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Financial Model - Gauri Parashar

Zomato's financial analysis reveals a significant increase in total assets from INR 8,704 crore in 2021 to INR 21,599 crore in 2023, alongside a notable revenue growth from INR 2,118 crore to INR 12,961 crore over the same period. Despite this growth, the company has faced losses, with a comprehensive loss of INR 822.3 crore in 2021, though it has shown improvements in liquidity and working capital management. The company's low debt-to-equity ratio indicates a conservative approach to financing, relying heavily on equity for stability.

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0% found this document useful (0 votes)
35 views52 pages

Financial Model - Gauri Parashar

Zomato's financial analysis reveals a significant increase in total assets from INR 8,704 crore in 2021 to INR 21,599 crore in 2023, alongside a notable revenue growth from INR 2,118 crore to INR 12,961 crore over the same period. Despite this growth, the company has faced losses, with a comprehensive loss of INR 822.3 crore in 2021, though it has shown improvements in liquidity and working capital management. The company's low debt-to-equity ratio indicates a conservative approach to financing, relying heavily on equity for stability.

Uploaded by

Gauri Parashar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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ZOMATO

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

(In Crore) 2021 2022 2023


Assets
Current assets
Cash & Cash equivalent 3109 3207 5502
Total Receivables 130 160 457
Total Inventory 15 40 83
Other Current Assets 897 4138 4789
Total Current Assets 4151 7545 10831

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

Equity and liabilities

Liabilities
Current Liabilities
Accounts Payable 297 429 690
Other current liabilities 220 282 751

Total current liabilities 518 712 1441

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

Total equity and liabilities 8,704 17,327 21,599


-
2024

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

Exceptional items (VI) -324.7


Profit / (loss) before tax (VII= V-VI) -815.1

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

(b) Items that will be reclassified to profit or loss in subsequent periods:


(i) Exchange differences on translation of foreign operations
Debt instruments through other comprehensive income -3.5
(ii) Income tax relating to above 0
Subtotal (XI) -3.5

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

Other comprehensive Profit/ loss for the year attributable to:


Equity shareholders of the parent -5.7
Non-controlling interest -0.2

Total comprehensive Profit/loss for the year attributable to:


Equity shareholders of the parent -818.5
Non-controlling interest -3.8

Profit/Loss per equity share


- Basic earnings per share (INR) -0.151
-Diluted earnings per share (INR) -0.151
2022 2023 2024

4,192 7,079 12,114


495 682 847
4,687 7,761 12,961

552 1,438 2,887


-28 -43 -5
1,633 1,465 1,659
12 49 72
150 437 526
3,886 5,429 7,531
6,206 8,775 12,670

-1518.2 -1014 291


0.3 -1 0
-1517.9 -1015 291

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

-1206.7 -1070 406


-13.6 0 0

-0.167 -1.2 0.41


-0.167 -1.2 0.4
Cash Flow Statement

(In Crore) 2021 2022 2023 2024


Cash from Operating Activities -1,018 -693 -844 646
Cash from Investing Activities -5,245 -7,971 797 -348
Cash from Financing Activities 6,402 8,750 -127 -207
Net Change in Cash expenditure 139 86 -174 91
Changes in Working Capital -738 229 -207 13
Capital Expenditures -10 -59 -103 -215
Free Cash Flow -1,028 -752 -947 431
1.Input -->
BALANC

ASSET COMPOSITION AND GROWTH TRENDS


(In Crore) 2021 2022 2023
Assets
Current assets
Cash & Cash equivalent 3109 3207 5502
YoY Growth (%) 3% 72%
(%) Composition 36% 19% 25%
Total Receivables 130 160 457
YoY Growth (%) 23% 186%
(%) Composition 1% 1% 2%
Total Inventory 15 40 83
YoY Growth (%) 167% 108%
(%) Composition 0.17% 0.23% 0.38%

Other Current Assets 897 4138 4789


YoY Growth (%) 361% 16%
(%) Composition 10.31% 23.88% 22.17%

Non-Current assets
Property Plant and Equipment -172 -230 548
YoY Growth (%) 34% -338%
(%) Composition -1.98% -1.33% 2.54%

