Company Overview - ACLPlastics

ACLPlastics

Valuation

FY24E and FY25E
Revenue	12000	13000	25000

Period		3Q24E	4Q24E	FY24E	1Q25	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue

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.)

Options

Checkbox

REVENUE		FY25E to FY29E
Total Revenue	YoY%	-4.2
Segment	YoY%	nan
Segment	YoY%	0
Segment	YoY%	0
Other	YoY%	0
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	76.8
Administration	% of Rev.	0.5
Selling & Distribution	% of Rev.	-0.0
Capital Expenditure	% of Rev.	0.0
OTHER
Depreciation charge	% of Rev.	0.7
2.1 Accounts and notes receivables	% of Rev.	67.7
2.2 Inventories	% of COGS	30.6
2.3 Prepayments	% of Rev.	1.5
2.4 Accounts payable	% of COGS	1.1
2.5 Other	% of COGS	0.0
Issuance of debt/Proceeds from import loans	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	0
Long Term Debt Current Portion	Rs.Millions	0.0
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	0.0
Right of Use Assets - Amortisation Rate	%	1.4
Intangible Assets - Additions	Rs.Millions	0.0
Intangible Assets - Amortisation Rate	%	nan
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	0
Lease Liabilities Current Portion	Rs.Millions	0.0
Average Interest Income Rate	%	6.2
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Total Revenue	YoY%
Segment	YoY%
Segment	YoY%
Segment	YoY%
Other	YoY%
nan	YoY%
COSTS
Excise Duty	% of Rev.
COGS	% of Rev.
Administration	% of Rev.
Selling & Distribution	% of Rev.
Capital Expenditure	% of Rev.
OTHER
Depreciation charge	% of Rev.
2.1 Accounts and notes receivables	% of Rev.
2.2 Inventories	% of COGS
2.3 Prepayments	% of Rev.
2.4 Accounts payable	% of COGS
2.5 Other	% of COGS
Issuance of debt/Proceeds from import loans	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate
Long Term Debt Current Portion	Rs.Millions
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions
Right of Use Assets - Amortisation Rate	%
Intangible Assets - Additions	Rs.Millions
Intangible Assets - Amortisation Rate	%
Lease Repayments	Rs.	N/A
Lease Liabilities Current Portion	Rs.Millions
Lease Interest Rate	%
Average Interest Income Rate	%
Effective Tax Rate (%)	%

Standard
Customized

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
	Total Revenue		1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4	524.7
	YoY%		20.2	55.5	-16.2				-4.2	17.4

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Total Revenue	1,900.0	2,955.0	2,477.3	0.0	447.0	491.3	2,373.4	524.7
	YoY	20.2	55.5	-16.2				-4.2	17.4
SC01	Total Revenue	1,900.0	2,955.0	2,477.3				2,373.4
	LY YoY%	20.2	55.5	-16.2				-4.2		-4.2	-4.2	-4.2	-4.2	-4.2
SC02	Total Revenue	1,900.0	2,955.0	2,477.3				2,373.4
	LY YoY%	20.2	55.5	-16.2				-4.2
SC03	Total Revenue	1,900.0	2,955.0	2,477.3				2,373.4
	LY YoY%	20.2	55.5	-16.2				-4.2

2	Segment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan				nan	nan
SC01	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				nan		nan	nan	nan	nan	nan
SC02	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				nan
SC03	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				nan

3	Segment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan				0	nan
SC01	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0		0	0	0	0	0
SC02	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0
SC03	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0

4	Segment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	nan	nan	nan				0	nan
SC01	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0		0	0	0	0	0
SC02	Segment	0.0	0.0	0.0				0.0
	LY YoY%	nan	nan	nan				0
SC03	Segment	0.0	0.0	0.0				0.0
	LY 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	0				0	0
SC01	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0		0	0	0	0	0
SC02	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0
SC03	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0

6	nan	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan	nan
SC01	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan
SC03	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan

	Std vs. Cus. Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4
SC01	S01Total Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4
SC02	S02Total Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4
SC03	S03Total Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		1,900.0	2,955.0	2,477.3			2,373.4	524.7
	YoY%		20.2	55.5	-16.2				-4.2	17.4

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Total Revenue

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	YoY%
	nan	nan	nan	nan		nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Segment

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Segment
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan		}	nan
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Segment
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	0.0	0.0	0.0	0.0	0.0
	YoY%

