PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Sales 34660.7 37216.3 42375.5 56302.8 63522.9 60728.9 57369.9
Raw Material Cost 22404.4 22391.5 25757.5 34539.6 36903.4 34995 32779.1
Change in Inventory 772.9 -17.8 6.8 227.5 165.1 26.2 181.2
Power and Fuel 615.2 622.8 650.4 780.4 976.3 990.5 919.7
Other Mfr. Exp 757.4 862.2 949 1440 1759.2 1469 1405.3
Employee Cost 6365.2 7157.3 8090.9 11067.8 14169.4 14372.6 14099.6
Selling and admin 1481.8 1565 1830.7 2301.9 2760 2388.1 2173.1
Other Expenses 965.7 1051.5 932.6 1272.1 1771.3 1885.9 1804.3
Other Income 211.6 176.9 345.5 124.6 333.3 642.4 567.5
Depreciation 920.6 1087.2 1059.1 1575.2 2058.2 2721 2926
Interest 317.8 345 374.9 410.8 423.2 592.8 511.5
Profit before tax 1817.1 2292.9 3082.7 3267.1 3200.3 1982.6 1500
Tax 525.6 519.2 910.3 1007.2 1102.2 688.1 -69.4
Net profit 862.5 1292.3 1554.3 1597 1613.1 1170.1 1039.2
Dividend Amount 264.6 330.75 280.8 473.62 473.7 473.7 473.7

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 17614.71 18302.24 20267.24 22516.99 22462.18 23473.79 25643.89
Expenses 16537.89 16864.43 18664.97 20480.75 20537.56 21584.95 23327.96
Other Income 99.25 -45.8 80.08 34.85 76 -10.19 171.61
Depreciation 732.38 748.72 815.04 839.7 838.9 867.39 1016.38
Interest 169.39 183.71 149.4 278.44 252.63 487.94 620.26
Profit before tax 274.3 459.58 717.91 952.95 909.09 523.32 850.9
Tax 92.75 171.38 217.18 253.85 260.97 229.17 217.6
Net profit 141.22 246.43 453.93 653.96 600.87 201.55 541.96
Operating Profit 1076.82 1437.81 1602.27 2036.24 1924.62 1888.84 2315.93

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 88.20 132.30 140.40 210.50 315.80 315.80 315.80
Reserves 3,235.60 4,264.80 8,132.30 9,673.60 10,646.90 10,945.10 12,244.80
Borrowings 5,130.60 6,068.70 10,349.30 10,373.60 11,534.20 13,136.40 11,929.60
Other Liabilities 8,970.70 9,198.80 13,321.70 16,716.40 20,257.10 20,635.80 23,258.50
Total 17,425.10 19,664.60 31,943.70 36,974.10 42,754.00 45,033.10 47,748.70
Net Block 6,128.90 7,146.90 12,192.60 14,712.30 18,422.70 20,750.10 20,099.10
Capital Work in Progress 955.80 1,397.00 1,934.80 2,584.90 1,066.80 851.80 876.90
Investments 64.90 589.70 473.70 791.60 855.40 796.10 846.50
Other Assets 10,275.50 10,531.00 17,342.60 18,885.30 22,409.10 22,635.10 25,926.20
Total 17,425.10 19,664.60 31,943.70 36,974.10 42,754.00 45,033.10 47,748.70
Receivables 3,014.40 4,653.70 4,655.20 5,623.60 6,166.30 5,178.40 5,693.10
Inventory 3,750.00 2,285.00 3,071.60 4,013.20 4,663.40 5,156.60 4,995.60
Cash & Bank 1,891.90 1,771.70 4,886.60 2,781.50 3,546.90 4,878.90 5,906.20
No. of Equity Shares 881,919,360.00 ### ### ### ### ### ###
New Bonus Shares 440,959,680.00 701,763,164.00 ###
Face value 1.00 1.00 1.00 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity 3389.7 2188.4 3799.7 3264 4312.4 6352 5051.3
Cash from Investing Activity -2844.4 -1906.1 -6145.3 -3194.1 -3318.5 -2220.2 -1886
Cash from Financing Activity 494.5 -263.2 5517.6 -2221.4 -224.6 -2802.9 -2097.5
Net Cash Flow 1039.8 19.1 3172 -2151.5 769.3 1328.9 1067.8
Mar-22 Mar-23 Mar-24
63774 78788.1 98691.7
36987.7 45640.9 54367.9
251.4 323.5 -46.8
1285.7 2101.8 1708.3
1940.3 2460.9 3212.8
15374.6 17931.4 23538.5
2783.8 3943 5335.5
939.1 782.2 1160.2
575 70.1 140.2
2958.2 3135.8 3810.5
542.6 780.9 1811.2
1788.4 2404.8 3840.2
606.9 735.2 820.6
873.8 1495.6 2716.2
293.67 440.44 542.08

