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LIOC

Valuation

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
Lanka Auto Diesel YoY% -21.2
Lanka Petrol 92 Octane YoY% 16.5
Xpremium (Euro 3 & 95) YoY% -37.2
Lubricants YoY% -4.0
Bunkering YoY% 31.1
Other YoY% -43.3
COSTS
Excise Duty % of Rev. 0.0
Cost of Sales % of Rev. 90.7
Administration % of Rev. 1.3
Selling & Distribution % of Rev. 3.0
Capital Expenditure % of Rev. 0.5
OTHER
Depreciation charge % of Rev. 0.2
2.1 Accounts and notes receivables % of Rev. 3.4
2.2 Inventories % of COGS 11.0
2.3 Prepayments % of Rev. 0.3
2.4 Accounts payable % of COGS 9.5
2.5 Other % of COGS 0.0
Borrowings Rs.Millions N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate % nan
Long Term Debt Current Portion Rs.Millions 0.0
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 % 2.1
Intangible Assets - Additions Rs.Millions 0.0
Intangible Assets - Amortisation Rate % 0.0
Lease Repayments Rs. N/A
Lease Interest Rate (%) % 11.8
Lease Liabilities Current Portion Rs.Millions 4.3
iii. Blended Interest income rate % 11.1
Effective Tax Rate (%) % 18.4
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REVENUE FY25E to FY29E
Lanka Auto Diesel YoY%
Lanka Petrol 92 Octane YoY%
Xpremium (Euro 3 & 95) YoY%
Lubricants YoY%
Bunkering YoY%
Other YoY%
COSTS
Excise Duty % of Rev.
Cost of Sales % 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
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 %
Effective Tax Rate (%) %
REVENUE FY21 FY22 FY23 FY24 FY25E to FY29E
Lanka Auto Diesel YoY% 9.4 -5.6 504.4 -21.2
Lanka Petrol 92 Octane YoY% 5.1 25.2 216.3 16.5
Xpremium (Euro 3 & 95) YoY% -28.4 37.0 143.4 -37.2
Lubricants YoY% 40.3 79.0 42.5 -4.0
Bunkering YoY% -65.5 112.6 84.3 31.1
Other YoY% 16.9 45.1 112.0 -43.3
COSTS
Excise Duty % of Rev. 0.0 0.0 0.0 0.0
Cost of Sales % of Rev. 94.7 89.7 80.6 90.7
Administration % of Rev. 2.1 1.8 1.2 1.3
Selling & Distribution % of Rev. 2.7 2.1 2.4 3.0
Capital Expenditure % of Rev. 0.5 0.3 0.2 0.5
OTHER
Depreciation charge % of Rev. 0.6 0.5 0.1 0.2
2.1 Accounts and notes receivables % of Rev. 3.9 4.4 1.6 3.4
2.2 Inventories % of COGS 15.1 33.6 16.7 11.0
2.3 Prepayments % of Rev. 0.1 0.1 0.8 0.3
2.4 Accounts payable % of COGS 9.1 17.9 6.5 9.5
2.5 Other % of COGS nan nan nan 0.0
Borrowings Rs.Millions - - - -
Repayments Rs.Millions - - - -
Long Term Debt Current Portion Rs.Millions 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate % nan nan nan nan
Short Term Debt Borrowing (Rs.M) % 55,863.2 105,575.3 127,445.0 98,378.7
Short Term Debt Repayment (Rs.M) % 52,353.9 101,584.8 148,768.5 98,463.4
Interest Rate %
Overdraft Repayment (Rs.M) % 0.0 0.0 0.0 0.0
Overdraft Interest Rate %
Right of Use Assets - Additions Rs. Millions 0.0 0.0 0.0 0.0
Right of Use Assets - Amotisation Rate % 35.5 50.4 40.3 2.1
Intangible Assets - Additions Rs. Millions 0.0 0.0 0.0 0.0
Intangible Assets - Amotisation Rate % 0.1 0.1 0.0 0.0
Lease Additions Rs. - - - -
Lease Repayments Rs. - - - -
Lease Liabilities - Current Portion Rs. Millions 33.5 42.0 1.7 4.3
Blended Interest Rate (%) % 7.1 10.4 13.8 11.8
iii. Blended Interest income rate % 5.7 5.7 12.8 11.1
Effective Tax Rate (%) % 10.6 14.1 15.7 18.4
Rs. Millions FY21 FY22 FY23 FY24 1Q25 FY25E FY26E FY27E FY28E FY29E
Total Revenue 66,685.9 89,951.2 281,487.6 263,568.7 73,210.0
YoY% -18.6 34.9 212.9 -6.4 33.7
Rs. Millions FY21 FY22 FY23 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Lanka Auto Diesel 19,589.1 18,493.8 111,767.8 88,105.9 21,567.2
YoY% 9.4 -5.6 504.4 -21.2 17.5
SC01 Lanka Auto Diesel 19,589.1 18,493.8 111,767.8 88,105.9
LY YoY% 9.4 -5.6 504.4 -21.2 -21.2 -21.2 -21.2 -21.2 -21.2
SC02 Lanka Auto Diesel 19,589.1 18,493.8 111,767.8 88,105.9
LY YoY% 9.4 -5.6 504.4 -21.2
SC03 Lanka Auto Diesel 19,589.1 18,493.8 111,767.8 88,105.9
LY YoY% 9.4 -5.6 504.4 -21.2
2 Lanka Petrol 92 Octane 19,807.8 24,793.8 78,420.0 91,370.3 25,786.2
YoY% 5.1 25.2 216.3 16.5 27.5
SC01 Lanka Petrol 92 Octane 19,807.8 24,793.8 78,420.0 91,370.3
