Company Overview - DippedProducts

DippedProducts

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
Hand Protection	YoY%	-16.2
Plantations - Sale of Plantation Produce	YoY%	7.7
Plantations - Sale of Manufactured Goods	YoY%	11.8
Plantations - Generation of Hydro Power	YoY%	8.8
Plantations - Hospitality Services	YoY%	145.5
Inter-group sales/services	YoY%	-30.2
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	74.3
Administration	% of Rev.	11.0
Selling & Distribution	% of Rev.	2.4
Capital Expenditure	% of Rev.	5.8
OTHER
Depreciation charge	% of Rev.	2.6
2.1 Accounts and notes receivables	% of Rev.	16.5
2.2 Inventories	% of COGS	20.5
2.3 Prepayments	% of Rev.	2.1
2.4 Accounts payable	% of COGS	17.8
2.5 Other	% of COGS	0.0
Issuance of debt	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	825.2
Long Term Debt Current Portion	Rs.Millions	1,808.5
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	10.5
Right of Use Assets - Amortisation Rate	%	9.9
Intangible Assets - Additions	Rs.Millions	145.2
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	14.7
Lease Liabilities Current Portion	Rs.Millions	37.2
Average Interest Income Rate	%	14.4
Effective Tax Rate (%)	%	0

-->

REVENUE		FY25E to FY29E
Hand Protection	YoY%
Plantations - Sale of Plantation Produce	YoY%
Plantations - Sale of Manufactured Goods	YoY%
Plantations - Generation of Hydro Power	YoY%
Plantations - Hospitality Services	YoY%
Inter-group sales/services	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	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		46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0	19,186.3
	YoY%		51.8	19.2	44.9				-7.7	3.4

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Hand Protection	30,414.3	37,917.9	51,384.3	0.0	0.0	0.0	43,043.9	10,946.1
	YoY	nan	24.7	35.5				-16.2	0
SC01	Hand Protection	30,414.3	37,917.9	51,384.3				43,043.9
	LY YoY%	nan	24.7	35.5				-16.2		-16.2	-16.2	-16.2	-16.2	-16.2
SC02	Hand Protection	30,414.3	37,917.9	51,384.3				43,043.9
	LY YoY%	nan	24.7	35.5				-16.2
SC03	Hand Protection	30,414.3	37,917.9	51,384.3				43,043.9
	LY YoY%	nan	24.7	35.5				-16.2

2	Plantations - Sale of Plantation Produce	9,006.8	2,039.3	8,449.6	0.0	0.0	0.0	7,974.9	0.0
	YoY	nan	8.7	63.6				7.7	0
SC01	Plantations - Sale of Plantation Produce	9,006.8	2,039.3	8,449.6				7,974.9
	LY YoY%	nan	8.7	63.6				7.7		7.7	7.7	7.7	7.7	7.7
SC02	Plantations - Sale of Plantation Produce	9,006.8	2,039.3	8,449.6				7,974.9
	LY YoY%	nan	8.7	63.6				7.7
SC03	Plantations - Sale of Plantation Produce	9,006.8	2,039.3	8,449.6				7,974.9
	LY YoY%	nan	8.7	63.6				7.7

3	Plantations - Sale of Manufactured Goods	7,391.4	15,794.6	20,695.5	0.0	0.0	0.0	23,128.0	0.0
	YoY	nan	113.7	31.0				11.8	0
SC01	Plantations - Sale of Manufactured Goods	7,391.4	15,794.6	20,695.5				23,128.0
	LY YoY%	nan	113.7	31.0				11.8		11.8	11.8	11.8	11.8	11.8
SC02	Plantations - Sale of Manufactured Goods	7,391.4	15,794.6	20,695.5				23,128.0
	LY YoY%	nan	113.7	31.0				11.8
SC03	Plantations - Sale of Manufactured Goods	7,391.4	15,794.6	20,695.5				23,128.0
	LY YoY%	nan	113.7	31.0				11.8

4	Plantations - Generation of Hydro Power	99.5	96.4	94.6	0.0	0.0	0.0	102.9	0.0
	YoY	nan	-3.1	-1.9				8.8	0
SC01	Plantations - Generation of Hydro Power	99.5	96.4	94.6				102.9
	LY YoY%	nan	-3.1	-1.9				8.8		8.8	8.8	8.8	8.8	8.8
SC02	Plantations - Generation of Hydro Power	99.5	96.4	94.6				102.9
	LY YoY%	nan	-3.1	-1.9				8.8
SC03	Plantations - Generation of Hydro Power	99.5	96.4	94.6				102.9
	LY YoY%	nan	-3.1	-1.9				8.8

5	Plantations - Hospitality Services	8.4	28.5	33.3	0.0	0.0	0.0	81.8	0.0
	YoY	nan	239.9	16.7				145.5	0
SC01	Plantations - Hospitality Services	8.4	28.5	33.3				81.8
	LY YoY%	nan	239.9	16.7				145.5		145.5	145.5	145.5	145.5	145.5
SC02	Plantations - Hospitality Services	8.4	28.5	33.3				81.8
	LY YoY%	nan	239.9	16.7				145.5
SC03	Plantations - Hospitality Services	8.4	28.5	33.3				81.8
	LY YoY%	nan	239.9	16.7				145.5

6	Inter-group sales/services	-533.7	-582.7	-558.0	-389.6	-47.3
	YoY	nan	9.2	-4.2	-30.2	0
SC01	Inter-group sales/services	-533.7	-582.7	-558.0	-389.6
	LY YoY%	nan	9.2	-4.2	-30.2		-30.2	-30.2	-30.2	-30.2	-30.2
SC02	Inter-group sales/services	-533.7	-582.7	-558.0	-389.6
	LY YoY%	nan	9.2	-4.2	-30.2
SC03	Inter-group sales/services	-533.7	-582.7	-558.0	-389.6
	LY YoY%	nan	9.2	-4.2	-30.2

	Std vs. Cus. Revenue	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0
SC01	S01Total Revenue	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0
SC02	S02Total Revenue	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0
SC03	S03Total Revenue	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		46,386.7	55,294.0	80,099.3			73,942.0	19,186.3
	YoY%		51.8	19.2	44.9				-7.7	3.4