Mar-24 Jun-24 Sep-24

27058.22 28867.96 27811.86
24123.65 26092.65 25363.92
160.52 178.94 443.47
1087.83 1064.57 1102.84
450.38 444.48 546.16
1556.88 1445.2 1242.41
112.88 348.02 293.6
1371.82 994.17 879.74
 2934.57 2775.31 2447.94

Mar-22 Mar-23 Mar-24

451.80 677.60 677.60
20,136.50 21,773.90 25,477.30
14,129.70 13,792.30 19,921.90
21,007.60 25,086.20 38,101.00
55,725.60 61,330.00 84,177.80
21,411.20 23,146.90 30,121.50
1,309.70 1,477.90 2,497.80
6,461.70 6,289.90 6,521.40
26,543.00 30,415.30 45,037.10
55,725.60 61,330.00 84,177.80
6,573.10 8,513.50 15,637.10
6,441.70 7,822.80 9,138.60
4,999.40 4,698.70 6,985.70
### ### ###

1.00 1.00 1.00

Mar-22 Mar-23 Mar-24

2462.7 4643 7568.9
-2304.4 -2248.2 -6644.5
-1217.4 -2734.2 1280.7
-1059.1 -339.4 2205.1
 Note: The following Assumptions are applicable only for this tab (i.e ratio analysis) and not for the further tabs

Q. From the following Profit and loss, Balance Sheet and Cash flow Statement calculate the following ratios for the year ended March 2024

PROFIT & LOSS BALANCE SHEET

Report Date Mar-23 Mar-24 Report Date Mar-23
Sales 78,788.10 98,691.70 Equity Share Capital 677.6
Raw Material Cost 45,640.90 54,367.90 Reserves 21773.9
Change in Inventory 323.50 -46.80 Borrowings 13792.3
Power and Fuel 2,101.80 1,708.30 Other Liabilities 25086.2
Other Mfr. Exp 2,460.90 3,212.80 Total 61330
Employee Cost 17,931.40 23,538.50 Net Block 23146.9
Selling and admin 3,943.00 5,335.50 Capital Work in Progress 1477.9
Other Expenses 782.20 1,160.20 Investments 6289.9
Other Income 70.10 140.20 Other Assets 30415.3
Depreciation 3,135.80 3,810.50 Total 61330
Interest 780.90 1,811.20 Receivables 8513.5
Profit before tax 2,404.80 3,840.20 Inventory 7822.8
Tax 735.20 820.60 Cash & Bank 4698.7
Net profit 1,495.60 2,716.20 No. of Equity Shares 6776421367
Dividend Amount 440.44 542.08 New Bonus Shares
Face value 1

S.No. Ratios Solutions Assumptions:

