(Rs. in Cr.
)
-------------------------------------------
------------------------------------------1 Gross Sales
2 Less : Excise duty
Net Domestic Sales
Export Sales
3 Net Sales
Cost of sales
4 Raw Material
5 Power & Fuel
6 Purchase of Finished Goods
7 Employee compensation
8 Other manufacturing expenses
9 Depreciation
Sub total
a) Add : Opening stock-in-process
b) Less : Closing stock-in-process
Cost of production
c) Add : Opening stock of finished goods
d) Less : Closing stock of finished goods
Sub total
10 Selling, General & Administrative expenses
11 Packing Material
Operating profit before interest
Interest
12 Interest on Working Capital
13 Interest on Term Loan
Operating profit after interest
---------------------------------- ---------------------------------31.03.2008 31.03.2009 31.03.2010 31.03.2011
Audited
Audited
Audited
Audited
---------------------------------- ---------------------------------20174.79
26542.68 34563.74
50439.71
598.15
561.20
291.10
19576.64
25981.48 34563.74
50148.61
106.54
122.02
110.49
162.87
19683.18
26103.50 34674.23
50311.48
7384.18
146.84
9374.90
235.08
11527.21
274.20
17970.97
436.39
3028.02
2795.94
385.75
13740.73
593.88
737.94
13596.67
1892.21
2985.92
12502.96
3303.43
123.24
3753.55
343.74
319.74
24.00
3409.81
4311.26
3306.18
736.08
17963.50
737.94
1039.03
17662.41
2985.92
3564.93
17083.40
3794.75
137.48
5087.87
415.32
385.31
30.01
4672.55
5941.87
4156.04
902.36
22801.68
9131.10
5111.70
990.42
33640.58
22801.68
33640.58
22801.68
4944.03
33640.58
5573.97
6928.52
412.57
266.76
145.81
6515.95
11096.93
683.29
405.51
277.78
10413.64
-25.98
0.00
25.98
-33.20
0.00
33.20
15.40
647.83
632.43
-519.59
1209.54
1729.13
Profit Before Tax
3383.83
4639.35
6531.35
9894.05
16 Taxation
17 Dividend
Net Profit
17.60
0.00
3366.23
24.03
0.00
4615.32
771.41
0.00
5759.94
1185.89
0.00
8708.16
Other Income / Expenses
14 Add : Income
15 Less : Expenses
-------------------------------------------
---------------------------------- ---------------------------------0 31.03.2008 31.03.2009 31.03.2010 31.03.2011
Audited
Audited
Audited
Audited
---------------------------------- ----------------------------------
LIABILITIES
------------------------------------------CURRENT LIABILITIES
[Link] term borrowings from Banks (including BP/BD
and excess borrowings placed on repayment basis
i) from applicant Bank
Sub-total [A]
[Link] term borr. from others
[Link] maturing within one year
[Link] Creditors/ Trade Payables/ Trade creditors
05. Unsecured loans
06. Advances / Progress payments from customers /
deposits from dealers, selling agents.
[Link] & other charges accrued but not due for
payment.
[Link] for taxes & others
[Link] payable
[Link] statutory liabilities (P.F./I.T./Court/ Regulatory)
[Link] of Term Loans / Deferred payment
credits / debentures / redeemable [Link]
[due within 1 year.
[Link] Current Liabilities and provisions [due within
one year] (major items to be specified individually)
Sub-total [B]
[Link] current liabilities [total of items 1 to 12]
TERM LIABILITIES
14. Debentures (not maturing within one year)
15. Redeemable Preference Shares [ not maturing
within 1 year, but of maturity not exceeding 12 yrs.]
