Company Image

Keellsfoodproducts

Valuation

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

Options Checkbox
REVENUE FY25E to FY29E
Manufacturing YoY% -10.7
Trading YoY% 6.5
Others YoY% nan
Segment YoY% nan
Segment YoY% nan
Other YoY% nan
COSTS
COGS % of Rev. 74.1
Administration % of Rev. 6.0
Selling & Distribution % of Rev. 13.8
Capital Expenditure % of Rev. 3.3
OTHER
Depreciation charge % of Rev. 3.8
2.1 Accounts and notes receivables % of Rev. 12.6
2.2 Inventories % of COGS 19.7
2.3 Prepayments % of Rev. 0
2.4 Accounts payable % of COGS 12.5
2.5 Other % of COGS 0.0
ii. Borrowings Rs.Millions N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate % nan
Long Term Debt Current Portion Rs.Millions 224.9
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 % 28.2
Intangible Assets - Additions Rs.Millions 0.5
Intangible Assets - Amortisation Rate % 1.2
Lease Repayments Rs. N/A
Lease Interest Rate (%) % 1784.8
Lease Liabilities Current Portion Rs.Millions 1.7
iii. Blended Interest income rate % 20.5
vi. Tax Rate % 30.0
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REVENUE FY25E to FY29E
Manufacturing YoY% 17.7
Trading YoY%
Others YoY% 0.0
Segment YoY%
Segment YoY%
Other YoY% 0.0
COSTS
COGS % of Rev.
Administration % of Rev.
Selling & Distribution % of Rev.
Capital Expenditure % of Rev.
OTHER
Depreciation charge % of Rev. 3.5
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 0.0
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 % 1,390.3
iii. Blended Interest income rate % 16.3
vi. Tax Rate % 10.0
REVENUE FY21 FY22 FY23 FY24 FY25E to FY29E
Manufacturing YoY% nan 25.4 45.7 -10.7
Trading YoY% nan 34.1 -29.2 6.5
Others YoY% nan nan nan nan
Segment YoY% nan nan nan nan
Segment YoY% nan nan nan nan
Other YoY% nan nan nan nan
COSTS
COGS % of Rev. 68.2 71.4 75.5 74.1
Administration % of Rev. 5.2 4.8 4.5 6.0
Selling & Distribution % of Rev. 12.0 9.7 11.5 13.8
Capital Expenditure % of Rev. 2.4 2.7 4.5 3.3
OTHER
Depreciation charge % of Rev. 4.3 3.8 3.0 3.8
2.1 Accounts and notes receivables % of Rev. 12.7 13.5 10.6 12.6
2.2 Inventories % of COGS 20.5 16.9 23.6 19.7
2.3 Prepayments % of Rev. 0 0 0 0
2.4 Accounts payable % of COGS 13.9 15.2 10.0 12.5
2.5 Other % of COGS 0.0 0.0 0.0 0.0
ii. Borrowings Rs.Millions - - - -
iii. Repayments Rs.Millions - - - -
Long Term Debt Current Portion Rs.Millions 43.5 43.5 67.2 224.9
vii. Blended Interest expenses rate % nan nan nan nan
Short Term Debt Borrowing (Rs.M) % 0.0 0.0 0.0 0.0
Short Term Debt Repayment (Rs.M) % 0.0 0.0 0.0 0.0
Interest Rate %
Overdraft Repayment (Rs.M) % nan nan nan nan
Overdraft Interest Rate %
Right of Use Assets - Additions Rs. Millions 0.0 0.0 0.0 0.0
Right of Use Assets - Amotisation Rate % nan 16.4 19.6 28.2
Intangible Assets - Additions Rs. Millions 2.4 2.4 2.4 2.4
Intangible Assets - Amotisation Rate % 0.0 0.3 0.9 1.2
Lease Additions Rs. - - - -
Lease Repayments Rs. - - - -
Lease Liabilities - Current Portion Rs. Millions 1.0 1.2 1.4 1.7
Blended lease interest rate % 1165.2 1142.4 1243.6 1784.8
iii. Blended Interest income rate % 31.2 6.6 21.8 20.5
vi. Tax Rate % 0 0 0 30.0
Rs. Millions FY21 FY22 FY23 FY24 1Q25 FY25E FY26E FY27E FY28E FY29E
Total Revenue 3,651.2 4,601.2 6,444.3 5,798.8 1,597.4 0.0 0.0 0.0 0.0 0.0
YoY% nan 26.0 40.1 -10.0 13.4 -100.0% NaN% NaN% NaN% NaN%
Rs. Millions FY21 FY22 FY23 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Manufacturing 3,393.2 4,255.1 6,199.1 5,537.8 1,528.4
YoY% nan 25.4 45.7 -10.7 15.2
SC01 Manufacturing 3,393.2 4,255.1 6,199.1 5,537.8 4,945.3 4,416.1 3,943.6 3,521.6 3,144.8
LY YoY% nan 25.4 45.7 -10.7 -10.7 -10.7 -10.7 -10.7 -10.7
SC02 Manufacturing 3,393.2 4,255.1 6,199.1 5,537.8 6519.98 7676.37 9037.85 10640.80 12528.05
LY YoY% nan 25.4 45.7 -10.7 17.7 17.7 17.7 17.7 17.7
SC03 Manufacturing 3,393.2 4,255.1 6,199.1 5,537.8
LY YoY% nan 25.4 45.7 -10.7
2 Trading 258.1 346.1 245.2 261.0 68.9
YoY% nan 34.1 -29.2 6.5 68.9
SC01 Trading 258.1 346.1 245.2 261.0 278.0 296.0 315.3 335.8 357.6
LY YoY% nan 34.1 -29.2 6.5 6.5 6.5 6.5 6.5 6.5
SC02 Trading 258.1 346.1 245.2 261.0
LY YoY% nan 34.1 -29.2 6.5
SC03 Trading 258.1 346.1 245.2 261.0
LY YoY% nan 34.1 -29.2 6.5
3 Others 0.0 0.0 0.0 0.0 0.0
YoY% nan nan nan nan nan
SC01 Others 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan nan nan nan nan nan
SC02 Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan 0.0 0.0 0.0 0.0 0.0
SC03 Others 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
4 Segment 0.0 0.0 0.0 0.0 0.0
YoY% nan nan nan nan nan
