|
Period |
|
FY21 |
FY22 |
FY23 |
4Q23 |
1Q24 |
2Q24 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
1 |
Tile & Associated Items |
|
31,964.8 |
38,423.7 |
46,787.2 |
12,914.4 |
9,343.2 |
11,060.9 |
12,914.40 |
12,914.4 |
43,261.9 |
9,343.2 |
11,060.9 |
12,914.4 |
12,914.4 |
43,261.9 |
43,261.9 |
43,261.9 |
43,261.9 |
43,261.9 |
|
YoY |
|
57.3 |
20.2 |
21.8 |
|
|
|
|
|
-7.5 |
|
|
|
|
|
|
|
|
|
3 |
Packaging Material |
|
3,824.4 |
5,985.9 |
8,062.3 |
1,022.0 |
1,655.0 |
1,705.3 |
1,022.00 |
1,022.00 |
6,963.3 |
1,655.00 |
1,705.30 |
1,022.00 |
1,022.00 |
6,963.3 |
6,963.3 |
6,963.3 |
6,963.3 |
6,963.3 |
|
YoY |
|
4.1 |
56.5 |
34.7 |
|
|
|
|
|
-13.6 |
|
|
|
|
|
|
|
|
|
4 |
Aluminium Products |
|
3,767.2 |
6,935.8 |
4,933.7 |
1,272.9 |
1,021.2 |
1,614.7 |
1,272.90 |
1,272.90 |
7,200.1 |
1,021.20 |
1,614.70 |
1,272.90 |
1,272.90 |
7,200.1 |
7,200.1 |
7,200.1 |
7,200.1 |
7,200.1 |
|
YoY |
|
20.0 |
84.1 |
-28.9 |
|
|
|
|
|
45.9 |
|
|
|
|
|
|
|
|
|
|
Period |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
1 |
COGS |
|
28,168.9 |
32,946.5 |
37,676.1 |
9,660.3 |
8,183.3 |
9,183.0 |
0.00 |
0.0 |
37,704.5 |
0.0 |
0.00,000,000,000 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
- As a % of sales |
|
59.3% |
57.4% |
57.4% |
0% |
64.4% |
60.4% |
|
|
59.0% |
|
|
|
|
|
|
|
|
|
|
Fixed Assets - Cost |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24E |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
1 |
Balance B/F |
|
39,189.3 |
41,427.5 |
46,233.6 |
0.0 |
50,458.1 |
0.0 |
0.0 |
0.0 |
50,458.1 |
0.0 |
0.0 |
0.0 |
0.0 |
60,232.1 |
60232.1 |
60232.1 |
60232.1 |
60232.1 |
|
Capital Expenditure |
|
1,839.9 |
3,162.9 |
5,605.1 |
1,492.2 |
1,813.2 |
2,288.0 |
0.00 |
0.0 |
7,509.8 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Balance C/F |
|
41,427.5 |
46,233.6 |
50,458.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
60,232.1 |
0.0 |
0.0 |
0.0 |
60232.1 |
60,232.1 |
60,232.1 |
60,232.1 |
60,232.1 |
60,232.1 |
1.1 |
Depreciation |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
Balance B/F |
|
13,497.4 |
12,737.4 |
14,122.8 |
-35,208.6 |
17,317.5 |
0.0 |
0.0 |
0.0 |
17,317.5 |
0.0 |
0.0 |
0.0 |
0.0 |
19,000.5 |
19000.5 |
19000.5 |
19000.5 |
19000.5 |
|
Depreciation charge |
|
1,890.4 |
1,966.9 |
2,039.1 |
511.5 |
478.8 |
468.4 |
0.0 |
0.0 |
2,119.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
- As a % of sales |
|
4.2% |
3.6% |
3.2% | 3.2% |
3.8% |
3.1% |
|
|
3.5% |
|
|
|
|
|
|
|
|
|
|
Balance C/F |
|
12,737.4 |
14,122.8 |
17,317.5 |
-33,140.6 |
0.0 |
0.0 |
0.0 |
0.0 |
19,000.5 |
0.0 |
0.0 |
0.0 |
0.0 |
19,000.5 |
19,000.5 |
19,000.5 |
19,000.5 |
19,000.5 |
|
Net Book Value at end |
|
28,690.2 |
32,110.8 |
33,140.6 |
33,140.6 |
0.0 |
0.0 |
0.00 |
0.0 |
41,231.6 |
0.0 |
0.0 |
0.0 |
60232.1 |
41,231.6 |
41,231.6 |
41,231.6 |
41,231.6 |
41,231.6 |
|
Period |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
2.1 Accounts and notes receivables |
|
4,468.0 |
5,407.0 |
6,427.3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
5,736.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
