Assumptions Control Sheet

Income Statement
Average COGS as Percentage of Revenue
Research and Development as Percentage of Revenue
Sales, General and administrative as Percentage of Revenue
Other operating expenses as Percentage of Revenue
Other income (expense) as Percentage of Revenue

Balance Sheet
Short Term Debt as Percentage of Total Assets
Long Term Debt as Percentage of Total Assets
Cash and Cash Equivalents as Percentage of Revenue
Short Term Equivalents as Percentage of Revenue
Accounts Receivables as Percentage of Revenue
Inventory as Percentage of Revenue
Prepaid Expenses as Percentage of Revenue
Other Current Assets as Percentage of Revenue
Gross property, plant and equipment as Percentage of Revenue
Intangible assets as Percentage of Revenue
Other long-term assets as Percentage of Revenue
Accounts payable as Percentage of Revenue
Corporate Tax Rate
Other current liabilities as Percentage of Revenue
Retained Earnings as as Percentage of Net Income
Accumulated other comprehensive income as Percentage of Revenue
Cashflow Statement
Other Working Capital as Percentage of Revenue
ntrol Sheet Revenue Growth Rate Year 1

ment Assumption 2%
10.00%
0.00%
2.79% Interest Rate on Long Term Debt 9%
72.00% Interest Rate on Short Term Debt 3%
3.00%

eet FCFF and FCFE Assumptions

6.48% Perpetual Growth Rate
10.19% Risk Free Rate (5 year G-Sec)
0.89% Stock Beta (Vs the Benchmark Index)
9.96% Market Return Rm (Nifty 50 10 Year CAGR)
6.12% Current Market Price of the Share INR
15.32%
1.42%
8.99%
85.18%
0.28%
36.61%
5.00%
22.00%
8.29%
56.54%
55.83%
ement
-1.14%
 Year 2 Year 3 Year 4 Year 5

5% 23% 18% 14%

d FCFE Assumptions
6.00%
5.18%
1.18
14.25%
23826
 Income Statement
Fiscal year ends in March. INR in millions except per share data. Mar-10 Mar-11
Revenue 27,106.00 36,321.00
Cost of revenue 11,630.00 13,019.00
Gross profit 15,476.00 23,303.00
Operating expenses
Research and Development
Sales, General and administrative 4,990.00 6,793.00
Other operating expenses 2,701.00 6,532.00
Total operating expenses 7,692.00 13,325.00
Operating income 7,785.00 9,977.00
Interest Expense
Other income (expense) -556.00 -1,298.00
Income before taxes 7,229.00 8,679.00
Provision for income taxes 1,449.00 1,918.00
Other income
Net income from continuing operations 5,780.00 6,761.00
Net income from discontinuing operations
Other
Net income 5,780.00 6,761.00
Preferred dividend
Net income available to common shareholders 5,780.00 6,761.00
Earnings per share
Basic 165.91 194.07
Diluted 165.91 194.07
Weighted average shares outstanding in Millions
Basic 35.00 35.00
Diluted 35.00 35.00
EBITDA 9,839.00 15,682.00
Income Statement
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
38,794.00 55,704.00 58,620.00 64,232.00 55,136.00 85,638.00 95,530.00 122,606.00
3,296.00 4,834.00 5,803.00 6,606.00 4,526.00 8,666.00 10,037.00 12,943.00
35,498.00 50,870.00 52,817.00 57,626.00 50,611.00 76,972.00 85,494.00 109,663.00

595.00 2,148.00 2,319.00 2,393.00 2,261.00 2,087.00 2,712.00

32,754.00 37,412.00 41,982.00 50,757.00 44,818.00 61,313.00 66,912.00 91,937.00
33,349.00 39,560.00 44,301.00 53,150.00 44,818.00 63,574.00 68,999.00 94,649.00
2,150.00 11,310.00 8,516.00 4,476.00 5,793.00 13,398.00 16,494.00 15,014.00
1,710.00 1,541.00 1,017.00 1,001.00 758.00 1,271.00 1,236.00 1,958.00
663.00 1,425.00 652.00 533.00 6,727.00 3,180.00 3,013.00 -1,599.00
1,104.00 11,194.00 8,151.00 4,008.00 11,762.00 15,308.00 18,271.00 11,456.00
-972.00 1,154.00 279.00 -255.00 331.00 1,917.00 4,430.00 1,306.00

2,076.00 10,039.00 7,872.00 4,263.00 11,431.00 13,391.00 13,842.00 10,150.00

2,076.00 10,039.00 7,872.00 4,263.00 11,431.00 13,391.00 13,842.00 10,150.00

2,076.00 10,039.00 7,872.00 4,263.00 11,431.00 13,391.00 13,842.00 10,150.00

60.19 288.18 225.97 122.37 328.13 384.38 397.32 288.88

60.19 288.18 225.97 122.37 328.13 384.38 397.32 288.88

35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00

35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00
9,571.00 17,091.00 14,667.00 14,257.00 20,796.00 28,726.00 28,501.00 28,132.00
 Forecasted Values
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
125,058.12 131,311.03 161,512.56 190,584.82 217,266.70
12,505.81 13,131.10 16,151.26 19,058.48 21,726.67
112,552.31 118,179.92 145,361.31 171,526.34 195,540.03

- - - - -
3,492.25 3,666.86 4,510.24 5,322.09 6,067.18
90,041.85 94,543.94 116,289.04 137,221.07 156,432.02
93,534.10 98,210.80 120,799.29 142,543.16 162,499.20
19,018.21 19,969.12 24,562.02 28,983.18 33,040.83
1,910.67 2,002.80 2,447.78 2,876.12 3,269.24
3,751.74 3,939.33 4,845.38 5,717.54 6,518.00
20,859.29 21,905.66 26,959.62 31,824.61 36,289.59
1,545.80 1,905.96 2,220.95 2,281.74 1,852.09
- - - - -
19,313.49 19,999.70 24,738.67 29,542.87 34,437.50

- - - - -
19,313.49 19,999.70 24,738.67 29,542.87 34,437.50

19,313.49 19,999.70 24,738.67 29,542.87 34,437.50

551.81 571.42 706.82 844.08 983.93

551.81 571.42 706.82 844.08 983.93

35.00 35.00 35.00 35.00 35.00

35.00 35.00 35.00 35.00 35.00
112,985.55 112,497.13 131,114.14 156,831.41 180,870.66
 Bala
Fiscal year ends in March. INR in millions except per share data.
Assets
Current assets
Cash
Difference Adjustments (Asset Side)
Cash and cash equivalents
Short-term investments
Total cash
Receivables
Inventories
Prepaid expenses
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Goodwill
Intangible assets
Deferred income taxes
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders' equity
Liabilities
Current liabilities
Difference Adjustments (Liability Side)
Short-term debt
Accounts payable
Taxes Payable
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Deferred taxes liabilities
Deferred revenues
Minority interest
Other long-term liabilities
Total non-current liabilities
Total liabilities
Stockholders' equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total stockholders' equity
Total liabilities and stockholders' equity

Difference Adjustments
 Balance Sheet
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

4,674 4,723 4,164 4,987 3,512 1,079 310

3,943 7,368 7,140 7,018 7,251 2,580
8,617 12,090 11,303 4,987 10,530 8,330 2,890
494 583 824 1,082 3,147 2,966 4,764
1,766 1,545 3,581 4,042 5,305 8,098 9,189
2,326 2,303 792
83 76 113 4,559 1,410 1,600 2,763
10,960 14,294 15,822 14,671 22,718 23,296 20,397

22,052 27,311 39,138 47,503 60,520 76,391 34,323

-14,273 -16,254 -21,946 -28,544 -41,368 -46,868
7,778 11,057 17,192 18,960 19,153 29,523 34,323

1 1 1 1
185 104 124 723 938 1,429 3,251
5,910 8,448 15,922 15,049 18,793 19,039 27,575
13,874 19,610 33,240 34,733 38,883 49,990 65,149
24,834 33,903 49,062 49,404 61,601 73,287 85,546

