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INCOME STATEMENT OF RAJESH EXPORTS LTD.

PARTICULARS Mar-13 Mar-14 Mar-15 Mar-16


I) REVENUE
(i) Revenue from operations 312259.64 235374.85 504628.94 1652114.37
(ii) other income 26.82 7.26 1.05 417.45
TOTAL REVENUE (I+II) 312286.46 235382.12 504629.99 1652531.82

II) EXPENSES
COGS 304102.40 228780.25 489159.42 1630720.03
Selling, administrative & other expenses 202.10 359.82 2405.73 2666.97
Employee benefit expenses 70.07 57.75 399.26 1129.57
Finance Cost 2995.14 3430.72 4782.69 5776.67
Depreciation and amortization expenses 20.61 20.83 622.23 790.07
TOTAL EXPENSES 307390.31 232649.36 497369.33 1641083.31

III) Profir before exceptional and extraordinary


items 4896.16 2732.75 7260.66 11121.20
IV) add Exceptional item 0 0.00 0.00 0.00
V) profit before extraordinary item (III-IV) 4896.16 2732.75 7260.66 11121.20
VI) less Extraordinary item 0 0.00 0.00 0.00
VII) PBT (V-VI) 4896.16 2732.75 7260.66 11121.20
VIII) less current tax 370.12 462.83 711.56 431.17
IX) less Income tax for earlier years 0 0.00 0.00 0.00
X) Profit for the period from continuing
operations(VII+VIII+IX) 4526.04 2269.92 6549.10 10690.03
XI) Profit from discontinuing operations 0.00 0.00 0.00 0.00
XII) Tax expenses of discontinuing operations 0.00 0.00 0.00 0.00
XIII) Profit from discontinuing operations (XI-
XII) 0.00 0.00 0.00 0.00
XIV) PAT (X+XI+XII+XIII) 4526.04 2269.92 6549.10 10690.03

EBIT 7891.29 6163.47 12043.35 16897.88

tax rate 7.56 16.94 9.80 3.88


7.84
H EXPORTS LTD.
Mar-17 E Mar-18 E Mar-19 E Mar-20

2421319.84 1937055.87 2169502.58 2429842.89


471.48 518.63 570.49 627.54
2421791.33 1937574.51 2170073.07 2430470.43

2400146.75 1922527.95 2147807.55 2404329.54


1569.01 1804.36 2075.01 2386.26
2097.24 2306.96 2653.00 3050.95
4302.67 4732.94 5206.23 5726.85
646.31 599.20 736.00 691.94
2408761.97 1931971.41 2158477.80 2416185.55

13029.36 5603.10 11595.28 14284.88


0.00 0.00 0.00 0.00
13029.36 5603.10 11595.28 14284.88
0.00 0.00 0.00 0.00
13029.36 5603.10 11595.28 14284.88
538.53 549.10 1136.34 1399.92
0.00 0.00 0.00 0.00

12490.83 5053.99 10458.94 12884.97


0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


12490.83 5053.99 10458.94 12884.97

17332.03 10336.03 16801.51 20011.74

4.13 9.80 9.80 9.80


6.83
COMMONSIZE INCOME STATEMENT
PARTICULARS Mar-13 Mar-14 Mar-15 Mar-16
I) REVENUE
(i) Revenue from operations 100.00% 100.00% 100.00% 100.00%
(ii) other income 0.01% 0.00% 0.00% 0.03%
TOTAL REVENUE (I+II) 100.01% 100.00% 100.00% 100.03%

II) EXPENSES
COGS 97.39% 97.20% 96.93% 98.71%
Selling, administrative & other expenses 0.06% 0.15% 0.48% 0.16%
Employee benefit expenses 0.02% 0.02% 0.08% 0.07%
Finance Cost 0.96% 1.46% 0.95% 0.35%
Depreciation and amortization expenses 0.01% 0.01% 0.12% 0.05%
TOTAL EXPENSES 98.44% 98.84% 98.56% 99.33%

III) Profir before exceptional and extraordinary


items 1.57% 1.16% 1.44% 0.67%
IV) add Exceptional item 0.00% 0.00% 0.00% 0.00%
V) profit before extraordinary item (III-IV) 1.57% 1.16% 1.44% 0.67%
VI) less Extraordinary item 0.00% 0.00% 0.00% 0.00%
VII) PBT (V-VI) 1.57% 1.16% 1.44% 0.67%
VIII) less current tax 0.12% 0.20% 0.14% 0.03%
IX) less Income tax for earlier years 0.00% 0.00% 0.00% 0.00%

