Company Overview - NawalokaHospitals

NawalokaHospitals

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
Hospital revenue	YoY%	24.5
Pharmacy revenue	YoY%	0.2
Laboratory revenue	YoY%	0
Radiology services	YoY%	0
Deferred revenue	YoY%	0
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	nan
COGS	% of Rev.	37.9
Administration	% of Rev.	26.1
Selling & Distribution	% of Rev.	18.0
Capital Expenditure	% of Rev.	0.7
OTHER
Depreciation charge	% of Rev.	8.0
2.1 Accounts and notes receivables	% of Rev.	6.5
2.2 Inventories	% of COGS	7.4
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	58.8
2.5 Other	% of COGS	0.0
Issuance of debt	Rs.Millions	N/A
Long Term Debt Repayment (Rs.M)
Long Term Debt Interest Rate	%	1754.5
Long Term Debt Current Portion	Rs.Millions	4,649.9
Short Term Debt Repayment (Rs.M)
Short Term Interest Rate (%)
Overdraft Repayment (Rs.M)
OD Interest Rate (%)
Right of Use Assets - Additions	Rs.Millions	6.1
Right of Use Assets - Amortisation Rate	%	16.4
Intangible Assets - Additions	Rs.Millions	0.0
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	57.4
Lease Liabilities Current Portion	Rs.Millions	13.9
Average Interest Income Rate	%	15.1
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Hospital revenue	YoY%
Pharmacy revenue	YoY%
Laboratory revenue	YoY%
Radiology services	YoY%
Deferred revenue	YoY%
nan	YoY%
COSTS
Excise Duty	% of Rev.
COGS	% of Rev.
Administration	% of Rev.
Selling & Distribution	% of Rev.
Capital Expenditure	% of Rev.
OTHER
Depreciation charge	% of Rev.
2.1 Accounts and notes receivables	% of Rev.
2.2 Inventories	% of COGS
2.3 Prepayments	% of Rev.
2.4 Accounts payable	% of COGS
2.5 Other	% of COGS
Issuance of debt	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	%
Average Interest Income Rate	%
Effective Tax Rate (%)	%

Standard
Customized

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
	Total Revenue		11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2	2,650.3
	YoY%		30.9	29.4	-39.2				11.5	1.2

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Hospital revenue	2,892.3	5,197.3	3,738.9	0.0	0.0	0.0	4,655.5	0.0
	YoY	-22.1	79.7	-28.1				24.5	nan
SC01	Hospital revenue	2,892.3	5,197.3	3,738.9				4,655.5
	LY YoY%	-22.1	79.7	-28.1				24.5		24.5	24.5	24.5	24.5	24.5
SC02	Hospital revenue	2,892.3	5,197.3	3,738.9				4,655.5
	LY YoY%	-22.1	79.7	-28.1				24.5
SC03	Hospital revenue	2,892.3	5,197.3	3,738.9				4,655.5
	LY YoY%	-22.1	79.7	-28.1				24.5

2	Pharmacy revenue	2,010.0	2,491.3	2,700.0	0.0	0.0	0.0	2,704.5	0.0
	YoY	-20.9	23.9	8.4				0.2	nan
SC01	Pharmacy revenue	2,010.0	2,491.3	2,700.0				2,704.5
	LY YoY%	-20.9	23.9	8.4				0.2		0.2	0.2	0.2	0.2	0.2
SC02	Pharmacy revenue	2,010.0	2,491.3	2,700.0				2,704.5
	LY YoY%	-20.9	23.9	8.4				0.2
SC03	Pharmacy revenue	2,010.0	2,491.3	2,700.0				2,704.5
	LY YoY%	-20.9	23.9	8.4				0.2

3	Laboratory revenue	6,229.5	6,755.5	1,983.2	0.0	0.0	0.0	2,030.9	0.0
	YoY	-13.8	23.2	3.1				0	nan
SC01	Laboratory revenue	6,229.5	6,755.5	1,983.2				2,030.9
	LY YoY%	-13.8	23.2	3.1				0		0	0	0	0	0
SC02	Laboratory revenue	6,229.5	6,755.5	1,983.2				2,030.9
	LY YoY%	-13.8	23.2	3.1				0
SC03	Laboratory revenue	6,229.5	6,755.5	1,983.2				2,030.9
	LY YoY%	-13.8	23.2	3.1				0

4	Radiology services	696.0	857.6	883.7	0.0	0.0	0.0	988.6	0.0
	YoY	-99.5	-5749.3	-240.9				0	nan
SC01	Radiology services	696.0	857.6	883.7				988.6
	LY YoY%	-99.5	-5749.3	-240.9				0		0	0	0	0	0
SC02	Radiology services	696.0	857.6	883.7				988.6
	LY YoY%	-99.5	-5749.3	-240.9				0
SC03	Radiology services	696.0	857.6	883.7				988.6
	LY YoY%	-99.5	-5749.3	-240.9				0

5	Deferred revenue	-0.0	0.6	-0.8	0.0	0.0	0.0	-0.3	0.0
	0	0	0	0				0	0
SC01	Deferred revenue	-0.0	0.6	-0.8				-0.3
	LY YoY%	0	0	0				0		0	0	0	0	0
SC02	Deferred revenue	-0.0	0.6	-0.8				-0.3
	LY YoY%	0	0	0				0
SC03	Deferred revenue	-0.0	0.6	-0.8				-0.3
	LY YoY%	0	0	0				0

6	nan	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan	nan
SC01	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan		nan	nan	nan	nan	nan
SC02	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan
SC03	nan	nan	nan	nan	nan
	LY YoY%	nan	nan	nan	nan

	Std vs. Cus. Revenue	11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2
SC01	S01Total Revenue	11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2
SC02	S02Total Revenue	11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2
SC03	S03Total Revenue	11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		11,827.7	15,302.3	9,305.1			10,379.2	2,650.3
	YoY%		30.9	29.4	-39.2				11.5	1.2

