Weighted Average Cost of Capital

All figures are in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Avenue Super. India 710.8 228,379.5 30.00% 0.31% 0.31% 1.24 1.24
Trent India 4,526.0 47,567.8 30.00% 9.51% 8.69% 1.40 1.31
Vedant Fashions India 248.9 28,378.3 30.00% 0.88% 0.87% 1.37 1.36
Aditya Bir. Fas. India 4,617.6 23,395.4 30.00% 19.74% 16.48% 1.23 1.08
Metro Brands India 805.5 23,076.6 30.00% 3.49% 3.37% 1.41 1.38

Average 30.00% 6.79% 5.94% 1.33 1.27

Median 30.00% 3.49% 3.37% 1.37 1.31

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 9.72% Risk Free Rate 7.39%

Tax Rate 30.00% Equity Risk Premium 8.02%
After Tax Cost of Debt 6.80% Levered Beta 4 1.68
Cost of Equity 20.88%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 1.31

Total Debt 710.8 0.31% 5.94% Target Debt/ Equity 6.32%
Market Capitalization 228,379.5 99.69% 94.06% Tax Rate 30.00%
Total Capitalization 229090.28 100.00% 100.00% Levered Beta 1.68

Debt / Equity 0.31% 6.32% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 20.88%
2. Levered Beta is based on 5 year monthly data Equity Weight 94.06%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 6.80%
Debt Weight 5.94%

WACC 20.04%
Regression Beta - 2 Years Weekly

Avenue Supermart Weekly Returns NIFTY Returns

Date Closing Price Return Closing Price Return

2/22/2021 2,994.2 14,529.2
3/1/2021 3,286.1 9.75% 14,938.1 2.81%
3/8/2021 3,129.4 -4.77% 15,031.0 0.62%
3/15/2021 2,960.3 -5.40% 14,744.0 -1.91%
3/22/2021 2,855.2 -3.55% 14,507.3 -1.61%
3/29/2021 2,912.7 2.01% 14,867.3 2.48%
4/5/2021 2,947.8 1.20% 14,834.8 -0.22%
4/12/2021 2,919.9 -0.94% 14,617.8 -1.46%
4/19/2021 2,713.7 -7.06% 14,341.3 -1.89%
4/26/2021 2,852.9 5.13% 14,631.1 2.02%
5/3/2021 2,895.5 1.49% 14,823.2 1.31%
5/10/2021 2,844.6 -1.76% 14,677.8 -0.98%
5/17/2021 3,034.1 6.66% 15,175.3 3.39%
5/24/2021 3,022.1 -0.40% 15,435.7 1.72%
5/31/2021 3,197.0 5.79% 15,670.3 1.52%
6/7/2021 3,175.6 -0.67% 15,799.3 0.82%
6/14/2021 3,317.7 4.48% 15,683.3 -0.73%
6/21/2021 3,315.4 -0.07% 15,860.3 1.13%
6/28/2021 3,314.3 -0.03% 15,722.2 -0.87%
7/5/2021 3,377.6 1.91% 15,689.8 -0.21%
7/12/2021 3,349.2 -0.84% 15,923.4 1.49%
7/19/2021 3,413.2 1.91% 15,856.0 -0.42%
7/26/2021 3,500.8 2.57% 15,763.0 -0.59%
8/2/2021 3,529.2 0.81% 16,238.2 3.01%
8/9/2021 3,594.6 1.85% 16,529.1 1.79%
8/16/2021 3,643.1 1.35% 16,450.5 -0.48%
8/23/2021 3,833.1 5.21% 16,705.2 1.55%
8/30/2021 3,938.9 2.76% 17,323.6 3.70%
9/6/2021 3,950.5 0.29% 17,369.3 0.26%
9/13/2021 4,239.6 7.32% 17,585.2 1.24%
9/20/2021 4,422.4 4.31% 17,853.2 1.52%
9/27/2021 4,235.6 -4.22% 17,532.1 -1.80%
10/4/2021 4,408.0 4.07% 17,895.2 2.07%
10/11/2021 5,323.8 20.78% 18,338.6 2.48%
10/18/2021 4,521.5 -15.07% 18,114.9 -1.22%
10/25/2021 4,635.5 2.52% 17,671.7 -2.45%
11/1/2021 4,783.7 3.20% 17,916.8 1.39%
11/8/2021 5,078.5 6.16% 18,102.8 1.04%
11/15/2021 5,080.9 0.05% 17,764.8 -1.87%
11/22/2021 4,718.8 -7.13% 17,026.4 -4.16%
11/29/2021 4,799.0 1.70% 17,196.7 1.00%
12/6/2021 4,796.6 -0.05% 17,511.3 1.83%
12/13/2021 4,697.8 -2.06% 16,985.2 -3.00%
12/20/2021 4,628.9 -1.47% 17,003.8 0.11%
12/27/2021 4,671.5 0.92% 17,354.1 2.06%
1/3/2022 4,731.4 1.28% 17,812.7 2.64%
1/10/2022 4,322.7 -8.64% 18,255.8 2.49%
1/17/2022 4,299.8 -0.53% 17,617.2 -3.50%
1/24/2022 4,076.0 -5.20% 17,101.9 -2.92%
1/31/2022 4,081.9 0.14% 17,516.3 2.42%
2/7/2022 4,142.3 1.48% 17,374.8 -0.81%
2/14/2022 4,073.1 -1.67% 17,276.3 -0.57%
2/21/2022 4,190.8 2.89% 16,658.4 -3.58%
2/28/2022 4,110.2 -1.92% 16,245.3 -2.48%
3/7/2022 4,199.0 2.16% 16,630.4 2.37%
3/14/2022 4,192.8 -0.15% 17,287.1 3.95%
3/21/2022 4,001.3 -4.57% 17,153.0 -0.78%
3/28/2022 4,082.2 2.02% 17,670.4 3.02%
4/4/2022 4,146.3 1.57% 17,784.3 0.64%
4/11/2022 4,090.9 -1.33% 17,475.7 -1.74%
4/18/2022 4,028.9 -1.52% 17,171.9 -1.74%
4/25/2022 3,944.3 -2.10% 17,102.6 -0.40%
5/2/2022 3,666.2 -7.05% 16,411.3 -4.04%
5/9/2022 3,230.6 -11.88% 15,782.2 -3.83%
5/16/2022 3,630.4 12.38% 16,266.2 3.07%
5/23/2022 3,613.9 -0.46% 16,352.5 0.53%
5/30/2022 3,820.1 5.71% 16,584.3 1.42%
6/6/2022 3,755.6 -1.69% 16,201.8 -2.31%
6/13/2022 3,460.6 -7.86% 15,293.5 -5.61%
6/20/2022 3,412.0 -1.40% 15,699.3 2.65%
6/27/2022 3,388.8 -0.68% 15,752.0 0.34%
7/4/2022 3,941.7 16.32% 16,220.6 2.97%
7/11/2022 3,926.8 -0.38% 16,049.2 -1.06%
7/18/2022 3,963.4 0.93% 16,719.4 4.18%
7/25/2022 4,243.9 7.08% 17,158.3 2.62%
8/1/2022 4,232.3 -0.27% 17,397.5 1.39%
8/8/2022 4,336.7 2.47% 17,698.2 1.73%
8/15/2022 4,382.0 1.04% 17,758.4 0.34%
8/22/2022 4,409.6 0.63% 17,558.9 -1.12%
8/29/2022 4,576.8 3.79% 17,539.4 -0.11%
9/5/2022 4,386.1 -4.17% 17,833.3 1.68%
9/12/2022 4,327.5 -1.33% 17,530.8 -1.70%
9/19/2022 4,367.0 0.91% 17,327.3 -1.16%
9/26/2022 4,386.5 0.45% 17,094.3 -1.34%
10/3/2022 4,471.5 1.94% 17,314.7 1.29%
10/10/2022 4,306.1 -3.70% 17,185.7 -0.74%
10/17/2022 4,215.5 -2.10% 17,576.3 2.27%
10/24/2022 4,307.4 2.18% 17,786.8 1.20%
10/31/2022 4,167.4 -3.25% 18,117.2 1.86%
11/7/2022 4,128.4 -0.94% 18,349.7 1.28%
11/14/2022 3,910.6 -5.27% 18,307.7 -0.23%
11/21/2022 3,904.4 -0.16% 18,512.8 1.12%
11/28/2022 4,005.8 2.59% 18,696.1 0.99%
12/5/2022 4,002.4 -0.08% 18,496.6 -1.07%
12/12/2022 3,990.0 -0.31% 18,269.0 -1.23%
12/19/2022 3,875.6 -2.87% 17,806.8 -2.53%
12/26/2022 4,068.8 4.98% 18,105.3 1.68%
1/2/2023 3,842.5 -5.56% 17,859.4 -1.36%
1/9/2023 3,863.7 0.55% 17,956.6 0.54%
1/16/2023 3,513.8 -9.06% 18,027.7 0.40%
1/23/2023 3,562.4 1.38% 17,604.3 -2.35%
1/30/2023 3,470.4 -2.58% 17,854.1 1.42%
2/6/2023 3,498.9 0.82% 17,856.5 0.01%
2/13/2023 3,545.0 1.32% 17,944.2 0.49%
2/20/2023 3,552.9 0.22% 17,844.6 -0.56%
 Beta Drifting Beta 1 1.24
Beta 2 1.24
Levered Raw Beta 1.24
Raw Beta Weight 75.00% Beta 3 1.24