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Hand Protection

	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
	Pairs sold (Millions)	0.0	275.0	256.3	252.4
	YoY%
	Average selling price per pair (Rs.)	0.0	137.9	200.5		170.5
	YoY%
	Average USD/LKR rate	0.0	207.6	358.4	320.1
	Average selling price per pair (USD)	0.0	0.7	0.6	0.5
	YoY%	0.0	0.0	-15.8	-4.7
	Segment Revenue	30,414.3	37,917.9	51,384.3	43,043.9
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Plantations - Sale of Plantation Produce

	Tea Revenue - Plantation Produce & Manufactured Goods
	Kelani Valley Plantations	10,518.6	11,187.8	18,745.4	18,167.9
	Talawakelle Tea Estates	4,330.9	4,494.7	7,900.6	7,414.9
	Horana Plantations	1,572.9	1,857.0	2,912.2	2,556.6
	TOTAL	16,422.3	17,539.6	29,558.2	28,139.5
	Tea Crops (Millions Kgs)	0.0	0.0	0.0	0.0
	Kelani Valley Plantations	4.0	4.0	3.4	3.9
	Talawakelle Tea Estates	6.7	5.9	5.1	5.7
	Horana Plantations	2.6	2.8	2.2	2.2
	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
	Tea Crops (Millions Kgs)	13.2	12.7	10.7		}	11.8
	YoY%
	Tea - Average Revenue per Kg	nan	nan	nan	nan
	Kelani Valley Plantations	2,650.7	2,650.7	2,650.7	2,650.7
	Talawakelle Tea Estates	646.4	646.4	646.4	646.4
	Horana Plantations	616.6	616.6	616.6	616.6
	Tea - Revenue Rs. per Kg (Blended for KVAL, TTE, HPL)	1,242.3	1,375.9	2,762.4		}	2,393.0
	YoY%
	Segment Revenue	16,422.3	17,539.6	29,558.2	28,139.5
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Plantations - Sale of Manufactured Goods
	Rubber Revenue - Plantation Produce & Manufactured Goods
	Kelani Valley Plantations	1,418.1	1,928.8	2,224.2	1,824.6
	Talawakelle Tea Estates	39.2	69.1	59.7	29.6
	Horana Plantations	399.5	430.4	557.6	513.3
	TOTAL	1,856.8	2,428.3	2,841.6	2,367.5
	Rubber Crops (Millions Kgs)	0.0	0.0	0.0	0.0
	Kelani Valley Plantations	3.4	3.0	2.4	2.1
	Talawakelle Tea Estates	0.0	0.1	0.1	0.1
	Horana Plantations	0.9	0.6	0.6	0.5
	Rubber Crops (Millions Kgs)	4.3	3.7	3.0		}	2.6
	YoY%
	Rubber - Average Revenue per Kg	0.0	0.0	0.0	0.0
	Kelani Valley Plantations	413.5	642.9	944.9	881.5
	Talawakelle Tea Estates	nan	482.3	633.2	574.6
	Horana Plantations	457.9	717.4	929.4	1,026.6
	Rubber - Revenue Rs. per Kg (Blended for KVAL, TTE, HPL)	431.6	648.7	932.2			903.1
	YoY%
	Segment Revenue	1,856.8	2,428.3	2,841.6	2,367.5
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Plantations - Generation of Hydro Power
	Plantations - Generation of Hydro Power	99.5	96.4	94.6			102.9
	YoY%
	driver4b	1.0	1.0	1.0			1.0
	YoY%
	Segment Revenue	99.5	96.4	94.6	102.9	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	34,556.9	44,561.3	60,490.2	0.0	15,084.4	14,039.0	56,882.9	15,665.7
	Depreciation	1,085.2	1,148.4	1,518.1				1,923.4	499.6
	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	33,471.8	43,413.0	58,972.2	0.0	15,084.4	14,039.0	54,959.5	15,166.2
	- As a % of sales	72.2%	78.5%	73.6%	nan%	-2.5%	-2.6%	74.3%	79.0%
SC01	COGS	34,556.9	44,561.3	60,490.2				56,882.9	15,665.7
	Depreciation	1,085.2	1,148.4	1,518.1				1,923.4	499.6
	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	33,471.8	43,413.0	58,972.2				54,959.5	15,166.2
	- As a % of sales	72.2%	78.5%	73.6%				74.3%	79.0%	74.3%	74.3%	74.3%	74.3%	74.3%
SC02	COGS	34,556.9	44,561.3	60,490.2				56,882.9	15,665.7
	Depreciation	1,085.2	1,148.4	1,518.1				1,923.4	499.6
	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	33,471.8	43,413.0	58,972.2				54,959.5	15,166.2
	- As a % of sales	72.2%	78.5%	73.6%				74.3%	79.0%	75.5%	75.5%	75.5%	75.5%	75.5%
SC03	COGS	34,556.9	44,561.3	60,490.2				56,882.9	15,665.7
	Depreciation	1,085.2	1,148.4	1,518.1				1,923.4	499.6
	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	33,471.8	43,413.0	58,972.2				54,959.5	15,166.2
	- As a % of sales	72.2%	78.5%	73.6%				74.3%	79.0%
	COGS selection
	COGS% selection

2	Administration Expenses	3,838.0	4,803.7	8,087.2	0.0	1,962.2	2,107.9	8,193.1	2,059.3
	Amortisation of Intangible Assets	16.5	18.7	39.3				87.9	12.6
	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	3,821.5	4,784.9	8,047.8	0.0	1,962.2	2,107.9	8,105.2	2,059.3
	- As a % of sales	8.2%	8.7%	10.0%	nan%	10.5%	11.5%	11.0%	10.7%
SC01	Administration Expenses	3,838.0	4,803.7	8,087.2				8,193.1	2,059.3
	Amortisation of Intangible Assets	16.5	18.7	39.3				87.9	12.6
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	3,821.5	4,784.9	8,047.8				8,105.2	2,046.7
	- As a % of sales	8.2%	8.7%	10.0%				11.0%	10.7%	11.0%	11.0%	11.0%	11.0%	11.0%
SC02	Administration Expenses	3,838.0	4,803.7	8,087.2				8,193.1	2,059.3
	Amortisation of Intangible Assets	16.5	18.7	39.3				87.9	12.6
	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	3,821.5	4,784.9	8,047.8				8,105.2	2,046.7
	- As a % of sales	8.2%	8.7%	10.0%				11.0%	10.7%	9.9%	9.9%	9.9%	9.9%	9.9%
SC03	Administration Expenses	3,838.0	4,803.7	8,087.2				8,193.1	2,059.3
	Amortisation of Intangible Assets	16.5	18.7	39.3				87.9	12.6
	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	3,821.5	4,784.9	8,047.8				8,105.2	2,046.7
	- As a % of sales	8.2%	8.7%	10.0%				11.0%	10.7%
	Admin selection

