Company Overview - Transasia

Transasia

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
Rooms	YoY%	53.7
Food	YoY%	15.4
Beverages	YoY%	4.7
Food & beverage others	YoY%	-28.0
Investment property Income	YoY%	41.7
Other	YoY%	0.0
COSTS
Excise Duty	% of Rev.	10,999.0
COGS	% of Rev.	50.1
Administration	% of Rev.	22.5
Selling & Distribution	% of Rev.	4.6
Capital Expenditure	% of Rev.	7.6
OTHER
Depreciation charge	% of Rev.	4.5
2.1 Accounts and notes receivables	% of Rev.	14.2
2.2 Inventories	% of COGS	4.9
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	23.4
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	%	1976.0
Long Term Debt Current Portion	Rs.Millions	454.7
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	%	1.8
Intangible Assets - Additions	Rs.Millions	1.6
Intangible Assets - Amortisation Rate	%	0.0
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	0
Lease Liabilities Current Portion	Rs.Millions	0.0
Average Interest Income Rate	%	40.0
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Rooms	YoY%
Food	YoY%
Beverages	YoY%
Food & beverage others	YoY%
Investment property Income	YoY%
Other	YoY%
COSTS
Excise Duty	% of Rev.
COGS	% of Rev.
Administration	% of Rev.
Selling & Distribution	% of Rev.
Capital Expenditure	% of Rev.
OTHER
Depreciation charge	% of Rev.
2.1 Accounts and notes receivables	% of Rev.
2.2 Inventories	% of COGS
2.3 Prepayments	% of Rev.
2.4 Accounts payable	% of COGS
2.5 Other	% of COGS
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		811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8	852.6
	YoY%		-65.2	124.1	96.4				25.0	-8.6

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Rooms	38.1	432.6	903.9	0.0	0.0	0.0	1,389.1	0.0
	YoY	-95.4	1036.6	109.0				53.7	0
SC01	Rooms	38.1	432.6	903.9				1,389.1
	LY YoY%	-95.4	1036.6	109.0				53.7		53.7	53.7	53.7	53.7	53.7
SC02	Rooms	38.1	432.6	903.9				1,389.1
	LY YoY%	-95.4	1036.6	109.0				53.7
SC03	Rooms	38.1	432.6	903.9				1,389.1
	LY YoY%	-95.4	1036.6	109.0				53.7

2	Food	464.7	993.4	1,948.9	0.0	0.0	0.0	2,248.0	0.0
	YoY	-56.9	113.7	96.2				15.4	0
SC01	Food	464.7	993.4	1,948.9				2,248.0
	LY YoY%	-56.9	113.7	96.2				15.4		15.4	15.4	15.4	15.4	15.4
SC02	Food	464.7	993.4	1,948.9				2,248.0
	LY YoY%	-56.9	113.7	96.2				15.4
SC03	Food	464.7	993.4	1,948.9				2,248.0
	LY YoY%	-56.9	113.7	96.2				15.4

3	Beverages	124.4	163.5	319.3	0.0	0.0	0.0	345.9	0.0
	YoY	4.5	5.9	73.5				4.7	0
SC01	Beverages	124.4	163.5	319.3				345.9
	LY YoY%	4.5	5.9	73.5				4.7		4.7	4.7	4.7	4.7	4.7
SC02	Beverages	124.4	163.5	319.3				345.9
	LY YoY%	4.5	5.9	73.5				4.7
SC03	Beverages	124.4	163.5	319.3				345.9
	LY YoY%	4.5	5.9	73.5				4.7

4	Food & beverage others	54.9	58.1	100.9	0.0	0.0	0.0	105.6	0.0
	YoY	0	1.4	0.7				-28.0	0
SC01	Food & beverage others	54.9	58.1	100.9				105.6
	LY YoY%	0	1.4	0.7				-28.0		-28.0	-28.0	-28.0	-28.0	-28.0
SC02	Food & beverage others	54.9	58.1	100.9				105.6
	LY YoY%	0	1.4	0.7				-28.0
SC03	Food & beverage others	54.9	58.1	100.9				105.6
	LY YoY%	0	1.4	0.7				-28.0

5	Investment property Income	65.0	66.0	66.4	0.0	0.0	0.0	47.8	0.0
	YoY	-63.2	62.7	121.5				41.7	0
SC01	Investment property Income	65.0	66.0	66.4				47.8
	LY YoY%	-63.2	62.7	121.5				41.7		41.7	41.7	41.7	41.7	41.7
SC02	Investment property Income	65.0	66.0	66.4				47.8
	LY YoY%	-63.2	62.7	121.5				41.7
SC03	Investment property Income	65.0	66.0	66.4				47.8
	LY YoY%	-63.2	62.7	121.5				41.7

6	Other	63.7	103.7	229.7	325.4	0.0
	YoY	-0.1	0.1	0.1	0.0	0
SC01	Other	63.7	103.7	229.7	325.4
	LY YoY%	-0.1	0.1	0.1	0.0		0.0	0.0	0.0	0.0	0.0
SC02	Other	63.7	103.7	229.7	325.4
	LY YoY%	-0.1	0.1	0.1	0.0
SC03	Other	63.7	103.7	229.7	325.4
	LY YoY%	-0.1	0.1	0.1	0.0

