Company Overview - Ceyloncoldstores

Ceyloncoldstores

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
Manufacturing	YoY%	14.2
Supermarkets/ Retail	YoY%	13.3
Intra-Segment Eliminations	YoY%	0
nan	YoY%	nan
nan	YoY%	nan
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	0.0
COGS	% of Rev.	85.6
Administration	% of Rev.	3.1
Selling & Distribution	% of Rev.	2.7
Capital Expenditure	% of Rev.	0.4
OTHER
Depreciation charge	% of Rev.	1.8
2.1 Accounts and notes receivables	% of Rev.	5.2
2.2 Inventories	% of COGS	10.3
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	14.3
2.5 Other	% of COGS	nan
ii. Borrowings	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	11.5
Long Term Debt Current Portion	Rs.Millions	4,503.1
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	1,535.7
Right of Use Assets - Amortisation Rate	%	12.2
Intangible Assets - Additions	Rs.Millions	1,198.4
Intangible Assets - Amortisation Rate	%	0.2
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	1087.6
Lease Liabilities Current Portion	Rs.Millions	690.7
iii. Blended Interest income rate	%	499.8
vi. Tax Rate	%	3100

-->

REVENUE		FY25E to FY29E
Manufacturing	YoY%
Supermarkets/ Retail	YoY%
Intra-Segment Eliminations	YoY%
nan	YoY%
nan	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
ii. Borrowings	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	%
iii. Blended Interest income rate	%
vi. Tax Rate	%

Standard
Customized

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
	Total Revenue		68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9	38,085.0
	YoY%		0	22.9	49.2				10.7	10.1

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Manufacturing	13,971.3	17,534.4	26,376.3	7,262.5	7,350.4	7,439.0	30,121.3	8,420.0
	- YoY%	0	25.5	50.4				14.2	14.6
SC01	Manufacturing	13,971.3	17,534.4	26,376.3				30,121.3
	LY YoY%	0	25.5	50.4				14.2		14.2	14.2	14.2	14.2	14.2
SC02	Manufacturing	13,971.3	17,534.4	26,376.3				30,121.3
	LY YoY%	0	25.5	50.4				14.2
SC03	Manufacturing	13,971.3	17,534.4	26,376.3				30,121.3
	LY YoY%	0	25.5	50.4				14.2

2	Supermarkets/ Retail	54,795.1	67,008.8	99,772.8	25,201.5	28,155.1	27,265.9	113,063.8	30,521.3
	- YoY%	0	22.3	48.9				13.3	8.4
SC01	Supermarkets/ Retail	54,795.1	67,008.8	99,772.8				113,063.8
	LY YoY%	0	22.3	48.9				13.3		13.3	13.3	13.3	13.3	13.3
SC02	Supermarkets/ Retail	54,795.1	67,008.8	99,772.8				113,063.8
	LY YoY%	0	22.3	48.9				13.3
SC03	Supermarkets/ Retail	54,795.1	67,008.8	99,772.8				113,063.8
	LY YoY%	0	22.3	48.9				13.3

3	Intra-Segment Eliminations	0.0	0.0	0.0	-282.2	-911.2	-422.5	-3,560.2	-856.3
	- YoY%	0	0	0				0	0
SC01	Intra-Segment Eliminations	0.0	0.0	0.0				-3,560.2
	LY YoY%	0	0	0				0		0	0	0	0	0
SC02	Intra-Segment Eliminations	0.0	0.0	0.0				-3,560.2
	LY YoY%	0	0	0				0
SC03	Intra-Segment Eliminations	0.0	0.0	0.0				-3,560.2
	LY YoY%	0	0	0				0

4	nan	nan	nan	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

5	nan	nan	nan	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

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	68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9
SC01	S01Total Revenue	68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9
SC02	S02Total Revenue	68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9
SC03	S03Total Revenue	68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		68,766.3	84,543.2	126,149.1			139,624.9	38,085.0
	YoY%		0	22.9	49.2				10.7	10.1

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Manufacturing

	Supermarket/Retail Revenue
	Number of Retail Stores	123.0	128.0	131.0	134.0
	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
	Retail footprint (Square Feet)	1,342,272.0	1,405,272.0	1,469,418.0	1,539,661.0
	YoY%
	Revenue per Square Foot	40,822.6	47,683.9	67,899.5		72,115.6
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	54,795.1	67,008.8	99,772.8	113,063.8
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Supermarkets/ Retail