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Hospital revenue

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Patient Admissions	18,286.0	22,406.0	25,121.0	23,474.0
	YoY%
	Revenue per Admitted Patient (Rs.)	158,167.6	231,959.0	148,836.1		198,324.4
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	2,892.3	5,197.3	3,738.9	4,655.5
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
2	Pharmacy revenue

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	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 Prescriptions	0.0	0.0	255,505.0		}	0.0
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Revenue per Prescription (Rs.)	nan	nan	10,567.3		}	0.0
	YoY%
	Segment Revenue	2,010.0	2,491.3	2,700.0	2,704.5
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Laboratory revenue
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Laboratory revenue	6,229.5	6,755.5	1,983.2		}	2,030.9
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	driver3b	1.0	1.0	1.0			1.0
	YoY%
	Segment Revenue	6,229.5	6,755.5	1,983.2	2,030.9
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Radiology services
	Radiology services	696.0	857.6	883.7			988.6
	YoY%
	driver4b	1.0	1.0	1.0			1.0
	YoY%
	Segment Revenue	696.0	857.6	883.7	988.6	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	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC01	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%	nan%
SC02	Excise Duty	nan	nan	nan	nan	nan
	- As a % of sales	nan%	nan%	nan%	nan%	nan%
SC03	Excise Duty	nan	nan	nan	nan	nan
	-As a % of Sales	nan%	nan%	nan%	nan%	nan%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	6,285.3	7,461.3	4,670.0	1,235.8	1,110.2	1,309.7	4,762.5	1,224.6
	Depreciation	828.3	830.3	828.4				826.0	203.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	Cost of Sales net of Depreciation	5,457.0	6,631.0	3,841.5	1,235.8	1,110.2	1,309.7	3,936.6	1,021.1
	- As a % of sales	46.1%	43.3%	41.3%	0%	-7.0%	-7.6%	37.9%	38.5%
SC01	COGS	6,285.3	7,461.3	4,670.0				4,762.5	1,224.6
	Depreciation	828.3	830.3	828.4				826.0	203.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	5,457.0	6,631.0	3,841.5				3,936.6	1,021.1
	- As a % of sales	46.1%	43.3%	41.3%				37.9%	38.5%	37.9%	37.9%	37.9%	37.9%	37.9%
SC02	COGS	6,285.3	7,461.3	4,670.0				4,762.5	1,224.6
	Depreciation	828.3	830.3	828.4				826.0	203.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	5,457.0	6,631.0	3,841.5				3,936.6	1,021.1
	- As a % of sales	46.1%	43.3%	41.3%				37.9%	38.5%	40.8%	40.8%	40.8%	40.8%	40.8%
SC03	COGS	6,285.3	7,461.3	4,670.0				4,762.5	1,224.6
	Depreciation	828.3	830.3	828.4				826.0	203.5
	Depreciation in COGS	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in COGS	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in COGS	nan	nan	nan				nan	nan
	COGS	5,457.0	6,631.0	3,841.5				3,936.6	1,021.1
	- As a % of sales	46.1%	43.3%	41.3%				37.9%	38.5%
	COGS selection
	COGS% selection

2	Administration Expenses	2,002.1	2,740.4	2,162.9	0.0	456.0	500.3	2,712.2	555.2
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration Expenses Net of Amortisation of Intangible Assets	2,002.1	2,740.4	2,162.9	0.0	456.0	500.3	2,712.2	555.2
	- As a % of sales	16.9%	17.9%	23.2%	0%	17.4%	19.6%	26.1%	20.9%
SC01	Administration Expenses	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
SC01	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	- As a % of sales	16.9%	17.9%	23.2%				26.1%	20.9%	26.1%	26.1%	26.1%	26.1%	26.1%
SC02	Administration Expenses	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	- As a % of sales	16.9%	17.9%	23.2%				26.1%	20.9%	22.4%	22.4%	22.4%	22.4%	22.4%
SC03	Administration Expenses	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	Amortisation of Intangible Assets	0.0	0.0	0.0				0.0	0.0
	Depreciation in Admin.	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in Admin.	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in Admin.	nan	nan	nan				nan	nan
	Administration	2,002.1	2,740.4	2,162.9				2,712.2	555.2
	- As a % of sales	16.9%	17.9%	23.2%				26.1%	20.9%
	Admin selection

	Selling & Distribution Expenses	1,751.1	2,115.9	1,696.6	0.0	478.4	449.6	1,905.9	463.0
	Amortisation of Right of Use Assets	161.9	173.6	149.0				34.9	3.8
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	1,589.2	1,942.3	1,547.7	0.0	478.4	449.6	1,871.0	459.2
	- As a % of sales	13.4%	12.7%	16.6%	0%	18.2%	17.6%	18.0%	17.3%
SC01	S&D	1,751.1	2,115.9	1,696.6				1,905.9	463.0
	Amortisation of Right of Use Assets	161.9	173.6	149.0				161.9	3.8
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
	Selling & Distribution	1,589.2	1,942.3	1,547.7				1,871.0	459.2
	- As a % of sales	13.4%	12.7%	16.6%				18.0%	17.3%	18.0%	18.0%	18.0%	18.0%	18.0%
SC02	s&D	1,751.1	2,115.9	1,696.6				1,905.9	463.0
	Amortisation of Right of Use Assets	161.9	173.6	149.0				161.9	3.8
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC02	Selling & Distribution	1,589.2	1,942.3	1,547.7				1,871.0	459.2
SC02	- As a % of sales	13.4%	12.7%	16.6%				18.0%	17.3%	15.8%	15.8%	15.8%	15.8%	15.8%
SC03	S&D	1,751.1	2,115.9	1,696.6				1,905.9	463.0
	Amortisation of Right of Use Assets	161.9	173.6	149.0				161.9	3.8
	Depreciation in S&D	nan	nan	nan				nan	nan
	Amortisation of Right of Use Assets in S&D	nan	nan	nan				nan	nan
	Amortisation of Intangible Assets in S&D	nan	nan	nan				nan	nan
SC03	Selling & Distribution	1,589.2	1,942.3	1,547.7				1,871.0	459.2
	- As a % of sales	13.4%	12.7%	16.6%				18.0%	17.3%
	Sd selection

