Financial Model - Gauri Parashar
Financial Model - Gauri Parashar
Company Analsyis
Drivers
Selected case 1
Company Zomato
Currency INR
Domestic Country India
Risk Free rate 7.30%
Market risk premium 6%
Company beta (Nov 2024) 0.36
Zomato share price (Nov 2024) 271.35
Corporate tax rate 25%
Expected inflation 4.50%
Sources -->
Balance Sheet
Non-Current assets
Property Plant and Equipment -172 -230 548
Goodwill & Intangibles 1711 1635 5803
Long term Investment - 3086 2280
Deferred Tax Assets (Net) - - -
Other Assets 3014 5291 2137
Total Non Current Assets 4553 9782 10768
Total Assets 8,704 17,327 21,599
Liabilities
Current Liabilities
Accounts Payable 297 429 690
Other current liabilities 220 282 751
Non-current Liabilities
Total Long Term Debt 53 51 357
Deferred Tax (Net) - - 249
Other Liabilities 40 66 99
Total
```` non-current liabilities 93 117 705
Total liabilities 611 829 2,146
Shareholders Equity
Equity Capital 455 764 836
Additional Paid-in Capital 12856 21292 24713
Reserves & Surplus -5213 -5574 -6108
Minority Interest -5 -7 -7
Other Equity - 23 19
Total Equity Capital 8,093 16,498 19,453
2011
794
88
2565
5458
822
5644
10365
-
1067
17898
23,356
903
1180
2083
588
188
91
867
2,950
868
24709
-5178
-7
14
20,406
23,356
Income Statement
(In Crore) 2021
Revenue
Revenue from operations 1,994
Other Revenue 125
Total Revenue (I) 2,118
EXPENSES:
Purchase of stock-in-trade 203
Changes in inventories of stock-in-trade -11
Employee benefits expense 741
Finance costs 10
Depreciation and amortisation expenses 138
Other expenses 1,528
Total expenses (II) 2,609
Profit / (loss) before share of profit / (loss) of an associate, a joint venture, exceptional
items and tax (III= I-II) -490.4
Share of profit of an associate and joint venture (IV) 0
Profit / (loss) before exceptional items and tax (V=III+IV) -490.4
Tax expense
Current tax 1.3
Deferred tax 0
Total tax expense (VIII) 1.3
Profit / (loss) for the year (IX= VII-VIII) -816.4
Other comprehensive income/ (loss)
(a) Items that will not be reclassified to profit or loss in subsequent periods:
(i) Re-measurement losses on defined benefit plans -2.4
(ii) Changes in fair value of equity & preference instruments carried at FVTOCI 0
(iii) Income tax relating to above 0
Subtotal (X) -2.4
Other comprehensive (loss) / income for the year (XII = X+XI) -5.9
Total comprehensive (loss) for the year (XIII = IX+ XII) -822.3
Profit/Loss for the year attributable to:
Equity shareholders of the parent -812.8
Non-controlling interest -3.6
297.4 0 0
-1220.5 -1015 291
2 0 1
0 -44 -61
2 -44 -60
-1222.5 -971 351
-9.6 4 3
9.6 -111 60
0 0
0 -107 63
8 0
2.2 0 -8
0 0 0
2.2 8 -8
2.2 -99 55
-1220.3 -1070 406
-1208.7 -971 351
-13.8 0 0
2 -99 55
0.2 0 0
Non-Current assets
Property Plant and Equipment -172 -230 548
YoY Growth (%) 34% -338%
(%) Composition -1.98% -1.33% 2.54%
2565
-46%
10.98% DEBT-TO-EQUITY STRUCTURE
1067
-50%
5%
23356
TAL ANALYSIS
2023 2024
10831 5458
1441 2083
9390 3375
37% -64%
al grew by 88%, indicating strong improvement in liquidity and efficient management of current assets and liabilities.
al increased by 37%, showing continued improvement, but at a slower pace compared to the previous year.
al dropped by 64%, reflecting a sharp decline in liquidity and potential challenges in meeting short-term obligations.