SC01 Segment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan nan nan nan nan nan
SC02 Segment 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
SC03 Segment 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
5 Segment 0.0 0.0 0.0 0.0 0.0
YoY% nan nan nan nan nan
SC01 Segment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan nan nan nan nan nan
SC02 Segment 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
SC03 Segment 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
6 Other 0.0 0.0 0.0 0.0 0.0
YoY% nan nan nan nan -100.0
SC01 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan nan nan nan nan nan
SC02 Other 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00
LY YoY% nan nan nan nan 0.0 0.0 0.0 0.0 0.0
SC03 Other 0.0 0.0 0.0 0.0
LY YoY% nan nan nan nan
Std vs. Cus. Revenue 3,651.2 4,601.2 6,444.3 5,798.8 0.0 0.0 0.0 0.0 0.0
SC01 S01Total Revenue 3,651.2 4,601.2 6,444.3 5,798.8 5,223.3 4,712.1 4,258.9 3,857.4 3,502.4
SC02 S02Total Revenue 3,651.2 4,601.2 6,444.3 5,798.8 6,520.0 7,676.4 9,037.9 10,640.8 12,528.0
SC03 S03Total Revenue 3,651.2 4,601.2 6,444.3 5,798.8
Checkbox Selection Revenue 5,798.8 0.0 0.0 0.0 0.0
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Customised Revenue 3,651.2 4,601.2 6,444.3 5,798.8 1,597.4 5,798.8 5,798.8 5,798.8 5,798.8 5,798.8
YoY% nan 26.0 40.1 -10.0 13.4
>
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
1 Manufacturing
Number of Retail Customer Touchpoints 30,000.0 33,000.0 32,000.0 29,000.0 29,000.0 29,000.0 29,000.0 29,000.0 29,000.0
YoY% 10.0% -3.0% -9.4%
Revenue per Outlet 121,708.0 139,431.2 201,383.4 199,959.1 199,959.1 199,959.1 199,959.1 199,959.1 199,959.1
YoY% 14.6% 44.4% -0.7%
Segment Revenue 3,651.2 4,601.2 6,444.3 5,798.8 5,798.8 5,798.8 5,798.8 5,798.8 5,798.8
YoY% 26.0 40.1 -10.0 0.0 0.0 0.0 0.0 0.0
Rs. Millions FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Cost of Sales 2,646.1 3,459.9 5,057.9 4,521.9 1,210.7
Depreciation 156.8 174.7 194.3 222.6 52.7
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 2,489.2 3,285.2 4,863.7 4,299.3 1,158.1
- As a % of sales 68.2% 71.4% 75.5% 74.1% 72.5%
SC01 COGS 2,646.1 3,459.9 5,057.9 4,521.9 1,210.7
Depreciation 156.8 174.7 194.3 222.6 52.7
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 2,489.2 3,285.2 4,863.7 4,299.3 1,158.1
- As a % of sales 68.2% 71.4% 75.5% 74.1% 72.5% 74.1% 74.1% 74.1% 74.1% 74.1%
SC02 COGS 2,646.1 3,459.9 5,057.9 4,521.9 1,210.7
Depreciation 156.8 174.7 194.3 222.6 52.7 230.4 271.2 319.3 376.0 442.7
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 2,489.2 3,285.2 4,863.7 4,299.3 1,158.1
- As a % of sales 68.2% 71.4% 75.5% 74.1% 72.5% 73.7% 73.7% 73.7% 73.7% 73.7%
SC03 COGS 2,646.1 3,459.9 5,057.9 4,521.9 1,210.7 0.0 0.0 0.0 0.0 0.0
Depreciation 156.8 174.7 194.3 222.6 52.7 NaN NaN NaN NaN NaN
Depreciation in COGS 0.0 0.0 0.0 0.0 0.0 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 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 0.0 0.0 0.0 0.0 0.0
COGS 2,489.2 3,285.2 4,863.7 4,299.3 1,158.1
- As a % of sales 68.2% 71.4% 75.5% 74.1% 72.5%
COGS selection
COGS% selection
2 Administration Expenses 190.0 222.0 289.7 350.9 97.9
Amortisation of Intangible Assets 0.0 0.4 1.1 1.5 0.4
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 189.9 221.6 288.6 349.4 97.9
- As a % of sales 5.2% 4.8% 4.5% 6.0% 6.1%
SC01 Administration Expenses 190.0 222.0 289.7 350.9 97.9
Amortisation of Intangible Assets 0.0 0.4 1.1 1.5 0.4
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 189.9 221.6 288.6 349.4 97.5
- As a % of sales 5.2% 4.8% 4.5% 6.0% 6.1% 6.0% 6.0% 6.0% 6.0% 6.0%
SC02 Administration Expenses 190.0 222.0 289.7 350.9 97.9
Amortisation of Intangible Assets 0.0 0.4 1.1 1.5 0.4
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 189.9 221.6 288.6 349.4 97.5
- As a % of sales 5.2% 4.8% 4.5% 6.0% 6.1% 5.1% 5.1% 5.1% 5.1% 5.1%
SC03 Administration Expenses 190.0 222.0 289.7 350.9 97.9
Amortisation of Intangible Assets 0.0 0.4 1.1 1.5 0.4
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 189.9 221.6 288.6 349.4 97.5
- As a % of sales 5.2% 4.8% 4.5% 6.0% 6.1%
Admin selection
Selling & Distribution Expenses 441.2 447.0 742.8 802.8 221.7
Amortisation of Right of Use Assets 1.4 1.5 1.5 1.4 0.4
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 439.8 445.6 741.3 801.3 221.3
- As a % of sales 12.0% 9.7% 11.5% 13.8% 13.9%
SC01 S&D 441.2 447.0 742.8 802.8 221.7 0.0 0.0 0.0 0.0 0.0
Amortisation of Right of Use Assets 1.4 1.5 1.5 1.4 0.4
