Company Overview

Jetwing

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
Room Revenue	YoY%	77.2
Food and Beverage Revenue	YoY%	65.4
Other Hotel Related Revenue	YoY%	55.2
Other	YoY%	4.3
nan	YoY%	nan
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	0.0
COGS	% of Rev.	21.8
Administration	% of Rev.	44.6
Selling & Distribution	% of Rev.	2.5
Capital Expenditure	% of Rev.	5.2
OTHER
Depreciation charge	% of Rev.	9.7
2.1 Accounts and notes receivables	% of Rev.	13.7
2.2 Inventories	% of COGS	13.8
2.3 Prepayments	% of Rev.	0.6
2.4 Accounts payable	% of COGS	66.7
2.5 Other	% of COGS	0.0
ii. Borrowings	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	1370.8
Long Term Debt Current Portion	Rs.Millions	665.8
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	0.0
Right of Use Assets - Amortisation Rate	%	8.0
Intangible Assets - Additions	Rs.Millions	0.0
Intangible Assets - Amortisation Rate	%	0.2
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	1101.2
Lease Liabilities Current Portion	Rs.Millions	2.3
iii. Blended Interest income rate	%	1.5
vi. Tax Rate	%	nan

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REVENUE		FY25E to FY29E
Room Revenue	YoY%
Food and Beverage Revenue	YoY%
Other Hotel Related Revenue	YoY%
Other	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		556.9	1,288.0	2,116.0	661.4	938.5	3,613.7	716.1
	YoY%		nan	131.3	64.3				70.8	8.3

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Room Revenue	200.6	704.0	1,111.6	0.0	0.0	0.0	1,970.2	0.0
	- YoY%	0	251.0	57.9				77.2	nan
SC01	Room Revenue	200.6	704.0	1,111.6				1,970.2
	LY YoY%	0	251.0	57.9				77.2		77.2	77.2	77.2	77.2	77.2
SC02	Room Revenue	200.6	704.0	1,111.6				1,970.2
	LY YoY%	0	251.0	57.9				77.2
SC03	Room Revenue	200.6	704.0	1,111.6				1,970.2
	LY YoY%	0	251.0	57.9				77.2

2	Food and Beverage Revenue	331.4	499.5	832.4	0.0	0.0	0.0	1,376.7	0.0
	- YoY%	0	50.7	66.6				65.4	nan
SC01	Food and Beverage Revenue	331.4	499.5	832.4				1,376.7
	LY YoY%	0	50.7	66.6				65.4		65.4	65.4	65.4	65.4	65.4
SC02	Food and Beverage Revenue	331.4	499.5	832.4				1,376.7
	LY YoY%	0	50.7	66.6				65.4
SC03	Food and Beverage Revenue	331.4	499.5	832.4				1,376.7
	LY YoY%	0	50.7	66.6				65.4

3	Other Hotel Related Revenue	24.9	84.5	171.9	0.0	0.0	0.0	266.8	0.0
	- YoY%	0	239.1	103.6				55.2	nan
SC01	Other Hotel Related Revenue	24.9	84.5	171.9				266.8
	LY YoY%	0	239.1	103.6				55.2		55.2	55.2	55.2	55.2	55.2
SC02	Other Hotel Related Revenue	24.9	84.5	171.9				266.8
	LY YoY%	0	239.1	103.6				55.2
SC03	Other Hotel Related Revenue	24.9	84.5	171.9				266.8
	LY YoY%	0	239.1	103.6				55.2

4	Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	- Insert	7.7	5.2	3.9				4.3	2.5
SC01	Other	0.0	0.0	0.0				0.0
	LY YoY%	7.7	5.2	3.9				4.3		4.3	4.3	4.3	4.3	4.3
SC02	Other	0.0	0.0	0.0				0.0
	LY YoY%	7.7	5.2	3.9				4.3
SC03	Other	0.0	0.0	0.0				0.0
	LY YoY%	7.7	5.2	3.9				4.3

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	556.9	1,288.0	2,116.0	661.4	938.5	3,613.7
SC01	S01Total Revenue	556.9	1,288.0	2,116.0	661.4	938.5	3,613.7
SC02	S02Total Revenue	556.9	1,288.0	2,116.0	661.4	938.5	3,613.7
SC03	S03Total Revenue	556.9	1,288.0	2,116.0	661.4	938.5	3,613.7

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		556.9	1,288.0	2,116.0			3,613.7	716.1
	YoY%		nan	131.3	64.3				70.8	8.3

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Room Revenue

	Number of Rooms:
	Jetwing Yala	80.0	80.0	80.0	80.0
	Jetwing Kaduruketha	25.0	25.0	25.0	25.0
	Jetwing Lake	94.0	94.0	94.0	94.0
	Jetwing Colombo Seven	70	70	70	70
	Jetwing Surf	20	20	20	20
	Jetwing Kandy Gallery	26	26	26	26
	Jetwing Safari Camp	10	10	10	10
	Number of rooms	325	325	325	325
	Available Room Nights (no of rooms x 365 days)	118,625.0	118,625.0	118,625.0	118,625.0
	YoY%
	Revenue per Available Room (RevPAR)	1,690.8	5,935.0	9,370.5		16,608.5
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	200.6	704.0	1,111.6	1,970.2
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Food and Beverage Revenue

