Company Overview

FY24E and FY25E
Revenue	12000	13000	25000

Valuation	Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation	NaN	0.0	%	0.0
Price to Earnings	1,153,962.00	250.9	%	0.0
Price to Book Value			%
Price to Sales	1,153,962.00	250.9	%	0.0
EV to EBITDA			%
Blended Valuation (Rs.)		0.00		0.0

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Liquor bottles		92,830.2	107,057.4	123,357.9	30,682.6	29,742.7	27,549.6	30,682.60	30,682.6	115,396.2	29,742.7	27,549.6	30,682.6	30,682.6	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
	YoY		13.7	15.3	15.2						-6.5

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
2	nan		0.0	0.0	0.0	0.0	0.0	0.0	0.00	0.00		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	YoY		0.0	0.0	0

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	nan		nan	nan	nan	nan	nan	nan	NaN	NaN		NaN	NaN	NaN	NaN	0.00	0.00	0.00	0.00	0.00
	nan		nan	nan	nan

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	nan		nan	nan	nan	nan	nan	nan	NaN	NaN		NaN	NaN	NaN	NaN	0.00	0.00	0.00	0.00	0.00
	nan		nan	nan	nan

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	nan		nan	nan	nan	nan	nan	nan	NaN	NaN		NaN	NaN	NaN	NaN	0.00	0.00	0.00	0.00	0.00
	nan		nan	nan	nan

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		15,576.8	17,718.1	24,201.3	5,869.7	5,744.0	5,117.8	0.00	0.0	20,066.9	0.0	0.00,000,000,000	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales		16.3%	16.1%	19.2%	18.7%	18.9%	18.1%			16.9%

2	Administration		661.6	1,142.7	1,588.7	529.1	257.5	435.0	0.00	0.0	1,710.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales		1.2%	1.5%	1.7%	2.1%	1.3%	2.1%			1.9%

3	Selling & Distribution		579.9	902.6	1,147.1	363.0	201.1	345.7	0.00	0.0	1,175.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales		0.2%	0.5%	0.6%	0.9%	0.4%	0.9%			0.7%

4	Capital Expenditure		63.5	77.2	150.2	0.0	0.0	0.0	0.00	0.0	73.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales		0.1%	0.1%	0.1%	0%	0%	0%			0.1%

	Fixed Assets - Cost	FY21	FY22	FY23	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Balance B/F	8,544.9	8,595.7	8,669.8	8,817.6	8,817.6	8,817.6	8817.6	8,817.6	8817.6	8817.6	8817.6	8817.6	15,626.8	15626.8	15626.8	15626.8	15626.8
	Capital Expenditure	63.5	77.2	150.2	0.0	0.0	0.00	0.0	73.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Balance C/F	8,595.7	8,669.8	8,817.6	8,817.6	8,817.6	8817.6	8817.6	15,626.8	8817.6	8817.6	8817.6	15626.8	15,626.8	15,626.8	15,626.8	15,626.8	15,626.8

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	2,874.3	3,346.5	3,830.7	0.0	4,335.9	4,465.9	4,596.1	4596.1	4,335.9	4596.1	4596.1	4596.1	4596.1	7,549.8	7549.8	7549.8	7549.8	7549.8
Depreciation charge	484.9	484.2	507.6	127.7	130.1	130.2	0.0	0.0	523.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- As a % of sales	0.5%	0.5%	0.4%	0.4%	0.4%	0.5%			0.5%
Balance C/F	3,346.5	3,830.7	4,335.9	0.0	4,465.9	4,596.1	4596.1	4596.1	7,549.8	4596.1	4596.1	4596.1	4596.1	7,549.8	7,549.8	7,549.8	7,549.8	7,549.8
Net Book Value at end	5,249.1	4,839.1	4,481.7	4,481.7	4,355.0	4,230.6	4221.50	4221.5	8,077.0	4221.5	4221.5	4221.5	11030.7	8,077.0	8,077.0	8,077.0	8,077.0	8,077.0

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
2.1 Accounts and notes receivables	3,646.1	4,127.8	5,156.9	5,156.9	3,153.1	3,465.3	0.0	0.0	7,256.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- As a % of sales	3.9	3.9	4.2	16.8	10.6	12.6			6.3
Four Qtr Cum. Revenue				27,549.6	57,292.3	87,974.9	87974.90	57292.30		27549.60	0.00	0.00	0.00
Four Qtr Cum. COGS				-5,117.8	-10,861.8	-16,731.5	-16731.50	-10861.80		-5117.80	0.00	0.00	0.00

