Company Overview - WatawalaPlantations

WatawalaPlantations

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
Plantations	YoY%	-9.3
Dairy	YoY%	21.7
Tea	YoY%	0
Inter segment adjustments	YoY%	0
Other	YoY%	0
nan	YoY%	nan
COSTS
Excise Duty	% of Rev.	0.0
COGS	% of Rev.	59.6
Administration	% of Rev.	5.2
Selling & Distribution	% of Rev.	1.6
Capital Expenditure	% of Rev.	3.5
OTHER
Depreciation charge	% of Rev.	2.4
2.1 Accounts and notes receivables	% of Rev.	4.0
2.2 Inventories	% of COGS	10.8
2.3 Prepayments	% of Rev.	0
2.4 Accounts payable	% of COGS	17.7
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	%	20.5
Long Term Debt Current Portion	Rs.Millions	89.5
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	%	7.2
Intangible Assets - Additions	Rs.Millions	12.5
Intangible Assets - Amortisation Rate	%	24.9
Lease Repayments	Rs.	N/A
Lease Interest Rate (%)	%	17.2
Lease Liabilities Current Portion	Rs.Millions	3.2
Average Interest Income Rate	%	10.3
Effective Tax Rate (%)	%	0

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REVENUE		FY25E to FY29E
Plantations	YoY%
Dairy	YoY%
Tea	YoY%
Inter segment adjustments	YoY%
Other	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		3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9	2,065.4
	YoY%		nan	nan	nan				nan	nan

	Rs. Millions	FY21	FY22	FY23	4Q23	1Q24	2Q24	FY24	1Q25	FY25E	FY26E	FY27E	FY28E	FY29E
1	Plantations	3,283.4	5,780.7	7,573.3	0.0	2,016.9	1,892.7	6,867.1	1,739.2
	YoY	22.7	76.1	31.0				-9.3	-13.8
SC01	Plantations	3,283.4	5,780.7	7,573.3				6,867.1
	LY YoY%	22.7	76.1	31.0				-9.3		-9.3	-9.3	-9.3	-9.3	-9.3
SC02	Plantations	3,283.4	5,780.7	7,573.3				6,867.1
	LY YoY%	22.7	76.1	31.0				-9.3
SC03	Plantations	3,283.4	5,780.7	7,573.3				6,867.1
	LY YoY%	22.7	76.1	31.0				-9.3

2	Dairy	650.1	694.0	1,194.8	0.0	340.5	348.2	1,454.0	326.1
	YoY	11.3	6.8	72.2				21.7	-4.2
SC01	Dairy	650.1	694.0	1,194.8				1,454.0
	LY YoY%	11.3	6.8	72.2				21.7		21.7	21.7	21.7	21.7	21.7
SC02	Dairy	650.1	694.0	1,194.8				1,454.0
	LY YoY%	11.3	6.8	72.2				21.7
SC03	Dairy	650.1	694.0	1,194.8				1,454.0
	LY YoY%	11.3	6.8	72.2				21.7

3	Tea	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	YoY	-100	nan	nan				0	nan
SC01	Tea	0.0	0.0	0.0				0.0
	LY YoY%	-100	nan	nan				0		0	0	0	0	0
SC02	Tea	0.0	0.0	0.0				0.0
	LY YoY%	-100	nan	nan				0
SC03	Tea	0.0	0.0	0.0				0.0
	LY YoY%	-100	nan	nan				0

4	Inter segment adjustments	0.0	0.0	0.0	0.0	0.0	-0.1	-0.2	-0.0
	YoY	nan	nan	nan				0	nan
SC01	Inter segment adjustments	0.0	0.0	0.0				-0.2
	LY YoY%	nan	nan	nan				0		0	0	0	0	0
SC02	Inter segment adjustments	0.0	0.0	0.0				-0.2
	LY YoY%	nan	nan	nan				0
SC03	Inter segment adjustments	0.0	0.0	0.0				-0.2
	LY YoY%	nan	nan	nan				0

5	Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	0	0	0	0				0	0
SC01	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0		0	0	0	0	0
SC02	Other	0.0	0.0	0.0				0.0
	LY YoY%	0	0	0				0
SC03	Other	0.0	0.0	0.0				0.0
	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	3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9
SC01	S01Total Revenue	3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9
SC02	S02Total Revenue	3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9
SC03	S03Total Revenue	3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9

Checkbox Selection Revenue

	Rs. Millions		FY21	FY22	FY23	FY24	1Q25	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Customised Revenue		3,933.5	6,474.7	8,768.0			8,320.9	2,065.4
	YoY%		nan	nan	nan				nan	nan

	Rs. Millions	FY21	FY22	FY23	FY24	FY27E
1	Plantations

	Crude palm oil
	Palm kernel oil	0.0	1,166.0	1,250.0	1,276.0
	Palm oil production	10,925.0	13,763.0	13,697.0	15,790.0
	Kernel cake	0.0	0.0	2,500.0	3,230.0
	nan	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 production (MT)	10,925.0	13,763.0	16,197.0	19,020.0
	YoY%
	Average revenue per kg (Rs.)	300.5	420.0	467.6		361.0
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Segment Revenue	3,283.4	5,780.7	7,573.3	6,867.1
	YoY%