1 Gross Profit Margin ratio 39.88% (employee cost only includes salaries)
2 Operating Profit Margin Ratio 5.42%
3 Net Profit Margin Ratio 2.75%
4 Return on Assets 3.23%
5 Return on Equity 10.39% (Shareholder's fund consist of Equity share capital and reserves)
6 Return on Capital Employed 11.61% (Capital emplyed includes Shareholder's fund and borrowings)
7 EBITDA Margin 9.54%
8 Inventory Turnover Ratio 7.00 x
9 Accounts Recevivale Turnover 3.27 x 39,476.68 (Net credit sales are 40% of the total sales- 39,476.68 )
10 Asset Turnover Ratio 1.36 x
11 Fixed Asset Turnover 3.71 x (Fixed Assets only includes Net block)
12 Working Capital Turnover 4.73 x (Avearage Working Capital is 100 times of Equity Share Capital)
13 Debt to equity ratio 29.40 x Assuming Shareholders fund and included reserves
14 Debt to Asset Ratio 0.24 x
15 Interest Coverage Ratio 3.09 x
16 Financial Leverage Ratio 3.22 x
17 Equity Ratio 0.31
18 Days Sales Outstanding 44.66 (Net credit sales are 40% of the total sales and number of days is 365)
19 Price to sales ratio 1.18 (Market capitalisation of the company is 116272)
20 Enterprise Value to EBITDA 13.72
d March 2024

CASH FLOW
Mar-24 Report Date Mar-23 Mar-24
677.6 Cash from Operating Activity 4643 7568.9
25477.3 Cash from Investing Activity -2248.2 -6644.5
19921.9 Cash from Financing Activity -2734.2 1280.7
38101 Net Cash Flow -339.4 2205.1
84177.8
30121.5 # Calculation of EBIT = Net Income + Interest + Taxes
2497.8
6521.4
45037.1
84177.8
15637.1
9138.6
6985.7
6776421366

1
of days is 365)
PROFIT & LOSS
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 34660.7 37216.3 42375.5 56302.8 63522.9 60728.9 57369.9
Raw Material Cost 22404.4 22391.5 25757.5 34539.6 36903.4 34995 32779.1
Change in Inventory 772.9 -17.8 6.8 227.5 165.1 26.2 181.2
Power and Fuel 615.2 622.8 650.4 780.4 976.3 990.5 919.7
Other Mfr. Exp 757.4 862.2 949 1440 1759.2 1469 1405.3
Employee Cost 6365.2 7157.3 8090.9 11067.8 14169.4 14372.6 14099.6
Selling and admin 1481.8 1565 1830.7 2301.9 2760 2388.1 2173.1
Other Expenses 965.7 1051.5 932.6 1272.1 1771.3 1885.9 1804.3
Other Income 211.6 176.9 345.5 124.6 333.3 642.4 567.5
Depreciation 920.6 1087.2 1059.1 1575.2 2058.2 2721 2926
Interest 317.8 345 374.9 410.8 423.2 592.8 511.5
Profit before tax 1817.1 2292.9 3082.7 3267.1 3200.3 1982.6 1500
Tax 525.6 519.2 910.3 1007.2 1102.2 688.1 -69.4
Net profit 862.5 1292.3 1554.3 1597 1613.1 1170.1 1039.2
Dividend Amount 264.6 330.75 280.8 473.62 473.7 473.7 473.7

Column1 1 2 3 4 5 6 7
DCF Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Revenue ₹60,728.9 ₹57,369.9 ₹63,774.0 ₹78,788.1 ₹98,691.7 ₹99,816.8 ₹100,954.7
% Growth -0.04 -5.53% 11.16% 23.54% 25.26% 1.14% 1.14%

EBIT ₹1,933.00 ₹1,444.00 ₹1,756.00 ₹3,115.60 ₹5,511.20 ₹ 4,990.84 ₹ 5,240.38

% Margin 3.18% 2.52% 2.75% 3.95% 5.58% 5.00% 5.00%

Tax ₹ 688.10 -₹ 69.40 ₹ 606.90 ₹ 735.20 ₹ 820.60 ₹ 743.14 ₹ 780.29

% of EBIT 35.60% -4.81% 34.56% 23.60% 14.89% 14.89% 14.89%

EBIAT ₹ 1,244.90 ₹ 1,513.40 ₹ 1,149.10 ₹ 2,380.40 ₹ 4,690.60 ₹ 4,247.70 ₹ 4,460.09

Depreciation ₹ 2,721.00 ₹ 2,926.00 ₹ 2,958.20 ₹ 3,135.80 ₹ 3,810.50 ₹ 3,852.93 ₹ 3,896.85