Market Beta 1.00 SUMMARY OUTPUT

Market Beta Weight 25.00%
Regression Statistics
Adjusted Beta 1.18 Multiple R 0.511080844763
R Square 0.261203629884
Adjusted R Square 0.253960528216
Standard Error 0.042285168881
Observations 104

ANOVA
df SS MS
Regression 1 0.064480852 0.06448085
Residual 102 0.182379622 0.00178804
Total 103 0.246860473

Coefficients Standard Error t Stat

Intercept 0.000106691156 0.004170846 0.02558022
X Variable 1 1.242119630401 0.206840754 6.00519775
 F Significance F
36.06240004 2.96303E-08

P-value Lower 95% Upper 95% Lower 95.0%

Upper 95.0%
0.979642145 -0.00816616 0.0083795453 -0.008166 0.00838
2.96303E-08 0.831851976 1.6523872851 0.831852 1.652387
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 Avenue Super. 3525.6 228379.45 710.83 0.05
2 Trent 1338.1 47567.78 4525.96 1.9
3 Vedant Fashions 1168.9 28378.34 248.92 0.22
4 Aditya Bir. Fas. 246.6 23395.42 4617.57 1.28
5 Metro Brands 849.25 23076.59 805.48 0.56
Return on Markets

Year Annual
2000 -14.65% Average Return 15.41%
2001 -16.18% Dividend Yield 1.39% 1
2002 3.25% Total Market Returns 15.41%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
 Calculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21

Current Assets
Inventories 2,658.0 3,150.0 3,390.0 3,799.0
Trade receivables 1,731.0 1,907.0 1,795.0 2,602.0
Loans n Advances 1,141.0 1,058.0 1,177.0 1,846.0
Other asset items 551.0 414.0 561.0 720.0
Total Current Assets 6,081.0 6,529.0 6,923.0 8,967.0

Current Liabilities
Trade Payables 2,160.0 2,394.0 2,137.0 3,379.0
Advance from Customers 16.0 13.0 29.0 41.0
Other liability items 2,316.0 2,690.0 2,320.0 2,613.0
Total Current Liabilities 4,492.0 5,097.0 4,486.0 6,033.0