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 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 0.0 0.0 0.0 0.0 0.0
Selling & Distribution 439.8 445.6 741.3 801.3 221.3 0.0 0.0 0.0 0.0 0.0
- As a % of sales 12.0% 9.7% 11.5% 13.8% 13.9% 13.8% 13.8% 13.8% 13.8% 13.8%
SC02 s&D 441.2 447.0 742.8 802.8 221.7
Amortisation of Right of Use Assets 1.4 1.5 1.5 1.4 0.4
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 439.8 445.6 741.3 801.3 221.3
SC02 - As a % of sales 12.0% 9.7% 11.5% 13.8% 13.9% 11.7% 11.7% 11.7% 11.7% 11.7%
SC03 S&D 441.2 447.0 742.8 802.8 221.7
Amortisation of Right of Use Assets 1.4 1.5 1.5 1.4 0.4
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 439.8 445.6 741.3 801.3 221.3
- As a % of sales 12.0% 9.7% 11.5% 13.8% 13.9%
Sd selection
4 Capital Expenditure 87.7 123.5 289.8 188.9 16.9
- As a % of sales 2.4% 2.7% 4.5% 3.3% 1.1%
SC01 Capital Expenditure 87.7 123.5 289.8 188.9 16.9 -16.9 0.0 0.0 0.0 0.0 0.0
- As a % of sales 2.4% 2.7% 4.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%
SC02 Capital Expenditure 87.7 123.5 289.8 188.9 16.9
- As a % of sales 2.4% 2.7% 4.5% 3.3% 3.5% 3.5% 3.5% 3.5% 3.5%
SC03 Capital Expenditure 87.7 123.5 289.8 188.9 16.9
- As a % of sales 2.4% 2.7% 4.5% 3.3%
Capex selection


Fixed Assets - Cost (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24E 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
1 Balance B/F 2,322.9 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4 2,998.5
Capital Expenditure 87.7 123.5 289.8 16.9
Adjustments 9.3 -24.4 20.5 -19.7 0.0 0.0
Balance C/F 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4
SC01 Balance B/F 2,322.9 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4 2,998.5
Capital Expenditure 87.7 123.5 289.8 188.9 16.9 -16.9 0.0 0.0 0.0 0.0 0.0
Adjustments 9.3 -24.4 20.5 -19.7 0.0 0.0
Balance C/F 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4
SC02 Balance B/F 2,322.9 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4 2,998.5
Capital Expenditure 87.7 123.5 289.8 188.9 16.9
Adjustments 9.3 -24.4 20.5 -19.7 0.0 0.0
Balance C/F 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4
SC03 Balance B/F 2,322.9 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4 2,998.5
Capital Expenditure 87.7 123.5 289.8 188.9 16.9
Adjustments 9.3 -24.4 20.5 -19.7 0.0 0.0
Balance C/F 2,419.9 2,519.0 2,829.4 2,998.5 3,015.4
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 739.4 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,322.6 1322.6 1322.6 1322.6 1322.6
Depreciation charge 156.8 174.7 194.3 222.6 52.7
- As a % of sales 4.3% 3.8% 3.0% 3.8% 3.3%
Balance C/F 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,375.2 1,322.6 1,322.6 1,322.6 1,322.6 1,322.6
Adjustments nan nan nan nan nan nan
Net Book Value at end 1,546.0 1,502.9 1,702.0 1,675.9 1,640.2 -1,375.2 -1,322.6 -1,322.6 -1,322.6 -1,322.6 -1,322.6
SC01 Balance B/F 739.4 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,322.6 1,322.6 1,322.6 1,322.6 1,322.6
SC01 Depreciation charge 156.8 174.7 194.3 222.6 52.7
- As a % of sales 4.3% 3.8% 3.0% 3.8% 3.3% 3.8% 3.8% 3.8% 3.8% 3.8%
Balance C/F 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,375.2 1,322.6 1,322.6 1,322.6 1,322.6 1,322.6
Adjustments nan nan nan nan nan nan
Net Book Value at end 1,546.0 1,502.9 1,702.0 1,675.9 1,640.2 -1,375.2 -1,322.6 -1,322.6 -1,322.6 -1,322.6 -1,322.6
SC02 Balance B/F 739.4 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,322.6 1,553.0 1,824.2 2,143.5 2,519.5
SC02 Depreciation charge 156.8 174.7 194.3 222.6 52.7 177.7 230.4 271.2 319.3 376.0 442.7
- As a % of sales 4.3% 3.8% 3.0% 3.8% 3.3% 3.5
Balance C/F 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,552.9 1,553.0 1,824.2 2,143.5 2,519.5 2,962.2
Adjustments nan nan nan nan nan nan
Net Book Value at end 1,546.0 1,502.9 1,702.0 1,675.9 1,640.2 -1,552.9 -1,553.0 -1,824.2 -2,143.5 -2,519.5 -2,962.2
SC03 Balance B/F 739.4 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,322.6 1,322.6 1,322.6 1,322.6 1,322.6
SC03 Depreciation charge 156.8 174.7 194.3 222.6 52.7 -52.7 NaN NaN NaN NaN NaN
- As a % of sales 4.3% 3.8% 3.0% 3.8% 3.3%
Balance C/F 873.9 1,016.2 1,127.3 1,322.6 1,375.2 1,322.5 1,322.6 1,322.6 1,322.6 1,322.6 1,322.6
Adjustments nan nan nan nan nan nan
Net Book Value at end 1,546.0 1,502.9 1,702.0 1,675.9 1,640.2 -1,322.5 -1,322.6 -1,322.6 -1,322.6 -1,322.6 -1,322.6
SELECT Depreciation selection
NBV selection
2 Working Capital
Rs. Millions FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.1 Accounts and notes receivables 463.5 621.5 685.4 731.3 780.3