4	Capital Expenditure	589.4	959.3	92.8	0.0	-16.0	19.8	0	70.7	80.7	0	0	0
	- As a % of sales	5.0%	6.3%	1.0%	0%	-0.6%	0.8%		0.7%	3.0%
SC01	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	- As a % of sales	5.0%	6.3%	1.0%					0.7%					0.7%	0.7%	0.7%	0.7%	0.7%
SC02	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	- As a % of sales	5.0%	6.3%	1.0%					0.7%					2.6%	2.6%	2.6%	2.6%	2.6%
SC03	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	- As a % of sales	5.0%	6.3%	1.0%					0.7%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	19,621.5	20,165.0	21,162.6	0.0	22,907.6	22,891.7	22,911.5	22,907.6	22,978.7	23,059.4	22,978.7
	Capital Expenditure	589.4	959.3	92.8	0.0	-16.0	19.8	222		80.7
	Adjustments	-45.9	-118.8	1,611.9					-5.7	0.0		0.0
	Balance C/F	20,165.0	21,162.6	22,907.6	0.0	22,891.7	22,911.5		22,978.7	23,059.4
SC01	Balance B/F	19,621.5	20,165.0	21,162.6					22,907.6	22,978.7	23,059.4	22,978.7
	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	Adjustments	-45.9	-118.8	1,611.9					-5.7	0.0		0.0
	Balance C/F	20,165.0	21,162.6	22,907.6					22,978.7	23,059.4
SC02	Balance B/F	19,621.5	20,165.0	21,162.6					22,907.6	22,978.7	23,059.4	22,978.7
	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	Adjustments	-45.9	-118.8	1,611.9					-5.7	0.0		0.0
	Balance C/F	20,165.0	21,162.6	22,907.6					22,978.7	23,059.4
SC03	Balance B/F	19,621.5	20,165.0	21,162.6					22,907.6	22,978.7	23,059.4	22,978.7
	Capital Expenditure	589.4	959.3	92.8					70.7	80.7
	Adjustments	-45.9	-118.8	1,611.9					-5.7	0.0		0.0
	Balance C/F	20,165.0	21,162.6	22,907.6					22,978.7	23,059.4

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	5,634.0	6,435.0	5,681.6	0.0	6,157.1	6,554.3	6,748.1		6,157.1	6,982.4				7,211.1	6,982.4
	Depreciation charge	828.3	830.3	828.4	0.0	183.5	193.8			826.0	203.5
	- As a % of sales	7.0%	5.4%	8.9%	0%	7.0%	7.6%			8.0%	7.7%
	Balance C/F	6,435.0	5,681.6	6,157.1	-16,750.6	6,554.3	6,748.1	0	0	6,982.4	7,211.1	0	0	0	0	0	0	0	0	0
	Adjustments	-27.3	-1,583.7	-353.0						-0.6	25.2					25.2
	Net Book Value at end	13,730.0	15,481.0	16,750.6	16,750.6	16,337.3	16,163.3			15,996.3	15,848.3
SC01	Balance B/F	5,634.0	6,435.0	5,681.6						6,157.1	6,982.4				7,211.1	6,982.4
SC01	Depreciation charge	828.3	830.3	828.4						826.0	203.5
	- As a % of sales	7.0%	5.4%	8.9%						8.0%	7.7%						8.0%	8.0%	8.0%	8.0%	8.0%
	Balance C/F	6,435.0	5,681.6	6,157.1						6,982.4	7,211.1
	Adjustments	-27.3	-1,583.7	-353.0						-0.6	25.2					25.2
	Net Book Value at end	13,730.0	15,481.0	16,750.6						15,996.3	15,848.3
SC02	Balance B/F	5,634.0	6,435.0	5,681.6						6,157.1	6,982.4				7,211.1	6,982.4
SC02	Depreciation charge	828.3	830.3	828.4						826.0	203.5
	- As a % of sales	7.0%	5.4%	8.9%						8.0%	7.7%
	Balance C/F	6,435.0	5,681.6	6,157.1						6,982.4	7,211.1
	Adjustments	-27.3	-1,583.7	-353.0						-0.6	25.2					25.2
	Net Book Value at end	13,730.0	15,481.0	16,750.6						15,996.3	15,848.3
SC03	Balance B/F	5,634.0	6,435.0	5,681.6						6,157.1	6,982.4				7,211.1	6,982.4
SC03	Depreciation charge	828.3	830.3	828.4						826.0	203.5
	- As a % of sales	7.0%	5.4%	8.9%						8.0%	7.7%
	Balance C/F	6,435.0	5,681.6	6,157.1						6,982.4	7,211.1
	Adjustments	-27.3	-1,583.7	-353.0						-0.6	25.2					25.2
	Net Book Value at end	13,730.0	15,481.0	16,750.6						15,996.3	15,848.3
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	2,002.3	1,766.8	552.5	552.5	135.9	769.1	670.6	796.8
	- As a % of sales	16.9	11.5	5.9	19.9	5.2	30.2	6.5	7.5
	Four Qtr Cum. Revenue				2,547.0	5,165.7	7,948.0
	Four Qtr Cum. COGS				-1,309.7	-2,419.9	-3,655.6
SC01	2.1 Accounts and notes receivables	2,002.3	1,766.8	552.5				670.6
	- As a % of sales	16.9	11.5	5.9				6.5		6.5	6.5	6.5	6.5	6.5
SC02	2.1 Accounts and notes receivables	2,002.3	1,766.8	552.5				670.6
	- As a % of sales	16.9	11.5	5.9				6.5		8.0	8.0	8.0	8.0	8.0
	Four Qtr Cum. Revenue				2,547.0	5,165.7	7,948.0
SC03	2.1 Accounts and notes receivables	2,002.3	1,766.8	552.5				670.6
	- As a % of sales	16.9	11.5	5.9				6.5
	Four Qtr Cum. COGS				-1,309.7	-2,419.9	-3,655.6
	Debtors selection