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

	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Milk Yield per cow (Litres/ Day)	0.0	0.0	17.5	19.2
	Average number of milkers	0.0	0.0	990.0	945.0
	Days of silage stock	0.0	0.0	0.0	0.0
	Feed cost per litre of milk sold	0.0	0.0	195.0	199.0
	Herd	0.0	1,811.0	0.0	1,732.0
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Milk produced (million litres)	5.5	5.1	5.3		}	5.7
	YoY%
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	Revenue per litre (Rs.)	118.2	135.1	225.4		}	255.1
	YoY%
	Segment Revenue	650.1	694.0	1,194.8	1,454.0
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
3	Tea
	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	nan	nan	nan	nan
	nan	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	0.0	0.0	0.0	0.0
	YoY%

	Rs. Millions	FY21	FY22	FY23	FY24	1Q25	FY27E
4	Inter segment adjustments
	nan	nan	nan	nan			nan
	YoY%
	nan	nan	nan	nan			nan
	YoY%
	Segment Revenue	0.0	0.0	0.0	-0.2	-0.0
	YoY%

	Rs. Millions	FY25E
5
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY25E
6
		}
	YoY%
		}
	YoY%
	Segment Revenue
	YoY%

	Rs. Millions	FY21	FY22	FY23			FY28E	FY29E
1	Excise Duty	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0.0%	0.0%	0.0%	0.0%	0.0%
SC01	Excise Duty	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
SC02	Excise Duty	0.0	0.0	0.0	0.0	0.0
	- As a % of sales	0.0%	0.0%	0.0%	0.0%	0.0%
SC03	Excise Duty	0.0	0.0	0.0	0.0	0.0
	-As a % of Sales	0.0%	0.0%	0.0%	0.0%	0.0%
	Excise Duty selection
	Excise Duty % selection

	Rs. Millions	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E	4Q25E	FY28E	FY29E
1	Cost of Sales	2,008.1	2,911.0	5,230.0	0.0	1,367.5	1,221.7	5,166.3	1,106.5
	Depreciation	185.3	192.9	194.7				203.1	49.6
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Cost of Sales net of Depreciation	1,822.8	2,718.2	5,035.2	0.0	1,367.5	1,221.7	4,963.2	1,056.9
	- As a % of sales	46.3%	42.0%	57.4%	nan%	-4.2%	-4.3%	59.6%	51.2%
SC01	COGS	2,008.1	2,911.0	5,230.0				5,166.3	1,106.5
	Depreciation	185.3	192.9	194.7				203.1	49.6
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	1,822.8	2,718.2	5,035.2				4,963.2	1,056.9
	- As a % of sales	46.3%	42.0%	57.4%				59.6%	51.2%	59.6%	59.6%	59.6%	59.6%	59.6%
SC02	COGS	2,008.1	2,911.0	5,230.0				5,166.3	1,106.5
	Depreciation	185.3	192.9	194.7				203.1	49.6
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	1,822.8	2,718.2	5,035.2				4,963.2	1,056.9
	- As a % of sales	46.3%	42.0%	57.4%				59.6%	51.2%	53.0%	53.0%	53.0%	53.0%	53.0%
SC03	COGS	2,008.1	2,911.0	5,230.0				5,166.3	1,106.5
	Depreciation	185.3	192.9	194.7				203.1	49.6
	Depreciation in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in COGS	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in COGS	0.0	0.0	0.0				0.0	0.0
	COGS	1,822.8	2,718.2	5,035.2				4,963.2	1,056.9
	- As a % of sales	46.3%	42.0%	57.4%				59.6%	51.2%
	COGS selection
	COGS% selection

2	Administration Expenses	250.9	318.1	361.1	0.0	138.9	121.2	444.2	121.1
	Amortisation of Intangible Assets	6.2	6.5	7.7				11.8	2.6
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration Expenses Net of Amortisation of Intangible Assets	244.7	311.6	353.4	0.0	138.9	121.2	432.4	121.1
	- As a % of sales	6.2%	4.8%	4.0%	nan%	5.9%	5.4%	5.2%	5.7%
SC01	Administration Expenses	250.9	318.1	361.1				444.2	121.1
	Amortisation of Intangible Assets	6.2	6.5	7.7				11.8	2.6
SC01	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	244.7	311.6	353.4				432.4	118.5
	- As a % of sales	6.2%	4.8%	4.0%				5.2%	5.7%	5.2%	5.2%	5.2%	5.2%	5.2%
SC02	Administration Expenses	250.9	318.1	361.1				444.2	121.1
	Amortisation of Intangible Assets	6.2	6.5	7.7				11.8	2.6
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	244.7	311.6	353.4				432.4	118.5
	- As a % of sales	6.2%	4.8%	4.0%				5.2%	5.7%	4.7%	4.7%	4.7%	4.7%	4.7%
SC03	Administration Expenses	250.9	318.1	361.1				444.2	121.1
	Amortisation of Intangible Assets	6.2	6.5	7.7				11.8	2.6
	Depreciation in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in Admin.	0.0	0.0	0.0				0.0	0.0
	Administration	244.7	311.6	353.4				432.4	118.5
	- As a % of sales	6.2%	4.8%	4.0%				5.2%	5.7%
	Admin selection