	Std vs. Cus. Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8
SC01	S01Total Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8
SC02	S02Total Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8
SC03	S03Total Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		811.0	1,817.2	3,569.0			4,461.8	852.6
	YoY%		-65.2	124.1	96.4				25.0	-8.6

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Rooms

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	No. of rooms occupied	3,123.0	30,790.0	49,047.0	70,965.0
	YoY%
	Average room rate (Rs.)	12,281.0	14,049.0	18,429.0		19,575.0
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	38.1	432.6	903.9	1,389.1
	YoY%

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

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Total Available Seat Hours	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
	Revenue Per Available Seat Hour (RevPASH)	nan	nan	nan		}	nan
	YoY%
	Segment Revenue	644.1	1,215.0	2,369.1	2,699.5
	YoY%

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

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Food & beverage others
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	54.9	58.1	100.9	105.6	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	2.0	24.0	39.0	56.0	nan
	- As a % of sales	301.0%	3,425.0%	7,157.0%	10,999.0%	nan%
SC01	Excise Duty	2.0	24.0	39.0	56.0	nan
	- As a % of sales	301.0%	3,425.0%	7,157.0%	10,999.0%	nan%	10,999.0%	10,999.0%	10,999.0%	10,999.0%	10,999.0%
SC02	Excise Duty	2.0	24.0	39.0	56.0	nan
	- As a % of sales	301.0%	3,425.0%	7,157.0%	10,999.0%	nan%
SC03	Excise Duty	2.0	24.0	39.0	56.0	nan
	-As a % of Sales	301.0%	3,425.0%	7,157.0%	10,999.0%	nan%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	664.9	1,074.7	2,122.7	0.0	570.9	592.2	2,434.4	516.2
	Depreciation	174.5	153.7	163.4				198.7	54.7
	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	490.4	921.1	1,959.3	0.0	570.9	592.2	2,235.8	461.5
	- As a % of sales	60.5%	50.7%	54.9%	nan%	-4.9%	-4.3%	50.1%	54.1%
SC01	COGS	664.9	1,074.7	2,122.7				2,434.4	516.2
	Depreciation	174.5	153.7	163.4				198.7	54.7
	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	490.4	921.1	1,959.3				2,235.8	461.5
	- As a % of sales	60.5%	50.7%	54.9%				50.1%	54.1%	50.1%	50.1%	50.1%	50.1%	50.1%
SC02	COGS	664.9	1,074.7	2,122.7				2,434.4	516.2
	Depreciation	174.5	153.7	163.4				198.7	54.7
	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	490.4	921.1	1,959.3				2,235.8	461.5
	- As a % of sales	60.5%	50.7%	54.9%				50.1%	54.1%	51.9%	51.9%	51.9%	51.9%	51.9%
SC03	COGS	664.9	1,074.7	2,122.7				2,434.4	516.2
	Depreciation	174.5	153.7	163.4				198.7	54.7
	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	490.4	921.1	1,959.3				2,235.8	461.5
	- As a % of sales	60.5%	50.7%	54.9%				50.1%	54.1%
	COGS selection
	COGS% selection

2	Administration Expenses	784.1	554.8	807.4	0.0	221.2	243.8	1,002.6	273.8
	Amortisation of Intangible Assets	0.3	0.3	0.3				0.4	0.1
	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	783.8	554.6	807.1	0.0	221.2	243.8	1,002.3	273.8
	- As a % of sales	96.6%	30.5%	22.6%	nan%	23.7%	22.0%	22.5%	32.1%
SC01	Administration Expenses	784.1	554.8	807.4				1,002.6	273.8
	Amortisation of Intangible Assets	0.3	0.3	0.3				0.4	0.1
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	783.8	554.6	807.1				1,002.3	273.7
	- As a % of sales	96.6%	30.5%	22.6%				22.5%	32.1%	22.5%	22.5%	22.5%	22.5%	22.5%
SC02	Administration Expenses	784.1	554.8	807.4				1,002.6	273.8
	Amortisation of Intangible Assets	0.3	0.3	0.3				0.4	0.1
	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	783.8	554.6	807.1				1,002.3	273.7
	- As a % of sales	96.6%	30.5%	22.6%				22.5%	32.1%	25.2%	25.2%	25.2%	25.2%	25.2%
SC03	Administration Expenses	784.1	554.8	807.4				1,002.6	273.8
	Amortisation of Intangible Assets	0.3	0.3	0.3				0.4	0.1
	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	783.8	554.6	807.1				1,002.3	273.7
	- As a % of sales	96.6%	30.5%	22.6%				22.5%	32.1%
	Admin selection