	2.2 Inventories	445.1	544.9	349.1	349.1	697.7	432.7	350.6	439.8
	- As a % of COGS	7.1	7.3	7.5	28.2	62.8	33.0	7.4	8.9
SC01	2.2 Inventories	445.1	544.9	349.1				350.6
	- As a % of COGS	7.1	7.3	7.5				7.4		7.4	7.4	7.4	7.4	7.4
SC02	2.2 Inventories	445.1	544.9	349.1				350.6
	- As a % of COGS	7.1	7.3	7.5				7.4		7.4	7.4	7.4	7.4	7.4
SC03	2.2 Inventories	445.1	544.9	349.1				350.6
	- As a % of COGS	7.1	7.3	7.5				7.4
	Stocks selection
	Stocks share selection

	2.3 Prepayments	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
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	1,795.2	1,859.4	2,239.1	2,239.1	1,591.8	1,757.9	2,802.6	2,241.3
	- As a % of COGS	28.6	24.9	47.9	181.2	143.4	134.2	58.8	45.4
SC01	2.4 Accounts payable	1,795.2	1,859.4	2,239.1				2,802.6
	- As a % of COGS	28.6	24.9	47.9				58.8		58.8	58.8	58.8	58.8	58.8
SC02	2.4 Accounts payable	1,795.2	1,859.4	2,239.1				2,802.6
	- As a % of COGS	28.6	24.9	47.9				58.8		43.9	43.9	43.9	43.9	43.9
SC03	2.4 Accounts payable	1,795.2	1,859.4	2,239.1				2,802.6
	- As a % of COGS	28.6	24.9	47.9				58.8
	Payable selection
	Payable Share selection

2.5 Other
- As a % of COGS	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		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						473.0	-139.2
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						473.0	-139.2
SC01 Change in WC - Balance Period
SC02 Change in WC						473.0	-139.2
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						473.0	-139.2
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	7,485.7	8,323.0	6,872.6	0.0	0.0	0.0	4,578.0		7,038.6	6,639.3				6,499.0	6,639.3
	Issuance of debt	1,784.7	4,542.7	1,857.6	0.0	3,533.6	-773.6			3,594.8	221.4
	Repayment of debt	1,720.8	6,839.9	3,380.7	0.0	3,533.0	-140.9			5,160.6	334.6
	Net of Payments	63.9	-2,297.2	-1,523.1						-1,565.7	-113.3					-113.3
	Adjustments	773.3	846.7	1,689.1	0.0	0.0	0.0			1,166.5	-27.1					-27.1
	Closing balance	8,323.0	6,872.6	7,038.6	2,779.7	2,719.1	4,578.0			6,639.3	6,499.0
	Current Portion of Long Term Debt	2,737.1	546.2	4,258.9						4,649.9	4,003.5
	Interest Expenses	752.3	723.0	1,639.5	0.0	0.0	0.0			1,199.9	0.0
	Average Interest rate (%)	951.8	951.6	2357.2	0	0	0	%	%	1754.5	0	%	%	%		%	%	%	%	%
SC01	Opening balance	7,485.7	8,323.0	6,872.6						7,038.6	6,639.3				6,499.0	6,639.3
	Issuance of debt	1,784.7	4,542.7	1,857.6						3,594.8	221.4					3,594.8	3,594.8	3,594.8	3,594.8	3,594.8
	Repayment of debt	1,720.8	6,839.9	3,380.7						5,160.6	334.6
	Net of Payments	63.9	-2,297.2	-1,523.1						-1,565.7	-113.3					-113.3
	Adjustments	773.3	846.7	1,689.1						1,166.5	-27.1					-27.1
	Closing balance	8,323.0	6,872.6	7,038.6						6,639.3	6,499.0
	Adjustments	773.3	846.7	1,689.1						1,166.5	-27.1					-27.1
	Interest Expenses	752.3	723.0	1,639.5						1,199.9	0.0
	Average Interest rate (%)	951.8	951.6	2357.2						1754.5						1754.5	1754.5	1754.5	1754.5	1754.5
SC02	Opening balance	7,485.7	8,323.0	6,872.6						7,038.6	6,639.3			6,499.0	6,639.3
	Issuance of debt	1,784.7	4,542.7	1,857.6						3,594.8	221.4				3,331.7	3,331.7	3,331.7	3,331.7	3,331.7
	Repayment of debt	1,720.8	6,839.9	3,380.7						5,160.6	334.6
	Net of Payments	63.9	-2,297.2	-1,523.1						-1,565.7	-113.3
	Closing balance	8,323.0	6,872.6	7,038.6						6,639.3	6,499.0
	Adjustments	773.3	846.7	1,689.1						1,166.5	-27.1					-27.1
	Interest Expenses	752.3	723.0	1,639.5						1,199.9	0.0
	Average Interest rate (%)	951.8	951.6	2357.2						1754.5
SC03	Opening balance	7,485.7	8,323.0	6,872.6						7,038.6	6,639.3				6,499.0	6,639.3
	Issuance of debt	1,784.7	4,542.7	1,857.6						3,594.8	221.4
	Repayment of debt	1,720.8	6,839.9	3,380.7						5,160.6	334.6
	Net of Payments	63.9	-2,297.2	-1,523.1						-1,565.7	-113.3					-113.3
	Closing balance	8,323.0	6,872.6	7,038.6						6,639.3	6,499.0
	Adjustments	773.3	846.7	1,689.1						1,166.5	-27.1					-27.1
	Interest Expenses	752.3	723.0	1,639.5						1,199.9	0.0
	Average Interest rate (%)	951.8	951.6	2357.2						1754.5							%	%	%	%	%
	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
Opening balance	1,561.4	1,482.7	1,061.5	246.6	41.3	41.3	41.3
Issuance of debt	1,026.3	1,609.8	0.0	0.0	0.0
Repayment of debt	1,300.3	2,172.7	903.6	245.0	0.0
Net of Payments	-274.0	-562.9	-903.6	-245.0	0.0
Adjustments	195.3	141.7	88.7	39.7	0.0		0.0
Closing balance	1,482.7	1,061.5	246.6	41.3	41.3
Interest Expenses	195.3	141.7	88.7	39.7	0.0
Average Interest rate (%)	1283.0	1113.8	1356.4	2758.9	0		%	%	%	%	%