	Number of Available seats:
	Restaurant '57'	100.0	100.0	100.0	100.0
	Rooftop Restobar Ward7	78.0	78.0	78.0	78.0
	The Restaurant at Jetwing Yala	230.0	230.0	230.0	230.0
	The Kitchen at Jetwing Blue	224.0	224.0	224.0	224.0
	Sulang Café at Jetwing Vil Uyana	50.0	50.0	50.0	50.0
	Thambapanni at Jetwing Yala	86.0	86.0	86.0	86.0
	Total	768.0	768.0	768.0	768.0
	Operating hours:	nan	nan	nan	nan
	Restaurant '57'	14.0	14.0	14.0	14.0
	Rooftop Restobar Ward7	15.0	15.0	15.0	15.0
	The Restaurant at Jetwing Yala	10.0	10.0	10.0	10.0
	The Kitchen at Jetwing Blue	9.5	9.5	9.5	9.5
	Sulang Café at Jetwing Vil Uyana	10.0	10.0	10.0	10.0
	Thambapanni at Jetwing Yala	3.5	3.5	3.5	3.5
	Operating hours per day	62.0	62.0	62.0	62.0
	Number of Days in Operation	365.0	365.0	365.0	365.0
	Total Available Seat Hours	17,379,840.0	17,379,840.0	17,379,840.0		}	17,379,840.0
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Revenue Per Available Seat Hour (RevPASH)	19.1	28.7	47.9		}	79.2
	YoY%
	Segment Revenue	331.4	499.5	832.4	1,376.7
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Other Hotel Related Revenue
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	driver 3	24.9	84.5	171.9		}	266.8
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	driver 3b	1.0	1.0	1.0			1.0
	YoY%
	Segment Revenue	24.9	84.5	171.9	266.8
	YoY%

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

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

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

	Rs. Millions	FY21	FY22	FY23			FY28E	FY29E
1	Excise Duty	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	174.3	289.8	534.8	152.8	171.3	207.7	789.1	151.4
	Depreciation	0.0	0.0	0.0				0.0	0.0
	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	174.3	289.8	534.8	152.8	171.3	207.7	789.1	151.4
	- As a % of sales	31.3%	22.5%	25.3%	23.7%	25.9%	22.1%	21.8%	21.1%
SC01	COGS	174.3	289.8	534.8				789.1	151.4
	Depreciation	0.0	0.0	0.0				0.0	0.0
	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	174.3	289.8	534.8				789.1	151.4
	- As a % of sales	31.3%	22.5%	25.3%				21.8%	21.1%	21.8%	21.8%	21.8%	21.8%	21.8%
SC02	COGS	174.3	289.8	534.8				789.1	151.4
	Depreciation	0.0	0.0	0.0				0.0	0.0
	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	174.3	289.8	534.8				789.1	151.4
	- As a % of sales	31.3%	22.5%	25.3%				21.8%	21.1%	23.2%	23.2%	23.2%	23.2%	23.2%
SC03	COGS	174.3	289.8	534.8				789.1	151.4
	Depreciation	0.0	0.0	0.0				0.0	0.0
	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	174.3	289.8	534.8				789.1	151.4
	- As a % of sales	31.3%	22.5%	25.3%				21.8%	21.1%
	COGS selection
	COGS% selection

2	Administration Expenses	484.8	637.3	1,101.6	330.7	356.6	381.4	1,613.3	401.1
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	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	484.8	637.3	1,101.6	330.7	356.6	381.4	1,613.3	401.1
	- As a % of sales	87.1%	49.5%	52.1%	51.4%	53.9%	40.6%	44.6%	56.0%
SC01	Administration Expenses	484.8	637.3	1,101.6				1,613.3	401.1
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
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	484.8	637.3	1,101.6				1,613.3	401.1
	- As a % of sales	87.1%	49.5%	52.1%				44.6%	56.0%	44.6%	44.6%	44.6%	44.6%	44.6%
SC02	Administration Expenses	484.8	637.3	1,101.6				1,613.3	401.1
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	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	484.8	637.3	1,101.6				1,613.3	401.1
	- As a % of sales	87.1%	49.5%	52.1%				44.6%	56.0%	48.7%	48.7%	48.7%	48.7%	48.7%
SC03	Administration Expenses	484.8	637.3	1,101.6				1,613.3	401.1
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	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	484.8	637.3	1,101.6				1,613.3	401.1
	- As a % of sales	87.1%	49.5%	52.1%				44.6%	56.0%
	Admin selection

	Selling & Distribution Expenses	7.4	29.2	46.0	14.8	17.4	25.4	89.0	22.2
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	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	7.4	29.2	46.0	14.8	17.4	25.4	89.0	22.2
	- As a % of sales	1.3%	2.3%	2.2%	2.3%	2.6%	2.7%	2.5%	3.1%
SC01	S&D	7.4	29.2	46.0				89.0	22.2
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	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	7.4	29.2	46.0				89.0	22.2
	- As a % of sales	1.3%	2.3%	2.2%				2.5%	3.1%	2.5%	2.5%	2.5%	2.5%	2.5%
SC02	s&D	7.4	29.2	46.0				89.0	22.2
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	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	7.4	29.2	46.0				89.0	22.2
SC02	- As a % of sales	1.3%	2.3%	2.2%				2.5%	3.1%	2.3%	2.3%	2.3%	2.3%	2.3%
SC03	S&D	7.4	29.2	46.0				89.0	22.2
	Amortisation of Right of Use Assets	0.0	0.0	0.0				0.0	0.0
	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	7.4	29.2	46.0				89.0	22.2
	- As a % of sales	1.3%	2.3%	2.2%				2.5%	3.1%
	Sd selection