% of Revenue 4.48% 5.10% 4.64% 3.98% 3.86% 3.86% 3.86%

Net Block (Assumed to be CAPEX) ₹ 12,145.78 ₹ 11,473.98 ₹ 12,754.80 ₹ 15,757.62 ₹ 19,738.34 ₹ 21,120.02 ₹ 22,598.43
% of Revenue (20% - Assumption) 7.00 7.00% 7.00%

Working Capital ₹ 1,999.30 ₹ 2,667.70 ₹ 5,535.40 ₹ 5,329.10 ₹ 6,936.10 ₹ 4,493.52 ₹ 4,992.36

Change in NWC (For Mar'19 - assumed 1260) ₹ 739.30 ₹ 668.40 ₹ 2,867.70 -₹ 206.30 ₹ 1,607.00 -₹ 2,442.58 ₹ 498.84

Unlevered FCF -₹ 8,919.18 -₹ 7,702.98 -₹ 11,515.20 -₹ 10,035.12 -₹ 12,844.24 -₹ 10,576.81 -₹ 14,740.33

1.000 2.000 3.000
Discount Rate 0.909 0.826 0.751
Present Value of FCF ₹ -12,844 ₹ -10,577 ₹ -14,740

Terminal Value
Present Terminal Value
Enterprise Value
Present Value of Terminal Value: ₹10,000.7 million

Enterprise Value (EV): ₹5,217.97 million

 Mar-22 Mar-23 Mar-24
63774 78788.1 98691.7
36987.7 45640.9 54367.9
251.4 323.5 -46.8
1285.7 2101.8 1708.3
1940.3 2460.9 3212.8
15374.6 17931.4 23538.5
2783.8 3943 5335.5
939.1 782.2 1160.2
575 70.1 140.2
2958.2 3135.8 3810.5
542.6 780.9 1811.2
1788.4 2404.8 3840.2
606.9 735.2 820.6
873.8 1495.6 2716.2
293.67 440.44 542.08

8 9 10 ASSUMPTIONS
Mar-27 Mar-28 Mar-29
₹102,105.6 ₹103,269.6 ₹104,446.9 1) Sales can be taken as Revenue
1.14% 1.14% 1.14% 2) Assume this given growth rate from Mar 24 onwards (1.14)
3) EBIT = Gross profit - SG&A expenses - depreciation
₹ 5,502.40 ₹ 5,777.52 ₹ 6,066.40 4) SG&A expenses = employee cost + selling and admin Expenses + other expenses
5.00% 5.00% 5.00% 5) Assume this given growth rate from Mar 24 onwards (5.00)

₹ 819.31 ₹ 860.27 ₹ 903.29

14.89% 14.89% 14.89% 6) Assume this given growth rate from Mar 24 onwards (14.89)

₹ 4,683.09 ₹ 4,917.25 ₹ 5,163.11

₹ 3,941.28 ₹ 3,986.21 ₹ 4,031.65

3.86% 3.86% 3.86% 7) Assume this given growth rate from Mar 24 onwards (3.86)

₹ 24,180.32 ₹ 25,872.94 ₹ 27,684.04 8) Net Block (B.S Figure) is taken as the CAPEX figure
 7.00% 7.00% 7.00% 9) Assume this given growth rate from Mar 24 onwards (7.00)

₹ 5,457.30 ₹ 5,441.68 ₹ 5,464.19 10) From Mar-24 onwards, rolling average of the last 5 years should be taken to calculate the next figure. Fo
₹ 464.93 -₹ 15.62 ₹ 22.52