	Manufacturing Revenue
	Buildings (sq.ft):	nan	nan	nan	nan
	Ceylon Cold Stores PLC -	nan	nan	nan	nan
	Kaduwela	313,024.0	334,804.0	350,569.0	350,597.0
	Trincomalee	19,071.0	19,071.0	18,102.0	18,102.0
	Kotagala	0.0	13,354.0	13,354.0	13,354.0
	Mathugama	0.0	0.0	0.0	24,500.0
	TOTAL	332,095.0	367,229.0	382,025.0	406,553.0
	The Colombo Ice Company (Pvt) Ltd -	nan	nan	nan	nan
	Avissawella	182,937.0	182,937.0	182,937.0	182,937.0
	Kotagala	0.0	0.0	0.0	0.0
	TOTAL	182,937.0	182,937.0	182,937.0	184,113.0
	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
	Total Square feet	515,032.0	550,166.0	564,962.0		}	590,666.0
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Revenue per Square Foot	27,127.0	31,871.1	46,686.9		}	48,405.3
	YoY%
	Segment Revenue	13,971.3	17,534.4	26,376.3	30,121.3
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Intra-Segment Eliminations
	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	nan
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	nan	nan	nan	nan	nan
	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	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0.0%	0.0%	0.0%	0.0%	0.0%
SC01	Excise Duty	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%	0.0%	0.0%	0.0%	0.0%
SC02	Excise Duty	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0.0%	0.0%	0.0%	0.0%	0.0%
SC03	Excise Duty	0.0	0.0	0.0	0.0	0.0
	-As a % of Sales	0.0%	0.0%	0.0%	0.0%	0.0%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	61,115.4	75,407.4	113,400.2	29,035.5	30,714.3	29,880.4	122,127.5	32,642.8
	Depreciation	1,762.8	1,984.8	2,376.7				2,551.5	659.8
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Cost of Sales net of Depreciation	59,352.6	73,422.6	111,023.5	29,035.5	30,714.3	29,880.4	119,576.0	31,983.1
	- As a % of sales	86.3%	86.8%	88.0%	88.3%	87.0%	85.3%	85.6%	84.0%
SC01	COGS	61,115.4	75,407.4	113,400.2				122,127.5	32,642.8
	Depreciation	1,762.8	1,984.8	2,376.7				2,551.5	659.8
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	59,352.6	73,422.6	111,023.5				119,576.0	31,983.1
	- As a % of sales	86.3%	86.8%	88.0%				85.6%	84.0%	85.6%	85.6%	85.6%	85.6%	85.6%
SC02	COGS	61,115.4	75,407.4	113,400.2				122,127.5	32,642.8
	Depreciation	1,762.8	1,984.8	2,376.7				2,551.5	659.8
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	59,352.6	73,422.6	111,023.5				119,576.0	31,983.1
	- As a % of sales	86.3%	86.8%	88.0%				85.6%	84.0%	86.8%	86.8%	86.8%	86.8%	86.8%
SC03	COGS	61,115.4	75,407.4	113,400.2				122,127.5	32,642.8
	Depreciation	1,762.8	1,984.8	2,376.7				2,551.5	659.8
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	59,352.6	73,422.6	111,023.5				119,576.0	31,983.1
	- As a % of sales	86.3%	86.8%	88.0%				85.6%	84.0%
	COGS selection
	COGS% selection

2	Administration Expenses	2,215.4	2,837.0	3,830.3	866.2	1,135.5	1,202.2	4,880.0	1,376.4
	Amortisation of Intangible Assets	142.8	299.1	413.7				550.5	162.1
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration Expenses Net of Amortisation of Intangible Assets	2,072.6	2,537.9	3,416.6	866.2	1,135.5	1,202.2	4,329.5	1,376.4
	- As a % of sales	3.0%	3.0%	2.7%	2.3%	2.9%	3.1%	3.1%	3.2%
SC01	Administration Expenses	2,215.4	2,837.0	3,830.3				4,880.0	1,376.4
	Amortisation of Intangible Assets	142.8	299.1	413.7				550.5	162.1
SC01	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	2,072.6	2,537.9	3,416.6				4,329.5	1,214.3
	- As a % of sales	3.0%	3.0%	2.7%				3.1%	3.2%	3.1%	3.1%	3.1%	3.1%	3.1%
SC02	Administration Expenses	2,215.4	2,837.0	3,830.3				4,880.0	1,376.4
	Amortisation of Intangible Assets	142.8	299.1	413.7				550.5	162.1
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	2,072.6	2,537.9	3,416.6				4,329.5	1,214.3
	- As a % of sales	3.0%	3.0%	2.7%				3.1%	3.2%	2.9%	2.9%	2.9%	2.9%	2.9%
SC03	Administration Expenses	2,215.4	2,837.0	3,830.3				4,880.0	1,376.4
	Amortisation of Intangible Assets	142.8	299.1	413.7				550.5	162.1
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	2,072.6	2,537.9	3,416.6				4,329.5	1,214.3
	- As a % of sales	3.0%	3.0%	2.7%				3.1%	3.2%
	Admin selection

	Selling & Distribution Expenses	2,694.8	3,148.7	3,992.8	1,023.5	1,228.4	1,326.8	4,965.3	1,610.8
	Amortisation of Right of Use Assets	918.8	1,042.0	1,152.8				1,192.5	306.9
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	1,776.1	2,106.6	2,839.9	1,023.5	1,228.4	1,326.8	3,772.8	1,303.9
	- As a % of sales	2.6%	2.5%	2.3%	2.3%	2.7%	3.0%	2.7%	3.4%
SC01	S&D	2,694.8	3,148.7	3,992.8				4,965.3	1,610.8
	Amortisation of Right of Use Assets	918.8	1,042.0	1,152.8				918.8	306.9
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution	1,776.1	2,106.6	2,839.9				3,772.8	1,303.9
	- As a % of sales	2.6%	2.5%	2.3%				2.7%	3.4%	2.7%	2.7%	2.7%	2.7%	2.7%
SC02	s&D	2,694.8	3,148.7	3,992.8				4,965.3	1,610.8
	Amortisation of Right of Use Assets	918.8	1,042.0	1,152.8				918.8	306.9
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC02	Selling & Distribution	1,776.1	2,106.6	2,839.9				3,772.8	1,303.9
SC02	- As a % of sales	2.6%	2.5%	2.3%				2.7%	3.4%	2.5%	2.5%	2.5%	2.5%	2.5%
SC03	S&D	2,694.8	3,148.7	3,992.8				4,965.3	1,610.8
	Amortisation of Right of Use Assets	918.8	1,042.0	1,152.8				918.8	306.9
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC03	Selling & Distribution	1,776.1	2,106.6	2,839.9				3,772.8	1,303.9
	- As a % of sales	2.6%	2.5%	2.3%				2.7%	3.4%
	Sd selection