SC01	Opening balance	1,561.4	1,482.7	1,061.5	246.6	41.3	41.3	41.3
	Issuance of debt	1,026.3	1,609.8	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Repayment of debt	1,300.3	2,172.7	903.6	245.0	0.0
	Net of Payments	-274.0	-562.9	-903.6	-245.0	0.0
	Adjustments	195.3	141.7	88.7	39.7	0.0		0.0
	Closing balance	1,482.7	1,061.5	246.6	41.3	41.3
	Interest Expenses	195.3	141.7	88.7	39.7	0.0
	Average Interest rate (%)	1283.0	1113.8	1356.4	2758.9	0

SC02	Opening balance	1,561.4	1,482.7	1,061.5	246.6	41.3	41.3	41.3
	Issuance of debt	1,026.3	1,609.8	0.0	0.0	0.0
	Repayment of debt	1,300.3	2,172.7	903.6	245.0	0.0
	Net of Payments	-274.0	-562.9	-903.6	-245.0	0.0
	Adjustments	195.3	141.7	88.7	39.7	0.0		0.0
	Closing balance	1,482.7	1,061.5	246.6	41.3	41.3
	Interest Expenses	195.3	141.7	88.7	39.7	0.0
	Average Interest rate (%)	1283.0	1113.8	1356.4	2758.9	0

SC03	Opening balance	1,561.4	1,482.7	1,061.5	246.6	41.3	41.3	41.3
	Issuance of debt	1,026.3	1,609.8	0.0	0.0	0.0
	Repayment of debt	1,300.3	2,172.7	903.6	245.0	0.0
	Net of Payments	-274.0	-562.9	-903.6	-245.0	0.0
	Adjustments	195.3	141.7	88.7	39.7	0.0		0.0
	Closing balance	1,482.7	1,061.5	246.6	41.3	41.3
	Interest Expenses	195.3	141.7	88.7	39.7	0.0
	Average Interest rate (%)	1283.0	1113.8	1356.4	2758.9	0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	1,446.9	1,257.8	1,486.2	810.5	740.5	1,554.9	740.5
Issuance of debt	nan	nan	nan	nan	nan
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments
Adjustments	-189.2	228.4	-675.7	-70.1	814.5		814.5
Closing balance	1,257.8	1,486.2	810.5	740.5	1,554.9
Interest Expenses	105.1	76.3	193.2	216.5	0.0
Average Interest rate (%)	777.1	556.0	1682.1	2792.3	0		%	%	%	%	%

SC01	Opening balance	1,446.9	1,257.8	1,486.2	810.5	740.5	1,554.9	740.5
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	1,257.8	1,486.2	810.5	740.5	1,554.9
	Adjustments	-189.2	228.4	-675.7	-70.1	814.5		814.5
	Interest Expenses	105.1	76.3	193.2	216.5	0.0
	Average Interest rate (%)	777.1	556.0	1682.1	2792.3	0

SC02	Opening balance	1,446.9	1,257.8	1,486.2	810.5	740.5	1,554.9	740.5
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	1,257.8	1,486.2	810.5	740.5	1,554.9
	Adjustments	-189.2	228.4	-675.7	-70.1	814.5		814.5
	Interest Expenses	105.1	76.3	193.2	216.5	0.0
	Average Interest rate (%)	777.1	556.0	1682.1	2792.3	0