Goodwill & Intangibles 1711 1635 5803


YoY Growth (%) -4% 255%
(%) Composition 19.66% 9.44% 26.87%

Long term Investment - 3086 2280


YoY Growth (%) -26%
(%) Composition 17.81% 10.56%

Other Assets 3014 5291 2137


YoY Growth (%) 76% -60%
(%) Composition 35% 31% 10%

Total Assets 8704 17327 21599


BALANCE SHEET ANALYSIS

NDS WORKING CAPITAL ANALYSIS


2024 (In Crore) 2021 2022

Total Current Assets 4151 7545


2011 Total current liabilities 518 712
-63%
9% Working capital 3633 6833
794 YoY Growth (%) 88%
74%
3% Liquidity Trends
88 2021-2022 Working capital grew by 88%, indicating
6% 2022-2023 Working capital increased by 37%, show
0.38% 2023-2024 Working capital dropped by 64%, reflect

2565
-46%
10.98% DEBT-TO-EQUITY STRUCTURE

(In Crore) 2021 2022


822
50% Total Debt 53 51
3.52% Total Equity 8093 16498

5644 Zomato Debt-to-Equity Ratio 0.01 0.00


-3%
24.17% Interpretation :- From 2021 to 2024, Zomato had a very
showing that it followed a safe and cons
10365 However, using a small amount of debt
355%
44.38%

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

2024, Zomato had a very low debt-to-equity ratio,


followed a safe and conservative approach to financing. The company relied heavily on equity, which kept it financially stable and low-risk.
g a small amount of debt in the future could help Zomato grow and better balance its finances.
cially stable and low-risk.
INCOME STATEME

REVENUE GROWTH AND COMPOSITION


(In Crore) % 2021 2022 2023

Total Revenue 2,118 4,687 7,761


YoY Growth (%) 121% 66%
Revenue Stream
Food Delivery 65% 1,377.0 3,046.7 5,044.7
Quick Commerce (Blinkit) 15% 317.8 703.1 1,164.1
Going-Out (Dine-In) 5% 105.9 234.4 388.1
B2B Supplies (Hyperpure) 10% 211.8 468.7 776.1
Others 5% 105.9 234.4 388.1
INCOME STATEMENT ANALYSIS

N OPERATING EXPENSE ANALYSIS


2024 (In Crore) 2021 2022

12,961 Purchase of stock-in-trade 202.9 552.4


67% % Revenue 10% 12%
Changes in inventories of stock-in-trade -11 -27.8
8,424.7 % Revenue -1% -1%
1,944.1
648.1 Employee benefits expense 740.8 1633.1
1,296.1 % Revenue 35% 35%
648.1
Other expenses 1528.3 3885.5
% Revenue 72% 83%
E ANALYSIS
2023 2024

1438 2887
19% 22%
-43 -5
-1% 0%

1465 1659
19% 13%

5429 7531
70% 58%
RATIO ANALYSIS

2021 2022 2023 2024 2025


(In Crore) Actual Actual Actual Actual Forecast

Liquidity Ratio

Current Ratio 8.01 10.60 7.52 2.62 8.68


Current Assets 4,151 7,545 10,831 5,458 18,194
Current Liabilities 518 712 1,441 2,083 2,095

Quick Ratio 7.98 10.54 7.46 2.58 8.66


Inventory 15 40 83 88 39
Current Liabilities 518 712 1,441 2,083 2,095

Cash Convertion Cycle -514 -258 -137 -81 -248


DSO 22 12 21 22 20
DPO 565 298 181 114 290
DIO 29 28 22 11 22

Leverage Ratio

Debt to Equity Ratio 0.01 0.00 0.02 0.03 0.02


Total Debt 53 51 357 588 588
Total Equity 8,093 16,498 19,453 20,406 33,758

Debt to Assets Ratio 0.01 0.00 0.02 0.03 0.02


Total Debt 53 51 357 588 588
Total Assets 8,704 17,327 21,599 23,356 36,752

Equity to Assets Ratio 0.93 0.95 0.90 0.87 0.92


Total Equity 8,093 16,498 19,453 20,406 33,758
Total Assets 8,704 17,327 21,599 23,356 36,752