# Net Working Capital 1,589.0 1,432.0 2,437.0 2,934.0

Non Current Assets

Land 586.0 605.0 640.0 644.0
Building 957.0 2,402.0 2,257.0 2,249.0
Plant Machinery 2,157.0 4,006.0 4,208.0 4,340.0
Equipments 200.0 221.0 241.0 243.0
Furniture n fittings 72.0 88.0 94.0 99.0
Vehicles 27.0 47.0 43.0 38.0
Intangible Assets 468.0 512.0 505.0 476.0
Other fixed assets 238.0 261.0 293.0 302.0
Gross Block 4,705.0 8,142.0 8,281.0 8,391.0
Accumulated Depreciation (973.0) (1,592.0) (2,010.0) (2,533.0)
# Net Non Current Assets 3,732.0 6,550.0 6,271.0 5,858.0

# Invested Capital 5,321.0 7,982.0 8,708.0 8,792.0

EBIT 2,843.5 3,142.8 3,376.3 4,064.3

# ROIC 53.44% 39.37% 38.77% 46.23%

# Calculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21

Net Capex 1,409.0 1,134.0 367.0 254.0

Change in Working Capital (157.0) 1,005.0 497.0
 EBIT 2,843.5 3,142.8 3,376.3 4,064.3
Marginal Tax Rate 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 2,132.7 2,357.1 2,532.2 3,048.2

Reinvestment 977.0 1,372.0 751.0

Reinvestment Rate 41.45% 54.18% 24.64%

4 Year Average
4 Year Median

# Calculation of Growth Rate Mar-18 Mar-19 Mar-20 Mar-21

Reinvestment Rate 41.45% 54.18% 24.64%

ROIC 39.37% 38.77% 46.23%
Intrinsic Growth 16.32% 21.01% 11.39%

4 Year Average
4 Year Median
 Mar-22

6,153.0
3,871.0
2,216.0
661.0
12,901.0

4,164.0
76.0
2,932.0
7,172.0

5,729.0

644.0
2,325.0
4,531.0
253.0
113.0
32.0
411.0
294.0
8,603.0
(3,085.0)
5,518.0

11,247.0
3,987.2

35.45%

Mar-22

498.0
2,795.0
3,987.2
25.00%
2,990.4

3,293.0
110.12%

57.60%
47.82%

Mar-22

110.12%
35.45%
39.04%

21.94%
18.66%
 0 0.5 1.5 2.5
Calculation of PV of FCFF Mar-22 Mar-23 Feb-24 Feb-25

EBIT 4,228.89 5,106.38 6,165.96 7,445.40

Tax Rate 25.00% 25.00% 25.00% 25.00%

EBIT (1-T) 3,171.67 3,829.79 4,624.47 5,584.05

Less: Reinvestment Rate 49.14% 49.14% 49.14% 49.14%

Free Cash Flow to Firm 1,613.11 1,947.83 2,352.01 2,840.05

Discounting Factor 1.00 0.91 0.76 0.63

PV of FCFF 1,613.11 1,777.82 1,788.32 1,798.88

Expected Growth 20.75%

Terminal Growth 5.38%

Calculation of Terminal Value Sensitivity Analysis

250.98 18.00% 20.04%
FCFF (n+1) 5,000.19 3.00%
WACC 20.04% 4.00%
Terminal Growth Rate 5.38% 5.38%
6.00%
Terminal Value 34105.76558 7.00%

Calculation of Enterprise Value

PV of FCFF 8,994.72
PV of Terminal Value 14991.6
Value of Operating Asset 23,986.29

Add: Cash 864

Less: Debt 776
Value of Equity 24,074.29
No. of Shares 95.92
Value per Share 251.0
 3.5 4.5
Feb-26 Feb-27

8,990.32 10,855.81

25.00% 25.00%

6,742.74 8,141.85

49.14% 49.14%

3,429.36 4,140.95

0.53 0.44

1,809.51 1,820.20

22.00% 24.00%
Amount in crores
Comparable Company Valuation
Market Data Financials Valuation

Share Shares Enterprise

Company Ticker Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Cipla 893 80.72 72,111 -861 71,250 22,274 3,787 2,682 3.2x 18.8x 26.9x
Sun Pharma.Inds. 1,012 239.93 242,833 -668 242,165 42,402 9,328 4,303 5.7x 26.0x 56.4x
Dr Reddy's Labs 4,699 16.65 78,245 -690 77,555 23,830 5,004 3,644 3.3x 15.5x 21.5x
Torrent Pharma. 1,575 33.84 53,290 3,680 56,969 9,260 2,130 831 6.2x 26.7x 64.1x
Zydus Lifesci. 494 101.22 50,018 1,339 51,357 16,434 2,794 2,187 3.1x 18.4x 22.9x
Alkem Lab 3,406 11.96 40,732 -724 40,008 11,181 1,453 1,047 3.6x 27.5x 38.9x
Aurobindo Pharma 535 58.59 31,352 311 31,663 24,192 2,661 1,998 1.3x 11.9x 15.7x
Biocon 216 120.06 25,909 4,112 30,021 9,809 1,275 512 3.1x 23.5x 50.6x
Syngene Intl. 605 40.14 24,271 494 24,765 2,958 592 431 8.4x 41.9x 56.3x
Ipca Labs. 830 25.37 21,067 93 21,160 6,022 783 533 3.5x 27.0x 39.5x
High 8.4x 41.9x 64.1x
75th Percentile 5.2x 27.0x 54.9x
Average 4.1x 23.7x 39.3x
Median 3.4x 24.8x 39.2x
25th Percentile 3.1x 18.5x 23.9x
Low 1.3x 11.9x 15.7x