4	Capital Expenditure	114.6	3,305.0	2,878.5	1,257.6	445.7	497.7	0	615.3	787.7	0	0	0
	- As a % of sales	0.2%	3.9%	2.3%	3.9%	1.3%	1.5%		0.4%	2.1%
SC01	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	- As a % of sales	0.2%	3.9%	2.3%					0.4%					0.4%	0.4%	0.4%	0.4%	0.4%
SC02	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	- As a % of sales	0.2%	3.9%	2.3%					0.4%					2.2%	2.2%	2.2%	2.2%	2.2%
SC03	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	- As a % of sales	0.2%	3.9%	2.3%					0.4%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	0.0	0.0	35,674.0	0.0	39,017.7	39,463.4	39,961.1	39,017.7	41,441.2	42,228.9	41,441.2
	Capital Expenditure	114.6	3,305.0	2,878.5	1,257.6	445.7	497.7	222		787.7
	Adjustments	0.0	0.0	-356.4					272.4	0.0		0.0
	Balance C/F	0.0	35,674.0	39,017.7	0.0	39,463.4	39,961.1		41,441.2	42,228.9
SC01	Balance B/F	0.0	0.0	35,674.0					39,017.7	41,441.2	42,228.9	41,441.2
	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	Adjustments	0.0	0.0	-356.4					272.4	0.0		0.0
	Balance C/F	0.0	35,674.0	39,017.7					41,441.2	42,228.9
SC02	Balance B/F	0.0	0.0	35,674.0					39,017.7	41,441.2	42,228.9	41,441.2
	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	Adjustments	0.0	0.0	-356.4					272.4	0.0		0.0
	Balance C/F	0.0	35,674.0	39,017.7					41,441.2	42,228.9
SC03	Balance B/F	0.0	0.0	35,674.0					39,017.7	41,441.2	42,228.9	41,441.2
	Capital Expenditure	114.6	3,305.0	2,878.5					615.3	787.7
	Adjustments	0.0	0.0	-356.4					272.4	0.0		0.0
	Balance C/F	0.0	35,674.0	39,017.7					41,441.2	42,228.9

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	0.0	0.0	10,094.4	0.0	11,768.5	12,400.9	13,032.4		11,767.6	13,695.4				14,357.5	13,695.4
	Depreciation charge	1,762.8	1,984.8	2,376.7	631.0	630.5	631.5			2,551.5	659.8
	- As a % of sales	2.6%	2.3%	1.9%	2.0%	1.8%	1.8%			1.8%	1.7%
	Balance C/F	0.0	10,094.4	11,767.6	0.0	12,399.0	13,032.4	0	0	13,695.4	14,357.5	0	0	0	0	0	0	0	0	0
	Adjustments	0.0	0.0	-703.6						-623.6	2.3					2.3
	Net Book Value at end	22,289.2	25,579.6	27,250.2	27,250.2	27,064.4	26,928.7			27,745.7	27,871.4
SC01	Balance B/F	0.0	0.0	10,094.4						11,767.6	13,695.4				14,357.5	13,695.4
SC01	Depreciation charge	1,762.8	1,984.8	2,376.7						2,551.5	659.8
	- As a % of sales	2.6%	2.3%	1.9%						1.8%	1.7%						1.8%	1.8%	1.8%	1.8%	1.8%
	Balance C/F	0.0	10,094.4	11,767.6						13,695.4	14,357.5
	Adjustments	0.0	0.0	-703.6						-623.6	2.3					2.3
	Net Book Value at end	22,289.2	25,579.6	27,250.2						27,745.7	27,871.4
SC02	Balance B/F	0.0	0.0	10,094.4						11,767.6	13,695.4				14,357.5	13,695.4
SC02	Depreciation charge	1,762.8	1,984.8	2,376.7						2,551.5	659.8
	- As a % of sales	2.6%	2.3%	1.9%						1.8%	1.7%
	Balance C/F	0.0	10,094.4	11,767.6						13,695.4	14,357.5
	Adjustments	0.0	0.0	-703.6						-623.6	2.3					2.3
	Net Book Value at end	22,289.2	25,579.6	27,250.2						27,745.7	27,871.4
SC03	Balance B/F	0.0	0.0	10,094.4						11,767.6	13,695.4				14,357.5	13,695.4
SC03	Depreciation charge	1,762.8	1,984.8	2,376.7						2,551.5	659.8
	- As a % of sales	2.6%	2.3%	1.9%						1.8%	1.7%
	Balance C/F	0.0	10,094.4	11,767.6						13,695.4	14,357.5
	Adjustments	0.0	0.0	-703.6						-623.6	2.3					2.3
	Net Book Value at end	22,289.2	25,579.6	27,250.2						27,745.7	27,871.4
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	3,357.7	4,269.6	5,089.0	0.0	0.0	0.0	7,224.4	5,486.3
	- As a % of sales	4.9	5.1	4.0	0	0	0	5.2	3.8
	Four Qtr Cum. Revenue				34,282.4	68,876.7	101,058.5
	Four Qtr Cum. COGS				-29,880.4	-60,594.6	-89,630.1
SC01	2.1 Accounts and notes receivables	3,357.7	4,269.6	5,089.0				7,224.4
	- As a % of sales	4.9	5.1	4.0				5.2		5.2	5.2	5.2	5.2	5.2
SC02	2.1 Accounts and notes receivables	3,357.7	4,269.6	5,089.0				7,224.4
	- As a % of sales	4.9	5.1	4.0				5.2		4.8	4.8	4.8	4.8	4.8
	Four Qtr Cum. Revenue				34,282.4	68,876.7	101,058.5
SC03	2.1 Accounts and notes receivables	3,357.7	4,269.6	5,089.0				7,224.4
	- As a % of sales	4.9	5.1	4.0				5.2
	Four Qtr Cum. COGS				-29,880.4	-60,594.6	-89,630.1
	Debtors selection

	2.2 Inventories	7,108.7	9,074.9	14,490.4	14,490.4	12,311.3	11,003.9	12,559.3	10,999.5
	- As a % of COGS	11.6	12.0	12.8	49.9	40.1	36.8	10.3	8.9
SC01	2.2 Inventories	7,108.7	9,074.9	14,490.4				12,559.3
	- As a % of COGS	11.6	12.0	12.8				10.3		10.3	10.3	10.3	10.3	10.3
SC02	2.2 Inventories	7,108.7	9,074.9	14,490.4				12,559.3
	- As a % of COGS	11.6	12.0	12.8				10.3		11.7	11.7	11.7	11.7	11.7
SC03	2.2 Inventories	7,108.7	9,074.9	14,490.4				12,559.3
	- As a % of COGS	11.6	12.0	12.8				10.3
	Stocks selection
	Stocks share selection