Y STRUCTURE
2023 2024
357 588
19453 20406
0.02 0.03
1438 2887
19% 22%
-43 -5
-1% 0%
1465 1659
19% 13%
5429 7531
70% 58%
RATIO ANALYSIS
Liquidity Ratio
Leverage Ratio
Coverage Ratio
Profitability Ratio
Efficiency Ratio
19.36
34,864
1,801
19.35
9
1,801
-248
20
290
22
0.01
588
50,872
0.01
588
53,580
0.95
50,872
53,580
0.04
588
15,780
0.06
18,569
0.99
18,429
18,569
0.85
15,780
18,569
0.77
14,272
18,569
0.92
17,128
18,569
0.32
17,128
53,580
0.28
14,272
51,779
0.34
17,128
50,872
0.35
18,569
53,580
16.36
139
9
18.55
18,569
1,001
0.86
16,041
18,569
0.30
16,041
53,580
0.30
16,041
53,580
P&L assumptions
Scenarios:
Case 1: Optimistic case
Case 2: Base case
Selected Case 1 Case 3: Worst case
₹ in Crore
Property, plant and equipment -172 -230 548 822 1109.2068 1177.6449
as a % of revenue -8% -5% 7% 6% 6.34% 6.34%
Opening Intangible
+ Additional
- Amortization
Closing Intangible 5644
2025 2026
Forecast Forecast
17489.573 18568.680079
-207 -220
-1.2% -1.2%
822 1726
207 220
697 1318
1726 3263
917 1508
697 1318
68% 68%
220 190
5644 5644
0 0
-220 -190
5424 5454
2021 2022 2023 2024 2025 2026
Equity Schedule Actual Actual Actual Actual Forecast Forecast
Dividend Ratio 0% 0%
Current Assets
Account Receivable 130 160 457 794 943
Inventory 15 40 83 88 39
Total Current Assets 145 200 540 882 982
Current Liabilities
Account Payable 297 429 690 903 503
Total Current Liabilities 297 429 690 903 503
DRO 22 12 21 22 20
DPO 565 298 181 114 290
DIO 29 28 22 11 22
2026
Forecast
18,569
139
1,001
9
1,010
111
111
899
420
19
1
16
365
20
290
22
WACC
2025 2026
Forecast Forecast
588 588
33758.274 50872.207
1.71% 1.14%
98.29% 98.86%
9.5% 9.5%
9.18% 9.18%
9.46% 9.46%
Output -->
Income Statement
Zomato P&L (in crore ₹)
Interest 10 12 49 72###
% of revenue 0.5% 0.3% 0.6% 0.6%
Extraordinary income -325 298 -1 - ###
% of revenue -15% 6% 0% 0%
2025 2026
Forecast Forecast
17,490 18,569
35% 6%
634 139
4% 0.75%
16,856 18,429
96% 99%
421 107
2% 0.58%
4,376 2,543
25% 14%
12,059 15,780
69% 85%
917 1,508
5.2% 8.1%
11,142 14,272
64% 77%
72 72
0.4% 0.4%
- -
0% 0%
11,070 14,200
-2,282 -2,928
-21% -21%
13,352 17,128
Balance Sheet
Zomato Balance sheet (in crore ₹)
Non-Current assets
Property Plant and Equipment -172 -230 548 822
Goodwill & Intangibles 1711 1635 5803 5644
Long term Investment - 3086 2280 10365
Deferred Tax Assets (Net) - - - -
Other Assets 3014 5291 2137 1067
Total Non Current Assets 4553 9782 10768 17898
Liabilities
Current Liabilities
Accounts Payable 297 429 690 903
Other current liabilities 220 282 751 1180
Non-current Liabilities
Total Long Term Debt 53 51 357 588
Deferred Tax (Net) - - 249 188
Other Liabilities 40 66 99 91
Shareholders Equity
Equity Capital 455 764 836 868
Additional Paid-in Capital 12856 21292 24713 24709
Reserves & Surplus -5213 -5574 -6108 -5178
Minority Interest -5 -7 -7 -7
Other Equity - 23 19 14
- - - - ###
ce sheet (in crore ₹)
2025 2026
Forecast Forecast
13,752 30,180
943 1,001
39 9
3461.211 3674.7677187
18,194 34,864
1109.2 1177.6
5,644 5,644
10,365 10,365
- -
1,440 1,529
18558.0 18715.3
36,752.38 53,579.78
503.01479979 110.66325595
1592.292 1690.5364164
2095.3067998 1801.1996724
588 588
188 188
122.7954 130.37187618
898.7954 906.37187618
2,994 2,708
868 868
24709 24709
8,174 25,302
-7 -7
14 0
33,758 50,872
36,752 53,580
- -
Cash Flow Statement
Equity Issuance - - - - -
Equity Repurchase - - - - -
Dividend Paid - - - - -
Debt Issuance - - - - -
Debt Repayment - - - - -
Others - - - -
Cash Flow from Financing (CFF) - - - - ###
13,352 17,128
-917 -1,508
-500 420
- -
- -
- -
- -
- -
11,936 16,041
-207 -388
-207 388
- -
- -
- -
- -
- -
- -
- -
11,729 16,429
2,023 13,752
11,729 16,429
13,752 30,180
Free Cash Flow
9.46%
10,894