	Rs. Millions	FY25E
5
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY25E
6
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY21	FY22	FY23			FY28E	FY29E
1	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC01	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%
SC02	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC03	Excise Duty	nan	nan	nan	nan	nan
	-As a % of Sales	nan%	nan%	nan%	nan%	nan%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	1,707.8	2,242.0	1,690.5	400.2	335.8	382.8	1,840.6	391.7
	Depreciation	16.2	17.8	18.7				17.5	4.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	Cost of Sales net of Depreciation	1,691.5	2,224.2	1,671.8	400.2	335.8	382.8	1,823.1	387.2
	- As a % of sales	89.0%	75.3%	67.5%	0%	-1.0%	-0.9%	76.8%	73.8%
SC01	COGS	1,707.8	2,242.0	1,690.5				1,840.6	391.7
	Depreciation	16.2	17.8	18.7				17.5	4.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	1,691.5	2,224.2	1,671.8				1,823.1	387.2
	- As a % of sales	89.0%	75.3%	67.5%				76.8%	73.8%	76.8%	76.8%	76.8%	76.8%	76.8%
SC02	COGS	1,707.8	2,242.0	1,690.5				1,840.6	391.7
	Depreciation	16.2	17.8	18.7				17.5	4.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	1,691.5	2,224.2	1,671.8				1,823.1	387.2
	- As a % of sales	89.0%	75.3%	67.5%				76.8%	73.8%	73.2%	73.2%	73.2%	73.2%	73.2%
SC03	COGS	1,707.8	2,242.0	1,690.5				1,840.6	391.7
	Depreciation	16.2	17.8	18.7				17.5	4.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	1,691.5	2,224.2	1,671.8				1,823.1	387.2
	- As a % of sales	89.0%	75.3%	67.5%				76.8%	73.8%
	COGS selection
	COGS% selection

2	Administration Expenses	6.6	9.1	11.4	1.8	1.7	2.7	11.0	1.9
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration Expenses Net of Amortisation of Intangible Assets	6.6	9.1	11.4	1.8	1.7	2.7	11.0	1.9
	- As a % of sales	0.3%	0.3%	0.5%	0%	0.4%	0.5%	0.5%	0.4%
SC01	Administration Expenses	6.6	9.1	11.4				11.0	1.9
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
SC01	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	6.6	9.1	11.4				11.0	1.9
	- As a % of sales	0.3%	0.3%	0.5%				0.5%	0.4%	0.5%	0.5%	0.5%	0.5%	0.5%
SC02	Administration Expenses	6.6	9.1	11.4				11.0	1.9
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	6.6	9.1	11.4				11.0	1.9
	- As a % of sales	0.3%	0.3%	0.5%				0.5%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%
SC03	Administration Expenses	6.6	9.1	11.4				11.0	1.9
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	6.6	9.1	11.4				11.0	1.9
	- As a % of sales	0.3%	0.3%	0.5%				0.5%	0.4%
	Admin selection

	Selling & Distribution Expenses	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	0.3	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
	- As a % of sales	0.0%	-0.0%	-0.0%	0%	0%	0%	-0.0%	0%
SC01	S&D	0.3	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution	0.3	-0.0	-0.0				-0.0	0.0
	- As a % of sales	0.0%	-0.0%	-0.0%				-0.0%	0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
SC02	s&D	0.3	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC02	Selling & Distribution	0.3	-0.0	-0.0				-0.0	0.0
SC02	- As a % of sales	0.0%	-0.0%	-0.0%				-0.0%	0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
SC03	S&D	0.3	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC03	Selling & Distribution	0.3	-0.0	-0.0				-0.0	0.0
	- As a % of sales	0.0%	-0.0%	-0.0%				-0.0%	0%
	Sd selection