- As a % of sales |
|
9.9 |
9.8 |
10.2 |
|
|
9.4 |
|
|
|
|
|
|
|
|
|
|
Four Qtr Cum. Revenue |
|
|
|
|
15,191.9 |
27,894.4 |
43,871.0 |
59847.50 |
59847.40 |
|
59847.30 |
59847.30 |
59847.30 |
59847.30 |
|
|
|
|
|
|
|
Four Qtr Cum. COGS |
|
|
|
| -9,183.0 |
-17,366.3 |
-27,026.5 |
-27026.50 |
-17366.30 |
|
-9183.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
3 |
Interest Bearing Debt |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
Opening balance |
|
7,196.5 |
6,061.2 |
5,222.5 |
20,270.6 |
2,572.4 |
20,612.7 |
19,955.8 |
19,955.8 |
19,586.3 |
19,955.8 |
19,955.8 |
19,955.8 |
19,955.8 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
|
Issuance of debt |
|
654.5 |
1,527.1 |
1,153.0 |
0.0 |
18,040.3 |
0.0 |
|
|
9,353.4 |
|
|
|
|
|
|
|
|
|
|
Repayment of debt |
|
1,768.5 |
2,414.5 |
2,636.2 |
0.0 |
0.0 |
656.9 |
|
|
1,127.9 |
|
|
|
|
|
|
|
|
|
|
Closing balance |
|
6,061.2 |
5,222.5 |
2,572.4 |
19,586.3 |
20,612.7 |
19,955.8 |
19,955.8 |
19,955.8 |
10,795.6 |
19,955.8 |
19,955.8 |
19,955.8 |
19,955.8 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
|
Adjustments |
|
-21.3 |
48.7 |
-1,167.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expenses |
|
nan |
nan |
nan |
nan |
nan |
nan |
0.0 |
0.0 |
nan |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Average Interest rate (%) |
|
9.2 |
6.0 |
22.1 |
0 |
0 |
0 |
% |
% |
11.5 |
% |
% |
% |
% |
% |
% |
% |
% |
% |
4 |
Leases |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
Lease - Opening balance |
|
1,505.5 |
1,386.4 |
1,452.1 |
0.0 |
1,334.3 |
0.0 |
0.0 |
|
1,334.3 |
|
|
|
|
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
|
Additions |
|
82.2 |
216.1 |
250.4 |
0.0 |
-1,334.3 |
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments |
|
362.7 |
332.0 |
372.1 |
0.0 |
0.0 |
0.0 |
|
|
396.2 |
|
|
|
|
|
|
|
|
|
|
Closing balance |
|
1,386.4 |
1,452.1 |
1,334.3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
1,395.3 |
0.0 |
0.0 |
0.0 |
0.0 |
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
|
Adjustments |
|
-38.8 |
-4.3 |
-208.0 |
0.0 |
0.0 |
0.0 |
|
|
-25.2 |
|
|
|
|
|
|
|
|
|
|
Lease Interest expenses |
|
200.2 |
185.9 |
211.9 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
207.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Average Interest rate (%) |
|
13.8 |
13.1 |
15.2 |
0 |
0 |
0 |
% |
% |
15.2 |
% |
% |
% |
% |
% |
% |
% |
% |
% |
5 |
Interest Income |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
i. Cash & CE Balance C/F |
|
|
|
15,383.1 |
3,601.5 |
2,074.6 |
1,562.9 |
39270.10 |
3,601.5 |
3,080.1 |
67949.00 |
83140.90 |
99117.40 |
115093.90 |
84,972.8 |
146,164.8 |
207,356.8 |
268,548.8 |
|
|
ii. Interest Income |
|
82.9 |
493.5 |
1,152.6 |
185.9 |
90.8 |
104.1 |
0.0 |
0.0 |
358.3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Average Interest Income Rate |
|
1.5 |
3.2 |
31.4 |
5.1 |
2.9 |
3.9 |
% |
% |
11.4 |
% |
% |
% |
% |
% |
% |
% |
% |
% |
6 |
Tax |
|
FY21 |
FY22 |
FY23 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
|
Profit Before Tax |