4	Capital Expenditure	27.6	40.1	75.3	35.2	32.2	38.7	0	186.4	67.3	0	0	0
	- As a % of sales	5.0%	3.1%	3.6%	5.5%	4.9%	4.1%		5.2%	9.4%
SC01	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	- As a % of sales	5.0%	3.1%	3.6%					5.2%					5.2%	5.2%	5.2%	5.2%	5.2%
SC02	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	- As a % of sales	5.0%	3.1%	3.6%					5.2%					3.9%	3.9%	3.9%	3.9%	3.9%
SC03	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	- As a % of sales	5.0%	3.1%	3.6%					5.2%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	10,570.8	10,601.9	11,380.6	0.0	11,449.2	11,481.4	11,520.1	11,449.2	11,588.7	11,656.0	11,588.7
	Capital Expenditure	27.6	40.1	75.3	35.2	32.2	38.7	222		67.3
	Adjustments	1.9	738.6	-8.2					-46.9	0.0		0.0
	Balance C/F	10,601.9	11,380.6	11,449.2	0.0	11,481.4	11,520.1		11,588.7	11,656.0
SC01	Balance B/F	10,570.8	10,601.9	11,380.6					11,449.2	11,588.7	11,656.0	11,588.7
	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	Adjustments	1.9	738.6	-8.2					-46.9	0.0		0.0
	Balance C/F	10,601.9	11,380.6	11,449.2					11,588.7	11,656.0
SC02	Balance B/F	10,570.8	10,601.9	11,380.6					11,449.2	11,588.7	11,656.0	11,588.7
	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	Adjustments	1.9	738.6	-8.2					-46.9	0.0		0.0
	Balance C/F	10,601.9	11,380.6	11,449.2					11,588.7	11,656.0
SC03	Balance B/F	10,570.8	10,601.9	11,380.6					11,449.2	11,588.7	11,656.0	11,588.7
	Capital Expenditure	27.6	40.1	75.3					186.4	67.3
	Adjustments	1.9	738.6	-8.2					-46.9	0.0		0.0
	Balance C/F	10,601.9	11,380.6	11,449.2					11,588.7	11,656.0

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	1,229.9	1,561.3	1,892.3	0.0	2,224.5	0.0	91.8		2,224.5	2,533.5				2,619.8	2,533.5
	Depreciation charge	340.9	337.2	339.4	81.0	89.5	91.8			350.8	87.1
	- As a % of sales	61.2%	26.2%	16.0%	12.6%	13.5%	9.8%			9.7%	12.2%
	Balance C/F	1,561.3	1,892.3	2,224.5	81.0	2,314.0	91.8	0	0	2,533.5	2,619.8	0	0	0	0	0	0	0	0	0
	Adjustments	-9.4	-6.3	-7.2						-41.8	-0.8					-0.8
	Net Book Value at end	9,040.6	9,488.3	9,224.7	9,224.7	9,168.7	9,116.5			9,055.2	9,036.2
SC01	Balance B/F	1,229.9	1,561.3	1,892.3						2,224.5	2,533.5				2,619.8	2,533.5
SC01	Depreciation charge	340.9	337.2	339.4						350.8	87.1
	- As a % of sales	61.2%	26.2%	16.0%						9.7%	12.2%						9.7%	9.7%	9.7%	9.7%	9.7%
	Balance C/F	1,561.3	1,892.3	2,224.5						2,533.5	2,619.8
	Adjustments	-9.4	-6.3	-7.2						-41.8	-0.8					-0.8
	Net Book Value at end	9,040.6	9,488.3	9,224.7						9,055.2	9,036.2
SC02	Balance B/F	1,229.9	1,561.3	1,892.3						2,224.5	2,533.5				2,619.8	2,533.5
SC02	Depreciation charge	340.9	337.2	339.4						350.8	87.1
	- As a % of sales	61.2%	26.2%	16.0%						9.7%	12.2%
	Balance C/F	1,561.3	1,892.3	2,224.5						2,533.5	2,619.8
	Adjustments	-9.4	-6.3	-7.2						-41.8	-0.8					-0.8
	Net Book Value at end	9,040.6	9,488.3	9,224.7						9,055.2	9,036.2
SC03	Balance B/F	1,229.9	1,561.3	1,892.3						2,224.5	2,533.5				2,619.8	2,533.5
SC03	Depreciation charge	340.9	337.2	339.4						350.8	87.1
	- As a % of sales	61.2%	26.2%	16.0%						9.7%	12.2%
	Balance C/F	1,561.3	1,892.3	2,224.5						2,533.5	2,619.8
	Adjustments	-9.4	-6.3	-7.2						-41.8	-0.8					-0.8
	Net Book Value at end	9,040.6	9,488.3	9,224.7						9,055.2	9,036.2
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	67.1	175.0	203.2	0.0	235.9	364.3	494.8	307.4
	- As a % of sales	12.0	13.6	9.6	0	35.7	38.8	13.7	8.4
	Four Qtr Cum. Revenue				938.5	1,599.9	2,243.6
	Four Qtr Cum. COGS				-207.7	-379.0	-531.8
SC01	2.1 Accounts and notes receivables	67.1	175.0	203.2				494.8
	- As a % of sales	12.0	13.6	9.6				13.7		13.7	13.7	13.7	13.7	13.7
SC02	2.1 Accounts and notes receivables	67.1	175.0	203.2				494.8
	- As a % of sales	12.0	13.6	9.6				13.7		12.3	12.3	12.3	12.3	12.3
	Four Qtr Cum. Revenue				938.5	1,599.9	2,243.6
SC03	2.1 Accounts and notes receivables	67.1	175.0	203.2				494.8
	- As a % of sales	12.0	13.6	9.6				13.7
	Four Qtr Cum. COGS				-207.7	-379.0	-531.8
	Debtors selection