LY YoY% 5.1 25.2 216.3 16.5 16.5 16.5 16.5 16.5 16.5
SC02 Lanka Petrol 92 Octane 19,807.8 24,793.8 78,420.0 91,370.3
LY YoY% 5.1 25.2 216.3 16.5
SC03 Lanka Petrol 92 Octane 19,807.8 24,793.8 78,420.0 91,370.3
LY YoY% 5.1 25.2 216.3 16.5
3 Xpremium (Euro 3 & 95) 6,671.5 9,142.7 22,249.9 13,982.1 2,563.1
YoY% -28.4 37.0 143.4 -37.2 -40.2
SC01 Xpremium (Euro 3 & 95) 6,671.5 9,142.7 22,249.9 13,982.1
LY YoY% -28.4 37.0 143.4 -37.2 -37.2 -37.2 -37.2 -37.2 -37.2
SC02 Xpremium (Euro 3 & 95) 6,671.5 9,142.7 22,249.9 13,982.1
LY YoY% -28.4 37.0 143.4 -37.2
SC03 Xpremium (Euro 3 & 95) 6,671.5 9,142.7 22,249.9 13,982.1
LY YoY% -28.4 37.0 143.4 -37.2
4 Lubricants 4,073.5 7,291.5 10,390.4 9,978.1 2,607.8
YoY% 40.3 79.0 42.5 -4.0 22.3
SC01 Lubricants 4,073.5 7,291.5 10,390.4 9,978.1
LY YoY% 40.3 79.0 42.5 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0
SC02 Lubricants 4,073.5 7,291.5 10,390.4 9,978.1
LY YoY% 40.3 79.0 42.5 -4.0
SC03 Lubricants 4,073.5 7,291.5 10,390.4 9,978.1
LY YoY% 40.3 79.0 42.5 -4.0
5 Bunkering 9,215.5 19,595.1 36,115.3 47,359.6 15,841.9
YoY% -65.5 112.6 84.3 31.1 143.4
SC01 Bunkering 9,215.5 19,595.1 36,115.3 47,359.6
LY YoY% -65.5 112.6 84.3 31.1 31.1 31.1 31.1 31.1 31.1
SC02 Bunkering 9,215.5 19,595.1 36,115.3 47,359.6
LY YoY% -65.5 112.6 84.3 31.1
SC03 Bunkering 9,215.5 19,595.1 36,115.3 47,359.6
LY YoY% -65.5 112.6 84.3 31.1
6 Other 7,328.6 10,634.4 22,544.1 12,772.8 4,843.7
YoY% 16.9 45.1 112.0 -43.3 49.4
SC01 Other 7,328.6 10,634.4 22,544.1 12,772.8
LY YoY% 16.9 45.1 112.0 -43.3 -43.3 -43.3 -43.3 -43.3 -43.3
SC02 Other 7,328.6 10,634.4 22,544.1 12,772.8
LY YoY% 16.9 45.1 112.0 -43.3
SC03 Other 7,328.6 10,634.4 22,544.1 12,772.8
LY YoY% 16.9 45.1 112.0 -43.3
Std vs. Cus. Revenue 66,685.9 89,951.2 281,487.6 263,568.7
SC01 S01Total Revenue 66,685.9 89,951.2 281,487.6 263,568.7
SC02 S02Total Revenue 66,685.9 89,951.2 281,487.6 263,568.7
SC03 S03Total Revenue 66,685.9 89,951.2 281,487.6 263,568.7
Checkbox Selection Revenue
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
Customised Revenue 66,685.9 89,951.2 281,487.6 263,568.7 73,210.0
YoY% -18.6 34.9 212.9 -6.4 33.7
>
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
1 Lanka Auto Diesel
                           
  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
Sales volumes (MT) nan nan nan nan
YoY%
nan nan nan nan nan
YoY%
nan nan nan nan nan
nan nan nan nan nan
nan nan nan nan nan
Segment Revenue nan nan nan nan
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 9M FY25E FY25E FY26E FY27E FY28E FY29E
2 Lanka Petrol 92 Octane
                           
  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 9M FY25E FY25E FY26E FY27E FY28E FY29E
3 Xpremium (Euro 3 & 95)
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 9M FY25E FY25E FY26E FY27E FY28E FY29E
4 Lubricants
nan nan nan nan nan
YoY%
nan nan nan nan nan
YoY%
Segment Revenue 4,073.5 7,291.5 10,390.4 9,978.1 2,607.8
YoY%
Rs. Millions FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E
5
YoY%
YoY%
Segment Revenue
YoY%
Rs. Millions FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E
6
YoY%
YoY%
Segment Revenue
YoY%
Rs. Millions FY21 FY22 FY23 FY24 1Q25 FY25E FY26E FY27E 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 1Q25 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Cost of Sales 63,572.9 81,106.6 227,305.7 239,550.4 66,952.4
Depreciation 402.9 421.5 421.5 427.1 131.8
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 63,170.0 80,685.1 226,884.1 239,123.3 66,820.6
- As a % of sales 94.7% 89.7% 80.6% 90.7% 91.3%
SC01 Cost of Sales 63,572.9 81,106.6 227,305.7 239,550.4 66,952.4
Depreciation 402.9 421.5 421.5 427.1 131.8
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 63,170.0 80,685.1 226,884.1 239,123.3 66,820.6
- As a % of sales 94.7% 89.7% 80.6% 90.7% 91.3% 90.7% 90.7% 90.7% 90.7% 90.7%
SC02 Cost of Sales 63,572.9 81,106.6 227,305.7 239,550.4 66,952.4
Depreciation 402.9 421.5 421.5 427.1 131.8
