Company Overview - Keellsfoodproducts

Keellsfoodproducts

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
Manufacturing	YoY%	-10.7
Trading	YoY%	6.5
Others	YoY%	nan
Segment	YoY%	nan
Segment	YoY%	nan
Other	YoY%	nan
COSTS
Excise Duty	% of Rev.	0.0
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

-->

REVENUE		FY25E to FY29E
Manufacturing	YoY%
Trading	YoY%
Others	YoY%
Segment	YoY%
Segment	YoY%
Other	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		3,651.2	4,601.2	6,444.3	1,368.0	1,424.7	5,798.8	1,597.4
	YoY%		nan	26.0	40.1				-10.0	13.4

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Manufacturing	3,393.2	4,255.1	6,199.1	0.0	1,327.2	0.0	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
	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
	LY YoY%	nan	25.4	45.7				-10.7
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	0.0	40.8	0.0	261.0	68.9
	YoY%	nan	34.1	-29.2				6.5	68.9
SC01	Trading	258.1	346.1	245.2				261.0
	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	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
	LY YoY%	nan	nan	nan				nan
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	0.0	0.0	0.0
	YoY%	nan	nan	nan				nan	nan
SC01	Segment	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	0.0	0.0	0.0
	YoY%	nan	nan	nan				nan	nan
SC01	Segment	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
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	Other	0.0	0.0	0.0	0.0
	LY YoY%	nan	nan	nan	nan
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	1,368.0	1,424.7	5,798.8
SC01	S01Total Revenue	3,651.2	4,601.2	6,444.3	1,368.0	1,424.7	5,798.8
SC02	S02Total Revenue	3,651.2	4,601.2	6,444.3	1,368.0	1,424.7	5,798.8
SC03	S03Total Revenue	3,651.2	4,601.2	6,444.3	1,368.0	1,424.7	5,798.8

Checkbox Selection Revenue

	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
	YoY%		nan	26.0	40.1				-10.0	13.4

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Manufacturing

	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
	Number of Retail Customer Touchpoints	30,000.0	33,000.0	32,000.0	29,000.0
	YoY%
	Revenue per Outlet	121,708.0	139,431.2	201,383.4		199,959.1
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	3,651.2	4,601.2	6,444.3	5,798.8
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Trading

	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
	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	nan	nan	nan		}	nan
	YoY%
	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
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Others
	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
	nan	nan	nan	nan		}	nan
	YoY%
	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
	YoY%
	Segment Revenue	nan	nan	nan	nan
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Segment
	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	2,646.1	3,459.9	5,057.9	1,056.5	1,108.2	1,128.9	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	1,056.5	1,108.2	1,128.9	4,299.3	1,158.1
	- As a % of sales	68.2%	71.4%	75.5%	82.0%	77.1%	79.2%	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
	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
	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%
	COGS selection
	COGS% selection