4,105 8,452 7,532 5,276

1,668 3 1,715 1,847 808 1,876 3,107
 122 176 180 500 583 807
3,009 6,663 7,772 5,144 4,411 5,003 5,019
4,799 6,842 9,667 11,096 14,170 14,993 14,210

13,307 14,962 21,062 14,717 4,431 4,467 4,080

1,415 1,948 2,814

3,729 3,148 4,771 5,816

13,307 14,962 21,062 18,446 8,995 11,186 12,710
18,106 21,803 30,729 29,542 23,165 26,179 26,920

348 348 348 348 348 348 348

265 415 415 415 415
265 265 11,391 11,142 8,670 20,898
6,114 11,487 17,719 7,707 26,530 37,675 36,965
6,728 12,100 18,332 19,862 38,436 47,108 58,626
24,834 33,903 49,062 49,404 61,601 73,287 85,546

- - - - - - -
 Forecasted Values

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

455 518 1,422 1,118 1,174 1,444 1,704

5,413 23,659 3,236 12,454 13,077 16,084 18,980
5,868 24,176 4,658 13,572 14,251 17,529 20,684
3,351 4,592 10,237 7,658 8,040 9,890 11,670
13,145 15,690 18,703 19,159 20,117 24,744 29,197
543 1,075 1,287 1,773 1,862 2,290 2,702
9,914 11,469 12,308 11,247 11,809 14,525 17,140
32,822 57,002 47,192 53,409 56,079 68,977 81,393

53,273 79,537 116,890 106,519 111,845 137,569 162,332

-20,306 -29,495 -44,244 -40,319 -42,334 -52,071 -61,444
32,968 50,043 72,646 66,201 69,511 85,498 100,888
- - - -
128 121 465 352 369 454 536
5,077 5,130 6,126 6,126 6,126 6,126 6,126
40,665 39,120 28,501 45,780 48,069 59,125 69,768
78,838 94,414 107,738 118,458 124,075 151,203 177,317
111,660 151,417 154,930 171,867 180,154 220,181 258,711

4,029 -2,036 11,865 22,119

7,738 11,934 4,922 11,144 11,681 14,276 16,775
3,517 7,273 5,382 6,252 6,565 8,075 9,528
 566 2,056 2,366 4,589 4,819 5,931 7,001
8,069 8,394 8,581 10,364 10,882 13,385 15,794
19,890 29,672 21,266 36,377 31,911 53,532 71,217

5,187 22,017 23,035 17,515 18,360 22,439 26,365

2 2 2 2 2
3,474 4,970 5,999 3,841 4,220 4,501 4,706
625 625 625 625 625
6,116 5,713 6,987 5,881 6,103 6,160 6,169
14,790 32,779 36,957 27,864 29,309 33,726 37,867
34,680 62,450 58,223 64,241 61,220 87,259 109,084

348 348 348 348 348 348 348

415 415 415 415 415 415 415
26,323 33,340 39,079 49,999 61,307 75,295 91,999
49,893 54,863 56,864 56,864 56,864 56,864 56,864
76,980 88,967 96,708 107,626 118,934 132,922 149,626
111,660 151,417 154,930 171,867 180,154 220,181 258,711

- - - - - - -
Mar-24

1,943
21,637
23,580
13,304
33,285
3,081
19,539
92,788

185,058
-70,046
115,012
-
611
6,126
79,535
201,284
294,072

27,547
19,068
10,862
 7,984
18,005
83,466

29,969
2
4,653
625
6,260
41,509
124,975

348
415
111,471
56,864
169,098
294,072

-
 Cash Flow Statement
Fiscal year ends in March. INR in millions except per share data. Mar-10 Mar-11 Mar-12
Cash Flows From Operating Activities
Net income 7,538 8,679 1,104
Depreciation & amortization 2,054 5,704 6,758
Investments losses (gains) -142 -642 -441
Deferred income taxes
Stock based compensation
Change in working capital 232 -61 1,632
Inventory 221 -2,037 -461
Prepaid Expenses
Other working capital 11 1,976 2,093
Other non-cash items -1,622 -1,140 1,690
Net cash provided by operating activities 8,060 12,540 10,742
Cash Flows From Investing Activities
Investments in property, plant, and equipment -5,355 -11,725 -11,540
Property, plant, and equipment reductions 25 15 22
Acquisitions, net
Purchases of investments -3,802 -15,702 -7,855
Sales/Maturities of investments 142 10,039 12,346
Purchases of intangibles
Other investing activities 445 489 666
Net cash used for investing activities -8,545 -16,885 -6,361
Cash Flows From Financing Activities
Debt issued 2,532 7,048 2,898
Debt repayment -890 -1,318 -5,103
Common Stock Issued
Dividend paid -326 -611 -569
Other financing activities -783 -1,332 -1,738
Net cash provided by (used for) financing activities 533 3,786 -4,512
Effect of Exchange Rate Changes
Net change in cash 48 -559 -131
Cash at beginning of period 4,674 4,723 5,118
Cash at end of period 4,723 4,164 4,987
Free Cash Flow
Operating cash flow 8,060 12,540 10,742
Capital expenditure -5,355 -11,725 -11,540
Free cash flow 2,705 815 -798
Flow Statement
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

1,104 11,205 8,151 4,008 15,308 18,271 13,238

6,758 4,356 5,499 9,248 12,147 8,994 14,718
-441 -1,138 -762 -550 -943 -1,216 -776

1,632 -644 1,187 -218 -509 -1,131 -6,505

-461 -272 -2,793 -1,044 -4,993 -2,545 -619

2,093 -372 3,980 825 4,484 1,414 -5,886

1,690 -1,182 -68 -102 -3,986 -6,131 125
10,742 12,597 14,007 12,385 22,016 18,787 20,800

-11,540 -8,971 -15,846 -11,249 -12,809 -25,251 -19,343

22 36 17 14 16 16 140
-1 -3,582 -20,081
-7,855 -16,511 -18,590 -4,148 -15,560 -28,119 -2,356
12,346 21,991 20,993 8,292 4,003 9,755 31,942
-154 -27 -22
666 758 1,086 773 4,026 7,679 2,504
-6,361 -2,696 -12,339 -9,901 -20,478 -35,947 -7,215

2,898 7,709 7,218 3,570 6,376 26,995 2,984

-5,103 -16,471 -8,112 -6,402 -1,922 -6,602 -10,561

-569 -690 -895 -893 -4,846 -1,843 -2,407

-1,738 -366 231 1,140 -1,278 -1,288 -2,777
-4,512 -9,817 -1,558 -2,586 -1,669 17,262 -12,760
17
-131 84 110 -101 -131 102 842
5,118 218 302 411 364 233 335
4,987 302 411 310 233 335 1,177

10,742 12,597 14,007 12,385 22,016 18,787 20,800

-11,540 -8,971 -15,846 -11,249 -12,962 -25,278 -19,364
-798 3,626 -1,839 1,136 9,054 -6,491 1,436
 Forecasted Values
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

19,313 20,000 24,739 29,543 34,437

17,662 19,428 21,371 23,508 25,858
-849 -867 -930 -928 -870
1,546 1,906 2,221 2,282 1,852
- - - - -
-2,091 -2,559 -3,071 -3,557 -2,819
-456 -958 -4,627 -4,454 -4,088
- - - - -
1,424 1,495 1,839 2,170 2,473
-2,032 -2,425 -2,890 -2,671 -1,979
36,607 38,578 41,722 49,450 57,685

-13,363 -14,164 -14,408 -14,694 -15,010

41 45 52 59 67
- - - - -
-13,755 -12,788 -14,515 -14,307 -11,544
14,997 13,798 14,899 17,078 18,543

3,214 3,639 4,212 4,250 3,564

-8,866 -9,469 -9,760 -7,614 -4,380

4,730 -4,683 20,576 16,679 11,325

- - - - -
-8,393 -8,691 -10,751 -12,839 -14,966
-794 -999 -1,427 -1,457 -1,491
-4,457 -14,374 8,397 2,383 -5,132
17 17 17 17 17
23,300 14,753 40,376 44,235 48,189
4,658 13,572 14,251 17,529 20,684
27,958 28,325 54,627 61,764 68,873