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 63,170.0 80,685.1 226,884.1 239,123.3 66,820.6
- As a % of sales 94.7% 89.7% 80.6% 90.7% 91.3% 87.0% 87.0% 87.0% 87.0% 87.0%
SC03 Cost of Sales 63,572.9 81,106.6 227,305.7 239,550.4 66,952.4
Depreciation 402.9 421.5 421.5 427.1 131.8
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 63,170.0 80,685.1 226,884.1 239,123.3 66,820.6
- As a % of sales 94.7% 89.7% 80.6% 90.7% 91.3%
COGS selection
COGS% selection
2 Administration Expenses 1,400.6 1,638.8 3,313.6 3,548.8 685.9
Amortisation of Intangible Assets 0.5 0.5 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 1,400.1 1,638.3 3,313.6 3,548.8 685.9
- As a % of sales 2.1% 1.8% 1.2% 1.3% 0.9%
SC01 Administration Expenses 1,400.6 1,638.8 3,313.6 3,548.8 685.9
Amortisation of Intangible Assets 0.5 0.5 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 1,400.1 1,638.3 3,313.6 3,548.8 685.9
- As a % of sales 2.1% 1.8% 1.2% 1.3% 0.9% 1.3% 1.3% 1.3% 1.3% 1.3%
SC02 Administration Expenses 1,400.6 1,638.8 3,313.6 3,548.8 685.9
Amortisation of Intangible Assets 0.5 0.5 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 1,400.1 1,638.3 3,313.6 3,548.8 685.9
- As a % of sales 2.1% 1.8% 1.2% 1.3% 0.9% 1.4% 1.4% 1.4% 1.4% 1.4%
SC03 Administration Expenses 1,400.6 1,638.8 3,313.6 3,548.8 685.9
Amortisation of Intangible Assets 0.5 0.5 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 1,400.1 1,638.3 3,313.6 3,548.8 685.9
- As a % of sales 2.1% 1.8% 1.2% 1.3% 0.9%
Admin selection
Selling & Distribution Expenses 1,803.4 1,911.9 6,806.9 7,896.4 2,182.6
Amortisation of Right of Use Assets 32.3 31.5 32.3 1.0 11.3
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 1,771.2 1,880.4 6,774.7 7,895.4 2,171.4
- As a % of sales 2.7% 2.1% 2.4% 3.0% 3.0%
SC01 S&D 1,803.4 1,911.9 6,806.9 7,896.4 2,182.6
Amortisation of Right of Use Assets 32.3 31.5 32.3 32.3 11.3
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 1,771.2 1,880.4 6,774.7 7,895.4 2,171.4
- As a % of sales 2.7% 2.1% 2.4% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
SC02 s&D 1,803.4 1,911.9 6,806.9 7,896.4 2,182.6
Amortisation of Right of Use Assets 32.3 31.5 32.3 32.3 11.3
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 1,771.2 1,880.4 6,774.7 7,895.4 2,171.4
SC02 - As a % of sales 2.7% 2.1% 2.4% 3.0% 3.0% 2.5% 2.5% 2.5% 2.5% 2.5%
SC03 S&D 1,803.4 1,911.9 6,806.9 7,896.4 2,182.6
Amortisation of Right of Use Assets 32.3 31.5 32.3 32.3 11.3
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 1,771.2 1,880.4 6,774.7 7,895.4 2,171.4
- As a % of sales 2.7% 2.1% 2.4% 3.0% 3.0%
Sd selection
4 Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
- As a % of sales 0.5% 0.3% 0.2% 0.5% 0.3%
SC01 Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
- As a % of sales 0.5% 0.3% 0.2% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
SC02 Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
- As a % of sales 0.5% 0.3% 0.2% 0.5% 0.3% 0.3% 0.3% 0.3% 0.3%
SC03 Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
- As a % of sales 0.5% 0.3% 0.2% 0.5%
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 8,159.5 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8 9,992.3
Capital Expenditure 309.7 265.3 468.6 228.5
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Balance C/F 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8
SC01 Balance B/F 8,159.5 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8 9,992.3
Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Balance C/F 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8
SC02 Balance B/F 8,159.5 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8 9,992.3
Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Balance C/F 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8
SC03 Balance B/F 8,159.5 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8 9,992.3
Capital Expenditure 309.7 265.3 468.6 1,423.1 228.5
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Balance C/F 8,469.2 8,119.0 8,571.0 9,992.3 10,220.8