Cipla Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 75,382 93,723 104,315
Net Debt -861 -861 -861
Implied Market Value 76,242 94,584 105,176
Shares Outstanding 80.72 80.72 80.72
Implied Value per Share 944.5 1,171.8 1,303.0
Source: The Valuation School, Screener.in
 Football Field Analysis - Valuation Summary (Rs)
350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00
Comps DCF Bear DCF Base DCF Bull 52W H/L
Football Field Analysis - Data
OpenLow Low OpenHigh High
Comps 162.5 162.5 220 220
DCF Bear 181.7 181.7 203.9 203.9
DCF Base 229.2 229.2 270.4 270.4
DCF Bull 263.9 263.9 323.9 323.9
52W H/L 126 126 199 199
S.No. Name CMP Rs. No. Eq. Shares Cr. Market Cap Debt Rs.Cr.
1 Sun Pharma.Inds. 1012.10 239.93 242833.15 4365.53
2 Dr Reddy's Labs 4699.40 16.65 78245.01 1728.90
3 Cipla 893.35 80.72 72111.21 1067.66
4 Torrent Pharma. 1574.75 33.84 53289.54 4083.00
5 Zydus Lifesci. 494.15 101.22 50017.86 2446.00
6 Alkem Lab 3405.65 11.96 40731.57 1854.59
7 Aurobindo Pharma 535.10 58.59 31351.51 4501.21
8 Biocon 215.80 120.06 25908.95 5859.40
9 Syngene Intl. 604.65 40.14 24270.65 1009.00
10 Ipca Labs. 830.40 25.37 21067.25 733.70

11 J B Chem & Pharm 2029.60 7.74 15709.10 357.40

12 Glenmark Pharma. 482.10 28.22 13604.86 4239.59
13 Suven Pharma 470.20 25.46 11971.29 91.48
14 Natco Pharma 578.20 18.26 10557.93 85.60
15 Alembic Pharma 508.50 19.66 9997.11 770.64
16 Piramal Pharma 70.00 119.33 8353.10 5016.34
17 Glenmark Life 406.10 12.25 4974.73 7.45
18 FDC 265.15 16.59 4398.84 32.41
19 Indoco Remedies 331.15 9.22 3053.20 298.60
20 Strides Pharma 303.65 9.03 2741.96 3115.85
21 Aarti Pharma 287.50 9.06 2604.75 338.28
22 Unichem Labs. 340.45 7.04 2396.77 310.23
23 Wockhardt 160.90 14.41 2318.57 2171.00
24 Dishman Carbogen 133.95 15.68 2100.34 2038.27
25 IOL Chemicals 321.80 5.87 1888.97 87.98
26 Gufic BioScience 188.05 9.69 1822.20 185.45
27 Supriya Lifesci. 206.20 8.05 1659.91 36.42
28 Morepen Labs. 27.00 51.12 1380.24 22.81
29 RPG LifeScience. 747.40 1.65 1233.21 0.43
30 Solara Active 338.65 3.60 1219.14 973.16
Cash End Rs.Cr. EV Sales Rs.Cr. EBITDA NP 12M Rs.Cr.
5033.35 -667.82 242165.33 42401.77 9328.39 4302.66
2419.20 -690.30 77554.71 23829.50 5004.20 3644.10
1928.48 -860.82 71250.39 22274.15 3786.61 2682.08
403.41 3679.59 56969.13 9260.00 2129.80 831.00
1106.90 1339.10 51356.96 16433.50 2793.70 2187.00
2578.58 -723.99 40007.58 11180.52 1453.47 1047.34
4190.01 311.20 31662.71 24191.79 2661.10 1997.90
1747.50 4111.90 30020.85 9809.10 1275.18 512.40
515.10 493.90 24764.55 2957.90 591.58 431.20
640.66 93.04 21160.29 6021.79 782.83 532.83

58.53 16007.97 3011.55 572.19 407.35

1411.52 16432.93 12635.55 2021.69 953.11
47.31 12015.46 1334.82 560.62 378.99
206.10 10437.43 2406.00 505.26 389.00
69.43 10698.32 5661.91 339.71 219.78
328.99 13040.45 6559.10 721.50 375.96
512.16 4470.02 2053.96 575.11 419.50
38.66 4392.59 1690.00 236.60 173.55
19.21 3332.59 1648.11 230.74 156.35
187.35 5670.46 3568.04 -71.36 -169.57
83.27 2859.76 1199.94 167.99 122.25
114.10 2592.90 1310.88 -52.44 -86.50
406.00 4083.57 2628.00 -78.84 -695.00
172.09 3966.52 2363.35 47.27 -3.70
137.88 1839.07 2202.39 154.17 102.46
26.57 1981.08 679.78 115.56 81.86
227.91 1468.42 499.94 149.98 97.84
45.97 1357.08 1422.13 56.89 42.75
70.26 1163.38 498.12 89.66 64.81
47.25 2145.05 1424.01 14.24 -24.19
 Historical Financial Statement - ASIAN PAI
Years Mar-13 Mar-14 Mar-15 Mar-16