2	Administration Expenses	190.0	222.0	289.7	65.3	84.3	89.3	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	65.3	84.3	89.3	349.4	97.9
	- As a % of sales	5.2%	4.8%	4.5%	5.1%	6.1%	6.3%	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	187.7	183.9	193.3	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	187.7	183.9	193.3	801.3	221.3
	- As a % of sales	12.0%	9.7%	11.5%	14.6%	13.4%	13.6%	13.8%	13.9%
SC01	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
	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%	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	0.0	62.8	0.0	0	188.9	16.9	0	0	0
	- As a % of sales	2.4%	2.7%	4.5%	0%	4.6%	0%		3.3%	1.1%
SC01	Capital Expenditure	87.7	123.5	289.8					188.9	16.9
	- As a % of sales	2.4%	2.7%	4.5%					3.3%					3.3%	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	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	2,322.9	2,419.9	2,519.0	0.0	2,829.4	0.0	0.0	2,829.4	2,998.5	3,015.4	2,998.5
	Capital Expenditure	87.7	123.5	289.8	0.0	62.8	0.0	222		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	0.0	2,892.2	0.0		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
	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	1,546.0	1,127.3	-1,546.0	1,711.4		1,127.3	1,322.6				1,375.2	1,322.6
	Depreciation charge	156.8	174.7	194.3	0.0	53.5	0.0			222.6	52.7
	- As a % of sales	4.3%	3.8%	3.0%	0%	3.9%	0%			3.8%	3.3%
	Balance C/F	873.9	1,016.2	1,127.3	1,546.0	1,180.8	1,711.4	0	0	1,322.6	1,375.2	0	0	0	0	0	0	0	0	0
	Adjustments	nan	nan	nan						nan	nan					nan
	Net Book Value at end	1,546.0	1,502.9	1,702.0	-1,546.0	1,711.4	-1,711.4			1,675.9	1,640.2
SC01	Balance B/F	739.4	873.9	1,016.2						1,127.3	1,322.6				1,375.2	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
	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
SC02	Balance B/F	739.4	873.9	1,016.2						1,127.3	1,322.6				1,375.2	1,322.6
SC02	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
	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
SC03	Balance B/F	739.4	873.9	1,016.2						1,127.3	1,322.6				1,375.2	1,322.6
SC03	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
	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
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	463.5	621.5	685.4	0.0	0.0	0.0	731.3	780.3
	- As a % of sales	12.7	13.5	10.6	0	0	0	12.6	12.9
	Four Qtr Cum. Revenue				1,424.7	2,792.7	4,081.8
	Four Qtr Cum. COGS				-1,128.9	-2,237.0	-3,293.6
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				1,424.7	2,792.7	4,081.8
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				-1,128.9	-2,237.0	-3,293.6
	Debtors selection

	2.2 Inventories	543.1	585.7	1,194.4	0.0	990.7	0.0	889.5	859.9
	- As a % of COGS	20.5	16.9	23.6	0	89.4	0	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	nan	nan	nan	0.0	0.0
	- As a % of sales	0	0	0	0	0	0	0	0
SC01	2.3 Prepayments	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	0.0	0.0	0.0	564.5	598.1
	- As a % of COGS	13.9	15.2	10.0	0	0	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
- 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						363.3	14.1
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						363.3	14.1
SC01 Change in WC - Balance Period
SC02 Change in WC						363.3	14.1
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						363.3	14.1
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	165.3	129.1	85.7	0.0	67.2	31.4	0.0		67.2	224.9				200.0	224.9
	ii. Borrowings	0.0	0.0	25.0	0.0	-35.9	0.0			224.9	0.0
	iii. Repayments	-36.2	-43.5	-43.5	0.0	0.0	-31.4			-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	nan	49.3	33.6			0.0	0.0					0.0
	iv. Balance C/F	129.1	85.7	67.2	0.0	31.4	0.0			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	nan			nan	nan
	vii. Blended Interest expenses rate	nan	nan	nan	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
	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
	vii. Blended Interest expenses rate	nan	nan	nan						nan
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
	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

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	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
	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
	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
	vii. Blended Interest expenses rate	0	0	0	0	0
	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	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
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
	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
	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
	vii. Blended Interest expenses rate	116.0	186.9	2209.6	1598.6	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	9.5	7.5	15.8	5.0	0.0
Rate	6.4%	7.0%	20.7%	3.4%	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	2.0	3.8	155.6	160.9	0.0
Rate	1.2%	1.9%	22.1%	16.0%	0.0%
Lease Interest	1.1	1.1	0.9	1.0	0.0
Rate	11.7%	11.4%	12.4%	17.8%	0.0%
Total Interest Expenses	12.6	12.4	172.3	166.8	0.0

