PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18

Sales 34,660.70 37,216.30 42,375.50 56,302.80
Raw Material Cost 22,404.40 22,391.50 25,757.50 34,539.60
Change in Inventory 772.90 -17.80 6.80 227.50
Power and Fuel 615.20 622.80 650.40 780.40
Other Mfr. Exp 757.40 862.20 949.00 1,440.00
Employee Cost 6,365.20 7,157.30 8,090.90 11,067.80
Selling and admin 1,481.80 1,565.00 1,830.70 2,301.90
Other Expenses 965.70 1,051.50 932.60 1,272.10
Other Income 211.60 176.90 345.50 124.60
Depreciation 920.60 1,087.20 1,059.10 1,575.20
Interest 317.80 345.00 374.90 410.80
Profit before tax 1,817.10 2,292.90 3,082.70 3,267.10
Tax 525.60 519.20 910.30 1,007.20
Net profit May-02 Jul-03 Apr-04 May-04
Dividend Amount 264.60 330.75 280.80 473.62

24,549.90 23,858.70 27,363.70 36,987.50

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23
Sales 17,614.71 18,302.24 20,267.24 22,516.99
Expenses 16,537.89 16,864.43 18,664.97 20,480.75
Other Income 99.25 -45.80 80.08 34.85
Depreciation 732.38 748.72 815.04 839.70
Interest 169.39 183.71 149.40 278.44
Profit before tax 274.30 459.58 717.91 952.95
Tax 92.75 171.38 217.18 253.85
Net profit 141.22 246.43 453.93 653.96
Operating Profit 1,076.82 1,437.81 1,602.27 2,036.24

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 88.20 132.30 140.40 210.50
Reserves 3,235.60 4,264.80 8,132.30 9,673.60
Borrowings 5,130.60 6,068.70 10,349.30 10,373.60
Other Liabilities 8,970.70 9,198.80 13,321.70 16,716.40
Total 17,425.10 19,664.60 31,943.70 36,974.10
Net Block 6,128.90 7,146.90 12,192.60 14,712.30
Capital Work in Progress 955.80 1,397.00 1,934.80 2,584.90
Investments 64.90 589.70 473.70 791.60
Other Assets 10,275.50 10,531.00 17,342.60 18,885.30
Total 17,425.10 19,664.60 31,943.70 36,974.10
Receivables 3,014.40 4,653.70 4,655.20 5,623.60
Inventory 3,750.00 2,285.00 3,071.60 4,013.20
Cash & Bank 1,891.90 1,771.70 4,886.60 2,781.50
No. of Equity Shares #FMT #FMT #FMT #FMT
New Bonus Shares ### ###
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 3,389.70 2,188.40 3,799.70 3,264.00
Cash from Investing Activity -2,844.40 -1,906.10 -6,145.30 -3,194.10
Cash from Financing Activity 494.50 -263.20 5,517.60 -2,221.40
Net Cash Flow 1,039.80 19.10 3,172.00 -2,151.50
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
63,522.90 60,728.90 57,369.90 63,774.00 78,788.10 98,691.70
36,903.40 34,995.00 32,779.10 36,987.70 45,640.90 54,367.90
165.10 26.20 181.20 251.40 323.50 -46.80
976.30 990.50 919.70 1,285.70 2,101.80 1,708.30
1,759.20 1,469.00 1,405.30 1,940.30 2,460.90 3,212.80
14,169.40 14,372.60 14,099.60 15,374.60 17,931.40 23,538.50
2,760.00 2,388.10 2,173.10 2,783.80 3,943.00 5,335.50
1,771.30 1,885.90 1,804.30 939.10 782.20 1,160.20
333.30 642.40 567.50 575.00 70.10 140.20
2,058.20 2,721.00 2,926.00 2,958.20 3,135.80 3,810.50
423.20 592.80 511.50 542.60 780.90 1,811.20
3,200.30 1,982.60 1,500.00 1,788.40 2,404.80 3,840.20
1,102.20 688.10 -69.40 606.90 735.20 820.60
May-04 Mar-03 Nov-02 May-02 Feb-04 Jun-07
473.70 473.70 473.70 293.67 440.44 542.08

39,804.00 37,480.70 35,285.30 40,465.10 50,527.10 59,242.20

Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24

22,462.18 23,473.79 25,643.89 27,058.22 28,867.96 27,811.86
20,537.56 21,584.95 23,327.96 24,123.65 26,092.65 25,363.92
76.00 -10.19 171.61 160.52 178.94 443.47
838.90 867.39 1,016.38 1,087.83 1,064.57 1,102.84
252.63 487.94 620.26 450.38 444.48 546.16
909.09 523.32 850.90 1,556.88 1,445.20 1,242.41
260.97 229.17 217.60 112.88 348.02 293.60
600.87 201.55 541.96 1,371.82 994.17 879.74
1,924.62 1,888.84 2,315.93 2,934.57 2,775.31 2,447.94