4	Capital Expenditure	2.9	35.8	0.5	0.0	0.0	-0.0	0	0.0	0.1	0	0	0
	- As a % of sales	0.2%	1.2%	0.0%	0%	0.0%	-0.0%		0.0%	0.0%
SC01	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	- As a % of sales	0.2%	1.2%	0.0%					0.0%					0.0%	0.0%	0.0%	0.0%	0.0%
SC02	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	- As a % of sales	0.2%	1.2%	0.0%					0.0%					0.4%	0.4%	0.4%	0.4%	0.4%
SC03	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	- As a % of sales	0.2%	1.2%	0.0%					0.0%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	509.2	589.1	547.8	0.0	548.3	325.1	320.5	548.3	592.3	592.4	592.3
	Capital Expenditure	2.9	35.8	0.5	0.0	0.0	-0.0	222		0.1
	Adjustments	76.9	-77.1	0.0					44.0	0.0		0.0
	Balance C/F	589.1	547.8	548.3	0.0	325.1	320.5		592.3	592.4
SC01	Balance B/F	509.2	589.1	547.8					548.3	592.3	592.4	592.3
	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	Adjustments	76.9	-77.1	0.0					44.0	0.0		0.0
	Balance C/F	589.1	547.8	548.3					592.3	592.4
SC02	Balance B/F	509.2	589.1	547.8					548.3	592.3	592.4	592.3
	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	Adjustments	76.9	-77.1	0.0					44.0	0.0		0.0
	Balance C/F	589.1	547.8	548.3					592.3	592.4
SC03	Balance B/F	509.2	589.1	547.8					548.3	592.3	592.4	592.3
	Capital Expenditure	2.9	35.8	0.5					0.0	0.1
	Adjustments	76.9	-77.1	0.0					44.0	0.0		0.0
	Balance C/F	589.1	547.8	548.3					592.3	592.4

1.1	Depreciation (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Balance B/F	228.3	259.2	199.9	0.0	218.6	0.0	0.0		218.6	220.3				224.8	220.3
	Depreciation charge	16.2	17.8	18.7	0.0	4.6	4.6			17.5	4.5
	- As a % of sales	0.9%	0.6%	0.8%	0%	1.0%	0.9%			0.7%	0.9%
	Balance C/F	259.2	199.9	218.6	0.0	0.0	0.0	0	0	220.3	224.8	0	0	0	0	0	0	0	0	0
	Adjustments	14.7	-77.1	0.0						-15.8	-0.0					-0.0
	Net Book Value at end	329.9	347.9	329.7	0.0	325.1	320.5			372.0	367.6
SC01	Balance B/F	228.3	259.2	199.9						218.6	220.3				224.8	220.3
SC01	Depreciation charge	16.2	17.8	18.7						17.5	4.5
	- As a % of sales	0.9%	0.6%	0.8%						0.7%	0.9%						0.7%	0.7%	0.7%	0.7%	0.7%
	Balance C/F	259.2	199.9	218.6						220.3	224.8
	Adjustments	14.7	-77.1	0.0						-15.8	-0.0					-0.0
	Net Book Value at end	329.9	347.9	329.7						372.0	367.6
SC02	Balance B/F	228.3	259.2	199.9						218.6	220.3				224.8	220.3
SC02	Depreciation charge	16.2	17.8	18.7						17.5	4.5
	- As a % of sales	0.9%	0.6%	0.8%						0.7%	0.9%
	Balance C/F	259.2	199.9	218.6						220.3	224.8
	Adjustments	14.7	-77.1	0.0						-15.8	-0.0					-0.0
	Net Book Value at end	329.9	347.9	329.7						372.0	367.6
SC03	Balance B/F	228.3	259.2	199.9						218.6	220.3				224.8	220.3
SC03	Depreciation charge	16.2	17.8	18.7						17.5	4.5
	- As a % of sales	0.9%	0.6%	0.8%						0.7%	0.9%
	Balance C/F	259.2	199.9	218.6						220.3	224.8
	Adjustments	14.7	-77.1	0.0						-15.8	-0.0					-0.0
	Net Book Value at end	329.9	347.9	329.7						372.0	367.6
SELECT	Depreciation selection
	NBV selection

2	Working Capital

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
	2.1 Accounts and notes receivables	927.5	1,326.2	1,345.9	0.0	1,513.8	1,561.8	1,606.5	1,715.6
	- As a % of sales	48.8	44.9	54.3	0	338.6	317.9	67.7	70.0
	Four Qtr Cum. Revenue				491.3	938.3	1,512.6
	Four Qtr Cum. COGS				-382.8	-718.6	-1,118.9
SC01	2.1 Accounts and notes receivables	927.5	1,326.2	1,345.9				1,606.5
	- As a % of sales	48.8	44.9	54.3				67.7		67.7	67.7	67.7	67.7	67.7
SC02	2.1 Accounts and notes receivables	927.5	1,326.2	1,345.9				1,606.5
	- As a % of sales	48.8	44.9	54.3				67.7		55.6	55.6	55.6	55.6	55.6
	Four Qtr Cum. Revenue				491.3	938.3	1,512.6
SC03	2.1 Accounts and notes receivables	927.5	1,326.2	1,345.9				1,606.5
	- As a % of sales	48.8	44.9	54.3				67.7
	Four Qtr Cum. COGS				-382.8	-718.6	-1,118.9
	Debtors selection