[Link] Loans
[exclusive of instalment payable within one year]
[Link] payment Credits (EMI to be paid next yrs)
[exclusive of instalment payable within one year]
18. Term Deposits
[payable after one year]
[Link] Term Liabilities
20. Deferred Tax Liability
21. Unsecured Loans/Q.E.(Loan from Dir./Relative/Frnds)
Total Term Liabilities
[total of items 14 to 21]
Total Outside Liabilities
[items 13 plus Total Term Liabilities above]
Net Worth
[Link] Share Capital
[Link] Application Money/ESOP
[Link] Reserve
[Link]
[Link] Reserves
[Link] [+] or Deficit [-] in P & L Account
[Link] Worth [ total of items 22 to 27]
[Link] Liabilities
[ total of items TOL and 28]
0.00
0.00
0.00
1000.00
1000.00
1500.00
1500.00
1746.22
1450.31
2439.46
3068.28
818.91
1189.50
1280.40
2007.94
8.07
0.99
1943.21
0.64
153.09
3578.34
1.02
183.21
0.00
1.72
238.17
0.00
448.92
1120.78
983.84
1785.72
2428.79
3110.10
5645.91
5645.91
0.00
0.00
6396.61
7396.61
9757.01
11257.01
3720.05
4191.94
4476.63
10001.82
265.83
277.84
197.55
255.64
3985.88
4469.78
4674.18
10257.46
9631.79
4469.78
12070.79
21514.47
1115.38
1115.38
1115.38
1115.38
460.00
4120.13
785.00
4120.13
1185.00
4120.13
1785.00
4120.13
6622.14
0.00
9631.79
7566.77
13587.28
18057.06
3482.27
9902.78
21973.57
5357.18
12377.69
33892.16
CURRENT ASSESTS
30 cash and bank balances
[Link] [other than long term investments e.g.
sinking fund, gratuity fund etc.]
i) Government & other Trustee Securities
ii) Fixed deposits with Banks
iii) Other Liquid Investments
32. Receivable otherthan differed and export
receivables [including BP/BD by bankers]
33. Instalements of deferred receivables
[due within one year]
34. Inventory :
i)Raw materials [including stores and other items
used in process of manufacturing]
ii)Stock in process
iii)Finished goods
iv)Other consumable Spares
v)others
[Link] to suppliers of raw materials & stores /
spares consumables
36. Advance payment of taxes
[Link] Current Assets
[major items to be specified individually]
[Link] Current Assets
[total of items 30 to 37]
FIXED ASSESTS
[Link] Block [land & building, machinery,
construction in progress etc.]
[Link] to date
41. a) Net Block [ item 39 minus 40 ]
b) Capital WIP
OTHER NON CURRENT ASSESTS
[Link]/book debts/advances/deposits which
are not current assets
i)[a] Investments in subsidiaries / affiliates.
i)[b] Shares
i)[c] Others
ii)Advances to suppliers of capital goods / spares
and contractors for capital expenditure.
iii)Deferred receivables [ maturing after one year ]
iv)Others (book debts more than 6 months)
[Link] consumable stores and spares
[Link] miscellaneous assets including dues from
Directors.
[Link] other Non Current Assets
[ total of items 42 to 44 ]
[Link] Assets
[ patents, goodwill, preliminary and formation
expenses, bad / doubtful debts not provided for ]
[Link] Assets [ total of items 38, 41, 45 and 46 ]
31.03.2008 31.03.2009 31.03.2010 31.03.2011
Audited
Audited
Audited
Audited
7.05
54.62
134.75
245.68
39.01
54.90
81.23
9.05
261.11
630.93
973.45
393.06
477.91
158.08
1489.56
0.00
156.07
9.05
2386.47
0.00
1620.30
2014.61
2194.57
4447.33
7112.43
2985.92
3564.93
2931.94
26.62
7798.68
43.30
894.18
0.00
1524.38
0.00
594.49
612.64
2049.59
0.00
427.07
0.00
22.23
525.92
131.55
1297.37
8852.44
9649.00
10541.89
21338.70
5,065.70
6984.81
10129.83
12589.30
937.76
4127.94
973.08
1485.83
5498.98
2221.13
2373.93
7755.90
2328.04
3283.90
9305.40
1943.53
314.76
335.20
0.00
0.00
0.00
0.00
297.84
297.84
163.02
2997.84
167.96
522.84
494.00
555.89
808.59
198.10
3475.62
0.00
1347.73
1304.53
0.00
0.00
0.00
0.00
0.00
17429.08
9631.79
0.00
18057.06
21973.56
21973.57
33892.16
33892.16
Marketcap
Marketcap/ N.P+Div.+Depr
nifty pe
Divis pe (from screener data sheet)
comp/mkt (comp val. With ref to mkt)
Cash Profit
cash profit / sales
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013
Audited
Audited
Audited
Audited
Audited
Audited
8550.82
8065.52
7422.72
9076.82 10086.43 13778.42
2.28
1.51
1.11
0.94
0.70
0.78
20.63
24.18
14.29
19.00
22.33
21.57
22.14
20.84
18.71
18.47
17.57
22.54
1.17
3751.98
1.33
5351.40
0.97
6662.30
0.94
9698.58
0.99
14402.91
1.28
17696.72
20.50%
19.21%
19.28%
21.08%
20.50%
corr
48.82%
A/c. Divis Labs
(Rs. in Cr.)
