Ba2
COGS % 66.74%
1.27% Total Expenses % 78.09%
2.10%
5.21% Cash as % of sales 1.80%
248.10% Depreciation WDV -6.07%
7.66% Days sales Outstanding 26.26
10.81% Inventory turnover ratio 3.70
Days payables outstanding 147.97
17.10%
2016 2017
Short term debt 2342.84 4880.65
Long term debt 35468.64 32415.76
Total debt 37811.48 37296.41
Average debt (2016-2017) 37553.945
Additional debt 8395.52
Total debt after considering additional debt 45949.465
Share price(Rs.) 300
No. of Shares outstanding(in crores) 241.72
20 20 22 22 22 26 25 27
9,133 9,353 10,263 10,127 10,460 12,207 11,851 12,574
1,378 1,412 1,549 1,528 1,579 1,842 1,789 1,898
409 419 460 454 469 547 531 563
1,517 1,553 1,705 1,682 1,737 2,027 1,968 2,088
69 70 77 76 79 92 89 95
666 682 748 738 762 890 864 917
1,384 1,417 1,555 1,535 1,585 1,850 1,796 1,906
- - - - - - - -
14,575 14,927 16,379 16,161 16,694 19,481 18,913 20,067
23 21 23 24 19 21 23 22
10,762 9,694 10,882 11,307 8,893 9,900 10,577 10,324
1,624 1,463 1,642 1,706 1,342 1,494 1,596 1,558
482 434 488 507 398 444 474 463
1,788 1,610 1,807 1,878 1,477 1,644 1,757 1,715
81 73 82 85 67 74 80 78
784 707 793 824 648 722 771 752
1,631 1,469 1,649 1,714 1,348 1,500 1,603 1,565
- - - - - - - -
17,176 15,471 17,367 18,045 14,192 15,800 16,880 16,476
25 25 31 30 28 28 32 33
11,523 11,707 14,192 14,022 13,117 13,119 14,910 15,199
1,739 1,767 2,142 2,116 1,980 1,980 2,250 2,294
516 525 636 628 588 588 668 681
1,914 1,944 2,357 2,329 2,179 2,179 2,476 2,524
87 88 107 105 99 99 112 114
840 853 1,034 1,022 956 956 1,087 1,108
1,746 1,774 2,151 2,125 1,988 1,988 2,260 2,303
- - - - - - - -
18,391 18,684 22,649 22,378 20,933 20,936 23,796 24,256
5,000,000
4,000,000
216000
99.6%
90.1%
99.2%
45,024
15,774
20,554
22,429
5,684
440
28,553
30
13,970
2,108
626
2,320
105
1,018
2,117
-
22,296
6,257
(493.50)
6750.64903
-951.36436
11562.9244
-3468.8773
8094.04706
4725.45432
-304.2983
493.504667
-116.06789
4798.5928
t
t
t
t
t
t
t
t
t
t
Ratios . 2017 2018 2019
Minimum Cash Balance as % of Sales 2% 2% 2%
DSO 26.26 26.26 26.26
Inventory Turnover 3.70 3.70 3.70
DPO 147.97 147.97 147.97
Revenue
Production Expenses
Dep
Total Prodn Cost
SG&A
Total Operating Expenses ₹ 0.00 ₹ 0.00 ₹ 0.00
NWC Accounts
Cash ₹ 0.00 ₹ 0.00 ₹ 0.00
A/C Receivables ₹ 0.00 ₹ 0.00 ₹ 0.00
Inventory ₹ 0.00 ₹ 0.00 ₹ 0.00
A/C Payable ₹ 0.00 ₹ 0.00 ₹ 0.00
1.114523 0.741876 0.835588 0.97498 0.828242 0.903045 0.900601 0.834329 0.803074 0.89587
1.519279 1.537628 1.600119 1.594342 1.619361 1.568616 1.532904 1.582113 1.600377 1.512577
1.693271 1.140729 1.33704 1.554452 1.341222 1.416531 1.380535 1.320002 1.285221 1.355072
2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
20234.77 21617.56 21099.46 23551.9 23927.44 29005.14 28658.27 26807.96 26812.19 30473.66
11.33% 6.83% -2.40% 11.62% 1.59% 21.22% -1.20% -6.46% 0.02% 13.66%
5073.627 5361.787 5233.726 5756.978 5825.42 6924.632 6835.398 6417.005 6405.321 7195.392
9.40% 5.68% -2.39% 10.00% 1.19% 18.87% -1.29% -6.12% -0.18% 12.33%
7917.274 8523.333 8296.256 9371.129 9535.724 11761.21 11609.18 10798.22 10800.07 12404.85