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

315.80 315.80 315.80 451.80 677.60 677.60
10,646.90 10,945.10 12,244.80 20,136.50 21,773.90 25,477.30
11,534.20 13,136.40 11,929.60 14,129.70 13,792.30 19,921.90
20,257.10 20,635.80 23,258.50 21,007.60 25,086.20 38,101.00
42,754.00 45,033.10 47,748.70 55,725.60 61,330.00 84,177.80
18,422.70 20,750.10 20,099.10 21,411.20 23,146.90 30,121.50
 1,066.80 851.80 876.90 1,309.70 1,477.90 2,497.80
855.40 796.10 846.50 6,461.70 6,289.90 6,521.40
22,409.10 22,635.10 25,926.20 26,543.00 30,415.30 45,037.10
42,754.00 45,033.10 47,748.70 55,725.60 61,330.00 84,177.80
6,166.30 5,178.40 5,693.10 6,573.10 8,513.50 15,637.10
4,663.40 5,156.60 4,995.60 6,441.70 7,822.80 9,138.60
3,546.90 4,878.90 5,906.20 4,999.40 4,698.70 6,985.70
#FMT #FMT #FMT #FMT #FMT #FMT
###
1.00 1.00 1.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

4,312.40 6,352.00 5,051.30 2,462.70 4,643.00 7,568.90
-3,318.50 -2,220.20 -1,886.00 -2,304.40 -2,248.20 -6,644.50
-224.60 -2,802.90 -2,097.50 -1,217.40 -2,734.20 1,280.70
769.30 1,328.90 1,067.80 -1,059.10 -339.40 2,205.10
 Note: The following Assumptions are applicable only for this tab (i.e ratio analysis) and not for the further tabs

Q. From the following Profit and loss, Balance Sheet and Cash flow Statement calculate the following ratios for the

PROFIT & LOSS

Report Date Mar-23 Mar-24
Sales 78788.1 98691.7
Raw Material Cost 45640.9 54367.9
Change in Inventory 323.5 -46.8
Power and Fuel 2101.8 1708.3
Other Mfr. Exp 2460.9 3212.8
Employee Cost 17931.4 23538.5
Selling and admin 3943 5335.5
Other Expenses 782.2 1160.2
Other Income 70.1 140.2
Depreciation 3135.8 3810.5
Interest 780.9 1811.2
Profit before tax 2404.8 3840.2
Tax 735.2 820.6
Net profit 1495.6 2716.2
Dividend Amount 440.44 542.08

S.No. Ratios Solutions Assumptions:

1 Gross Profit Margin ratio (employee cost only includes salaries)
2 Operating Profit Margin Ratio
3 Net Profit Margin Ratio
4 Return on Assets
5 Return on Equity (Shareholder's fund consist of Equity share capital a
6 Return on Capital Employed (Capital emplyed includes Shareholder's fund and b
7 EBITDA Margin
8 Inventory Turnover Ratio
9 Accounts Recevivale Turnover (Net credit sales are 40% of the total sales)
10 Asset Turnover Ratio
11 Fixed Asset Turnover (Fixed Assets only includes Net block)
12 Working Capital Turnover Ratio 1.46 (Avearage Working Capital is 100 times of Equity S
13 Debt to equity ratio 2.22
14 Debt to Asset Ratio 0.69
15 Interest Coverage Ratio 5.06
16 Financial Leverage Ratio 2.22
17 Equity Ratio 31.07%
18 Days Sales Outstanding 144.58 (Net credit sales are 40% of the total sales and num
19 Price to sales ratio 1.18 (Market capitalisation of the company is 116272)
20 Enterprise Value to EBITDA 19.03094393
 i.e ratio analysis) and not for the further tabs