	Selling & Distribution Expenses	0.0	0.0	79.0	0.0	43.9	42.4	150.7	39.6
	Amortisation of Right of Use Assets	10.1	11.3	12.3				17.5	0.0
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution Expenses Net of Amortisation of Intangible Assets	-10.1	-11.3	66.7	0.0	43.9	42.4	133.1	39.6
	- As a % of sales	-0.3%	-0.2%	0.8%	nan%	1.9%	1.9%	1.6%	1.9%
SC01	S&D	0.0	0.0	79.0				150.7	39.6
	Amortisation of Right of Use Assets	10.1	11.3	12.3				10.1	0.0
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Selling & Distribution	-10.1	-11.3	66.7				133.1	39.6
	- As a % of sales	-0.3%	-0.2%	0.8%				1.6%	1.9%	1.6%	1.6%	1.6%	1.6%	1.6%
SC02	s&D	0.0	0.0	79.0				150.7	39.6
	Amortisation of Right of Use Assets	10.1	11.3	12.3				10.1	0.0
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC02	Selling & Distribution	-10.1	-11.3	66.7				133.1	39.6
SC02	- As a % of sales	-0.3%	-0.2%	0.8%				1.6%	1.9%	0.7%	0.7%	0.7%	0.7%	0.7%
SC03	S&D	0.0	0.0	79.0				150.7	39.6
	Amortisation of Right of Use Assets	10.1	11.3	12.3				10.1	0.0
	Depreciation in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Right of Use Assets in S&D	0.0	0.0	0.0				0.0	0.0
	Amortisation of Intangible Assets in S&D	0.0	0.0	0.0				0.0	0.0
SC03	Selling & Distribution	-10.1	-11.3	66.7				133.1	39.6
	- As a % of sales	-0.3%	-0.2%	0.8%				1.6%	1.9%
	Sd selection

4	Capital Expenditure	146.6	425.3	354.0	0.0	35.7	31.9	0	289.6	109.2	0	0	0
	- As a % of sales	3.7%	6.6%	4.0%	nan%	1.5%	1.4%		3.5%	5.3%
SC01	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	- As a % of sales	3.7%	6.6%	4.0%					3.5%					3.5%	3.5%	3.5%	3.5%	3.5%
SC02	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	- As a % of sales	3.7%	6.6%	4.0%					3.5%					4.7%	4.7%	4.7%	4.7%	4.7%
SC03	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	- As a % of sales	3.7%	6.6%	4.0%					3.5%
	Capex selection

	Fixed Assets - Cost (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25	3Q25E	4Q25E	FY27E	FY28E
1	Balance B/F	3,140.7	3,242.3	3,660.0	0.0	0.0	0.0	31.9	3,988.4	4,239.0	4,348.2	4,239.0
	Capital Expenditure	146.6	425.3	354.0	0.0	35.7	31.9	222		109.2
	Adjustments	-47.1	-7.6	-25.6					-39.0	0.0		0.0
	Balance C/F	3,242.3	3,660.0	3,988.4	0.0	35.7	31.9		4,239.0	4,348.2
SC01	Balance B/F	3,140.7	3,242.3	3,660.0					3,988.4	4,239.0	4,348.2	4,239.0
	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	Adjustments	-47.1	-7.6	-25.6					-39.0	0.0		0.0
	Balance C/F	3,242.3	3,660.0	3,988.4					4,239.0	4,348.2
SC02	Balance B/F	3,140.7	3,242.3	3,660.0					3,988.4	4,239.0	4,348.2	4,239.0
	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	Adjustments	-47.1	-7.6	-25.6					-39.0	0.0		0.0
	Balance C/F	3,242.3	3,660.0	3,988.4					4,239.0	4,348.2
SC03	Balance B/F	3,140.7	3,242.3	3,660.0					3,988.4	4,239.0	4,348.2	4,239.0
	Capital Expenditure	146.6	425.3	354.0					289.6	109.2
	Adjustments	-47.1	-7.6	-25.6					-39.0	0.0		0.0
	Balance C/F	3,242.3	3,660.0	3,988.4					4,239.0	4,348.2

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	967.3	1,132.4	1,317.6	0.0	0.0	0.0	-2,420.8		1,505.1	1,683.1				1,732.7	1,683.1
	Depreciation charge	185.3	192.9	194.7	0.0	100.0	97.2			203.1	49.6
	- As a % of sales	4.7%	3.0%	2.2%	nan%	4.2%	4.3%			2.4%	2.4%
	Balance C/F	1,132.4	1,317.6	1,505.1	0.0	-2,433.6	-2,420.8	0	0	1,683.1	1,732.7	0	0	0	0	0	0	0	0	0
	Adjustments	-20.3	-7.6	-8.1						-25.1	0.0					0.0
	Net Book Value at end	2,110.0	2,342.4	2,483.3	0.0	2,469.3	2,452.7			2,555.9	2,615.6
SC01	Balance B/F	967.3	1,132.4	1,317.6						1,505.1	1,683.1				1,732.7	1,683.1
SC01	Depreciation charge	185.3	192.9	194.7						203.1	49.6
	- As a % of sales	4.7%	3.0%	2.2%						2.4%	2.4%						2.4%	2.4%	2.4%	2.4%	2.4%
	Balance C/F	1,132.4	1,317.6	1,505.1						1,683.1	1,732.7
	Adjustments	-20.3	-7.6	-8.1						-25.1	0.0					0.0
	Net Book Value at end	2,110.0	2,342.4	2,483.3						2,555.9	2,615.6
SC02	Balance B/F	967.3	1,132.4	1,317.6						1,505.1	1,683.1				1,732.7	1,683.1
SC02	Depreciation charge	185.3	192.9	194.7						203.1	49.6
	- As a % of sales	4.7%	3.0%	2.2%						2.4%	2.4%
	Balance C/F	1,132.4	1,317.6	1,505.1						1,683.1	1,732.7
	Adjustments	-20.3	-7.6	-8.1						-25.1	0.0					0.0
	Net Book Value at end	2,110.0	2,342.4	2,483.3						2,555.9	2,615.6
SC03	Balance B/F	967.3	1,132.4	1,317.6						1,505.1	1,683.1				1,732.7	1,683.1
SC03	Depreciation charge	185.3	192.9	194.7						203.1	49.6
	- As a % of sales	4.7%	3.0%	2.2%						2.4%	2.4%
	Balance C/F	1,132.4	1,317.6	1,505.1						1,683.1	1,732.7
	Adjustments	-20.3	-7.6	-8.1						-25.1	0.0					0.0
	Net Book Value at end	2,110.0	2,342.4	2,483.3						2,555.9	2,615.6
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	292.3	256.3	497.4	0.0	363.1	416.5	334.7	356.8
	- As a % of sales	7.4	4.0	5.7	nan	15.4	18.6	4.0	4.4
	Four Qtr Cum. Revenue				2,240.8	4,598.2	4,598.2
	Four Qtr Cum. COGS				-1,221.7	-2,589.2	-2,589.2
SC01	2.1 Accounts and notes receivables	292.3	256.3	497.4				334.7
	- As a % of sales	7.4	4.0	5.7				4.0		4.0	4.0	4.0	4.0	4.0
SC02	2.1 Accounts and notes receivables	292.3	256.3	497.4				334.7
	- As a % of sales	7.4	4.0	5.7				4.0		4.6	4.6	4.6	4.6	4.6
	Four Qtr Cum. Revenue				2,240.8	4,598.2	4,598.2
SC03	2.1 Accounts and notes receivables	292.3	256.3	497.4				334.7
	- As a % of sales	7.4	4.0	5.7				4.0
	Four Qtr Cum. COGS				-1,221.7	-2,589.2	-2,589.2
	Debtors selection