	2.2 Inventories		4,640.8	3,381.0	6,822.8	6,822.8	6,611.5	6,045.1	0.0	0.0	7,612.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of COGS		29.8	19.1	28.2	116.2	115.1	118.1			37.9

	2.3 Prepayments		3,461.1	2,105.8	4,421.0	0.0	0.0	0.0	0.0	0.0	4,572.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- As a % of sales		3.7	2.0	3.6	0	0	0			4.0

	2.4 Accounts payable		3,494.1	7,545.6	4,586.5	0.0	0.0	0.0	0.00	0.00	5,760.5	0.00	0.00	0.00	0.00	0.0	0.00	0.00	0.00	0.00
	- As a % of COGS		22.4	42.6	19.0	0	0	0			28.7

2.5 Other	13.0	10.0	4.6	4.6	0.0	0.0	0.00	0.00	2,715.5	0.00	0.00	0.00	0.00	0.0	0.00	0.00	0.00	0.00
- As a % of COGS	nan	nan	nan	0.0	0.0	0.0
Working Capital			11,809.6	42673.1		9510.4	0.0	0.0	10,964.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Change in Working Capital				9,510.4	0.0	127.3	0.0	0.0	0.0	0.0	10,964.8	0.0	0.0	0.0	0.0

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Balance B/F	0.0	0.0	0.0	nan	nan	nan	nan	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
ii. Borrowings	0.0	0.0	0.0	nan	nan	nan			0.0
iii. Repayments	0.0	0.0	0.0	nan	nan	nan			0.0
iv. Balance C/F	0.0	0.0	0.0	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
v. Average Debt balance	0.0	0.0	0.0	nan	nan	nan
vi. Interest expenses	0.0	0.0	0.0	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
vii. Blended Interest expenses rate	nan	nan	nan	nan	nan	nan	%	%	nan	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Leases - Opening balance	2,020.0	1,665.1	1,642.9	1,283.2	1,220.0	1,083.3	946.6		1,220.0					787.0	787.0	787.0	787.0	787.0
Additions	0.0	0.0	0.0	0.0	0.0	-136.7
Payments	626.1	620.1	624.9	128.7	177.5	177.5			632.8
Closing balance	1,665.1	1,642.9	1,220.0	1,220.0	1,083.3	946.6	946.6	946.6	787.0	946.6	946.6	946.6	946.6	787.0	787.0	787.0	787.0	787.0
Adjustments	0.0	340.6	0.0	0.0	0.0	-136.7			66.6
Lease Interest expenses	271.2	257.4	202.0	0.0	0.0	0.0	0.0	0.0	133.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Blended Interest rate (%)	1471.7	1556.0	1411.1	0	0	0	%	%	1327.2	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			6,830.2	1,451.2	10,854.1	1,004.8	8486.70	1,451.2	553.7	8486.70	8486.70	8486.70	8486.70	117,325.4	232,721.6	348,117.8	463,514.0
ii. Interest Income	137.5	385.2	1,665.7	557.8	493.8	282.5	0.0	0.0	1,041.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
iii. Blended Interest income rate	0.0	0.0	0	37.8	4.5	27.6	%	%	0	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Profit before tax	11,934.3	13,184.9	31,068.0	7,748.6	7,039.0	4,893.8	0.0	0.0	23,753.8	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
ii. Balance B/F	1,298.5	6,918.6	7,669.0	9,751.6	10,084.3	7,547.0	6,546.2	4,517.6	10,084.3	4,517.6	4,517.6	4,517.6	4,517.6	9,392.4	-197.0	-197.0	-197.0	-197.0
iii. Tax provision for the year	4,852.0	5,289.8	12,476.0	2,835.7	2,796.4	2,028.6			9,589.4					0.0	0.0	0.0	0.0	0.0
iv. Taxes paid (provision for the previous year)	3,459.5	5,786.5	13,106.9	4,042.1	3,751.8	2,530.1	2,028.6		10,507.7					9,589.4	0.0	0.0	0.0	0.0
v. Balance C/F	6,918.6	7,669.0	10,084.3	10,084.3	7,547.0	6,546.2	4,517.6	4,517.6	9,392.4	4,517.6	4,517.6	4,517.6	4,517.6	-197.0	-197.0	-197.0	-197.0	-197.0
vi. Tax Rate	39.3	39.2	39.3	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Combined Revenue	92,830.2	107,057.4	123,357.9	29,742.7	27,549.6	NaN	NaN	115,396.20	NaN	NaN	NaN	NaN	115,396.20	115,396.20	115,396.20	115,396.20	115,396.20