X) Profit for the period from continuing operations( 1.45% 0.96% 1.30% 0.65%
XI) Profit from discontinuing operations 0.00% 0.00% 0.00% 0.00%
XII) Tax expenses of discontinuing operations 0.00% 0.00% 0.00% 0.00%

XIII) Profit from discontinuing operations (XI-XII) 0.00% 0.00% 0.00% 0.00%
XIV) PAT (X+XI+XII+XIII) 1.45% 0.96% 1.30% 0.65%

EBIT 2.53% 2.62% 2.39% 1.02%


TREND ANALYSIS OF INCOME STATEMENT
Mar-17 PARTICULARS Mar-13 Mar-14
I) REVENUE
100.00% (i) Revenue from operations 100.00% 75.38%
0.02% (ii) other income 100.00% 27.07%
100.02% TOTAL REVENUE (I+II) 100.00% 75.37%

II) EXPENSES
99.13% COGS 100.00% 75.23%
0.06% Selling, administrative & other expenses 100.00% 178.04%
0.09% Employee benefit expenses 100.00% 82.42%
0.18% Finance Cost 100.00% 114.54%
0.03% Depreciation and amortization expenses 100.00% 101.08%
99.48% TOTAL EXPENSES 100.00% 75.69%

III) Profir before exceptional and extraordinary


0.54% items 100.00% 55.81%
0.00% IV) add Exceptional item
0.54% V) profit before extraordinary item (III-IV) 100.00% 55.81%
0.00% VI) less Extraordinary item
0.54% VII) PBT (V-VI) 100.00% 55.81%
0.02% VIII) less current tax 100.00% 125.05%
0.00% IX) less Income tax for earlier years
X) Profit for the period from continuing
0.52% operations(VII+VIII+IX) 100.00% 50.15%
0.00% XI) Profit from discontinuing operations
0.00% XII) Tax expenses of discontinuing operations
XIII) Profit from discontinuing operations (XI-
0.00% XII)
0.52% XIV) PAT (X+XI+XII+XIII) 100.00% 50.15%

0.72% EBIT 100.00% 78.10%


ME STATEMENT
Mar-15 Mar-16 Mar-17

161.61% 529.08% 775.42%


3.91% 1556.35% 1757.80%
161.59% 529.17% 775.50%

160.85% 536.24% 789.26%


1190.38% 1319.64% 776.36%
569.80% 1612.04% 2993.03%
159.68% 192.87% 143.66%
3019.74% 3834.26% 3136.59%
161.80% 533.88% 783.62%

148.29% 227.14% 266.11%

148.29% 227.14% 266.11%

148.29% 227.14% 266.11%


192.25% 116.50% 145.50%

144.70% 236.19% 275.98%

144.70% 236.19% 275.98%

152.62% 214.13% 219.63%


BALANCE SHEET OF RAJESH EXPORTS LTD.
PARTICULAR Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
ASSETS
NON CURRENT ASSETS
Property Plant & equipment
(i) Tangible assets 694.28 1684.75 2637.16 6389.04 5828.89 5479.16
(ii) Intangible assets 0.00 0.00 0.00 6478.58 6156.27
(iii) capital work in progress 3.50 3.64 4.17 620.27 883.59
Non current investments 34.18 134.18 602.48 8405.41 9191.09
Deffered Tax assets/(liability) 8.22 8.22 8.22 8.22 0.00
long term loans and advances 5.99 415.06 415.39 597.58 503.84

CURRENT ASSETS
Inventries 7753.03 5713.04 5675.30 9926.08 11627.67 11535.17
Trade receivables 23291.05 24151.93 29898.38 48896.14 50198.56 58111.68
Cash & cash equivalents 98457.63 72141.61 114063.82 120629.42 148401.99
Short term loans & advances 4596.66 4314.72 3280.61 3125.52 3610.16 3486.70
Other current assets 3556.75 3814.16 4221.60 4336.46 4907.16 5299.73

TOTAL 138401.30 112381.31 160807.13 209412.72 241309.22

EQUITY & LIABILITY


Shareholder's fund
(a) Share capital 295.26 295.26 295.26 295.26 295.26 295.26
(b) Reserve & surplus 23850.41 27129.65 33321.17 47536.78 58546.00