	Selling & Distribution Expenses	45.4	80.9	143.6	0.0	50.7	58.8	217.2	56.4
	Amortisation of Right of Use Assets	12.4	12.4	12.4				12.4	3.1
	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	33.0	68.5	131.2	0.0	50.7	58.8	204.8	53.3
	- As a % of sales	4.1%	3.8%	3.7%	nan%	5.1%	5.0%	4.6%	6.3%
SC01	S&D	45.4	80.9	143.6				217.2	56.4
	Amortisation of Right of Use Assets	12.4	12.4	12.4				12.4	3.1
	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	33.0	68.5	131.2				204.8	53.3
	- As a % of sales	4.1%	3.8%	3.7%				4.6%	6.3%	4.6%	4.6%	4.6%	4.6%	4.6%
SC02	s&D	45.4	80.9	143.6				217.2	56.4
	Amortisation of Right of Use Assets	12.4	12.4	12.4				12.4	3.1
	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	33.0	68.5	131.2				204.8	53.3
SC02	- As a % of sales	4.1%	3.8%	3.7%				4.6%	6.3%	4.0%	4.0%	4.0%	4.0%	4.0%
SC03	S&D	45.4	80.9	143.6				217.2	56.4
	Amortisation of Right of Use Assets	12.4	12.4	12.4				12.4	3.1
	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	33.0	68.5	131.2				204.8	53.3
	- As a % of sales	4.1%	3.8%	3.7%				4.6%	6.3%
	Sd selection

4	Capital Expenditure	16.5	91.4	503.6	0.0	91.3	76.7	0	337.8	109.7	0	0	0
	- As a % of sales	2.0%	5.0%	14.1%	nan%	9.8%	6.9%		7.6%	12.9%
SC01	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	- As a % of sales	2.0%	5.0%	14.1%					7.6%					7.6%	7.6%	7.6%	7.6%	7.6%
SC02	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	- As a % of sales	2.0%	5.0%	14.1%					7.6%					8.9%	8.9%	8.9%	8.9%	8.9%
SC03	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	- As a % of sales	2.0%	5.0%	14.1%					7.6%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	5,290.1	5,205.1	5,266.5	0.0	5,993.1	6,084.3	6,161.1	5,993.1	6,582.7	6,692.5	6,582.7
	Capital Expenditure	16.5	91.4	503.6	0.0	91.3	76.7	222		109.7
	Adjustments	-101.6	-29.9	223.0					251.8	0.0		0.0
	Balance C/F	5,205.1	5,266.5	5,993.1	0.0	6,084.3	6,161.1		6,582.7	6,692.5
SC01	Balance B/F	5,290.1	5,205.1	5,266.5					5,993.1	6,582.7	6,692.5	6,582.7
	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	Adjustments	-101.6	-29.9	223.0					251.8	0.0		0.0
	Balance C/F	5,205.1	5,266.5	5,993.1					6,582.7	6,692.5
SC02	Balance B/F	5,290.1	5,205.1	5,266.5					5,993.1	6,582.7	6,692.5	6,582.7
	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	Adjustments	-101.6	-29.9	223.0					251.8	0.0		0.0
	Balance C/F	5,205.1	5,266.5	5,993.1					6,582.7	6,692.5
SC03	Balance B/F	5,290.1	5,205.1	5,266.5					5,993.1	6,582.7	6,692.5	6,582.7
	Capital Expenditure	16.5	91.4	503.6					337.8	109.7
	Adjustments	-101.6	-29.9	223.0					251.8	0.0		0.0
	Balance C/F	5,205.1	5,266.5	5,993.1					6,582.7	6,692.5