	2.2 Inventories	111.3	245.9	874.6	0.0	747.3	670.3	559.8	444.9
	- As a % of COGS	5.5	8.4	16.7	nan	54.6	54.9	10.8	9.1
SC01	2.2 Inventories	111.3	245.9	874.6				559.8
	- As a % of COGS	5.5	8.4	16.7				10.8		10.8	10.8	10.8	10.8	10.8
SC02	2.2 Inventories	111.3	245.9	874.6				559.8
	- As a % of COGS	5.5	8.4	16.7				10.8		12.0	12.0	12.0	12.0	12.0
SC03	2.2 Inventories	111.3	245.9	874.6				559.8
	- As a % of COGS	5.5	8.4	16.7				10.8
	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	366.3	560.0	808.2	0.0	1,583.0	749.7	916.5	2,278.3
	- As a % of COGS	18.2	19.2	15.5	nan	115.8	61.4	17.7	46.4
SC01	2.4 Accounts payable	366.3	560.0	808.2				916.5
	- As a % of COGS	18.2	19.2	15.5				17.7		17.7	17.7	17.7	17.7	17.7
SC02	2.4 Accounts payable	366.3	560.0	808.2				916.5
	- As a % of COGS	18.2	19.2	15.5				17.7		17.5	17.5	17.5	17.5	17.5
SC03	2.4 Accounts payable	366.3	560.0	808.2				916.5
	- As a % of COGS	18.2	19.2	15.5				17.7
	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						686.7	31.5
SC04 & 05 Change in WC - Balance Period
SC01 Change in WC						686.7	31.5
SC01 Change in WC - Balance Period
SC02 Change in WC						686.7	31.5
SC02 Change in WC - Balance Period
SC03 Change in Working Capital						686.7	31.5
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	763.7	597.7	372.6	372.6	2.5	0.7	5.6		2.5	128.6				65.1	128.6
	Issuance of debt	247.9	0.0	0.0	0.0	100.0	0.0			154.9	0.0
	Repayment of debt	413.9	225.1	410.2	0.0	3.0	39.2			28.8	63.5
	Net of Payments	-166.1	-225.1	-410.2						126.1	-63.5					-63.5
	Adjustments	0.0	0.0	40.1	0.0	0.0	0.0			0.0	0.0					0.0
	Closing balance	597.7	372.6	2.5	372.6	0.7	5.6			128.6	65.1
	Current Portion of Long Term Debt	225.1	145.1	1.3						89.5	34.5
	Interest Expenses	36.3	30.5	70.0	0.0	0.0	0.0			13.4	0.0
	Average Interest rate (%)	5.3	6.3	37.3	0	0	0	%	%	20.5	0	%	%	%		%	%	%	%	%
SC01	Opening balance	763.7	597.7	372.6						2.5	128.6				65.1	128.6
	Issuance of debt	247.9	0.0	0.0						154.9	0.0					154.9	154.9	154.9	154.9	154.9
	Repayment of debt	413.9	225.1	410.2						28.8	63.5
	Net of Payments	-166.1	-225.1	-410.2						126.1	-63.5					-63.5
	Adjustments	0.0	0.0	40.1						0.0	0.0					0.0
	Closing balance	597.7	372.6	2.5						128.6	65.1
	Adjustments	0.0	0.0	40.1						0.0	0.0					0.0
	Interest Expenses	36.3	30.5	70.0						13.4	0.0
	Average Interest rate (%)	5.3	6.3	37.3						20.5						20.5	20.5	20.5	20.5	20.5
SC02	Opening balance	763.7	597.7	372.6						2.5	128.6			65.1	128.6
	Issuance of debt	247.9	0.0	0.0						154.9	0.0				51.6	51.6	51.6	51.6	51.6
	Repayment of debt	413.9	225.1	410.2						28.8	63.5
	Net of Payments	-166.1	-225.1	-410.2						126.1	-63.5
	Closing balance	597.7	372.6	2.5						128.6	65.1
	Adjustments	0.0	0.0	40.1						0.0	0.0					0.0
	Interest Expenses	36.3	30.5	70.0						13.4	0.0
	Average Interest rate (%)	5.3	6.3	37.3						20.5
SC03	Opening balance	763.7	597.7	372.6						2.5	128.6				65.1	128.6
	Issuance of debt	247.9	0.0	0.0						154.9	0.0
	Repayment of debt	413.9	225.1	410.2						28.8	63.5
	Net of Payments	-166.1	-225.1	-410.2						126.1	-63.5					-63.5
	Closing balance	597.7	372.6	2.5						128.6	65.1
	Adjustments	0.0	0.0	40.1						0.0	0.0					0.0
	Interest Expenses	36.3	30.5	70.0						13.4	0.0
	Average Interest rate (%)	5.3	6.3	37.3						20.5							%	%	%	%	%
	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	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	212.0	25.7	0.0	59.4	80.6	54.3	80.6
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	-186.3	-25.7	59.4	21.2	-26.3		-26.3
Closing balance	25.7	0.0	59.4	80.6	54.3
Interest Expenses	5.4	0.4	5.3	3.5	0.0
Average Interest rate (%)	451.9	289.0	1779.8	501.0	0		%	%	%	%	%

