Parameters 2021-22 2020-21 2019-20

OrdersReceived* 198,509 146,615 113,853

Revenuefromoperations* 152,558 131,045 105,407
ProfitBeforedepreciation,interestandtax(PBDIT)* 19,404 17,156 13,198
Depreciation* 2,119 2,282 2,709
Interest* 341 196 296
Profitbeforetax 16,944 14,678 10,193
GainonsaleofBusiness 3,559 487 -
ProfitBeforeTax(PBT) 20,503 15,165 10,193
Tax 5,195 4,135 2,628
ProfitAfterTax(PAT) 15,308 11,030 7,565
Dividend% 500% 400% 350%
DividendPerShare 10 q 7
Profit Margin 10% 8% 7%
Profit Rate 35% 49% -38%

All Values are in Million Rupees

 2018-19 2017-18 2022-23 2023-24 2024-25 2025-26 2026-27
132,377 127,404 218360 207442 186698 168028 134422
136,838 127,251 167814 159423 143481 129133 103306
18,703 15,961 21344 20277 18249 16425 13140
2,173 1,967 F 2331 2214 1993 1794 1435
114 82 O 375 356 321 289 231
16,416 13,912 R 18638 17706 15936 14342 11474
- - E 3915 3719 3347 3013 2410
C
16,416 13,912 22553 21426 19283 17355 13884
A
5,547 4,973 S 5715 5429 4886 4397 3518
10,869 8,939 T 16839 15997 14397 12957 10366
350% 350% 550% 523% 470% 423% 339%
7 7 11 10 9 8 7
8% 7% 11% 10% 9% 8% 7%
18% 39% 37% 33% 30% 24%
2027-28
114259
82645
10512
1148
185
9179
1928
11107
2814
8293 Terminal value
271% 131302.23
5
5%
19%
 Parameters Value
Terminal value 124392
CF7 8293
Growth rate 5%
Discount Rate 12%
 Year Year No. CF Cash Flows Discounting Factor
3/31/2022 1 CF1 16839 0.87
3/31/2023 2 CF2 15997 0.76
3/31/2024 3 CF3 14397 0.66
3/31/2025 4 CF4 12957 0.57
3/31/2026 5 CF5 10366 0.50
3/31/2027 6 CF6 8293 0.43
3/31/2028 7 Terminal Value 124392 0.38

TOTAL PV
PV Rate of return (Cost of equity)
14642 15%
12096
9466
7408
5154
3585
46763

99116
Discounted Cash Flow Model
Siemens Limited

Findings
Thus, we have determined the value of Siemens Limited to be at Rs. 99125 Millions. As
bankers, our suggestion to would be to negotiate the deal with a ceiling of Rs. 99125 Millions
after accounting for the growth potential in the first 7 years, and then the stable growth it
can expect to experience in the Indian market once the electrification market achieves
maturity.