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 4,046.3 4,852.5 4,262.1 4,667.3 5,092.6 5,224.4 5,092.6
Depreciation charge 402.9 421.5 421.5 427.1 131.8
- As a % of sales 0.6% 0.5% 0.1% 0.2% 0.2%
Balance C/F 4,431.0 4,262.1 4,667.3 5,092.6 5,224.4 0 0 0 0 0 0
Adjustments nan nan nan nan nan nan
Net Book Value at end 4,038.1 3,856.9 3,903.7 4,899.7 4,996.4
SC01 Balance B/F 4,046.3 4,852.5 4,262.1 4,667.3 5,092.6 5,224.4 5,092.6
SC01 Depreciation charge 402.9 421.5 421.5 427.1 131.8
- As a % of sales 0.6% 0.5% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Balance C/F 4,431.0 4,262.1 4,667.3 5,092.6 5,224.4
Adjustments nan nan nan nan nan nan
Net Book Value at end 4,038.1 3,856.9 3,903.7 4,899.7 4,996.4
SC02 Balance B/F 4,046.3 4,852.5 4,262.1 4,667.3 5,092.6 5,224.4 5,092.6
SC02 Depreciation charge 402.9 421.5 421.5 427.1 131.8
- As a % of sales 0.6% 0.5% 0.1% 0.2% 0.2%
Balance C/F 4,431.0 4,262.1 4,667.3 5,092.6 5,224.4
Adjustments nan nan nan nan nan nan
Net Book Value at end 4,038.1 3,856.9 3,903.7 4,899.7 4,996.4
SC03 Balance B/F 4,046.3 4,852.5 4,262.1 4,667.3 5,092.6 5,224.4 5,092.6
SC03 Depreciation charge 402.9 421.5 421.5 427.1 131.8
- As a % of sales 0.6% 0.5% 0.1% 0.2% 0.2%
Balance C/F 4,431.0 4,262.1 4,667.3 5,092.6 5,224.4
Adjustments nan nan nan nan nan nan
Net Book Value at end 4,038.1 3,856.9 3,903.7 4,899.7 4,996.4
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 2,585.2 3,965.4 4,515.0 8,975.6 20,155.1
- As a % of sales 3.9 4.4 1.6 3.4 7.1
Four Qtr Cum. Revenue
Four Qtr Cum. COGS
SC01 2.1 Accounts and notes receivables 2,585.2 3,965.4 4,515.0 8,975.6
- As a % of sales 3.9 4.4 1.6 3.4 3.4 3.4 3.4 3.4 3.4
SC02 2.1 Accounts and notes receivables 2,585.2 3,965.4 4,515.0 8,975.6
- As a % of sales 3.9 4.4 1.6 3.4 3.1 3.1 3.1 3.1 3.1
Four Qtr Cum. Revenue
SC03 2.1 Accounts and notes receivables 2,585.2 3,965.4 4,515.0 8,975.6
- As a % of sales 3.9 4.4 1.6 3.4
Four Qtr Cum. COGS
Debtors selection
2.2 Inventories 9,625.0 27,257.0 38,027.4 26,302.2 29,817.3
- As a % of COGS 15.1 33.6 16.7 11.0 11.6
SC01 2.2 Inventories 9,625.0 27,257.0 38,027.4 26,302.2
- As a % of COGS 15.1 33.6 16.7 11.0 11.0 11.0 11.0 11.0 11.0
SC02 2.2 Inventories 9,625.0 27,257.0 38,027.4 26,302.2
- As a % of COGS 15.1 33.6 16.7 11.0 20.4 20.4 20.4 20.4 20.4
SC03 2.2 Inventories 9,625.0 27,257.0 38,027.4 26,302.2
- As a % of COGS 15.1 33.6 16.7 11.0
Stocks selection
Stocks share selection
2.3 Prepayments 78.9 108.0 2,153.8 738.4 0.0
- As a % of sales 0.1 0.1 0.8 0.3 0
SC01 2.3 Prepayments 78.9 108.0 2,153.8 738.4
- As a % of sales 0.1 0.1 0.8 0.3 0.3 0.3 0.3 0.3 0.3
SC02 2.3 Prepayments 78.9 108.0 2,153.8 738.4
- As a % of sales 0.1 0.1 0.8 0.3 0.4 0.4 0.4 0.4 0.4
SC03 2.3 Prepayments 78.9 108.0 2,153.8 738.4
- As a % of sales 0.1 0.1 0.8 0.3
Prepayment selection
2.4 Accounts payable 5,808.4 14,504.5 14,826.8 22,682.4 22,803.5
- As a % of COGS 9.1 17.9 6.5 9.5 8.9
SC01 2.4 Accounts payable 5,808.4 14,504.5 14,826.8 22,682.4
- As a % of COGS 9.1 17.9 6.5 9.5 9.5 9.5 9.5 9.5 9.5
SC02 2.4 Accounts payable 5,808.4 14,504.5 14,826.8 22,682.4
- As a % of COGS 9.1 17.9 6.5 9.5 11.3 11.3 11.3 11.3 11.3
SC03 2.4 Accounts payable 5,808.4 14,504.5 14,826.8 22,682.4
- As a % of COGS 9.1 17.9 6.5 9.5
Payable selection
Payable Share selection
2.5 Other
- As a % of COGS nan nan nan 0.0 0.0
2.5 Other
- As a % of COGS nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
2.5 Other
- As a % of COGS nan nan nan 0.0
2.5 Other
- As a % of COGS nan nan nan 0.0
Other selection
Other Share selection
Working Capital
SC01 Working Capital
SC02 Working Capital
SC03 Working CapitalXXXXX
SC04 & 05 Change in WC 7,834.1 -4,449.3
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC 7,834.1 -4,449.3
SC01 Change in WC - Balance Period
SC02 Change in WC 7,834.1 -4,449.3
SC02 Change in WC - Balance Period
SC03 Change in Working Capital 7,834.1 -4,449.3
SC03 Change in WC - Balance Period