|
9,859.8 |
16,707.2 |
14,447.1 |
2,812.5 |
1,405.6 |
3,327.3 |
15,976.5 |
15,976.5 |
12,079.4 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
|
Opening balance |
|
177.9 |
955.5 |
1,470.9 |
-2,450.7 |
1,233.2 |
389.9 |
-447.8 |
-447.8 |
-3,686.2 |
-447.8 |
-447.8 |
-447.8 |
-447.8 |
1,360.6 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
|
Current Income Tax |
|
1,367.8 |
2,922.1 |
3,559.5 |
0.0 |
0.0 |
0.0 |
|
|
3,240.4 |
|
|
|
|
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxes paid |
|
609.1 |
2,383.0 |
5,157.1 |
1,235.5 |
843.3 |
837.8 |
0.0 |
|
3,126.1 |
|
|
|
|
3,240.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Closing balance |
|
955.5 |
1,470.9 |
1,233.2 |
-3,686.2 |
389.9 |
-447.8 |
-447.8 |
-447.8 |
1,360.6 |
-447.8 |
-447.8 |
-447.8 |
-447.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
|
Effective Tax Rate (%) |
|
0 |
0 |
0 |
0 |
0 |
0 |
% |
% |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
Income Statement |
Notes |
FY21 |
FY22 |
FY23 |
1Q24 |
2Q24 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
Combined Revenue |
|
44,972.4 |
54,980.9 |
63,206.3 |
12,702.4 |
15,191.9 |
15,976.50 |
15,976.50 |
61,192.1 |
12,702.40 |
15,191.90 |
15,976.50 |
15,976.50 |
61,192.00 |
61,192.0 |
61,192.00 |
61,192.00 |
61,192.00 |
COGS |
|
28,168.9 |
32,946.5 |
37,676.1 |
8,183.3 |
9,183.0 |
0.00 |
0.0 |
37,704.5 |
0.0 |
0.00,000,000,000 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Gross Profit |
|
16,803.4 |
22,034.4 |
25,530.2 |
4,519.1 |
6,009.0 |
15,976.5 |
15,976.5 |
23,487.6 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Administration Exp. |
|
-76.9 |
300.6 |
1,228.8 |
354.2 |
483.3 |
0.00 |
0.0 |
1,791.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Selling & Distribution Exp. |
|
5,528.8 |
6,172.4 |
7,972.5 |
1,862.7 |
2,043.6 |
0.00 |
0.0 |
8,253.5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Depreciation |
|
1,890.4 |
1,966.9 |
2,039.1 |
478.8 |
468.4 |
0.0 |
0.0 |
2,119.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
7. Amortisation |
|
|
|
|
|
Other Operating Expenses |
|
-510.5 |
-6.1 |
-222.5 |
-281.6 |
117.9 |
|
|
nan |
|
|
|
|
|
|
|
|
|
Operating Income |
|
9,369.3 |
14,657.0 |
14,538.5 |
1,621.2 |
3,195.6 |
15,976.5 |
15,976.5 |
11,538.8 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Interest Expenses |
|
1,406.5 |
771.7 |
3,556.7 |
0.0 |
0.0 |
0.0 |
0.0 |
2,524.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Interest Income |
|
82.9 |
493.5 |
1,152.6 |
90.8 |
104.1 |
0.0 |
0.0 |
358.3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Other (Expenses)/Income |
|
1,814.1 |
2,328.4 |
2,312.7 |
569.0 |
660.4 |
|
|
nan |
|
|
|
|
|
|
|
|
|
Profit Before Tax |
|
9,859.8 |
16,707.2 |
14,447.1 |
1,405.6 |
3,327.3 |
15,976.5 |
15,976.5 |
12,079.4 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Tax Expenses |
|
1,367.8 |
2,922.1 |
3,559.5 |
0.0 |
0.0 |
|
|
3,240.4 |
|
|
|
|
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Profit After Tax |
|
8,551.2 |
13,631.5 |
10,217.9 |
1,057.4 |
2,543.0 |