Coverage Ratio

Debt to EBITDA Coverage Ratio -0.15 -0.04 -0.68 0.66 0.05


Total Debt 53 51 357 588 588
EBITDA -343 -1,356 -528 889 12,059

Profitability Ratio

Revenue Growth Ratio 1.21 0.66 0.67 0.35


Total Revenue 2,118 4,687 7,761 12,961 17,490
Gross Margin ratio 0.91 0.89 0.82 0.78 0.96
Gross Profit 1,927 4,163 6,366 10,079 16,856
Total Revenue 2,118 4,687 7,761 12,961 17,490

EBITDA Margins -0.16 -0.29 -0.07 0.07 0.69


EBITDA -343 -1,356 -528 889 12,059
Total Revenue 2,118 4,687 7,761 12,961 17,490

EBIT Margins -0.23 -0.32 -0.12 0.03 0.64


EBIT -480 -1,506 -965 363 11,142
Total Revenue 2,118 4,687 7,761 12,961 17,490

Net income Margins -0.39 -0.26 -0.13 0.03 0.76


Net income -816 -1,223 -971 351 13,352
Total Revenue 2,118 4,687 7,761 12,961 17,490

Return on Assets -0.09 -0.07 -0.04 0.02 0.36


Net Income -816 -1,223 -971 351 13,352
Total Assets 8,704 17,327 21,599 23,356 36,752

Return on Capital Employed -0.06 -0.09 -0.05 0.02 0.32


EBIT -480 -1,506 -965 363 11,142
Capital Employed 8,186 16,615 20,158 21,273 34,657

Return on Equity -0.10 -0.07 -0.05 0.02 0.40


Net Income -816 -1,223 -971 351 13,352
Total Equity 8,093 16,498 19,453 20,406 33,758

Efficiency Ratio

Asset Turnover Ratio 0.24 0.27 0.36 0.55 0.48


Revenue 2,118 4,687 7,761 12,961 17,490
Total Assets 8,704 17,327 21,599 23,356 36,752

Inventory Turnover Ratio 12.79 13.12 16.81 32.75 16.36


COGS 192 525 1,395 2,882 634
Inventory 15 40 83 88 39

Receivables Turnover ratio 16.30 29.30 16.98 16.32 18.55


Revenue 2,118 4,687 7,761 12,961 17,490
Trade Receivables 130 160 457 794 943

Operating Cash Flow Ratios

Operating Cash Flow Margin 0.32 0.21 0.08 -0.06 0.68


CFO 679 995 613 -748 11,936
Total Revenue 2,118 4,687 7,761 12,961 17,490

Cash Return on Assets (CROA) 0.08 0.06 0.03 -0.03 0.32


CFO 679 995 613 -748 11,936
Total Assets 8,704 17,327 21,599 23,356 36,752

Cash Flow to Debt Ratio 0.08 0.06 0.03 -0.03 0.32


CFO 679 995 613 -748 11,936
Total assets 8,704 17,327 21,599 23,356 36,752
2026
Forecast Trend

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

2021 2022 2023 2024 2025 2026


₹ in Crore Actual Actual Actual Actual Forecast Forecast
Revenue 2118.4 4687.3 7761 12961 17490 18569
y-o-y growth% 121% 66% 67% 35% 6%
Case 1: 35% 6%
Case 2: 30% 4%
Case 3: 25% 2%

COGS 192 525 1,395 2,882 634.04 139.49


% of revenues 9% 11% 18% 22% 22% 22%
Case 1 22% 22%
Case 2 24% 24%
Case 3 26% 26%

Employee benefits expense 741 1,633 1,465 1,659 420.92 106.79


% of revenues 35% 35% 19% 13% 25% 25%
Case 1 25% 25%
Case 2 30%
Case 3

Other Operating expenses 1,528.3 3,885.5 5,429.0 7,531.0 4,375.89 2,542.62


% of revenues 72% 83% 70% 58% 58% 58%
Case 1 58% 58%
Case 2 80% 80%
Case 3 85% 85%