- As a % of sales 12.7 13.5 10.6 12.6 12.9
Four Qtr Cum. Revenue
Four Qtr Cum. COGS
SC01 2.1 Accounts and notes receivables 463.5 621.5 685.4 731.3
- As a % of sales 12.7 13.5 10.6 12.6 12.6 12.6 12.6 12.6 12.6
SC02 2.1 Accounts and notes receivables 463.5 621.5 685.4 731.3
- As a % of sales 12.7 13.5 10.6 12.6 12.3 12.3 12.3 12.3 12.3
Four Qtr Cum. Revenue
SC03 2.1 Accounts and notes receivables 463.5 621.5 685.4 731.3
- As a % of sales 12.7 13.5 10.6 12.6
Four Qtr Cum. COGS
Debtors selection
2.2 Inventories 543.1 585.7 1,194.4 889.5 859.9
- As a % of COGS 20.5 16.9 23.6 19.7 18.6
SC01 2.2 Inventories 543.1 585.7 1,194.4 889.5
- As a % of COGS 20.5 16.9 23.6 19.7 19.7 19.7 19.7 19.7 19.7
SC02 2.2 Inventories 543.1 585.7 1,194.4 889.5
- As a % of COGS 20.5 16.9 23.6 19.7 20.1 20.1 20.1 20.1 20.1
SC03 2.2 Inventories 543.1 585.7 1,194.4 889.5
- As a % of COGS 20.5 16.9 23.6 19.7
Stocks selection
Stocks share selection
2.3 Prepayments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- As a % of sales 0 0 0 0 0
SC01 2.3 Prepayments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- As a % of sales 0 0 0 0 0 0 0 0 0
SC02 2.3 Prepayments 0.0 0.0 0.0 0.0
- As a % of sales 0 0 0 0 0.0 0.0 0.0 0.0 0.0
SC03 2.3 Prepayments 0.0 0.0 0.0 0.0
- As a % of sales 0 0 0 0
Prepayment selection
2.4 Accounts payable 366.8 527.2 506.0 564.5 598.1
- As a % of COGS 13.9 15.2 10.0 12.5 12.9
SC01 2.4 Accounts payable 366.8 527.2 506.0 564.5
- As a % of COGS 13.9 15.2 10.0 12.5 12.5 12.5 12.5 12.5 12.5
SC02 2.4 Accounts payable 366.8 527.2 506.0 564.5
- As a % of COGS 13.9 15.2 10.0 12.5 12.6 12.6 12.6 12.6 12.6
SC03 2.4 Accounts payable 366.8 527.2 506.0 564.5
- As a % of COGS 13.9 15.2 10.0 12.5
Payable selection
Payable Share selection
2.5 Other 0.0 0.00 0.00 0.00 0.00
- As a % of COGS 0.0 0.0 0.0 0.0 0.0
2.5 Other 0.0 0.0 0.0 0.0 0.0
- 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 0.0 0.0 0.0 0.0 0.0
- As a % of COGS 0.0 0.0 0.0 0.0 0.0
2.5 Other NaN NaN NaN NaN NaN
- As a % of COGS 0.0 0.0 0.0 0.0
Other selection
Other Share selection
Working Capital 1,869.8 1,056.3 1,042.1 0.0 0.0 0.0 0.0 0.0
SC01 Working Capital 0.0 0.0 0.0 0.0 0.0
SC02 Working Capital 0.0 0.0 0.0 0.0 0.0
SC03 Working CapitalXXXXX 0.0 0.0 0.0 0.0 0.0
SC04 & 05 Change in WC 363.3 14.1 1,056.3 0.0 0.0 0.0 0.0
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC 363.3 14.1 1,056.3 0.0 0.0 0.0 0.0
SC01 Change in WC - Balance Period -1,042.1
SC02 Change in WC 363.3 14.1 1,056.3 0.0 0.0 0.0 0.0
SC02 Change in WC - Balance Period -1,042.1
SC03 Change in Working Capital 363.3 14.1 1,056.3 0.0 0.0 0.0 0.0
SC03 Change in WC - Balance Period 1,042.2
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 165.3 129.1 85.7 67.2 224.9 200.0 224.9
ii. Borrowings 0.0 0.0 25.0 224.9 0.0
iii. Repayments -36.2 -43.5 -43.5 -67.2 -24.9
Net of Payments -36.2 -43.5 -18.5 157.7 -24.9 -24.9
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
iv. Balance C/F 129.1 85.7 67.2 224.9 200.0
Current Portion of Long Term Debt 43.5 43.5 67.2 224.9 200.0
vi. Interest expenses nan nan nan nan nan 0.0 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 165.3 129.1 85.7 67.2 224.9 200.0 224.9
ii. Borrowings 0.0 0.0 25.0 224.9 0.0 224.9 224.9 224.9 224.9 224.9
iii. Repayments -36.2 -43.5 -43.5 -67.2 -24.9
Net of Payments -36.2 -43.5 -18.5 157.7 -24.9 -24.9
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
iv. Balance C/F 129.1 85.7 67.2 224.9 200.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
vi. Interest expenses nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate nan nan nan nan nan nan nan nan nan
SC02 i. Balance B/F 165.3 129.1 85.7 67.2 224.9 200.0 224.9
ii. Borrowings 0.0 0.0 25.0 224.9 0.0 83.3 83.3 83.3 83.3 83.3
iii. Repayments -36.2 -43.5 -43.5 -67.2 -24.9
Net of Payments -36.2 -43.5 -18.5 157.7 -24.9
iv. Balance C/F 129.1 85.7 67.2 224.9 200.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
vi. Interest expenses nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate nan nan nan nan 0.0 0.0 0.0 0.0 0.0
SC03 i. Balance B/F 165.3 129.1 85.7 67.2 224.9 200.0 224.9
ii. Borrowings 0.0 0.0 25.0 224.9 0.0
iii. Repayments -36.2 -43.5 -43.5 -67.2 -24.9
Net of Payments -36.2 -43.5 -18.5 157.7 -24.9 -24.9
iv. Balance C/F 129.1 85.7 67.2 224.9 200.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
vi. Interest expenses nan nan nan nan nan 0.0 0.0 NaN NaN NaN NaN
vii. Blended Interest expenses rate nan nan nan nan % % % % %
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
<