36,607 38,578 41,722 49,450 57,685

-13,363 -14,164 -14,408 -14,694 -15,010
23,244 24,414 27,314 34,755 42,675
 Profitability, Growth and Financial Ratios for Hindustan

*The Sheet is Color formatted Green is the best p

Financials Mar-10
Revenue INR Mil 27,106
Gross Margin % 57.09%
Operating Income INR Mil 7,785
Operating Margin % 28.72%
Net Income INR Mil 5,780
Earnings Per Share INR 165.91
Dividends INR per share 9.31
Payout Ratio % * 5.61%
Shares Mil 35
Book Value Per Share * INR 192.23
Operating Cash Flow INR Mil 8,060
Cap Spending INR Mil 5,355
Free Cash Flow INR Mil 2,705
Free Cash Flow Per Share * INR 134.94
Working Capital INR Mil 6,161

Margins % of Sales Mar-10

COGS 42.91%
Gross Margin 57.09%
SG&A 18.41%
Other Operating Expenses 9.96%
Operating Margin 28.72%
EBT Margin 26.67%

Profitability Mar-10
Tax Rate % 20.04%
Net Margin % 21.32%
Asset Turnover (Average) 0.92
Return on Assets % 19.68%
Financial Leverage (Average) (Total Assets/ Total Equity) 3.69
Return on Equity % (Net Profit/ Average Equity) 61.40%
Return on Invested Capital % (EBIT/(Equity+Non Current Liability)) 38.86%
Interest Coverage #DIV/0!

Mar-11

Year over Year 34.00%

3-Year Average 28.13%
5-Year Average 19.84%
10-Year Average 20.03%

Year over Year 28.16%

3-Year Average 125.25%
5-Year Average 60.72%
10-Year Average 53.16%

Year over Year 16.97%

3-Year Average 110.42%
5-Year Average 52.76%
10-Year Average 47.31%

Year over Year 16.97%

3-Year Average 108.92%
5-Year Average 51.87%
10-Year Average 46.74%

Cash Flow Ratios Mar-11

Operating Cash Flow Growth % YOY 55.58%
Net Income Margin 18.61%
Free Cash Flow Growth % YOY -69.9%
Cap Ex as a % of Sales 19.76%
Free Cash Flow/Sales % 9.98%
Free Cash Flow/Net Income 46.80%

Balance Sheet Items (in % of Total Assets) Mar-10

Cash & Short-Term Investments 34.70%
Accounts Receivable 1.99%
Inventory 7.11%
Other Current Assets 0.33%
Total Current Assets 44.13%
Net PP&E 31.32%
Intangibles 0.00%
Other Long-Term Assets 23.80%
Accounts Payable 6.72%
Short-Term Debt 0.00%
Other Short-Term Liabilities 12.12%
Total Current Liabilities 19.32%
Long-Term Debt 53.58%
Other Long-Term Liabilities 0.00%
Total Liabilities 72.91%
Total Stockholders' Equity 27.09%
Liquidity/Financial Health Mar-10
Current Ratio (Current Assets/Current Liabilities) 2.28
Quick Ratio (Cash+Short Term Investments+Receivables)/Current Liabilities 1.90
Financial Leverage (Total Assets/Total Equity) 3.69
Debt/Equity 1.98

Efficiency Mar-11
Days Sales Outstanding (Average Receivables/Net Credit Sales)*365 7.25
Days Inventory (Average Inventory/COGS)*365 51.96
Payables Period (Average Payables/COGS*365) 26.22
Cash Conversion Cycle (Days sales outstanding+ Days Inventory-Payables period) 32.99
Receivables Turnover (Sales/Average Receivables) 50.34
Receivables Period (365/Receivables Turnover) 7.25
Inventory Turnover (COGS/Average Inventory) 7.03
Fixed Assets Turnover (Sales/ Average PPE) 2.88
Asset Turnover (Sales/ Average Asset) 0.92

In Millions of INR Mar-10

Year End Share Price 2,020.0
Number of Shares outstanding in Millions 35.0
Market Capitalization 70,700.0
- Cash & Equivalents 8,617.0
+ Minority Interest 0.0
+ Total Debt 13,307.0
Enterprise Value 92,624.0
Enterprise

Mar-10
Enterprise Value/ EBIT 11.90
Enterprise Value/ EBITDA 11.90
Market Cap/EBIT 9.08

In Millions of INR except Per Share Mar-11

Tax Efficiency
[1 – (tax expense ÷ (EBIT – interest expense))] 80.78%
Interest Burden
(EBIT-Interest Expense)/ EBIT 100.00%
Operating Margin
EBIT/Revenue % 27.47%
Asset Turnover
 Revenue/Avg Assets 107.13%
Leverage Ratio
Avg Assets/Avg Equity 280.19%

Return on Equity 66.60%

5 Year Average ROE

l Ratios for Hindustan Unilever Ltd (31-03-2010 to 31-03-2019)

Green is the best performance year Red is the worst performance year

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

36,321 38,794 55,704 58,620 64,232 55,136 85,638 95,530
64.16% 91.50% 91.32% 90.10% 89.72% 91.79% 89.88% 89.49%
9,977 2,150 11,310 8,516 4,476 5,793 13,398 16,494
27.47% 5.54% 20.30% 14.53% 6.97% 10.51% 15.64% 17.27%
6,761 2,076 10,039 7,872 4,263 11,431 13,391 13,842
194.07 60.19 288.18 225.97 122.37 328.13 384.38 397.32
17.46 16.26 16.26 19.71 25.57 25.51 138.46 52.66
9.00% 27.01% 5.64% 8.72% 20.90% 7.78% 36.02% 13.25%
35 35 35 35 35 35 35 35
345.71 523.77 567.49 1098.17 1345.94 1675.03 2199.43 2541.91
12,540 10,742 10,742 12,597 14,007 12,385 22,016 18,787
11,725 11,540 11,540 8,971 15,846 11,249 12,809 25,251
815 -798 -798 3,626 -1,839 1,136 9,054 -6,491
118.97 142.49 142.49 8.63 11.74 8.86 6.66 9.57
7,452 6,155 3,575 8,548 8,303 6,187 12,932 27,330

Profitability Ratios
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
35.84% 8.50% 8.68% 9.90% 10.28% 8.21% 10.12% 10.51%
64.16% 91.50% 91.32% 90.10% 89.72% 91.79% 89.88% 89.49%
18.70% 1.53% 3.86% 3.96% 3.73% 0.00% 2.64% 2.18%
17.98% 84.43% 67.16% 71.62% 79.02% 81.29% 71.60% 70.04%
27.47% 5.54% 20.30% 14.53% 6.97% 10.51% 15.64% 17.27%
23.90% 2.85% 20.10% 13.90% 6.24% 21.33% 17.88% 19.13%

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

22.10% -88.04% 10.31% 3.42% -6.36% 2.81% 12.52% 24.25%
18.61% 5.35% 18.02% 13.43% 6.64% 20.73% 15.64% 14.49%
0.88 0.79 1.00 0.87 0.81 0.56 0.65 0.62
16.30% 4.22% 18.09% 11.67% 5.37% 11.59% 10.18% 9.04%
2.80 2.68 2.49 1.60 1.56 1.46 1.45 1.70
44.43% 10.87% 34.44% 18.40% 8.06% 16.86% 16.14% 14.91%
36.87% 5.46% 29.52% 17.95% 7.68% 8.12% 14.60% 13.55%
#DIV/0! 1.26 7.34 8.37 4.47 7.64 10.54 13.34