	2.2 Inventories	308.4	454.1	557.5	0.0	496.0	412.6	563.7	541.7
	- As a % of COGS	18.1	20.3	33.0	0	147.7	107.8	30.6	28.5
SC01	2.2 Inventories	308.4	454.1	557.5				563.7
	- As a % of COGS	18.1	20.3	33.0				30.6		30.6	30.6	30.6	30.6	30.6
SC02	2.2 Inventories	308.4	454.1	557.5				563.7
	- As a % of COGS	18.1	20.3	33.0				30.6		28.0	28.0	28.0	28.0	28.0
SC03	2.2 Inventories	308.4	454.1	557.5				563.7
	- As a % of COGS	18.1	20.3	33.0				30.6
	Stocks selection
	Stocks share selection

	2.3 Prepayments	0.0	0.0	0.0	0.0	0.0	0.0	35.0	91.6
	- As a % of sales	0	0	0	0	0	0	1.5	3.7
SC01	2.3 Prepayments	0.0	0.0	0.0				35.0
	- As a % of sales	0	0	0				1.5		1.5	1.5	1.5	1.5	1.5
SC02	2.3 Prepayments	0.0	0.0	0.0				35.0
	- As a % of sales	0	0	0				1.5		0.5	0.5	0.5	0.5	0.5
SC03	2.3 Prepayments	0.0	0.0	0.0				35.0
	- As a % of sales	0	0	0				1.5
	Prepayment selection

	2.4 Accounts payable	145.2	429.9	41.1	0.0	13.8	17.6	20.7	16.9
	- As a % of COGS	8.5	19.2	2.4	0	4.1	4.6	1.1	0.9
SC01	2.4 Accounts payable	145.2	429.9	41.1				20.7
	- As a % of COGS	8.5	19.2	2.4				1.1		1.1	1.1	1.1	1.1	1.1
SC02	2.4 Accounts payable	145.2	429.9	41.1				20.7
	- As a % of COGS	8.5	19.2	2.4				1.1		7.6	7.6	7.6	7.6	7.6
SC03	2.4 Accounts payable	145.2	429.9	41.1				20.7
	- As a % of COGS	8.5	19.2	2.4				1.1
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0		0.0	0.0	0.0	0.0	0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
2.5 Other
- As a % of COGS	0.0	0.0	0.0					0.0
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC						-287.3	-90.9
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						-287.3	-90.9
SC01 Change in WC - Balance Period
SC02 Change in WC						-287.3	-90.9
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						-287.3	-90.9
SC03 Change in WC - Balance Period
CWC selection
CWC selection - Balance Period

3	Interest Bearing Debt (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0				0.0	0.0
	Issuance of debt/Proceeds from import loans	0.0	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	0.0
	Net of Payments	0.0	0.0	0.0						0.0	0.0					0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0					0.0
	Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Current Portion of Long Term Debt	0.0	0.0	0.0						0.0	0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Average Interest rate (%)	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Issuance of debt/Proceeds from import loans	0.0	0.0	0.0						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
	Net of Payments	0.0	0.0	0.0						0.0	0.0					0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	0.0	0.0	0.0						0.0	0.0			0.0	0.0
	Issuance of debt/Proceeds from import loans	0.0	0.0	0.0						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
	Net of Payments	0.0	0.0	0.0						0.0	0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0
SC03	Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Issuance of debt/Proceeds from import loans	0.0	0.0	0.0						0.0	0.0
	Repayment of debt	0.0	0.0	0.0						0.0	0.0
	Net of Payments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Interest Expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0							%	%	%	%	%
	Int. Rate Expense selection
	Int. Expense selection
	Debt Borrowing selection
	Debt Repay selection
	Debt NET PAY Selection
	Debt Bal BS selection
	Current Portion of LT Debt selection
	LT Int Exp Rate selection

