Company Overview - DippedProducts

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Hand Protection		30,414.3	37,917.9	51,384.3	0.0	0.0	0.0			43,043.9
	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
	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
	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
	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
	YoY		nan	239.9	16.7						145.5

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		34,556.9	44,561.3	60,490.2	0.0	15,084.4	14,039.0			56,882.9
	- As a % of sales		72.2%	78.5%	73.6%	nan%	-2.5%	-2.6%			74.3%

2	Administration		2,752.8	3,655.3	6,569.1	0.0	1,494.5	1,638.9			6,269.7	0
	- As a % of sales		8.2%	8.7%	10.0%	nan%	10.5%	11.5%			11.0%

3	Selling & Distribution		1,012.7	1,402.8	2,660.5	0.0	348.6	744.6			1,956.4
	- As a % of sales		2.0%	2.3%	3.2%	nan%	1.7%	3.9%			2.4%

4	Capital Expenditure		1,733.6	3,964.8	4,036.6	0.0	736.1	958.9		0	4,314.7	00	0	00	0
	- As a % of sales		3.7%	7.2%	5.0%	nan%	4.0%	5.2%			5.8%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25E	3Q25E	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
	Capital Expenditure	1,733.6	3,964.8	4,036.6	0.0	736.1	958.9	222
	Balance C/F	24,148.0	28,408.4	38,077.6	nan	40,937.5	43,797.3		40,674.7

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Depreciation charge	1,085.2	1,148.4	1,518.1	0.0	467.7	469.0			1,923.4
- As a % of sales	2.3%	2.1%	1.9%	nan%	2.5%	2.6%			2.6%
Balance C/F	11,857.5	14,461.1	18,098.9	nan	19,104.2	21,437.8	111	111	18,640.9	111	111	111	111	111	111	111	111	111
Net Book Value at end	13,075.2	16,344.8	21,976.5	nan	21,833.2	22,359.4			23,971.3

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
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
- As a % of sales	21.8	21.9	15.1	nan	71.1	67.4	16.5
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

	2.2 Inventories		11,103.7	12,070.1	12,648.6	0.0	11,500.3	10,641.6			11,685.2
	- As a % of COGS		32.1	27.1	20.9	nan	76.2	75.8			20.5

	2.3 Prepayments		2,708.5	1,201.3	1,571.8	0.0	1,540.5	1,539.1			1,568.9
	- As a % of sales		5.8	2.2	2.0	nan	8.3	8.4			2.1

	2.4 Accounts payable		8,352.2	8,201.6	9,742.4	0.0	8,964.5	9,110.9			10,146.1
	- As a % of COGS		24.2	18.4	16.1	nan	59.4	64.9			17.8

2.5 Other	4,083.8	6,596.4	3,078.2	0.0	4,972.7	3,575.2	2,762.7
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						1,515.9

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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		3,104.3
Issuance of debt	771.9	2,206.0	3,264.8	0.0	1,581.6	715.3			2,900.3
Repayment of debt	202.8	1,075.4	2,665.2	0.0	913.6	998.0			3,385.9
Closing balance - Calculated	1,182.6	3,104.3	5,155.7	3,104.3	2,625.3	3,050.5			4,390.4
Adjustments	60.7	791.1	1,451.8	0.0	0.0	0.0
Interest Expenses	56.2	49.2	140.6	0.0	0.0	0.0			393.9
Average Interest rate (%)	648.2	229.5	340.3	0	0	0	%	%	825.2	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Additions	0.0	0.0	0.0	0.0	0.0	0.0
Payments	194.2	211.1	222.5	0.0	10.3	26.5			331.0
Closing balance	1,170.5	1,210.7	1,417.1	0.0	1,406.7	1,380.3			1,756.0
Adjustments	136.8	104.4	272.8	0.0	0.0	0.0			436.8
Lease Interest expenses	142.5	146.9	156.1	0.0	0.0	0.0			233.1
Average Interest rate (%)	12.6	12.3	11.9	0	0	0	%	%	14.7	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			9,044.8	0.0	9,210.4	9,429.0		9,659.8	8,975.9
ii. Interest Income	465.8	2,943.6	2,645.3	0.0	450.5	287.5			1,296.3
Average Interest Income Rate	12.5	32.5	27.4	0	4.9	3.0	%	%	14.4	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	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
Opening balance	52.9	1,008.3	242.3	496.7	1,212.3	1,039.1	886.9
Current Income Tax	1,357.9	1,186.0	2,716.3	0.0	542.4	538.2			1,788.4
Taxes paid	355.8	1,976.2	1,229.0	0.0	715.6	690.4	538.2		2,050.5					1,788.4
Closing balance	1,050.1	496.7	1,212.3	496.7	1,039.1	886.9			544.2
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	46,386.7	55,294.0	80,099.3	18,551.2	18,273.0	73,942.0
COGS	34,556.9	44,561.3	60,490.2	15,084.4	14,039.0
Gross Profit	11,829.8	10,732.7	19,609.1	3,466.8	4,233.9	17,059.0
Administration Exp.	2,752.8	3,655.3	6,569.1	1,494.5	1,638.9
Selling & Distribution Exp.	1,012.7	1,402.8	2,660.5	348.6	744.6
Depreciation	1,085.2	1,148.4	1,518.1	467.7	469.0	1,923.4
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	nan
Operating Income	7,319.8	5,359.6	9,628.1	1,268.8	1,481.3	7,729.4
Interest Expenses	618.8	706.5	1,054.7			1,466.3
Interest Income	465.8	2,943.6	2,645.3	450.5	287.5
Other (Expenses)/Income	24.5	0.0	0.0	0.0	0.2	nan
Profit Before Tax	7,191.3	7,596.8	11,218.7	1,262.4	1,681.3	7,567.4
Tax Expenses	1,357.9	1,186.0	2,716.3	542.4	538.2
Profit After Tax	5,833.3	6,410.8	8,502.4	720.0	1,143.1
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	5,833.3	6,410.8	8,502.4	720.0	1,143.1