Growth Ratios
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Revenue %
6.81% 43.59% 5.23% 9.57% -14.16% 55.32% 11.55% 28.34%
18.54% 19.47% 0.22% 16.91% 17.57% 31.74% 13.96% 11.78%
10.21% 19.91% 13.50% 18.13% 16.61% 20.44% 13.98% 15.27%
16.47% 16.27% 13.98% 15.40%
Operating Income %
-78.45% 426.05% -24.70% -47.44% 29.42% 131.28% 23.11% -8.97%
107.63% 117.97% -14.24% 37.75% 61.27% 48.47% 13.60% 7.57%
60.98% 102.92% 22.33% 25.48% 40.30% 35.42% 13.76% 12.74%
53.00% 62.27% 17.48% 22.23%
Net Income %
-69.29% 383.57% -21.59% -45.85% 168.14% 17.15% 3.37% -26.67%
97.56% 105.38% 33.57% 46.48% 62.89% -2.05% 22.33% 22.39%
83.00% 100.29% 24.25% 23.23% 50.45% 17.54% 18.84% 22.06%
55.46% 63.55% 23.56% 28.12%
EPS %
-68.99% 378.78% -21.59% -45.85% 168.15% 17.14% 3.37% -27.29%
96.07% 103.78% 33.57% 46.48% 62.88% -2.26% 22.36% 22.43%
82.10% 99.33% 24.24% 23.10% 50.48% 17.56% 18.87% 22.08%
54.97% 63.03% 23.58% 28.13%

Cash Flow Ratios

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
-14.34% 0.00% 17.27% 11.19% -11.58% 77.76% -14.67% 10.71%
5.35% 18.02% 13.43% 6.64% 20.73% 15.64% 14.49% 8.28%
-197.9% 0.0% -554.4% -150.7% -161.8% 697.0% -171.7% -122.1%
32.28% 29.75% 20.72% 15.30% 24.67% 20.40% 14.96% 26.43%
2.24% -2.06% -1.43% 6.19% -2.86% 2.06% 10.57% -6.79%
12.05% -38.44% -7.95% 46.06% -43.14% 9.94% 67.61% -46.89%

Financial Health Ratios

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
35.66% 23.04% 10.09% 17.09% 11.37% 3.38% 5.26% 15.97%
1.72% 1.68% 2.19% 5.11% 4.05% 5.57% 3.00% 3.03%
4.56% 7.30% 8.18% 8.61% 11.05% 10.74% 11.77% 10.36%
0.22% 0.23% 9.23% 2.29% 2.18% 3.23% 8.88% 7.57%
42.16% 32.25% 29.70% 36.88% 31.79% 23.84% 29.39% 37.65%
32.61% 35.04% 38.38% 31.09% 40.28% 40.12% 29.53% 33.05%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.08%
24.92% 32.45% 30.46% 30.51% 25.98% 32.23% 36.42% 25.84%
0.01% 3.50% 3.74% 1.31% 2.56% 3.63% 3.15% 4.80%
0.00% 0.00% 8.31% 13.72% 10.28% 6.17% 6.93% 7.88%
19.65% 15.84% 10.41% 7.16% 6.83% 5.87% 7.23% 5.54%
20.18% 19.70% 22.46% 23.00% 20.46% 16.61% 17.81% 19.60%
44.13% 42.93% 29.79% 7.19% 6.10% 4.77% 4.65% 14.54%
0.00% 0.00% 7.55% 5.11% 6.51% 6.80% 5.48% 3.77%
64.31% 62.63% 59.80% 37.60% 35.72% 31.47% 31.06% 41.24%
35.69% 37.36% 40.20% 62.40% 64.28% 68.53% 68.94% 58.76%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
2.09 1.64 1.32 1.60 1.55 1.44 1.65 1.92
1.85 1.25 0.55 0.97 0.75 0.54 0.46 0.97
2.80 2.68 2.49 1.60 1.56 1.46 1.45 1.70
1.24 1.15 0.93 0.23 0.24 0.22 0.19 0.37

Efficiency Ratios
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
7.07 8.97 13.86 19.03 21.96 26.86 16.93 28.33
71.86 422.09 352.88 421.51 477.58 900.56 607.25 625.36
24.08 197.23 100.24 84.41 137.66 267.10 227.23 230.10
54.84 233.82 266.50 356.14 361.88 660.33 396.94 423.59
51.63 40.71 26.34 19.18 16.62 13.59 21.56 12.88
7.07 8.97 13.86 19.03 21.96 26.86 16.93 28.33
5.08 0.86 1.03 0.87 0.76 0.41 0.60 0.58
2.57 2.15 2.92 2.41 2.01 1.64 2.06 1.56
0.88 0.79 1.00 0.87 0.81 0.56 0.65 0.62

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

2,261.0 4,393.0 4,342.0 9,405.0 11,499.0 14,733.0 18,074.0 16,487.0
35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0
79,135.0 153,755.0 151,970.0 329,175.0 402,465.0 515,655.0 632,590.0 577,045.0
12,090.0 11,303.0 4,987.0 10,530.0 8,330.0 2,890.0 5,868.0 24,176.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14,962.0 21,062.0 18,822.0 12,883.0 11,999.0 9,356.0 12,925.0 33,951.0
106,187.0 186,120.0 175,779.0 352,588.0 422,794.0 527,901.0 651,383.0 635,172.0
Enterprise Value Growth rate (Last 5 years) 16.17%

Valuation Ratios
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
10.64 86.57 15.54 41.40 94.46 91.13 48.62 38.51
10.64 86.61 15.54 41.40 94.46 91.13 48.62 38.51
7.93 71.51 13.44 38.65 89.92 89.01 47.22 34.99

Du pont Analysis
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

320.91% 88.19% 96.28% 107.34% 93.43% 84.19% 70.97% 90.00%

20.47% 86.37% 88.06% 77.64% 86.92% 90.51% 92.51% 86.96%

5.54% 20.30% 14.53% 6.97% 10.51% 15.64% 17.27% 12.25%

79.07% 112.75% 95.16% 87.64% 64.45% 76.70% 63.09% 79.14%

267.63% 248.74% 160.27% 155.57% 145.92% 145.05% 170.19% 160.20%

7.70% 43.37% 18.78% 7.92% 8.02% 13.26% 12.17% 12.15%

28.88% 19.44% 23.36% 12.03% 10.71%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
122,606 125,058 131,311 161,513 190,585 217,267
89.44% 90.00% 90.00% 90.00% 90.00% 90.00%
15,014 19,018 19,969 24,562 28,983 33,041
12.25% 15.21% 15.21% 15.21% 15.21% 15.21%
10,150 19,313 20,000 24,739 29,543 34,437
288.88 552 571 707 844 984
68.77 240 248 307 367 428
23.81% 43.46% 43.46% 43.46% 43.46% 43.46%
35 35 35 35 35 35
2763.09 3,075 3,398 3,798 4,275 4,831
20,800 36,607 38,578 41,722 49,450 57,685
19,343 13,363 14,164 14,408 14,694 15,010
1,436 23,244 24,414 27,314 34,755 42,675
33.63 799 809 1,561 1,765 1,968
25,926 17,031 24,168 15,445 10,176 9,323

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

10.56% 10.00% 10.00% 10.00% 10.00% 10.00%
89.44% 90.00% 90.00% 90.00% 90.00% 90.00%
2.21% 2.79% 2.79% 2.79% 2.79% 2.79%
74.99% 72.00% 72.00% 72.00% 72.00% 72.00%
12.25% 15.21% 15.21% 15.21% 15.21% 15.21%
9.34% 16.68% 16.68% 16.69% 16.70% 16.70%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

11.40% 7.41% 8.70% 8.24% 7.17% 5.10%
8.28% 15.44% 15.23% 15.32% 15.50% 15.85%
0.75 0.71 0.66 0.67 0.69 0.74
6.21% 10.97% 9.99% 10.33% 10.69% 11.71%
1.60 1.60 1.51 1.66 1.73 1.74
9.93% 17.05% 15.88% 17.51% 18.54% 20.37%
11.23% 14.04% 13.47% 14.74% 15.46% 15.69%
7.67 9.95 9.97 10.03 10.08 10.11

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

2.00% 5.00% 23.00% 18.00% 14.00%

10.00% 15.33% 18.33%
12.40%

26.67% 5.00% 23.00% 18.00% 14.00%

18.22% 15.33% 18.33%
17.33%

90.28% 3.55% 23.70% 19.42% 16.57%

39.18% 15.56% 19.89%
30.70%

91.02% 3.55% 23.70% 19.42% 16.57%

39.42% 15.56% 19.89%
30.85%

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

75.99% 5.38% 8.15% 18.52% 16.65%
15.44% 15.23% 15.32% 15.50% 15.85%
1518.7% 5.0% 11.9% 27.2% 22.8%
15.78% 10.69% 10.79% 8.92% 7.71%
1.17% 18.59% 18.59% 16.91% 18.24%
14.15% 120.35% 122.07% 110.41% 117.64%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