Short Term Debt (Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	0.0	182.3	177.3	0.0	0.0	0.0	0.0
Issuance of debt/Proceeds from import loans	1,132.9	1,364.0	48.5	0.0	0.0
Repayment of debt	950.6	1,369.1	225.8	0.0	0.0
Net of Payments	182.3	-5.0	-177.3	0.0	0.0
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
Closing balance	182.3	177.3	0.0	0.0	0.0
Interest Expenses	6.4	18.5	10.2	1.1	0.0
Average Interest rate (%)	699.2	1027.4	1155.1	0	0		%	%	%	%	%

SC01	Opening balance	0.0	182.3	177.3	0.0	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	1,132.9	1,364.0	48.5	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Repayment of debt	950.6	1,369.1	225.8	0.0	0.0
	Net of Payments	182.3	-5.0	-177.3	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	182.3	177.3	0.0	0.0	0.0
	Interest Expenses	6.4	18.5	10.2	1.1	0.0
	Average Interest rate (%)	699.2	1027.4	1155.1	0	0

SC02	Opening balance	0.0	182.3	177.3	0.0	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	1,132.9	1,364.0	48.5	0.0	0.0
	Repayment of debt	950.6	1,369.1	225.8	0.0	0.0
	Net of Payments	182.3	-5.0	-177.3	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	182.3	177.3	0.0	0.0	0.0
	Interest Expenses	6.4	18.5	10.2	1.1	0.0
	Average Interest rate (%)	699.2	1027.4	1155.1	0	0

SC03	Opening balance	0.0	182.3	177.3	0.0	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	1,132.9	1,364.0	48.5	0.0	0.0
	Repayment of debt	950.6	1,369.1	225.8	0.0	0.0
	Net of Payments	182.3	-5.0	-177.3	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	182.3	177.3	0.0	0.0	0.0
	Interest Expenses	6.4	18.5	10.2	1.1	0.0
	Average Interest rate (%)	699.2	1027.4	1155.1	0	0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	0.0	39.2	3.9	1.2	0.0	0.0	0.0
Issuance of debt/Proceeds from import loans	nan	nan	nan	nan	nan
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments
Adjustments	39.2	-35.3	-2.7	-1.2	0.0		0.0
Closing balance	39.2	3.9	1.2	0.0	0.0
Interest Expenses	0.0	0.0	0.0	0.0	0.0
Average Interest rate (%)	0	0	0	0	0		%	%	%	%	%

SC01	Opening balance	0.0	39.2	3.9	1.2	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	39.2	3.9	1.2	0.0	0.0
	Adjustments	39.2	-35.3	-2.7	-1.2	0.0		0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC02	Opening balance	0.0	39.2	3.9	1.2	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	39.2	3.9	1.2	0.0	0.0
	Adjustments	39.2	-35.3	-2.7	-1.2	0.0		0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0

SC03	Opening balance	0.0	39.2	3.9	1.2	0.0	0.0	0.0
	Issuance of debt/Proceeds from import loans	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	39.2	3.9	1.2	0.0	0.0
	Adjustments	39.2	-35.3	-2.7	-1.2	0.0		0.0
	Interest Expenses	0.0	0.0	0.0	0.0	0.0
	Average Interest rate (%)	0	0	0	0	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
ST Interest	6.4	18.5	10.2	1.1	0.0
Rate	7.0%	10.3%	11.6%	0.0%	0.0%
OD Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
Lease Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
Total Interest Expenses	6.4	18.5	10.2	1.1	0.0

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Lease - Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0				0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Payments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0					0.0
	Lease Interest expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Average Interest Rate	0	0	0	0	0	0	%	%	0	0	%	%	%
	Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Lease Liabilities - Current Portion	0.0	0.0	0.0						0.0	0.0
SC01	Lease - Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Additions	0.0	0.0	0.0					0.0	0.0						0.0
	Payments	0.0	0.0	0.0						0.0	0.0					0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0						0	0	0	0	0
SC02	Lease - Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Additions	0.0	0.0	0.0						0.0	0.0					0.0
	Payments	0.0	0.0	0.0						0.0	0.0					0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0
SC03	Lease - Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Lease Additions	0.0	0.0	0.0						0.0	0.0
	Payments	0.0	0.0	0.0						0.0	0.0
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Closing balance	0.0	0.0	0.0						0.0	0.0
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0						%	%	%	%	%
	Lease Int. Rate selection
	Lease Int. selection
	Lease Addition Selection
	Lease repay selection
	Lease bal C/F selection