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	1,742.6	1,779.7	1,863.5	0.0	1,927.8	1,974.2	2,023.2		1,927.8	1,996.6				2,057.8	1,996.6
	Depreciation charge	174.5	153.7	163.4	0.0	45.8	48.0			198.7	54.7
	- As a % of sales	21.5%	8.5%	4.6%	nan%	4.9%	4.3%			4.5%	6.4%
	Balance C/F	1,779.7	1,863.5	1,927.8	0.0	1,974.2	2,023.2	0	0	1,996.6	2,057.8	0	0	0	0	0	0	0	0	0
	Adjustments	-137.4	-69.9	-99.1						-129.8	6.5					6.5
	Net Book Value at end	3,425.3	3,403.0	4,065.3	0.0	4,110.1	4,137.9			4,586.1	4,634.6
SC01	Balance B/F	1,742.6	1,779.7	1,863.5						1,927.8	1,996.6				2,057.8	1,996.6
SC01	Depreciation charge	174.5	153.7	163.4						198.7	54.7
	- As a % of sales	21.5%	8.5%	4.6%						4.5%	6.4%						4.5%	4.5%	4.5%	4.5%	4.5%
	Balance C/F	1,779.7	1,863.5	1,927.8						1,996.6	2,057.8
	Adjustments	-137.4	-69.9	-99.1						-129.8	6.5					6.5
	Net Book Value at end	3,425.3	3,403.0	4,065.3						4,586.1	4,634.6
SC02	Balance B/F	1,742.6	1,779.7	1,863.5						1,927.8	1,996.6				2,057.8	1,996.6
SC02	Depreciation charge	174.5	153.7	163.4						198.7	54.7
	- As a % of sales	21.5%	8.5%	4.6%						4.5%	6.4%
	Balance C/F	1,779.7	1,863.5	1,927.8						1,996.6	2,057.8
	Adjustments	-137.4	-69.9	-99.1						-129.8	6.5					6.5
	Net Book Value at end	3,425.3	3,403.0	4,065.3						4,586.1	4,634.6
SC03	Balance B/F	1,742.6	1,779.7	1,863.5						1,927.8	1,996.6				2,057.8	1,996.6
SC03	Depreciation charge	174.5	153.7	163.4						198.7	54.7
	- As a % of sales	21.5%	8.5%	4.6%						4.5%	6.4%
	Balance C/F	1,779.7	1,863.5	1,927.8						1,996.6	2,057.8
	Adjustments	-137.4	-69.9	-99.1						-129.8	6.5					6.5
	Net Book Value at end	3,425.3	3,403.0	4,065.3						4,586.1	4,634.6
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	63.6	195.6	325.2	0.0	293.6	310.6	633.3	424.5
	- As a % of sales	7.8	10.8	9.1	nan	31.5	28.1	14.2	9.7
	Four Qtr Cum. Revenue				1,107.0	2,039.7	2,039.7
	Four Qtr Cum. COGS				-592.2	-1,163.1	-1,163.1
SC01	2.1 Accounts and notes receivables	63.6	195.6	325.2				633.3
	- As a % of sales	7.8	10.8	9.1				14.2		14.2	14.2	14.2	14.2	14.2
SC02	2.1 Accounts and notes receivables	63.6	195.6	325.2				633.3
	- As a % of sales	7.8	10.8	9.1				14.2		11.4	11.4	11.4	11.4	11.4
	Four Qtr Cum. Revenue				1,107.0	2,039.7	2,039.7
SC03	2.1 Accounts and notes receivables	63.6	195.6	325.2				633.3
	- As a % of sales	7.8	10.8	9.1				14.2
	Four Qtr Cum. COGS				-592.2	-1,163.1	-1,163.1
	Debtors selection

	2.2 Inventories	36.5	69.0	150.2	0.0	145.8	123.4	119.8	122.1
	- As a % of COGS	5.5	6.4	7.1	nan	25.5	20.8	4.9	5.3
SC01	2.2 Inventories	36.5	69.0	150.2				119.8
	- As a % of COGS	5.5	6.4	7.1				4.9		4.9	4.9	4.9	4.9	4.9
SC02	2.2 Inventories	36.5	69.0	150.2				119.8
	- As a % of COGS	5.5	6.4	7.1				4.9		6.1	6.1	6.1	6.1	6.1
SC03	2.2 Inventories	36.5	69.0	150.2				119.8
	- As a % of COGS	5.5	6.4	7.1				4.9
	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	nan	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	310.5	383.5	514.6	0.0	487.0	488.1	569.4	571.8
	- As a % of COGS	46.7	35.7	24.2	nan	85.3	82.4	23.4	24.7
SC01	2.4 Accounts payable	310.5	383.5	514.6				569.4
	- As a % of COGS	46.7	35.7	24.2				23.4		23.4	23.4	23.4	23.4	23.4
SC02	2.4 Accounts payable	310.5	383.5	514.6				569.4
	- As a % of COGS	46.7	35.7	24.2				23.4		27.8	27.8	27.8	27.8	27.8
SC03	2.4 Accounts payable	310.5	383.5	514.6				569.4
	- As a % of COGS	46.7	35.7	24.2				23.4
	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						-214.1	180.2
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						-214.1	180.2
SC01 Change in WC - Balance Period
SC02 Change in WC						-214.1	180.2
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						-214.1	180.2
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	186.6	217.5	236.5	0.0	214.0	75.7	39.8		214.0	454.7				308.2	454.7
	Issuance of debt	25.0	0.0	48.0	0.0	261.0	33.0			344.0	150.0
	Repayment of debt	12.5	69.9	91.7	0.0	16.4	17.2			88.9	298.0
	Net of Payments	12.5	-69.9	-43.7						255.1	-148.0					-148.0
	Adjustments	18.5	89.0	21.2	0.0	0.0	0.0			-14.3	1.5					1.5
	Closing balance	217.5	236.5	214.0	0.0	75.7	39.8			454.7	308.2
	Current Portion of Long Term Debt	177.5	179.4	92.5						454.7	308.2
	Interest Expenses	8.4	10.3	28.9	0.0	0.0	0.0			66.1	0.0
	Average Interest rate (%)	418.0	454.0	1284.5	0	0	0	%	%	1976.0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	186.6	217.5	236.5						214.0	454.7				308.2	454.7
	Issuance of debt	25.0	0.0	48.0						344.0	150.0					344.0	344.0	344.0	344.0	344.0
	Repayment of debt	12.5	69.9	91.7						88.9	298.0
	Net of Payments	12.5	-69.9	-43.7						255.1	-148.0					-148.0
	Adjustments	18.5	89.0	21.2						-14.3	1.5					1.5
	Closing balance	217.5	236.5	214.0						454.7	308.2
	Adjustments	18.5	89.0	21.2						-14.3	1.5					1.5
	Interest Expenses	8.4	10.3	28.9						66.1	0.0
	Average Interest rate (%)	418.0	454.0	1284.5						1976.0						1976.0	1976.0	1976.0	1976.0	1976.0
SC02	Opening balance	186.6	217.5	236.5						214.0	454.7			308.2	454.7
	Issuance of debt	25.0	0.0	48.0						344.0	150.0				130.7	130.7	130.7	130.7	130.7
	Repayment of debt	12.5	69.9	91.7						88.9	298.0
	Net of Payments	12.5	-69.9	-43.7						255.1	-148.0
	Closing balance	217.5	236.5	214.0						454.7	308.2
	Adjustments	18.5	89.0	21.2						-14.3	1.5					1.5
	Interest Expenses	8.4	10.3	28.9						66.1	0.0
	Average Interest rate (%)	418.0	454.0	1284.5						1976.0
SC03	Opening balance	186.6	217.5	236.5						214.0	454.7				308.2	454.7
	Issuance of debt	25.0	0.0	48.0						344.0	150.0
	Repayment of debt	12.5	69.9	91.7						88.9	298.0
	Net of Payments	12.5	-69.9	-43.7						255.1	-148.0					-148.0
	Closing balance	217.5	236.5	214.0						454.7	308.2
	Adjustments	18.5	89.0	21.2						-14.3	1.5					1.5
	Interest Expenses	8.4	10.3	28.9						66.1	0.0
	Average Interest rate (%)	418.0	454.0	1284.5						1976.0							%	%	%	%	%
	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Issuance of debt	0.0	0.0	0.0	0.0	0.0
Repayment of debt	0.0	0.0	0.0	0.0	0.0
Net of Payments	nan	nan	nan	nan	nan
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
Average Interest rate (%)	0	0	0	0	0		%	%	%	%	%

