.79 24,626.97
Exise Duty - -
Net Sales 22,574.27 23,284.79 24,626.97
Sales Growth 3% 6%

LIQUIDITY
Current Assets 8,879.36 11,175.62 11,424.40
Current Liability 3,561.52 3,639.65 4,380.83
Current Ratio 2.49x 3.07x 2.61x

PROFITABILITY
EBITDA 6,443.79 5,639.82 5,043.14
EBITDA Margin (Gross Margin) 29% 24% 20%

RoE
Return On Equity (RoE) 23.6% 16.8% 15.0%
Net Profit/Net Sales 16.7% 13.9% 11.1%
DU PONT
ANAYSIS Net Sales/Total Assets (Asset Turnover) 1.08 0.95 1.03
Total Assets/Shareholder's Equity 1.31 1.26 1.31
Return On Equity (RoE) 23.6% 16.8% 15.0%

SOLVENCY
Debt/Equity 0.04 0.02 0.03
EBITDA/Interest (Interest coverage) 86.52 84.19 59.31

-
 NEGATIVE
19-20 20-21 21-22
22,236.99 15,077.03 17,685.42
- - -
22,236.99 15,077.03 17,685.42
-10% -32% 17%

NEGATIVE (IMPROVING)
11,035.92 11,231.65 12,902.22
5,637.65 4,016.67 4,066.98
1.96x 2.80x 3.17x

POSITIVE
4,814.08 3,046.87 3,028.17
22% 20% 17%

DECLINING
16.3% 7.3% 7.2%
12.4% 8.9% 7.7%
0.89 0.61 0.70 CAPEX DECLINING
1.48 1.36 1.35
16.3% 7.3% 7.2%

0.10 0.03 0.01 POSITIVE

19.18 16.76 12.46 Less than 2 (IMPROVING)
Weighted Average Cost of Calculation
INR (lakhs)

Cost of Capital
Key Inputs :
Total Equity To Capital 90.6%
Net Debt To Capital 9.4%
Calculation :
Risk Free Rate 7.1%
Equity Beta 1.03
Market Risk Premium 5.35%
Cost of Equity 12.6%
Pre-Tax Cost of Debt 5.4%
Marginal Tax Rate 25.17%
Cost of Debt 4.0%
Weighted Cost of Equity 11.4%
Weighted Cost of Debt 0.38%
Weighted Average Cost of Capital 11.82%

