Company Overview - ACLCables

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Manufacturing Cables		22,474.6	35,111.0	30,022.9	0.0	6,549.8	6,960.3			29,163.4
	YoY		21.2	56.2	-14.5						-2.9

2	Manufacturing PVC Compound		144.5	217.7	123.9	0.0	2.0	9.6			32.9
	YoY		13.3	50.6	-43.1						-73.4

3	Others		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						0

4	Segment		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						0

5	Other		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	0		0	0	0						0

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		18,779.0	27,396.6	19,158.5	0.0	4,971.4	5,091.9			22,053.0
	- As a % of sales		81.5%	76.6%	62.2%	nan%	-1.5%	-1.3%			74.3%

2	Administration		282.5	605.6	608.2	0.0	108.3	241.0			790.5	0
	- As a % of sales		2.8%	2.6%	3.3%	nan%	3.1%	4.8%			3.9%

3	Selling & Distribution		1,166.2	1,122.2	1,444.3	0.0	322.1	322.5			1,520.2
	- As a % of sales		5.1%	3.2%	4.8%	nan%	4.9%	4.6%			5.2%

4	Capital Expenditure		201.0	202.2	185.6	0.0	36.4	43.8		0	141.5	00	0	00	0
	- As a % of sales		0.9%	0.6%	0.6%	nan%	0.6%	0.6%			0.5%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	7,032.5	8,069.1	8,428.6	8,069.1	8,626.6	8,663.0	8,706.7	8,626.6	9,078.8
	Capital Expenditure	201.0	202.2	185.6	0.0	36.4	43.8	222
	Balance C/F	8,069.1	8,428.6	8,626.6	8,069.1	8,663.0	8,706.7		9,078.8

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	2,271.1	2,619.3	2,945.6	2,945.6	3,022.4	3,118.2	3,211.5		3,022.4					2,839.8
Depreciation charge	352.1	326.5	400.8	0.0	95.8	93.3			347.2
- As a % of sales	1.6%	0.9%	1.3%	nan%	1.5%	1.3%			1.2%
Balance C/F	2,619.3	2,945.6	3,022.4	2,945.6	3,118.2	3,211.5	111	111	2,839.8	111	111	111	111	111	111	111	111	111
Net Book Value at end	5,449.8	5,483.0	5,604.2	0.0	5,443.6	5,412.3			6,238.9

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	8,964.8	8,366.6	6,498.1	0.0	6,517.6	6,390.2	6,551.8
- As a % of sales	39.6	23.7	21.6	nan	99.5	91.7	22.4
Four Qtr Cum. Revenue				6,969.9	13,521.7	nan
Four Qtr Cum. COGS				-5,091.9	-10,063.3	-10,063.3

	2.2 Inventories		7,901.8	9,346.7	11,719.9	0.0	11,347.4	11,422.8			11,327.2
	- As a % of COGS		42.1	34.1	61.2	nan	228.3	224.3			51.4

	2.3 Prepayments		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	- As a % of sales		0	0	0	nan	0	0			0

	2.4 Accounts payable		6,551.5	5,085.1	900.2	0.0	479.9	1,173.4			1,729.4
	- As a % of COGS		34.9	18.6	4.7	nan	9.7	23.0			7.8

2.5 Other	2,591.6	4,504.0	2,687.3	0.0	1,835.2	1,430.9	1,500.1
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						1,168.0