3.2 Short Term Debt (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E 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 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 0 0 0 0 0 % % % % %
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 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 0 0 0 0 0
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 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 0 0 0 0 0
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 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 0 0 0 0 0
Short Term Int. Expense selection
Short Term Debt Bal. Selection
3.3 Overdraft(Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
i. Balance B/F 176.3 160.8 245.3 1,162.8 849.5 881.9 849.5
ii. Borrowings nan nan nan nan nan
iii. Repayments nan nan nan nan nan
Net of Payments
Adjustments -15.5 84.5 917.6 -313.3 32.4 32.4
iv. Balance C/F 160.8 245.3 1,162.8 849.5 881.9
vi. Interest expenses 1,955.0 3,795.0 155,565.0 160,852.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 116.0 186.9 2209.6 1598.6 0 % % % % %
SC01 i. Balance B/F 176.3 160.8 245.3 1,162.8 849.5 881.9 849.5
ii. Borrowings nan nan nan nan nan
iii. Repayments nan nan nan nan nan
Net of Payments
iv. Balance C/F 160.8 245.3 1,162.8 849.5 881.9
Adjustments -15.5 84.5 917.6 -313.3 32.4 32.4
vi. Interest expenses 1,955.0 3,795.0 155,565.0 160,852.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 116.0 186.9 2209.6 1598.6 0
SC02 i. Balance B/F 176.3 160.8 245.3 1,162.8 849.5 881.9 849.5
ii. Borrowings nan nan nan nan nan
iii. Repayments nan nan nan nan nan
Net of Payments
iv. Balance C/F 160.8 245.3 1,162.8 849.5 881.9
Adjustments -15.5 84.5 917.6 -313.3 32.4 32.4
vi. Interest expenses 1,955.0 3,795.0 155,565.0 160,852.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 116.0 186.9 2209.6 1598.6 0
SC03 i. Balance B/F 176.3 160.8 245.3 1,162.8 849.5 881.9 849.5
ii. Borrowings nan nan nan nan nan
iii. Repayments nan nan nan nan nan
Net of Payments
iv. Balance C/F 160.8 245.3 1,162.8 849.5 881.9
Adjustments -15.5 84.5 917.6 -313.3 32.4 32.4
vi. Interest expenses 1,955.0 3,795.0 155,565.0 160,852.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
vii. Blended Interest expenses rate 116.0 186.9 2209.6 1598.6 0
OD Term Int. Expense selection
OD Term Debt Bal. Selection
4 Interest Expenses (Rs. Millions) FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
LT Interest 9.5 7.5 15.8 5.0 0.0 0.0 0.0 0.0 0.0 0.0
Rate 6.4% 7.0% 20.7% 3.4% 0.0% 0.0 0.0 0.0 0.0 0.0
ST Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 0.0 0.0 0.0 0.0
OD Interest 2.0 3.8 155.6 160.9 0.0 0.0 0.0 0.0 0.0 0.0
Rate 1.2% 1.9% 22.1% 16.0% 0.0% 0.0 0.0 0.0 0.0 0.0
Lease Interest 1.1 1.1 0.9 1.0 0.0 0.0 0.0 0.0 0.0 0.0
Rate 11.7% 11.4% 12.4% 17.8% 0.0% 0.0 0.0 0.0 0.0 0.0
Total Interest Expenses 12.6 12.4 172.3 166.8 0.0 0.0 0.0 0.0 0.0 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 9.8 9.8 8.7 6.4 5.0 4.8 5.0
Additions 0.9 0.0 0.0 0.0 0.0
Repayments 2.1 2.1 2.3 2.4 0.5
Adjustments 0.0 0.0 -0.9 0.0 0.2 0.2
Lease interest expenses 1.1 1.1 0.9 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Average Interest Rate 1165.2 1142.4 1243.6 % % 1784.8 0 % % %
Closing balance 9.8 8.7 6.4 5.0 4.8
Lease Liabilities - Current Portion 1.0 1.2 1.4 1.7 1.7
SC01 Lease - Opening balance 9.8 9.8 8.7 6.4 5.0 4.8 5.0
Additions 0.9 0.0 0.0 0.0 0.0 0.0
Repayments 2.1 2.1 2.3 2.4 0.5 2.4 2.4 2.4 2.4 2.4
Closing balance 9.8 8.7 6.4 5.0 4.8
Adjustments 0.0 0.0 -0.9 0.0 0.2 0.2
Lease interest expenses 1.1 1.1 0.9 1.0 0.0 89.2 89.2 0.0 0.0 0.0 0.0
Blended lease interest rate 1165.2 1142.4 1243.6 1784.8 1784.8 1784.8 1784.8 1784.8 1784.8
SC02 Lease - Opening balance 9.8 9.8 8.7 6.4 5.0 4.8 5.0
Additions 0.9 0.0 0.0 0.0 0.0 0.0
Repayments 2.1 2.1 2.3 2.4 0.5 2.4
Adjustments 0.0 0.0 -0.9 0.0 0.2 0.2
Closing balance 9.8 8.7 6.4 5.0 4.8
Lease interest expenses 1.1 1.1 0.9 1.0 0.0 69.5 69.5 0.0 0.0 0.0 0.0
Blended lease interest rate 1165.2 1142.4 1243.6 1784.8 1,390.3
SC03 Lease - Opening balance 9.8 9.8 8.7 6.4 5.0 4.8 5.0
Lease Additions 0.9 0.0 0.0 0.0 0.0
Repayments 2.1 2.1 2.3 2.4 0.5
Adjustments 0.0 0.0 -0.9 0.0 0.2 0.2
Closing balance 9.8 8.7 6.4 5.0 4.8
Lease interest expenses 1.1 1.1 0.9 1.0 0.0 NaN NaN NaN NaN NaN NaN
Blended lease interest rate 1165.2 1142.4 1243.6 1784.8 % % % % %
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 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 0.0 8.9 7.4 5.0 3.6 3.3 3.6
Additions 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 -0.9 0.0 0.0 0.0
