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Economic Value Added,Refined Economic Value Added & Market Value Added

Steo Partimlan Formulae

l 1 °""""tiooal Profit Before Tax OPT•Profit before lax after extra ordinarv ..,,,_,scs-Otber income
2 Total Interest l
Jsl+2 Onerariooal Eamina Before lnterat & Tax EBIT-OPT+l
4 Taxes Tax
S•J-4 Net Operat1n1 Profit After Tu at the end or NOPAT•EBIT-Tu 628.2, 494.97 500.49 354.14 281.03
the'Year

6 Cost of ,.....; rv l ISSUllledl 22.00% 22. 00% 22.00% 2

7 Cost of debt ( assumecD 12. 00% 12. 00% 12.00%

9-1()()%.8 Tax benefit 94.69"/ci 86.80%
l<F7 X 9 Cost of debt (lax adiustedl 11.36% 10.42%
II A,,.,..._ market value per share lRsl 20S l SS
12 Averue mlrltet value of eouitv Martcet """italisalion Averue secured & unsecured lolllS 3 698.49 2 794.90 l
13 Averue value of debts I S48.92 l.S82.49 1
14-Smnll2: 13) Tocal mlrltet value of the firm 1.548.92 S.280.98
lS•ll/14 F.auitv weillhl 0.00"/ci 70. 03% 64.00% SS . SJ
16-13/14 Debt weioht 100.00% 29. 97% 36.00% 44. 47% 56.
17-(6 X lS}+(lO Wcl&bted Annie Cast or Capital
x 16) Tocal aipital
Ecooomic Book Value of assets in place al the employed
18 md of the.....r
Economic Book Value or assets lo place at Ille
19 of dae vear NOPATt..(WACC X
20-S..(19 x 17) Ecoaemlc
21 Val•Added Market value eouitv inthe last week of March EBVt-n
22 Outmndinl! value of debts Secured .tunsecu
23 Market value of the firm al the end of the year redIOIDI
24 Non-interest bearing liabilities such as current
liabilities
25• 23-24 Market value of the firm (net of current liabilities) at end of the vear
26 Market value of the finn (net of current liabilities at the belrinnino of the vear

27=S..(26 X 17) Refined EVA NOPATt..twACC X

28-23-18 Marled Value Added Mukd nlueMVt-1)
or the
flrm-EBVt
 i
In Rs Crous
9603 9703 9803 9903 200003 200103 200203
414.31 287.87 328.69 187.79 121.53 177.10 . 152.59
235.96 245.10 215.30 194.51 185.66 175.55 119.12
650.27 532.97 543.99 382.30 307.19 352.65 271.71
22.00 38.00 43.SO 28.16 26.16 21.14 73.24
500.49 354.14 281.03 331.51 198.47

22. 00% 22.00% 22. 00% 22.00% 22. 00% 22.00%

0% 12. 00% 12.00% 12. 00"/c 12. 00% 12.00% 12.00% 8 Effective lax l'llte
94.69"/ci 86.80% 86. 90% 86.S8% 81.76% 88.64% 63.39%
11.36% 10.42% 10. 43% 10. 39"/ci 9. 8l'Yo 10.64% 7.61%
20S l SS 107 63 44 40
3 698.49 2 794.90 l.934.24 I 142.60 791.SO 728.89
I S48.92 l.S82.49 1.571.81 I S48.89 I 470.13 1 258.lS l 335.65
1.548.92 S.280.98 4-366.71 3 483.13 2 612. 73 2 049. 65 2 064 .54
70. 03% 64.00% SS . SJ% 43.73% 38.62% 35.31%
36.00% 44. 47% 56.27% 61.38% 64 . 69%
11.36'Yo 18.53% 17.83% 16.84"/o 15.14"/o 15.02%
12.69°/o
Tocal aipital 2,863.10 3,0Sl.2S 3,122.21 3,246.30 3,063.13 3,091.71
employed 3,076.38
2,863.H 3,051.1!! 3,122.21 3,246.30 3,063.13
3,091.71
NOPATt..(WACC X B5..53l (43.69' (171- (210.52 '128.71
EBVt-n 2.8Sl 2.700 1.297 949 (193.82'
688
Secured .tunsecu I 548.92 1 616.06 l.S27.SS 1.570.23 1 370.03 789
l 146.27
l.S2S.02
redIOIDI l,548.92 4,466.60 4,227.21 2,867.66 2,318.71 1,833.83
2,313.78
30S.48 312.68 320.35 252.87 394.45 418.79
416.31
1,243.44 4,1S3.92 . . 3,906.86 2,614 .79 1,924.26 1,415.04
1,897.47
1,243.44 4,153.92 3,906.86 2,614 .79 1.924.26
1,415.04
NOPATt..twACC X 264.58 (240.35) (114.90) 42.39
Mukd nlueMVt-1)
or the 1.415.35 (303.66)
1,105.00 (744.43 18.92
(1 257.88
flrm-EBVt (378.64) (762.60)
5.31% 13.20% 13.10% 13. 42% 18. 24% 11.36% 36.61%