-₹ 16,020.88 -₹ 16,953.86 -₹ 18,511.80 11) Free Cash Flow = Net income + Depreciation/Amortization – Change in Working Capital – Capital Expend
4.000 5.000 6.000
0.683 0.621 0.564
₹ -16,021 ₹ -16,954 ₹ -18,512 12) Unlevered FCF is only required to be shown for the period of Mar-25 to Mar-29

-131,011.27 WACC 10.00%

-119101.1527 TGR 2.00%
₹ -208,749
ulate the next figure. For example - Working capital of Mar-25 is 4,493.52 and Working capital for Mar-26 is 4992.36

Capital – Capital Expenditure

Year Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 34660.7 37216.3 42375.5 56302.8 63522.9 60728.9
Net Profit 862.5 1292.3 1554.3 1597 1613.1 1170.1
Total Assets 17425.1 19664.6 31943.7 36974.1 42754 45033.1
Equity Share Capital 88.2 132.3 140.4 210.5 315.8 315.8
Reserves 3235.6 4264.8 8132.3 9673.6 10646.9 10945.1
Shareholders Equity 3323.8 4397.1 8272.7 9884.1 10962.7 11260.9
Net Profit Margin 0.02 0.03 0.04 0.03 0.03 0.02
Asset Turnover 0.05 0.07 0.05 0.04 0.04 0.03
Equity Multiplier 5.24 4.47 3.86 3.74 3.90 4.00
Profit Before Tax 1817.1 2292.9 3082.7 3267.1 3200.3 1982.6
Tax Burden 0.47 0.56 0.50 0.49 0.50 0.59
Interest 317.8 345 374.9 410.8 423.2 592.8
Tax 525.6 519.2 910.3 1007.2 1102.2 688.1
EBIT 1705.9 2156.5 2839.5 3015 3138.5 2451
Interest Burden 0.51 0.60 0.55 0.53 0.51 0.48
Operating Margin 0.049 0.058 0.067 0.054 0.049 0.040
ROE 5 Step Approach 0.003 0.006 0.003 0.002 0.002 0.001
ROE 3 Step Approach 0.006 0.010 0.007 0.005 0.004 0.002

ASSUMPTIONS
1) Calculation of EBIT Net Income + Interest + Taxes
2) Return on Equity (ROE): 5 Step TB x IB x EBIT Margin x AT X EM Return on Equity
3) Return on Equity (ROE): 3 Step NPM x AT x EM
0.012
ROE GRAPH :- (From Mar-15 to Mar-24)
0.01

0.008
ROE 3 Step Approach

0.006 ROE 3 Ste

0.004

0.002

0
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
15 16 17 18 19 20 21 22 23 24
ROE 3 Ste
0.004

0.002

0
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
15 16 17 18 19 20 21 22 23 24
Year
 Mar-21 Mar-22 Mar-23 Mar-24
57369.9 63774 78788.1 98691.7
1039.2 873.8 1495.6 2716.2
47748.7 55725.6 61330 84177.8
315.8 451.8 677.6 677.6
12244.8 20136.5 21773.9 25477.3
12560.6 20588.3 22451.5 26154.9
0.02 0.01 0.02 0.03
0.02 0.02 0.02 0.03
3.80 2.71 2.73 3.22
1500 1788.4 2404.8 3840.2
0.69 0.49 0.62 0.71
511.5 542.6 780.9 1811.2
-69.4 606.9 735.2 820.6
1481.3 2023.3 3011.7 5348
0.70 0.43 0.50 0.51
0.026 0.032 0.038 0.054
0.001 0.000 0.001 0.002
0.001 0.001 0.001 0.003

ty

ROE 3 Step Approach

Mar- Mar-
23 24
Mar- Mar-
23 24
CALCULATION OF HISTORICAL GROSS PROFIT AND EBIT
Years 2015 2016 2017 2018 2019 2020