SC03	Opening balance	1,446.9	1,257.8	1,486.2	810.5	740.5	1,554.9	740.5
	Issuance of debt	nan	nan	nan	nan	nan
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments
	Closing balance	1,257.8	1,486.2	810.5	740.5	1,554.9
	Adjustments	-189.2	228.4	-675.7	-70.1	814.5		814.5
	Interest Expenses	105.1	76.3	193.2	216.5	0.0
	Average Interest rate (%)	777.1	556.0	1682.1	2792.3	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
Borrowings from financial institutions	752.3	723.0	1,639.5	1,199.9	0.0
Rate	9.5%	9.5%	23.6%	17.5%	0.0%
Commercial Paper	195.3	141.7	88.7	39.7	0.0
Rate	12.8%	11.1%	13.6%	27.6%	0.0%
OD Interest	105.1	76.3	193.2	216.5	0.0
Rate	7.8%	5.6%	16.8%	27.9%	0.0%
Lease Interest	81.7	78.6	27.2	34.4	0.0
Rate	15.3%	22.6%	21.7%	57.4%	0.0%
Total Interest Expenses	1,134.3	1,019.6	1,948.6	1,490.6	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	587.2	479.7	215.0	215.0	35.6	156.8	156.8		35.6	84.4				1.5	84.4
	Additions	25.4	149.7	40.3	-120.6	-5.9			6.1	0.0
	Payments	226.1	237.1	206.7	0.0	3,412.3	0.0			12.0	4.3
	Adjustments	11.6	-256.0	-40.2	0.0	0.0	0.0			20.3	-78.6					-78.6
	Lease Interest expenses	81.7	78.6	27.2	0.0	0.0	0.0			34.4	0.0
	Average Interest Rate	15.3	22.6	21.7	0	0	0	%	%	57.4	0	%	%	%
	Closing balance	479.7	215.0	35.6	215.0	156.8	156.8			84.4	1.5
	Lease Liabilities - Current Portion	175.4	92.0	16.6						13.9	0.7
SC01	Lease - Opening balance	587.2	479.7	215.0						35.6	84.4				1.5	84.4
	Additions	25.4	149.7	40.3					6.1	0.0						6.1
	Payments	226.1	237.1	206.7						12.0	4.3					12.0	12.0	12.0	12.0	12.0
	Closing balance	479.7	215.0	35.6						84.4	1.5
	Adjustments	11.6	-256.0	-40.2						20.3	-78.6					-78.6
	Lease Interest expenses	81.7	78.6	27.2						34.4	0.0
	Average Interest rate (%)	15.3	22.6	21.7						57.4						57.4	57.4	57.4	57.4	57.4
SC02	Lease - Opening balance	587.2	479.7	215.0						35.6	84.4				1.5	84.4
	Additions	25.4	149.7	40.3						6.1	0.0					6.1
	Payments	226.1	237.1	206.7						12.0	4.3					12.0
	Adjustments	11.6	-256.0	-40.2						20.3	-78.6					-78.6
	Closing balance	479.7	215.0	35.6						84.4	1.5
	Lease Interest expenses	81.7	78.6	27.2						34.4	0.0
	Average Interest rate (%)	15.3	22.6	21.7						57.4
SC03	Lease - Opening balance	587.2	479.7	215.0						35.6	84.4				1.5	84.4
	Lease Additions	25.4	149.7	40.3						6.1	0.0
	Payments	226.1	237.1	206.7						12.0	4.3
	Adjustments	11.6	-256.0	-40.2						20.3	-78.6					-78.6
	Closing balance	479.7	215.0	35.6						84.4	1.5
	Lease Interest expenses	81.7	78.6	27.2						34.4	0.0
	Average Interest rate (%)	15.3	22.6	21.7						57.4						%	%	%	%	%
	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	710.9	594.5	365.2	212.8	208.2	173.9	208.2
	Additions	0.0	157.1	40.3	6.1	0.0
	Adjustments	42.6	-212.8	-43.7	24.1	-30.5		-30.5
	Amortisation	159.0	173.6	149.0	34.9	3.8
	Amortisation Rate	22.4	29.2	40.8	16.4	1.8
	Closing balance	594.5	365.2	212.8	208.2	173.9
SC01	Opening balance	710.9	594.5	365.2	212.8	208.2	173.9	208.2	208.2	208.2	208.2	208.2
	Additions	0.0	157.1	40.3	6.1	0.0		6.1	6.1	6.1	6.1	6.1
	Adjustments	42.6	-212.8	-43.7	24.1	-30.5		-30.5
	Amortisation	159.0	173.6	149.0	34.9	3.8
	Amortisation Rate	22.4	29.2	40.8	16.4	1.8		16.4	16.4	16.4	16.4	16.4
	Closing balance	594.5	365.2	212.8	208.2	173.9
SC02	Opening balance	710.9	594.5	365.2	212.8	208.2	173.9	208.2	208.2	208.2	208.2	208.2
	Additions	0.0	157.1	40.3	6.1	0.0		67.8	67.8	67.8	67.8	67.8
	Adjustments	42.6	-212.8	-43.7	24.1	-30.5		-30.5
	Amortisation	159.0	173.6	149.0	34.9	3.8
	Amortisation Rate	22.4	29.2	40.8	16.4	1.8		28.8	28.8	28.8	28.8	28.8
	Closing balance	594.5	365.2	212.8	208.2	173.9
SC03	Opening balance	710.9	594.5	365.2	212.8	208.2	173.9	208.2
	Additions	0.0	157.1	40.3	6.1	0.0
	Amortisation	159.0	173.6	149.0	34.9	3.8
	Adjustments	42.6	-212.8	-43.7	24.1	-30.5		-30.5
	Closing balance	594.5	365.2	212.8	208.2	173.9
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC01	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC02	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	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	0.0	0.0	0.0	0.0	0.0
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.0	0.0	0.0	0.0	0.0
SC03	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation	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
	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			461.9	120.3	186.2	393.8		120.3	231.1					231.1
	Interest Income	48.3	53.5	58.6	0.0	0.0	10.2			71.3	6.1
	Blended Interest Income Rate	4.1	6.7	20.2	0	0	2.6	%	%	15.1	1.2	%	%	%			%	%	%	%
SC01	ii. Interest Income	48.3	53.5	58.6	0.0	0.0	10.2			71.3	6.1
	Average Interest Income Rate	4.1	6.7	20.2	0	0	2.6	%	%	15.1						15.1	15.1	15.1	15.1	15.1
SC02	ii. Interest Income	48.3	53.5	58.6	0.0	0.0	10.2			71.3	6.1
	Average Interest Income Rate	4.1	6.7	20.2	0	0	2.6	%	%	15.1		%	%	%
SC03	i. Cash & CE Balance C/F			461.9					120.3						231.1
	ii. Interest Income	48.3	53.5	58.6						71.3	6.1
	Average Interest Income Rate	4.1	6.7	20.2						15.1						%	%	%	%	%
	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	347.2	456.0	-1,910.8	1,546.5	120.9	-66.4			-247.0	206.7
	Tax B/F	18.6	14.2	195.9	195.9	86.5	86.5	86.5		86.5	108.5				191.1	108.5
	Tax Provision for the Year	10.9	195.6	24.4	0.0	0.0	0.0			15.4	0.0
	Adjustments	-3.8	-0.0	-129.7						11.6	9.8					9.8
	Taxes paid (prov. for the previous year)	11.5	13.9	4.2	0.0	0.0	0.0	0.0		5.1	-72.8
	Tax C/F	14.2	195.9	86.5	195.9	86.5	86.5			108.5	191.1
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	18.6	14.2	195.9						86.5	86.5				191.1	108.5
	Current Income Tax	10.9	195.6	24.4						15.4	0.0
	Taxes paid	11.5	13.9	4.2						5.1	-72.8					15.4
	Adjustments	-3.8	-0.0	-129.7						11.6	9.8					9.8
	Closing balance	14.2	195.9	86.5						108.5	191.1
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	18.6	14.2	195.9						86.5	86.5				191.1	108.5
	Current Income Tax	10.9	195.6	24.4						15.4	0.0
	Taxes paid	11.5	13.9	4.2						5.1	-72.8					15.4
	Adjustments	-3.8	-0.0	-129.7						11.6	9.8					9.8
	Closing balance	14.2	195.9	86.5						108.5	191.1
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	18.6	14.2	195.9						86.5	86.5				191.1	108.5
	Current Income Tax	10.9	195.6	24.4						15.4	0.0
	Taxes paid	11.5	13.9	4.2						5.1	-72.8					15.4
	Adjustments	-3.8	-0.0	-129.7						11.6	9.8					9.8
	Closing balance	14.2	195.9	86.5						108.5	191.1
	Effective Tax Rate (%)	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
	PBT SC 01 FLAT RATE
	PBT SC 02 AVG RATE
	PBT SC 03 FLAT RATE