NON CURRENT LIABILITY


other long term liability 82.53 81.54 75.96 5098.38 3568.45
Deffeded tax liability net 0.00 0.00 0.00 0.00 1087.56
Long term provisions 4.12 4.12 4.12 4.12 97.04

CURRENT LIABILITY
short term borrowings 27286.13 31176.19 38424.88 45939.89 55522.38
trade payables 80499.08 52155.09 87388.44 108532.98 121452.51 116223.35
other current liabilities 5718.40 778.85 230.36 137.36 257.05 193.71
short term provisions 665.38 760.61 1066.94 1867.85 482.97

TOTAL 138401.30 112381.31 160807.13 209412.62 241309.22


COMMON SIZE BALANCE SHEET
Mar-19 Mar-20 PARTICULAR Mar-13 Mar-14 Mar-15
ASSETS
NON CURRENT ASSETS
Property Plant & equipment
5150.41 4841.38 (i) Tangible assets 0.50% 1.50% 1.64%
(ii) Intangible assets 0.00% 0.00% 0.00%
(iii) capital work in progress 0.00% 0.00% 0.00%
Non current investments 0.02% 0.12% 0.37%
Deffered Tax assets/(liability) 0.01% 0.01% 0.01%
long term loans and advances 0.00% 0.37% 0.26%

CURRENT ASSETS
12886.85 14425.98 Inventries 5.60% 5.08% 3.53%
65085.08 72895.29 Trade receivables 16.83% 21.49% 18.59%
Cash & cash equivalents 71.14% 64.19% 70.93%
3905.10 4373.72 Short term loans & advances 3.32% 3.84% 2.04%
5723.71 6181.61 Other current assets 2.57% 3.39% 2.63%

TOTAL 100.00% 100.00% 100.00%

EQUITY & LIABILITY


Shareholder's fund
295.26 295.26 (a) Share capital 0.21% 0.26% 0.18%
(b) Reserve & surplus 17.23% 24.14% 20.72%

NON CURRENT LIABILITY


other long term liability 0.06% 0.07% 0.05%
Deffeded tax liability net 0.00% 0.00% 0.00%
Long term provisions 0.00% 0.00% 0.00%

CURRENT LIABILITY
short term borrowings 19.72% 27.74% 23.90%
130170.15 145790.57 trade payables 58.16% 46.41% 54.34%
216.95 242.98 other current liabilities 4.13% 0.69% 0.14%
short term provisions 0.48% 0.68% 0.66%

TOTAL 100.00% 100.00% 100.00%


CE SHEET TREND ANALYSIS OF BALANCE SHEET
Mar-16 Mar-17 PARTICULAR Mar-13 Mar-14 Mar-15 Mar-16
ASSETS
NON CURRENT ASSETS
Property Plant & equipment
3.05% 2.42% (i) Tangible assets 100% 243% 380% 920%
3.09% 2.55% (ii) Intangible assets
0.30% 0.37% (iii) capital work in progress 100% 104% 119% 17698%
4.01% 3.81% Non current investments 100% 393% 1763% 24592%
0.00% 0.00% Deffered Tax assets/(liability) 100% 100% 100% 100%
0.29% 0.21% long term loans and advances 100% 6929% 6935% 9976%

CURRENT ASSETS
4.74% 4.82% Inventries 100% 74% 73% 128%
23.35% 20.80% Trade receivables 100% 104% 128% 210%
57.60% 61.50% Cash & cash equivalents 100% 73% 116% 123%
1.49% 1.50% Short term loans & advances 100% 94% 71% 68%
2.07% 2.03% Other current assets 100% 107% 119% 122%

100.00% 100.00% TOTAL 100% 81% 116% 151%

EQUITY & LIABILITY


Shareholder's fund
0.14% 0.12% (a) Share capital 100% 100% 100% 100%
22.70% 24.26% (b) Reserve & surplus 100% 114% 140% 199%

NON CURRENT LIABILITY


2.43% 1.48% other long term liability 100% 99% 92% 6177%
0.00% 0.45% Deffeded tax liability net
0.00% 0.04% Long term provisions 100% 100% 100% 100%

CURRENT LIABILITY
21.94% 23.01% short term borrowings 100% 114% 141% 168%
51.83% 50.33% trade payables 100% 65% 109% 135%
0.07% 0.11% other current liabilities 100% 14% 4% 2%
0.89% 0.20% short term provisions 100% 114% 160% 281%