-------------------------------------------
------------------------------------------1 Gross Sales
2 Less : Excise duty
Net Domestic Sales
Export Sales
3 Net Sales
----------------- --------------------------------------------------31.03.2008 31.03.2009 31.03.2010 31.03.2011
Audited
Audited
Audited
Audited
----------------- ---------------------------------------------------
100.00
100.00
100.00
100.00
4 Cost of sales
Raw Material
Power & Fuel
Purchase of Finished Goods
Employee compensation
Other manufacturing expenses
Depreciation
Sub total
Add : Opening stock-in-process
Less : Closing stock-in-process
Cost of production
Add : Opening stock of finished goods
Less : Closing stock of finished goods
Sub total
Selling, General & Administrative expenses
Packing Material
Operating profit before interest
6 Interest
Interest on Working Capital
Interest on Term Loan
Operating profit after interest
37.52%
0.75%
0.00%
15.38%
14.20%
1.96%
69.81%
3.02%
3.75%
69.08%
9.61%
15.17%
63.52%
16.78%
0.63%
19.07%
1.75%
1.62%
0.12%
17.32%
35.91%
0.90%
0.00%
16.52%
12.67%
2.82%
68.82%
2.83%
3.98%
67.66%
11.44%
13.66%
65.44%
14.54%
0.53%
19.49%
1.59%
1.48%
0.11%
17.90%
33.24%
0.79%
0.00%
17.14%
11.99%
2.60%
65.76%
0.00%
0.00%
65.76%
0.00%
0.00%
65.76%
14.26%
0.00%
19.98%
1.19%
0.77%
0.42%
18.79%
35.72%
0.87%
0.00%
18.15%
10.16%
1.97%
66.86%
0.00%
0.00%
66.86%
0.00%
0.00%
66.86%
11.08%
0.00%
22.06%
1.36%
0.81%
0.55%
20.70%
9 Other Income / Expenses
Add : Income
Less : Expenses
-0.13%
0.00%
0.13%
-0.13%
0.00%
0.13%
0.04%
1.87%
1.82%
-1.03%
2.40%
3.44%
10 Profit Before Tax
17.19%
17.77%
18.84%
19.67%
11 Taxation
12 Dividend
13 Net Profit
0.09%
0.00%
17.10%
0.09%
0.00%
17.68%
2.22%
0.00%
16.61%
2.36%
0.00%
17.31%
------------------------------------------Net Shareholder cash
----------------- --------------------------------------------------19.06%
20.50%
19.21%
19.28%
----------------------------------------------------------- --------------------------------------------------A/c. Divis Labs
31.03.2008 31.03.2009 31.03.2010 31.03.2011
LIABILITIES
Audited
Audited
Audited
Audited
----------------------------------------------------------- --------------------------------------------------CURRENT LIABILITIES
[Link] term borrowings from Banks (including BP/BD
and excess borrowings placed on repayment basis
i) from applicant Bank
0.00%
0.00%
4.55%
4.43%
ii) from other Banks
#REF!
#REF!
#REF!
#REF!
Sub-total [A]
#REF!
#REF!
#REF!
#REF!
[Link] term borr. from others
0.00%
0.00%
0.00%
0.00%
[Link] maturing within one year
0.00%
0.00%
0.00%
0.00%
[Link] Creditors [Trade]
18.13%
8.03%
11.10%
9.05%
05. Unsecured loans
0.00%
0.00%
0.00%
0.00%
06. Advances / Progress payments from customers
8.50%
/
6.59%
5.83%
5.92%
deposits from dealers, selling agents.
[Link] & other charges accrued but not due 0.00%
for
0.00%
0.04%
0.00%
payment.