COGS	15,576.8	17,718.1	24,201.3	5,744.0	5,117.8	0.00	0.0	20,066.9	0.0	0.00,000,000,000	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	13,661.3	15,350.5	32,757.4	7,160.2	5,537.9	NaN	NaN	26,187.3	NaN	NaN	NaN	NaN	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
Administration Exp.	661.6	1,142.7	1,588.7	257.5	435.0	0.00	0.0	1,710.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling & Distribution Exp.	579.9	902.6	1,147.1	201.1	345.7	0.00	0.0	1,175.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation	484.9	484.2	507.6	130.1	130.2	0.0	0.0	523.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0			nan
Operating Income	12,175.1	13,060.5	29,608.8	6,588.0	4,650.5	0.0	0.0	22,858.1	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
Interest Expenses	378.3	260.8	206.5	0.0	0.0	0.0	0.0	145.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income	137.5	385.2	1,665.7	493.8	282.5	0.0	0.0	1,041.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0			nan
Profit Before Tax	11,934.3	13,184.9	31,068.0	7,039.0	4,893.8	0.0	0.0	23,753.8	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
Tax Expenses	4,852.0	5,289.8	12,476.0	2,796.4	2,028.6			9,589.4					0.0	0.0	0.0	0.0	0.0
Profit After Tax	7,268.2	7,985.8	18,843.4	4,242.6	2,865.2	0.0	0.00	14,164.4	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
Other	0.0	0.0	0.0	0.0	0.0			nan
Net Income	7,268.2	7,985.8	18,843.4	4,242.6	2,865.2	0.0	0.00	14,164.4	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	From IS	11,934.3	13,184.9	31,068.0	7,039.0	4,893.8	0.0	0.0	23,753.8	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
Depreciation	From OA 1.1	484.9	484.2	507.6	130.1	130.2	0.0	0.0	523.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Change in Working Capital	From OA 2	2,283.3	4,206.1	-6,824.7	139.9	4,944.5	9,510.4	0.0	127.3	0.0	0.0	0.0	0.0	10,964.8	0.0	0.0	0.0	0.0
Income Tax Paid	From OA 5	3,459.5	5,786.5	13,106.9	3,751.8	2,530.1	-2.0		10,507.7					9,589.4	0.0	0.0	0.0	0.0
Other		284.6	-227.6	-5,050.0	-248.0	-3,668.8			3,595.4
Net Cash Flow from / (used in) Operating Activities		11,949.0	12,273.8	7,054.0	3,393.2	3,853.7	7481.8	0.0	17,907.2	0.0	0.0	0.0	0.0	116,771.6	115,396.2	115,396.2	115,396.2	115,396.2
Capital Expenditure	From CA 4	63.5	77.2	150.2	0.0	0.0	0.00	0.0	73.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other		176.1	496.6	1,681.2	419.5	292.6			-2,977.5
Cash Flows from Investing Activities		112.6	419.4	1,531.1	419.5	292.6	0.00	0.0	-3,050.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Borrowings		27,565.0	4,235.0	0.0	0.0	0.0	0	0	12,422.0	0	0	0	0	0	0	0	0	0
Debt Repayments		32,727.1	5.5	5.5	0.0	0.0	0	0	9,714.1	0	0	0	0	0	0	0	0	0
10. Lease Additions							0	0		0	0	0	0	0.00	0	0	0	0
Lease Repayments		626.1	624.9	624.9	177.5	177.5	0	0	632.8	0	0	0	0	0	0	0	0	0
Other		-4,581.8	-7,173.6	-13,333.7	-2.4	-8,047.9			-17,844.4
Net Cash flows from / (used in) Financing Activities		-10,370.0	-7,796.7	-13,964.1	-180.0<	-8,225.5	0.00	0.00	-15,769.3	0.00	0.00	0.00	0.00	0.0	0.0	0.0	0.0	0.0
Other		nan	nan	nan	nan	nan			nan
Net Increase/(Decrease) in Cash and Cash Equivalents		1,691.6	4,896.4	-5,379.0	3,632.7	-4,079.1	7481.80	0.00	-912.8	0.00	0.00	0.00	0.00	116771.6	115396.2	115396.2	115396.2	115396.2
Balance adjustments as per company		0.1	0.0	0.0	2,125.1	-3,645.0			15.4
Cash and CE at Start		242.2	1,933.8	6,830.2	5,096.2	8,729.0	1,004.9	8486.70	1,451.2	8486.70	8486.70	8486.70	538.4	538.4	117,325.4	232,721.6	348,117.8	463,514.0
Cash and CE at End		1,933.8	6,830.2	1,451.2	8,729.0	1,004.9	8486.70	8486.70	538.4	8486.70	8486.70	8486.70	8486.70	117,325.4	232,721.6	348,117.8	463,514.0	578,910.2