3.01% 7.90% 7.91% 7.96% 7.99% 8.02%
6.61% 4.46% 4.46% 4.49% 4.51% 4.52%
12.07% 11.15% 11.17% 11.24% 11.29% 11.32%
7.94% 6.54% 6.55% 6.60% 6.63% 6.64%
30.46% 31.08% 31.13% 31.33% 31.46% 31.55%
46.89% 38.52% 38.58% 38.83% 39.00% 39.11%
0.30% 0.20% 0.20% 0.21% 0.21% 0.21%
18.40% 26.64% 26.68% 26.85% 26.97% 27.05%
3.47% 3.64% 3.64% 3.67% 3.68% 3.69%
3.18% 6.48% 6.48% 6.48% 6.48% 6.48%
5.54% 6.03% 6.04% 6.08% 6.10% 6.12%
13.73% 21.17% 17.71% 24.31% 27.53% 28.38%
14.87% 10.19% 10.19% 10.19% 10.19% 10.19%
4.51% 3.42% 3.39% 2.80% 2.38% 2.13%
37.58% 37.38% 33.98% 39.63% 42.16% 42.50%
62.42% 62.62% 66.02% 60.37% 57.84% 57.50%
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
2.22 1.47 1.76 1.29 1.14 1.11
0.70 0.58 0.70 0.51 0.45 0.44
1.60 1.60 1.51 1.66 1.73 1.74
0.38 0.26 0.25 0.25 0.25 0.25

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

26.64 22.91 24.92 24.36 23.91
533.86 573.16 623.48 609.50 598.32
164.05 187.04 203.47 198.91 195.26
396.45 409.02 444.94 434.96 426.98
13.70 15.93 14.65 14.98 15.26
26.64 22.91 24.92 24.36 23.91
0.68 0.64 0.59 0.60 0.61
1.77 1.84 1.69 1.73 1.77
0.75 0.71 0.66 0.67 0.69

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

20,363.0 13,585.5 13,585.5 13,585.5 13,585.5 13,585.5
35.0 35.0 35.0 35.0 35.0 35.0
712,705.0 475,491.4 475,491.4 475,491.4 475,491.4 475,491.4
4,658.0 13,572.4 14,251.0 17,528.7 20,683.9 23,579.6
625.0 625.0 625.0 625.0 625.0 625.0
27,957.0 28,658.8 30,040.7 36,715.1 43,140.0 49,036.6
745,945.0 518,347.6 520,408.1 530,360.2 539,940.2 548,732.6
7%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

49.68 27.26 26.06 21.59 18.63 16.61
49.68 27.26 26.06 21.59 18.63 16.61
47.47 25.00 23.81 19.36 16.41 14.39

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

90.96% 89.39% 89.96% 91.26% 93.78%

89.95% 89.97% 90.03% 90.08% 90.11%

15.21% 15.21% 15.21% 15.21% 15.21%

72.76% 72.89% 73.35% 73.67% 73.88%

159.69% 151.47% 165.65% 172.90% 173.91%

14.46% 13.50% 14.97% 15.92% 16.51%

12.01% 13.11% 13.45% 14.20% 15.07%

 Free Cash Flow to

Mar-20 Mar-21
Net Income 19313 20000
Depreciation and Amortization Charges 17662 19428
Interest Expense 1911 2003
Tax Rate 22.00% 22.00%
Fixed Capital Investment 13363 14164
Working Capital Investment 2091 2559
Free Cash Flow to Firm 23012 24267
Interest Expense 1911 2003
Tax Rate 22.00% 22.00%
Increase in Debt 4730 -4683
Free Cash Flow to Equity 26252 18022

Terminal Value
Free Cash Flow to Firm 45016.70
Growth Rate 6.00%
Cost of Capital 13.03%
Terminal Value 678734.07

FCFF Calculation FV Discounted

Mar-20 23011.76 20358.91
Mar-21 24267.01 18994.41
Mar-22 30539.49 21148.33
Mar-23 37042.99 22694.73
Mar-24 45016.70 24400.42
Terminal Value 678734.07 367894.58
Present Value (PV) 475491.37

FCFE Calculation FV Discounted

Mar-20 26251.88 22437.80
Mar-21 18022.17 13165.78
Mar-22 49205.98 30723.97
Mar-23 51478.28 27472.82
Mar-24 53791.21 24536.37
Terminal Value 678734.07 309598.43
Present Value (PV) 427935.18
Free Cash Flow to Firm (FCFF) and Free Cash Flow to Equity (FCFE)

Mar-22 Mar-23 Mar-24 Cost of Equity Calcuati

24739 29543 34437 Risk Free Rate (5 year G-Sec)
21371 23508 25858 Stock Beta (Ref: Reuters)
2448 2876 3269 Beta Unlevered B/(1+ D(1-t)/E)
22.00% 22.00% 22.00% Beta Relevered B*(1+ D(1-t)/E)
14408 14694 15010 Market Return Rm (Nifty 50 10 Year CAGR)
3071 3557 2819 Cost of Equity
30539 37043 45017
2448 2876 3269 Cost of D
22.00% 22.00% 22.00% Cost of Debt (Interest Expense/Total Debt)
20576 16679 11325
49206 51478 53791 Cost of Ca
Cost of Equity
Weight of Equity in Target Capital Structure
Cost of Debt
45016.70 Weight of Debt in Capital Structure
6.00% WACC
13.03%
678734.07

Intrinsic Value of Share (FCFF Method)

PV in INR Million 475491
No of Shares Outstanding (In Million) 35
Intrinsic Value 13585.47
Current Market Price of Share 23826.00
Current Discount/Premium 75%

Intrinsic Value of Shares in INR 13585.47

 Cost of Equity Calcuation using CAPM
Rate (5 year G-Sec) 5.18%
eta (Ref: Reuters) 1.18
vered B/(1+ D(1-t)/E) 0.96
ered B*(1+ D(1-t)/E) 1.30
m (Nifty 50 10 Year CAGR) 14.25%
ost of Equity 17.00%

Cost of Debt
erest Expense/Total Debt) 4.27%

Cost of Capital
ost of Equity 17.00%
in Target Capital Structure 68.83%
ost of Debt 4.27%
ebt in Capital Structure 31.17%
WACC 13.03%

Intrinsic Value of Share (FCFE Method)

PV in INR Million 427935
No of Shares Outstanding (In Million) 35
Intrinsic Value 12226.72
Current Market Price of Share 23826.00
Current Discount/Premium 95%

13585.47
 5 Way Du pont Analysis Component Visualization and A

5 Way Du pont Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Tax Efficiency 81% 321% 88% 96% 107%
Interest Burden 100% 20% 86% 88% 78%
Operating Margin 27% 6% 20% 15% 7%
Asset Turnover 107% 79% 113% 95% 88%
Leverage Ratio 280% 268% 249% 160% 156%
ROE 67% 8% 43% 19% 8%

Component Br
Tax Efficiency Interest Burden Operati
3.5

321%

280%
268%

2.5 249%

160%
156%
1.5
146%

113% 107%
107%
100%
1 96% 93%
88% 86% 95%
88% 87%
81% 88%
78%
79%
64%
0.5

27%
20% 20%
15%
7% 11%
6%
0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
 27%
20% 20%
15%
7% 11%
6%
0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Component B
Tax Efficiency Interest Burden Op
4

321%

280%
268%

249%

160%
156%
146%

113%
107% 107%
100% 96%
95% 93%
88%
86% 88% 88% 87%
81% 79% 78%
64%

20%

0
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Visualization and Analysis