SC01	Opening balance	212.0	25.7	0.0	59.4	80.6	54.3	80.6
	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	25.7	0.0	59.4	80.6	54.3
	Adjustments	-186.3	-25.7	59.4	21.2	-26.3		-26.3
	Interest Expenses	5.4	0.4	5.3	3.5	0.0
	Average Interest rate (%)	451.9	289.0	1779.8	501.0	0

SC02	Opening balance	212.0	25.7	0.0	59.4	80.6	54.3	80.6
	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	25.7	0.0	59.4	80.6	54.3
	Adjustments	-186.3	-25.7	59.4	21.2	-26.3		-26.3
	Interest Expenses	5.4	0.4	5.3	3.5	0.0
	Average Interest rate (%)	451.9	289.0	1779.8	501.0	0

SC03	Opening balance	212.0	25.7	0.0	59.4	80.6	54.3	80.6
	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	25.7	0.0	59.4	80.6	54.3
	Adjustments	-186.3	-25.7	59.4	21.2	-26.3		-26.3
	Interest Expenses	5.4	0.4	5.3	3.5	0.0
	Average Interest rate (%)	451.9	289.0	1779.8	501.0	0
	OD Term Int. Expense selection
	OD Term Debt Bal. Selection

Interest Expenses (Rs. Millions)	FY21	FY22	FY23
LT Interest	36.3	30.5	70.0	13.4	0.0
Rate	5.3%	6.3%	37.3%	20.5%	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	5.4	0.4	5.3	3.5	0.0
Rate	4.5%	2.9%	17.8%	5.0%	0.0%
Lease Interest	35.9	38.9	40.9	58.5	0.0
Rate	14.5%	15.4%	15.4%	17.2%	0.0%
Total Interest Expenses	77.6	69.8	116.2	75.5	0.0

4	Leases (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Leases - Opening balance	244.0	250.3	256.4	0.0	0.0	0.0	409.9		274.0	404.8				484.5	404.8
	Additions	2.2	0.0	0.0	15.3	-15.3			0.0	0.0
	Payments	37.1	41.2	43.5	0.0	15.3	-15.3			61.3	18.0
	Adjustments	5.4	8.4	20.2	0.0	0.0	0.0			133.5	97.8					97.8
	Lease Interest expenses	35.9	38.9	40.9	0.0	0.0	0.0			58.5	0.0
	Average Interest Rate	14.5	15.4	15.4	0	0	0	%	%	17.2	0	%	%	%
	Closing balance	250.3	256.4	274.0	0.0	410.2	409.9			404.8	484.5
	Lease Liabilities - Current Portion	2.1	2.4	1.6						3.2	3.6
SC01	Leases - Opening balance	244.0	250.3	256.4						274.0	404.8				484.5	404.8
	Additions	2.2	0.0	0.0					0.0	0.0						0.0
	Payments	37.1	41.2	43.5						61.3	18.0					61.3	61.3	61.3	61.3	61.3
	Closing balance	250.3	256.4	274.0						404.8	484.5
	Adjustments	5.4	8.4	20.2						133.5	97.8					97.8
	Lease Interest expenses	35.9	38.9	40.9						58.5	0.0
	Average Interest rate (%)	14.5	15.4	15.4						17.2						17.2	17.2	17.2	17.2	17.2
SC02	Leases - Opening balance	244.0	250.3	256.4						274.0	404.8				484.5	404.8
	Additions	2.2	0.0	0.0						0.0	0.0					0.0
	Payments	37.1	41.2	43.5						61.3	18.0					61.3
	Adjustments	5.4	8.4	20.2						133.5	97.8					97.8
	Closing balance	250.3	256.4	274.0						404.8	484.5
	Lease Interest expenses	35.9	38.9	40.9						58.5	0.0
	Average Interest rate (%)	14.5	15.4	15.4						17.2
SC03	Leases - Opening balance	244.0	250.3	256.4						274.0	404.8				484.5	404.8
	Lease Additions	2.2	0.0	0.0						0.0	0.0
	Payments	37.1	41.2	43.5						61.3	18.0
	Adjustments	5.4	8.4	20.2						133.5	97.8					97.8
	Closing balance	250.3	256.4	274.0						404.8	484.5
	Lease Interest expenses	35.9	38.9	40.9						58.5	0.0
	Average Interest rate (%)	14.5	15.4	15.4						17.2						%	%	%	%	%
	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	241.4	238.9	236.0	243.9	359.9	434.8	359.9
	Additions	2.2	0.0	0.0	0.0	0.0
	Adjustments	5.4	8.4	20.1	133.5	74.9		74.9
	Amortisation	10.1	11.3	12.3	17.5	0.0
	Amortisation Rate	4.2	4.7	5.2	7.2	0.0
	Closing balance - Calculated	238.9	236.0	243.9	359.9	434.8
SC01	Opening balance	241.4	238.9	236.0	243.9	359.9	434.8	359.9	359.9	359.9	359.9	359.9
	Additions	2.2	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	5.4	8.4	20.1	133.5	74.9		74.9
	Amortisation	10.1	11.3	12.3	17.5	0.0
	Amortisation Rate	4.2	4.7	5.2	7.2	0.0		7.2	7.2	7.2	7.2	7.2
	Closing balance - Calculated	238.9	236.0	243.9	359.9	434.8
SC02	Opening balance	241.4	238.9	236.0	243.9	359.9	434.8	359.9	359.9	359.9	359.9	359.9
	Additions	2.2	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0
	Adjustments	5.4	8.4	20.1	133.5	74.9		74.9
	Amortisation	10.1	11.3	12.3	17.5	0.0
	Amortisation Rate	4.2	4.7	5.2	7.2	0.0		5.7	5.7	5.7	5.7	5.7
	Closing balance - Calculated	238.9	236.0	243.9	359.9	434.8
SC03	Opening balance	241.4	238.9	236.0	243.9	359.9	434.8	359.9
	Additions	2.2	0.0	0.0	0.0	0.0
	Amortisation	10.1	11.3	12.3	17.5	0.0
	Adjustments	5.4	8.4	20.1	133.5	74.9		74.9
	Closing balance - Calculated	238.9	236.0	243.9	359.9	434.8
	rousa addition selection
	rousa repay selection
	rousa bal C/F selection