	2.3 Prepayments	0.0	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
SC01	2.3 Prepayments	0.0	0.0	0.0				0.0
	- As a % of sales	0	0	0				0		0	0	0	0	0
SC02	2.3 Prepayments	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
SC03	2.3 Prepayments	0.0	0.0	0.0				0.0
	- As a % of sales	0	0	0				0
	Prepayment selection

	2.4 Accounts payable	9,823.8	12,353.2	14,326.3	14,326.3	15,341.4	14,308.4	17,451.3	16,162.7
	- As a % of COGS	16.1	16.4	12.6	49.3	49.9	47.9	14.3	13.0
SC01	2.4 Accounts payable	9,823.8	12,353.2	14,326.3				17,451.3
	- As a % of COGS	16.1	16.4	12.6				14.3		14.3	14.3	14.3	14.3	14.3
SC02	2.4 Accounts payable	9,823.8	12,353.2	14,326.3				17,451.3
	- As a % of COGS	16.1	16.4	12.6				14.3		14.4	14.4	14.4	14.4	14.4
SC03	2.4 Accounts payable	9,823.8	12,353.2	14,326.3				17,451.3
	- As a % of COGS	16.1	16.4	12.6				14.3
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	0.0	nan	nan	nan	nan	nan		nan	nan
2.5 Other
- As a % of COGS	0.0	nan	nan					nan		nan	nan	nan	nan	nan
2.5 Other
- As a % of COGS	0.0	nan	nan					nan
2.5 Other
- As a % of COGS	0.0	nan	nan					nan
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC						2,634.2	2,022.3
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						2,634.2	2,022.3
SC01 Change in WC - Balance Period
SC02 Change in WC						2,634.2	2,022.3
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						2,634.2	2,022.3
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
	i. Balance B/F	1,458.3	6,841.7	10,487.0	10,487.0	9,020.5	9,020.5	9,020.5		9,020.5	7,666.6				7,059.6	7,666.6
	ii. Borrowings	6,000.0	5,352.3	708.8	-0.0	0.0	0.0			758.2	58.3
	iii. Repayments	616.7	1,706.9	2,175.3	665.5	416.0	614.2			2,112.1	665.3
	Net of Payments	5,383.3	3,645.4	-1,466.5						-1,353.9	-607.1					-607.1
	Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0					0.0
	iv. Balance C/F	6,841.7	10,487.0	9,020.5	10,487.0	9,020.5	9,020.5			7,666.6	7,059.6
	Current Portion of Long Term Debt	1,700.0	2,179.3	2,170.1						4,503.1	4,468.4
	vi. Interest expenses	152.4	454.6	1,234.3	0.0	0.0	0.0			960.3	0.0
	vii. Blended Interest expenses rate	3.7	5.2	12.7	0	0	0	%	%	11.5	0	%	%	%		%	%	%	%	%
SC01	i. Balance B/F	1,458.3	6,841.7	10,487.0						9,020.5	7,666.6				7,059.6	7,666.6
	ii. Borrowings	6,000.0	5,352.3	708.8						758.2	58.3					758.2	758.2	758.2	758.2	758.2
	iii. Repayments	616.7	1,706.9	2,175.3						2,112.1	665.3
	Net of Payments	5,383.3	3,645.4	-1,466.5						-1,353.9	-607.1					-607.1
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	iv. Balance C/F	6,841.7	10,487.0	9,020.5						7,666.6	7,059.6
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	152.4	454.6	1,234.3						960.3	0.0
	vii. Blended Interest expenses rate	3.7	5.2	12.7						11.5						11.5	11.5	11.5	11.5	11.5
SC02	i. Balance B/F	1,458.3	6,841.7	10,487.0						9,020.5	7,666.6			7,059.6	7,666.6
	ii. Borrowings	6,000.0	5,352.3	708.8						758.2	58.3				2,273.1	2,273.1	2,273.1	2,273.1	2,273.1
	iii. Repayments	616.7	1,706.9	2,175.3						2,112.1	665.3
	Net of Payments	5,383.3	3,645.4	-1,466.5						-1,353.9	-607.1
	iv. Balance C/F	6,841.7	10,487.0	9,020.5						7,666.6	7,059.6
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	152.4	454.6	1,234.3						960.3	0.0
	vii. Blended Interest expenses rate	3.7	5.2	12.7						11.5
SC03	i. Balance B/F	1,458.3	6,841.7	10,487.0						9,020.5	7,666.6				7,059.6	7,666.6
	ii. Borrowings	6,000.0	5,352.3	708.8						758.2	58.3
	iii. Repayments	616.7	1,706.9	2,175.3						2,112.1	665.3
	Net of Payments	5,383.3	3,645.4	-1,466.5						-1,353.9	-607.1					-607.1
	iv. Balance C/F	6,841.7	10,487.0	9,020.5						7,666.6	7,059.6
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	vi. Interest expenses	152.4	454.6	1,234.3						960.3	0.0
	vii. Blended Interest expenses rate	3.7	5.2	12.7						11.5							%	%	%	%	%
	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
i. Balance B/F	1,541.1	3,071.1	2,000.0	1,185.3	900.0	1,212.5	900.0
ii. Borrowings	0.0	0.0	0.0	0.0	0.0
iii. Repayments	0.0	0.0	0.0	0.0	0.0
Net of Payments	1,530.0	-1,071.1	-814.7	-285.3	312.5
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
iv. Balance C/F	3,071.1	2,000.0	1,185.3	900.0	1,212.5
vi. Interest expenses	nan	nan	nan	nan	nan
vii. Blended Interest expenses rate	nan	nan	nan	nan	nan		%	%	%	%	%