	Selling & Distribution Expenses	1,012.7	1,402.8	2,660.5	0.0	348.6	744.6	1,956.4	538.7
	Amortisation of Right of Use Assets	100.4	118.3	114.5				145.9	29.8
	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	912.3	1,284.5	2,546.0	0.0	348.6	744.6	1,810.5	509.0
	- As a % of sales	2.0%	2.3%	3.2%	nan%	1.7%	3.9%	2.4%	2.7%
SC01	S&D	1,012.7	1,402.8	2,660.5				1,956.4	538.7
	Amortisation of Right of Use Assets	100.4	118.3	114.5				100.4	29.8
	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	912.3	1,284.5	2,546.0				1,810.5	509.0
	- As a % of sales	2.0%	2.3%	3.2%				2.4%	2.7%	2.4%	2.4%	2.4%	2.4%	2.4%
SC02	s&D	1,012.7	1,402.8	2,660.5				1,956.4	538.7
	Amortisation of Right of Use Assets	100.4	118.3	114.5				100.4	29.8
	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	912.3	1,284.5	2,546.0				1,810.5	509.0
SC02	- As a % of sales	2.0%	2.3%	3.2%				2.4%	2.7%	2.7%	2.7%	2.7%	2.7%	2.7%
SC03	S&D	1,012.7	1,402.8	2,660.5				1,956.4	538.7
	Amortisation of Right of Use Assets	100.4	118.3	114.5				100.4	29.8
	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	912.3	1,284.5	2,546.0				1,810.5	509.0
	- As a % of sales	2.0%	2.3%	3.2%				2.4%	2.7%
	Sd selection

4	Capital Expenditure	1,733.6	3,964.8	4,036.6	0.0	736.1	958.9	0	4,314.7	843.2	0	0	0
	- As a % of sales	3.7%	7.2%	5.0%	nan%	4.0%	5.2%		5.8%	4.4%
SC01	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	- As a % of sales	3.7%	7.2%	5.0%					5.8%					5.8%	5.8%	5.8%	5.8%	5.8%
SC02	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	- As a % of sales	3.7%	7.2%	5.0%					5.8%					6.0%	6.0%	6.0%	6.0%	6.0%
SC03	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	- As a % of sales	3.7%	7.2%	5.0%					5.8%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	22,395.9	24,148.0	28,408.4	nan	38,077.6	40,937.5	43,797.3	38,077.6	40,674.7	41,517.9	40,674.7
	Capital Expenditure	1,733.6	3,964.8	4,036.6	0.0	736.1	958.9	222		843.2
	Adjustments	411.5	1,908.4	5,257.3					-1,700.7	0.0		0.0
	Balance C/F	24,148.0	28,408.4	38,077.6	nan	40,937.5	43,797.3		40,674.7	41,517.9
SC01	Balance B/F	22,395.9	24,148.0	28,408.4					38,077.6	40,674.7	41,517.9	40,674.7
	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	Adjustments	411.5	1,908.4	5,257.3					-1,700.7	0.0		0.0
	Balance C/F	24,148.0	28,408.4	38,077.6					40,674.7	41,517.9
SC02	Balance B/F	22,395.9	24,148.0	28,408.4					38,077.6	40,674.7	41,517.9	40,674.7
	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	Adjustments	411.5	1,908.4	5,257.3					-1,700.7	0.0		0.0
	Balance C/F	24,148.0	28,408.4	38,077.6					40,674.7	41,517.9
SC03	Balance B/F	22,395.9	24,148.0	28,408.4					38,077.6	40,674.7	41,517.9	40,674.7
	Capital Expenditure	1,733.6	3,964.8	4,036.6					4,314.7	843.2
	Adjustments	411.5	1,908.4	5,257.3					-1,700.7	0.0		0.0
	Balance C/F	24,148.0	28,408.4	38,077.6					40,674.7	41,517.9