15,976.5 |
15,976.50 |
8,839.0 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Other |
|
-133.3 |
58.1 |
376.0 |
-2.2 |
-2.1 |
|
|
nan |
|
|
|
|
|
Net Income |
|
8,417.9 |
13,689.6 |
10,593.9 |
1,055.3 |
2,541.0 |
15,976.5 |
15,976.50 |
8,839.0 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Cash Flow Statement |
Forecast Ref. |
FY21 |
FY22 |
FY23 |
1Q24 |
2Q24 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
Profit Before Tax |
From IS |
9,726.4 |
16,791.2 |
15,310.1 |
1,403.4 |
3,325.3 |
15,976.5 |
15,976.5 |
12,256.8 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Depreciation |
From OA 1.1 |
1,890.4 |
1,966.9 |
2,039.1 |
478.8 |
468.4 |
0.0 |
0.0 |
2,119.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Change in Working Capital |
From OA 2 |
0.0 |
0.0 |
-13,418.5 |
-1,063.9 |
683.8 |
21,731.4 |
0.0 |
-2,992.4 |
0.0 |
0.0 |
0.0 |
0.0 |
23,941.1 |
0.0 |
0.0 |
0.0 |
0.0 |
Income Tax Paid |
From OA 5 |
609.1 |
2,383.0 |
5,157.1 |
843.3 |
837.8 |
0.0 |
|
3,126.1 |
|
|
|
|
3,240.4 |
0.0 |
0.0 |
0.0 |
0.0 |
Other |
|
7,070.9 |
-1,786.0 |
-8,441.4 |
-534.2 |
-838.5 |
|
|
-2,812.4 |
|
|
|
|
|
|
|
|
|
Net Cash Flow from / (used in) Operating Activities
|
|
18,383.1 |
14,881.2 |
-9,360.2 |
-478.7 |
2,891.9 |
37707.9 |
15976.5 |
5,768.4 |
12702.4 |
15191.9 |
15976.5 |
15976.5 |
81,892.7 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
Capital Expenditure |
From CA 4 |
1,839.9 |
3,162.9 |
5,605.1 |
1,813.2 |
2,288.0 |
0.00 |
0.0 |
7,509.8 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Other |
|
-196.7 |
1,878.0 |
1,920.9 |
-35.5 |
527.8 |
|
|
1,966.8 |
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
-2,166.0 |
-1,569.1 |
-4,192.3 |
-1,848.7 |
-1,760.1 |
0.00 |
0.0 |
-5,902.7 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Borrowings |
|
18,726.5 |
24,897.6 |
27,418.9 |
9,106.7 |
2,075.7 |
0 |
0 |
33,964.3 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Debt Repayments |
|
24,611.0 |
22,244.1 |
22,244.1 |
8,716.8 |
2,065.4 |
0 |
0 |
28,568.3 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
10. Lease Additions |
|
|
|
|
|
|
0 |
0 |
|
0 |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0 |
Lease Repayments |
|
162.5 |
160.2 |
160.2 |
50.1 |
39.9 |
0 |
0 |
189.0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Other |
|
-2,177.4 |
-6,257.7 |
-4,966.1 |
-162.3 |
-812.6 |
|
|
-3,789.8 |
|
|
|
|
|
|
|
|
|
Net Cash flows from / (used in) Financing Activities
|
|
-8,224.4 |
-4,226.5 |
48.5 |
177.5< |
-842.1 |
0.00 |
0.00 |
1,417.1 |
0.00 |
0.00 |
0.00 |
0.00 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Other |
|
-9.2 |
331.0 |
20.5 |
5.4 |
0.6 |
|
|
-103.6 |
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash and Cash Equivalents |
|
7,992.6 |
9,085.6 |
-13,504.0 |
-2,149.9 |
289.7 |
37707.90 |
15976.50 |
1,282.9 |
12702.40 |
15191.90 |
15976.50 |
15976.50 |
81892.7 |
61192.0 |
61192.0 |
61192.0 |
61192.0 |
Balance adjustments as per company |
|
1,012.1 |
2,053.9 |
3,755.9 |
4,373.4 |
3,571.4 |
|
|
2,055.2 |
|
|
|
|
|
|
|
|
|
Cash and CE at Start