5	Intangible Assets (Rs. Millions)	FY21	FY22	FY23			FY27E	FY28E	FY29E
	Opening balance	23.5	19.2	28.3	47.4	48.1	46.4	48.1
	Additions	1.9	15.5	26.9	12.5	0.8
	Adjustments	nan	nan	nan	nan	nan		nan
	Amortisation	6.2	6.5	7.7	11.8	2.6
	Amortisation Rate	26.4	33.8	27.2	24.9	5.4
	Closing balance - Calculated	19.2	28.3	47.4	48.1	46.4
SC01	Opening balance	23.5	19.2	28.3	47.4	48.1	46.4	48.1	48.1	48.1	48.1	48.1
	Additions	1.9	15.5	26.9	12.5	0.8		12.5	12.5	12.5	12.5	12.5
	Adjustments	nan	nan	nan	nan	nan		nan
	Amortisation	6.2	6.5	7.7	11.8	2.6
	Amortisation Rate	26.4	33.8	27.2	24.9	5.4		24.9	24.9	24.9	24.9	24.9
	Closing balance - Calculated	19.2	28.3	47.4	48.1	46.4
SC02	Opening balance	23.5	19.2	28.3	47.4	48.1	46.4	48.1	48.1	48.1	48.1	48.1
	Additions	1.9	15.5	26.9	12.5	0.8		18.3	18.3	18.3	18.3	18.3
	Adjustments	nan	nan	nan	nan	nan		nan
	Amortisation	6.2	6.5	7.7	11.8	2.6
	Amortisation Rate	26.4	33.8	27.2	24.9	5.4		28.6	28.6	28.6	28.6	28.6
	Closing balance - Calculated	19.2	28.3	47.4	48.1	46.4
SC03	Opening balance	23.5	19.2	28.3	47.4	48.1	46.4	48.1
	Additions	1.9	15.5	26.9	12.5	0.8
	Amortisation	6.2	6.5	7.7	11.8	2.6
	Adjustments	nan	nan	nan	nan	nan		nan
	Closing balance - Calculated	19.2	28.3	47.4	48.1	46.4
	ia addition selection
	ia repay selection
	ia bal C/F selection