CWC selection
CWC selection - Balance Period
3 Interest Bearing Debt (Rs. Millions) FY21 FY22 FY23 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments 0.0 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Closing Balance 0.0 0.0 0.0 0.0 0.0
Current Portion of Long Term Debt 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate nan nan nan % % nan nan % % % % % % % %
SC01 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments 0.0 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate nan nan nan nan nan nan nan nan nan
SC02 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0 nan nan nan nan nan
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments 0.0 0.0 0.0 0.0 0.0
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate nan nan nan nan
SC03 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments 0.0 0.0 0.0 0.0 0.0 0.0
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
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
Opening balance 16,954.6 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6 4,306.6
Borrowings 55,863.2 105,575.3 127,445.0 98,378.7 26,548.0
Repayments 52,353.9 101,584.8 148,768.5 98,463.4 22,893.0
Net of Payments 3,509.3 3,990.6 -21,323.5 -84.6 3,655.0
Adjustments 125.7 1,198.1 13.6 -77.1 -0.0 -0.0
Closing Balance 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6
Interest Expenses 642.9 962.6 2,027.9 484.7 0.0
Blended Interest Expenses Rate 342.5 415.2 1340.9 1104.7 0 % % % % %
SC01 Opening balance 16,954.6 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6 4,306.6
Borrowings 55,863.2 105,575.3 127,445.0 98,378.7 26,548.0 98,378.7 98,378.7 98,378.7 98,378.7 98,378.7
Repayments 52,353.9 101,584.8 148,768.5 98,463.4 22,893.0
Net of Payments 3,509.3 3,990.6 -21,323.5 -84.6 3,655.0
nan 125.7 1,198.1 13.6 -77.1 -0.0 -0.0
Closing Balance 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6
Interest Expenses 642.9 962.6 2,027.9 484.7 0.0
Blended Interest Expenses Rate 342.5 415.2 1340.9 1104.7 0
SC02 Opening balance 16,954.6 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6 4,306.6
Borrowings 55,863.2 105,575.3 127,445.0 98,378.7 26,548.0
Repayments 52,353.9 101,584.8 148,768.5 98,463.4 22,893.0
Net of Payments 3,509.3 3,990.6 -21,323.5 -84.6 3,655.0
nan 125.7 1,198.1 13.6 -77.1 -0.0 -0.0
Closing Balance 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6
Interest Expenses 642.9 962.6 2,027.9 484.7 0.0
Blended Interest Expenses Rate 342.5 415.2 1340.9 1104.7 0
SC03 Opening balance 16,954.6 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6 4,306.6
Borrowings 55,863.2 105,575.3 127,445.0 98,378.7 26,548.0
Repayments 52,353.9 101,584.8 148,768.5 98,463.4 22,893.0
Net of Payments 3,509.3 3,990.6 -21,323.5 -84.6 3,655.0
nan 125.7 1,198.1 13.6 -77.1 -0.0 -0.0
Closing Balance 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6
Interest Expenses 642.9 962.6 2,027.9 484.7 0.0
Blended Interest Expenses Rate 342.5 415.2 1340.9 1104.7 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
Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Closing Balance 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate 0 0 0 0 0 % % % % %
SC01 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate 0 0 0 0 0
SC02 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate 0 0 0 0 0
SC03 Opening balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Borrowings 0.0 0.0 0.0 0.0 0.0
Repayments 0.0 0.0 0.0 0.0 0.0
Net of Payments
Closing Balance 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Interest Expenses 0.0 0.0 0.0 0.0 0.0
Blended Interest Expenses Rate 0 0 0 0 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 0.0 0.0 0.0 0.0 0.0
Rate nan% nan% nan% nan% nan%
ST interest 642.9 962.6 2,027.9 484.7 0.0
Rate 0.0% 0.0% 0.0% 0.0% 0.0%
OD interest 0.0 0.0 0.0 0.0 0.0
Rate 0.0% 0.0% 0.0% 0.0% 0.0%
Lease Interest 0.0 0.0 0.0 0.0 0.0
Rate 7.1% 10.4% 13.8% 11.8% 0.0%
Total Interest Expenses 642.9 962.6 2,027.9 484.7 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 97.7 71.7 87.7 51.2 53.0 176.1 53.0