|
|
-4,070.9 |
3,912.5 |
13,329.1 |
-154.4 |
-2,298.9 |
1,562.2 |
39270.10 |
-154.4 |
67949.00 |
83140.90 |
99117.40 |
1,024.9 |
1,024.9 |
84,972.8 |
146,164.8 |
207,356.8 |
268,548.8 |
Cash and CE at End
|
|
3,912.5 |
13,329.1 |
-154.4 |
-2,298.9 |
1,562.2 |
39270.10 |
55246.60 |
1,024.9 |
67949.00 |
83140.90 |
99117.40 |
115093.90 |
84,972.8 |
146,164.8 |
207,356.8 |
268,548.8 |
329,740.8 |
Balance Sheet |
Notes |
FY21 |
FY22 |
FY23 |
1Q24 |
2Q24 |
3Q24E |
4Q24E |
FY24 |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Plant and Equipment - Net Book value |
From OA 1 |
28,690.2 |
32,110.8 |
33,140.6 |
0.0 |
0.0 |
0.00 |
0.0 |
41,231.6 |
0.0 |
0.0 |
0.0 |
60232.1 |
41,231.6 |
41,231.6 |
41,231.6 |
41,231.6 |
41,231.6 |
2. Right-of-use assets |
|
1,980.3 |
2,045.1 |
2,069.7 |
2,069.7 |
2,069.7 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
2,135.5 |
3. Intangible assets |
|
10,085.2 |
11,779.0 |
13,349.8 |
13,291.2 |
13,961.1 |
15,735.4 |
15,735.4 |
15,136.0 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
15,735.4 |
4. Investment in an associate |
|
1,171.6 |
1,179.8 |
1,306.4 |
1,289.3 |
1,261.2 |
1,372.8 |
1,372.8 |
1,374.5 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
1,372.8 |
5. Other financial assets |
|
1,257.6 |
1,241.8 |
1,112.5 |
1,123.5 |
1,250.4 |
1,144.4 |
nan |
1,154.3 |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
6. Deferred income tax assets |
|
0.0 |
0.0 |
146.8 |
203.2 |
236.7 |
235.5 |
235.5 |
206.9 |
235.5 |
235.5 |
235.5 |
235.5 |
235.5 |
235.5 |
235.5 |
235.5 |
235.5 |
Other |
|
714.8 |
657.1 |
42.9 |
42.4 |
42.4 |
36.3 |
36.3 |
36.1 |
36.3 |
36.3 |
36.3 |
36.3 |
36.3 |
36.3 |
36.3 |
36.3 |
36.3 |
Non Current Assets |
|
43,899.6 |
49,013.5 |
51,168.7 |
18,019.3 |
18,821.5 |
20659.90 |
19515.50 |
61,274.8 |
19515.50 |
19515.50 |
19515.50 |
79747.60 |
60,747.1 |
60,747.1 |
60,747.1 |
60,747.1 |
60,747.1 |
Inventories |
From OA 2.2 |
11,100.8 |
13,472.6 |
25,061.1 |
25,064.2 |
24,626.3 |
0.0 |
0.0 |
28,689.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Trade and Other Receivables |
From OA 2.1 |
4,468.0 |
5,407.0 |
6,427.3 |
0.0 |
0.0 |
0.0 |
0.0 |
5,736.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Prepayments |
From OA 2.3 |
1,004.9 |
2,871.5 |
4,206.3 |
3,389.0 |
3,254.4 |
0.0 |
0.0 |
2,723.5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Other |
|
40.2 |
29.3 |
32.3 |
30.6 |
33.8 |
37.9 |
37.9 |
43.1 |
37.9 |
37.9 |
37.9 |
37.9 |
37.9 |
37.9 |
37.9 |
37.9 |
37.9 |
12. Other financial assets |
|
652.7 |
46.7 |
67.9 |
1,055.5 |
1,121.5 |
1,393.8 |
1,393.8 |
71.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
1,393.8 |
13. Income tax recoverable |
|
49.2 |
17.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Cash and Cash Equivalents |
From CFS |
4,924.6 |
15,383.1 |
3,601.5 |
2,074.6 |
1,562.9 |
39270.10 |
55246.60 |
3,080.1 |
67949.00 |
83140.90 |
99117.40 |
115093.90 |
84,972.8 |
146,164.8 |
207,356.8 |
268,548.8 |
329,740.8 |
Current Assets |
|
22,240.4 |
37,227.7 |
39,396.5 |
31,613.9 |
30,598.9 |
40701.80 |