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Lease - Opening balance	9.8	9.8	8.7	0.0	6.4	6.2	0.0		6.4	5.0				4.8	5.0
	Additions	0.9	0.0	0.0	0.5	0.0			0.0	0.0
	Repayments	2.1	2.1	2.3	0.0	0.0	6.2			2.4	0.5
	Adjustments	0.0	0.0	-0.9	0.0	0.0	0.0			0.0	0.2					0.2
	Lease interest expenses	1.1	1.1	0.9	0.0	0.0	0.0			1.0	0.0
	Average Interest Rate	1165.2	1142.4	1243.6	nan	nan	nan	%	%	1784.8	0	%	%	%
	Closing balance	9.8	8.7	6.4	0.0	6.2	0.0			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
	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
	Blended lease interest rate	1165.2	1142.4	1243.6						1784.8
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
	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	3Q25E	4Q25E	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			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	0.0	66.7	0.0		50.3	68.7					68.7
	Interest Income	9.5	7.2	11.0	2.9	3.1	3.7			14.1	3.6
	Blended Interest Income Rate	31.2	6.6	21.8	0	4.6	0	%	%	20.5	3.9	%	%	%			%	%	%	%
SC01	ii. Interest Income	9.5	7.2	11.0	2.9	3.1	3.7			14.1	3.6
	iii. Blended Interest income rate	31.2	6.6	21.8	0	4.6	0	%	%	20.5						20.5	20.5	20.5	20.5	20.5
SC02	ii. Interest Income	9.5	7.2	11.0	2.9	3.1	3.7			14.1	3.6
	iii. Blended Interest income rate	31.2	6.6	21.8	0	4.6	0	%	%	20.5		%	%	%
SC03	i. Cash & CE Balance C/F			109.9					50.3						68.7
	ii. Interest Income	9.5	7.2	11.0						14.1	3.6
	iii. Blended Interest income rate	31.2	6.6	21.8						20.5						%	%	%	%	%
	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	326.2	389.8	69.1	-124.0	-125.1	-93.3			-289.9	2.5
	Tax B/F	-7.8	19.3	40.2	0.0	0.0	0.0	0.0		0.0	0.0				0.0	0.0
	Tax Provision for the Year	69.1	73.4	10.3	-37.8	-34.6	-26.1			0.0	0.7
	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	-34.6	-26.1	-26.1		0.0	0.0
	Tax C/F	19.3	40.2	0.0	0.0	0.0	0.0			0.0	0.0
	Tax Rate	0	0	0	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
	iii. Tax provision for the year	69.1	73.4	10.3						0.0	0.7
	iv. Taxes paid (provision for the previous year)	42.1	52.5	82.3						0.0	0.0					0.0
	Adjustments	0.0	0.0	31.9						0.0	-0.7					-0.7
	v. Balance C/F	19.3	40.2	0.0						0.0	0.0
	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
	iii. Tax provision for the year	69.1	73.4	10.3						0.0	0.7
	iv. Taxes paid (provision for the previous year)	42.1	52.5	82.3						0.0	0.0					0.0
	Adjustments	0.0	0.0	31.9						0.0	-0.7					-0.7
	v. Balance C/F	19.3	40.2	0.0						0.0	0.0
	vi. Tax Rate	0	0	0						30.0
SC03	ii. Balance B/F	-7.8	19.3	40.2						0.0	0.0				0.0	0.0
	iii. Tax provision for the year	69.1	73.4	10.3						0.0	0.7
	iv. Taxes paid (provision for the previous year)	42.1	52.5	82.3						0.0	0.0					0.0
	Adjustments	0.0	0.0	31.9						0.0	-0.7					-0.7
	v. Balance C/F	19.3	40.2	0.0						0.0	0.0
	vi. Tax Rate	0	0	0						30.0
	Tax prov. selection
	Tax paid selection
	Tax bal C/F selection
	Tax Rate selection
	PBT SC 04 & 05 STD VS CUS
	PBT SC 01 FLAT RATE
	PBT SC 02 AVG RATE
	PBT SC 03 FLAT RATE