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	10,470.9	11,857.5	14,461.1	nan	18,098.9	19,104.2	21,437.8		18,098.9	18,640.9				17,183.8	18,640.9
	Depreciation charge	1,085.2	1,148.4	1,518.1	0.0	467.7	469.0			1,923.4	499.6
	- As a % of sales	2.3%	2.1%	1.9%	nan%	2.5%	2.6%			2.6%	2.6%
	Balance C/F	11,857.5	14,461.1	18,098.9	nan	19,104.2	21,437.8	0	0	18,640.9	17,183.8	0	0	0	0	0	0	0	0	0
	Adjustments	301.4	1,455.2	2,119.7						-1,381.3	-1,956.7					-1,956.7
	Net Book Value at end	13,075.2	16,344.8	21,976.5	nan	21,833.2	22,359.4			23,971.3	24,334.1
SC01	Balance B/F	10,470.9	11,857.5	14,461.1						18,098.9	18,640.9				17,183.8	18,640.9
SC01	Depreciation charge	1,085.2	1,148.4	1,518.1						1,923.4	499.6
	- As a % of sales	2.3%	2.1%	1.9%						2.6%	2.6%						2.6%	2.6%	2.6%	2.6%	2.6%
	Balance C/F	11,857.5	14,461.1	18,098.9						18,640.9	17,183.8
	Adjustments	301.4	1,455.2	2,119.7						-1,381.3	-1,956.7					-1,956.7
	Net Book Value at end	13,075.2	16,344.8	21,976.5						23,971.3	24,334.1
SC02	Balance B/F	10,470.9	11,857.5	14,461.1						18,098.9	18,640.9				17,183.8	18,640.9
SC02	Depreciation charge	1,085.2	1,148.4	1,518.1						1,923.4	499.6
	- As a % of sales	2.3%	2.1%	1.9%						2.6%	2.6%
	Balance C/F	11,857.5	14,461.1	18,098.9						18,640.9	17,183.8
	Adjustments	301.4	1,455.2	2,119.7						-1,381.3	-1,956.7					-1,956.7
	Net Book Value at end	13,075.2	16,344.8	21,976.5						23,971.3	24,334.1
SC03	Balance B/F	10,470.9	11,857.5	14,461.1						18,098.9	18,640.9				17,183.8	18,640.9
SC03	Depreciation charge	1,085.2	1,148.4	1,518.1						1,923.4	499.6
	- As a % of sales	2.3%	2.1%	1.9%						2.6%	2.6%
	Balance C/F	11,857.5	14,461.1	18,098.9						18,640.9	17,183.8
	Adjustments	301.4	1,455.2	2,119.7						-1,381.3	-1,956.7					-1,956.7
	Net Book Value at end	13,075.2	16,344.8	21,976.5						23,971.3	24,334.1
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	10,110.7	12,129.7	12,131.1	0.0	13,182.9	12,307.5	12,193.9	13,254.5
	- As a % of sales	21.8	21.9	15.1	nan	71.1	67.4	16.5	35.4
	Four Qtr Cum. Revenue				18,273.0	36,824.2	36,824.2
	Four Qtr Cum. COGS				-14,039.0	-29,123.4	-29,123.4
SC01	2.1 Accounts and notes receivables	10,110.7	12,129.7	12,131.1				12,193.9
	- As a % of sales	21.8	21.9	15.1				16.5		16.5	16.5	16.5	16.5	16.5
SC02	2.1 Accounts and notes receivables	10,110.7	12,129.7	12,131.1				12,193.9
	- As a % of sales	21.8	21.9	15.1				16.5		17.9	17.9	17.9	17.9	17.9
	Four Qtr Cum. Revenue				18,273.0	36,824.2	36,824.2
SC03	2.1 Accounts and notes receivables	10,110.7	12,129.7	12,131.1				12,193.9
	- As a % of sales	21.8	21.9	15.1				16.5
	Four Qtr Cum. COGS				-14,039.0	-29,123.4	-29,123.4
	Debtors selection

	2.2 Inventories	11,103.7	12,070.1	12,648.6	0.0	11,500.3	10,641.6	11,685.2	11,777.9
	- As a % of COGS	32.1	27.1	20.9	nan	76.2	75.8	20.5	39.6
SC01	2.2 Inventories	11,103.7	12,070.1	12,648.6				11,685.2
	- As a % of COGS	32.1	27.1	20.9				20.5		20.5	20.5	20.5	20.5	20.5
SC02	2.2 Inventories	11,103.7	12,070.1	12,648.6				11,685.2
	- As a % of COGS	32.1	27.1	20.9				20.5		22.8	22.8	22.8	22.8	22.8
SC03	2.2 Inventories	11,103.7	12,070.1	12,648.6				11,685.2
	- As a % of COGS	32.1	27.1	20.9				20.5
	Stocks selection
	Stocks share selection

	2.3 Prepayments	2,708.5	1,201.3	1,571.8	0.0	1,540.5	1,539.1	1,568.9	2,366.1
	- As a % of sales	5.8	2.2	2.0	nan	8.3	8.4	2.1	6.3
SC01	2.3 Prepayments	2,708.5	1,201.3	1,571.8				1,568.9
	- As a % of sales	5.8	2.2	2.0				2.1		2.1	2.1	2.1	2.1	2.1
SC02	2.3 Prepayments	2,708.5	1,201.3	1,571.8				1,568.9
	- As a % of sales	5.8	2.2	2.0				2.1		2.1	2.1	2.1	2.1	2.1
SC03	2.3 Prepayments	2,708.5	1,201.3	1,571.8				1,568.9
	- As a % of sales	5.8	2.2	2.0				2.1
	Prepayment selection