# Income Statement
Sales ₹ 10,503.9 ₹ 12,220.4 ₹ 13,615.3 ₹ 14,271.5
Sales Growth - 16.34% 11.41% 4.82%

COGS ₹ 7,336.3 ₹ 8,439.0 ₹ 9,298.8 ₹ 9,413.8

COGS % Sales 69.84% 69.06% 68.30% 65.96%

Gross Profit ₹ 3,167.63 ₹ 3,781.39 ₹ 4,316.49 ₹ 4,857.65

Gross Margins 30.16% 30.94% 31.70% 34.04%

Selling & General Expenses ₹ 1,430.24 ₹ 1,777.73 ₹ 2,073.60 ₹ 2,132.61

S&G Exp % Sales 13.62% 14.55% 15.23% 14.94%

EBITDA ₹ 1,737.39 ₹ 2,003.66 ₹ 2,242.89 ₹ 2,725.04

EBITDA Margins 16.54% 16.40% 16.47% 19.09%

Interest ₹ 42.06 ₹ 47.99 ₹ 42.24 ₹ 49.00

Interest % Sales 0.40% 0.39% 0.31% 0.34%

Depreciation ₹ 154.60 ₹ 245.66 ₹ 265.92 ₹ 275.58

Depreciation%Sales 1.47% 2.01% 1.95% 1.93%

Earnings Before Tax ₹ 1,540.73 ₹ 1,710.01 ₹ 1,934.73 ₹ 2,400.46

EBT % Sales 14.67% 13.99% 14.21% 16.82%

Tax ₹ 495.7 ₹ 571.5 ₹ 649.5 ₹ 844.5

Effective Tax Rate 32.17% 33.42% 33.57% 35.18%

Net Profit ₹ 1,045.0 ₹ 1,138.5 ₹ 1,285.2 ₹ 1,556.0

Net Margins 9.95% 9.32% 9.44% 10.90%

No of Equity Shares 95.92 95.92 95.92 95.92

Earnings per Share ₹ 10.89 ₹ 11.87 ₹ 13.40 ₹ 16.22

EPS Growth % 8.94% 12.88% 21.07%

Dividend per Share ₹ 4.60 ₹ 5.30 ₹ 6.1 ₹ 7.5

Dividend payout ratio 42.22% 44.65% 45.53% 46.23%

Retained Earnings 57.78% 55.35% 54.47% 53.77%

# Balance Sheet
Equity Share Capital ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9
Reserves ₹ 3,288.4 ₹ 3,943.3 ₹ 4,646.4 ₹ 6,428.9
Borrowings ₹ 251.0 ₹ 249.2 ₹ 418.2 ₹ 323.3
Other Liabilities ₹ 3,149.3 ₹ 3,787.0 ₹ 3,754.0 ₹ 3,710.9
Total Liabilities ₹ 6,784.5 ₹ 8,075.4 ₹ 8,914.5 ₹ 10,559.0

Fixed Assets Net Block ₹ 2,441.0 ₹ 2,561.6 ₹ 2,660.0 ₹ 3,416.4

Capital Work in Progress ₹ 59.2 ₹ 71.6 ₹ 196.0 ₹ 106.6
Investments ₹ 295.7 ₹ 1,423.6 ₹ 1,587.8 ₹ 2,712.1
Other Assets ₹ 440.8 ₹ 609.5 ₹ 825.7 ₹ 714.7
Total Non Current Assets ₹ 3,236.6 ₹ 4,666.2 ₹ 5,269.5 ₹ 6,949.8

Receivables ₹ 980.9 ₹ 1,110.3 ₹ 1,182.1 ₹ 1,186.8

Inventory ₹ 1,830.3 ₹ 2,069.9 ₹ 2,258.5 ₹ 1,998.2
Cash & Bank ₹ 736.7 ₹ 229.0 ₹ 204.4 ₹ 424.2
Total Current Assets ₹ 3,547.9 ₹ 3,409.2 ₹ 3,645.0 ₹ 3,609.3

Total Assets ₹ 6,784.5 ₹ 8,075.4 ₹ 8,914.5 ₹ 10,559.0

Check 1 TRUE TRUE TRUE

# Cash Flow Statements

Cash from Operating Activities ₹ 1,186.8 ₹ 1,402.0 ₹ 1,187.7 ₹ 2,243.0

Cash from Investing Activities (₹ 463.2) (₹ 586.0) (₹ 465.0) (₹ 866.2)

Cash from Financing Activities (₹ 601.0) (₹ 625.9) (₹ 576.1) (₹ 849.0)

Net Cash Flow ₹ 122.6 ₹ 190.1 ₹ 146.6 ₹ 527.8

cal Financial Statement - ASIAN PAINTS LTD
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 LTM