SC01	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Issuance of debt	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	nan	nan	nan	nan	nan
	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
	Average Interest rate (%)	0	0	0	0	0

SC02	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Issuance of debt	0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	nan	nan	nan	nan	nan
	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
	Average Interest rate (%)	0	0	0	0	0

SC03	Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Issuance of debt	0.0	0.0	0.0	0.0	0.0
	Repayment of debt	0.0	0.0	0.0	0.0	0.0
	Net of Payments	nan	nan	nan	nan	nan
	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
	Average Interest rate (%)	0	0	0	0	0
	Short Term Int. Expense selection
	Short Term Debt Bal. Selection

Overdraft(Rs. Millions)	FY21	FY22	FY23	3Q25E	4Q25E	FY27E	FY28E	FY29E
Opening balance	76.3	262.1	468.3	932.7	870.7	959.2	870.7
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	185.9	206.2	464.4	-62.0	88.5		88.5
Closing balance	262.1	468.3	932.7	870.7	959.2
Interest Expenses	5.8	33.2	152.3	117.4	0.0
Average Interest rate (%)	340.2	909.6	2174.2	1301.7	0		%	%	%	%	%

SC01	Opening balance	76.3	262.1	468.3	932.7	870.7	959.2	870.7
	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	262.1	468.3	932.7	870.7	959.2
	Adjustments	185.9	206.2	464.4	-62.0	88.5		88.5
	Interest Expenses	5.8	33.2	152.3	117.4	0.0
	Average Interest rate (%)	340.2	909.6	2174.2	1301.7	0

SC02	Opening balance	76.3	262.1	468.3	932.7	870.7	959.2	870.7
	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	262.1	468.3	932.7	870.7	959.2
	Adjustments	185.9	206.2	464.4	-62.0	88.5		88.5
	Interest Expenses	5.8	33.2	152.3	117.4	0.0
	Average Interest rate (%)	340.2	909.6	2174.2	1301.7	0