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	1,130.4	1,094.9	1,507.3	1,507.3	705.7	705.7	705.7		1,507.3
Issuance of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Repayment of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Closing balance	1,094.9	1,507.3	705.7	1,507.3	705.7	705.7			335.2
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expenses	nan	nan	nan	nan	nan	nan			nan
Average Interest rate (%)	nan	nan	nan	nan	nan	nan	%	%	nan	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	36.2	34.5	33.6	33.6	26.3	26.3	26.3		26.3					17.9
Additions	0.0	0.0	0.0	0.0	0.0	0.0
Payments	9.4	14.8	14.5	0.0	0.0	0.0			11.2
Closing balance	34.5	33.6	26.3	33.6	26.3	26.3			17.9
Adjustments	3.1	9.2	3.5	0.0	0.0	0.0			-0.1
Lease Interest expenses	4.6	4.7	3.7	0.0	0.0	0.0			2.8
Average Interest rate (%)	13.1	13.9	12.3	0	0	0	%	%	12.6	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			7,598.0	0.0	8,052.0	9,001.1		8,933.0	8,759.6
ii. Interest Income	92.0	921.9	1,345.4	0.0	0.0	0.0			735.3
Average Interest Income Rate	363.7	1213.3	1506.1	0	0	0	%	%	839.4	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	1,941.7	6,237.3	9,165.1	nan	1,080.3	1,265.4			4,662.9
Opening balance	569.7	646.4	1,299.6	1,299.6	2,322.7	1,997.7	1,329.8
Current Income Tax	302.5	1,168.8	2,055.4	0.0	0.0	0.0			1,375.8
Taxes paid	224.9	502.4	978.5	0.0	325.0	667.9	0.0		1,439.6					1,375.8
Closing balance	646.4	1,299.6	2,322.7	1,299.6	1,997.7	1,329.8			2,086.2
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	22,619.1	35,328.7	30,146.8	6,551.8	6,969.9	29,196.3
COGS	18,779.0	27,396.6	19,158.5	4,971.4	5,091.9
Gross Profit	3,840.2	7,932.1	10,988.3	1,580.4	1,878.0	7,143.4
Administration Exp.	282.5	605.6	608.2	108.3	241.0
Selling & Distribution Exp.	1,166.2	1,122.2	1,444.3	322.1	322.5
Depreciation	352.1	326.5	400.8	95.8	93.3	347.2
7. Amortisation
Other Operating Expenses	-152.4	-197.4	71.8	0.0	0.0	nan
Operating Income	2,311.7	5,846.4	9,079.0	1,087.3	1,259.9	4,819.5
Interest Expenses	569.5	684.9	1,393.7			1,013.4
Interest Income	92.0	921.9	1,345.4	0.0	0.0
Other (Expenses)/Income	107.4	153.9	134.4	-7.0	5.5	nan
Profit Before Tax	1,941.7	6,237.3	9,165.1	1,080.3	1,265.4	4,662.9
Tax Expenses	302.5	1,168.8	2,055.4	0.0	0.0
Profit After Tax	1,753.7	5,114.0	7,012.5	804.7	849.9
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	1,753.7	5,114.0	7,012.5	804.7	849.9

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	1,941.7	6,237.3	9,165.1	1,080.3	1,265.4		4,662.9
Depreciation	From OA 1.1	352.1	326.5	400.8	95.8	93.3		347.2
Change in Working Capital	From OA 2	1,771.0	-2,313.1	-4,689.5	-67.4	745.4		1,168.0
Income Tax Paid	From OA 5	224.9	502.4	978.5	325.0	667.9		1,439.6
Other		-516.6	-1,268.1	-1,345.2	-47.3	118.9		-983.2
Net Cash Flow from / (used in) Operating Activities		3,330.4	2,494.7	2,559.7	736.5	1,555.1		3,762.4
Capital Expenditure	From CA 4	201.0	202.2	185.6	36.4	43.8		141.5
Other		-168.3	549.6	1,402.4	0.0	0.0		-1,003.3
Cash Flows from Investing Activities		-376.2	347.5	1,216.9	-36.4	-43.7		-1,144.8
Borrowings		0.0	0.0	0.0	0.0	0.0		0.0
Debt Repayments		0.0	0.0	0.0	0.0	0.0		0.0
10. Lease Additions
Lease Repayments		4.9	1.3	1.3	0.0	0.0		1.4
Other		-208.8	-273.4	-356.6	0.0	-416.2		-412.9
Net Cash flows from / (used in) Financing Activities		-1,919.5	2,034.4	-2,976.1	-919.2<	-910.5		-1,971.9
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		1,034.8	4,876.6	800.5	-219.0	600.8		645.6
Balance adjustments as per company		162.7	353.7	888.3	226.3	574.6		69.3
Cash and CE at Start		1,332.9	2,367.6	7,244.3	8,044.7	7,825.7	4Q	8,044.7	8,690.3
Cash and CE at End		2,367.6	7,244.3	8,044.7	7,825.7			8,690.3