100.00% 100.00% TOTAL 100% 81% 116% 151%


EET
Mar-17

840%

25211%
26890%
0%
8411%

150%
216%
151%
79%
138%

174%

100%
245%

4324%

2356%

203%
151%
4%
73%

174%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
1 LIQUIDITY RATIO
CURRENT RATIO 120.57% 129.77% 123.62% 119.45% 123.09%
QUICK RATIO 113.78% 123.04% 119.16% 113.11% 116.55%
ABSOLUTE RATIO 89.35% 89.50% 93.06% 79.86% 86.27%

2 PROFITABILITY RATIO
GROSS PROFIT RATIO 2.61% 2.80% 3.07% 1.29% 0.87%
OPERATING PROFIT RATIO 2.53% 2.62% 2.39% 1.02% 0.72%
NET PROFIT RATIO 1.45% 0.96% 1.30% 0.65% 0.52%
EARNING PER SHARE RATIO 15.33 7.69 22.18 36.21 42.30
PRICE EARNING RATIO 8.00 12.99 9.02 17.12 14.23
RETURN ON EQITY RATIO 18.74% 8.28% 19.48% 22.35% 21.23%

3 ACTIVITY RATIO
ASSET TURNOVER RATIO 2.42 1.88 3.69 8.93 10.74
WORKING CAPITAL TURNOVER RATIO 13.30 9.32 16.80 54.28 59.01
FIXED ASSET TURNOVER RATIO 107.43 57.70 33.83 48.91 95.69

4 SOLVENCY RATIO
DEBT EQUITY RATIO 1.13 1.14 1.15 1.07 1.00
PROPRIETARY RATIO 17.45% 24.40% 20.90% 22.84% 24.38%
FIXED ASSET TO EQUITY RATIO 3.46% 5.52% 6.48% 11.98% 19.71%
CURRENT ASSET TO EQUITY RATIO 6.86 3.61 3.86 3.50 7.40
PARTICULARS Mar-18 Mar-19 Mar-20
I) REVENUE

(i) Revenue from operations -20.00% 12.00% 12.00%


(ii) other income 10.00%
TOTAL REVENUE (I+II)

II) EXPENSES

COGS 99.25% 99.00% 98.95%

Selling, administrative & other expenses 15.00%

Employee benefit expenses 10.00% 15.00%

Finance Cost 10.00%

Depreciation and amortization expenses 6.00%


TOTAL EXPENSES

III) Profir before exceptional and extraordinary


items
IV) add Exceptional item
V) profit before extraordinary item (III-IV)
VI) less Extraordinary item
VII) PBT (V-VI)

VIII) less current tax 9.80%


IX) less Income tax for earlier years
X) Profit for the period from continuing
operations(VII+VIII+IX)
XI) Profit from discontinuing operations
XII) Tax expenses of discontinuing operations
XIII) Profit from discontinuing operations (XI-
XII)
XIV) PAT (X+XI+XII+XIII)

EBIT

CAPX

Inventries 0.60% 6.00% 0.60%

Trade receivables 3% 3% 3%

Short term loans & advances 0.18 0.18 0.18

Other current assets 8% 8% 8%

Other current libility 0.01% 0.01% 0.01%

trade payables 6% 6% 6%
ASSUMPTIONS

Impact of GST, AML, weak Rupee led to high gold prices and it pulled
down the demand in INDIA also in globe the demand fell by 24%
aacording to World Gold Council also Indian government is not cutting
the import duty on gold by 5% as demanded by Bullion companies. all
this will led to fall in revenue from operatiosn by 20%. But in fy 2018-19
and 2019-2020 revenue from operations will increase by mentioned %
as gold is expected to be in demand by several central banks and aslo
will be in demand as an investment for individuals
income from rent & intrest will increase with an average of 10%

COGS will be 99.10of revenue in FY17-18 its on higher side because of


gst and import duty of 10% but will come down to 98.85 in FY 19 and
98.85% in FY 20 as the government is planning to lower the import duty
to 5% (suggested by NITI ayog) and aslo the increasing presence in % of sales (revenue
retail sector will increase the % of value addition. from operations)

As company is planning to increase its presence in front segment from


strong presence in middle and end segment so expenditure on 50% 0f this expense
advertisemnet , rent, travell , repairs, etc will tend to grow by 15% yoy. consist of hedging
(Major share will be of advertisemnet of its retail brand shubh) fees and charges

salries and wages will go up by 15% in FY 17-18 and by 20% in FY18-19


& FY19-20 as company will need more workforce to handel its
expanding retail business and also it has plans to setup E commerce
platform to offer gold bars to retail customers

since working capital is around 20-23% of total asset if we see trends of


past years and also it is increaing by 10% on an average but will go
down in coming years as company will involve more into retail business.