SC01	i. Balance B/F	1,541.1	3,071.1	2,000.0	1,185.3	900.0	1,212.5	900.0
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments	1,530.0	-1,071.1	-814.7	-285.3	312.5
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	3,071.1	2,000.0	1,185.3	900.0	1,212.5
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC02	i. Balance B/F	1,541.1	3,071.1	2,000.0	1,185.3	900.0	1,212.5	900.0
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments	1,530.0	-1,071.1	-814.7	-285.3	312.5
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	3,071.1	2,000.0	1,185.3	900.0	1,212.5
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC03	i. Balance B/F	1,541.1	3,071.1	2,000.0	1,185.3	900.0	1,212.5	900.0
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments	1,530.0	-1,071.1	-814.7	-285.3	312.5
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	3,071.1	2,000.0	1,185.3	900.0	1,212.5
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
i. Balance B/F	0.0	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0	8,268.9
ii. Borrowings	0.0	0.0	0.0	0.0	0.0
iii. Repayments	0.0	0.0	0.0	0.0	0.0
Net of Payments
Adjustments	0.0	21.0	6,884.8	-4,041.4	-1,839.9		-1,839.9
iv. Balance C/F	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0
vi. Interest expenses	nan	nan	nan	nan	nan
vii. Blended Interest expenses rate	nan	nan	nan	nan	nan		%	%	%	%	%