[Link] for taxes & others
20.17%
19.82%
0.00%
0.00%
[Link] payable
0.01%
0.01%
0.01%
1.32%
[Link] statutory liabilities
1.59%
1.01%
1.08%
3.31%
[Link] of Term Loans / Deferred payment
0.00%
0.00%
0.00%
0.00%
credits / debentures / redeemable [Link]
[due within 1 year.
[Link] Current Liabilities and provisions [due10.21%
within
9.89%
11.05%
9.18%
one year] (major items to be specified individually)
Sub-total [B]
58.62%
45.35%
29.11%
28.79%
[Link] current liabilities [total of items 1 to 12]
#REF!
#REF!
#REF!
#REF!
TERM LIABILITIES
14. Debentures (not maturing within one year) 0.00%
0.00%
0.00%
0.00%
15. Redeemable Preference Shares [ not maturing
0.00%
0.00%
0.00%
0.00%
within 1 year, but of maturity not exceeding 12 yrs.]
[Link] Loans
38.62%
23.21%
0.00%
0.00%
[exclusive of instalment payable within one year]
[Link] payment Credits
0.00%
0.00%
0.00%
0.00%
[exclusive of instalment payable within one year]
18. Term Deposits
0.00%
0.00%
0.00%
0.00%
[payable after one year]
[Link] Term Liabilities
0.00%
0.00%
0.00%
0.00%
Deffered Tax Liability
2.76%
1.54%
0.90%
0.75%
Unsecured Loans/ Q.E.
0.00%
0.00%
0.00%
0.00%
20. Total Term Liabilities
41.38%
24.75%
0.90%
0.75%
[total of items 14 to 19]
[Link] Outside Liabilities
#REF!
#REF!
#REF!
#REF!
[items 13 plus 20]
Net Worth
[Link] Share Capital
11.58%
[Link] Application Money
0.00%
[Link] Reserve
4.78%
[Link]
42.78%
[Link] Reserves
0.00%
[Link] [+] or Deficit [-] in P & L Account 68.75%
[Link] Worth [ total of items 22 to 27]
127.89%
[Link] Liabilities
#REF!
[ total of items 21 and 28]
CURRENT ASSESTS
6.18%
0.00%
4.35%
22.82%
0.00%
41.90%
75.25%
#REF!
5.08%
0.00%
5.39%
18.75%
0.00%
15.85%
45.07%
#REF!
3.29%
0.00%
5.27%
12.16%
0.00%
15.81%
36.52%
#REF!
31.03.2008 31.03.2009 31.03.2010 31.03.2011
Audited
Audited
Audited
Audited
[Link] on hand / Bank balances
0.04% #DIV/0!
0.61%
0.72%
[Link] [other than long term investments e.g.
sinking fund, gratuity fund etc.]
i) Government & other Trustee Securities
0.00% #DIV/0!
0.00%
0.00%
ii) Fixed deposits with Banks
0.05% #DIV/0!
0.72%
0.03%
Other Liquid Investments
1.50% #DIV/0!
6.78%
7.04%
32.i) Receivables other than deferred and export3.62% #DIV/0!
0.00%
0.00%
receivables [including BP/BD by bankers]
33. Instalements of deferred receivables
0.00% #DIV/0!
0.00%
0.00%
[due within one year]
34. Inventory :
i)Raw materials [including stores and other items
11.56% #DIV/0!
20.24%
20.99%
used in process of manufacturing]
ii)Stock in process
0.00% #DIV/0!
0.00%
0.00%
iii)Finished goods
17.13% #DIV/0!
13.34%
23.01%
iv)Other consumable Spares
0.00% #DIV/0!
0.12%
0.13%
v)others
5.13% #DIV/0!
0.00%
0.00%
[Link] to suppliers of raw materials & stores
0.00%
/
#DIV/0!
2.71%
1.81%
spares consumables
[Link] payment of taxes
11.76% #DIV/0!
0.10%
0.39%
[Link] Current Assets
0.00% #DIV/0!
2.39%
3.83%
[major items to be specified individually]
[Link] Current Assets
50.79% #DIV/0!
47.02%
57.94%
[total of items 30 to 37]
FIXED ASSESTS
[Link] Block [land & building, machinery, 29.06% #DIV/0!
46.10%
37.15%
construction in progress etc.]
[Link] to date
5.38% #DIV/0!