5	Interest Income (Rs. Millions)	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
	Cash & CE B/F			1,427.0	0.0	1,963.5	1,432.8		857.0	797.4					797.4
	Interest Income	15.5	54.8	138.9	0.0	42.2	39.8			183.8	49.1
	Blended Interest Income Rate	2.3	2.7	14.7	0	2.1	2.0	%	%	10.3	2.1	%	%	%			%	%	%	%
SC01	ii. Interest Income	15.5	54.8	138.9	0.0	42.2	39.8			183.8	49.1
	Average Interest Income Rate	2.3	2.7	14.7	0	2.1	2.0	%	%	10.3						10.3	10.3	10.3	10.3	10.3
SC02	ii. Interest Income	15.5	54.8	138.9	0.0	42.2	39.8			183.8	49.1
	Average Interest Income Rate	2.3	2.7	14.7	0	2.1	2.0	%	%	10.3		%	%	%
SC03	i. Cash & CE Balance C/F			1,427.0					857.0						797.4
	ii. Interest Income	15.5	54.8	138.9						183.8	49.1
	Average Interest Income Rate	2.3	2.7	14.7						10.3						%	%	%	%	%
	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	1,751.7	3,331.8	2,953.5	0.0	833.8	926.4			2,765.8	828.3
	Tax B/F	52.6	0.0	0.8	0.8	4.5	4.2	-46.3		4.5	108.6				300.6	108.6
	Tax Provision for the Year	92.7	-126.0	621.7	0.0	0.0	0.0			421.1	246.3
	Adjustments	-37.0	126.8	-508.5						-172.2	-7.3					-7.3
	Taxes paid (prov. for the previous year)	108.3	0.0	109.5	0.0	0.3	50.5	0.0		144.8	47.0
	Tax C/F	0.0	0.8	4.5	0.8	4.2	-46.3			108.6	300.6
	Tax Rate	0	0	0	0	0	0	%	%	0	0	%	%	%		%	%	%	%	%
SC01	Opening balance	52.6	0.0	0.8						4.5	4.5				300.6	108.6
	Current Income Tax	92.7	-126.0	621.7						421.1	246.3
	Taxes paid	108.3	0.0	109.5						144.8	47.0					421.1
	Adjustments	-37.0	126.8	-508.5						-172.2	-7.3					-7.3
	Closing balance - Calculated	0.0	0.8	4.5						108.6	300.6
	Effective Tax Rate (%)	0	0	0						0						0	0	0	0	0
SC02	Opening balance	52.6	0.0	0.8						4.5	4.5				300.6	108.6
	Current Income Tax	92.7	-126.0	621.7						421.1	246.3
	Taxes paid	108.3	0.0	109.5						144.8	47.0					421.1
	Adjustments	-37.0	126.8	-508.5						-172.2	-7.3					-7.3
	Closing balance - Calculated	0.0	0.8	4.5						108.6	300.6
	Effective Tax Rate (%)	0	0	0						0
SC03	Opening balance	52.6	0.0	0.8						4.5	4.5				300.6	108.6
	Current Income Tax	92.7	-126.0	621.7						421.1	246.3
	Taxes paid	108.3	0.0	109.5						144.8	47.0					421.1
	Adjustments	-37.0	126.8	-508.5						-172.2	-7.3					-7.3
	Closing balance - Calculated	0.0	0.8	4.5						108.6	300.6
	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	Plantations	YoY
2	Dairy	YoY
3	Tea	YoY
4	Inter segment adjustments	YoY
5	Other	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	3,933.5	6,474.7	8,768.0	2,357.4	2,240.8	8,320.9	2,065.4
Excise Duty	0.0	0.0	0.0			0.0	0.0
COGS	2,008.1	2,911.0	5,230.0	1,367.5	1,221.7	5,166.3	1,106.5
Gross Profit	1,925.4	3,563.6	3,538.1	989.8	1,019.1	3,154.6	958.8
Other Income	131.5	86.2	0.0			61.0	4.1	0	4.1
Administration Exp.	250.9	318.1	361.1	138.9	121.2	444.2	121.1
Selling & Distribution Exp.	0.0	0.0	79.0	43.9	42.4	150.7	39.6
Depreciation	185.3	192.9	194.7			203.1	49.6
Amortisation	16.3	17.8	20.0			29.3	2.6
Other Operating Expenses	12.1	15.0	-167.3	0.0	0.0	40.0	0.0		0.0
Operating Income	1,818.1	3,346.8	2,930.7	809.3	906.6	2,660.7	802.3
Interest Expenses	82.0	69.8	116.2			78.6	23.2
Interest Income	15.5	54.8	138.9	42.2	39.8		49.1
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Profit Before Tax	1,751.7	3,331.8	2,953.5	833.8	926.4	2,765.8	828.3
Tax Expenses	88.8	-126.0	621.7	0.0	0.0	421.1	246.3
Profit After Tax	1,662.8	3,457.8	2,331.8	750.9	878.4	2,344.7	582.0
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Net Income	1,662.8	3,457.8	2,331.8	750.9	878.4		582.0

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	1Q25	2Q25E	9M FY25E	FY25E	FY26E
Profit Before Tax	From IS	1,751.7	3,331.8	2,953.5	833.8	926.4		2,765.8	828.3
Depreciation	From OA 1.1	185.3	192.9	194.7	100.0	97.2		203.1	49.6
Right of Use Asset - Amortisation		10.1	11.3	12.3					17.5	0.0
Intangible Asset Amortisation		6.2	6.5	7.7				11.8	2.6
Change in Working Capital	From OA 2	98.6	95.0	-637.3	223.3	-173.8		686.7	31.5
CWC Adjustment											-1,423.2	-1,423.2
Income Tax Paid	From OA 5	108.3	0.0	109.5	0.3	50.5		144.8	47.0
Other		209.1	173.1	309.1	9.3	12.8		245.5	-143.0		0	-143.0
Net Cash Flow from / (used in) Operating Activities		2,152.6	3,810.6	2,730.4	1,166.1	812.1		3,785.7	721.9
Capital Expenditure	From CA 4	146.6	425.3	354.0	35.7	31.9		289.6	109.2
Acquisition of Right to Use Assets	From CA 4	2.2	0.0	0.0					0.0	0.0
Acquisition of Intangible Assets	From CA 4	1.9	15.5	26.9					12.5	0.8
Other		-171.3	-584.8	321.0	-43.1	-538.2		-1,189.4	-578.2		0	-578.2
Cash Flows from Investing Activities		-321.9	-1,025.7	-59.9	-78.8	-570.1		-1,491.5	-688.3
Borrowings		247.9	0.0	0.0	100.0	0.0		154.9	0.0
Debt Repayments		413.9	225.1	410.2	3.0	39.2		28.8	63.5
Net of Borrowings/ Repayments		-166.1	-225.1	-410.2				126.1	-63.5
Adjustments to match published numbers												-26.3	-26.3
Lease Additions
Lease Repayments		37.1	41.2	43.5	15.3	-15.3		61.3	18.0
Other		-1,219.9	-1,473.8	-2,846.3	0.0	-813.2		-2,439.7	0.0		0	0.0
Net Cash flows from / (used in) Financing Activities		-1,423.0	-1,740.2	-3,300.0	81.6<	-837.1		-2,374.9	-81.5
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		407.7	1,044.7	-629.5	1,168.9	-595.1		-80.8	-48.0
Favourable/Unfavourable Balances		25.7	0.0	59.4	-2.9	64.3		80.6	54.3
Cash and CE at Start		-25.4	382.3	1,427.0	797.5	1,963.7	4Q	797.5	716.8		723.1	716.8
Cash and CE at End		382.3	1,427.0	797.5	1,966.5			716.8	668.8