SC01	i. Balance B/F	0.0	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0	8,268.9
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	iv. Balance C/F	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0
	Adjustments	0.0	21.0	6,884.8	-4,041.4	-1,839.9		-1,839.9
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC02	i. Balance B/F	0.0	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0	8,268.9
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	iv. Balance C/F	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0
	Adjustments	0.0	21.0	6,884.8	-4,041.4	-1,839.9		-1,839.9
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC03	i. Balance B/F	0.0	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0	8,268.9
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	iv. Balance C/F	5,404.5	5,425.5	12,310.3	8,268.9	6,429.0
	Adjustments	0.0	21.0	6,884.8	-4,041.4	-1,839.9		-1,839.9
	vi. Interest expenses	nan	nan	nan	nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	152.4	454.6	1,234.3	960.3	0.0
Rate	0.0%	0.1%	0.1%	0.1%	0.0%
ST and OD Interest	593.0	499.7	1,720.9	1,197.9	0.0
Rate	0.1%	0.1%	0.2%	0.1%	0.0%
nan	nan	nan	nan	nan	nan
Rate	nan%	nan%	nan%	nan%	nan%
Lease Interest	1,051.0	1,087.1	1,145.8	1,196.2	0.0
Rate	0.1%	0.1%	0.1%	0.1%	0.0%
Total Interest Expenses	1,796.5	2,041.4	4,101.0	3,354.4	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	7,599.0	9,165.6	10,404.7	10,823.8	10,615.9	10,474.0	10,343.7		10,615.9	11,380.7				11,222.2	11,380.7
	Additions	1,909.4	1,713.6	821.7	425.0	458.9			1,535.7	0.0
	Payments	1,276.3	1,376.0	1,649.3	461.0	425.0	458.9			1,781.8	517.8
	Adjustments	-117.5	-185.4	-107.0	0.0	0.0	0.0			-185.3	359.3					359.3
	Lease Interest expenses	1,051.0	1,087.1	1,145.8	0.0	0.0	0.0			1,196.2	0.0
	Average Interest Rate	1253.8	1110.9	1090.1	0	0	0	%	%	1087.6	0	%	%	%
	Closing balance	9,165.6	10,404.7	10,615.9	10,615.9	10,474.0	10,343.7			11,380.7	11,222.2
	Lease Liabilities - Current Portion	338.0	477.1	652.7						690.7	701.6
SC01	Lease - Opening balance	7,599.0	9,165.6	10,404.7						10,615.9	11,380.7				11,222.2	11,380.7
	Additions	1,909.4	1,713.6	821.7					1,535.7	0.0						1,535.7
	Payments	1,276.3	1,376.0	1,649.3						1,781.8	517.8					1,781.8	1,781.8	1,781.8	1,781.8	1,781.8
	Closing balance	9,165.6	10,404.7	10,615.9						11,380.7	11,222.2
	Adjustments	-117.5	-185.4	-107.0						-185.3	359.3					359.3
	Lease Interest expenses	1,051.0	1,087.1	1,145.8						1,196.2	0.0
	Blended Interest rate (%)	1253.8	1110.9	1090.1						1087.6						1087.6	1087.6	1087.6	1087.6	1087.6
SC02	Lease - Opening balance	7,599.0	9,165.6	10,404.7						10,615.9	11,380.7				11,222.2	11,380.7
	Additions	1,909.4	1,713.6	821.7						1,535.7	0.0					1,535.7
	Payments	1,276.3	1,376.0	1,649.3						1,781.8	517.8					1,781.8
	Adjustments	-117.5	-185.4	-107.0						-185.3	359.3					359.3
	Closing balance	9,165.6	10,404.7	10,615.9						11,380.7	11,222.2
	Lease Interest expenses	1,051.0	1,087.1	1,145.8						1,196.2	0.0
	Blended Interest rate (%)	1253.8	1110.9	1090.1						1087.6
SC03	Lease - Opening balance	7,599.0	9,165.6	10,404.7						10,615.9	11,380.7				11,222.2	11,380.7
	Lease Additions	1,909.4	1,713.6	821.7						1,535.7	0.0
	Payments	1,276.3	1,376.0	1,649.3						1,781.8	517.8
	Adjustments	-117.5	-185.4	-107.0						-185.3	359.3					359.3
	Closing balance	9,165.6	10,404.7	10,615.9						11,380.7	11,222.2
	Lease Interest expenses	1,051.0	1,087.1	1,145.8						1,196.2	0.0
	Blended Interest rate (%)	1253.8	1110.9	1090.1						1087.6						%	%	%	%	%
	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	7,997.2	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6	10,016.4
	Additions	2,491.5	1,691.7	821.7	1,535.7	0.0
	Adjustments	-2.6	-114.0	0.0	-98.8	26.2		26.2
	Amortisation	918.8	1,042.0	1,152.8	1,192.5	306.9
	Amortisation Rate	11.5	10.9	11.4	12.2	3.1
	Closing balance	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6
SC01	Opening balance	7,997.2	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6	10,016.4	10,016.4	10,016.4	10,016.4	10,016.4
	Additions	2,491.5	1,691.7	821.7	1,535.7	0.0		1,535.7	1,535.7	1,535.7	1,535.7	1,535.7
	Adjustments	-2.6	-114.0	0.0	-98.8	26.2		26.2
	Amortisation	918.8	1,042.0	1,152.8	1,192.5	306.9
	Amortisation Rate	11.5	10.9	11.4	12.2	3.1		12.2	12.2	12.2	12.2	12.2
	Closing balance	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6
SC02	Opening balance	7,997.2	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6	10,016.4	10,016.4	10,016.4	10,016.4	10,016.4
	Additions	2,491.5	1,691.7	821.7	1,535.7	0.0		1,349.7	1,349.7	1,349.7	1,349.7	1,349.7
	Adjustments	-2.6	-114.0	0.0	-98.8	26.2		26.2
	Amortisation	918.8	1,042.0	1,152.8	1,192.5	306.9
	Amortisation Rate	11.5	10.9	11.4	12.2	3.1		11.5	11.5	11.5	11.5	11.5
	Closing balance	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6
SC03	Opening balance	7,997.2	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6	10,016.4
	Additions	2,491.5	1,691.7	821.7	1,535.7	0.0
	Amortisation	918.8	1,042.0	1,152.8	1,192.5	306.9
	Adjustments	-2.6	-114.0	0.0	-98.8	26.2		26.2
	Closing balance	9,567.3	10,103.0	9,771.9	10,016.4	9,735.6
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	657.9	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0	4,484.7
	Additions	1,408.2	1,053.6	1,232.5	1,198.4	120.5
	Adjustments	17.9	126.6	-40.0	235.7	-0.0		-0.0
	Amortisation	142.8	299.1	413.7	550.5	162.1
	Amortisation Rate	0.1	0.2	0.2	0.2	0.1
	Closing balance	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0
SC01	Opening balance	657.9	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0	4,484.7	4,484.7	4,484.7	4,484.7	4,484.7
	Additions	1,408.2	1,053.6	1,232.5	1,198.4	120.5		1,198.4	1,198.4	1,198.4	1,198.4	1,198.4
	Adjustments	17.9	126.6	-40.0	235.7	-0.0		-0.0
	Amortisation	142.8	299.1	413.7	550.5	162.1
	Amortisation Rate	0.1	0.2	0.2	0.2	0.1		0.2	0.2	0.2	0.2	0.2
	Closing balance	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0
SC02	Opening balance	657.9	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0	4,484.7	4,484.7	4,484.7	4,484.7	4,484.7
	Additions	1,408.2	1,053.6	1,232.5	1,198.4	120.5		1,161.5	1,161.5	1,161.5	1,161.5	1,161.5
	Adjustments	17.9	126.6	-40.0	235.7	-0.0		-0.0
	Amortisation	142.8	299.1	413.7	550.5	162.1
	Amortisation Rate	0.1	0.2	0.2	0.2	0.1		0.2	0.2	0.2	0.2	0.2
	Closing balance	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0
SC03	Opening balance	657.9	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0	4,484.7
	Additions	1,408.2	1,053.6	1,232.5	1,198.4	120.5
	Amortisation	142.8	299.1	413.7	550.5	162.1
	Adjustments	17.9	126.6	-40.0	235.7	-0.0		-0.0
	Closing balance	1,941.1	2,822.2	3,601.0	4,484.7	4,443.0
	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			1,345.4	1,253.1	1,544.2	1,680.4		1,253.1	2,161.2					2,161.2
	Interest Income	54.6	61.9	134.3	35.0	28.1	33.1			108.0	23.8
	Blended Interest Income Rate	972.1	460.2	1071.7	279.6	182.3	197.1	%	%	499.8	166.1	%	%	%			%	%	%	%
SC01	ii. Interest Income	54.6	61.9	134.3	35.0	28.1	33.1			108.0	23.8
	iii. Blended Interest income rate	972.1	460.2	1071.7	279.6	182.3	197.1	%	%	499.8						499.8	499.8	499.8	499.8	499.8
SC02	ii. Interest Income	54.6	61.9	134.3	35.0	28.1	33.1			108.0	23.8
	iii. Blended Interest income rate	972.1	460.2	1071.7	279.6	182.3	197.1	%	%	499.8		%	%	%
SC03	i. Cash & CE Balance C/F			1,345.4					1,253.1						2,161.2
	ii. Interest Income	54.6	61.9	134.3						108.0	23.8
	iii. Blended Interest income rate	972.1	460.2	1071.7						499.8						%	%	%	%	%
	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	2,374.5	2,781.8	2,239.4	418.4	415.3	1,135.4			4,930.9	1,731.2
	Tax B/F	274.6	222.9	266.0	90.7	105.6	105.6	105.3		105.6	256.3				408.1	256.3
	Tax Provision for the Year	305.4	273.6	-51.8	0.0	0.0	0.0			422.5	556.3
	Adjustments	0.0	0.0	188.3						-9.2	-210.4					-210.4
	Taxes paid (prov. for the previous year)	357.1	230.5	296.8	121.6	0.0	0.3	0.0		262.5	194.1
	Tax C/F	222.9	266.0	105.6	-30.9	105.6	105.3			256.3	408.1
	Tax Rate	nan	nan	nan	nan	0	0	%	%	3100	nan	%	%	%		%	%	%	%	%
SC01	Open balance	274.6	222.9	266.0						105.6	105.6				408.1	256.3
	Charge for the year	305.4	273.6	-51.8						422.5	556.3
	Tax paid	357.1	230.5	296.8						262.5	194.1					422.5
	Adjustments	0.0	0.0	188.3						-9.2	-210.4					-210.4
	Closing balance - Calculated	222.9	266.0	105.6						256.3	408.1
	vi. Tax Rate	nan	nan	nan						3100						3100	3100	3100	3100	3100
SC02	Open balance	274.6	222.9	266.0						105.6	105.6				408.1	256.3
	Charge for the year	305.4	273.6	-51.8						422.5	556.3
	Tax paid	357.1	230.5	296.8						262.5	194.1					422.5
	Adjustments	0.0	0.0	188.3						-9.2	-210.4					-210.4
	Closing balance - Calculated	222.9	266.0	105.6						256.3	408.1
	vi. Tax Rate	nan	nan	nan						3100
SC03	Open balance	274.6	222.9	266.0						105.6	105.6				408.1	256.3
	Charge for the year	305.4	273.6	-51.8						422.5	556.3
	Tax paid	357.1	230.5	296.8						262.5	194.1					422.5
	Adjustments	0.0	0.0	188.3						-9.2	-210.4					-210.4
	Closing balance - Calculated	222.9	266.0	105.6						256.3	408.1
	vi. Tax Rate	nan	nan	nan						3100
	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	Manufacturing	- YoY%
2	Supermarkets/ Retail	- YoY%
3	Intra-Segment Eliminations	- YoY%
4	nan	nan
5	nan	nan
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	68,766.3	84,543.2	126,149.1	34,594.3	34,282.4	139,624.9	38,085.0
Excise Duty	0.0	0.0	0.0			0.0	0.0
COGS	61,115.4	75,407.4	113,400.2	30,714.3	29,880.4	122,127.5	32,642.8
Gross Profit	7,651.0	9,135.9	12,748.9	3,880.0	4,402.0	17,497.5	5,442.1
Other Income	1,576.5	1,831.0	2,598.9			2,953.7	547.8	0	547.8
Administration Exp.	2,215.4	2,837.0	3,830.3	1,135.5	1,202.2	4,880.0	1,376.4
Selling & Distribution Exp.	2,694.8	3,148.7	3,992.8	1,228.4	1,326.8	4,965.3	1,610.8
Depreciation	1,762.8	1,984.8	2,376.7			2,551.5	659.8
Amortisation	1,061.6	1,341.1	1,566.5			1,742.9	469.1
Other Operating Expenses	-204.7	-236.8	-1,339.8	-627.2	53.5	-2,450.5	-675.0		-675.0
Operating Income	4,112.5	4,744.3	6,185.0	1,377.5	1,926.6	8,155.4	2,327.6
Interest Expenses	1,796.5	2,041.4	4,101.0			3,354.4	620.3
Interest Income	54.6	61.9	134.3	28.1	33.1		23.8
Other (Expenses)/Income	3.9	17.0	21.1	0.0	0.0	21.9	0.0		0.0
Profit Before Tax	2,374.5	2,781.8	2,239.4	415.3	1,135.4	4,930.9	1,731.2
Tax Expenses	36.3	713.7	-273.3	0.0	0.0	1,504.0	556.3
Profit After Tax	2,338.3	2,068.0	2,512.7	322.2	786.7	3,426.9	1,174.9
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	2,338.3	2,068.0	2,512.7	322.2	786.7		1,174.9

