INR(Rupees) in 1000s 2022A 2023A 2024E

Income Statement
Operating Revenue 257,637,000 282,836,000 310499667.73
Cost of Revenue 110,939,000 126,203,000 133514857.13
Gross Profit 146,698,000 156,633,000 176984810.61
Operating Expenses
SG&A 36,422,000 32,291,000 21957880
Selling & Marketing Expense 22,912,000 26,567,000 33474420
Research & Development 31,562,000 31,562,000 31,562,000
Total 90,896,000 90,420,000 86994300
EBITDA 20,043,000 35,783,000 89990510.608
Depreciation 510,000 510,000 510,000
Interst 100,000 100,000 100,000
EBT 19,433,000 35,173,000 89,380,511
Taxes 500000 904981.217516596 7150440.8487
Net Income (PAT) 18,933,000 34,268,019 82,230,070

Assumptions
Revenue Growth 10% 10% 10%
COGS 43% 43% 43%
SG&A 36,422,000 32,291,000 21957880
Selling & Marketing Expense 22,912,000 26,567,000 33474420
Research & Development 31,562,000 31,562,000 31,562,000
Depreciation 510,000 510,000 510,000
Interst 100,000 100,000 100,000
Tax 3% 8% 8%
Source Apple Inc. annual report
2025E 2026E 2027E 2028E 2029E

341549634.51 375704598 413275057.754 454602563.5294 500062819.882

146866342.84 161552977.12 177708274.8342 195479102.3177 215027012.549
194683291.67 214151620.84 235566782.9198 259123461.2118 285035807.333

14931358.4 10153323.712 6904260.12416 4694896.884429 3192529.88141

42177769.2 53143989.192 66961426.38192 84371397.24122 106307960.524
31,562,000 31,562,000 31,562,000 31,562,000 31,562,000
88671127.6 94859312.904 105427686.5061 120628294.1256 141062490.405
106012164.07 119292307.93 130139096.4137 138495167.0861 143973316.928
510,000 510,000 510,000 510,000 510,000
100,000 100,000 100,000 100,000 100,000
105,402,164 118,682,308 129,529,096 137,885,167 143,363,317
8432173.1255 9494584.6346 10362327.7131 11030813.36689 11469065.3542
96,969,991 109,187,723 119,166,769 126,854,354 131,894,252

10% 10% 10% 10% 10%

43% 43% 43% 43% 43%
14931358.4 10153323.712 6904260.12416 4694896.884429 3192529.88141 32% decrease
42177769.2 53143989.192 66961426.38192 84371397.24122 106307960.524 26% increase
31,562,000 31,562,000 31,562,000 31,562,000 31,562,000
510,000 510,000 510,000 510,000 510,000
100,000 100,000 100,000 100,000 100,000
8% 8% 8% 8% 8%
32% decrease
26% increase