Statement calculate the following ratios for the year ended March 2024

BALANCE SHEET
Report Date Mar-23 Mar-24
Equity Share Capital 677.6 677.6
Reserves 21773.9 25477.3
Borrowings 13792.3 19921.9
Other Liabilities 25086.2 38101
Total 61330 84177.8
Net Block 23146.9 30121.5
Capital Work in Progress 1477.9 2497.8
Investments 6289.9 6521.4
Other Assets 30415.3 45037.1
Total 61330 84177.8
Receivables 8513.5 15637.1
Inventory 7822.8 9138.6
Cash & Bank 4698.7 6985.7
No. of Equity Shares 6776421367 6776421366
New Bonus Shares
Face value 1 1

mployee cost only includes salaries)

areholder's fund consist of Equity share capital and reserves)

pital emplyed includes Shareholder's fund and borrowings)

t credit sales are 40% of the total sales)

ed Assets only includes Net block)

earage Working Capital is 100 times of Equity Share Capital)

t credit sales are 40% of the total sales and number of days is 365)
arket capitalisation of the company is 116272)
 CASH FLOW
Report Date Mar-23 Mar-24
Cash from Operating Activity 4643 7568.9
Cash from Investing Activity -2248.2 -6644.5
Cash from Financing Activity -2734.2 1280.7
Net Cash Flow -339.4 2205.1

# Calculation of EBIT = Net Income + Interest + Taxes

PROFIT & LOSS
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 34660.7 37216.3 42375.5 56302.8
Raw Material Cost 22404.4 22391.5 25757.5 34539.6
Change in Inventory 772.9 -17.8 6.8 227.5
Power and Fuel 615.2 622.8 650.4 780.4
Other Mfr. Exp 757.4 862.2 949 1440
Employee Cost 6365.2 7157.3 8090.9 11067.8
Selling and admin 1481.8 1565 1830.7 2301.9
Other Expenses 965.7 1051.5 932.6 1272.1
Other Income 211.6 176.9 345.5 124.6
Depreciation 920.6 1087.2 1059.1 1575.2
Interest 317.8 345 374.9 410.8
Profit before tax 1817.1 2292.9 3082.7 3267.1
Tax 525.6 519.2 910.3 1007.2
Net profit 862.5 1292.3 1554.3 1597
Dividend Amount 264.6 330.75 280.8 473.62

Column1 1 2 3 4
DCF Mar-20 Mar-21 Mar-22 Mar-23
Revenue ₹60,728.9 ₹57,369.9 ₹63,774.0 ₹78,788.1
% Growth
Gross Profit 23248.2 22084.6 23308.9 28261
EBIT ₹1,880.60 ₹1,081.60 ₹1,253.20 ₹2,468.60
% Margin

Tax
% of EBIT

EBIAT

Depreciation
% of Revenue

Net Block (Assumed to be CAPEX)

% of Revenue (20% - Assumption)

Working Capital
Change in NWC (For Mar'19 - assumed 1260)

Unlevered FCF
Present Value of FCF

Terminal Value
Present Terminal Value
Enterprise Value
Present Value of Terminal Value: ₹10,000.7 million

Enterprise Value (EV): ₹5,217.97 million

 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
63522.9 60728.9 57369.9 63774 78788.1 98691.7
36903.4 34995 32779.1 36987.7 45640.9 54367.9
165.1 26.2 181.2 251.4 323.5 -46.8
976.3 990.5 919.7 1285.7 2101.8 1708.3
1759.2 1469 1405.3 1940.3 2460.9 3212.8
14169.4 14372.6 14099.6 15374.6 17931.4 23538.5
2760 2388.1 2173.1 2783.8 3943 5335.5
1771.3 1885.9 1804.3 939.1 782.2 1160.2
333.3 642.4 567.5 575 70.1 140.2
2058.2 2721 2926 2958.2 3135.8 3810.5
423.2 592.8 511.5 542.6 780.9 1811.2
3200.3 1982.6 1500 1788.4 2404.8 3840.2
1102.2 688.1 -69.4 606.9 735.2 820.6
1613.1 1170.1 1039.2 873.8 1495.6 2716.2
473.7 473.7 473.7 293.67 440.44 542.08

5 6 7 8 9 10
Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
₹98,691.7 ₹ 99,816.79 ₹ 100,954.70 ₹ 216,043.05 ₹ 218,505.94 ₹ 220,996.91
1.14 1.14 1.14 1.14 1.14 1.14
39449.5
₹5,604.80 ₹ 5,885.04 ₹ 6,179.29 ₹ 6,488.26 ₹ 6,812.67 ₹ 7,153.30
5.00 5.00 5.00 5.00 5.00 5.00

14.89 14.89 14.89 14.89 14.89 14.89

3.86 3.86 3.86 3.86 3.86 3.86

7.00 7.00 7.00 7.00 7.00 7.00

ASSUMPTIONS
1) Sales can be taken as Revenue
2) Assume this given growth rate from Mar 24 onwards (1.14)
3) EBIT = Gross profit - SG&A expenses - depreciation
4) SG&A expenses = employee cost + selling and admin Expenses + other expenses
5) Assume this given growth rate from Mar 24 onwards (5.00)