10.80%
9.69%
41. Net Block [ item 39 minus 40 ]
23.68% #DIV/0!
35.30%
27.46%
Capital WIP
5.58% #DIV/0!
10.59%
5.73%
OTHER NON CURRENT ASSESTS
[Link]/book debts/advances/deposits which
are not current assets
i)[a] Investments in subsidiaries / affiliates. 1.81%
[b] Shares
0.00%
[c] Others
0.00%
ii)Advances to suppliers of capital goods / spares
0.00%
and contractors for capital expenditure.
iii)Deferred receivables [ maturing after one year
0.94%
]
iv)Others (book debts more than 6 months) 17.20%
[Link] consumable stores and spares
0.00%
[Link] miscellaneous assets including dues from
0.00%
Directors.
[Link] other Non Current Assets
19.94%
[ total of items 42 to 44 ]
[Link] Assets
0.00%
[ patents, goodwill, preliminary and formation
expenses, bad / doubtful debts not provided for ]
[Link] Assets [ total of items 38, 41, 45 and
100.00%
46 ]
#REF!
Contingent Liability
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
0.00%
1.36%
0.00%
0.00%
0.00%
0.88%
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2.25%
2.53%
0.00%
0.00%
2.39%
0.58%
0.00%
0.00%
#DIV/0!
6.13%
3.85%
#DIV/0!
0.00%
0.00%
#DIV/0!
#REF!
99.04%
#REF!
94.98%
#REF!
---------------------------------31.03.2012 31.03.2013
Audited
Audited
----------------------------------
100.00
100.00
48.02%
0.77%
1.37%
16.68%
0.03%
1.58%
68.45%
10.08%
10.66%
67.87%
14.02%
14.60%
67.29%
13.86%
0.00%
18.84%
1.40%
0.50%
0.91%
17.44%
54.23%
0.76%
1.68%
16.65%
0.02%
1.33%
74.68%
8.44%
12.91%
70.20%
11.55%
14.31%
67.45%
13.94%
0.00%
18.61%
1.29%
0.40%
0.89%
17.32%
2.16%
2.62%
0.47%
2.11%
2.40%
0.28%
19.60%
19.43%
0.10%
0.00%
19.49%
0.27%
0.00%
19.16%
---------------------------------21.08%
20.50%
---------------------------------31.03.2012 31.03.2013
Audited
Audited
----------------------------------
8.64%
#REF!
#REF!
0.00%
0.00%
7.53%
0.09%
0.06%
9.40%
#REF!
#REF!
0.00%
0.00%
7.04%
0.47%
0.16%
0.07%
0.08%
5.85%
10.73%
2.24%
0.00%
5.99%
11.40%
1.30%
0.00%
3.97%
3.11%
30.54%
#REF!
29.53%
#REF!
0.00%
0.00%
0.00%
0.00%
4.47%
4.64%
0.44%
0.48%
5.69%
5.15%
0.00%
2.54%
0.00%
13.15%
0.00%
2.79%
0.00%
13.05%
#REF!
#REF!
2.28%
0.00%
7.62%
8.43%
0.00%
29.36%
47.68%
#REF!
1.78%
0.00%
8.00%
6.57%
0.00%
31.66%
48.02%
#REF!
31.03.2012 31.03.2013
Audited
Audited
0.02%
0.01%
0.00%
0.79%
1.44%
11.30%
0.00%
0.94%
0.60%
12.18%
0.00%
0.00%
18.56%
22.99%
2.05%
22.49%
0.00%
0.00%
1.50%
2.40%
20.14%
0.00%
0.00%
1.85%
0.25%
0.70%
0.32%
0.36%
59.09%
61.79%
28.26%
27.46%
0.57%
27.68%
3.55%
0.60%
26.86%
5.85%
0.00%
0.00%
7.19%
0.00%
0.00%
0.00%
3.57%
0.00%
0.00%
0.51%
1.15%
0.00%
0.00%
0.16%
1.16%
0.00%
8.85%
4.89%
0.84%
0.62%
100.00%
#REF!
100.00%
#REF!
Company name
WACC
A/c. Divis Labs
Numbers from your base year below ( in same units)
This year
Revenues
2144.84
Operating income or EBIT
783.01
Book value of equity
2500.6
Book value of debt
30.97
Do you have operating lease commitments?