Shares Outstanding 17.706

Share Price 122.35
Market Capital 2166
Debt 226
Total Value 2392
 Adusted Close Price Monthly Return
Date D.B Corp Nifty 50 D.B Corp Nifty 50 Expected Return on Market (Rm)
4/1/2018 299.8 10739.35 Monthy 1.0%
5/1/2018 259.600006 10736.15039 -13.4% -0.03% Yearly 12.45%
6/1/2018 257.600006 10714.29981 -0.8% -0.20% Expected Return on D.B Corp
7/1/2018 235.5 11356.5 -8.6% 5.99% Monthy -1.0%
8/1/2018 223.25 11680.5 -5.2% 2.85% Yearly -12%
9/1/2018 213.25 10930.4502 -4.5% -6.42%
10/1/2018 164.699997 10386.59961 -22.8% -4.98%
11/1/2018 176.850006 10876.75 7.4% 4.72%
12/1/2018 169.300003 10862.54981 -4.3% -0.13%
1/1/2019 176.25 10830.9502 4.1% -0.29%
2/1/2019 178.149994 10792.5 1.1% -0.36%
3/1/2019 186.949997 11623.90039 4.9% 7.70%
4/1/2019 186.350006 11748.15039 -0.3% 1.07%
5/1/2019 196.850006 11922.79981 5.6% 1.49%
6/1/2019 192.199997 11788.84961 -2.4% -1.12%
7/1/2019 161.149994 11118 -16.2% -5.69%
8/1/2019 135.649994 11023.25 -15.8% -0.85%
9/1/2019 144 11474.4502 6.2% 4.09%
10/1/2019 145.649994 11877.4502 1.1% 3.51%
11/1/2019 138.300003 12056.04981 -5.0% 1.50%
12/1/2019 134.149994 12168.4502 -3.0% 0.93%
1/1/2020 137.800003 11962.09961 2.7% -1.70%
2/1/2020 110.550003 11201.75 -19.8% -6.36%
3/1/2020 79.599998 8597.75 -28.0% -23.25%
4/1/2020 75.050003 9859.900391 -5.7% 14.68%
5/1/2020 62.900002 9580.299805 -16.2% -2.84%
6/1/2020 74.099998 10302.09961 17.8% 7.53%
7/1/2020 72.949997 11073.4502 -1.6% 7.49%
8/1/2020 78.800003 11387.5 8.0% 2.84%
9/1/2020 77.949997 11247.54981 -1.1% -1.23%
10/1/2020 73.849998 11642.40039 -5.3% 3.51%
11/1/2020 80.849998 12968.9502 9.5% 11.39%
12/1/2020 81.900002 13981.75 1.3% 7.81%
1/1/2021 81.849998 13634.59961 -0.1% -2.48%
2/1/2021 99.949997 14529.15039 22.1% 6.56%
3/1/2021 89.849998 14690.7002 -10.1% 1.11%
4/1/2021 81.25 14631.09961 -9.6% -0.41%
5/1/2021 96.199997 15582.79981 18.4% 6.50%
6/1/2021 100.849998 15721.5 4.8% 0.89%
7/1/2021 92.650002 15763.04981 -8.1% 0.26%
 8/1/2021 86.900002 17132.19922 -6.2% 8.69%
9/1/2021 97.849998 17618.15039 12.6% 2.84%
10/1/2021 98.400002 17671.65039 0.6% 0.30%
11/1/2021 91.150002 16983.19922 -7.4% -3.90%
12/1/2021 93.050003 17354.05078 2.1% 2.18%
1/1/2022 88.849998 17339.84961 -4.5% -0.08%
2/1/2022 83.199997 16793.90039 -6.4% -3.15%
3/1/2022 85.099998 17464.75 2.3% 3.99%
4/1/2022 91.550003 17102.55078 7.6% -2.07%
5/1/2022 80.849998 16584.55078 -11.7% -3.03%
6/1/2022 74.699997 15780.25 -7.6% -4.85%
7/1/2022 84.75 17158.25 13.5% 8.73%
8/1/2022 104.800003 17759.30078 23.7% 3.50%
9/1/2022 122.849998 17094.34961 17.2% -3.74%
10/1/2022 112.849998 18012.19922 -8.1% 5.37%
11/1/2022 116.400002 18758.34961 3.1% 4.14%
12/1/2022 123.349998 18105.30078 6.0% -3.48%
1/1/2023 124.699997 17662.15039 1.1% -2.45%
2/1/2023 94.099998 17303.94922 -24.5% -2.03%
3/1/2023 97.550003 17359.75 3.7% 0.32%
4/1/2023 110.900002 17624.44922 13.7% 1.52%
 Discounted Cash Flow Valuation
INR (lakhs)

WAAC 11.82%
Terminal Growth Rate 4%

16-17 17-18 18-19 19-20

Particular Actual Actual Actual Actual
Net Cash Flow 1928.32 1732.47 4393.30
Discount Factor
Present Value of Future Cash Flow

DCF Value 7839.9512336 28%

Terminal value (Continuing value) 34637.503003
Present Value of TV (CV) 19815.649821 72%
Enterprise Value 27655.601055
Less Debt 225.67
Investment Properties 998.44
Investments 216.72
Loans 0.00
Other Financial Assets 393.32
Deferred Tax Assets (net) 0
Income Tax Assets (net) 133.45
Other Non-Current Assets 249.26
Investments 0.00
Cash & Cash Equivalents 1,121.04
Bank Balances other than 4,033.49
Loans 2.00
Financial Assets (ST) 60.84
Other Current Assets 744.09
Equity Value 35,382.58
Shares Outstanding 17.71
Per Share Value 1998.34
 20-21 21-22 22-23 23-24 24-25 25-26 26-27
Actual Actual Forecast Forecast Forecast Forecast Forecast
2683.68 2686.31 1842.05 2010.35 2191.28 2388.49 2603.46
0.89 0.80 0.72 0.64 0.57
1647.38204 1607.888434 1567.381648 1527.895332 1489.40378

Senstivity Analysis
Terminal Growth Rate
27655.6011 1% 2% 3% 4% 5%
8.00%
9.00%
WACC

10.00%
11.00%
12.00%
 Realtive Valuation
Price to Earning Ratio

Company Price EPS PE

Network 18 Media & Investments Ltd 58.00 -0.8 -72.5
Similar Industry

H T Media Ltd 17.4 -8.4 -2.071429

Analysis

Jagran Prakashan Ltd 73.4 8.71 8.427095

Sandesh Ltd 933 158.44 5.888664
D B Corp Ltd 117 8.59 13.62049
Hindustan Media Ventures Ltd 48.4 -7.56 -6.402116

Ht Media Price EPS PE

Historical Analysis

Mar-23 120.00 8.59 13.96973

Mar-22 86.10 8.05 10.69565
Mar-21 90.3 8.08 11.17574
Mar-20 78.55 15.72 4.996819
Mar-19 186.95 15.66 11.93806