SC03	Opening balance	76.3	262.1	468.3	932.7	870.7	959.2	870.7
	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	262.1	468.3	932.7	870.7	959.2
	Adjustments	185.9	206.2	464.4	-62.0	88.5		88.5
	Interest Expenses	5.8	33.2	152.3	117.4	0.0
	Average Interest rate (%)	340.2	909.6	2174.2	1301.7	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	8.4	10.3	28.9	66.1	0.0
Rate	4.2%	4.5%	12.8%	19.8%	0.0%
ST Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
OD Interest	5.8	33.2	152.3	117.4	0.0
Rate	3.4%	9.1%	21.7%	13.0%	0.0%
Lease Interest	0.0	0.0	0.0	0.0	0.0
Rate	0.0%	0.0%	0.0%	0.0%	0.0%
Total Interest Expenses	14.2	43.5	181.2	183.4	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	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
	Payments	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			0.0	0.0					0.0
	Lease Interest expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Average Interest Rate	0	0	0	0	0	0	%	%	0	0	%	%	%
	Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0	0.0
	Lease Liabilities - Current Portion	0.0	0.0	0.0						0.0	0.0
SC01	Lease - 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						0.0
	Payments	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
	Adjustments	0.0	0.0	0.0						0.0	0.0					0.0
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0						0	0	0	0	0
SC02	Lease - 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					0.0
	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
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0
SC03	Lease - Opening balance	0.0	0.0	0.0						0.0	0.0				0.0	0.0
	Lease Additions	0.0	0.0	0.0						0.0	0.0
	Payments	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
	Lease Interest expenses	0.0	0.0	0.0						0.0	0.0
	Average Interest rate (%)	0	0	0						0						%	%	%	%	%
	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	744.2	731.8	719.4	707.0	694.6	691.5	694.6
	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	12.4	12.4	12.4	12.4	3.1
	Amortisation Rate	1.7	1.7	1.7	1.8	0.4
	Closing balance	731.8	719.4	707.0	694.6	691.5
SC01	Opening balance	744.2	731.8	719.4	707.0	694.6	691.5	694.6	694.6	694.6	694.6	694.6
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	12.4	12.4	12.4	12.4	3.1
	Amortisation Rate	1.7	1.7	1.7	1.8	0.4		1.8	1.8	1.8	1.8	1.8
	Closing balance	731.8	719.4	707.0	694.6	691.5
SC02	Opening balance	744.2	731.8	719.4	707.0	694.6	691.5	694.6	694.6	694.6	694.6	694.6
	Additions	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	12.4	12.4	12.4	12.4	3.1
	Amortisation Rate	1.7	1.7	1.7	1.8	0.4		1.7	1.7	1.7	1.7	1.7
	Closing balance	731.8	719.4	707.0	694.6	691.5
SC03	Opening balance	744.2	731.8	719.4	707.0	694.6	691.5	694.6
	Additions	0.0	0.0	0.0	0.0	0.0
	Amortisation	12.4	12.4	12.4	12.4	3.1
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	731.8	719.4	707.0	694.6	691.5
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	1.0	0.7	0.4	0.4	1.6	1.5	1.6
	Additions	0.0	0.0	0.3	1.6	0.0
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.3	0.3	0.3	0.4	0.1
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0
	Closing balance	0.7	0.4	0.4	1.6	1.5
SC01	Opening balance	1.0	0.7	0.4	0.4	1.6	1.5	1.6	1.6	1.6	1.6	1.6
	Additions	0.0	0.0	0.3	1.6	0.0		1.6	1.6	1.6	1.6	1.6
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.3	0.3	0.3	0.4	0.1
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.7	0.4	0.4	1.6	1.5
SC02	Opening balance	1.0	0.7	0.4	0.4	1.6	1.5	1.6	1.6	1.6	1.6	1.6
	Additions	0.0	0.0	0.3	1.6	0.0		0.6	0.6	0.6	0.6	0.6
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Amortisation	0.3	0.3	0.3	0.4	0.1
	Amortisation Rate	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Closing balance	0.7	0.4	0.4	1.6	1.5
SC03	Opening balance	1.0	0.7	0.4	0.4	1.6	1.5	1.6
	Additions	0.0	0.0	0.3	1.6	0.0
	Amortisation	0.3	0.3	0.3	0.4	0.1
	Adjustments	0.0	0.0	0.0	0.0	0.0		0.0
	Closing balance	0.7	0.4	0.4	1.6	1.5
	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			55.3	0.0	73.6	90.8		70.1	46.3					46.3
	Interest Income	3.7	1.9	3.8	0.0	14.5	1.0			18.5	1.0
	Blended Interest Income Rate	5.3	3.4	5.4	0	19.7	1.1	%	%	40.0	2.0	%	%	%			%	%	%	%
SC01	ii. Interest Income	3.7	1.9	3.8	0.0	14.5	1.0			18.5	1.0
	Average Interest Income Rate	5.3	3.4	5.4	0	19.7	1.1	%	%	40.0						40.0	40.0	40.0	40.0	40.0
SC02	ii. Interest Income	3.7	1.9	3.8	0.0	14.5	1.0			18.5	1.0
	Average Interest Income Rate	5.3	3.4	5.4	0	19.7	1.1	%	%	40.0		%	%	%
SC03	i. Cash & CE Balance C/F			55.3					70.1						46.3
	ii. Interest Income	3.7	1.9	3.8						18.5	1.0
	Average Interest Income Rate	5.3	3.4	5.4						40.0						%	%	%	%	%
	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	-946.0	4.9	107.9	0.0	-98.4	21.1			234.0	-135.9
	Tax B/F	49.3	30.7	24.9	24.9	21.5	21.5	21.5		21.5	25.6				10.8	25.6
	Tax Provision for the Year	13.6	13.9	15.5	0.0	0.0	0.0			4.2	-38.5
	Adjustments	-4.9	0.0	0.0						0.0	38.5					38.5
	Taxes paid (prov. for the previous year)	27.4	19.7	19.0	0.0	0.0	0.0	0.0		0.0	14.8
	Tax C/F	30.7	24.9	21.5	24.9	21.5	21.5			25.6	10.8
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	49.3	30.7	24.9						21.5	21.5				10.8	25.6
	Current Income Tax	13.6	13.9	15.5						4.2	-38.5
	Taxes paid	27.4	19.7	19.0						0.0	14.8					4.2
	Adjustments	-4.9	0.0	0.0						0.0	38.5					38.5
	Closing balance	30.7	24.9	21.5						25.6	10.8
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	49.3	30.7	24.9						21.5	21.5				10.8	25.6
	Current Income Tax	13.6	13.9	15.5						4.2	-38.5
	Taxes paid	27.4	19.7	19.0						0.0	14.8					4.2
	Adjustments	-4.9	0.0	0.0						0.0	38.5					38.5
	Closing balance	30.7	24.9	21.5						25.6	10.8
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	49.3	30.7	24.9						21.5	21.5				10.8	25.6
	Current Income Tax	13.6	13.9	15.5						4.2	-38.5
	Taxes paid	27.4	19.7	19.0						0.0	14.8					4.2
	Adjustments	-4.9	0.0	0.0						0.0	38.5					38.5
	Closing balance	30.7	24.9	21.5						25.6	10.8
	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	Rooms	YoY
2	Food	YoY
3	Beverages	YoY
4	Food & beverage others	YoY
5	Investment property Income	YoY
6	Other	YoY
7	Total Revenue	YoY%
COSTS
1	COGS	- As a % of sales
2	Administration	- As a % of sales
3	Selling & Distribution	- As a % of sales
4	Capital Expenditure	- As a % of sales
OTHER
1	Depreciation charge	- As a % of sales
2	2.1 Accounts and notes receivables	- As a % of sales
2	2.2 Inventories	- As a % of COGS
2	2.3 Prepayments	- As a % of sales
2	2.4 Accounts payable	- As a % of COGS
2	2.5 Other	- As a % of COGS
3	Debt Borowwings	Rs.
3	Debt Repayments	Rs.
3	Blended Interest Rate	%
4	Lease Repayments	Rs.
4	Lease Interest Rate	%
5	Blended Interest Income Rate	%
6	Tax Rate	%
7	ST Debt Interest Rate	%
7	OD Debt Interest Rate	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24	1Q25	9M FY25E	FY25E
Combined Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8	852.6
Excise Duty	2.0	24.0	39.0			56.0	nan
COGS	664.9	1,074.7	2,122.7	570.9	592.2	2,434.4	516.2
Gross Profit	146.1	742.5	1,446.3	361.9	514.7	2,027.4	336.4
Other Income	3.7	30.4	1.0			9.9	4.9	0	4.9
Administration Exp.	784.1	554.8	807.4	221.2	243.8	1,002.6	273.8
Selling & Distribution Exp.	45.4	80.9	143.6	50.7	58.8	217.2	56.4
Depreciation	174.5	153.7	163.4			198.7	54.7
Amortisation	12.7	12.7	12.7			12.8	3.2
Other Operating Expenses	-136.3	-179.1	-404.1	-148.8	-138.7	-513.6	-111.9		-111.9
Operating Income	-816.0	-42.0	92.2	-57.5	78.2	303.8	-100.9
Interest Expenses	24.2	122.2	202.4			183.4	36.0
Interest Income	3.7	1.9	3.8	14.5	1.0		1.0
Other (Expenses)/Income	-109.5	167.2	214.3	0.0	0.0	95.1	0.0		0.0
Profit Before Tax	-946.0	4.9	107.9	-98.4	21.1	234.0	-135.9
Tax Expenses	-127.3	0.8	205.4	0.0	0.0	60.9	-38.5
Profit After Tax	-818.7	4.1	-97.5	-70.5	12.9	173.1	-97.4
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	-818.7	4.1	-97.5	-70.5	12.9		-97.4