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	2,374.5	2,781.8	2,239.4	415.3	1,135.4		4,930.9	1,731.2
Depreciation	From OA 1.1	1,762.8	1,984.8	2,376.7	630.5	631.5		2,551.5	659.8
Right of Use Asset - Amortisation		918.8	1,042.0	1,152.8					1,192.5	306.9
Intangible Asset Amortisation		142.8	299.1	413.7				550.5	162.1
Change in Working Capital	From OA 2	94.4	-583.3	-4,535.9	3,682.4	-790.6		2,634.2	2,022.3
CWC Adjustment											13.0	13.0
Income Tax Paid	From OA 5	357.1	230.5	296.8	0.0	0.3		262.5	194.1
Other		1,558.7	1,083.4	1,775.0	-305.1	1,327.8		2,366.8	-1,010.7		0	-1,010.7
Net Cash Flow from / (used in) Operating Activities		6,495.0	6,377.3	3,125.0	4,172.4	3,601.2		13,963.7	3,677.5
Capital Expenditure	From CA 4	114.6	3,305.0	2,878.5	445.7	497.7		615.3	787.7
Acquisition of Right to Use Assets	From CA 4	2,491.5	1,691.7	821.7					1,535.7	0.0
Acquisition of Intangible Assets	From CA 4	1,408.2	1,053.6	1,232.5					1,198.4	120.5
Other		-1,697.3	-146.0	133.1	2.3	0.1		-711.0	2.9		0	2.9
Cash Flows from Investing Activities		-5,711.7	-6,196.3	-4,799.5	-443.4	-497.6		-4,060.4	-905.3
Borrowings		6,000.0	5,352.3	708.8	0.0	0.0		758.2	58.3
Debt Repayments		616.7	1,706.9	2,175.3	416.0	614.2		2,112.1	665.3
Net of Borrowings/ Repayments		6,913.4	2,574.3	-2,281.2				-1,639.2	-294.6
Adjustments to match published numbers												-1,839.9	-1,839.9
Lease Additions
Lease Repayments		1,276.3	1,376.0	1,649.3	425.0	458.9		1,781.8	517.8
Other		-1,615.7	-1,140.5	-1,128.3	-421.2	0.0		-1,776.5	-845.9		0	-845.9
Net Cash flows from / (used in) Financing Activities		4,021.3	57.7	-5,058.8	-1,414.3<	-1,596.9		-5,197.5	-1,658.2
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		4,804.7	238.8	-6,733.4	2,314.7	1,506.7		4,705.7	1,113.9
Favourable/Unfavourable Balances		4,880.9	5,425.5	12,066.5	9,445.2	9,493.4		8,268.9	6,429.0
Cash and CE at Start		-9,123.5	-4,318.8	-4,080.1	-10,813.5	-7,901.1	4Q	-10,813.5	-6,107.7		1,435.2	-6,107.7
Cash and CE at End		-4,318.8	-4,080.1	-10,813.5	-7,901.1			-6,107.7	-4,993.8