Additions 4.0 49.1 0.0 0.0 0.0
Payments 36.0 41.3 46.1 4.4 12.9
Adjustments 0.0 0.0 0.0 0.0 136.0 136.0
Finance expense on lease liabilities 6.0 8.3 9.6 6.1 0.0
Average Interest Rate 7.1 10.4 13.8 % % 11.8 0 % % %
Closing balance 71.7 87.7 51.2 53.0 176.1
Lease Liabilities - Current Portion 33.5 42.0 1.7 4.3 49.6
SC01 Lease - Opening balance 97.7 71.7 87.7 51.2 53.0 176.1 53.0
Additions 4.0 49.1 0.0 0.0 0.0 0.0
Payments 36.0 41.3 46.1 4.4 12.9 4.4 4.4 4.4 4.4 4.4
Closing balance 71.7 87.7 51.2 53.0 176.1
Adjustments 0.0 0.0 0.0 0.0 136.0 136.0
Finance expense on lease liabilities 6.0 8.3 9.6 6.1 0.0
Blended Interest Rate (%) 7.1 10.4 13.8 11.8 11.8 11.8 11.8 11.8 11.8
SC02 Lease - Opening balance 97.7 71.7 87.7 51.2 53.0 176.1 53.0
Additions 4.0 49.1 0.0 0.0 0.0 0.0
Payments 36.0 41.3 46.1 4.4 12.9 4.4
Adjustments 0.0 0.0 0.0 0.0 136.0 136.0
Closing balance 71.7 87.7 51.2 53.0 176.1
Finance expense on lease liabilities 6.0 8.3 9.6 6.1 0.0
Blended Interest Rate (%) 7.1 10.4 13.8 11.8
SC03 Lease - Opening balance 97.7 71.7 87.7 51.2 53.0 176.1 53.0
Lease Additions 4.0 49.1 0.0 0.0 0.0
Payments 36.0 41.3 46.1 4.4 12.9
Adjustments 0.0 0.0 0.0 0.0 136.0 136.0
Closing balance 71.7 87.7 51.2 53.0 176.1
Finance expense on lease liabilities 6.0 8.3 9.6 6.1 0.0
Blended Interest Rate (%) 7.1 10.4 13.8 11.8 % % % % %
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 90.9 62.6 80.1 47.9 46.9 167.9 46.9
Additions 0.0 0.0 0.0 0.0 0.0
Adjustments 4.0 49.1 0.0 0.0 132.2 132.2
Amortisation 32.3 31.5 32.3 1.0 11.3
Rate 35.5 50.4 40.3 2.1 24.0
Closing balance 62.6 80.1 47.9 46.9 167.9
SC01 Opening balance 90.9 62.6 80.1 47.9 46.9 167.9 46.9 46.9 46.9 46.9 46.9
Additions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Adjustments 4.0 49.1 0.0 0.0 132.2 132.2
Amortisation check 32.3 31.5 32.3 1.0 11.3
Rate 35.5 50.4 40.3 2.1 24.0 2.1 2.1 2.1 2.1 2.1
Closing balance 62.6 80.1 47.9 46.9 167.9
SC02 Opening balance 90.9 62.6 80.1 47.9 46.9 167.9 46.9 46.9 46.9 46.9 46.9
Additions 0.0 0.0 0.0 0.0 0.0 nan nan nan nan nan
Adjustments 4.0 49.1 0.0 0.0 132.2 132.2
Amortisation check 32.3 31.5 32.3 1.0 11.3
Rate 35.5 50.4 40.3 2.1 24.0 nan nan nan nan nan
Closing balance 62.6 80.1 47.9 46.9 167.9
SC03 Opening balance 90.9 62.6 80.1 47.9 46.9 167.9 46.9
Additions 0.0 0.0 0.0 0.0 0.0
Amortisation check 32.3 31.5 32.3 1.0 11.3
Adjustments 4.0 49.1 0.0 0.0 132.2 132.2
Closing balance 62.6 80.1 47.9 46.9 167.9
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 674.9 674.4 673.9 673.9 673.9 673.9 673.9
Additions 0.0 0.0 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation 0.5 0.5 0.0 0.0 0.0
Rate 0.1 0.1 0.0 0.0 0.0
Closing balance 674.4 673.9 673.9 673.9 673.9
SC01 Opening balance 674.9 674.4 673.9 673.9 673.9 673.9 673.9 673.9 673.9 673.9 673.9
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 0.0 0.0 0.0 0.0
Amortisation check 0.5 0.5 0.0 0.0 0.0
Rate 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Closing balance 674.4 673.9 673.9 673.9 673.9
SC02 Opening balance 674.9 674.4 673.9 673.9 673.9 673.9 673.9 673.9 673.9 673.9 673.9
Additions 0.0 0.0 0.0 0.0 0.0 nan nan nan nan nan
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Amortisation check 0.5 0.5 0.0 0.0 0.0
Rate 0.1 0.1 0.0 0.0 0.0 nan nan nan nan nan
Closing balance 674.4 673.9 673.9 673.9 673.9
SC03 Opening balance 674.9 674.4 673.9 673.9 673.9 673.9 673.9
Additions 0.0 0.0 0.0 0.0 0.0
Amortisation check 0.5 0.5 0.0 0.0 0.0
Adjustments 0.0 0.0 0.0 0.0 0.0 0.0
Closing balance 674.4 673.9 673.9 673.9 673.9
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 2,523.7 5,990.3 6,277.4 6,277.4
Interest Income 1,302.6 1,364.1 3,453.9 5,033.5 1,365.3
Blended Interest Income Rate 5.7 5.7 12.8 % % 11.1 2.9 % % % % % % %
SC01 ii. Interest Income 1,302.6 1,364.1 3,453.9 5,033.5 1,365.3
iii. Blended Interest income rate 5.7 5.7 12.8 % % 11.1 11.1 11.1 11.1 11.1 11.1
