# 2019A 2020A

Current assets
Inventories ₹ 88.0 ₹ 157.0
Trade receivables ₹ 4,301.0 ₹ 4,606.0
Cash Equivalents ₹ 8,064.0 ₹ 15,893.0
Loans n Advances ₹ 33,758.0 ₹ 74,727.0
Other asset items ₹ 1,638.0 ₹ 4,695.0
Total Current Assets ₹ 47,849.0 ₹ 1,00,078.0

Current Liabilities
Non controlling int ₹ 13,526.0 ₹ 24,985.0
Trade Payables ₹ 26,314.0 ₹ 24,367.0
Other liability items ₹ 37,336.0 ₹ 84,367.0
Total Current Liabilities ₹ 77,176.0 ₹ 1,33,719.0

Net Working Capital (₹ 29,327.0) (₹ 33,641.0)

Non-current assets
Land ₹ 451.0 ₹ 2,501.0
Building ₹ 1,987.0 ₹ 3,664.0
Plant Machinery ₹ 1,70,244.0 ₹ 2,11,906.0
Equipments ₹ 807.0 ₹ 913.0
Computers ₹ 8,281.0 ₹ 8,994.0
Furniture n fittings ₹ 315.0 ₹ 383.0
Vehicles ₹ 221.0 ₹ 227.0
Intangible Assets ₹ 1,37,583.0 ₹ 1,42,818.0
Other fixed assets ₹ 8,551.0 ₹ 8,500.0
Gross Block (Total fixed assets) ₹ 3,28,440.0 ₹ 3,79,906.0
Total PPE (Fixed tangible assets) ₹ 1,90,857.0 ₹ 2,37,088.0
Accumulated Depreciation 1,27,610 1,50,650
Invested capital ₹ 1,61,530.0 ₹ 2,03,447.0
EBIT ₹ 4,416.3 ₹ 6,496.3

Return on Invested Capital(ROIC) 2.73% 3.19%

# Calculation of Reinvestment Rate 2019A 2020A

Change in Working Capital - (₹ 4,314.0)

Net Capex - 20585
-
Reinvestment - ₹ 16,271.0
-
EBIT - ₹ 6,496.3
Marginal Tax Rate - 30%
EBIT(1-Tax rate) - ₹ 4,547.41
 Reinvestment Rate - 358%

Average of 3 years

Median of 3 years

# Intrinsic Growth 2019A 2020A

Return on Invested Capital(ROIC) 2.73% 3.19%

Reinvestment Rate - 358%

Intrinsic Growth 11.43%

Average of 3 years
Median of 3 years

Calculation of Net Capex (Cash flow statement approach) 2019A 2020A

Fixed assets purchased ₹ 29,478.0 ₹ 20,717.0
Fixed assets sold (₹ 428.0) (₹ 132.0)
Cpital Expenditure incurred ₹ 29,050.0 ₹ 20,585.0

Calculation of Net Capex (Balance sheet approach) 2019A 2020A

Fixed assets (tangible) (YoY increase) - ₹ 46,231.0
Add: Current year depreciation and ammortization) - ₹ 27,094.4
Net Capex ₹ 0.0 ₹ 73,325.4

Assumption : As the figure of fixed tangible assets of the company are not given,
we have assumed that the depreciation expense includes ammortization and
hence, it is not considered in capex
2021A 2022A 2023A

₹ 266.0 ₹ 375.0 ₹ 258.0

₹ 3,638.0 ₹ 4,056.0 ₹ 3,982.0
₹ 13,466.0 ₹ 13,494.0 ₹ 13,419.0
₹ 57,395.0 ₹ 57,625.0 ₹ 2,682.0
₹ 12,896.0 ₹ 6,270.0 ₹ 66,521.0
₹ 87,661.0 ₹ 81,820.0 ₹ 86,862.0

₹ 22,274.0 ₹ 25,381.0 ₹ 28,881.0

₹ 27,872.0 ₹ 29,274.0 ₹ 32,895.0
₹ 72,533.0 ₹ 70,320.0 ₹ 81,274.0
₹ 1,22,679.0 ₹ 1,24,975.0 ₹ 1,43,050.0

(₹ 35,018.0) (₹ 43,155.0) (₹ 56,188.0)

₹ 2,396.0 ₹ 2,564.0 -
₹ 3,124.0 ₹ 3,490.0 -
₹ 2,14,071.0 ₹ 2,34,880.0 -
₹ 945.0 ₹ 1,071.0 -
₹ 9,162.0 ₹ 9,904.0 -
₹ 465.0 ₹ 670.0 -
₹ 211.0 ₹ 210.0 -
₹ 1,42,846.0 ₹ 1,60,506.0 -
₹ 8,884.0 ₹ 7,954.0 -
₹ 3,82,104.0 ₹ 4,21,249.0 ₹ 0.0
₹ 2,39,258.0 ₹ 2,60,743.0 ₹ 0.0
1,58,625 1,77,166 -
₹ 2,04,240.0 ₹ 2,17,588.0 (₹ 56,188.0)
₹ 15,874.5 ₹ 24,443.2 ₹ 34,841.7

7.77% 11.23% -62.01%

2021A 2022A 2023A

(₹ 1,377.0) (₹ 8,137.0) (₹ 13,033.0)

27114 26,021 -

₹ 25,737.0 ₹ 17,884.0 (₹ 13,033.0)

₹ 15,874.5 ₹ 24,443.2 ₹ 34,841.7

30% 30% 30%
₹ 11,112.15 ₹ 17,110.24 ₹ 24,389.19
 232% 105% -

Average of 3 years 231.31%

Median of 3 years 231.61%

2021A 2022A 2023A

7.77% 11.23% -62.01%

232% 105% -

18.00% 11.74%

Average of 3 years 13.72%

Median of 3 years 11.74%

2021A 2022A 2023A

₹ 27,258.0 ₹ 27,400.0 -
(₹ 144.0) (₹ 1,379.0) -
₹ 27,114.0 ₹ 26,021.0 -

2021A 2022A 2023A

₹ 2,170.0 ₹ 21,485.0 -
₹ 29,404.4 ₹ 33,090.7 -
₹ 31,574.4 ₹ 54,575.7 -