	2.2 Inventories	42.2	60.6	96.7	96.7	102.3	106.6	109.2	100.8
	- As a % of COGS	24.2	20.9	18.1	63.3	59.7	51.3	13.8	13.1
SC01	2.2 Inventories	42.2	60.6	96.7				109.2
	- As a % of COGS	24.2	20.9	18.1				13.8		13.8	13.8	13.8	13.8	13.8
SC02	2.2 Inventories	42.2	60.6	96.7				109.2
	- As a % of COGS	24.2	20.9	18.1				13.8		17.6	17.6	17.6	17.6	17.6
SC03	2.2 Inventories	42.2	60.6	96.7				109.2
	- As a % of COGS	24.2	20.9	18.1				13.8
	Stocks selection
	Stocks share selection

	2.3 Prepayments	14.3	19.2	21.2	0.0	0.0	0.0	20.1	21.2
	- As a % of sales	2.6	1.5	1.0	0	0	0	0.6	0.6
SC01	2.3 Prepayments	14.3	19.2	21.2				20.1
	- As a % of sales	2.6	1.5	1.0				0.6		0.6	0.6	0.6	0.6	0.6
SC02	2.3 Prepayments	14.3	19.2	21.2				20.1
	- As a % of sales	2.6	1.5	1.0				0.6		1.0	1.0	1.0	1.0	1.0
SC03	2.3 Prepayments	14.3	19.2	21.2				20.1
	- As a % of sales	2.6	1.5	1.0				0.6
	Prepayment selection

	2.4 Accounts payable	201.0	287.7	388.3	0.0	0.0	0.0	526.1	431.3
	- As a % of COGS	115.3	99.3	72.6	0	0	0	66.7	56.1
SC01	2.4 Accounts payable	201.0	287.7	388.3				526.1
	- As a % of COGS	115.3	99.3	72.6				66.7		66.7	66.7	66.7	66.7	66.7
SC02	2.4 Accounts payable	201.0	287.7	388.3				526.1
	- As a % of COGS	115.3	99.3	72.6				66.7		79.5	79.5	79.5	79.5	79.5
SC03	2.4 Accounts payable	201.0	287.7	388.3				526.1
	- As a % of COGS	115.3	99.3	72.6				66.7
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	0.0	0.0	0.0	nan	nan	nan		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						-177.6	100.1
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						-177.6	100.1
SC01 Change in WC - Balance Period
SC02 Change in WC						-177.6	100.1
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						-177.6	100.1
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	3,620.6	4,048.2	4,826.3	4,433.2	3,984.7	3,854.8	5,058.2		3,984.7	3,989.1				4,399.1	3,989.1
	ii. Borrowings	191.6	46.0	733.4	465.4	450.0	1,425.0			1,200.0	555.7
	iii. Repayments	42.5	121.4	1,918.2	1,257.1	579.9	221.6			1,085.7	145.7
	Net of Payments	149.1	-75.4	-1,184.8						114.3	410.0					410.0
	Adjustments	278.4	853.6	343.2	0.0	0.0	0.0			-109.9	0.0					0.0
	iv. Balance C/F	4,048.2	4,826.3	3,984.7	3,641.5	3,854.8	5,058.2			3,989.1	4,399.1
	Current Portion of Long Term Debt	546.3	704.2	868.2						665.8	815.0
	vi. Interest expenses	249.0	254.3	354.2	0.0	0.0	0.0			546.5	0.0
	vii. Blended Interest expenses rate	649.3	573.2	804.0	0	0	0	%	%	1370.8	0	%	%	%		%	%	%	%	%
SC01	i. Balance B/F	3,620.6	4,048.2	4,826.3						3,984.7	3,989.1				4,399.1	3,989.1
	ii. Borrowings	191.6	46.0	733.4						1,200.0	555.7					1,200.0	1,200.0	1,200.0	1,200.0	1,200.0
	iii. Repayments	42.5	121.4	1,918.2						1,085.7	145.7
	Net of Payments	149.1	-75.4	-1,184.8						114.3	410.0					410.0
	Adjustments	278.4	853.6	343.2						-109.9	0.0					0.0
	iv. Balance C/F	4,048.2	4,826.3	3,984.7						3,989.1	4,399.1
	Adjustments	278.4	853.6	343.2						-109.9	0.0					0.0
	vi. Interest expenses	249.0	254.3	354.2						546.5	0.0
	vii. Blended Interest expenses rate	649.3	573.2	804.0						1370.8						1370.8	1370.8	1370.8	1370.8	1370.8
SC02	i. Balance B/F	3,620.6	4,048.2	4,826.3						3,984.7	3,989.1			4,399.1	3,989.1
	ii. Borrowings	191.6	46.0	733.4						1,200.0	555.7				659.8	659.8	659.8	659.8	659.8
	iii. Repayments	42.5	121.4	1,918.2						1,085.7	145.7
	Net of Payments	149.1	-75.4	-1,184.8						114.3	410.0
	iv. Balance C/F	4,048.2	4,826.3	3,984.7						3,989.1	4,399.1
	Adjustments	278.4	853.6	343.2						-109.9	0.0					0.0
	vi. Interest expenses	249.0	254.3	354.2						546.5	0.0
	vii. Blended Interest expenses rate	649.3	573.2	804.0						1370.8
SC03	i. Balance B/F	3,620.6	4,048.2	4,826.3						3,984.7	3,989.1				4,399.1	3,989.1
	ii. Borrowings	191.6	46.0	733.4						1,200.0	555.7
	iii. Repayments	42.5	121.4	1,918.2						1,085.7	145.7
	Net of Payments	149.1	-75.4	-1,184.8						114.3	410.0					410.0
	iv. Balance C/F	4,048.2	4,826.3	3,984.7						3,989.1	4,399.1
	Adjustments	278.4	853.6	343.2						-109.9	0.0					0.0
	vi. Interest expenses	249.0	254.3	354.2						546.5	0.0
	vii. Blended Interest expenses rate	649.3	573.2	804.0						1370.8							%	%	%	%	%
	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
iv. Balance C/F	0.0	0.0	0.0	0.0	0.0
vi. Interest expenses	0.0	0.0	0.0	0.0	0.0
vii. Blended Interest expenses rate	nan	nan	nan	nan	nan		%	%	%	%	%