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	7,191.3	7,596.8	11,218.7	1,262.4	1,681.3		7,567.4
Depreciation	From OA 1.1	1,085.2	1,148.4	1,518.1	467.7	469.0		1,923.4
Change in Working Capital	From OA 2	-9,653.5	-2,151.2	753.2	-567.3	1,945.1		1,515.9
Income Tax Paid	From OA 5	355.8	1,976.2	1,229.0	715.6	690.4		2,050.5
Other		669.2	3,052.8	61.9	-896.5	-330.2		-2,485.4
Net Cash Flow from / (used in) Operating Activities		-946.8	7,807.6	12,476.7	-404.2	3,118.4		6,704.6
Capital Expenditure	From CA 4	1,733.6	3,964.8	4,036.6	736.1	958.9		4,314.7
Other		120.6	615.2	-278.6	347.2	185.4		911.1
Cash Flows from Investing Activities		-1,805.4	-3,369.2	-4,475.3	-415.3	-747.1		-3,559.3
Borrowings		771.9	2,206.0	3,264.8	1,581.6	715.3		2,900.3
Debt Repayments		202.8	2,665.2	2,665.2	913.6	998.0		3,385.9
10. Lease Additions
Lease Repayments		51.7	66.4	66.4	10.3	26.5		97.9
Other		1,704.9	1,197.6	-6,207.6	-613.3	-1,507.0		-2,142.0
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
Other		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
Balance adjustments as per company		4,888.9	3,497.8	1,785.8	2,111.5	1,775.0		682.1
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
Cash and CE at End		-1,155.5	5,547.0	7,874.0	7,098.9			8,293.9

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	13,075.2	16,344.8	21,976.5	21,833.2	22,359.4			23,971.3
2. Right-of-use assets		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
3. Intangible 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
4. Investment in an associate		310.5	315.1	646.4	796.1	787.3	686.4	686.4	683.4	686.4	686.4	686.4	686.4	686.4	686.4	686.4	686.4	686.4
5. Other financial assets		1,438.1	1,345.6	1,469.1	1,434.9	1,488.8	1,802.9	nan	1,798.7	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income 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
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
Non Current Assets		16,649.0	19,603.8	26,669.8	26,691.7	27,384.7			29,489.4
Inventories	From OA 2.2	11,103.7	12,070.1	12,648.6	11,500.3	10,641.6			11,685.2
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
Prepayments	From OA 2.3	2,708.5	1,201.3	1,571.8	1,540.5	1,539.1			1,568.9
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
12. Other financial assets		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
13. Income tax recoverable		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
Cash and Cash Equivalents	From CFS	3,733.5	9,044.8	9,659.8	9,210.4	9,429.0			8,975.9
Current Assets		27,656.4	34,445.8	36,011.3	35,434.0	33,917.3			34,424.0
Total Assets		44,305.4	54,049.6	62,681.1	62,125.8	61,302.0
Equities and Liabilities
1. 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
2. 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
Retained Earnings		14,462.5	20,662.6	25,697.0	25,450.4	25,755.9			27,579.8
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
Equity attributable to equity holders of parent
5. 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
Total Equity		19,141.5	26,359.2	33,515.3	33,229.7	33,458.7			36,079.9
Long Term Debt	From OA 3	725.0	1,402.4	2,234.1	2,625.3	3,050.5			2,581.9
Financing and Lease Payables	From OA 4	1,170.5	1,210.7	1,417.1	1,406.7	1,380.3			1,756.0
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
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
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
Non Current Liabilities		6,255.7	7,118.4	10,350.9	10,884.2	11,405.3			11,852.6
Current Maturities of Long Term Debt	Added to LT debt in the forecast	457.6	457.6	2,921.6	2,969.5	2,311.8			1,808.5
Trade Payables	From OA 2.4	8,352.2	8,201.6	9,742.4	8,964.5	9,110.9			10,146.1
13. Amounts due to related parties		nan	nan	nan	2,969.5	2,311.8	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	1,050.1	496.7	1,212.3	1,039.1	886.9			544.2
Other Accruals	From OA 2.5	0	0	0	0	0
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
Bank Overdraft		4,888.9	3,497.8	1,785.8	0.0	0.0	1,232.9	nan	682.1	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
Total Equity and Liabilities		44,305.4	54,049.6	62,681.1	65,095.2	63,613.9			63,913.4

DCF Valuation
Relative Valuation

DCF Enterprise Value

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

12. DCF Enterprise Value
13. Net (Debt)/Cash		-6,828.5
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)

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

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