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	5,449.8	5,483.0	5,604.2	5,443.6	5,412.3			6,238.9
2. Right-of-use assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible assets		469.9	547.0	868.5	870.9	883.9	893.4	893.4	883.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4	893.4
4. Investment in an associate		76.0	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3	68.3
5. Other financial assets		36.6	28.8	21.7	21.2	20.8	15.5	nan	15.8	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other		1,791.1	2,181.5	2,397.6	2,434.5	2,441.9	2,856.3	2,856.3	2,790.6	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3	2,856.3
Non Current Assets		7,823.3	8,308.5	8,960.3	8,838.4	8,827.1			9,997.0
Inventories	From OA 2.2	7,901.8	9,346.7	11,719.9	11,347.4	11,422.8			11,327.2
Trade and Other Receivables	From OA 2.1	8,964.8	8,366.6	6,498.1	6,517.6	6,390.2			6,551.8
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0
Other		0.0	0.0	0.0	0.0	0.0	2,183.5	2,183.5	1,632.6	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5	2,183.5
12. Other financial assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Income tax recoverable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	2,530.4	7,598.0	8,933.0	8,052.0	9,001.1			8,759.6
Current Assets		19,397.0	25,311.3	27,150.9	25,917.0	26,814.1			28,271.2
Total Assets		27,220.3	33,619.8	36,111.2	34,755.5	35,641.2
Equities and Liabilities
1. Stated capital		299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5	299.5
2. Reserves	18,749.2	4,092.5	4,092.5	3,968.1	4,004.5	3,968.1	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9	4,628.9
Retained Earnings		8,919.9	13,071.1	18,749.2	19,028.3	19,777.1			21,314.7
Other Adjustments		21.1	-46.1	483.3	713.0	479.2	400.6	400.6	381.5	400.6	400.6	400.6	400.6	400.6	400.6	400.6	400.6	400.6
Equity attributable to equity holders of parent
5. Non-controlling interest		1,947.1	2,724.2	3,958.1	3,769.8	4,148.2	4,595.3	4,595.3	4,381.9	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3	4,595.3
Total Equity		15,280.1	20,141.0	27,458.3	27,815.1	28,672.1			31,006.5
Long Term Debt	From OA 3	1,094.9	1,507.3	705.7	638.6	548.7			335.2
Financing and Lease Payables	From OA 4	34.5	33.6	26.3	26.3	26.3			17.9
Defined benefit obligations		423.8	285.5	387.3	400.3	416.4	446.5	446.5	455.0	446.5	446.5	446.5	446.5	446.5	446.5	446.5	446.5	446.5
Deferred income tax liabilities		434.8	410.0	735.1	735.1	735.1	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7	1,068.7
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		1,982.5	2,229.3	1,846.0	1,792.0	1,719.1			1,867.1
Current Maturities of Long Term Debt	Added to LT debt in the forecast	0.0	0.0	0.0	0.0	0.0			0.0
Trade Payables	From OA 2.4	6,551.5	5,085.1	900.2	479.9	1,173.4			1,729.4
13. Amounts due to related parties		nan	nan	nan	1,835.2	1,430.9	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	646.4	1,299.6	2,322.7	1,997.7	1,329.8			2,086.2
Other Accruals	From OA 2.5	0	0	0	0	0
Other		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bank Overdraft		162.7	353.7	888.2	619.0	617.9	413.6	nan	69.3	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		9,957.7	11,249.4	6,806.9	6,983.6	6,680.9			5,394.7
Total Equity and Liabilities		27,220.3	33,619.8	36,111.2	36,590.7	37,072.1			38,268.2

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		8,337.2
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		239,574.7
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			31,006.5
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		239,574.7	239,574.7	239,574.7
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	28.754	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)