SC01	i. Balance B/F	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	0.0	0.0	0.0	0.0	0.0
	vi. Interest expenses	0.0	0.0	0.0	0.0	0.0
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC02	i. Balance B/F	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	0.0	0.0	0.0	0.0	0.0
	vi. Interest expenses	0.0	0.0	0.0	0.0	0.0
	vii. Blended Interest expenses rate	nan	nan	nan	nan	nan

SC03	i. Balance B/F	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	v. Average Debt balance	0.0	0.0	0.0	0.0	0.0		0.0
	iv. Balance C/F	0.0	0.0	0.0	0.0	0.0
	vi. Interest expenses	0.0	0.0	0.0	0.0	0.0
	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	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8	1,312.7
ii. Borrowings	0.0	0.0	0.0	0.0	0.0
iii. Repayments	nan	nan	nan	nan	nan
Net of Payments
Adjustments	0.0	-8.6	697.0	-598.9	132.0		132.0
iv. Balance C/F	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8
vi. Interest expenses	63.3	64.0	339.5	277.0	0.0
vii. Blended Interest expenses rate	517.7	524.9	2171.8	1717.9	0		%	%	%	%	%

SC01	i. Balance B/F	0.0	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8	1,312.7
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8
	Adjustments	0.0	-8.6	697.0	-598.9	132.0		132.0
	vi. Interest expenses	63.3	64.0	339.5	277.0	0.0
	vii. Blended Interest expenses rate	517.7	524.9	2171.8	1717.9	0

SC02	i. Balance B/F	0.0	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8	1,312.7
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8
	Adjustments	0.0	-8.6	697.0	-598.9	132.0		132.0
	vi. Interest expenses	63.3	64.0	339.5	277.0	0.0
	vii. Blended Interest expenses rate	517.7	524.9	2171.8	1717.9	0