	Item
REVENUE
1	Hospital revenue	YoY
2	Pharmacy revenue	YoY
3	Laboratory revenue	YoY
4	Radiology services	YoY
5	Deferred revenue	0
6	nan	nan
7	Total Revenue	YoY%
COSTS
1	COGS	- As a % of sales
2	Administration	- As a % of sales
3	Selling & Distribution	- As a % of sales
4	Capital Expenditure	- As a % of sales
OTHER
1	Depreciation charge	- As a % of sales
2	2.1 Accounts and notes receivables	- As a % of sales
2	2.2 Inventories	- As a % of COGS
2	2.3 Prepayments	- As a % of sales
2	2.4 Accounts payable	- As a % of COGS
2	2.5 Other	- As a % of COGS
3	Debt Borowwings	Rs.
3	Debt Repayments	Rs.
3	Blended Interest Rate	%
4	Lease Repayments	Rs.
4	Lease Interest Rate	%
5	Blended Interest Income Rate	%
6	Tax Rate	%
7	ST Debt Interest Rate	%
7	OD Debt Interest Rate	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24	1Q25	9M FY25E	FY25E
Combined Revenue	11,827.7	15,302.3	9,305.1	2,618.7	2,547.0	10,379.2	2,650.3
Excise Duty	nan	nan	nan			nan	nan
COGS	6,285.3	7,461.3	4,670.0	1,110.2	1,309.7	4,762.5	1,224.6
Gross Profit	5,542.4	7,840.9	4,635.1	1,508.5	1,237.3	5,616.6	1,425.7
Other Income	125.6	136.5	138.3			181.3	31.3	0	31.3
Administration Exp.	2,002.1	2,740.4	2,162.9	456.0	500.3	2,712.2	555.2
Selling & Distribution Exp.	1,751.1	2,115.9	1,696.6	478.4	449.6	1,905.9	463.0
Depreciation	828.3	830.3	828.4			826.0	203.5
Amortisation	161.9	173.6	149.0			34.9	3.8
Other Operating Expenses	-411.4	-1,460.9	-987.3	-25.8	-20.6	-155.3	-26.7		-26.7
Operating Income	1,503.5	1,660.3	-73.5	570.5	290.8	1,024.6	412.2
Interest Expenses	1,204.6	1,257.7	2,055.8			1,491.4	211.5
Interest Income	48.3	53.5	58.6	0.0	10.2		6.1
Other (Expenses)/Income	0.0	0.0	159.9	0.0	0.0	148.5	0.0		0.0
Profit Before Tax	347.2	456.0	-1,910.8	120.9	-66.4	-247.0	206.7
Tax Expenses	-154.1	552.6	527.7	0.0	0.0	57.7	82.8
Profit After Tax	501.3	-96.6	-2,438.5	120.3	-100.0	-304.7	123.9
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	501.3	-96.6	-2,438.5	120.3	-100.0		123.9