₹ 15,062.0 ₹ 16,824.6 ₹ 19,240.1 ₹ 20,211.3 ₹ 21,712.8 ₹ 29,101.3 ₹ 33,593.9

5.54% 11.70% 14.36% 5.05% 7.43% 34.03% 15.44%

₹ 9,732.7 ₹ 11,194.2 ₹ 12,905.8 ₹ 13,158.0 ₹ 14,035.1 ₹ 20,590.6 ₹ 27,755.6

64.62% 66.53% 67.08% 65.10% 64.64% 70.75% 82.62%

₹ 5,329.33 ₹ 5,630.38 ₹ 6,334.32 ₹ 7,053.23 ₹ 7,677.72 ₹ 8,510.71 ₹ 5,838.37

35.38% 33.47% 32.92% 34.90% 35.36% 29.25% 17.38%

₹ 2,335.57 ₹ 2,426.37 ₹ 2,569.38 ₹ 2,896.41 ₹ 2,822.12 ₹ 3,707.10

15.51% 14.42% 13.35% 14.33% 13.00% 12.74% 0.00%

₹ 2,993.76 ₹ 3,204.01 ₹ 3,764.94 ₹ 4,156.82 ₹ 4,855.60 ₹ 4,803.61 ₹ 6,051.04

19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.01%

₹ 37.33 ₹ 41.47 ₹ 110.47 ₹ 102.33 ₹ 91.63 ₹ 95.41 ₹ 128.16

0.25% 0.25% 0.57% 0.51% 0.42% 0.33% 0.38%

₹ 334.79 ₹ 360.47 ₹ 622.14 ₹ 780.50 ₹ 791.27 ₹ 816.36 ₹ 842.96

2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.51%

₹ 2,621.64 ₹ 2,802.07 ₹ 3,032.3 ₹ 3,274.0 ₹ 3,972.7 ₹ 3,891.8 ₹ 5,079.9

17.41% 16.65% 15.76% 16.20% 18.30% 13.37% 15.12%

₹ 943.3 ₹ 1,041.0 ₹ 1,098.1 ₹ 854.9 ₹ 1,097.6 ₹ 1,102.9 ₹ 1,357.2

35.98% 37.15% 36.21% 26.11% 27.63% 28.34% 26.72%

₹ 1,678.4 ₹ 1,761.1 ₹ 1,934.3 ₹ 2,419.1 ₹ 2,875.1 ₹ 2,788.9 ₹ 3,722.7

11.14% 10.47% 10.05% 11.97% 13.24% 9.58% 11.08%

95.92 95.92 95.92 95.92 95.92 95.92 95.92

₹ 17.50 ₹ 18.36 ₹ 20.17 ₹ 25.22 ₹ 29.97 ₹ 29.08 ₹ 38.81

7.87% 4.93% 9.83% 25.07% 18.85% -3.00% 33.48%

₹ 10.3 ₹ 8.7 ₹ 10.5 ₹ 12.0 ₹ 17.8 ₹ 19.2 -

58.87% 47.38% 52.07% 47.58% 59.55% 65.86% 0.00%

41.13% 52.62% 47.93% 52.42% 40.45% 34.14% 100.00%

 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9
₹ 7,508.0 ₹ 8,314.3 ₹ 9,374.6 ₹ 10,034.2 ₹ 12,710.4 ₹ 13,715.6
₹ 560.3 ₹ 533.4 ₹ 1,319.6 ₹ 1,118.5 ₹ 1,093.1 ₹ 1,586.9
₹ 4,241.0 ₹ 4,819.8 ₹ 5,458.7 ₹ 4,889.3 ₹ 6,455.9 ₹ 7,560.0
₹ 12,405.2 ₹ 13,763.5 ₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4

₹ 3,303.7 ₹ 3,732.2 ₹ 6,496.6 ₹ 6,272.3 ₹ 5,858.5 ₹ 5,519.1

₹ 257.5 ₹ 1,405.1 ₹ 209.7 ₹ 140.2 ₹ 183.0 ₹ 426.4
₹ 2,652.0 ₹ 2,140.7 ₹ 2,568.6 ₹ 2,018.9 ₹ 4,736.8 ₹ 3,247.5
₹ 1,317.2 ₹ 1,691.8 ₹ 1,472.0 ₹ 1,738.7 ₹ 2,565.5 ₹ 2,876.7
₹ 7,530.4 ₹ 8,969.9 ₹ 10,746.8 ₹ 10,170.1 ₹ 13,343.8 ₹ 12,069.7

₹ 1,446.6 ₹ 1,730.6 ₹ 1,907.3 ₹ 1,795.2 ₹ 2,602.2 ₹ 3,871.4

₹ 2,626.9 ₹ 2,658.3 ₹ 3,149.9 ₹ 3,389.8 ₹ 3,798.6 ₹ 6,153.0
₹ 801.2 ₹ 404.7 ₹ 444.9 ₹ 782.8 ₹ 610.8 ₹ 864.3
₹ 4,874.8 ₹ 4,793.6 ₹ 5,502.1 ₹ 5,967.9 ₹ 7,011.5 ₹ 10,888.8

₹ 12,405.2 ₹ 13,763.5 ₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4

TRUE TRUE TRUE TRUE TRUE TRUE

₹ 1,527.3 ₹ 2,113.4 ₹ 2,469.5 ₹ 3,038.2 ₹ 3,683.4 ₹ 986.5

(₹ 681.1) (₹ 1,556.1) (₹ 917.8) (₹ 517.9) (₹ 540.5) (₹ 316.8)

(₹ 756.4) (₹ 1,379.1) (₹ 1,117.5) (₹ 2,871.5) (₹ 650.4) (₹ 1,807.6)

₹ 89.8 (₹ 821.8) ₹ 434.3 (₹ 351.2) ₹ 2,492.4 (₹ 1,137.9)

COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE A
CURRENT VERSION 2.10

META
Number of shares 95.92
Face Value 1
Current Price 2855.15
Market Capitalization 273865.36

PROFIT & LOSS 1,960.83

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 10503.91 12220.37 13615.26 14271.49 15061.99
Raw Material Cost 5636.23 6339.75 6874.83 6569.83 7452.6
Change in Inventory 149.56 90.28 148.07 -199.33 528.6
Power and Fuel 114.71 133.74 130.68 114.48 106.02
Other Mfr. Exp 1107.31 1292.18 1504.47 1535.22 1662.75
Employee Cost 627.59 763.59 936.86 994.98 1039.89
Selling and admin 2273.91 2826.43 3351.66 3912.3 4364.04
Other Expenses -843.67 -1048.7 -1278.06 -1779.69 -2028.47
Other Income 114.48 124.26 142.14 213.39 337.9
Depreciation 154.6 245.66 265.92 275.58 334.79
Interest 42.06 47.99 42.24 49 37.33
Profit before tax 1655.21 1834.27 2076.87 2613.85 2959.54
Tax 495.69 571.51 649.54 844.49 943.29
Net profit 1113.88 1218.81 1395.15 1745.16 1939.43
Dividend Amount 441.23 508.38 585.11 719.4 987.98
Effective Tax Rate 30% 31% 31% 32% 32%

EBITDA 1,806.23 2,083.97 2,352.85 2,914.23 3,254.84

Quarters
Report Date Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Sales 5350.23 6788.47 6651.43 5585.36 7096.01
Expenses 4085.03 5000.58 5333.17 4674.32 6191.56
Other Income 94.41 123.17 81.26 89.61 148.4
Depreciation 193.58 193.17 213.35 200.59 202.75
Interest 20.51 21.13 29.86 21.48 23.86
Profit before tax 1145.52 1696.76 1156.31 778.58 826.24
Tax 293.62 431.41 286.42 204.28 221.07
Net profit 830.37 1238.34 852.13 568.5 595.96
Operating Profit 1265.2 1787.89 1318.26 911.04 904.45
EBITDA 1,338.08 1,884.05 1,381.76 994.85 1,043.64