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	-946.0	4.9	107.9	-98.4	21.1		234.0	-135.9
Depreciation	From OA 1.1	174.5	153.7	163.4	45.8	48.0		198.7	54.7
Right of Use Asset - Amortisation		12.4	12.4	12.4					12.4	3.1
Intangible Asset Amortisation		0.3	0.3	0.3				0.4	0.1
Change in Working Capital	From OA 2	138.5	-87.9	-80.1	19.2	29.5		-214.1	180.2
CWC Adjustment											-28.8	-28.8
Income Tax Paid	From OA 5	27.4	19.7	19.0	0.0	0.0		0.0	14.8
Other		419.4	-127.0	-94.6	-78.0	14.8		-126.4	81.5		0	81.5
Net Cash Flow from / (used in) Operating Activities		-228.3	-63.3	90.3	-108.2	116.6		104.9	168.9
Capital Expenditure	From CA 4	16.5	91.4	503.6	91.3	76.7		337.8	109.7
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	0.3					1.6	0.0
Other		6.5	2.9	5.1	1.5	1.5		16.1	3.0		0	3.0
Cash Flows from Investing Activities		-10.0	-88.5	-498.5	-89.7	-75.2		-321.8	-106.8
Borrowings		25.0	0.0	48.0	261.0	33.0		344.0	150.0
Debt Repayments		12.5	69.9	91.7	16.4	17.2		88.9	298.0
Net of Borrowings/ Repayments		12.5	-69.9	-43.7				255.1	-148.0
Adjustments to match published numbers												88.5	88.5
Lease Additions
Lease Repayments		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
Net Cash flows from / (used in) Financing Activities		12.5	-69.9	-43.7	244.6<	15.8		255.1	-148.0
Other		0.0	0.0	0.0	0.0	0.0		0.0	0.0			0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		-225.8	-221.7	-451.9	46.7	57.1		38.2	-85.9
Favourable/Unfavourable Balances		262.1	468.3	932.7	889.5	900.2		870.7	959.2
Cash and CE at Start		34.5	-191.3	-410.7	-862.6	-866.5	4Q	-862.6	-824.4		48.9	-824.4
Cash and CE at End		-191.3	-413.0	-862.6	-815.9			-824.4	-910.3