No
Cash and cross holdings
40.89
Number of shares outstanding =
13.27
Current stock price =
1425.95
Effective tax rate =
0.23
Marginal tax rate =
0.35
The value drivers below:
Compounded annual revenue growth rate beginning =
0.2
Compounded annual revenue growth rate ending =
0.1
Target pre-tax operating margin (EBIT as % of sales in year 10) =
0.25
reinvestment/sales ratio (for computing reinvestment) =
11
Target reinvestment/sales Ratio
15
Market numbers
Riskfree rate
0.08
Initial cost of capital =
0.15
Other inputs
Do you have employee options outstanding?
No
Number of options outstanding =
173.877
Average strike price =
0.65
Average maturity =
2.04
Standard deviation on stock price =
0.5
Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate +
Do you want to override this assumption =
Yes
If yes, enter the cost of capital after year 10 =
0.1
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever com
Do you want to override this assumption =
Yes
If yes, enter the return on capital you expect after year 10
0.12
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
Yes
If yes, enter the probability of failure =
0.2
What do you want to tie your proceeds in failure to?
V
Enter the distress proceeds as percentage of book or fair value
0.5
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumptio
Do you want to override this assumption =
No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money los
Do you want to override this assumption =
No
If yes, enter the NOL that you are carrying over into year 1
250
NOL= Net Operating Losses
Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
Last year
1863.87
684.36
2131.52
55.38
30.93
(No. of sh in Cr.)
Relative to May 2012 valuation
Revenues in 2022 of $39 billion instead of $44 billion
Target margin dropped from 35% to 32%
should be inline wirh ebdita margin /sales growth
al similar to that of typical mature companies (riskfree rate + 4.5%)
Mature companies generally see their risk levels approach the average
Though some sectors, even in stable growth, may have higher risk.
ost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.
eable future.
Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they h
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
ax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
s ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
(Rs. In Cr.)
nies fail, because they have trouble making debt payments.
bt payments.
Computed numbers: Here is what your company's numbers look like, relative to industry.
Revenue growth in the most recent year =
Pre-tax operating margin in the most recent year =
Sales to capital ratio in most recent year =
Return on invested capital in most recent year=
Standard deviation in stock prices =
Cost of capital =
Company
Industry (US data)
0.150745492
#REF!
0.365066858
#REF!
0.861146354
#REF!
0.27965032
#REF!
#REF!
#REF!
Base year
Revenue growth rate
Revenues
EBIT
EBIT (Operating income)
Tax rate
EBIT(1-t)
Asset Growth
Asset
Gross Block as % of assets
Gross Block
Depreciation as a % of Gross Block
Depreciation
FCInv as a % of change in assets
FCInv
WCInv as a % of change in assets
WCInv
OtherInv as a % of assets
OtherInv
FCFF
91674.29
17.53%
16072.05
1.44%
15839.99
27.32%
47073.09
27.46%
12927.25
1149.39
38.12%
3849.70
19.81%
3768.13
0.00
0.00
9371.55
Growth
WACC
discount factor
PV(FCFF)
2
13.60%
118305.30
30.00%
35491.59
25.00%
26618.69
11.00%
59043.78
48.00%
28341.01
5.50%
1558.76
50.00%
2925.59
40.00%
2340.47
0.00
0.00
22911.38
3
13.60%
134394.83
28.00%
37630.55
28.00%
27094.00
11.00%
65538.59
40.00%
26215.44
5.50%
1441.85
45.00%
2922.67
41.00%
2662.87
0.00
0.00
22950.30
13.60%
15.00%
16.00%
20.00%
20.00%
15.00%
0.83
0.69
0.66
16913.77 15910.68 15090.20
Total Present value
Debt
PV to equity holders
Total shares in Cr.