Amortisation 1.4 1.5 1.5 1.4 0.4
Rate nan 16.4 19.6 28.2 9.8
Closing balance 8.9 7.4 5.0 3.6 3.3
SC01 Opening balance 0.0 8.9 7.4 5.0 3.6 3.3 3.6 3.6 3.6 3.6 3.6
Additions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 -0.9 0.0 0.0 0.0
Amortisation/Depreciation 1.4 1.5 1.5 1.4 0.4
Rate nan 16.4 19.6 28.2 9.8 28.2 28.2 28.2 28.2 28.2
Closing balance 8.9 7.4 5.0 3.6 3.3
SC02 Opening balance 0.0 8.9 7.4 5.0 3.6 3.3 3.6 3.6 3.6 3.6 3.6
Additions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 -0.9 0.0 0.0 0.0
Amortisation/Depreciation 1.4 1.5 1.5 1.4 0.4
Rate nan 16.4 19.6 28.2 9.8 21.4 21.4 21.4 21.4 21.4
Closing balance 8.9 7.4 5.0 3.6 3.3
SC03 Opening balance 0.0 8.9 7.4 5.0 3.6 3.3 3.6
Additions 0.0 0.0 0.0 0.0 0.0
Amortisation/Depreciation 1.4 1.5 1.5 1.4 0.4
Adjustments 0.0 0.0 -0.9 0.0 0.0 0.0
Closing balance 8.9 7.4 5.0 3.6 3.3
rousa addition selection
rousa repay selection
rousa bal C/F selection
5 Intangible Assets (Rs. Millions) FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 242.3 244.7 247.6 248.8 247.8 247.4 247.8
Additions 2.4 3.3 2.3 0.5 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation 0.0 0.4 1.1 1.5 0.4
Rate 0.0 0.3 0.9 1.2 0.2
Closing balance 244.7 247.6 248.8 247.8 247.4
SC01 Opening balance 242.3 244.7 247.6 248.8 247.8 247.4 247.8 247.8 247.8 247.8 247.8
Additions 2.4 3.3 2.3 0.5 0.0 0.5 0.5 0.5 0.5 0.5
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation/Depreciation 0.0 0.4 1.1 1.5 0.4
Rate 0.0 0.3 0.9 1.2 0.2 1.2 1.2 1.2 1.2 1.2
Closing balance 244.7 247.6 248.8 247.8 247.4
SC02 Opening balance 242.3 244.7 247.6 248.8 247.8 247.4 247.8 247.8 247.8 247.8 247.8
Additions 2.4 3.3 2.3 0.5 0.0 2.0 2.0 2.0 2.0 2.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation/Depreciation 0.0 0.4 1.1 1.5 0.4
Rate 0.0 0.3 0.9 1.2 0.2 0.8 0.8 0.8 0.8 0.8
Closing balance 244.7 247.6 248.8 247.8 247.4
SC03 Opening balance 242.3 244.7 247.6 248.8 247.8 247.4 247.8
Additions 2.4 3.3 2.3 0.5 0.0
Amortisation/Depreciation 0.0 0.4 1.1 1.5 0.4
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Closing balance 244.7 247.6 248.8 247.8 247.4
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 109.9 50.3 68.7 68.7 30.2 30.2 30.2 30.2
Interest Income 9.5 7.2 11.0 14.1 3.6 -3.6 0.0 0.0 0.0 0.0 0.0
Blended Interest Income Rate 31.2 6.6 21.8 % % 20.5 3.9 % % % % % % %
SC01 ii. Interest Income 9.5 7.2 11.0 14.1 3.6 10.5 14.1 6.2 6.2 6.2 6.2
iii. Blended Interest income rate 31.2 6.6 21.8 % % 20.5 20.5 20.5 20.5 20.5 20.5
SC02 ii. Interest Income 9.5 7.2 11.0 14.1 3.6 -3.6 0.0 0.0 0.0 0.0 0.0
iii. Blended Interest income rate 31.2 6.6 21.8 % % 20.5 % % % 16.3 16.3 16.3 16.3 16.3
SC03 i. Cash & CE Balance C/F 109.9 50.3 68.7 30.2 30.2 30.2 30.2
ii. Interest Income 9.5 7.2 11.0 14.1 3.6 -3.6 0.0 0.0 0.0 0.0 0.0
iii. Blended Interest income rate 31.2 6.6 21.8 20.5 0.0 0.0 0.0 0.0 0.0
Int. Income selection 0.0 14.1 0.0 0.0 0.0 0.0
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 326.2 389.8 69.1 -289.9 2.5 0.0 0.0 0.0 0.0
Tax B/F -7.8 19.3 40.2 0.0 0.0 0.0 0.0 0.0 0.0
Tax Provision for the Year 69.1 73.4 10.3 0.0 0.7 -0.7 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 31.9 0.0 -0.7 -0.7
Taxes paid (prov. for the previous year) 42.1 52.5 82.3 0.0 0.0 0.7 0.7
Tax C/F 19.3 40.2 0.0 0.0 0.0 -1.4 -1.4 0.0 0.0 0.0 0.0
Tax Rate 0 0 0 % % 30.0 30.0 % % % % % % % %
SC01 ii. Balance B/F -7.8 19.3 40.2 0.0 0.0 0.0 0.0 2.8 -1.4 -1.4 -1.4
iii. Tax provision for the year 69.1 73.4 10.3 0.0 0.7 3.5 4.2 0.0 0.0 0.0 0.0
iv. Taxes paid (provision for the previous year) 42.1 52.5 82.3 0.0 0.0 0.7 0.7 4.2 0.0 0.0 0.0
Adjustments 0.0 0.0 31.9 0.0 -0.7 0.0 -0.7
v. Balance C/F 19.3 40.2 0.0 0.0 0.0 2.8 2.8 -1.4 -1.4 -1.4 -1.4
vi. Tax Rate 0 0 0 30.0 30.0 30.0 30.0 30.0 30.0
SC02 ii. Balance B/F -7.8 19.3 40.2 0.0 0.0 0.0 0.0 0.0 -1.4 -1.4 -1.4
iii. Tax provision for the year 69.1 73.4 10.3 0.0 0.7 0.7 1.4 0.0 0.0 0.0 0.0
iv. Taxes paid (provision for the previous year) 42.1 52.5 82.3 0.0 0.0 0.7 0.7 1.4 0.0 0.0 0.0
Adjustments 0.0 0.0 31.9 0.0 -0.7 0.0 -0.7
v. Balance C/F 19.3 40.2 0.0 0.0 0.0 0.0 0.0 -1.4 -1.4 -1.4 -1.4
vi. Tax Rate 0 0 0 30.0 10.0 10.0 10.0 10.0 10.0
SC03 ii. Balance B/F -7.8 19.3 40.2 0.0 0.0 0.0 0.0 -1.4 -1.4 -1.4 -1.4
iii. Tax provision for the year 69.1 73.4 10.3 0.0 0.7 -0.7 0.0 0.0 0.0 0.0 0.0
iv. Taxes paid (provision for the previous year) 42.1 52.5 82.3 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 31.9 0.0 -0.7 0.0 -0.7
v. Balance C/F 19.3 40.2 0.0 0.0 0.0 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4