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	5,249.1	4,839.1	4,481.7	4,355.0	4,230.6	4221.50	4221.5	8,077.0	4221.5	4221.5	4221.5	11030.7	8,077.0	8,077.0	8,077.0	8,077.0	8,077.0
2. Right-of-use assets		50.3	35.8	20.1	19.2	17.2	15.1	15.1	0.0	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
3. Intangible assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	143.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Investment in an associate		0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other financial assets		1,471.0	1,398.8	938.9	959.1	753.5	550.4	550.4	578.6	550.4	550.4	550.4	550.4	550.4	550.4	550.4	550.4	550.4
6. Deferred income tax assets		1,873.8	1,611.7	1,900.5	2,028.0	2,554.9	2,911.7	2,911.7	2,465.4	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7	2,911.7
Other		0.0	0.0	0.0	0.0	0.0	201.4	201.4	0.0	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4
Non Current Assets		8,644.2	7,885.5	7,341.3	7,361.2	7,556.2	7900.10	7900.10	11,319.8	7900.10	7900.10	7900.10	14709.30	11,755.6	11,755.6	11,755.6	11,755.6	11,755.6
Inventories	From OA 2.2	4,640.8	3,381.0	6,822.8	6,611.5	6,045.1	0.0	0.0	7,612.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Trade and Other Receivables	From OA 2.1	3,646.1	4,127.8	5,156.9	3,153.1	3,465.3	0.0	0.0	7,256.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Prepayments	From OA 2.3	3,461.1	2,105.8	4,421.0	0.0	0.0	0.0	0.0	4,572.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Receivables		0.0	0.0	0.0	3,153.1	3,465.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Other financial assets		73.4	35.7	39.1	36.6	29.3	1,054.2	1,054.2	110.9	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2	1,054.2
13. Income tax recoverable		672.5	596.1	4,480.8	560.4	4,023.0	2,995.8	2,995.8	710.1	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8	2,995.8
Cash and Cash Equivalents	From CFS	1,933.8	6,830.2	1,451.2	10,854.1	1,004.8	8486.70	8486.70	553.7	8486.70	8486.70	8486.70	8486.70	117,325.4	232,721.6	348,117.8	463,514.0	578,910.2
Current Assets		14,427.7	17,076.7	22,371.8	24,368.9	18,032.8	12536.70	12536.70	20,815.6	12536.70	12536.70	12536.70	12536.70	121,375.4	236,771.6	352,167.8	467,564.0	582,960.2
Total Assets		23,071.9	24,962.2	29,713.0	31,730.1	25,589.0	20436.80	20436.80	32,135.4	20436.80	20436.80	20436.80	27246.00	133,131.0	248,527.2	363,923.4	479,319.6	594,715.8
Equities and Liabilities
1. Stated capital		3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0
2. Reserves	6,912.3	2,409.7	2,409.7	2,335.4	2,462.9	2,989.8	5,263.2	5,263.2	4,172.0	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2	5,263.2
Retained Earnings		3,671.5	1,325.9	6,912.3	2,953.5	5,970.1	5970.10	5970.10	3,448.8	5970.10	5970.10	5970.10	5970.10	118,845.0	234,241.2	349,637.4	465,033.6	580,429.8
nan		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity attributable to equity holders of parent
5. Non-controlling interest		0.0	0.0	0.0	0.0	0.0	21.6	21.6	23.5	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6
Total Equity		9,081.3	6,372.5	12,247.7	8,416.3	11,959.9	14254.90	14254.90	10,644.3	14254.90	14254.90	14254.90	14254.90	127,129.8	242,526.0	357,922.2	473,318.4	588,714.6
Long Term Debt	From OA 3	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
Financing and Lease Payables	From OA 4	1,665.1	1,642.9	1,220.0	1,083.3	946.6	946.6	946.6	787.0	946.6	946.6	946.6	946.6	787.0	787.0	787.0	787.0	787.0
Defined Benefit Obligation (Net)		259.3	175.0	313.2	311.5	299.1	308.5	308.5	358.0	308.5	308.5	308.5	308.5	308.5	308.5	308.5	308.5	308.5
Deferred Tax Liability (Net)		1,583.1	1,523.2	1,232.1	1,378.8	1,247.8	2,095.9	2,095.9	1,977.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9	2,095.9
Other liabilities		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		3,183.7	2,918.2	2,269.0	2,467.7	2,197.6	3351.0	3351.0	2,514.1	3351.00	3351.00	3351.00	3351.00	3,191.4	3,191.4	3,191.4	3,191.4	3,191.4
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	3,494.1	7,545.6	4,586.5	0.0	0.0	0.00	0.00	5,760.5	0.00	0.00	0.00	0.00	0.0	0.00	0.00	0.00	0.00
13. Amounts due to related parties		nan	nan	nan	nan	nan	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	6,918.6	7,669.0	10,084.3	7,547.0	6,546.2	4,517.6	4,517.6	9,392.4	4,517.6	4,517.6	4,517.6	4,517.6	-197.0	-197.0	-197.0	-197.0	-197.0
Other Accruals	From OA 2.5	0	0	0	0	0	0.00	0.00	2,715.5	0.00	0.00	0.00	0.00	0.0	0.00	0.00	0.00	0.00
Other		57.4	24.0	24.7	0.1	22.2	399.1	399.1	484.4	399.1	399.1	399.1	399.1	399.1	399.1	399.1	399.1	399.1
Bank overdraft		0.1	0.0	0.0	2,125.1	0.0	1,680.8	nan	15.4	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		10,806.9	15,671.6	15,196.3	9,978.2	6,864.3			18,977.0					202.1	202.1	202.1	202.1	202.1
Total Equity and Liabilities		23,071.9	24,962.2	29,713.0	20,862.2	21,021.8			32,135.4					130,523.3	245,919.5	361,315.7	476,711.9	592,108.1