SC03	i. Balance B/F	0.0	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8	1,312.7
	ii. Borrowings	0.0	0.0	0.0	0.0	0.0
	iii. Repayments	nan	nan	nan	nan	nan
	Net of Payments
	iv. Balance C/F	1,223.2	1,214.6	1,911.6	1,312.7	1,444.8
	Adjustments	0.0	-8.6	697.0	-598.9	132.0		132.0
	vi. Interest expenses	63.3	64.0	339.5	277.0	0.0
	vii. Blended Interest expenses rate	517.7	524.9	2171.8	1717.9	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT interest	249.0	254.3	354.2	546.5	0.0
Rate	6.5%	5.7%	8.0%	13.7%	0.0%
ST interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
OD interest	63.3	64.0	339.5	277.0	0.0
Rate	5.2%	5.2%	21.7%	17.2%	0.0%
Lease Interest	5.5	3.0	3.1	2.9	0.0
Rate	12.8%	9.1%	11.9%	11.0%	0.0%
Total Interest Expenses	317.8	321.4	696.7	885.0	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	43.0	33.3	25.8	23.1	26.5	0.0	0.0		26.5	27.4				27.4	27.4
	Additions	1.6	0.0	1.6	1.6	-0.4			0.0	0.0
	Payments	4.9	10.6	3.9	1.1	1.6	-0.4			4.9	-0.0
	Adjustments	-4.8	3.0	4.6	0.0	-26.5	0.0			2.9	0.0					0.0
	Lease Interest expenses	5.5	3.0	3.1	0.0	0.0	0.0			2.9	0.0
	Average Interest Rate	1275.9	913.1	1192.0	0	0	nan	%	%	1101.2	0	%	%	%
	Closing balance	33.3	25.8	26.5	22.0	0.0	0.0			27.4	27.4
	Lease Liabilities - Current Portion	4.4	4.2	4.4						2.3	2.3
SC01	Lease - Opening balance	43.0	33.3	25.8						26.5	27.4				27.4	27.4
	Additions	1.6	0.0	1.6					0.0	0.0						0.0
	Payments	4.9	10.6	3.9						4.9	-0.0					4.9	4.9	4.9	4.9	4.9
	Closing balance	33.3	25.8	26.5						27.4	27.4
	Adjustments	-4.8	3.0	4.6						2.9	0.0					0.0
	Lease Interest expenses	5.5	3.0	3.1						2.9	0.0
	Blended Interest rate (%)	1275.9	913.1	1192.0						1101.2						1101.2	1101.2	1101.2	1101.2	1101.2
SC02	Lease - Opening balance	43.0	33.3	25.8						26.5	27.4				27.4	27.4
	Additions	1.6	0.0	1.6						0.0	0.0					0.0
	Payments	4.9	10.6	3.9						4.9	-0.0					4.9
	Adjustments	-4.8	3.0	4.6						2.9	0.0					0.0
	Closing balance	33.3	25.8	26.5						27.4	27.4
	Lease Interest expenses	5.5	3.0	3.1						2.9	0.0
	Blended Interest rate (%)	1275.9	913.1	1192.0						1101.2
SC03	Lease - Opening balance	43.0	33.3	25.8						26.5	27.4				27.4	27.4
	Lease Additions	1.6	0.0	1.6						0.0	0.0
	Payments	4.9	10.6	3.9						4.9	-0.0
	Adjustments	-4.8	3.0	4.6						2.9	0.0					0.0
	Closing balance	33.3	25.8	26.5						27.4	27.4
	Lease Interest expenses	5.5	3.0	3.1						2.9	0.0
	Blended Interest rate (%)	1275.9	913.1	1192.0						1101.2						%	%	%	%	%
	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	88.3	72.3	58.4	55.6	51.2	50.4	51.2
	Additions	1.6	0.0	1.6	0.0	0.0
	Adjustments	-11.9	-8.6	0.0	0.0	-0.8		-0.8
	Amortisation	5.7	5.3	4.4	4.4	0.0
	Rate	6.4	7.4	7.5	8.0	0.0
	Closing Balance	72.3	58.4	55.6	51.2	50.4
SC01	Opening balance	88.3	72.3	58.4	55.6	51.2	50.4	51.2	51.2	51.2	51.2	51.2
	Additions	1.6	0.0	1.6	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	-11.9	-8.6	0.0	0.0	-0.8		-0.8
	Amortisation	5.7	5.3	4.4	4.4	0.0
	Rate	6.4	7.4	7.5	8.0	0.0		8.0	8.0	8.0	8.0	8.0
	Closing Balance	72.3	58.4	55.6	51.2	50.4
SC02	Opening balance	88.3	72.3	58.4	55.6	51.2	50.4	51.2	51.2	51.2	51.2	51.2
	Additions	1.6	0.0	1.6	0.0	0.0		0.5	0.5	0.5	0.5	0.5
	Adjustments	-11.9	-8.6	0.0	0.0	-0.8		-0.8
	Amortisation	5.7	5.3	4.4	4.4	0.0
	Rate	6.4	7.4	7.5	8.0	0.0		7.6	7.6	7.6	7.6	7.6
	Closing Balance	72.3	58.4	55.6	51.2	50.4
SC03	Opening balance	88.3	72.3	58.4	55.6	51.2	50.4	51.2
	Additions	1.6	0.0	1.6	0.0	0.0
	Amortisation	5.7	5.3	4.4	4.4	0.0
	Adjustments	-11.9	-8.6	0.0	0.0	-0.8		-0.8
	Closing Balance	72.3	58.4	55.6	51.2	50.4
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	582.5	581.4	578.2	576.9	575.7	575.5	575.7
	Additions	0.0	4.0	0.0	0.0	0.0
	Adjustments	0.0	6.5	0.0	-0.0	-0.3		-0.3
	Amortisation	1.1	0.7	1.3	1.2	0.0
	Rate	0.2	0.1	0.2	0.2	0.0
	Closing Balance	581.4	578.2	576.9	575.7	575.5
SC01	Opening balance	582.5	581.4	578.2	576.9	575.7	575.5	575.7	575.7	575.7	575.7	575.7
	Additions	0.0	4.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	6.5	0.0	-0.0	-0.3		-0.3
	Amortisation	1.1	0.7	1.3	1.2	0.0
	Rate	0.2	0.1	0.2	0.2	0.0		0.2	0.2	0.2	0.2	0.2
	Closing Balance	581.4	578.2	576.9	575.7	575.5
SC02	Opening balance	582.5	581.4	578.2	576.9	575.7	575.5	575.7	575.7	575.7	575.7	575.7
	Additions	0.0	4.0	0.0	0.0	0.0		1.3	1.3	1.3	1.3	1.3
	Adjustments	0.0	6.5	0.0	-0.0	-0.3		-0.3
	Amortisation	1.1	0.7	1.3	1.2	0.0
	Rate	0.2	0.1	0.2	0.2	0.0		0.2	0.2	0.2	0.2	0.2
	Closing Balance	581.4	578.2	576.9	575.7	575.5
SC03	Opening balance	582.5	581.4	578.2	576.9	575.7	575.5	575.7
	Additions	0.0	4.0	0.0	0.0	0.0
	Amortisation	1.1	0.7	1.3	1.2	0.0
	Adjustments	0.0	6.5	0.0	-0.0	-0.3		-0.3
	Closing Balance	581.4	578.2	576.9	575.7	575.5
	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			72.8	90.2	45.0	105.2		90.2	63.3					63.3
	Interest Income	1.9	4.4	7.2	1.1	0.2	0.2			1.0	0.1
	Blended Interest Income Rate	2.0	2.1	7.7	1.2	0.4	0.2	%	%	1.5	0.2	%	%	%			%	%	%	%
SC01	ii. Interest Income	1.9	4.4	7.2	1.1	0.2	0.2			1.0	0.1
	iii. Blended Interest income rate	2.0	2.1	7.7	1.2	0.4	0.2	%	%	1.5						1.5	1.5	1.5	1.5	1.5
SC02	ii. Interest Income	1.9	4.4	7.2	1.1	0.2	0.2			1.0	0.1
	iii. Blended Interest income rate	2.0	2.1	7.7	1.2	0.4	0.2	%	%	1.5		%	%	%
SC03	i. Cash & CE Balance C/F			72.8					90.2						63.3
	ii. Interest Income	1.9	4.4	7.2						1.0	0.1
	iii. Blended Interest income rate	2.0	2.1	7.7						1.5						%	%	%	%	%
	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	-828.5	-912.4	-765.2	283.4	-142.6	-85.2			9.3	-117.8
	Tax B/F	0.2	0.0	0.1	0.1	0.0	3.9	3.9		0.0	0.7				0.9	0.7
	Tax Provision for the Year	0.2	0.9	0.4	0.0	3.9	0.0			0.7	0.3
	Adjustments	-0.0	0.1	0.1						0.0	0.0					0.0
	Taxes paid (prov. for the previous year)	0.4	1.0	0.6	0.4	0.0	0.0	0.0		0.0	0.0
	Tax C/F	0.0	0.1	0.0	0.0	3.9	3.9			0.7	0.9
	Tax Rate	nan	nan	nan	nan	nan	nan	%	%	nan	nan	%	%	%		%	%	%	%	%
SC01	ii. Balance B/F	0.2	0.0	0.1						0.0	0.0				0.9	0.7
	iii. Tax provision for the year	0.2	0.9	0.4						0.7	0.3
	iv. Taxes paid (provision for the previous year)	0.4	1.0	0.6						0.0	0.0					0.7
	Adjustments	-0.0	0.1	0.1						0.0	0.0					0.0
	v. Balance C/F	0.0	0.1	0.0						0.7	0.9
	vi. Tax Rate	nan	nan	nan						nan						nan	nan	nan	nan	nan
SC02	ii. Balance B/F	0.2	0.0	0.1						0.0	0.0				0.9	0.7
	iii. Tax provision for the year	0.2	0.9	0.4						0.7	0.3
	iv. Taxes paid (provision for the previous year)	0.4	1.0	0.6						0.0	0.0					0.7
	Adjustments	-0.0	0.1	0.1						0.0	0.0					0.0
	v. Balance C/F	0.0	0.1	0.0						0.7	0.9
	vi. Tax Rate	nan	nan	nan						nan
SC03	ii. Balance B/F	0.2	0.0	0.1						0.0	0.0				0.9	0.7
	iii. Tax provision for the year	0.2	0.9	0.4						0.7	0.3
	iv. Taxes paid (provision for the previous year)	0.4	1.0	0.6						0.0	0.0					0.7
	Adjustments	-0.0	0.1	0.1						0.0	0.0					0.0
	v. Balance C/F	0.0	0.1	0.0						0.7	0.9
	vi. Tax Rate	nan	nan	nan						nan
	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	Room Revenue	- YoY%
2	Food and Beverage Revenue	- YoY%
3	Other Hotel Related Revenue	- YoY%
4	Other	- Insert
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	556.9	1,288.0	2,116.0	661.4	938.5	3,613.7	716.1
Excise Duty	0.0	0.0	0.0			0.0	0.0
COGS	174.3	289.8	534.8	171.3	207.7	789.1	151.4
Gross Profit	382.6	998.2	1,581.2	490.1	730.7	2,824.6	564.7
Other Income	6.7	46.8	33.0			22.4	1.4	0	1.4
Administration Exp.	484.8	637.3	1,101.6	356.6	381.4	1,613.3	401.1
Selling & Distribution Exp.	7.4	29.2	46.0	17.4	25.4	89.0	22.2
Depreciation	340.9	337.2	339.4			350.8	87.1
Amortisation	6.8	6.0	5.7			5.6	0.0
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Operating Income	-102.9	378.5	466.6	117.2	326.4	1,144.8	142.8
Interest Expenses	317.8	321.8	696.7			885.0	158.1
Interest Income	1.9	4.4	7.2	0.2	0.2		0.1
Other (Expenses)/Income	-62.2	-630.3	-197.1	85.5	-69.4	105.0	-15.6		-15.6
Profit Before Tax	-828.5	-912.4	-765.2	-142.6	-85.2	9.3	-117.8
Tax Expenses	-1.6	16.4	133.0	3.9	0.0	83.2	-0.3
Profit After Tax	-830.1	-896.0	-632.2	-146.5	-85.2	92.5	-118.1
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	-830.1	-896.0	-632.2	-146.5	-85.2		-118.1