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

93% 84% 71% 90% 85% 82% 82% 85% 83%
87% 91% 93% 87% 90% 90% 90% 90% 90%
11% 16% 17% 12% 15% 15% 15% 15% 15%
64% 77% 63% 79% 73% 73% 73% 74% 74%
146% 145% 170% 160% 160% 151% 166% 173% 174%
8% 13% 12% 12% 14% 14% 15% 16% 17%

mponent Breakup 5 way Du Pont

n Operating Margin Asset Turnover Leverage Ratio ROE

170% 17
166%
160% 160%
156%
151%
146% 145%

93% 91% 93% 90% 87% 90% 90% 90% 90%

87% 84% 85% 85%
88% 82% 82%
78%
77% 71% 79%
73% 73% 73% 74
64% 63%

16% 17% 15% 15% 15% 1

11% 12%
7%

ar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

 16% 17% 15% 15% 15% 1
11% 12%
7%

ar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

omponent Breakup 5 way Du Pont

urden Operating Margin Asset Turnover Leverage Ratio R

170% 17
166%
160% 160%
151%
146% 145%

07%
93% 91% 93% 90% 90% 90% 90%
8% 87% 84% 87% 85%
79% 82% 82%
8% 77%
71% 73% 73% 73%
64% 63%

15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Ma

Ratio ROE

173% 174%
166%

90% 90% 90%

82% 85% 83%

73% 74% 74%

15% 15% 15%

Mar-22 Mar-23 Mar-24

 15% 15% 15%

Mar-22 Mar-23 Mar-24

age Ratio ROE

173% 174%
166%

90% 90% 90%

82% 85% 83%
73% 74% 74%

1 Mar-22 Mar-23 Mar-24

 Company Financials Visualization and

Financials Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Revenue INR Mil 27,106 36,321 38,794 55,704 58,620 64,232
Operating Income INR Mil 7,785 9,977 2,150 11,310 8,516 4,476
Net Income INR Mil 5,780 6,761 2,076 10,039 7,872 4,263
Payout Ratio % * 5.61% 9.00% 27.01% 5.64% 8.72% 20.90%
Book Value Per Share * INR 192.23 345.71 523.77 567.49 1098.17 1345.94
Cap Spending INR Mil 5,355 11,725 11,540 11,540 8,971 15,846
Working Capital INR Mil 6,161 7,452 6,155 3,575 8,548 8,303

Revenue, Operating Income, Net Income and Work

250,000

200,000

150,000

100,000 95,530
85,638

64,232
55,704 58,620 55,136
50,000 38,794
36,321
27,106

0
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Revenue INR Mil Operating Income INR Mil Net Income I

Payout Ratio %
50.00%

45.00%

40.00%
36.02%
35.00%

30.00%
27.01%
25.00%
20.90%
20.00%

15.00% 13.25%
40.00%
36.02%
35.00%

30.00%
27.01%
25.00%
20.90%
20.00%

15.00% 13.25%

10.00% 9.00% 8.72% 7.78%

5.61% 5.64%
5.00%

0.00%
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Book Value Per Share

6000.00

5000.00

4000.00

3000.00
2541.91
2199.43
2000.00 1675.03
1345.94
1098.17
1000.00
523.77 567.49
345.71
192.23
0.00
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Capital Spending INR Million

30,000

25,251
25,000

20,000

15,846
15,000
12,809
11,725 11,540 11,540 11,249
10,000 8,971

5,355
5,000

0
 12,809
11,725 11,540 11,540 11,249
10,000 8,971

5,355
5,000

0
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
als Visualization and Analysis

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

55,136 85,638 95,530 122,606 125,058 131,311 161,513 190,585 217,267
5,793 13,398 16,494 15,014 19,018 19,969 24,562 28,983 33,041
11,431 13,391 13,842 10,150 19,313 20,000 24,739 29,543 34,437
7.78% 36.02% 13.25% 23.81% 43.46% 43.46% 43.46% 43.46% 43.46%
1675.03 2199.43 2541.91 2763.09 3075.03 3398.13 3797.77 4275.03 4831.37
11,249 12,809 25,251 19,343 13,363 14,164 14,408 14,694 15,010
6,187 12,932 27,330 25,926 17,031 24,168 15,445 10,176 9,323

et Income and Working Capital INR Million

217,267

190,585

161,513

131,311
122,606 125,058

95,530
85,638

16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

NR Mil Net Income INR Mil Working Capital INR Mil

ayout Ratio %

43.46% 43.46% 43.46% 43.46% 43.46%

36.02%

23.81%

13.25%
 36.02%

23.81%

13.25%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Value Per Share

4831.37

4275.03
3797.77
3398.13
3075.03
2763.09
2541.91
2199.43

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

pending INR Million

25,251

19,343

14,408 14,694 15,010

14,164
12,809 13,363
12,809

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

 Mar-11 Mar-12 Mar-13
Cash & Short-Term Investments 34.70% 35.66% 23.04%
Accounts Receivable 1.99% 1.72% 1.68%
Inventory 7.11% 4.56% 7.30%
Other Current Assets 0.33% 0.22% 0.23%
Total Current Assets 44.13% 42.16% 32.25%
Net PP&E 31.32% 32.61% 35.04%
Intangibles 0.00% 0.00% 0.00%
Other Long-Term Assets 23.80% 24.92% 32.45%
Accounts Payable 6.72% 0.01% 3.50%
Short-Term Debt 0.00% 0.00% 0.00%
Other Short-Term Liabilities 12.12% 19.65% 15.84%
Total Current Liabilities 19.32% 20.18% 19.70%
Long-Term Debt 53.58% 44.13% 42.93%
Other Long-Term Liabilities 0.00% 0.00% 0.00%
Total Liabilities 72.91% 64.31% 62.63%
Total Stockholders' Equity 27.09% 35.69% 37.36%

Mar-24 31.46% 39.00% 6.10%

Mar-23 31.33% 38.83% 6.08%

Mar-22 31.13% 38.58% 6.04%

Mar-21 31.08% 38.52% 6.03%

Mar-20 30.46% 46.89% 5.54%

Mar-19 37.65% 33.05%

Mar-18 29.39% 29.53% 7.23%

Mar-17 23.84% 40.12% 5.87%

Mar-16 31.79% 40.28% 6.83

Mar-15 36.88% 31.09%

Mar-14 29.70% 38.38% 10

Mar-13 32.25% 35.04% 15.8

Mar-12 42.16% 32.61%

Mar-11 44.13% 31.32%

0.00% 50.00% 100.00%

Mar-13 32.25% 35.04% 15.8

Mar-12 42.16% 32.61%

Mar-11 44.13% 31.32%

0.00% 50.00% 100.00%

Cash & Short-Term Investments Accounts Receivab

Intangibles Other Long-Term A
Long-Term Debt Other Long-Term L

Compos

80.00%

72.91%

70.00%
64.31%
62.63% 62.40%
59.80%
60.00%

50.00%

40.20%
40.00% 37.36% 37.60%
35.69%

30.00%
27.09%

20.00%

10.00%
8.18% 8.61%
7.11% 7.30%
4.56%
0.00%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Inv
 Finanicial Health Ratios Visualization and Analysis

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

10.09% 17.09% 11.37% 3.38% 5.26%
2.19% 5.11% 4.05% 5.57% 3.00%
8.18% 8.61% 11.05% 10.74% 11.77%
9.23% 2.29% 2.18% 3.23% 8.88%
29.70% 36.88% 31.79% 23.84% 29.39%
38.38% 31.09% 40.28% 40.12% 29.53%
0.00% 0.00% 0.00% 0.00% 0.11%
30.46% 30.51% 25.98% 32.23% 36.42%
3.74% 1.31% 2.56% 3.63% 3.15%
8.31% 13.72% 10.28% 6.17% 6.93%
10.41% 7.16% 6.83% 5.87% 7.23%
22.46% 23.00% 20.46% 16.61% 17.81%
29.79% 7.19% 6.10% 4.77% 4.65%
7.55% 5.11% 6.51% 6.80% 5.48%
59.80% 37.60% 35.72% 31.47% 31.06%
40.20% 62.40% 64.28% 68.53% 68.94%

Composition of Balance Sheet as % of Total Assets (Common Size)