	2.4 Accounts payable	8,352.2	8,201.6	9,742.4	0.0	8,964.5	9,110.9	10,146.1	10,900.6
	- As a % of COGS	24.2	18.4	16.1	nan	59.4	64.9	17.8	36.7
SC01	2.4 Accounts payable	8,352.2	8,201.6	9,742.4				10,146.1
	- As a % of COGS	24.2	18.4	16.1				17.8		17.8	17.8	17.8	17.8	17.8
SC02	2.4 Accounts payable	8,352.2	8,201.6	9,742.4				10,146.1
	- As a % of COGS	24.2	18.4	16.1				17.8		17.4	17.4	17.4	17.4	17.4
SC03	2.4 Accounts payable	8,352.2	8,201.6	9,742.4				10,146.1
	- As a % of COGS	24.2	18.4	16.1				17.8
	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						1,515.9	-1,074.5
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						1,515.9	-1,074.5
SC01 Change in WC - Balance Period
SC02 Change in WC						1,515.9	-1,074.5
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						1,515.9	-1,074.5
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	552.8	1,182.6	3,104.3	3,104.3	0.0	0.0	3,050.5		5,155.7	4,390.4				3,836.8	4,390.4
	Issuance of debt	771.9	2,206.0	3,264.8	0.0	1,581.6	715.3			2,900.3	0.0
	Repayment of debt	202.8	1,075.4	2,665.2	0.0	913.6	998.0			3,385.9	566.7
	Net of Payments	569.1	1,130.6	599.6						-485.6	-566.7					-566.7
	Adjustments	60.7	791.1	1,451.8	0.0	0.0	0.0			-279.7	13.0					13.0
	Closing balance - Calculated	1,182.6	3,104.3	5,155.7	3,104.3	2,625.3	3,050.5			4,390.4	3,836.8
	Current Portion of Long Term Debt	457.6	1,701.9	2,921.6						1,808.5	1,650.4
	Interest Expenses	56.2	49.2	140.6	0.0	0.0	0.0			393.9	0.0
	Average Interest rate (%)	648.2	229.5	340.3	0	0	0	%	%	825.2	0	%	%	%		%	%	%	%	%
SC01	Opening balance	552.8	1,182.6	3,104.3						5,155.7	4,390.4				3,836.8	4,390.4
	Issuance of debt	771.9	2,206.0	3,264.8						2,900.3	0.0					2,900.3	2,900.3	2,900.3	2,900.3	2,900.3
	Repayment of debt	202.8	1,075.4	2,665.2						3,385.9	566.7
	Net of Payments	569.1	1,130.6	599.6						-485.6	-566.7					-566.7
	Adjustments	60.7	791.1	1,451.8						-279.7	13.0					13.0
	Closing balance - Calculated	1,182.6	3,104.3	5,155.7						4,390.4	3,836.8
	Adjustments	60.7	791.1	1,451.8						-279.7	13.0					13.0
	Interest Expenses	56.2	49.2	140.6						393.9	0.0
	Average Interest rate (%)	648.2	229.5	340.3						825.2						825.2	825.2	825.2	825.2	825.2
SC02	Opening balance	552.8	1,182.6	3,104.3						5,155.7	4,390.4			3,836.8	4,390.4
	Issuance of debt	771.9	2,206.0	3,264.8						2,900.3	0.0				2,790.3	2,790.3	2,790.3	2,790.3	2,790.3
	Repayment of debt	202.8	1,075.4	2,665.2						3,385.9	566.7
	Net of Payments	569.1	1,130.6	599.6						-485.6	-566.7
	Closing balance - Calculated	1,182.6	3,104.3	5,155.7						4,390.4	3,836.8
	Adjustments	60.7	791.1	1,451.8						-279.7	13.0					13.0
	Interest Expenses	56.2	49.2	140.6						393.9	0.0
	Average Interest rate (%)	648.2	229.5	340.3						825.2
SC03	Opening balance	552.8	1,182.6	3,104.3						5,155.7	4,390.4				3,836.8	4,390.4
	Issuance of debt	771.9	2,206.0	3,264.8						2,900.3	0.0
	Repayment of debt	202.8	1,075.4	2,665.2						3,385.9	566.7
	Net of Payments	569.1	1,130.6	599.6						-485.6	-566.7					-566.7
	Closing balance - Calculated	1,182.6	3,104.3	5,155.7						4,390.4	3,836.8
	Adjustments	60.7	791.1	1,451.8						-279.7	13.0					13.0
	Interest Expenses	56.2	49.2	140.6						393.9	0.0
	Average Interest rate (%)	648.2	229.5	340.3						825.2							%	%	%	%	%
	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	707.4	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5	2,762.7
Issuance of debt	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	3,376.4	2,512.6	-3,518.2	-315.5	1,650.8
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
Closing balance - Calculated	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5
Interest Expenses	270.5	492.6	642.6	316.8	0.0
Average Interest rate (%)	1129.0	922.5	1328.4	1084.6	0		%	%	%	%	%

SC01	Opening balance	707.4	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5	2,762.7
	Issuance of debt	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	3,376.4	2,512.6	-3,518.2	-315.5	1,650.8
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5
	Interest Expenses	270.5	492.6	642.6	316.8	0.0
	Average Interest rate (%)	1129.0	922.5	1328.4	1084.6	0

SC02	Opening balance	707.4	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5	2,762.7
	Issuance of debt	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	3,376.4	2,512.6	-3,518.2	-315.5	1,650.8
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5
	Interest Expenses	270.5	492.6	642.6	316.8	0.0
	Average Interest rate (%)	1129.0	922.5	1328.4	1084.6	0