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	3,425.3	3,403.0	4,065.3	4,110.1	4,137.9			4,586.1	4,634.6
Other non-current assets		2.0	2.1	6.4	4.2	6.9	5.9	5.9	6.3	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Intangible Assets		0.7	0.4	0.4	0.8	0.7	1.5	1.5	1.6	1.5	1.5	1.5	1.5
Right Use of Assets		731.8	719.4	707.0	703.9	700.8	691.5	nan	694.6	691.5	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		2,778.1	2,947.7	3,161.9	3,157.3	3,161.6	3,254.9	3,254.9	3,255.5	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9
Non Current Assets		6,937.9	7,072.7	7,941.0	7,976.3	8,007.9			8,544.0	8,588.5
Inventories	From OA 2.2	36.5	69.0	150.2	145.8	123.4			119.8	122.1
Trade and Other Receivables	From OA 2.1	63.6	195.6	325.2	293.6	310.6			633.3	424.5
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Other		63.4	162.8	170.4	nan	142.9	136.9	136.9	152.3	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9
Other Financial 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	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Recoverable		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
Cash and Cash Equivalent	From CFS	70.8	55.3	70.1	73.6	90.8			46.3	48.9
Current Assets		234.4	482.7	715.8	nan	667.8			951.7	732.4
Total Assets		7,172.3	7,555.3	8,656.8	nan	8,675.7				9,320.8
Equities and Liabilities
Stated Capital		1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9
Reserves	3,173.6	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	0.0	0.0	0.0
Retained Earnings		3,218.0	3,252.2	3,173.6	3,109.4	3,128.5			3,343.1	3,252.0
Adjustments for Reported Number discprencies															6.3
Other		1,112.9														6.3
Other		1,513.3	1,524.5	1,655.7	1650.0	1,644.3	1,900.0	1,900.0	1,906.2	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0
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		5,844.1	5,889.6	5,942.2	5,872.3	5,885.8			6,362.2	6,264.9
Long Term Debt	From OA 3	40.0	57.2	121.5	75.7	39.8			0.0	0.0
Financing and Lease Payables	From OA 4	0.0	0.0	0.0					0.0	0.0
Employees benefits		146.0	132.8	127.0	122.9	126.5	733.4	733.4	188.9	733.4	733.4	733.4	733.4	733.4	733.4	733.4	733.4	733.4	733.4
Deferred tax liabilities		247.5	241.0	606.0	578.1	586.3	189.4	189.4	771.9	189.4	189.4	189.4	189.4	189.4	189.4	189.4	189.4	189.4	189.4
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		433.6	431.0	854.4	776.7	752.6			960.7	922.8
Current Maturities of Long Term Debt		177.5	179.4	92.5	369.2	430.3			454.7	308.2
Trade Payables	From OA 2.4	310.5	383.5	514.6	487.0	488.1			569.4	571.8
13. Amounts due to related parties		nan	nan	nan	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	30.7	24.9	21.5	21.5	21.5			25.6	10.8
Lease Liabilities		0.0	0.0	0.0					0.0	0.0
Other Accruals	From OA 2.5
Other		113.8	178.7	299.0	278.8	194.0	283.0	283.0	252.4	283.0	283.0	283.0	283.0	283.0	283.0	283.0	283.0	283.0	283.0
Short Term Loans		0.0	0.0	0.0					0.0	0.0
Bank Overdraft		262.1	468.3	932.7					870.7	959.2
Bank Overdraft		262.1	468.3	932.7	895.0	903.5	959.2	nan	870.7	959.2	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		894.6	1,234.8	1,860.2	2,051.4	2,037.3			2,172.9	2,133.1
Total Equity and Liabilities		7,172.3	7,555.3	8,656.8	8,700.4	8,675.7			9,495.7	9,320.8
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		-1,267.4
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		200,000.0
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			6,362.2
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		200,000.0	200,000.0	200,000.0
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	719.432	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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