Depreciation and amortisation ex 137.7 150.3 437.0 526.0### 21.35 1


% of revenues 6.5% 3.2% 5.6% 4.1% 4% 4%
Case 1 4.1% 4%
Case 2 6% 6%
Case 3 8% 8%

Interest 10.1 12.0 49.0 72.0 72.0 72.0


y-o-y growth %
Case 1 0% 0%
Case 2 0% 0%
Case 3 0% 0%
Extraordinary income (324.7) 297.7 (1.0) - - -
% of revenues -15.3% 14.1% 0.0% 0.0% 0% 0%
Case 1 0.0% 0.0%
Case 2 0.0% 0.0%
Case 3 0.0% 0.0%

Tax 1.3 2.0 (44.0) (60.0)###


% of EBT 0% 0% 4% -21% -21% -21%
Case 1 -21% -21%
Case 2 -25% -25%
Case 3 -28% -28%
Optimistic case
BS assumptions

₹ 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%

Other current assets 897 4138 4789 2565 3461.211 3674.7677


as a % of revenue 42% 88% 62% 20% 20% 20%

Other Assets 3014 5291 2137 1067 1439.8098 1528.6461


as a % of revenue 142% 113% 28% 8% 8% 8%

Other current liabilities 220 282 751 1180 1592.292 1690.5364


as a % of revenue 10% 6% 10% 9% 9% 9%

Other Liabilities 40 66 99 91 122.7954 130.37188


as a % of revenue 2% 1% 1% 1% 1% 1%
2021 2022 2023 2024
D&A Schedule Actual Actual Actual Actual
Revenue 2118.4 4687.3 7761 12961
Capex -10.4 -59 -103 -215
% of Sales -0.5% -1.3% -1.3% -1.7%

Opening Property Plant and Equipment


Capex
Depreciation
Closing Property Plant and Equipment -172 -230 548 822

Depreciation and Amortization 1528.3 3885.5 5429 7531


Depreciation 1427.6 3778 5173 7289
% of revenue 67% 81% 67% 56%

Amortization 100.7 107.5 256 242

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

Opening Shareholder Equity 20406 20406


Issuances 0 0
Repurchase 0 0
Closing Shareholder Equity 20406 20406 20406

Opening Retained Earnings -5178 8174.2745


Net Income 13352 17128
Dividend Paid 0 0
Closing Retained Earnings -5178 8174.2745 25302.207

Dividend Ratio 0% 0%

2021 2022 2023 2024 2025 2026


Debt Schedule Actual Actual Actual Actual Forecast Forecast

Opening Non Current Debt 588 588


Issuances 0 0
Repayment 0 0
Closing Non Current Debt 53 51 357 588 588 588
Working Capital Schedule

2021 2022 2023 2024 2025


₹ in Crore Actual Actual Actual Actual Forecast
Revenue 2,118 4,687 7,761 12,961 17,490
COGS 192 525 1,395 2,882 634

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

Working Capital -152 -229 -150 -21 479


Change in Working Capital -77 79 129 500

Accounts Receivable Ratio 12 20 34 19


Accounts Payable Ratio -1 -2 -5 1
Inventory Turnover Ratio -9 -25 -51 16

No.of Days 365 365 365 365 365

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

Cost of Equity Calculation


Risk Free rate 7.30%
Market risk premium 6%
Company beta (Nov 2024) 0.36
Corporate tax rate 25%

Cost of Equity 9.5%

Cost of Debt Calculation


Interest Expenses 72
Debt 588

Cost of Debt 12%


Tax Effective Rate 25%

Cost of Debt (1-T) 9.18%


Zomato P&L (in crore ₹)

2021 2022 2023 2024


Weighted Average Cost of Capital Actual Actual Actual Actual
Debt 53 51 357 588
Equity 8093 16498 19453 20406

Debt / (Debt + Equity) 0.65% 0.31% 1.80% 2.80%


Equity / (Debt + Equity) 99.35% 99.69% 98.20% 97.20%

Cost of equity 9.5% 9.5% 9.5% 9.5%


Cost of debt 9.18% 9.18% 9.18% 9.18%

WACC 9.44% 9.46% 9.46% 9.45%


crore ₹)

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 ₹)

2021 2022 2023 2024


₹ in Crore Actual Actual Actual Actual
Revenue 2,118 4,687 7,761 12,961###
y-o-y growth% 121% 66% 67%
COGS 192 525 1,395 2,882###
% of revenue 9% 11% 18% 22%