SC03	Opening balance	707.4	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5	2,762.7
	Issuance of debt	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	3,376.4	2,512.6	-3,518.2	-315.5	1,650.8
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance - Calculated	4,083.8	6,596.4	3,078.2	2,762.7	4,413.5
	Interest Expenses	270.5	492.6	642.6	316.8	0.0
	Average Interest rate (%)	1129.0	922.5	1328.4	1084.6	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	4,888.9	3,497.8	1,785.8	682.1	1,232.9	682.1
Issuance of debt	nan	nan	nan	nan	nan
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments
Adjustments	4,888.9	-1,391.1	-1,712.0	-1,103.7	550.8		550.8
Closing balance - Calculated	4,888.9	3,497.8	1,785.8	682.1	1,232.9
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	4,888.9	3,497.8	1,785.8	682.1	1,232.9	682.1
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance - Calculated	4,888.9	3,497.8	1,785.8	682.1	1,232.9
	Adjustments	4,888.9	-1,391.1	-1,712.0	-1,103.7	550.8		550.8
	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	4,888.9	3,497.8	1,785.8	682.1	1,232.9	682.1
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance - Calculated	4,888.9	3,497.8	1,785.8	682.1	1,232.9
	Adjustments	4,888.9	-1,391.1	-1,712.0	-1,103.7	550.8		550.8
	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	4,888.9	3,497.8	1,785.8	682.1	1,232.9	682.1
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance - Calculated	4,888.9	3,497.8	1,785.8	682.1	1,232.9
	Adjustments	4,888.9	-1,391.1	-1,712.0	-1,103.7	550.8		550.8
	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	56.2	49.2	140.6	393.9	0.0
Rate	6.5%	2.3%	3.4%	8.3%	0.0%
ST Interest - likely to include OD	270.5	492.6	642.6	316.8	0.0
Rate	11.3%	9.2%	13.3%	10.8%	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	142.5	146.9	156.1	233.1	0.0
Rate	12.6%	12.3%	11.9%	14.7%	0.0%
Total Interest Expenses	469.2	688.7	939.2	943.8	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	1,085.4	1,170.5	1,210.7	0.0	1,417.1	1,406.7	1,380.3		1,417.1	1,756.0				1,783.7	1,756.0
	Additions	0.0	0.0	0.0	10.3	26.5			0.0	0.0
	Payments	194.2	211.1	222.5	0.0	10.3	26.5			331.0	5.9
	Adjustments	136.8	104.4	272.8	0.0	0.0	0.0			436.8	33.6					33.6
	Lease Interest expenses	142.5	146.9	156.1	0.0	0.0	0.0			233.1	0.0
	Average Interest Rate	12.6	12.3	11.9	0	0	0	%	%	14.7	0	%	%	%
	Closing balance	1,170.5	1,210.7	1,417.1	0.0	1,406.7	1,380.3			1,756.0	1,783.7
	Lease Liabilities - Current Portion	75.5	77.5	74.7						37.2	38.5
SC01	Lease - Opening balance	1,085.4	1,170.5	1,210.7						1,417.1	1,756.0				1,783.7	1,756.0
	Additions	0.0	0.0	0.0					0.0	0.0						0.0
	Payments	194.2	211.1	222.5						331.0	5.9					331.0	331.0	331.0	331.0	331.0
	Closing balance	1,170.5	1,210.7	1,417.1						1,756.0	1,783.7
	Adjustments	136.8	104.4	272.8						436.8	33.6					33.6
	Lease Interest expenses	142.5	146.9	156.1						233.1	0.0
	Average Interest rate (%)	12.6	12.3	11.9						14.7						14.7	14.7	14.7	14.7	14.7
SC02	Lease - Opening balance	1,085.4	1,170.5	1,210.7						1,417.1	1,756.0				1,783.7	1,756.0
	Additions	0.0	0.0	0.0						0.0	0.0					0.0
	Payments	194.2	211.1	222.5						331.0	5.9					331.0
	Adjustments	136.8	104.4	272.8						436.8	33.6					33.6
	Closing balance	1,170.5	1,210.7	1,417.1						1,756.0	1,783.7
	Lease Interest expenses	142.5	146.9	156.1						233.1	0.0
	Average Interest rate (%)	12.6	12.3	11.9						14.7
SC03	Lease - Opening balance	1,085.4	1,170.5	1,210.7						1,417.1	1,756.0				1,783.7	1,756.0
	Lease Additions	0.0	0.0	0.0						0.0	0.0
	Payments	194.2	211.1	222.5						331.0	5.9
	Adjustments	136.8	104.4	272.8						436.8	33.6					33.6
	Closing balance	1,170.5	1,210.7	1,417.1						1,756.0	1,783.7
	Lease Interest expenses	142.5	146.9	156.1						233.1	0.0
	Average Interest rate (%)	12.6	12.3	11.9						14.7						%	%	%	%	%
	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	1,237.6	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9	1,798.7
	Additions	174.4	0.0	69.2	10.5	0.0
	Adjustments	126.5	25.8	168.9	465.0	34.0		34.0
	Amortisation	100.4	118.3	114.5	145.9	29.8
	Amortisation Rate	8.1	8.2	8.5	9.9	1.7
	Closing balance - Calculated	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9
SC01	Opening balance	1,237.6	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9	1,798.7	1,798.7	1,798.7	1,798.7	1,798.7
	Additions	174.4	0.0	69.2	10.5	0.0		10.5	10.5	10.5	10.5	10.5
	Adjustments	126.5	25.8	168.9	465.0	34.0		34.0
	Amortisation	100.4	118.3	114.5	145.9	29.8
	Amortisation Rate	8.1	8.2	8.5	9.9	1.7		9.9	9.9	9.9	9.9	9.9
	Closing balance - Calculated	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9
SC02	Opening balance	1,237.6	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9	1,798.7	1,798.7	1,798.7	1,798.7	1,798.7
	Additions	174.4	0.0	69.2	10.5	0.0		26.6	26.6	26.6	26.6	26.6
	Adjustments	126.5	25.8	168.9	465.0	34.0		34.0
	Amortisation	100.4	118.3	114.5	145.9	29.8
	Amortisation Rate	8.1	8.2	8.5	9.9	1.7		8.9	8.9	8.9	8.9	8.9
	Closing balance - Calculated	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9
SC03	Opening balance	1,237.6	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9	1,798.7
	Additions	174.4	0.0	69.2	10.5	0.0
	Amortisation	100.4	118.3	114.5	145.9	29.8
	Adjustments	126.5	25.8	168.9	465.0	34.0		34.0
	Closing balance - Calculated	1,438.1	1,345.6	1,469.1	1,798.7	1,802.9
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	306.5	310.5	315.1	646.4	683.4	686.4	683.4
	Additions	18.0	19.5	90.9	145.2	14.5
	Adjustments	2.6	3.9	279.7	-20.3	1.1		1.1
	Amortisation	16.5	18.7	39.3	87.9	12.6
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	310.5	315.1	646.4	683.4	686.4
SC01	Opening balance	306.5	310.5	315.1	646.4	683.4	686.4	683.4	683.4	683.4	683.4	683.4
	Additions	18.0	19.5	90.9	145.2	14.5		145.2	145.2	145.2	145.2	145.2
	Adjustments	2.6	3.9	279.7	-20.3	1.1		1.1
	Amortisation	16.5	18.7	39.3	87.9	12.6
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	310.5	315.1	646.4	683.4	686.4
SC02	Opening balance	306.5	310.5	315.1	646.4	683.4	686.4	683.4	683.4	683.4	683.4	683.4
	Additions	18.0	19.5	90.9	145.2	14.5		85.2	85.2	85.2	85.2	85.2
	Adjustments	2.6	3.9	279.7	-20.3	1.1		1.1
	Amortisation	16.5	18.7	39.3	87.9	12.6
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance - Calculated	310.5	315.1	646.4	683.4	686.4
SC03	Opening balance	306.5	310.5	315.1	646.4	683.4	686.4	683.4
	Additions	18.0	19.5	90.9	145.2	14.5
	Amortisation	16.5	18.7	39.3	87.9	12.6
	Adjustments	2.6	3.9	279.7	-20.3	1.1		1.1
	Closing balance - Calculated	310.5	315.1	646.4	683.4	686.4
	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			9,044.8	0.0	9,210.4	9,429.0		9,659.8	8,975.9					8,975.9
	Interest Income	465.8	2,943.6	2,645.3	0.0	450.5	287.5			1,296.3	342.2
	Blended Interest Income Rate	12.5	32.5	27.4	0	4.9	3.0	%	%	14.4	3.3	%	%	%			%	%	%	%
SC01	ii. Interest Income	465.8	2,943.6	2,645.3	0.0	450.5	287.5			1,296.3	342.2
	Average Interest Income Rate	12.5	32.5	27.4	0	4.9	3.0	%	%	14.4						14.4	14.4	14.4	14.4	14.4
SC02	ii. Interest Income	465.8	2,943.6	2,645.3	0.0	450.5	287.5			1,296.3	342.2
	Average Interest Income Rate	12.5	32.5	27.4	0	4.9	3.0	%	%	14.4		%	%	%
SC03	i. Cash & CE Balance C/F			9,044.8					9,659.8						8,975.9
	ii. Interest Income	465.8	2,943.6	2,645.3						1,296.3	342.2
	Average Interest Income Rate	12.5	32.5	27.4						14.4						%	%	%	%	%
	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	7,191.3	7,596.8	11,218.7	0.0	1,262.4	1,681.3			7,567.4	1,203.5
	Tax B/F	52.9	1,008.3	242.3	496.7	1,212.3	1,039.1	886.9		900.4	544.2				536.2	544.2
	Tax Provision for the Year	1,357.9	1,186.0	2,716.3	0.0	542.4	538.2			1,788.4	391.0
	Adjustments	-4.9	278.6	-517.3						-94.0	-92.5					-92.5
	Taxes paid (prov. for the previous year)	355.8	1,976.2	1,229.0	0.0	715.6	690.4	538.2		2,050.5	306.4
	Tax C/F	1,050.1	496.7	1,212.3	496.7	1,039.1	886.9			544.2	536.2
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	52.9	1,008.3	242.3						900.4	900.4				536.2	544.2
	Current Income Tax	1,357.9	1,186.0	2,716.3						1,788.4	391.0
	Taxes paid	355.8	1,976.2	1,229.0						2,050.5	306.4					1,788.4
	Adjustments	-4.9	278.6	-517.3						-94.0	-92.5					-92.5
	Closing balance	1,050.1	496.7	1,212.3						544.2	536.2
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	52.9	1,008.3	242.3						900.4	900.4				536.2	544.2
	Current Income Tax	1,357.9	1,186.0	2,716.3						1,788.4	391.0
	Taxes paid	355.8	1,976.2	1,229.0						2,050.5	306.4					1,788.4
	Adjustments	-4.9	278.6	-517.3						-94.0	-92.5					-92.5
	Closing balance	1,050.1	496.7	1,212.3						544.2	536.2
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	52.9	1,008.3	242.3						900.4	900.4				536.2	544.2
	Current Income Tax	1,357.9	1,186.0	2,716.3						1,788.4	391.0
	Taxes paid	355.8	1,976.2	1,229.0						2,050.5	306.4					1,788.4
	Adjustments	-4.9	278.6	-517.3						-94.0	-92.5					-92.5
	Closing balance	1,050.1	496.7	1,212.3						544.2	536.2
	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	Hand Protection	YoY
2	Plantations - Sale of Plantation Produce	YoY
3	Plantations - Sale of Manufactured Goods	YoY
4	Plantations - Generation of Hydro Power	YoY
5	Plantations - Hospitality Services	YoY
6	Inter-group sales/services	YoY
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	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0	19,186.3
Excise Duty	nan	nan	nan			nan	nan
COGS	34,556.9	44,561.3	60,490.2	15,084.4	14,039.0	56,882.9	15,665.7
Gross Profit	11,829.8	10,732.7	19,609.1	3,466.8	4,233.9	17,059.0	3,520.6
Other Income	340.7	833.4	766.7			819.8	162.7	0	162.7
Administration Exp.	3,838.0	4,803.7	8,087.2	1,962.2	2,107.9	8,193.1	2,059.3
Selling & Distribution Exp.	1,012.7	1,402.8	2,660.5	348.6	744.6	1,956.4	538.7
Depreciation	1,085.2	1,148.4	1,518.1			1,923.4	499.6
Amortisation	116.9	137.1	153.9			233.8	42.4
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Operating Income	7,319.8	5,359.6	9,628.1	1,268.8	1,481.3	7,729.4	1,085.2
Interest Expenses	618.8	706.5	1,054.7			1,466.3	226.3
Interest Income	465.8	2,943.6	2,645.3	450.5	287.5		342.2
Other (Expenses)/Income	24.5	0.0	0.0	0.0	0.2	8.1	2.4		2.4
Profit Before Tax	7,191.3	7,596.8	11,218.7	1,262.4	1,681.3	7,567.4	1,203.5
Tax Expenses	1,357.9	1,186.0	2,716.3	542.4	538.2	1,788.4	391.0
Profit After Tax	5,833.3	6,410.8	8,502.4	720.0	1,143.1	5,779.0	812.5
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	5,833.3	6,410.8	8,502.4	720.0	1,143.1		812.5