6.10% 10.19% 42.16% 57.84%

6.08% 10.19% 39.63% 60.37%

6.04% 10.19% 33.98% 66.02%

6.03% 10.19% 37.38% 62.62%

5.54% 14.87% 37.58% 62.42%

5.54% 14.54% 41.24% 58.76%

7.23% 4.65% 31.06% 68.94%

5.87% 4.77% 31.47% 68.53%

6.83% 6.10% 35.72% 64.28%

7.16% 7.19% 37.60% 62.40%

10.41% 29.79% 59.80%

15.84% 42.93% 62.63%

19.65% 44.13% 64.31%

12.12% 53.58% 72.91%

150.00% 200.00% 250.00%

 15.84% 42.93% 62.63%

19.65% 44.13% 64.31%

12.12% 53.58% 72.91%

150.00% 200.00% 250.00%

Accounts Receivable Inventory Other Current Assets Total Current A

Other Long-Term Assets Accounts Payable Short-Term Debt Other Short-Te
Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity

Composition of Balance Sheet as % of Total Assets (Common Size)

68.53% 68.94%

64.28%
62.40% 62.42%
58.76%

41.24%
37.60% 37.58%
35.72%
31.47% 31.06%

11.05% 11.77% 12.07%

10.74% 10.36%
8.61%

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

Inventory Total Liabilities Total Stockholders' Equity

d Analysis

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

15.97% 3.01% 7.90% 7.91% 7.96%
3.03% 6.61% 4.46% 4.46% 4.49%
10.36% 12.07% 11.15% 11.17% 11.24%
7.57% 7.94% 6.54% 6.55% 6.60%
37.65% 30.46% 31.08% 31.13% 31.33%
33.05% 46.89% 38.52% 38.58% 38.83%
0.08% 0.30% 0.20% 0.20% 0.21%
25.84% 18.40% 26.64% 26.68% 26.85%
4.80% 3.47% 3.64% 3.64% 3.67%
7.88% 3.18% 6.48% 6.48% 6.48%
5.54% 5.54% 6.03% 6.04% 6.08%
19.60% 13.73% 21.17% 17.71% 24.31%
14.54% 14.87% 10.19% 10.19% 10.19%
3.77% 4.51% 3.42% 3.39% 2.80%
41.24% 37.58% 37.38% 33.98% 39.63%
58.76% 62.42% 62.62% 66.02% 60.37%

ommon Size)
57.84%

60.37%

66.02%

62.62%

62.42%

58.76%

94%

64.28%

62.40%

59.80% 40.20%

62.63% 37.36%

64.31% 35.69%

72.91% 27.09%

250.00% 300.00% 350.00% 400.00%

 62.63% 37.36%

64.31% 35.69%

72.91% 27.09%

250.00% 300.00% 350.00% 400.00%

ssets Total Current Assets Net PP&E

Other Short-Term Liabilities Total Current Liabilities
ers' Equity

s (Common Size)

66.02%
62.42% 62.62%
60.37%
58.76% 57.84%

41.24% 42.16%
39.63%
37.58% 37.38%
33.98%

12.07% 11.15% 11.17% 11.24% 11.29%

10.36%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

kholders' Equity
Mar-24
7.99%
4.51%
11.29%
6.63%
31.46%
39.00%
0.21%
26.97%
3.68%
6.48%
6.10%
27.53%
10.19%
2.38%
42.16%
57.84%

400.00%
 400.00%

%
57.84%

42.16%
%

% 11.29%

23 Mar-24
 Liquidity Ratios Visualiz

Mar-11 Mar-12

Current Ratio (Current Assets/Current Liabilities) 2.28 2.09

Quick Ratio (Cash+Short Term Investments+Receivables)/Current Liabilities 1.90 1.85

Financial Leverage (Total Assets/Total Equity) 3.69 2.80

Debt/Equity 1.98 1.24

Liquidity R
4.00
3.69

3.50

3.00
2.80
2.68
2.49
2.50
2.28
2.09
2.00

1.64 1.60
1.60 1.56
1.55
1.46
1.44
1.50
1.32

1.00

0.50

0.00
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Current Ratio (Current Assets/Current Liabilities) Quick Rati

Financial Leverage (Total Assets/Total Equity) Debt/Equi
quidity Ratios Visualization and Analysis

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
1.64 1.32 1.60 1.55 1.44 1.65 1.92 2.22 1.47 1.76
1.25 0.55 0.97 0.75 0.54 0.46 0.97 0.70 0.58 0.70
2.68 2.49 1.60 1.56 1.46 1.45 1.70 1.60 1.60 1.51
1.15 0.93 0.23 0.24 0.22 0.19 0.37 0.38 0.26 0.25

Liquidity Ratios

2.22

1.92
1.70 1.76 1.73
1.65 1.60 1.60 1.66
1.56
1.55 1.51
1.46
1.44 1.45 1.47
1.29
1.14

Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24

abilities) Quick Ratio (Cash+Short Term Investments+Receivables)/Current Liabilities

quity) Debt/Equity
 Mar-23 Mar-24
1.29 1.14
0.51 0.45
1.66 1.73
0.25 0.25

1.73
1.66

1.29
1.14

Jan-23 Jan-24
 Efficiency Ratios Vi

Mar-11
Days Sales Outstanding (Average Receivables/Net Credit Sales)*365 7.25
Days Inventory (Average Inventory/COGS)*365 51.96
Payables Period (Average Payables/COGS*365) 26.22
Cash Conversion Cycle (Days sales outstanding+ Days Inventory-Payables period) 32.99
Receivables Turnover (Sales/Average Receivables) 50.34
Receivables Period (365/Receivables Turnover) 7.25
Inventory Turnover (COGS/Average Inventory) 7.03
Fixed Assets Turnover (Sales/ Average PPE) 2.88
Asset Turnover (Sales/ Average Asset) 0.92

Efficien
1000.00

900.56
900.00

800.00

700.00
660.33

600.00

500.00 477.58

422.09 421.51
400.00
352.88 356.14 361.88

300.00
266.50 267.10
233.82
197.23
200.00
137.66
100.24
100.00 84.41
71.86
51.96 54.84
32.99
26.22 24.08 21.96 26.86
8.97 13.86 19.03
7.25 7.07
0.00
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Days Sales Outstanding (Average Receivables/Net Credit Sales)*365

Payables Period (Average Payables/COGS*365)
Receivables Period (365/Receivables Turnover)
100.00 84.41
71.86
51.96 54.84
32.99
26.22 24.08 21.96 26.86
8.97 13.86 19.03
7.25 7.07
0.00
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Days Sales Outstanding (Average Receivables/Net Credit Sales)*365

Payables Period (Average Payables/COGS*365)
Receivables Period (365/Receivables Turnover)
 Efficiency Ratios Visualization and Analysis

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
7.07 8.97 13.86 19.03 21.96 26.86 16.93 28.33 26.64 22.91
71.86 422.09 352.88 421.51 477.58 900.56 607.25 625.36 533.86 573.16
24.08 197.23 100.24 84.41 137.66 267.10 227.23 230.10 164.05 187.04
54.84 233.82 266.50 356.14 361.88 660.33 396.94 423.59 396.45 409.02
51.63 40.71 26.34 19.18 16.62 13.59 21.56 12.88 13.70 15.93
7.07 8.97 13.86 19.03 21.96 26.86 16.93 28.33 26.64 22.91
5.08 0.86 1.03 0.87 0.76 0.41 0.60 0.58 0.68 0.64
2.57 2.15 2.92 2.41 2.01 1.64 2.06 1.56 1.77 1.84
0.88 0.79 1.00 0.87 0.81 0.56 0.65 0.62 0.75 0.71

Efficiency Ratios

900.56

660.33
625.36 623.48
607.25 609.50
573.16
533.86

477.58
444.94 434.96
423.59
409.02
396.94 396.45
361.88

267.10
227.23 230.10
203.47 198.91
187.04
164.05
137.66

21.96 26.86 16.93 28.33 26.64 22.91 24.92 24.36

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

es/Net Credit Sales)*365 Days Inventory (Average Inventory/COGS)*365

65) Cash Conversion Cycle (Days sales outstanding+ Days Inventory-Payables period)
ver)
 21.96 26.86 16.93 28.33 26.64 22.91 24.92 24.36