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 95.92 95.92 95.92 95.92 95.92
Reserves 3288.37 3943.3 4646.44 6428.9 7507.97
Borrowings 250.96 249.15 418.17 323.29 560.34
Other Liabilities 3149.25 3787.03 3753.97 3710.92 4240.96
Total 6784.5 8075.4 8914.5 10559.03 12405.19
Net Block 2440.97 2561.58 2660.04 3416.35 3303.74
Capital Work in Progress 59.21 71.6 196 106.59 257.54
Investments 295.68 1423.55 1587.79 2712.13 2651.99
Other Assets 3988.64 4018.67 4470.67 4323.96 6191.92
Total 6784.5 8075.4 8914.5 10559.03 12405.19
Receivables 980.88 1110.3 1182.07 1186.84 1446.6
Inventory 1830.29 2069.86 2258.52 1998.24 2626.94
Cash & Bank 736.69 229 204.39 424.2 801.21
No. of Equity Shares 95919779 959197800 959197790 959197790 959197790
New Bonus Shares
Face value 10 1 1 1 1

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 1186.79 1402.03 1187.69 2242.95 1527.33
Cash from Investing Activity -463.2 -585.99 -464.99 -866.21 -681.11
Cash from Financing Activity -601 -625.91 -576.09 -848.98 -756.43
Net Cash Flow 122.59 190.13 146.61 527.76 89.79

PRICE: 491.73 547.95 811.3 868.4 1073.5

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92 95.92
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

2,918.79
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
16824.55 19240.13 20211.25 21712.79 29101.28
8128.17 9974.4 9981.99 10425.55 17123.25
-142.13 293.26 239.15 92.45 1324.97
110.3 119.63 97.79 86.05 117.23
1691.68 1862.35 1946.12 2068.31 2880.45
1121.89 1242.69 1371.27 1547.61 1794.61
2254.92 2366.87 2311.51 2245.69 2941.98
171.45 202.51 584.9 576.43 765.12
336.41 273.77 355.05 331.65 295.88
360.47 622.14 780.5 791.27 816.36
41.47 110.47 102.33 91.63 95.41
3138.48 3306.1 3629.04 4304.35 4187.72
1040.96 1098.06 854.85 1097.6 1102.91
2038.93 2155.92 2705.17 3139.29 3030.57
834.5 1007.16 1151.04 1712.17 1836.87
33% 33% 24% 25% 26%

3,481.83 3,986.59 4,442.85 5,119.79 5,045.25

Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

8527.24 7892.67 8606.94 8457.57 8636.74
6984.93 6449.38 7050.99 7229.87 7025.31
86.77 -26.38 87.52 117.56 122.21
207.91 205.11 208.1 215.7 214.05
27.45 22.62 28.75 35.4 41.39
1393.72 1189.18 1406.62 1094.16 1478.2
362.43 315.13 370.59 290.33 381.14
1015.69 850.42 1016.93 782.71 1072.67
1542.31 1443.29 1555.95 1227.7 1611.43
1,613.48 1,393.28 1,624.37 1,324.14 1,709.25

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

 95.92 95.92 95.92 95.92 95.92
8314.31 9374.63 10034.24 12710.37 13715.64
533.43 1319.6 1118.5 1093.12 1586.88
4819.82 5458.69 4889.31 6455.93 7559.99
13763.48 16248.84 16137.97 20355.34 22958.43
3732.24 6496.56 6272.31 5858.52 5519.06
1405.11 209.67 140.24 182.98 426.43
2140.7 2568.58 2018.85 4736.8 3247.53
6485.43 6974.03 7706.57 9577.04 13765.41
13763.48 16248.84 16137.97 20355.34 22958.43
1730.63 1907.33 1795.22 2602.17 3871.44
2658.31 3149.86 3389.81 3798.6 6152.98
404.65 444.88 782.83 610.75 864.33
959197790 959197790 959197790 959197790 959197790

1 1 1 1 1
2,969.43 -16.15 -198.09 -125.41

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

2113.44 2469.54 3038.15 3683.35 986.49
-1556.14 -917.79 -517.91 -540.54 -316.75
-1379.14 -1117.46 -2871.46 -650.4 -1807.61
-821.84 434.29 -351.22 2492.41 -1137.87

1120.4 1492.7 1666.5 2537.4 3079.95

95.92 95.92 95.92 95.92 95.92

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

Equity Capital 96.0 96.0 96.0 96.0 96.0 96.0

Reserves 2,092.0 2,653.0 3,288.0 3,943.0 4,646.0 6,429.0
Borrowings -
Long term Borrowings 58.0 55.0 47.0 41.0 78.0 73.0
Short term Borrowings 171.0 280.0 190.0 199.0 332.0 231.0
Lease Liabilities - - - - - -
Other Borrowings 4.0 6.0 14.0 9.0 8.0 20.0
Other Liabilities -
Non controlling int 110.0 137.0 161.0 246.0 264.0 384.0
Trade Payables 1,087.0 1,333.0 1,442.0 1,746.0 1,549.0 1,565.0
Advance from Customers - - - - 5.0 12.0
Other liability items 992.0 1,153.0 1,547.0 1,795.0 1,937.0 1,750.0
Total Liabilities 4611 5712 6784 8075 8914 10559

Fixed Assets -
Land 220.0 225.0 238.0 247.0 251.0 429.0
Building 553.0 573.0 874.0 931.0 962.0 923.0
Plant Machinery 1,011.0 1,070.0 1,956.0 2,054.0 2,132.0 1,793.0
Equipments 66.0 79.0 137.0 155.0 171.0 97.0
Furniture n fittings 45.0 50.0 57.0 71.0 83.0 49.0
Vehicles 9.0 11.0 11.0 14.0 18.0 11.0
Intangible Assets 59.0 53.0 57.0 203.0 351.0 339.0
Other fixed assets 62.0 84.0 99.0 128.0 145.0 103.0
Gross Block 2,025.0 2,146.0 3,429.0 3,804.0 4,112.0 3,744.0
Accumulated Depreciation 704.0 834.0 979.0 1,223.0 1,438.0 275.0
Net Block 1,321.0 1,312.0 2,450.0 2,581.0 2,674.0 3,469.0