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	7,191.3	7,596.8	11,218.7	1,262.4	1,681.3		7,567.4	1,203.5
Depreciation	From OA 1.1	1,085.2	1,148.4	1,518.1	467.7	469.0		1,923.4	499.6
Right of Use Asset - Amortisation		100.4	118.3	114.5					145.9	29.8
Intangible Asset Amortisation		16.5	18.7	39.3				87.9	12.6
Change in Working Capital	From OA 2	-9,653.5	-2,151.2	753.2	-567.3	1,945.1		1,515.9	-1,074.5
CWC Adjustment											121.3	121.3
Income Tax Paid	From OA 5	355.8	1,976.2	1,229.0	715.6	690.4		2,050.5	306.4
Other		669.2	3,052.8	61.9	-896.5	-330.2		-2,485.4	166.1		0	166.1
Net Cash Flow from / (used in) Operating Activities		-946.8	7,807.6	12,476.7	-404.2	3,118.4		6,704.6	530.6
Capital Expenditure	From CA 4	1,733.6	3,964.8	4,036.6	736.1	958.9		4,314.7	843.2
Acquisition of Right to Use Assets	From CA 4	174.4	0.0	69.2					10.5	0.0
Acquisition of Intangible Assets	From CA 4	18.0	19.5	90.9					145.2	14.5
Other		120.6	615.2	-278.6	347.2	185.4		911.1	138.2		0	138.2
Cash Flows from Investing Activities		-1,805.4	-3,369.2	-4,475.3	-415.3	-747.1		-3,559.3	-719.5
Borrowings		771.9	2,206.0	3,264.8	1,581.6	715.3		2,900.3	0.0
Debt Repayments		202.8	1,075.4	2,665.2	913.6	998.0		3,385.9	566.7
Net of Borrowings/ Repayments		569.1	1,130.6	599.6				-485.6	-566.7
Adjustments to match published numbers												2,201.6	2,201.6
Lease Additions
Lease Repayments		51.7	64.2	66.4	10.3	26.5		97.9	5.9
Other		1,704.9	1,197.6	-6,207.6	-613.3	-1,507.0		-2,142.0	1,460.6		0	1,460.6
Net Cash flows from / (used in) Financing Activities		2,222.3	2,264.0	-5,674.4	44.4<	-1,816.2		-2,725.5	888.0
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		-529.9	6,702.4	2,327.0	-775.1	555.2		419.9	699.1
Favourable/Unfavourable Balances		4,888.9	3,497.8	1,785.8	2,111.5	1,775.0		682.1	1,232.9
Cash and CE at Start		-625.5	-1,155.5	5,547.0	7,874.0	7,098.9	4Q	7,874.0	8,293.9		10,225.9	8,293.9
Cash and CE at End		-1,155.5	5,547.0	7,874.0	7,098.9			8,293.9	8,992.9

