Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Revenue from Operation 3768.27 3813.08 3236.58 3723.3 4443.79 5209.99

Other Income 13.9 277.44 130.58 253.63 339.71 215.38
Total Revenue 3782.17 4090.52 3367.16 3976.93 4783.5 5425.37

y-o-y growth
Revenue from Operation 1.19% -15.12% 15.04% 19.35% 17.24%
Case 1
Case 2
Case 3
Other Income 1895.97% -52.93% 94.23% 33.94% -36.60%
Case 1
Case 2
Case 3

Expenses
Change in Inventory -12.89 15.5 23.17 -5.43 -51.22 -59.55
Raw Material Cost 1834.78 1962.87 1396.02 1585.06 2194.44 2503.67
Power and Fuel 168.73 175.54 118.54 129.8 176.26 186.87
Other Mfr. Exp 267.92 292.34 252.15 237.31 308.17 362.82
Employee Cost 168.64 227.4 235.03 256.98 280.04 299.3
Selling and admin 338.73 388.43 320.64 348.5 381.34 557.77
Other Expenses 112.35 23.63 25.19 40.11 52.2 52.88
Depreciation 170.28 243.7 282.32 304 311.4 332.61
Interest 27.46 47.77 39.85 22 14.83 12.44
Total Expenses 3076 3377.18 2692.91 2918.33 3667.46 4248.81

y-o-y growth
Change in Inventory -220% 49% -123% 843% 16%
Case 1
Case 2
Case 3
Raw Material Cost 6.98% -28.88% 13.54% 38.45% 14.09%
Case 1
Case 2
Case 3
Power and Fuel 4.04% -32.47% 9.50% 35.79% 6.02%
Case 1
Case 2
Case 3
Other Mfr. Exp 9.11% -13.75% -5.89% 29.86% 17.73%
Case 1
Case 2
Case 3
Employee Cost 34.84% 3.36% 9.34% 8.97% 6.88%
Case 1
Case 2
Case 3
Selling and admin 14.67% -17.45% 8.69% 9.42% 46.27%
Case 1
Case 2
Case 3
Other Expenses -78.97% 6.60% 59.23% 30.14% 1.30%
Case 1
Case 2
Case 3
Depreciation 43.12% 15.85% 7.68% 2.43% 6.81%
Case 1
Case 2
Case 3
Interest 73.96% -16.58% -44.79% -32.59% -16.12%
Case 1
Case 2
Case 3
Profit Before Tax 706.17 713.34 674.25 1058.6 1116.04 1176.56
Growth PBT 1.02% -5.48% 57.00% 5.43% 5.42%
Tax 231.55 240.77 228.53 341.75 380.25 402.91
Growth Tax 3.98% -5.08% 49.54% 11.27% 5.96%
Case 1
Case 2
Case 3
Net profit 474.62 472.57 445.72 716.85 735.79 773.65
y-o-y growth Net Profit -0.43% -5.68% 60.83% 2.64% 5.15%
Dividend Amount 19.33 23.2 53.16 77.32 154.64 154.64
 Case 1
Scenario 1 Case 2
Case 3

Mar-20 Mar-21 Mar-22 Mar-23 31 March 2024 31 March 2025 31 March 2026

4811.24 5783.19 8295.12 9759.53 12101.82 15127.27 19060.36

249.98 171.49 437.9 341.83 444.38 577.69 751.00
5061.22 5954.68 8733.02 10101.36 12546.20 15704.96 19811.36

-7.65% 20.20% 43.44% 17.65% 24% 25% 26%

24% 25% 26%
12% 12% 12%
2% 3% 1%
16.06% -31.40% 155.35% -21.94% 30% 30% 30%
30% 30% 30%
12% 12% 12%
3% 3% 3%