Revenue ₹34,660.7 ₹37,216.3 ₹42,375.5 ₹56,302.8 ₹63,522.9 ₹60,728.9

COGS ₹23,004.1 ₹23,894.3 ₹27,350.1 ₹36,532.5 ₹39,473.8 ₹37,428.3

Gross Profit ₹11,656.60 ₹13,322.00 ₹15,025.40 ₹19,770.30 ₹24,049.10 ₹23,300.60

SG&A Expenses ₹8,812.70 ₹9,773.80 ₹10,854.20 ₹14,641.80 ₹18,700.70 ₹18,646.60

Depreciation ₹920.60 ₹1,087.20 ₹1,059.10 ₹1,575.20 ₹2,058.20 ₹2,721.00

EBIT ₹1,923.30 ₹2,461.00 ₹3,112.10 ₹3,553.30 ₹3,290.20 ₹1,933.00

FORECAST
Years 2015 2016 2017 2018 2019 2020

Revenue ₹34,660.7 ₹37,216.3 ₹42,375.5 ₹56,302.8 ₹63,522.9 ₹60,728.9

Gross Profit ₹11,656.60 ₹13,322.00 ₹15,025.40 ₹19,770.30 ₹24,049.10 ₹23,300.60

EBIT ₹1,923.30 ₹2,461.00 ₹3,112.10 ₹3,553.30 ₹3,290.20 ₹1,933.00

 ASSUMPTIONS
2021 2022 2023 2024 SG&A expenses = employee cost + selling and admin Expenses + other expenses
EBIT = Gross profit - SG&A expenses - depreciation
₹57,369.9 ₹63,774.0 ₹78,788.1 ₹98,691.7

₹34,922.9 ₹39,962.3 ₹49,880.1 ₹59,335.8

₹22,447.00 ₹23,811.70 ₹28,908.00

₹39,355.90
0.398776189
₹18,077.00 ₹19,097.50 ₹22,656.60 ₹30,034.20
₹2,926.00 ₹2,958.20 ₹3,135.80 ₹3,810.50

₹1,444.00 ₹1,756.00 ₹3,115.60 ₹5,511.20

2021 2022 2023 2024 2025 2026 2027 2028 2029

₹57,369.9 ₹63,774.0 ₹78,788.1 ₹98,691.7 ₹91,832.46 ₹98,246.24 ₹104,095.58 ₹109,591.78 ₹116,885.74

₹22,447.00 ₹23,811.70 ₹28,908.00 ₹39,355.90 ₹35,750.17 ₹38,396.66 ₹40,910.83 ₹43,226.75 ₹46,134.58

₹1,444.00 ₹1,756.00 ₹3,115.60 ₹5,511.20 ₹4,062.30 ₹4,322.05 ₹4,662.43 ₹5,181.62 ₹5,841.34

her expenses
Column1 Column2 Column3 Column4 Column5 Column6
Judgement Criteria 10 points 9 points
Ratio's Gross Profit Margin ratio
Operating Profit Margin Ratio
Net Profit Margin Ratio
Return on Assets
Return on Equity
Return on Capital Employed
EBITDA Margin
Inventory Turnover Ratio
Accounts Recevivale Turnover
Asset Turnover Ratio
Fixed Asset Turnover
Working Capital Turnover
Debt to equity ratio
Debt to Asset Ratio
Interest Coverage Ratio
Financial Leverage Ratio
Equity Ratio
Days Sales Outstanding
Price to sales ratio
Enterprise Value to EBITDA

DCF Present Terminal Value

Enterprise Value

Forecasting 2025 2026 2027 2028

Revenue

Gross Profit

EBIT

Dupont 2015 2016 2017 2018

ROE 5 Step Approach
Final Tally Gross Marks Weightage
Ratios 200 20% 0
DCF 20 25% 0
Dupont 100 20% 0
Forecast 150 15% 0
Presentation 30 20% 0
0 500 0
Column7 Column8 Column9 Column10 Column11 Column12
8 points 7 points 6 points 5 points

2029

2019 2020 2021 2022 2023 2024