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	347.2	456.0	-1,910.8	120.9	-66.4		-247.0	123.9
Depreciation	From OA 1.1	828.3	830.3	828.4	183.5	193.8		826.0	203.5
Right of Use Asset - Amortisation		159.0	173.6	149.0					34.9	3.8
Intangible Asset Amortisation		0.0	0.0	0.0				0.0	0.0
Change in Working Capital	From OA 2	-1,155.3	-497.3	1,231.3	-418.4	-202.1		473.0	-139.2
CWC Adjustment											637.6	637.6
Income Tax Paid	From OA 5	11.5	13.9	4.2	0.0	0.0		5.1	-72.8
Other		353.5	1,426.5	2,591.4	214.0	751.7		1,042.4	-288.4		0	-288.4
Net Cash Flow from / (used in) Operating Activities		524.1	2,375.2	2,885.2	101.6	678.5		2,124.1	-23.7
Capital Expenditure	From CA 4	589.4	959.3	92.8	-16.0	19.8		70.7	80.7
Acquisition of Right to Use Assets	From CA 4	0.0	157.1	40.3					6.1	0.0
Acquisition of Intangible Assets	From CA 4	0.0	0.0	0.0					0.0	0.0
Other		-24.6	1,437.0	229.8	4.3	-3.9		-32.6	0.0		0	0.0
Cash Flows from Investing Activities		-614.1	320.6	96.8	20.3	-23.7		-109.4	-80.7
Borrowings		1,784.7	4,542.7	1,857.6	3,533.6	-773.6		3,594.8	221.4
Debt Repayments		2,073.5	9,176.8	4,298.7	3,532.6	-141.3		5,416.7	334.6
Net of Borrowings/ Repayments		737.5	-3,024.3	-2,441.2				-1,821.8	-113.3
Adjustments to match published numbers												814.5	814.5
Lease Additions
Lease Repayments		237.1	244.5	206.7	-120.6	-5.9		12.0	4.3
Other		1,026.3	1,609.8	0.0	0.0	0.0		0.0	0.0		0	0.0
Net Cash flows from / (used in) Financing Activities		500.5	-3,268.7	-2,647.9	121.6<	-626.4		-1,833.8	-117.5
Other		0.0	0.0	0.0	0.0	0.0		-559.5	0.0			0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		410.5	-572.9	334.1	243.5	28.5		180.9	-221.9
Favourable/Unfavourable Balances		1,257.8	1,486.2	810.5	1,364.5	1,621.1		1,299.9	1,554.9
Cash and CE at Start		-861.9	-451.4	-1,024.3	-1,421.8	-1,255.8	4Q	-690.2	-1,068.8		264.3	-1,068.8
Cash and CE at End		-451.4	-1,024.3	-690.2	-1,178.3			-1,068.8	-1,290.7

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	13,730.0	15,481.0	16,750.6	16,337.3	16,163.3			15,996.3	15,848.3
Investment in Associates/joint venture		14.8	14.8	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
Investment in equity-account investee		0.0	0.0	210.4	14.8	0.0	520.4	520.4	359.9	520.4	520.4	520.4	520.4	520.4	520.4	520.4	520.4	520.4	520.4
Intangible Assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Right Use of Assets		594.5	365.2	212.8	347.9	336.9	173.9	nan	208.2	173.9	nan	nan	nan
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
Other		0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Assets		14,339.3	15,861.0	17,173.8	16,700.0	16,500.2			16,564.4	16,542.6
Inventories	From OA 2.2	445.1	544.9	349.1	697.7	432.7			350.6	439.8
Trade and Other Receivables	From OA 2.1	2,002.3	1,766.8	552.5	135.9	769.1			670.6	796.8
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Other		736.2	1,124.5	629.7	1,600.7	685.2	1,133.1	1,133.1	638.5	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1	1,133.1
Other Financial Assets		383.9	341.0	169.7	166.0	0.0	245.2	245.2	239.8	245.2	245.2	245.2	245.2	245.2	245.2	245.2	245.2	245.2	245.2
Income Tax Recoverable		0.0	0.0	0.0	0.0	0.0	3.9	3.9	0.0	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
Cash and Cash Equivalent	From CFS	806.4	461.9	120.3	186.2	393.8			231.1	264.3
Current Assets		4,373.8	4,239.1	1,821.3	2,786.5	2,280.7			2,130.6	2,883.1
Total Assets		18,713.2	20,100.0	18,995.1	19,486.5	18,780.9				19,425.7
Equities and Liabilities
Stated Capital		1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4	1,207.4
Reserves	-823.2	1,294.1	1,294.1	4,539.3	5,604.9	5,604.9	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3	4,539.3
Retained Earnings		1,597.4	1,545.8	-823.2	541.7	441.7			-1,161.3	-409.4
Adjustments for Reported Number discprencies															628.0
Other		1,207.4														628.0
Other		0.0	0.0	0.0	0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		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
Total Equity		4,098.9	6,682.4	4,923.5	7,354.0	7,254.0			4,585.4	5,337.3
Long Term Debt	From OA 3	5,585.9	6,326.3	2,779.7	2,719.1	4,578.0			1,989.4	2,495.5
Financing and Lease Payables	From OA 4	304.3	123.0	19.0					70.5	0.8
Defined Benefit Obligation (Net)		387.0	328.1	252.5	333.8	280.2	221.4	221.4	330.5	221.4	221.4	221.4	221.4	221.4	221.4	221.4	221.4	221.4	221.4
Deferred tax liabilities		601.9	1,306.1	3,333.4	1,306.1	1,306.1	3,333.3	3,333.3	3,349.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3	3,333.3
Other Non-Current Liabilities		22.9	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
Non Current Liabilities		6,902.1	8,083.5	6,384.6	4,464.3	6,358.1			5,739.7	6,051.0
Current Maturities of Long Term Debt		2,737.1	546.2	4,258.9	4,407.3	1,774.7			4,649.9	4,003.5
Trade Payables	From OA 2.4	1,795.2	1,859.4	2,239.1	1,591.8	1,757.9			2,802.6	2,241.3
13. Amounts due to related parties		nan	nan	nan	0.0	0.0	0.0	0.0	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	14.2	195.9	86.5	86.5	86.5			108.5	191.1
Lease Liabilities		175.4	92.0	16.6					13.9	0.7
Other Accruals	From OA 2.5
Other		249.8	93.0	28.8	16.0	43.4	4.6	4.6	13.3	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
Commercial paper		1,482.7	1,061.5	246.6					41.3	41.3
Bank Overdraft		1,257.8	1,486.2	810.5					740.5	1,554.9
Bank Overdraft		1,257.8	1,486.2	810.5	1,364.5	1,377.6	1,554.9	nan	740.5	1,554.9	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		7,712.2	5,334.2	7,687.0	7,668.1	5,183.6			8,369.9	8,037.4
Total Equity and Liabilities		18,713.2	20,100.0	18,995.1	19,486.5	18,795.7			18,695.0	19,425.7
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		-7,545.9
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		1,409.5
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			4,585.4
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		1,409.5	1,409.5	1,409.5
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	365.187721	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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