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1. EBIT	From FF 6	0.0	0.0	11,238.5	0.0	0.0	0.0	0.0	115,396.2	115,396.2	115,396.2	115,396.2	115,396.2
2. Tax	From OA 4	-2.0		10,507.7					9,589.4	0.0	0.0	0.0	0.0
3. Depreciation	From OA 1	0.0	0.0	523.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Adjustments	User Input
5. Capital Expenditure	From CA 4	0.00	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Changes in Working Capital	From OA 2	9,510.4	0.0		0.0	0.0	0.0	0.0	10,964.8	0.0	0.0	0.0	0.0
7. Free Cash Flow		7,481.8	0.0	1,180.8	0.0	0.0	0.0	0.0	116,771.6	115,396.2	115,396.2	115,396.2	115,396.2
8. Terminal Value													NaN
9. Total Free Cash Flow
10. Discount factor	Calculation								NaN	NaN	NaN	NaN	NaN
11. Present Value of Free Cash Flows	7*10=11								NaN	NaN	NaN	NaN	NaN

12. DCF Enterprise Value									NaN
13. Net (Debt)/Cash									-157.9
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value									NaN
16. Number of Shares									4,600.0
17. Price per Share (Rs.)									0.0

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	NaN%	25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9	NaN%	21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales		115,396.20	10,644.3	115,396.20
2. Adjusted Multiple		10	10	10
3. Valuation (Rs. Millions)	1*2=3	1,153,962.0	106,443.0	1,153,962.0
4. Number of Shares (Millions)		4,600.0	4,600.0	4,600.0
5. Price per Share(Rs.)		250.9	23.1	250.9

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





Average	0	0	0
Adjustment
Adjusted Multiple	10	10	10

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	1398.847	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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