	Item
REVENUE
1	Manufacturing	YoY%
2	Trading	YoY%
3	Others	YoY%
4	Segment	YoY%
5	Segment	YoY%
6	Other	YoY%
7	Total Revenue	YoY%
COSTS
1	COGS	- As a % of sales
2	Administration	- As a % of sales
3	Selling & Distribution	- As a % of sales
4	Capital Expenditure	- As a % of sales
OTHER
1	Depreciation charge	- As a % of sales
2	2.1 Accounts and notes receivables	- As a % of sales
2	2.2 Inventories	- As a % of COGS
2	2.3 Prepayments	- As a % of sales
2	2.4 Accounts payable	- As a % of COGS
2	2.5 Other	- As a % of COGS
3	Debt Borowwings	Rs.
3	Debt Repayments	Rs.
3	Blended Interest Rate	%
4	Lease Repayments	Rs.
4	Lease Interest Rate	%
5	Blended Interest Income Rate	%
6	Tax Rate	%
7	ST Debt Interest Rate	%
7	OD Debt Interest Rate	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24	1Q25	9M FY25E	FY25E
Combined Revenue	3,651.2	4,601.2	6,444.3	1,368.0	1,424.7	5,798.8	1,597.4
Excise Duty	0.0	0.0	0.0			0.0	0.0
COGS	2,646.1	3,459.9	5,057.9	1,108.2	1,128.9	4,521.9	1,210.7
Gross Profit	1,005.2	1,141.3	1,386.3	259.9	295.8	1,276.9	386.6
Other Income	2.4	28.3	23.8			20.3	8.9	0	8.9
Administration Exp.	190.0	222.0	289.7	84.3	89.3	350.9	97.9
Selling & Distribution Exp.	441.2	447.0	742.8	183.9	193.3	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	62.3	63.7	280.7	54.4		54.4
Operating Income	329.3	394.9	230.5	-70.7	-50.4	-137.2	21.5
Interest Expenses	12.6	12.4	172.3			166.8	22.6
Interest Income	9.5	7.2	11.0	3.1	3.7		3.6
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Profit Before Tax	326.2	389.8	69.1	-125.1	-93.3	-289.9	2.5
Tax Expenses	-5.3	-60.2	-55.2	-34.6	-26.1	71.7	-0.7
Profit After Tax	321.0	329.6	13.9	-90.4	-67.2	-218.3	1.8
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	321.0	329.6	13.9	-90.4	-67.2		1.8

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	326.2	389.8	69.1	-125.1	-93.3		-289.9	2.5
Depreciation	From OA 1.1	156.8	174.7	194.3	53.5	0.0		222.6	52.7
Right of Use Asset - Amortisation		1.4	1.5	1.5					1.4	0.4
Intangible Asset Amortisation		0.0	0.4	1.1				1.5	0.4
Change in Working Capital	From OA 2	-169.4	-66.7	-745.6	141.2	0.0		363.3	14.1
CWC Adjustment											-0.1	-0.1
Income Tax Paid	From OA 5	42.1	52.5	82.3	0.0	0.0		0.0	0.0
Other		38.5	-38.5	-61.1	36.6	0.0		75.4	-35.6		0	-35.6
Net Cash Flow from / (used in) Operating Activities		311.4	408.7	-623.0	106.9	-93.3		374.3	34.4
Capital Expenditure	From CA 4	87.7	123.5	289.8	62.8	0.0		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	0.0	0.0		0.2	0.0		0	0.0
Cash Flows from Investing Activities		-90.0	-126.7	-278.2	-62.8	0.0		-189.2	-16.9
Borrowings		0.0	0.0	25.0	0.0	0.0		224.9	0.0
Debt Repayments		36.2	43.5	43.5	35.9	0.0		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	0.5	0.0		2.4	0.5
Other		-178.5	-242.2	-51.0	-12.8	0.0		-12.8	0.0		0	0.0
Net Cash flows from / (used in) Financing Activities		-216.8	-287.8	-71.7	-49.1<	0.0		142.5	-25.4
Other		-0.1	0.7	-4.2	nan	nan		4.1	-2.0			-2.0
Net Increase/(Decrease) in Cash and Cash Equivalents		4.7	-5.8	-973.0	-5.0	-93.3		327.6	-7.9
Favourable/Unfavourable Balances		160.3	245.3	1,162.8	1,184.3	1,208.8		849.5	881.9
Cash and CE at Start		-134.9	-130.3	-135.4	-1,112.6	-1,115.5	4Q	-1,112.6	-780.9		91.1	-780.9
Cash and CE at End		-130.3	-135.4	-1,112.6	-1,117.6			-780.9	-790.8