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	-828.5	-912.4	-765.2	-142.6	-85.2		9.3	-117.8
Depreciation	From OA 1.1	340.9	337.2	339.4	89.5	91.8		350.8	87.1
Right of Use Asset - Amortisation		5.7	5.3	4.4					4.4	0.0
Intangible Asset Amortisation		1.1	0.7	1.3				1.2	0.0
Change in Working Capital	From OA 2	-5.6	-48.0	34.3	48.8	-145.4		-177.6	100.1
CWC Adjustment											0.0	0.0
Income Tax Paid	From OA 5	0.4	1.0	0.6	0.0	0.0		0.0	0.0
Other		291.1	788.2	308.3	-83.2	72.0		-98.4	18.9		0	18.9
Net Cash Flow from / (used in) Operating Activities		-195.7	170.0	-78.1	-87.5	-66.8		89.7	88.2
Capital Expenditure	From CA 4	27.6	40.1	75.3	32.2	38.7		186.4	67.3
Acquisition of Right to Use Assets	From CA 4	1.6	0.0	1.6					0.0	0.0
Acquisition of Intangible Assets	From CA 4	0.0	4.0	0.0					0.0	0.0
Other		-56.2	-17.8	168.1	1.3	-2.3		4.7	1.2		0	1.2
Cash Flows from Investing Activities		-85.5	-61.9	91.3	-30.9	-41.1		-181.7	-66.1
Borrowings		191.6	68.3	733.4	450.0	1,425.0		1,200.0	0.0
Debt Repayments		42.5	121.4	1,918.2	579.9	221.6		1,085.7	145.7
Net of Borrowings/ Repayments		149.1	-53.1	-1,184.8				114.3	-145.7
Adjustments to match published numbers												687.7	687.7
Lease Additions
Lease Repayments		4.0	10.5	3.8	1.6	-0.4		2.0	-0.0
Other		0.0	0.0	497.9	0.0	0.0		551.6	0.0		0	0.0
Net Cash flows from / (used in) Financing Activities		145.2	-63.6	-690.7	-131.6<	1,203.8		663.9	-145.7
Other		nan	nan	nan	nan	nan		nan	nan			nan
Net Increase/(Decrease) in Cash and Cash Equivalents		-136.0	44.5	-677.6	-249.9	1,096.0		572.0	-123.6
Favourable/Unfavourable Balances		173.0	164.4	1,911.6	2,116.4	1,080.5		1,312.7	1,444.8
Cash and CE at Start		0.0	-136.0	-1,143.8	-1,821.4	-2,071.3	4Q	-1,821.4	-1,249.4		71.7	-1,249.4
Cash and CE at End		-136.0	-91.5	-1,821.4	-2,071.3			-1,249.4	-1,373.1