SC02 ii. Interest Income 1,302.6 1,364.1 3,453.9 5,033.5 1,365.3
iii. Blended Interest income rate 5.7 5.7 12.8 % % 11.1 % % %
SC03 i. Cash & CE Balance C/F 2,523.7 5,990.3 6,277.4
ii. Interest Income 1,302.6 1,364.1 3,453.9 5,033.5 1,365.3
iii. Blended Interest income rate 5.7 5.7 12.8 11.1 % % % % %
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 987.7 5,611.7 44,702.1 17,083.4 4,562.9
Tax B/F 0.0 0.0 22.2 1,077.4 1,228.0 1,072.1 1,228.0
Tax Provision for the Year 105.1 793.2 7,006.5 3,138.4 787.0
Adjustments -91.3 -607.5 -162.3 543.9 20.5 20.5
Taxes paid (prov. for the previous year) 13.8 163.5 5,789.0 3,531.7 963.5
Tax C/F 0.0 22.2 1,077.4 1,228.0 1,072.1
Tax Rate 10.6 14.1 15.7 % % 18.4 17.2 % % % % % % % %
SC01 Open balance 0.0 0.0 22.2 1,077.4 1,077.4 1,072.1 1,228.0
Provision for the year 105.1 793.2 7,006.5 3,138.4 787.0
Taxes paid 13.8 163.5 5,789.0 3,531.7 963.5 3,138.4
Adjustments -91.3 -607.5 -162.3 543.9 20.5 20.5
Closing balance 0.0 22.2 1,077.4 1,228.0 1,072.1
Effective Tax Rate (%) 10.6 14.1 15.7 18.4 18.4 18.4 18.4 18.4 18.4
SC02 Open balance 0.0 0.0 22.2 1,077.4 1,077.4 1,072.1 1,228.0
Provision for the year 105.1 793.2 7,006.5 3,138.4 787.0
Taxes paid 13.8 163.5 5,789.0 3,531.7 963.5 3,138.4
Adjustments -91.3 -607.5 -162.3 543.9 20.5 20.5
Closing balance 0.0 22.2 1,077.4 1,228.0 1,072.1
Effective Tax Rate (%) 10.6 14.1 15.7 18.4
SC03 Open balance 0.0 0.0 22.2 1,077.4 1,077.4 1,072.1 1,228.0
Provision for the year 105.1 793.2 7,006.5 3,138.4 787.0
Taxes paid 13.8 163.5 5,789.0 3,531.7 963.5 3,138.4
Adjustments -91.3 -607.5 -162.3 543.9 20.5 20.5
Closing balance 0.0 22.2 1,077.4 1,228.0 1,072.1
Effective Tax Rate (%) 10.6 14.1 15.7 18.4
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 FY25E FY26E FY27E FY28E FY29E Your Comments
REVENUE
1 Lanka Auto Diesel YoY%
2 Lanka Petrol 92 Octane YoY%
3 Xpremium (Euro 3 & 95) YoY%
4 Lubricants YoY%
5 Bunkering YoY%
6 Other YoY%
7 Total Revenue YoY%
COSTS
1 Cost of Sales - 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 Notes FY21 FY22 FY23 1Q24 2Q24 3Q24E 4Q24E FY24 1Q25 2Q25E 3Q25E 4Q25E 9M FY25E FY25E FY26E FY27E FY28E FY29E
Combined Revenue 66,685.9 89,951.2 281,487.6 263,568.7 73,210.0
Excise Duty 0.0 0.0 0.0 0.0 0.0
COGS 63,572.9 81,106.6 227,305.7 239,550.4 66,952.4
Gross Profit 3,113.0 8,844.6 54,181.9 24,018.3 6,257.6
Other Income 252.4 115.8 115.5 235.9 46.6 0 46.6
Administration Exp. 1,400.6 1,638.8 3,313.6 3,548.8 685.9
Selling & Distribution Exp. 1,803.4 1,911.9 6,806.9 7,896.4 2,182.6
Depreciation 402.9 421.5 421.5 427.1 131.8
Amortisation 32.8 32.0 32.3 1.0 11.3
Other Operating Expenses 0.0 0.0 0.0 0.0 0.0 0.0
Operating Income 161.4 5,409.7 44,176.9 12,809.0 3,435.6
Interest Expenses 476.3 1,162.2 2,928.7 759.1 238.0
Interest Income 1,302.6 1,364.1 3,453.9 1,365.3
Other (Expenses)/Income 0.0 0.0 0.0 0.0 0.0 0.0
Profit Before Tax 987.7 5,611.7 44,702.1 17,083.4 4,562.9
Tax Expenses -105.1 -793.2 -7,006.5 -3,138.4 -787.0
Profit After Tax 882.6 4,818.5 37,695.6 13,945.0 3,775.9
Other 0.0 0.0 0.0 0.0 0.0 0.0
Net Income 882.6 4,818.5 37,695.6 3,775.9
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 987.7 5,611.7 44,702.1 17,083.4 4,562.9
Depreciation From OA 1.1 402.9 421.5 421.5 427.1 131.8
Right of Use Asset - Amortisation 32.3 31.5 32.3 1.0 11.3
Intangible Asset Amortisation 0.5 0.5 0.0 0.0 0.0
Change in Working Capital From OA 2 5,843.3 -9,327.9 -13,209.3 7,834.1 -4,449.3
CWC Adjustment -0.0 -0.0
Income Tax Paid From OA 5 13.8 163.5 5,789.0 3,531.7 963.5
Other 10.4 1,168.7 9.3 -89.3 -4.8 0 -4.8
Net Cash Flow from / (used in) Operating Activities 7,263.4 -2,257.5 26,166.9 21,724.5 -711.6
Capital Expenditure From CA 4 309.7 265.3 468.6 1,423.1 228.5
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 0.0 0.0 0.0 0.0 0.0
Other -9,480.0 951.3 335.8 -17,795.4 -20.1 0 -20.1
Cash Flows from Investing Activities -9,789.7 686.0 -132.8 -19,218.5 -248.6
Borrowings 55,863.2 105,575.3 127,445.0 98,378.7 26,548.0
Debt Repayments 52,353.9 101,584.8 148,768.5 98,463.4 22,893.0