vi. Tax Rate 0 0 0 30.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0
PBT SC 01 FLAT RATE -75.1 6.2 6.2 6.2 6.2
PBT SC 02 AVG RATE -69.5 0.0 0.0 0.0 0.0
PBT SC 03 FLAT RATE 0.0 0.0 0.0 0.0 0.0


Item FY25E FY26E FY27E FY28E FY29E Your Comments
REVENUE
1 Manufacturing YoY% 0.0 0.0 0.0 0.0 0.0
2 Trading YoY% 0.0 0.0 0.0 0.0 0.0
3 Others YoY% 0.0 0.0 0.0 0.0 0.0
4 Segment YoY% 0.0 0.0 0.0 0.0 0.0
5 Segment YoY% 0.0 0.0 0.0 0.0 0.0
6 Other YoY% 0.0 0.0 0.0 0.0 0.0
7 Total Revenue YoY% 0.0 -100.0 NaN NaN NaN
COSTS
1 COGS - As a % of sales 0.0 0.0 0.0 0.0 0.0
2 Administration - As a % of sales 0.0 0.0 0.0 0.0 0.0
3 Selling & Distribution - As a % of sales 0.0 0.0 0.0 0.0 0.0
4 Capital Expenditure - As a % of sales 0.0 0.0 0.0 0.0 0.0
OTHER
1 Depreciation charge - As a % of sales 0.0 0.0 0.0 0.0 0.0
2 2.1 Accounts and notes receivables - As a % of sales 0.0 0.0 0.0 0.0 0.0
2 2.2 Inventories - As a % of COGS 0.0 0.0 0.0 0.0 0.0
2 2.3 Prepayments - As a % of sales 0.0 0.0 0.0 0.0 0.0
2 2.4 Accounts payable - As a % of COGS 0.0 0.0 0.0 0.0 0.0
2 2.5 Other - As a % of COGS 0.0 0.0 0.0 0.0 0.0
3 Debt Borowwings Rs. 0.0 0.0 0.0 0.0 0.0
3 Debt Repayments Rs. 0.0 0.0 0.0 0.0 0.0
3 Blended Interest Rate % 0.0 0.0 0.0 0.0 0.0
4 Lease Repayments Rs. 0.0 0.0 0.0 0.0 0.0
4 Lease Interest Rate % 0.0 0.0 0.0 0.0 0.0
5 Blended Interest Income Rate % 0.0 0.0 0.0 0.0 0.0
6 Tax Rate % 0.0 0.0 0.0 0.0 0.0
7 ST Debt Interest Rate % 0.0 0.0 0.0 0.0 0.0
7 OD Debt Interest Rate % 0.0 0.0 0.0 0.0 0.0
>
Income Statement Notes FY21 FY22 FY23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Combined Revenue 3,651.2 4,601.2 6,444.3 5,798.8 1,597.4 4,201.4 5,798.8 0.0 0.0 0.0 0.0
COGS 2,646.1 3,459.9 5,057.9 4,521.9 1,210.7
Gross Profit 1,005.2 1,141.3 1,386.3 1,276.9 386.6 5,412.2 5,798.8 0.0 0.0 0.0 0.0
Other Income 2.4 28.3 23.8 20.3 8.9 0 8.9
Administration Exp. 190.0 222.0 289.7 350.9 97.9
Selling & Distribution Exp. 441.2 447.0 742.8 802.8 221.7
Depreciation 156.8 174.7 194.3 222.6 52.7
Amortisation 1.4 1.9 2.5 2.9 0.7
Other Operating Expenses 47.1 105.7 147.2 280.7 54.4 0.0 54.4
Operating Income 329.3 394.9 230.5 -137.2 21.5 -21.5 NaN 0.0 0.0 0.0 0.0
Interest Expenses 12.6 12.4 172.3 166.8 22.6 -22.6 0.0 0.0 0.0 0.0 0.0
Interest Income 9.5 7.2 11.0 3.6 10.5 14.1 0.0 0.0 0.0 0.0
Other (Expenses)/Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Profit Before Tax 326.2 389.8 69.1 -289.9 2.5 11.6 14.1 0.0 0.0 0.0 0.0
Tax Expenses -5.3 -60.2 -55.2 71.7 -0.7 0.0 0.0 0.0 0.0 0.0 0.0
Profit After Tax 321.0 329.6 13.9 -218.3 1.8 12.3 14.1 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income 321.0 329.6 13.9 -218.3 1.8 12.3 14.1 0.0 0.0 0.0 0.0
Cash Flow Statement Forecast Ref. FY21 FY22 FY23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Profit Before Tax From IS 326.2 389.8 69.1 -289.9 2.5 11.6 14.1 0.0 0.0 0.0 0.0
Depreciation From OA 1.1 156.8 174.7 194.3 222.6 52.7
Right of Use Asset - Amortisation 1.4 1.5 1.5 1.4 0.4 -0.4
Intangible Asset Amortisation 0.0 0.4 1.1 1.5 0.4 -0.4
Change in Working Capital From OA 2 -169.4 -66.7 -745.6 363.3 14.1 -14.1
CWC Adjustment -0.1 -0.1
Income Tax Paid From OA 5 42.1 52.5 82.3 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.0
Other 38.5 -38.5 -61.1 75.4 -35.6 0 -35.6
Net Cash Flow from / (used in) Operating Activities 311.4 408.7 -623.0 374.3 34.4 -4.1 -22.3 0.0 0.0 0.0 0.0
Capital Expenditure From CA 4 87.7 123.5 289.8 188.9 16.9
Acquisition of Right to Use Assets From CA 4 0.0 0.0 0.0 0.0 0.0
Acquisition of Intangible Assets From CA 4 2.4 3.3 2.3 0.5 0.0
Other 0.2 0.2 13.9 0.2 0.0 0 0.0
Cash Flows from Investing Activities -90.0 -126.7 -278.2 -189.2 -16.9
Borrowings 0.0 0.0 25.0 224.9 0.0
Debt Repayments 36.2 43.5 43.5 67.2 24.9
Net of Borrowings/ Repayments -36.2 -43.5 -18.5 157.7 -24.9
Adjustments to match published numbers 32.4 32.4
Lease Additions
Lease Repayments 2.1 2.1 2.3 2.4 0.5
Other -178.5 -242.2 -51.0 -12.8 0.0 0 0.0
Net Cash flows from / (used in) Financing Activities -216.8 -287.8 -71.7 142.5 -25.4
Other -0.1 0.7 -4.2 4.1 -2.0 -2.0
Net Increase/(Decrease) in Cash and Cash Equivalents 4.7 -5.8 -973.0 327.6 -7.9 -36.5 -68.8 0.0 0.0 0.0 0.0
Favourable/Unfavourable Balances 160.3 245.3 1,162.8 849.5 881.9
Cash and CE at Start -134.9 -130.3 -135.4 -1,112.6 -780.9 91.1 -780.9 30.2 30.2 30.2 30.2
Cash and CE at End -130.3 -135.4 -1,112.6 -780.9 -790.8 54.6 30.2 30.2 30.2 30.2 30.2
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 1,546.0 1,502.9 1,702.0 1,675.9 1,640.2