CWIP 43.0 617.0 59.0 72.0 196.0 107.0

Investments 429.0 355.0 296.0 1,424.0 1,588.0 2,712.0

Other Assets -
Inventories 1,305.0 1,599.0 1,830.0 2,070.0 2,259.0 1,998.0
Trade receivables 573.0 781.0 981.0 1,110.0 1,182.0 1,187.0
Cash Equivalents 626.0 624.0 737.0 229.0 204.0 424.0
Loans n Advances 229.0 249.0 353.0 496.0 574.0 606.0
Other asset items 94.0 186.0 87.0 113.0 252.0 109.0
Total Assets 4,611.0 5,712.0 6,784.0 8,075.0 8,914.0 10,559.0

Cash from Operating Activity - 762 710 1,187 1,402 1,188 2,243
Profit from operations 1,331 1,539 1,784 2,051 2,271 2,848
Receivables -82 -305 -299 -254 -155 -146
Inventory -350 -293 -247 -231 -144 202
Payables 255 188 388 317 -151 142
Other WC items 0 0 0 0 0 0
Working capital changes -176 -410 -159 -168 -450 198
Direct taxes -392 -430 -438 -480 -633 -802
Exceptional CF items 0 10 0 0 0 0
Cash from Investing Activity - -439 -386 -463 -586 -465 -866
Fixed assets purchased -156 -546 -644 -251 -454 -817
Fixed assets sold 6 6 7 16 16 15
Investments purchased -336 -290 -247 -872 -243 -282
Investments sold 0 398 330 463 278 205
Interest received 10 6 11 14 11 15
Dividends received 35 42 33 65 71 69
Redemp n Canc of Shares 0 0 0 0 0 0
Acquisition of companies 0 0 0 0 0 0
Other investing items 2 -1 46 -21 -144 -70
Cash from Financing Activity - -334 -327 -601 -626 -576 -849
Proceeds from borrowings 12 109 33 44 239 8
Repayment of borrowings -6 -12 -135 -81 -86 -119
Interest paid fin -23 -40 -37 -42 -35 -40
Dividends paid -317 -383 -462 -547 -695 -764
Financial liabilities 0 0 0 0 0 0
Other financing items 0 0 0 0 0 66
Net Cash Flow -11 -2 123 190 147 528
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

96.0 96.0 96.0 96.0 96.0 96.0

7,508.0 8,314.0 9,375.0 10,034.0 12,710.0 13,716.0

41.0 28.0 19.0 19.0 15.0 45.0

504.0 492.0 597.0 321.0 334.0 731.0
- - 693.0 764.0 745.0 811.0
15.0 13.0 11.0 15.0 - -

375.0 328.0 361.0 404.0 423.0 388.0

1,923.0 2,160.0 2,394.0 2,137.0 3,379.0 4,164.0
17.0 16.0 13.0 29.0 41.0 76.0
1,925.0 2,316.0 2,690.0 2,320.0 2,613.0 2,932.0
12405 13763 16249 16138 20355 22958

408.0 586.0 605.0 640.0 644.0 644.0

931.0 957.0 2,402.0 2,257.0 2,249.0 2,325.0
1,980.0 2,157.0 4,006.0 4,208.0 4,340.0 4,531.0
119.0 200.0 221.0 241.0 243.0 253.0
59.0 72.0 88.0 94.0 99.0 113.0
14.0 27.0 47.0 43.0 38.0 32.0
276.0 468.0 512.0 505.0 476.0 411.0
128.0 238.0 261.0 293.0 302.0 294.0
3,914.0 4,705.0 8,141.0 8,282.0 8,392.0 8,604.0
610.0 973.0 1,592.0 2,010.0 2,533.0 3,085.0
3,304.0 3,732.0 6,549.0 6,272.0 5,859.0 5,519.0

258.0 1,405.0 210.0 140.0 183.0 426.0

2,652.0 2,141.0 2,569.0 2,019.0 4,737.0 3,248.0

2,627.0 2,658.0 3,150.0 3,390.0 3,799.0 6,153.0

1,447.0 1,731.0 1,907.0 1,795.0 2,602.0 3,871.0
801.0 405.0 445.0 783.0 611.0 864.0
807.0 1,141.0 1,058.0 1,177.0 1,846.0 2,216.0
510.0 551.0 414.0 561.0 720.0 661.0
12,405.0 13,763.0 16,249.0 16,138.0 20,355.0 22,958.0

1,527 2,113 2,470 3,038 3,683 986

3,056 3,274 3,861 4,380 4,970 4,957
-475 -483 -205 160 -849 -1,326
-629 -39 -492 -251 -409 -2,354
501 442 287 -241 1,143 644
0 0 0 0 -92 242
-603 -80 -410 -331 -206 -2,795
-925 -1,081 -982 -1,011 -1,080 -1,176
0 0 0 0 0 0
-681 -1,556 -918 -518 -541 -317
-684 -1,426 -1,151 -404 -282 -538
17 17 17 37 28 40
-153 -320 -573 -25 -140 0
357 362 733 134 272 207
32 39 40 65 73 77
74 38 40 27 8 15
0 141 0 0 0 0
0 -525 0 0 0 0
-324 118 -24 -353 -500 -118
-756 -1,379 -1,117 -2,871 -650 -1,808
271 10 243 18 155 418
-58 -54 -26 -279 -14 -8
-36 -35 -106 -101 -89 -94
-947 -1,218 -1,049 -2,121 -499 -1,763
0 0 -180 -179 -203 -221
13 -82 0 -209 0 -140
90 -822 434 -351 2,492 -1,138