Net of Borrowings/ Repayments 3,509.3 3,990.6 -21,323.5 -84.6 3,655.0
Adjustments to match published numbers 0.0 0.0
Lease Additions
Lease Repayments 36.0 41.3 46.1 4.4 12.9
Other -399.3 -452.6 -1,198.0 -2,129.9 0.0 0 0.0
Net Cash flows from / (used in) Financing Activities 3,073.9 3,496.7 -22,567.6 -2,218.9 3,642.1
Other 0.0 0.0 0.0 0.0 0.0 0.0
Net Increase/(Decrease) in Cash and Cash Equivalents 547.6 1,925.2 3,466.5 287.2 2,681.9
Favourable/Unfavourable Balances 0.0 -0.4 0.0 0.0 -5,248.4
Cash and CE at Start 51.3 599.0 2,523.7 5,990.3 6,277.4 3,710.9 6,277.4
Cash and CE at End 598.9 2,524.2 5,990.3 6,277.4 8,959.3
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 4,038.1 3,856.9 3,903.7 4,899.7 4,996.4
Investments 4,394.0 4,443.0 4,901.0 5,404.0 5,404.0 5,404.0 5,404.0 5,404.0 5,404.0 5,404.0 5,404.0
nan nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Intangible Assets 674.4 673.9 673.9 673.9 673.9
Right-of-use-Assets 62.6 80.1 47.9 46.9 167.9
Deffered Tax Asset (Net) 261.4 0.0 0.0 0.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1
Other 10,341.2 1,603.6 148.5 162.6 162.6 162.6 162.6 162.6 162.6 162.6 162.6
Non Current Assets 19,752.9 10,657.5 9,674.9 11,187.1 11,406.9
Inventories From OA 2.2 9,625.0 27,257.0 38,027.4 26,302.2 29,817.3
Trade and Other Receivables From OA 2.1 2,585.2 3,965.4 4,515.0 8,975.6 20,155.1
Prepayments From OA 2.3 78.9 108.0 2,153.8 738.4 0.0
Short term investments 12,040.8 19,891.8 21,045.6 38,928.9 44,177.3 44,177.3 44,177.3 44,177.3 44,177.3 44,177.3 44,177.3
Other Financial Assets 1,707.0 667.2 805.6 9,385.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income Tax Recoverable 18.2 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 599.0 2,523.7 5,990.3 6,277.4 3,710.9
Current Assets 26,654.1 54,413.1 72,537.7 90,608.4 97,860.6
Total Assets 46,407.0 65,070.6 82,212.6 109,267.5
Equities and Liabilities
Stated Capital 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6 7,576.6
Reserves 53,198.0 0.0 0.0 458.0 912.0 912.0 912.0 912.0 912.0 912.0 912.0 912.0
Retained Earnings 12,347.1 16,709.3 53,198.0 64,981.6 68,757.5
Adjustments for Reported Number discprencies 0.0
Other 7,576.6 0.0
nan nan nan nan 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 nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Total Equity 19,923.6 24,285.9 61,232.5 73,470.2 77,246.1
Long Term Debt From OA 3 0.0 0.0 0.0 0.0 0.0
Financing and Lease Payables From OA 4 38.2 45.8 49.5 48.7 126.5
Defined Benefit Obligation (Net) 13.7 11.5 15.2 26.5 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
Deferred Tax Liability (Net) 0.0 380.5 541.2 28.8 8.3 8.3 8.3 8.3 8.3 8.3 8.3
Non Current Liabilities 51.9 437.8 605.9 104.0 134.7
Current Maturities of Long Term Debt 0.0 0.0 0.0 0.0 0.0
Trade Payables From OA 2.4 5,808.4 14,504.5 14,826.8 22,682.4 22,803.5
Amounts due to related parties nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Income Tax Liabilities From OA 6 0.0 22.2 1,077.4 1,228.0 1,072.1
Lease Liabilities 33.5 42.0 1.7 4.3 49.6
Other Accruals From OA 2.5
Other 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 20,589.6 25,778.2 4,468.3 4,306.6 7,961.6
Bank overdraft nan nan nan nan nan
Bank overdraft nan nan nan nan nan 0.0 0.0 0.0 0.0 0.0 0.0
Current Liabilities 26,431.5 40,346.9 20,374.2 28,221.4 31,886.7
Total Equity and Liabilities 46,407.0 65,070.6 82,212.6 101,795.5 109,267.5
Check

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
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 47,712.1
14. Pension Underfunding From BS
15. Other User input cell
14. Adjustment User Input
15. DCF Valuation - Equity Value
16. Number of Shares 532.5
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 73,470.2
2. Adjusted Multiple
3. Valuation (Rs. Millions) 1*2=3
4. Number of Shares (Millions) 532.5 532.5 532.5
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 80.146 47.881 0

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