Gross Profit 1,927 4,163 6,366 10,079###


Margin % 91% 89% 82% 78%

Employee benefits expense 741 1,633 1,465 1,659###


% of revenue 35% 35% 19% 13%
Other Operating expenses 1,528 3,886 5,429 7,531###
% of revenue 72% 83% 70% 58%

EBITDA -343 -1,356 -528 889


EBITDA Margins -16% -29% -7% 7%

Depreciation and amortisation expenses 138 150 437 526###


% of revenue 7% 3% 6% 4%

EBIT -480 -1,506 -965 363###


EBIT% -23% -32% -12% 3%

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%

Profit Before Tax (EBT) -815 -1,221 -1,015 291###

Tax 1 2 -44 -60###


Tax% 0% 0% 4% -21%

Net Income -816 -1,223 -971 351###


(in crore ₹)

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 ₹)

2021 2022 2023 2024


₹ in Crore Actual Actual Actual Actual
Assets
Current assets
Cash 3109 3207 5502 2023
Total Receivables 130 160 457 794
Total Inventory 15 40 83 88
Other Current Assets 897 4138 4789 2565

Total Current Assets 4151 7545 10831 5458

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

Total Assets 8,704 17,327 21,599 23,356

Equity and liabilities

Liabilities
Current Liabilities
Accounts Payable 297 429 690 903
Other current liabilities 220 282 751 1180

Total current liabilities 518 712 1441 2083

Non-current Liabilities
Total Long Term Debt 53 51 357 588
Deferred Tax (Net) - - 249 188
Other Liabilities 40 66 99 91

Total non-current liabilities 93 117 705 867


````
Total liabilities 611 829 2,146 2,950###

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

Total Equity Capital 8,093 16,498 19,453 20,406###

Total equity and liabilities 8,704 17,327 21,599 23,356###

- - - - ###
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

2021 2022 2023 2024


₹ in Crore Actual Actual Actual Actual

Net Income 816 1,223 971 -351


Depreciation & Amortization -138 -150 -437 -526
Changes in Working Capital -77 79 129
Changes in Account Receivable
Changes in Inventory
Changes in Other Assets
Changes in Account Payable
Changes in Other Liabilities
Other Operating Cash Flows
Cash Flow from Operations (CFO) 679 995 613 -748 ###

Capital Expenditure -10 -59 -103 -215


Others
Cash Flow from Investing (CFI) -10 -59 -103 -215

Equity Issuance - - - - -
Equity Repurchase - - - - -
Dividend Paid - - - - -
Debt Issuance - - - - -
Debt Repayment - - - - -
Others - - - -
Cash Flow from Financing (CFF) - - - - ###

Changes in Cash anc Cash Equivalents 668 936 510 -963###

Opening Cash Balance 3,109 3,207 5,502


Changes in Cash anc Cash Equivalents 668 936 510 -963###
Ending Cash Balance 3,109 3,207 5,502 2,023
2025 2026
Forecast Forecast

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

2022 2023 2024 2025 2026


₹ in Crore Actual Actual Actual Forecast Forecast

EBIT 1506.2 965 363 11,142 14,272


Operating taxes 2 -44 -60 -2,282 -2,928
NOPAT 1508.2 921 303 8,859 11,344
Add-back D&A 150.3 437 526 917 1,508
Gross Cash Flow 1658.5 1358 829 9,776 12,852

Capex -10.4 -59 -103 -207 -220

Change in Net Working Capital 77 -79 -129 499.62 420.31

Unlevered Free Cash Flow 1725.1 1220 597 10068.8461 13052.3976


DCF -->
DCF Valuation
g (Perpetuity growth) 4.50%
1
2022 2023 2024 2025
₹ in Crore Actual Actual Actual Forecast
Unlevered Free Cash Flow 10,069
Terminal Value

Discount factor (WACC) 9.46%


Present value of UFCF 9,199

Total PV of Cash Flows 20,093


Terminal Value 275,170
PV of Terminal Value 229,676
Enterprise Value 249,769
+Cash 2023
-Debt 588
Equity Value 251,204
Number of shares outstanding 868
Price per share 289
2
2026
Forecast
13,052
275,170

9.46%
10,894

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