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	1,711.4	-1,711.4			1,675.9	1,640.2
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	53.6	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
Intangible assets		244.7	247.6	248.8	249.0	0.0	247.4	247.4	247.8	247.4	247.4	247.4	247.4
Right of Use Asset		8.9	7.4	5.0	4.7	0.0	3.3	3.3	3.6	3.3	3.3	3.3	3.3
Non-current financial assets		45.1	51.3	48.5	53.6	0.0	60.1	60.1	58.8	60.1	60.1	60.1	60.1	60.1	60.1	60.1	60.1	60.1	60.1
Other		9.1	8.4	22.9	25.0	0.0	28.3	28.3	28.7	28.3	28.3	28.3	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	2,097.3	0.0			2,014.8	1,979.3
Inventories	From OA 2.2	543.1	585.7	1,194.4	990.7	0.0			889.5	859.9
Trade and Other Receivables	From OA 2.1	463.5	621.5	685.4	0.0	0.0			731.3	780.3
Prepayments	From OA 2.3	0.0	0.0	0.0	nan	nan			0.0	0.0
Amounts Due From Related Parties		162.8	196.2	235.7	254.0	0.0	237.5	237.5	205.6	237.5	237.5	237.5	237.5	237.5	237.5	237.5	237.5	237.5	237.5
Other Financial Assets		15.4	108.6	77.8	47.7	0.0	30.2	30.2	20.2	30.2	30.2	30.2	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	0.0	31.9	31.9	31.9	31.9	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	66.7	0.0			68.7	91.1
Current Assets		1,214.8	1,621.9	2,275.4	1,390.9	0.0			1,947.1	2,030.9
Total Assets		3,068.6	3,439.5	4,302.7	3,488.2	0.0				4,010.2
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	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Retained Earnings		422.7	503.3	399.7	296.5	296.5			143.0	144.8
Adjustments for Reported Number discprencies															0.0
Other		1,294.8														0.0
Other		358.8	394.5	413.8	nan	nan	424.2	424.2	425.4	424.2	424.2	424.2	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	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Equity		2,076.4	2,192.6	2,108.3	1,591.3	1,591.3			1,863.3	1,863.8
Long Term Debt	From OA 3	85.7	42.2	0.0	0.0	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	116.7	0.0	166.3	166.3	160.4	166.3	166.3	166.3	166.3	166.3	166.3	166.3	166.3	166.3	166.3
Deferred tax liabilities		158.0	150.6	286.5	251.9	0.0	206.9	206.9	206.2	206.9	206.9	206.9	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		373.8	344.3	405.6	373.3	0.0			370.0	376.2
Current Maturities of Long Term Debt		43.5	43.5	67.2	31.4	0.0			224.9	200.0
Trade Payables	From OA 2.4	366.8	527.2	506.0	0.0	0.0			564.5	598.1
13. Amounts due to related parties		9.3	21.9	15.0	21.6	0.0	39.1	39.1	45.2	39.1	39.1	39.1	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
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	47.1	0.0	49.4	49.4	42.9	49.4	49.4	49.4	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	nan	nan	881.9	881.9	849.5	881.9	881.9	881.9	881.9	881.9	881.9	881.9	881.9	881.9	881.9
Current Liabilities		618.5	902.6	1,788.8	101.5	0.0			1,728.6	1,770.2
Total Equity and Liabilities		3,068.6	3,439.5	4,302.7	2,066.1	1,591.3			3,961.9	4,010.2
Check

DCF Valuation
Relative Valuation

DCF Enterprise Value

Rs. Millions	Notes	Jul - Mar FY25E	FY26E	FY27E	FY28E	FY29E
1. EBIT	From FF 6
2. Tax	From OA 6
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Time for discount rate	Calculation	0.75	1.75	2.75	3.75	4.75
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-995.5
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		25.5
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			1,863.3
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		25.5	25.5	25.5
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	7.437	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

Insert Your Report Prompt Here

AI Draft

Your Draft