INR ( crore) 2020A 2021A 2022E 2023E

Income statement
Revenue 20,000.0 22,500.0 24,750.0 27,225.0
Cogs 8,000.0 9,000.0
gross profit 12,000.0 13,500.0
selling and distribution exps 2,000.0 2,250.0
EBITDA 10,000.0 11,250.0
DEP 800.0 900.0
INTREST 200.0 225.0
EBT 9,000.0 10,125.0
TAXES 2,700.0 3,037.5
PAT 6,300.0 7,087.5

Assumption Drivers
Revenue growth NA 12.50% 10.00% 10%
COGS % revenue 40.00% 40.00% 40.00% 40%
S&G expenses 2,000.0 2,250.0 2,500.0 2,500.0
dep % sales 4.00% 4.00% 5.00% 5.00%
Intrest 200.0 225.0 250.0 250.0
Taxes 30.00% 30.00% 30.00% 30.00%
 2024E 2025E 2026E

31,308.8 36,005.1 41,405.8

15% 15% 15%

40% 40% 40%
2,500.0 2,500.0 2,500.0
5.00% 5.00% 5.00%
250.0 250.0 250.0
30.00% 30.00% 30.00%