Per share Price
1286456.86
2.10
1286454.76
13.28
96871.59
Terminal cash flow
Terminal cost of capital
Terminal value
PV(Terminal value)
PV (CF over next 10 years)
Sum of PV
Probability of failure =
Proceeds if firm fails =
Value of operating assets =
Debt
Cash
Value of equity
- Value of options
Value of equity in common stock
Number of shares
Estimated value /share
Price
Price as % of value
280.560763
0.1
14028.0381
4137.60285
2373.06594
6510.66879
0.2
3253.71834
5859.2787
30.97
40.89
5869.1987
0
5869.1987
13.27
442.290784
1425.95
3.22401021
Implied variables
reinv./sales
Invested capital
1
13.60%
104141.99
32.00%
33325.44
24.50%
25160.71
13.00%
53192.59
45.00%
23936.67
5.50%
1316.52
63.00%
3855.29
38.00%
2325.41
0.00
0.00
20296.53
11
11.4
11.8
ROIC
4
10.00%
147834.31
26.00%
38436.92
30.00%
26905.84
9.00%
71437.07
39.00%
27860.46
5.50%
1532.33
40.00%
2359.39
43.00%
2536.34
0.00
0.00
23542.44
5
10.00%
162617.74
24.00%
39028.26
33.00%
26148.93
9.00%
77866.40
38.00%
29589.23
5.50%
1627.41
40.00%
2571.73
44.00%
2828.91
0.00
0.00
22375.70
Terminal Year
5
3.00%
167496.27
20.00%
33499.25 1851.58
30.00%
23449.48
7.00%
83317.05
36.00%
29994.14
4.50%
1349.74
35.00%
1907.73
45.00%
2452.79
0.00
0.00
########
11.00%
8.00%
10.00%
15.00%
13.00%
11.00%
0.57
0.54
0.59
13460.46 12144.63 ########
12.2
12.6
After year 10
15
0.12
Dec ' 13
Sep ' 13
650
Jun ' 13
Mar ' 13
Net Sales/Income from operations
687.41
565.88
515.88
Other Operating Income
1.86
1.07
1.27
Total Income From Operations
689.27
566.95
517.15
EXPENDITURE
Increase/Decrease in Stocks
11.51
-101.33
-106.4
Consumption of Raw Materials
244.73
281.49
283.89
Purchase of Traded Goods
0
0
0
Power & Fuel
0
0
0
Employees Cost
57.1
56.15
53.03
Depreciation
23.27
22.52
20.88
Excise Duty
0
0
0
Admin. And Selling Expenses
0
0
0
R & D Expenses
0
0
0
Provisions And Contingencies
0
0
0
Exp. Capitalised
0
0
0
Other Expenses
88.14
81.92
89.45
P/L Before Other Inc. , Int., Excpt. Items & Tax
264.52
226.2
176.3
Other Income
7.91
36.54
53.42
P/L Before Int., Excpt. Items & Tax
272.43
262.74
229.72
Interest
0.35
0.39
0.41
P/L Before Exceptional Items & Tax
272.08
262.35
229.31
Exceptional Items
0
0
0
P/L Before Tax
272.08
262.35
229.31
Tax
53.06
57.42
54.6
P/L After Tax from Ordinary Activities
219.02
204.93
174.71
Prior Year Adjustments
0
0
0
Extra Ordinary Items
0
0
0
Net Profit/(Loss) For the Period
219.02
204.93
174.71
Equity Share Capital
26.55
26.55
26.55
Reserves Excluding Revaluation Reserves
0
0
0
Equity Dividend Rate (%)
0
0
0
EPS Before Extra Ordinary
Basic EPS
16.5
15.44
13.16
Diluted EPS
16.5
15.44
13.16
EPS After Extra Ordinary
Basic EPS
16.5
15.44
13.16
Diluted EPS
16.5
15.44
13.16
Public Share Holding
No Of Shares (Lakhs)
635.56
635.12
635.12
Share Holding (%)
47.88
47.85
47.85
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
#NAME?
0
0
0
- Per. of shares (as a % of the total sh. of prom. and
0 promoter
0 group) 0
- Per. of shares (as a % of the total Share Cap. of0 the company)
0
0
b) Non-encumbered
#NAME?
691.78
692.22
692.22
- Per. of shares (as a % of the total sh. of prom.
100
and promoter
100 group) 100
- Per. of shares (as a % of the total Share Cap.