depriciation is around 5.5-6% if we see past trends since further


breakup of tangible and intangible assets are not provided in financial
statemnet so a standard rate is taken after comparing depriciation
amount with total fixed asset excluding Capital work in progress and
there are no plans to invest big in non current assets but work in
progress i.e 889 mn can increase the amount of depriciation and
amortization
The company carry its export business from Cochin Special Economic
Zone where its gets tax exemption for its exports 100% IT exempted for
first 5 years and 50% for next ten years and also its mjor revenues are
fromforiegn countries

company has no further plans to invest in any big assets which will help
the company to improve its revenue but slight changes will go on like
20-50mn of increasse every year

Inventries are around .6% of COGS as per past year trends so we are
assuming that it will remail the same in coming years COGS
Trade receivables are around 2.5-3% of total sales in past years so we
are assuming to be it same as past years SALES
short term loans and advances are around .15-.18% of total sales from
past trend so we are assuming it to be same in coming years SALES

other current assets consist of balance with government department


and other receivables so according to past trends it growing at 8% YOY SALES
other current liability consist of tds vat etc advance received from
customers and it is .008-.010% of total sales according to past trends SALES
trade payable is around 5-6% of total sales as per past trends so we are
assuming it will go as per past trends SALES
Current Assets 2017 2018 2019 2020
Inventry 11627.67 11517.73 13083.84 15131.15
Trade Receivable 50198.56 58111.68 66247.31 76846.88
Other Current Asset 4907.16 5299.733 5723.711 6181.608

Current Liability
Trade Payables 121452.5 116223.4 132494.6 153693.8
Other Current Liability 257.05 193.7056 220.8244 256.1563