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	13,075.2	16,344.8	21,976.5	21,833.2	22,359.4			23,971.3	24,334.1
Formers (moulds)		379.4	436.5	608.4	684.3	665.9	768.3	768.3	729.5	768.3	768.3	768.3	768.3	768.3	768.3	768.3	768.3	768.3	768.3
Biological assets		530.5	599.1	1,313.1	1,311.6	1,313.3	1,508.6	1,508.6	1,506.3	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6	1,508.6
Intangible Assets		310.5	315.1	646.4	796.1	787.3	686.4	686.4	683.4	686.4	686.4	686.4	686.4
Right Use of Assets		1,438.1	1,345.6	1,469.1	1,434.9	1,488.8	1,802.9	nan	1,798.7	1,802.9	nan	nan	nan
Deferred tax Assets		131.1	169.4	258.6	233.6	240.2	178.4	178.4	233.9	178.4	178.4	178.4	178.4	178.4	178.4	178.4	178.4	178.4	178.4
Other		784.2	393.3	397.7	398.0	529.8	568.7	568.7	566.2	568.7	568.7	568.7	568.7	568.7	568.7	568.7	568.7	568.7	568.7
Non Current Assets		16,649.0	19,603.8	26,669.8	26,691.7	27,384.7			29,489.4	29,847.4
Inventories	From OA 2.2	11,103.7	12,070.1	12,648.6	11,500.3	10,641.6			11,685.2	11,777.9
Trade and Other Receivables	From OA 2.1	10,110.7	12,129.7	12,131.1	13,182.9	12,307.5			12,193.9	13,254.5
Prepayments	From OA 2.3	2,708.5	1,201.3	1,571.8	1,540.5	1,539.1			1,568.9	2,366.1
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		nan	nan	nan	nan	nan	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Recoverable		nan	nan	nan	nan	nan	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalent	From CFS	3,733.5	9,044.8	9,659.8	9,210.4	9,429.0			8,975.9	10,225.9
Current Assets		27,656.4	34,445.8	36,011.3	35,434.0	33,917.3			34,424.0	37,624.3
Total Assets		44,305.4	54,049.6	62,681.1	62,125.8	61,302.0				67,471.7
Equities and Liabilities
Stated Capital		598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6	598.6
Reserves	25,697.0	520.4	520.4	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3
Retained Earnings		14,462.5	20,662.6	25,697.0	25,450.4	25,755.9			27,579.8	28,156.4
Adjustments for Reported Number discprencies															-235.8
Other		598.6														-235.8
Other		64.8	64.8	69.1	69.1	69.1	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2	88.2
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		3,495.3	4,452.4	6,540.2	6,501.2	6,424.7	7,311.4	7,311.4	7,203.0	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4	7,311.4
Total Equity		19,141.5	26,359.2	33,515.3	33,229.7	33,458.7			36,079.9	36,765.0
Long Term Debt	From OA 3	725.0	1,402.4	2,234.1	2,625.3	3,050.5			2,581.9	2,186.3
Financing and Lease Payables	From OA 4	1,095.0	1,133.2	1,342.4					1,718.7	1,745.2
Defined benefit obligations		2,725.5	2,866.6	3,464.7	3,529.5	3,546.8	4,221.9	4,221.9	4,007.0	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9	4,221.9
Deferred tax liability		747.6	775.9	2,277.4	2,412.3	2,398.8	2,594.4	2,594.4	2,526.5	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4	2,594.4
Other		962.6	940.2	1,032.3	1,016.0	1,030.0	1,007.6	1,007.6	1,018.5	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6	1,007.6
Non Current Liabilities		6,255.7	7,118.4	10,350.9	10,884.2	11,405.3			11,852.6	11,755.4
Current Maturities of Long Term Debt		457.6	1,701.9	2,921.6	2,969.5	2,311.8			1,808.5	1,650.4
Trade Payables	From OA 2.4	8,352.2	8,201.6	9,742.4	8,964.5	9,110.9			10,146.1	10,900.6
13. Amounts due to related parties		nan	nan	nan	2,969.5	2,311.8	0.0	0.0	nan	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	1,050.1	496.7	1,212.3	1,039.1	886.9			544.2	536.2
Lease Liabilities		75.5	77.5	74.7					37.2	38.5
Other Accruals	From OA 2.5
Other		0.0	0.0	0.0	152.6	620.2	179.1	179.1	0.0	179.1	179.1	179.1	179.1	179.1	179.1	179.1	179.1	179.1	179.1
Short-term loans and bank overdrafts borrowings		4,083.8	6,596.4	3,078.2					2,762.7	4,413.5
Bank Overdraft		4,888.9	3,497.8	1,785.8					682.1	1,232.9
Bank Overdraft		4,888.9	3,497.8	1,785.8	0.0	0.0	1,232.9	nan	682.1	1,232.9	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		18,908.2	20,572.0	18,814.9	20,981.3	18,749.9			15,980.8	18,951.3
Total Equity and Liabilities		44,305.4	54,049.6	62,681.1	65,095.2	63,613.9			63,913.4	67,471.7
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		-6,853.4
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		0.0
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			36,079.9
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		0.0	0.0	0.0
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	1345.567	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

Insert Your Report Prompt Here

AI Draft

Your Draft