INR crores

2017 2018
Net Sales 187090 219333
Less; Cost of goods sold 174084 205937
General and Administration Expenses 2076 2206
Selling and Distribution Expenses 157 170
Miscellaneous Expenses 130 396
EBITD 10643 10624
Other Income 1448 1897
Operating Profit 12092 12521
Interest 536 567
PBDT 11556 11955
Depreciation 2535 2753
Profit Before Taxation & Exceptional Items 9021 9202
Exceptional Income / Expenses 0 0
Profit Before Tax 9021 9202
Provision for Tax 2812 2845
PAT 6209 6357
Add Depriciation 2535 2753
Less: CapEx 4526 5429
Net Working Capital -13712 -1860
FCFF 17930 5541
Discounted FCFF @11%

Gross Assets
45691.07

Current Assets
36873.71

Current Liability
47377.35

Working Capital
 -10503.64

-1860.21775
Assuming 18% growth on basis of inudstry
2019 2020 2021 2022 2023
239073 260589 284042 309606 337470
222337 242348 264159 287933 313847
2391 2606 2840 3096 3375
191 208 227 248 270
430 469 511 557 607
13723 14958 16304 17771 19371
2485 3256 4265 5587 7319
16208 18214 20569 23359 26690
600 634 671 710 751
15608 17579 19898 22648 25939
3043 3378 3749 4162 4620
12565 14201 16149 18487 21319
0 0 0 0 0
12565 14201 16149 18487 21319
3895 4402 5006 5731 6609
8670 9799 11143 12756 14710
3043 3378 3749 4162 4620
5026 5579 6193 6874 7630
-2071 -2300 -2549 -2820 -3113
8758 9898 11249 12864 14813
7890 8034 8225 8474 325269

Continuity Value

Value of Firm
Value of Debt
Value of Equity

50717.0877 56295.967347 62488.52375517 69362.2613682387 76992.110118745

39823.6068 43009.495344 46450.25497152 50166.2753692416 54179.5773987809

48467.02905 49581.77071815 50722.151444668 51888.7609278948 53082.2024292364

 -8643.42225 -6572.27537415 -4271.896473147 -1722.4855586532 1097.3749695446

-2071.14687585 -2300.378901003 -2549.410914494 -2819.8605281978 -3113.4755360301

 548096.86
357892

533283.43

357892
20990
336902
2210.93003

58513.9436

54303.0931
4210.85051