56678.30 |
40,344.3 |
69380.70 |
84572.60 |
100549.10 |
116525.60 |
86,404.5 |
147,596.5 |
208,788.5 |
269,980.5 |
331,172.5 |
Total Assets |
|
66,140.1 |
86,241.2 |
90,565.1 |
49,633.2 |
49,420.4 |
61361.70 |
76193.80 |
101,619.1 |
88896.20 |
104088.10 |
120064.60 |
196273.20 |
147,151.6 |
208,343.6 |
269,535.6 |
330,727.6 |
391,919.6 |
Equities and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Stated capital |
|
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
1,368.7 |
2. Reserves |
33,427.7 |
3,627.1 |
3,627.1 |
4,795.2 |
4,794.7 |
4,803.0 |
5,575.6 |
5,575.6 |
5,568.9 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
5,575.6 |
Retained Earnings |
|
25,401.4 |
30,632.5 |
33,427.7 |
33,765.9 |
35,631.4 |
51607.90 |
67584.40 |
37,830.4 |
80286.80 |
95478.70 |
111455.20 |
127431.70 |
99,022.4 |
160,214.4 |
221,406.4 |
282,598.4 |
343,790.4 |
nan |
|
nan |
nan |
nan |
nan |
nan |
0.0 |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
Equity attributable to equity holders of parent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-controlling interest |
|
11,580.4 |
13,875.8 |
13,814.2 |
13,770.0 |
14,460.3 |
15,359.0 |
15,359.0 |
15,345.1 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
15,359.0 |
Total Equity |
|
41,977.5 |
51,199.1 |
53,405.8 |
53,699.2 |
56,263.3 |
73911.20 |
89887.70 |
60,113.1 |
102590.10 |
117782.00 |
133758.50 |
149735.00 |
121,325.7 |
182,517.7 |
243,709.7 |
304,901.7 |
366,093.7 |
Long Term Debt |
From OA 3 |
3,688.8 |
2,938.8 |
1,496.7 |
5,393.3 |
5,148.8 |
19,955.8 |
19,955.8 |
9,134.5 |
19,955.8 |
19,955.8 |
19,955.8 |
19,955.8 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
10,795.6 |
Financing and Lease Payables |
From OA 4 |
1,386.4 |
1,452.1 |
1,334.3 |
0.0 |
0.0 |
0.0 |
0.0 |
1,395.3 |
0.0 |
0.0 |
0.0 |
0.0 |
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
1,395.3 |
Defined Benefit Obligation (Net) |
|
1,635.5 |
1,524.4 |
1,184.4 |
1,224.7 |
1,263.7 |
1,513.1 |
1,513.1 |
1,476.6 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
1,513.1 |
Deferred Tax Liability (Net) |
|
2,944.5 |
3,509.1 |
5,114.9 |
5,060.2 |
5,057.5 |
5,611.4 |
5,611.4 |
5,606.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
5,611.4 |
Other Non-Current Liabilities |
|
134.0 |
128.3 |
15.0 |
15.0 |
15.0 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
34.5 |
Non Current Liabilities |
|
9,651.1 |
9,346.4 |
8,958.2 |
11,693.2 |
11,485.0 |
27114.8 |
27114.8 |
17,366.0 |
27114.80 |
27114.80 |
27114.80 |
27114.80 |
19,349.9 |
19,349.9 |
19,349.9 |
19,349.9 |
19,349.9 |
Current Maturities of Long Term Debt |
Added to LT debt in the forecast |
2,372.4 |
2,372.4 |
1,075.6 |
15,219.4 |
14,807.0 |
|
|
1,661.1 |
|
|
|
|
|
|
|
Trade Payables |
From OA 2.4 |
2,787.3 |
3,736.8 |
2,684.8 |
5,368.7 |
6,149.3 |
0.00 |
0.00 |
3,208.1 |
0.00 |
0.00 |
0.00 |
0.00 |
0.0 |
0.00 |
0.00 |
0.00 |
0.00 |
13. Amounts due to related parties |
|
nan |
nan |
nan |
0.0 |
0.0 |
0.0 |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
Income Tax Liabilities |
From OA 6 |