nan nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
nan nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Intangible assets 244.7 247.6 248.8 247.8 247.4
Right of Use Asset 8.9 7.4 5.0 3.6 3.3
Non-current financial assets 45.1 51.3 48.5 58.8 60.1 60.1 60.1 60.1 60.1 60.1 60.1
Other 9.1 8.4 22.9 28.7 28.3 28.3 28.3 28.3 28.3 28.3 28.3
Non Current Assets 1,853.8 1,817.6 2,027.3 2,014.8 1,979.3
Inventories From OA 2.2 543.1 585.7 1,194.4 889.5 859.9
Trade and Other Receivables From OA 2.1 463.5 621.5 685.4 731.3 780.3
Prepayments From OA 2.3 0.0 0.0 0.0 0.0 0.0
Amounts Due From Related Parties 162.8 196.2 235.7 205.6 237.5 237.5 237.5 237.5 237.5 237.5 237.5
Other Financial Assets 15.4 108.6 77.8 20.2 30.2 30.2 30.2 30.2 30.2 30.2 30.2
Income Tax Recoverable 0.0 0.0 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9
Cash and Cash Equivalent From CFS 30.0 109.9 50.3 68.7 91.1 54.6 30.2 30.2 30.2 30.2 30.2
Current Assets 1,214.8 1,621.9 2,275.4 1,947.1 2,030.9 354.2 329.9 329.8 329.8 329.8 329.8
Total Assets 3,068.6 3,439.5 4,302.7 3,961.9 4,010.2 354.2 329.9 329.8 329.8 329.8 329.8
Equities and Liabilities
Stated Capital 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8 1,294.8
Reserves 399.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 422.7 503.3 399.7 143.0 144.8 157.1 143.0 143.0 143.0 143.0 143.0
Adjustments for Reported Number discprencies 0.0
Other 1,294.8 0.0
Other 358.8 394.5 413.8 425.4 424.2 424.2 424.2 424.2 424.2 424.2 424.2
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Total Equity 2,076.4 2,192.6 2,108.3 1,863.3 1,863.8 1,876.1 1,862.0 1,862.0 1,862.0 1,862.0 1,862.0
Long Term Debt From OA 3 85.7 42.2 0.0 0.0 0.0
Financing and Lease Payables From OA 4 8.7 7.4 5.0 3.4 3.0
Employee benefit liabilities 121.4 144.1 114.1 160.4 166.3 166.3 166.3 166.3 166.3 166.3 166.3
Deferred tax liabilities 158.0 150.6 286.5 206.2 206.9 206.9 206.9 206.9 206.9 206.9 206.9
0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non Current Liabilities 373.8 344.3 405.6 370.0 376.2
Current Maturities of Long Term Debt 43.5 43.5 67.2 224.9 200.0
Trade Payables From OA 2.4 366.8 527.2 506.0 564.5 598.1
13. Amounts due to related parties 9.3 21.9 15.0 45.2 39.1 39.1 39.1 39.1 39.1 39.1 39.1
Income Tax Liabilities From OA 6 19.3 40.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Lease Liabilities 1.0 1.2 1.4 1.7 1.7
Other Accruals From OA 2.5
Other 17.9 23.4 36.3 42.9 49.4 49.4 49.4 49.4 49.4 49.4 49.4
Short Term Loans nan nan nan nan nan
Bank overdraft 160.8 245.3 1,162.8 849.5 881.9
Bank overdraft 160.8 245.3 1,162.8 849.5 881.9 881.9 881.9 881.9 881.9 881.9 881.9
Current Liabilities 618.5 902.6 1,788.8 1,728.6 1,770.2 88.5 88.5 88.5 88.5 88.5 88.5
Total Equity and Liabilities 3,068.6 3,439.5 4,302.7 3,961.9 4,010.2 1,964.6 1,950.5 1,950.5 1,950.5 1,950.5 1,950.5
Check -1,610.4 -1,620.6 -1,620.7 -1,620.7 -1,620.7 -1,620.7

DCF Enterprise Value

Rs. Millions Notes 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E 9M FY25E FY25Ehidden Jul - Mar FY25E FY26E FY27E FY28E FY29E
1. EBIT From FF 6 -21.5 0.0 0.0 0.0 0.0
2. Tax From OA 6 0.7 0.0 0.0 0.0 0.0
3. Depreciation From OA 1 -0.8 0.0 0.0 0.0 0.0
4. Adjustments User Input
5. Capital Expenditure From CA 4 -16.9
6. Changes in Working Capital From OA 2 -14.1
7. Free Cash Flow 0.0 0.0 0.0 0.0 0.0
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 0.0 0.0 0.0 0.0 NaN
12. DCF Enterprise Value NaN
13. Net (Debt)/Cash -995.5
14. Pension Underfunding From BS
15. Other User input cell
14. Adjustment User Input
15. DCF Valuation - Equity Value NaN
16. Number of Shares 25.5
17. Price per Share (Rs.) 0.0

Weighted Average Costs of Capital (WACC)

Symbol User Input Reference Source for Reference
1. Risk Free Rate Rf % 18.8% SL 10yr bond yield
2. Long term cost of debt Kd % 25.0% Weighted avg. int. rate
3. Equity risk premium Rp % 10.0% External Source
4. Beta B % 125.0% CSE
5.Tax Rate t % 30.0% SL tax rate
6. Debt Weighting Wd % 50.0%
7. Equity Weighting We % 50.0%
8. Cost of Equity Ke 1+(3*4)=8 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 14.10 1,863.3 5,798.80
2. Adjusted Multiple 10 10 10
3. Valuation (Rs. Millions) 1*2=3 141.0 18,633.0 57,988.0
4. Number of Shares (Millions) 25.5 25.5 25.5
5. Price per Share(Rs.) 0.0 0.0 0.0
Peer Multiples Notes Price to Earnings Price to Book Value Price to Sales
Average 0 0 0
Adjustment
Adjusted Multiple 10 10 10
Date Research Organisation Recommendation Target Price (Rs.)
0 7.437 0 0

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