4.1	Right of Use Asset (Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
	Opening balance	1.6	1.6	1.6	1.6	1.5	1.5	1.5
	Additions	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	1.4	1.4	1.4	1.4	0.0
	Closing balance	1.6	1.6	1.6	1.5	1.5
SC01	Opening balance	1.6	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.5
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	1.4	1.4	1.4	1.4	0.0		1.4	1.4	1.4	1.4	1.4
	Closing balance	1.6	1.6	1.6	1.5	1.5
SC02	Opening balance	1.6	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.5
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	1.4	1.4	1.4	1.4	0.0		1.4	1.4	1.4	1.4	1.4
	Closing balance	1.6	1.6	1.6	1.5	1.5
SC03	Opening balance	1.6	1.6	1.6	1.6	1.5	1.5	1.5
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	-0.0		-0.0
	Closing balance	1.6	1.6	1.6	1.5	1.5
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	nan	nan	nan	nan	nan
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC01	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	nan	nan	nan	nan	nan		nan	nan	nan	nan	nan
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC02	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	nan	nan	nan	nan	nan		nan	nan	nan	nan	nan
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC03	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation	0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	0.0	0.0	0.0	0.0	0.0
	ia addition selection
	ia repay selection
	ia bal C/F selection

5	Interest Income (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Cash & CE B/F			871.0	0.0	755.7	837.1		823.3	841.6					841.6
	Interest Income	28.4	156.9	102.3	0.0	0.0	77.4			51.8	0.0
	Blended Interest Income Rate	6.4	18.0	12.4	0	0	9.3	%	%	6.2	0	%	%	%			%	%	%	%
SC01	ii. Interest Income	28.4	156.9	102.3	0.0	0.0	77.4			51.8	0.0
	Average Interest Income Rate	6.4	18.0	12.4	0	0	9.3	%	%	6.2						6.2	6.2	6.2	6.2	6.2
SC02	ii. Interest Income	28.4	156.9	102.3	0.0	0.0	77.4			51.8	0.0
	Average Interest Income Rate	6.4	18.0	12.4	0	0	9.3	%	%	6.2		%	%	%
SC03	i. Cash & CE Balance C/F			871.0					823.3						841.6
	ii. Interest Income	28.4	156.9	102.3						51.8	0.0
	Average Interest Income Rate	6.4	18.0	12.4						6.2						%	%	%	%	%
	Int. Income selection
	Int. Income Rate selection

6	Tax (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Profit Before Tax	208.2	844.5	870.7	172.3	97.1	183.3			574.7	174.7
	Tax B/F	56.1	43.0	109.4	109.4	152.0	117.5	34.4		152.0	97.4				106.4	97.4
	Tax Provision for the Year	39.7	125.6	200.3	0.0	0.0	0.0			177.1	41.3
	Adjustments	0.0	0.0	23.8						-42.7	0.0					0.0
	Taxes paid (prov. for the previous year)	52.7	59.2	181.5	0.0	34.5	83.1	0.0		189.0	32.3
	Tax C/F	43.0	109.4	152.0	109.4	117.5	34.4			97.4	106.4
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	56.1	43.0	109.4						152.0	152.0				106.4	97.4
	Current Income Tax	39.7	125.6	200.3						177.1	41.3
	Taxes paid	52.7	59.2	181.5						189.0	32.3					177.1
	Adjustments	0.0	0.0	23.8						-42.7	0.0					0.0
	Closing balance	43.0	109.4	152.0						97.4	106.4
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	56.1	43.0	109.4						152.0	152.0				106.4	97.4
	Current Income Tax	39.7	125.6	200.3						177.1	41.3
	Taxes paid	52.7	59.2	181.5						189.0	32.3					177.1
	Adjustments	0.0	0.0	23.8						-42.7	0.0					0.0
	Closing balance	43.0	109.4	152.0						97.4	106.4
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	56.1	43.0	109.4						152.0	152.0				106.4	97.4
	Current Income Tax	39.7	125.6	200.3						177.1	41.3
	Taxes paid	52.7	59.2	181.5						189.0	32.3					177.1
	Adjustments	0.0	0.0	23.8						-42.7	0.0					0.0
	Closing balance	43.0	109.4	152.0						97.4	106.4
	Effective Tax Rate (%)	0	0	0						0
	Tax prov. selection
	Tax paid selection
	Tax bal C/F selection
	Tax Rate selection
	PBT SC 04 & 05 STD VS CUS
	PBT SC 01 FLAT RATE
	PBT SC 02 AVG RATE
	PBT SC 03 FLAT RATE