955.5 |
1,470.9 |
1,233.2 |
389.9 |
-447.8 |
-447.8 |
-447.8 |
1,360.6 |
-447.8 |
-447.8 |
-447.8 |
-447.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
-1,879.8 |
Other Accruals |
From OA 2.5 |
0 |
0 |
0 |
0 |
0 |
0.00 |
0.00 |
10,000.0 |
0.00 |
0.00 |
0.00 |
0.00 |
0.0 |
0.00 |
0.00 |
0.00 |
0.00 |
Other |
|
5,018.3 |
10,689.1 |
7,340.7 |
3,625.8 |
2,574.6 |
3,021.0 |
3,021.0 |
5,573.6 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
3,021.0 |
Bank Overdraft |
|
956.1 |
1,967.6 |
3,674.7 |
0.0 |
0.0 |
1,899.0 |
nan |
2,055.2 |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
nan |
Current Liabilities |
|
14,511.4 |
25,695.7 |
28,201.2 |
25,063.0 |
24,364.2 |
|
|
24,140.0 |
|
|
|
|
1,141.2 |
1,141.2 |
1,141.2 |
1,141.2 |
1,141.2 |
Total Equity and Liabilities |
|
66,140.1 |
86,241.2 |
90,565.1 |
90,455.5 |
92,112.5 |
|
|
101,619.1 |
|
|
|
|
141,816.8 |
203,008.8 |
264,200.8 |
325,392.8 |
386,584.8 |
DCF Enterprise Value
Period |
Notes |
3Q24E |
4Q24E |
FY24E |
1Q25E |
2Q25E |
3Q25E |
4Q25E |
FY25E |
FY26E |
FY27E |
FY28E |
FY29E |
1. EBIT |
From FF 6 |
15,976.5 |
15,976.5 |
36,769.8 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
2. Tax |
From OA 4 |
0.0 |
|
3,126.1 |
|
|
|
|
3,240.4 |
0.0 |
0.0 |
0.0 |
0.0 |
3. Depreciation |
From OA 1 |
0.0 |
0.0 |
2,119.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
4. Adjustments |
User Input |
|
|
|
|
|
5. Capital Expenditure |
From CA 4 |
0.00 |
0.0 |
|
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
6. Changes in Working Capital |
From OA 2 |
21,731.4 |
0.0 |
|
0.0 |
0.0 |
0.0 |
0.0 |
23,941.1 |
0.0 |
0.0 |
0.0 |
0.0 |
7. Free Cash Flow |
|
37,707.9 |
15,976.5 |
28,253.5 |
12,702.4 |
15,191.9 |
15,976.5 |
15,976.5 |
81,892.7 |
61,192.0 |
61,192.0 |
61,192.0 |
61,192.0 |
8. Terminal Value |
|
|
|
|
|
|
|
|
|
|
|
|
NaN |
9. Total Free Cash Flow |
|
|
|
|
|
|
10. Discount factor |
Calculation |
|
|
|
|
|
|
|
NaN |
NaN |
NaN |
NaN |
NaN |
11. Present Value of Free Cash Flows |
7*10=11 |
|
|
|
|
|
|
|
NaN |
NaN |
NaN |
NaN |
NaN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12. DCF Enterprise Value |
|
|
|
|
|
|
|
|
NaN |
13. Net (Debt)/Cash |
|
|
|
|
|
|
|
|
-11,094.3 |
14. Pension Underfunding |
From BS |
|
|
|
|
|
|
|
15. Other |
User input cell |
|
|
|
|
|
|
|
14. Adjustment |
User Input |
|
|
|
|
|
|
|
15. DCF Valuation - Equity Value |
|
|
|
|
|
|
|
|
NaN |
16. Number of Shares |
|
|
|
|
|
|
|
|
1,107.9 |
17. Price per Share (Rs.) |
|
|
|
|
|
|
|
|
0.0 |
Weighted Average Costs of Capital (WACC)
|
Notes |
Price to Earnings |
Price to Book Value |
Price to Sales |
1. Earnings/Book Value/Sales |
|
61,192.00 |
60,113.1 |
61,192.00 |
|
2. Adjusted Multiple |
|
10 |
10 |
10 |
3. Valuation (Rs. Millions) |
1*2=3 |
611,920.0 |
601,131.0 |
611,920.0 |
|
4. Number of Shares (Millions) |
|
1,107.9 |
1,107.9 |
1,107.9 |
|
5. Price per Share(Rs.) |
|
552.3 |
542.6 |
552.3 |
|
>
Date |
Research Organisation |
Recommendation |
Target Price (Rs.) |
0 |
1241.797885 |
0 |
0 |
|
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