52.12
of the company)
52.15
52.15
PBITOE margin (%)/ Operating profit Margin38.37
(%)
39.89
34.09
PBTE Margin (%)
39.47
46.27
44.34
PBT Margin (%)
39.47
46.27
44.34
Dec ' 12
Sep ' 12
649.61
1.67
651.28
533.33
1.03
534.36
472.6
1.14
473.74
20.91
233.17
0
0
53.86
20.27
0
0
0
0
0
90.96
232.11
7.59
239.7
0.62
239.08
0
239.08
57.25
181.83
0
0
181.83
26.55
0
0
-39.72
260.8
0.14
0
45.52
20.36
0
0
0
0
0
85.31
161.95
22.32
184.27
0.44
183.83
0
183.83
36.59
147.24
0
0
147.24
26.55
0
0
-69.78
231.31
0
0
43.37
18.79
0
0
0
0
0
103.85
146.2
8.47
154.67
0.31
154.36
0
154.36
36.39
117.97
0
0
117.97
26.55
0
0
13.7
13.7
10.86
10.86
8.89
8.89
13.7
13.7
10.86
10.86
8.89
8.89
635.12
47.85
635.12
47.85
635.12
47.85
0
0
0
0
0
0
0
0
0
692.22
100
52.15
35.63
36.7
36.7
692.22
100
52.15
30.3
34.4
34.4
692.22
100
52.15
30.86
32.58
32.58
PAT Margin/ NP Margin (%)
31.77
36.14
33.78
27.91
27.55
24.9
Jun ' 12
Mar ' 12
Dec ' 11
Sep ' 11
468.41
1.1
469.51
707.96
3.47
711.43
414.68
2.74
417.42
354.08
11.98
366.06
-11.74
171.38
0
0
48.45
17.48
0
0
0
0
0
69.88
174.06
40.66
214.72
0.41
214.31
0
214.31
46.93
167.38
0
0
167.38
26.55
0
0
72.71
236.64
0.1
0
43.93
16.63
0
0
0
0
0
71.69
269.73
4.37
274.1
2.73
271.37
0
271.37
56.59
214.78
0
0
214.78
26.55
0
0
-42.42
204.03
0
0
35.9
16.2
0
0
0
0
0
68.81
134.9
25.7
160.6
0.2
160.4
0
160.4
37.85
122.55
0
0
122.55
26.54
0
0
-4.69
148.93
0
0
23.81
15.2
0
0
0
0
0
59.82
122.99
10.76
133.75
0.59
133.16
0
133.16
27.11
106.05
0
0
106.05
26.53
0
0
12.61
12.61
16.19
16.19
9.24
9.24
8
7.99
12.61
12.61
16.19
16.19
9.24
9.24
8
7.99
635.12
47.85
635.12
47.85
634.81
47.84
634.54
47.83
0
0
0
0
0
0
0
0
0
0
0
0
692.22
100
52.15
37.07
45.64
45.64
692.22
100
52.15
37.91
38.14
38.14
692.22
100
52.16
32.31
38.42
38.42
692.22
100
52.17
33.59
36.37
36.37
35.64
30.18
29.35
28.97
Statement of Assets and Liabilities:
(Rs. in lakhs)
STANDALONE
Particulars
As At
30.09.2013
31.03.2013
EQUITY AND LIABILITIES
1
Shareholders' Funds
a) Share Capital
b) Reserves and Surplus
c) Money received against share warrants
Sub-total Shareholders' funds
2655
2655
290637
252673
293292
255328
Share application money pending allotment
Minority interest
Non-current liabilities
a) Long-term borrowings
b) Deferred tax liabilities (net)
c) Other long-term liabilities
d) Long-term provisions
Sub-total Non-current liabilities
210
8655
269
239
10558
9104
Current Liabilities
a) Short-term borrowings
3257
3051
b) Trade payables
20040
15831
c) Other current liabilities
11855
12935
73
23342
d) Short-term provisions
Sub-total Current liabilities
TOTAL - EQUITY AND LIABILITIES
B
210
10079
35225
55159
339075
319591
131594
121191
282
282
ASSETS
1
Non-current assets
a) Fixed assets
b) Goodwill on consolidation
c) Non-current investments
d) Deferred tax assets (net)
e) Long-term loans and advances
f) Other non-current assets
Sub-total Non-current assets
10023
10727
141899
132200
Current assets
a) Current investments
31223
40781
100004
80595
55875
55890
d) Cash and cash equivalents
2818
3468
e) Short-term loans and advances
6603
5989
b) Inventories
c) Trade receivables
f) Other current assets
653
668
Sub-total Current assets
197176
187391
TOTAL - ASSETS
339075
319591
10403