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

es/Net Credit Sales)*365 Days Inventory (Average Inventory/COGS)*365

65) Cash Conversion Cycle (Days sales outstanding+ Days Inventory-Payables period)
ver)
 Mar-22 Mar-23 Mar-24
24.92 24.36 23.91
623.48 609.50 598.32
203.47 198.91 195.26
444.94 434.96 426.98
14.65 14.98 15.26
24.92 24.36 23.91
0.59 0.60 0.61
1.69 1.73 1.77
0.66 0.67 0.69

623.48
609.50
598.32

444.94 434.96 426.98

203.47 198.91 195.26

24.92 24.36 23.91

Mar-22 Mar-23 Mar-24

bles period)
 24.92 24.36 23.91

Mar-22 Mar-23 Mar-24

bles period)
 Cashflow Ratios Visualization and An

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Operating Cash Flow Growth % YOY 55.58% -14.34% 0.00% 17.27% 11.19% -11.58%
Net Income Margin 18.61% 5.35% 18.02% 13.43% 6.64% 20.73%
Free Cash Flow Growth % YOY -69.87% -197.91% 0.00% -554.39% -150.72% -161.77%
Cap Ex as a % of Sales 19.76% 32.28% 29.75% 20.72% 15.30% 24.67%
Free Cash Flow/Sales % 9.98% 2.24% -2.06% -1.43% 6.19% -2.86%
Free Cash Flow/Net Income 46.80% 12.05% -38.44% -7.95% 46.06% -43.14%

Cashflow Ratios (March-10 to March-

2000.00%

1500.00%

1000.00%

697.01%

500.00%

0.00%
0.00%
-69.87%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
-150.72% Mar-16
-161.77% Mar-17 Mar-18 -122.1
Mar-
-197.91% -171.69%

-500.00% -554.39%

-1000.00%

Net Income Margin Free Cash Flow Growth % YOY Cap Ex as a %

 Visualization and Analysis

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

77.76% -14.67% 10.71% 75.99% 5.38% 8.15% 18.52% 16.65%
15.64% 14.49% 8.28% 15.44% 15.23% 15.32% 15.50% 15.85%
697.01% -171.69% -122.12% 1518.67% 5.04% 11.88% 27.24% 22.79%
20.40% 14.96% 26.43% 15.78% 10.69% 10.79% 8.92% 7.71%
2.06% 10.57% -6.79% 1.17% 18.59% 18.59% 16.91% 18.24%
9.94% 67.61% -46.89% 14.15% 120.35% 122.07% 110.41% 117.64%

March-10 to March-19)

1518.67%

5.04% 11.88% 27.24% 22.79%

7 Mar-18 -122.12%
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
-171.69%

Y Cap Ex as a % of Sales Free Cash Flow/Net Income

 Profitability Ratios Visu

Margins % of Sales Mar-10 Mar-11 Mar-12

COGS 42.91% 35.84% 8.50%
Gross Margin 57.09% 64.16% 91.50%
Operating Margin 28.72% 27.47% 5.54%
EBT Margin 26.67% 23.90% 2.85%
Net Margin % 21.32% 18.61% 5.35%
Return on Assets % 19.68% 16.30% 4.22%
Financial Leverage (Average) (Total Assets/ Total Equity) 3.69 2.80 2.68
Return on Equity % (Net Profit/ Average Equity) 61.40% 44.43% 10.87%
Return on Invested Capital % (EBIT/(Equity+Non Current Liability)) 38.86% 36.87% 5.46%

Percentage Ma
400.00%
3.69

350.00%

300.00%
2.80
2.68
2.49
250.00%

200.00%

1.60 1.56
1.46 1.
150.00%

100.00%

42.91%
50.00% 35.84%
28.72% 27.47%
20.30% 15.6
14.53%
9.90% 10.28% 10.51% 10.1
8.50%
5.54% 8.68% 6.97% 8.21%
0.00%
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar

COGS Operating Margin Net Margin %

ROE,ROA,RO
 ROE,ROA,RO

32.40% 37.77% 26.56% 35.98% 37.38% 36.37% 22.20% 35.6

100%

90%

80% 46.10%
52.91%
51.19%
70%
41.97% 38.20% 39.4
45.53% 38.32%
60%

50%

40%
31.70%
30% 25.43%
24.30% 24.8
22.04%
20.52%
20%
16.41% 16.70%

10%

0%
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Ma

Return on Assets % Return on Equity % (Net Profit/ Average Equity

ofitability Ratios Visualization and Analysis

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
8.68% 9.90% 10.28% 8.21% 10.12% 10.51% 10.56% 10.00% 10.00% 10.00%
91.32% 90.10% 89.72% 91.79% 89.88% 89.49% 89.44% 90.00% 90.00% 90.00%
20.30% 14.53% 6.97% 10.51% 15.64% 17.27% 12.25% 15.21% 15.21% 15.21%
20.10% 13.90% 6.24% 21.33% 17.88% 19.13% 9.34% 16.68% 16.68% 16.69%
18.02% 13.43% 6.64% 20.73% 15.64% 14.49% 8.28% 15.44% 15.23% 15.32%
18.09% 11.67% 5.37% 11.59% 10.18% 9.04% 6.21% 10.97% 9.99% 10.33%
2.49 1.60 1.56 1.46 1.45 1.70 1.60 1.60 1.51 1.66
34.44% 18.40% 8.06% 16.86% 16.14% 14.91% 9.93% 17.05% 15.88% 17.51%
29.52% 17.95% 7.68% 8.12% 14.60% 13.55% 11.23% 14.04% 13.47% 14.74%

Percentage Margins Charts

1.70 1.73 1.74

1.66
1.60 1.60
1.51
1.46 1.45

15.64% 17.27% 12.25% 15.21% 15.21% 15.21% 15.21% 15.21%

10.51%
8.21% 10.12% 10.51% 10.56% 10.00% 10.00% 10.00% 10.00% 10.00%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

argin Net Margin % Financial Leverage (Average) (Total Assets/ Total Equity)

ROE,ROA,ROIC Chart
 ROE,ROA,ROIC Chart

22.20% 35.68% 36.13% 41.03% 33.37% 34.24% 34.61% 34.59% 32.8

46.10%

40.54% 40.37% 42.6

39.44% 41.12% 41.49%
39.77%
36.29%

31.70%

24.88% 26.09% 25.40%

24.10% 24.26% 23.92% 24.5
22.69%

Mar-16 Mar-17 Mar-18 Mar-19

Net Profit/ Average Equity) Return on Invested Capital % (EBIT/(Equity+Non Current Liability))
 Mar-23 Mar-24
10.00% 10.00%
90.00% 90.00%
15.21% 15.21%
16.70% 16.70%
15.50% 15.85%
10.69% 11.71%
1.73 1.74
18.54% 20.37%
15.46% 15.69%

1.73 1.74

15.21% 15.21%
10.00% 10.00%

Mar-23 Mar-24
% 34.59% 32.85%

42.64%
% 41.49%

% 23.92% 24.52%
 Valuation Ratios Visualization and An

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Enterprise Value/ EBIT 11.90 10.64 86.57 15.54 41.40 94.46
Enterprise Value/ EBITDA 11.90 10.64 86.61 15.54 41.40 94.46
Market Cap/EBIT 9.08 7.93 71.51 13.44 38.65 89.92

Valuation Ratios
100.00

89.92
94.46 89.01
90.00 91.13
86.61
80.00

71.51
70.00

60.00

50.00 47.22
48.62

40.00 38.65
41.40
34.99
38.51

30.00

20.00
13.44
15.54
9.08
10.00 7.93
11.90 10.64

0.00
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Enterprise Value/ EBIT Enterprise Value/ EBITDA

tios Visualization and Analysis

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

91.13 48.62 38.51 49.68 27.26 26.06 21.59 18.63 16.61
91.13 48.62 38.51 49.68 27.26 26.06 21.59 18.63 16.61
89.01 47.22 34.99 47.47 25.00 23.81 19.36 16.41 14.39

aluation Ratios

47.22 47.47
48.62 49.68

34.99
38.51

25.00 23.81
27.26 26.06
19.36
21.59 16.41
18.63 14.39
16.61

6 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Enterprise Value/ EBITDA Market Cap/EBIT