	Item
REVENUE
1	Total Revenue	YoY
2	Segment	YoY
3	Segment	YoY
4	Segment	YoY
5	Other	0
6	nan	nan
7	Total Revenue	YoY%
COSTS
1	COGS	- As a % of sales
2	Administration	- As a % of sales
3	Selling & Distribution	- As a % of sales
4	Capital Expenditure	- As a % of sales
OTHER
1	Depreciation charge	- As a % of sales
2	2.1 Accounts and notes receivables	- As a % of sales
2	2.2 Inventories	- As a % of COGS
2	2.3 Prepayments	- As a % of sales
2	2.4 Accounts payable	- As a % of COGS
2	2.5 Other	- As a % of COGS
3	Debt Borowwings	Rs.
3	Debt Repayments	Rs.
3	Blended Interest Rate	%
4	Lease Repayments	Rs.
4	Lease Interest Rate	%
5	Blended Interest Income Rate	%
6	Tax Rate	%
7	ST Debt Interest Rate	%
7	OD Debt Interest Rate	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24	1Q25	9M FY25E	FY25E
Combined Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4	524.7
Excise Duty	nan	nan	nan			nan	nan
COGS	1,707.8	2,242.0	1,690.5	335.8	382.8	1,840.6	391.7
Gross Profit	192.2	713.0	786.8	111.2	108.5	532.8	133.0
Other Income	1.0	2.2	3.1			2.1	2.1	0	2.1
Administration Exp.	6.6	9.1	11.4	1.7	2.7	11.0	1.9
Selling & Distribution Exp.	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation	16.2	17.8	18.7			17.5	4.5
Amortisation	0.0	0.0	0.0			0.0	0.0
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Operating Income	186.2	706.1	778.6	111.5	105.9	524.0	133.2
Interest Expenses	6.4	18.5	10.2			1.1	0.0
Interest Income	28.4	156.9	102.3	0.0	77.4		0.0
Other (Expenses)/Income	0.0	0.0	0.0	-14.4	0.0	0.0	41.5		41.5
Profit Before Tax	208.2	844.5	870.7	97.1	183.3	574.7	174.7
Tax Expenses	29.0	123.5	235.7	0.0	0.0	119.0	41.3
Profit After Tax	179.3	721.0	635.0	62.7	152.0	455.7	133.4
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	179.3	721.0	635.0	62.7	152.0		133.4

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	208.2	844.5	870.7	97.1	184.0		574.7	174.7
Depreciation	From OA 1.1	16.2	17.8	18.7	4.6	4.6		17.5	4.5
Right of Use Asset - Amortisation		0.0	0.0	0.0					0.0	0.0
Intangible Asset Amortisation		0.0	0.0	0.0				0.0	0.0
Change in Working Capital	From OA 2	1.0	-259.6	-511.9	-133.7	39.1		-287.3	-90.9
CWC Adjustment											56.5	56.5
Income Tax Paid	From OA 5	52.7	59.2	181.5	34.5	83.1		189.0	32.3
Other		-10.6	-27.6	-80.4	-47.8	-37.1		-144.6	-28.4		0	-28.4
Net Cash Flow from / (used in) Operating Activities		162.1	516.0	115.5	-114.2	107.5		-28.7	27.5
Capital Expenditure	From CA 4	2.9	35.8	0.5	0.0	-0.0		0.0	0.1
Acquisition of Right to Use Assets	From CA 4	0.0	0.0	0.0					0.0	0.0
Acquisition of Intangible Assets	From CA 4	0.0	0.0	0.0					0.0	0.0
Other		10.8	27.0	80.5	47.7	37.1		111.3	-28.2		0	-28.2
Cash Flows from Investing Activities		7.9	-8.8	80.0	47.7	37.1		111.3	-28.2
Borrowings		1,132.9	1,364.0	48.5	0.0	0.0		0.0	0.0
Debt Repayments		950.6	1,369.1	225.8	0.0	0.0		0.0	0.0
Net of Borrowings/ Repayments		182.3	-5.0	-177.3				0.0	0.0
Adjustments to match published numbers												0.0	0.0
Lease Additions
Lease Repayments		0.0	0.0	0.0	0.0	0.0		0.0	0.0
Other		-25.3	-42.1	-63.2	0.0	-63.2		-63.2	0.0		0	0.0
Net Cash flows from / (used in) Financing Activities		157.0	-47.2	-240.5	0.0<	-63.2		-63.2	0.0
Other		0.0	0.0	0.0	0.0	0.0		0.0	0.0			0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		327.1	460.0	-44.9	-66.5	81.4		19.5	-0.7
Favourable/Unfavourable Balances		39.2	3.9	1.2	0.0	-0.0		-0.0	0.0
Cash and CE at Start		80.1	407.1	867.1	822.2	755.7	4Q	822.2	841.6		840.9	841.6
Cash and CE at End		407.1	867.1	822.2	755.7			841.6	840.9