59.23 -144 -257.57 4.87 5.26 5.68 6.13

2079.52 2455.04 4035.41 4910.44 5303.28 5727.537216 6185.74019328
164.26 173.78 282.84 348.56 376.4448 406.560384 439.08521472
287.36 384.85 463.65 526.7 568.836 614.34288 663.4903104
328.74 371.14 430.41 459.72 496.4976 536.217408 579.11480064
572.91 682.86 1274.52 1732.52 1871.1216 2020.811328 2182.47623424
45.28 48.03 56.89 64.63 69.8004 75.384432 81.41518656
373.61 416.3 455.37 570.81 616.4748 665.792784 719.05620672
10.79 11.76 9.35 48.32 52.1856 56.360448 60.86928384
3921.7 4399.76 6750.87 8666.57 9359.90 10108.69 10917.38

-199% -343% 79% -102% 8% 8% 8%

8% 8% 8%
15% 15% 15%
22% 22% 22%
-16.94% 18.06% 64.37% 21.68% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
-12.10% 5.80% 62.76% 23.24% 8% 8% 8%
8% 8% 8%
 15% 15% 15%
22% 22% 22%
-20.80% 33.93% 20.48% 13.60% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
9.84% 12.90% 15.97% 6.81% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
2.71% 19.19% 86.64% 35.94% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
-14.37% 6.07% 18.45% 13.61% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
12.33% 11.43% 9.39% 25.35% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
-13.26% 8.99% -20.49% 416.79% 8% 8% 8%
8% 8% 8%
15% 15% 15%
22% 22% 22%
1139.52 1554.92 1982.15 1434.79 3186.30 5596.28 8893.98
-3.15% 36.45% 27.48% -27.61%
179.87 377.39 546.77 377.39 460.4158 561.707276 685.28287672
-55.36% 109.81% 44.88% -30.98% 22% 22% 22%
22% 22% 22%
25% 25% 25%
27% 27% 27%
959.65 1177.53 1435.38 1057.4 2725.88 5034.57 8208.70
24.04% 22.70% 21.90% -26.33%
386.6 328.61 541.24 309.28
Optimistic Case
Base Case
Worst Case

31 March 2027 31 March 2028

24301.96 31592.55
976.30 1269.19
25278.26 32861.74

28% 30%
28% 30%
12% 12%
2% 1%
30% 30%
30% 30%
12% 12%
3% 3%

6.63 7.16
6680.59940874 7215.04736144
474.212031898 512.148994449
716.569535232 773.895098051
625.443984691 675.479503466
2357.07433298 2545.64027962
87.9284014848 94.9626736036
776.580703258 838.707159518
65.7388265472 70.997932671
11790.77 12734.03

8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
 15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
8% 8%
8% 8%
15% 15%
22% 22%
13487.49 20127.71

836.045109598 1019.97503371
22% 22%
22% 22%
25% 25%
27% 27%
12651.44 19107.73
 Actual

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Revenue 3,782.17 4,090.52 3,367.16 3,976.93 4,783.50 5,425.37 5,061.22
Expenses 3,076.00 3,377.18 2,692.91 2,918.33 3,667.46 4,248.81 3,921.70
Profit Before Tax 706.17 713.34 674.25 1058.6 1116.04 1176.56 1139.52
Tax 231.55 240.77 228.53 341.75 380.25 402.91 179.87
Net profit 474.62 472.57 445.72 716.85 735.79 773.65 959.65

Revenue, Expense and PA

35,000.00

30,000.00

25,000.00
Amount in Million (rs)

20,000.00

15,000.00

10,000.00

5,000.00

-
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Revenue Expenses
 Forecast

Mar-21 Mar-22 Mar-23 31 March 2024 31 March 2025 31 March 2026 31 March 2027
5,954.68 8,733.02 10,101.36 12,546.20 15,704.96 19,811.36 25,278.26
4,399.76 6,750.87 8,666.57 9,359.90 10,108.69 10,917.38 11,790.77
1554.92 1982.15 1434.79 3186.3006 5596.276952 8893.98037216 13487.48952168
377.39 546.77 377.39 460.4158 561.707276 685.28287672 836.0451095984
1177.53 1435.38 1057.4 2725.8848 5034.569676 8208.69749544 12651.44441208

enue, Expense and PAT Chart

Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28

Revenue Expenses Net profit

 31 March 2028 Trend Analysis
32,861.74
12,734.03
20127.70639552
1019.97503371
19107.73136181