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	9,040.6	9,488.3	9,224.7	9,168.7	9,116.5			9,055.2	9,036.2
nan		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
nan		nan	nan	nan	54.5	53.4	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Intangible Assets		581.4	578.2	576.9	576.6	576.3	575.5	575.5	575.7	575.5	575.5	575.5	575.5
Right of Use Assets		72.3	58.4	55.6	54.5	53.4	50.4	50.4	51.2	50.4	50.4	50.4	50.4
Deferred Tax Assets		15.8	49.9	149.0	149.0	149.0	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7
Other Investments		0.9	1.0	1.3	1.1	1.5	1.5	1.5	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
Non Current Assets		9,711.1	10,175.8	10,007.5	10,004.4	9,950.0			9,902.2	9,882.3
Inventories	From OA 2.2	42.2	60.6	96.7	102.3	106.6			109.2	100.8
Trade and Other Receivables	From OA 2.1	67.1	175.0	203.2	235.9	364.3			494.8	307.4
Prepayments	From OA 2.3	14.3	19.2	21.2	0.0	0.0			20.1	21.2
Income Tax Receivable		0.9	0.9	1.1	1.1	1.1	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
Other Financial Assets		60.0	132.6	2.5	1.7	4.5	0.9	0.9	1.6	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Income Tax Recoverable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalent	From CFS	36.9	72.8	90.2	45.0	105.2			63.3	71.7
Current Assets		221.5	461.1	414.9	386.0	581.7			690.3	503.2
Total Assets		9,932.5	10,636.9	10,422.3	10,390.4	10,531.7				10,385.6
Equities and Liabilities
Stated Capital		5,509.3	5,509.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3
Reserves	-3,896.5	1,004.9	1,004.9	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0
Retained Earnings		-2,394.8	-3,274.4	-3,896.5	-4,039.1	-4,121.2			-3,798.1	-3,910.8
Adjustments for Reported Number discprencies															5.3
Other		5,509.3														5.3
Shares Pendinq Allotment		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
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		4.8	-5.0	-21.8	-25.7	-28.8	-35.4	-35.4	-30.1	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4
Total Equity		4,124.1	3,876.1	3,321.9	3,175.4	3,090.2			3,412.1	3,294.0
Long Term Debt	From OA 3	3,501.9	4,122.1	3,116.5	2,954.3	4,471.6			3,323.3	3,584.1
Financing and Lease Payables	From OA 4	28.9	21.6	22.1					22.2	25.1
Post-Employment Benefit Liability		51.0	36.0	39.8	41.0	45.4	57.2	57.2	53.5	57.2	57.2	57.2	57.2	57.2	57.2	57.2	57.2	57.2	57.2
Deferred Tax liability		251.6	370.3	749.5	749.5	749.5	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8
Inter Company Loans		0.0	0.0	0.0	0.0	0.0	0.0	0.0	543.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		3,833.5	4,550.0	3,927.8	3,744.7	5,266.4			4,672.8	4,397.2
Current Maturities of Long Term Debt		546.3	704.2	868.2	2,957.6	1,676.2			665.8	815.0
Trade Payables	From OA 2.4	201.0	287.7	388.3	0.0	0.0			526.1	431.3
13. Amounts due to related parties		nan	nan	0.0	0.0	0.0	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	0.0	0.1	0.0	3.9	3.9			0.7	0.9
Lease Liabilities		4.4	4.2	4.4					2.3	2.3
Other Accruals	From OA 2.5
Other		0.0	0.0	0.0	458.0	445.3	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
Short Term Loans		nan	nan	nan					nan	nan
Bank Overdraft		1,223.2	1,214.6	1,911.6					1,312.7	1,444.8
Bank Overdraft		1,223.2	1,214.6	1,911.6	0.0	0.0	1,444.8	1,444.8	1,312.7	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8
Current Liabilities		1,975.0	2,210.8	3,172.5	3,873.7	2,567.1			2,507.6	2,694.3
Total Equity and Liabilities		9,932.5	10,636.9	10,422.3	10,793.8	10,923.6			10,592.5	10,385.6
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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		-4,353.9
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		6.0
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			3,412.1
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		6.0	6.0	6.0
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	58.407112999999995	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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