12.87% 7.65% -2.66% 12.96% 1.76% 23.34% -1.29% -6.99% 0.02% 14.86%
0.829895 0.83111 0.996553 0.860146 0.745587 0.889167 1.077541 0.948041 -11.55 0.903237
1.560476 1.589644 1.585153 1.627786 1.636916 1.69846 1.698392 1.68275 1.686109 1.723999
1.295031 1.321169 1.57969 1.400134 1.220463 1.510216 1.830087 1.595317 -19.4746 1.557179
2045 2046
31063.68 28552.72
1.94% -8.08%
7312.66 6750.649
1.63% -7.69%
12663.44 11562.92
2.08% -8.69%
0.841752 0.950786
1.731715 1.712861
1.457675 1.628565
Year Cash flows Discouting Rate Discounted Net Cash Flow
1 2017 -5000 1 -5000
2 2018 -5000 0.8818226106 -4409.1130529116
3 2019 -5000 0.7776111165 -3888.055582671
4 2020 4035.890117 0.6857150648 2767.4706529386
5 2021 3312.428852 0.6046790486 2002.9563264656
6 2022 3958.944221 0.5332196572 2110.9868804057
7 2023 3871.898459 0.4702051501 1820.5865962313
8 2024 4200.859996 0.414637533 1741.8342252712
9 2025 4038.401476 0.3656367518 1476.5879978532 IRR
10 2026 4167.123899 0.322426755 1343.5922363992 Terminal value
11 2027 4828.111644 0.2843232028 1372.7441658861 PV of Terminal value
12 2028 4498.49953 0.2507226289 1127.8756284133 NPV
13 2029 4808.121098 0.2210928832 1063.0413562866
14 2030 3982.18425 0.1949647034 776.3853712037
15 2031 3699.408695 0.1719242837 636.0181902389
16 2032 4267.372937 0.1516067207 646.9624169643
17 2033 4311.111967 0.1336902342 576.3535686418
18 2034 3269.109309 0.1178910714 385.3987988444
19 2035 3891.849636 0.1039590123 404.5928442324
20 2036 4056.575643 0.0916734076 371.8801125316
21 2037 3873.497098 0.0808396836 313.1322800224
22 2038 4371.646762 0.0712862609 311.6383514979
23 2039 4318.24064 0.0628618367 271.4525377306
24 2040 5299.855283 0.0554329889 293.7868191287
25 2041 4981.575955 0.048882063 243.5097096335
26 2042 4614.25499 0.0431053084 198.8988843456
27 2043 4686.966146 0.0380112356 178.1573743221
28 2044 5404.348304 0.033519167 181.1492532637
29 2045 5339.847119 0.0295579593 157.8349840343
30 2046 4798.592796 0.0260648769 125.074730363
9602.7336575672
22%
56333.5819673
1468.32787758
11071.0615351
Terminal growth rate Terminal value
1% 39080.609004
2% 42929.157999
2.5% 45118.204663
3% 47517.706385
3.5% 50159.545489
4% 53082.386695
4.5% 56333.581967
5% 59971.755547
5.5% 64070.37045
6% 68722.740559
Sensitivity Analysis
Terminal Growth Rate & Termin
1% 2% 2.50% 3%
39080.6090040853 42929.158 45118.2 50159.55
11% 16871.5632973266 17058.17146 17164.31 17408.76
12% 13974.3574656614 14118.22883 14200.06 14388.52
13% 11508.2388748877 11619.41772 11682.66 11828.29
14% 9395.6986348031 9481.809178 9530.789 9643.588
15% 7575.0147061544 7641.858278 7679.879 7767.439
Sensitivity Analysis
al Growth Rate & Terminal values
3.50% 4% 4.50% 5% 5.50% 6%
50159.55 53082.39 56333.58 59971.76 64070.37 68722.74
17408.76 17550.48 17708.12 17884.53 18083.27 18308.85
14388.52 14497.79 14619.33 14755.34 14908.56 15082.48
11828.29 11912.73 12006.65 12111.75 12230.16 12364.56
9643.588 9708.986 9781.731 9863.134 9954.84 10058.94
7767.439 7818.205 7874.673 7937.863 8009.05 8089.854
Balance Sheet