Working Capital -54976.2 -41487.9 -47660.6 -55790.3

Net working capital 13488.26 -6172.67 -8129.7


Rajesh exports ltd Index
Exchange Date Close % change Close % change
31-Aug-2018 623.80 9.911% 11,470.75 1.006%
31-Jul-2018 567.55 -5.644% 11,356.50 5.994%
30-Jun-2018 601.50 -0.389% 10,714.30 -0.204%
31-May-2018 603.85 -11.452% 10,736.15 -0.030%
30-Apr-2018 681.95 -7.795% 10,739.35 6.186%
31-Mar-2018 739.60 -11.695% 10,113.70 -3.613% SUMMARY OUTPUT
28-Feb-2018 837.55 1.960% 10,492.85 -4.850%
31-Jan-2018 821.45 2.170% 11,027.70 4.720% Regression Statistics
31-Dec-2017 804.00 5.263% 10,530.70 2.974% Multiple R
30-Nov-2017 763.80 -2.359% 10,226.55 -1.052% R Square
31-Oct-2017 782.25 -4.534% 10,335.30 5.585% Adjusted R Square
30-Sep-2017 819.40 10.134% 9,788.60 -1.304% Standard Error
31-Aug-2017 744.00 4.612% 9,917.90 -1.580% Observations
31-Jul-2017 711.20 3.155% 10,077.10 5.842%
30-Jun-2017 689.45 5.947% 9,520.90 -1.043% ANOVA
31-May-2017 650.75 5.779% 9,621.25 3.409%
30-Apr-2017 615.20 1.527% 9,304.05 1.420% Regression
31-Mar-2017 605.95 14.503% 9,173.75 3.313% Residual
28-Feb-2017 529.20 6.212% 8,879.60 3.718% Total
31-Jan-2017 498.25 8.033% 8,561.30 4.587%
31-Dec-2016 461.20 -1.019% 8,185.80 -0.471%
30-Nov-2016 465.95 -2.876% 8,224.50 -4.651% Intercept
31-Oct-2016 479.75 5.024% 8,625.70 0.169% X Variable 1
30-Sep-2016 456.80 3.948% 8,611.15 -1.992%
31-Aug-2016 439.45 0.000% 8,786.20 1.710%
31-Jul-2016 439.45 1.642% 8,638.50 4.232%
30-Jun-2016 432.35 -24.632% 8,287.75 1.564%
31-May-2016 573.65 -3.108% 8,160.10 3.953%
30-Apr-2016 592.05 -4.677% 7,849.80 1.440%
31-Mar-2016 621.10 -12.268% 7,738.40 10.753%
29-Feb-2016 707.95 -2.237% 6,987.05 -7.622%
31-Jan-2016 724.15 6.173% 7,563.55 -4.817%
31-Dec-2015 682.05 -3.461% 7,946.35 0.140%
30-Nov-2015 706.50 9.560% 7,935.25 -1.619%
31-Oct-2015 644.85 14.620% 8,065.80 1.471%
30-Sep-2015 562.60 11.076% 7,948.90 -0.281%
31-Aug-2015 506.50 -2.680% 7,971.30 -6.581%
31-Jul-2015 520.45 59.378% 8,532.85 1.964%
30-Jun-2015 326.55 42.443% 8,368.50 -0.773%
31-May-2015 229.25 -1.567% 8,433.65 3.082%
30-Apr-2015 232.90 19.405% 8,181.50 -3.645%
31-Mar-2015 195.05 14.668% 8,491.00 -4.615%
28-Feb-2015 170.10 0.118% 8,901.85 1.055%
31-Jan-2015 169.90 19.396% 8,808.90 6.353%
31-Dec-2014 142.30 -14.406% 8,282.70 -3.558%
30-Nov-2014 166.25 16.954% 8,588.25 3.197%
31-Oct-2014 142.15 5.806% 8,322.20 4.487%
30-Sep-2014 134.35 -5.587% 7,964.80 0.131%
31-Aug-2014 142.30 -11.505% 7,954.35 3.018%
31-Jul-2014 160.80 -14.445% 7,721.30 1.445%
30-Jun-2014 187.95 56.495% 7,611.35 5.275%
31-May-2014 120.10 4.662% 7,229.95 7.968%
30-Apr-2014 114.75 29.955% 6,696.40 -0.116%
31-Mar-2014 88.30 10.582% 6,704.20 6.807%
28-Feb-2014 79.85 2.110% 6,276.95 3.078%
31-Jan-2014 78.20 1.164% 6,089.50 -3.403%
31-Dec-2013 77.30 -15.841% 6,304.00 2.071%
30-Nov-2013 91.85 -4.323% 6,176.10 -1.953%
31-Oct-2013 96.00 -2.883% 6,299.15 9.831%
30-Sep-2013 98.85 -2.322% 5,735.30 4.816%
31-Aug-2013 101.20 5,471.80
Nifty
Start 4/1/1996 1000
Regression Statistics Today 4/11/2019 11470
0.0237067573 days 8410
0.0005620103 years 23.04109589
-0.016669679
0.1503380719 Rm 11.170%
60

df SS MS F Significance F
1 0.0007371475 0.000737148 0.03261493 0.8573142255
58 1.31088908 0.022601536
59 1.3116262275

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
0.0389300714 0.0204840963 1.900502269 0.062341034 -0.002073302 0.079933445 -0.002073302
0.0898545105 0.4975441904 0.18059604 0.857314226 -0.906088394 1.085797415 -0.906088394
Upper 95.0%
0.079933
1.085797
TOTAL DEBT TOTAL EQUITY COST OF DEBT COST OF EQUITY
59019.37 58841.26 6.575% 8.21%
0.500755596 0.499244404

WACC 7.390%

Rf 7.740% Cost of Debt 6.575%


RM 11.51%
beta 0.1242022894

CAPM 8.21%
Mn
long term borrowing 3497
working capital loan 55522
int. Paid 4302
FCFF

Figures in Rs Million FY17 FY18E FY19E FY20E PV of Terminal CF in FY 20


EBIT 10336.03 16801.51 20011.74
EBIT *(1-tax rate) 9323.10 15154.96 18050.59
Non-Cash Charges 599.20 736.00 691.94
Fixed Capx 0.00 0.00 0.00
Change in WC 13488.26 -6172.66515 -8129.7
FCFF -3565.95 22063.62 26872.23 824324.155
PV FCFF -3320.55 19131.39698 21697.43
PV Terminal CF 665583.86
Total PV of FCFF 703092.14
Cash 148401.99
Net Borrowings 59020.17
Enterprise Value 792473.96
No of Shares in Millions 295.26
WACC 7.39%
Value per Share (Intrinsic Value) 2683.987
Current Market Price/Share 623.80
Interpretation BUY
Terminal rate of growth 4%

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