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25	2Q25E	3Q25E	4Q25E	9M FY25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - NBV	From OA 1	2,110.0	2,342.4	2,483.3	2,469.3	2,452.7			2,555.9	2,615.6
Bearer biological assets		2,710.0	2,699.0	2,566.3	2,532.6	2,498.9	2,391.0	2,391.0	2,423.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0	2,391.0
Investment fund		149.7	72.3	53.3	44.5	44.8	18.6	18.6	51.4	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6
Intangible Assets		19.2	28.3	47.4	49.6	52.3	46.4	46.4	48.1	46.4	46.4	46.4	46.4
Right Use of Assets		238.9	236.0	243.9	375.2	372.5	434.8	nan	359.9	434.8	nan	nan	nan
Biological assets - consumable		32.9	33.8	44.3	44.3	44.3	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1	70.1
Other		749.3	943.2	893.1	934.4	967.8	1,182.5	1,182.5	1,165.6	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5	1,182.5
Non Current Assets		6,009.9	6,354.9	6,331.5	6,449.8	6,433.3			6,674.0	6,759.0
Inventories	From OA 2.2	111.3	245.9	874.6	747.3	670.3			559.8	444.9
Trade and Other Receivables	From OA 2.1	292.3	256.3	497.4	363.1	416.5			334.7	356.8
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0	0.0
Other		53.2	71.9	235.3	240.9	411.8	302.9	302.9	102.6	302.9	302.9	302.9	302.9	302.9	302.9	302.9	302.9	302.9	302.9
Other Financial Assets		207.5	514.9	4.9	5.3	436.2	1,506.7	1,506.7	924.0	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7	1,506.7
Income Tax Recoverable		15.3	20.7	33.7	33.7	33.7	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8	38.8
Cash and Cash Equivalent	From CFS	408.0	1,427.0	857.0	1,963.5	1,432.8			797.4	723.1
Current Assets		1,087.4	2,536.8	2,502.9	3,353.9	3,401.2			2,757.4	3,373.2
Total Assets		7,097.4	8,891.7	8,834.4	9,803.6	9,834.5				10,132.2
Equities and Liabilities
Stated Capital		511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8	511.8
Reserves	5,768.3	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		4,550.6	6,345.9	5,768.3	5,710.4	6,590.0			5,676.9	4,833.0
Adjustments for Reported Number discprencies															-1,425.9
Other		511.8														-1,425.9
Other Adjustments		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Equity Attributable to Equity Holders of Parent
Non-Controlling Interest		0.0	241.9	222.8	218.4	217.2	211.3	211.3	208.6	211.3	211.3	211.3	211.3	211.3	211.3	211.3	211.3	211.3	211.3
Total Equity		5,062.4	7,099.7	6,503.0	6,440.6	7,319.0			6,397.3	5,556.2
Long Term Debt	From OA 3	372.6	227.5	1.2	64.9	56.3			39.1	30.6
Financing and Lease Payables	From OA 4	248.2	254.1	272.4					401.6	480.9
Deferred tax liability		431.6	316.9	805.5	813.6	825.5	985.7	985.7	978.4	985.7	985.7	985.7	985.7	985.7	985.7	985.7	985.7	985.7	985.7
Defined benefit obligations		271.5	212.6	337.4	338.5	331.3	371.4	371.4	370.1	371.4	371.4	371.4	371.4	371.4	371.4	371.4	371.4	371.4	371.4
Deferred income and capital grants		92.0	41.4	39.1	38.5	37.9	36.1	36.1	36.7	36.1	36.1	36.1	36.1	36.1	36.1	36.1	36.1	36.1	36.1
Non Current Liabilities		1,415.8	1,052.6	1,455.6	1,662.5	1,657.7			1,825.9	1,904.7
Current Maturities of Long Term Debt		225.1	145.1	1.3	0.0	0.0			89.5	34.5
Trade Payables	From OA 2.4	366.3	560.0	808.2	1,583.0	749.7			916.5	2,278.3
13. Amounts due to related parties		nan	nan	nan	34.6	34.6	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	0.0	0.8	4.5	4.2	-46.3			108.6	300.6
Lease Liabilities		2.1	2.4	1.6					3.2	3.6
Other Accruals	From OA 2.5
Other		0.0	31.3	0.8	0.0	0.0	0.0	0.0	9.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Short Term Loans		0.0	0.0	0.0					0.0	0.0
Bank Overdraft		25.7	0.0	59.4					80.6	54.3
Bank Overdraft		25.7	0.0	59.4	0.7	5.6	54.3	nan	80.6	54.3	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		619.2	739.5	875.8	1,735.1	892.4			1,208.1	2,671.3
Total Equity and Liabilities		7,097.4	8,891.7	8,834.4	9,838.3	9,869.1			9,431.3	10,132.2
Check

DCF Valuation
Relative Valuation

DCF Enterprise Value

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

12. DCF Enterprise Value
13. Net (Debt)/Cash		1,696.8
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		203,308.6
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			6,397.3
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		203,308.6	203,308.6	203,308.6
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	235.995	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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