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - NBV	From OA 1	329.9	347.9	329.7	325.1	320.5			372.0	367.6
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	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	0.0	0.0
Intangible 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
Right Use of Assets		1.6	1.6	1.6	1.5	1.5	1.5	nan	1.5	1.5	nan	nan	nan
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	0.0
Other		43.4	49.1	43.2	45.1	55.8	59.1	59.1	49.3	59.1	59.1	59.1	59.1	59.1	59.1	59.1	59.1	59.1	59.1
Non Current Assets		374.8	398.6	374.5	371.7	377.9			422.8	428.2
Inventories	From OA 2.2	308.4	454.1	557.5	496.0	412.6			563.7	541.7
Trade and Other Receivables	From OA 2.1	927.5	1,326.2	1,345.9	1,513.8	1,561.8			1,606.5	1,715.6
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			35.0	91.6
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	0.0
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	0.0
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	0.0
Cash and Cash Equivalent	From CFS	446.3	871.0	823.3	755.7	837.1			841.6	840.9
Current Assets		1,682.2	2,651.3	2,726.7	2,765.4	2,811.5			3,046.9	3,189.9
Total Assets		2,057.1	3,049.9	3,101.2	3,137.1	3,189.4				3,618.1
Equities and Liabilities
Stated Capital		80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
Reserves	2,372.2	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0
Retained Earnings		1,106.9	1,798.6	2,372.2	2,434.8	2,524.4			2,770.5	2,903.9
Adjustments for Reported Number discprencies															0.0
Other		80.0														0.0
Other Adjustments		221.1	221.7	194.6	196.5	207.2	245.1	245.1	235.2	245.1	245.1	245.1	245.1	245.1	245.1	245.1	245.1	245.1	245.1
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		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	0.0
Total Equity		1,578.0	2,270.3	2,816.7	2,881.3	2,981.6			3,255.7	3,398.9
Long Term Debt	From OA 3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Financing and Lease Payables	From OA 4	0.0	0.0	0.0					0.0	0.0
Defined benefit obligations		17.4	7.5	11.3	11.2	11.2	12.4	12.4	12.5	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4
Deferred tax liability		51.9	51.5	78.9	78.9	78.9	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4
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	0.0
Non Current Liabilities		69.4	59.0	90.2	90.1	90.1			95.9	95.9
Current Maturities of Long Term Debt		0.0	0.0	0.0	0.0	0.0			0.0	0.0
Trade Payables	From OA 2.4	145.2	429.9	41.1	13.8	17.6			20.7	16.9
13. Amounts due to related parties		nan	nan	nan	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	43.0	109.4	152.0	117.5	34.4			97.4	106.4
Lease Liabilities		0.0	0.0	0.0					0.0	0.0
Other Accruals	From OA 2.5
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	0.0
Short Term Loans		182.3	177.3	0.0					0.0	0.0
Bank Overdraft		39.2	3.9	1.2					0.0	0.0
Bank Overdraft		39.2	3.9	1.2	0.0	0.0	0.0	nan	0.0	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		409.7	720.5	194.3	165.8	117.7			118.1	123.3
Total Equity and Liabilities		2,057.1	3,049.9	3,101.2	3,137.1	3,189.4			3,469.7	3,618.1
Check

DCF Valuation
Relative Valuation

DCF Enterprise Value

Rs. Millions	Notes	Jul - Mar FY25E	FY26E	FY27E	FY28E	FY29E
1. EBIT	From FF 6
2. Tax	From OA 6
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. Time for discount rate	Calculation	0.75	1.75	2.75	3.75	4.75
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		840.9
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		4.2
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			3,255.7
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		4.2	4.2	4.2
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	1.576419	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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