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	22,289.2	25,579.6	27,250.2	27,064.4	26,928.7			27,745.7	27,871.4
Investment property		300.3	317.2	645.9	645.9	645.9	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7	667.7
Deferred tax assets		0.0	0.0	272.5	242.9	139.5	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		1,941.1	2,822.2	3,601.0	3,553.1	3,973.3	4,443.0	4,443.0	4,484.7	4,443.0	4,443.0	4,443.0	4,443.0
Right-of-use assets		9,567.3	10,103.0	9,771.9	9,493.9	9,247.1	nan	nan	10,016.4	9,735.6	nan	nan	nan
Non-current financial assets		7,296.0	7,503.0	6,672.8	5,971.0	6,450.9	6,372.2	6,372.2	6,270.9	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2	6,372.2
Other Assets		1,054.9	1,006.7	1,086.0	1,106.7	1,141.8	1,146.6	1,146.6	1,129.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6	1,146.6
Non Current Assets		42,448.9	47,331.8	49,300.3	48,077.8	48,527.2			50,315.0	50,236.6
Inventories	From OA 2.2	7,108.7	9,074.9	14,490.4	12,311.3	11,003.9			12,559.3	10,999.5
Trade and Other Receivables	From OA 2.1	3,357.7	4,269.6	5,089.0	0.0	0.0			7,224.4	5,486.3
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Amounts due from related parties		3.4	3.0	28.0	35.6	51.1	22.3	22.3	160.2	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.3
Other Financial Assets		1,494.1	1,507.9	1,451.3	5,988.8	6,437.5	1,393.3	1,393.3	1,200.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3	1,393.3
Income Tax Recoverable		0.0	2.8	117.9	123.5	123.5	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3	123.3
Cash and Cash Equivalent	From CFS	562.1	1,345.4	1,253.1	1,544.2	1,680.4			2,161.2	1,435.2
Current Assets		12,526.0	16,203.6	22,429.8	20,003.4	19,296.4			23,428.7	19,459.8
Total Assets		54,974.9	63,535.4	71,730.0	68,081.2	67,823.6				69,696.4
Equities and Liabilities
Stated Capital		918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2	918.2
Reserves	14,531.9	3,501.7	3,501.7	3,627.3	2,911.9	3,294.7	3,618.6	3,618.6	3,466.0	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6	3,618.6
Retained Earnings		12,362.8	13,312.3	14,531.9	14,432.9	15,219.5			16,066.5	16,395.5
Adjustments for Reported Number discprencies															-845.9
Other		918.2														-845.9
Other components of equity		0.0	0.0	0.0	2911.9	3,294.7	nan	nan	0.0	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		0.0	0.0	0.0	0.0	0.0	nan	nan	0.0	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Total Equity		16,782.7	18,107.2	19,077.5	21,174.8	22,727.1			20,450.7	20,932.3
Long Term Debt	From OA 3	5,141.7	8,307.7	6,850.4	6,285.1	5,719.7			3,163.6	2,591.2
Financing and Lease Payables	From OA 4	8,827.6	9,927.6	9,963.1					10,689.9	10,520.6
Deferred income tax liabilities		1,457.9	1,756.8	1,929.2	1,972.8	2,218.0	2,954.2	2,954.2	2,826.6	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2	2,954.2
Retirement benefit obligation		807.8	902.9	754.1	782.6	802.4	1,121.2	1,121.2	1,087.9	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2	1,121.2
Other Non-Current Liabilities		101.1	96.2	104.0	105.6	106.3	110.1	110.1	111.3	110.1	110.1	110.1	110.1	110.1	110.1	110.1	110.1	110.1	110.1
Non Current Liabilities		16,335.9	20,991.2	19,600.9	18,979.1	18,489.6			17,879.3	17,297.3
Current Maturities of Long Term Debt		1,700.0	2,179.3	2,170.1	2,319.4	2,365.1			4,503.1	4,468.4
Trade Payables	From OA 2.4	9,823.8	12,353.2	14,326.3	15,341.4	14,308.4			17,451.3	16,162.7
Amounts due to related parties		619.3	704.1	1,010.3	357.5	890.6	485.6	485.6	1,323.6	485.6	485.6	485.6	485.6	485.6	485.6	485.6	485.6	485.6	485.6
Income Tax Liabilities	From OA 6	222.9	266.0	105.6	105.6	105.3			256.3	408.1
Lease Liabilities		338.0	477.1	652.7					690.7	701.6
Other Accruals	From OA 2.5
Other		676.6	1,031.9	1,291.1	1,472.6	1,623.1	1,599.0	1,599.0	2,019.8	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0	1,599.0
Short term borrowings		3,071.1	2,000.0	1,185.3					900.0	1,212.5
Bank overdrafts		5,404.5	5,425.5	12,310.3					8,268.9	6,429.0
Bank overdrafts		5,404.5	5,425.5	12,310.3	9,568.5	9,493.4	nan	nan	8,268.9	6,429.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		21,856.3	24,437.0	33,051.7	30,839.1	29,901.6			35,413.8	31,466.8
Total Equity and Liabilities		54,974.9	63,535.4	71,730.0	70,993.1	71,118.2			73,743.7	69,696.4
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		-24,488.1
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		950.4
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			20,450.7
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		950.4	950.4	950.4
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	10103.03	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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