6) Assume this given growth rate from Mar 24 onwards (14.89)

7) Assume this given growth rate from Mar 24 onwards (3.86)

8) Net Block (B.S Figure) is taken as the CAPEX figure

9) Assume this given growth rate from Mar 24 onwards (7.00)

10) From Mar-24 onwards, rolling average of the last 5 years should be taken to calculate the next figure. For example - Wo

11) Free Cash Flow = Net income + Depreciation/Amortization – Change in Working Capital – Capital Expenditure
12) Unlevered FCF is only required to be shown for the period of Mar-25 to Mar-29

WACC
TGR
10.00%
2.00%
Year Mar-15 Mar-16 Mar-17
Sales 34660.7 37216.3 42375.5
Net Profit 862.5 1292.3 1554.3
Total Assets 17425.1 19664.6 31943.7
Equity Share Capital 88.2 132.3 140.4
Reserves 3235.6 4264.8 8132.3
Shareholders Equity 3323.8 4397.1 8272.7
Net Profit Margin
Asset Turnover
Equity Multiplier
Profit Before Tax 1817.1 2292.9 3082.7
Tax Burden
Interest 317.8 345 374.9
Tax 525.6 519.2 910.3
EBIT
Interest Burden
EBIT/Operating Margin
ROE 5 Step Approach
ROE 3 Step Approach

ASSUMPTIONS
1) Calculation of EBIT Net Income + Interest + Taxes
2) Return on Equity (ROE): 5 Step TB x IB x EBIT Margin x AT X EM
3) Return on Equity (ROE): 3 Step NPM x AT x EM

ROE GRAPH :- (From Mar-15 to Mar-24)

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
56302.8 63522.9 60728.9 57369.9 63774 78788.1
1597 1613.1 1170.1 1039.2 873.8 1495.6
36974.1 42754 45033.1 47748.7 55725.6 61330
210.5 315.8 315.8 315.8 451.8 677.6
9673.6 10646.9 10945.1 12244.8 20136.5 21773.9
9884.1 10962.7 11260.9 12560.6 20588.3 22451.5

3267.1 3200.3 1982.6 1500 1788.4 2404.8

410.8 423.2 592.8 511.5 542.6 780.9

1007.2 1102.2 688.1 -69.4 606.9 735.2
Mar-24
98691.7
2716.2
84177.8
677.6
25477.3
26154.9

3840.2

1811.2
820.6
CALCULATION OF HISTORICAL GROSS PROFIT AND EBIT
Years 2015 2016 2017

Revenue 34660.7 37216.3 42375.5

COGS ₹24,549.9 ₹23,858.7 ₹27,363.7

Gross Profit ₹10,110.80 ₹13,357.60 ₹15,011.80

SG&A Expenses ₹8,812.70 ₹9,773.80 ₹10,854.20

Depreciation 920.6 1087.2 1059.1

EBIT ₹377.50 ₹2,496.60 ₹3,098.50

FORECAST
Years 2015 2016 2017

Revenue 34660.7 37216.3 42375.5

Gross Profit ₹10,110.80 ₹13,357.60 ₹15,011.80

EBIT ₹377.50 ₹2,496.60 ₹3,098.50

 2018 2019 2020 2021 2022 2023 2024

56302.8 63522.9 60728.9 57369.9 63774 78788.1 98691.7

₹36,987.5 ₹39,804.0 ₹37,480.7 ₹35,285.3 ₹40,465.1 ₹50,527.1 ₹59,242.2

₹19,315.30 ₹23,718.90 ₹23,248.20 ₹22,084.60 ₹23,308.90 ₹28,261.00 ₹39,449.50

₹14,641.80 ₹18,700.70 ₹18,646.60 ₹18,077.00 ₹19,097.50 ₹22,656.60 ₹30,034.20

1575.2 2058.2 2721 2926 2958.2 3135.8 3810.5

₹3,098.30 ₹2,960.00 ₹1,880.60 ₹1,081.60 ₹1,253.20 ₹2,468.60 ₹5,604.80

2018 2019 2020 2021 2022 2023 2024 2025

56302.8 63522.9 60728.9 57369.9 63774 78788.1 98691.7

₹19,315.30 ₹23,718.90 ₹23,248.20 ₹22,084.60 ₹23,308.90 ₹28,261.00 ₹39,449.50

₹3,098.30 ₹2,960.00 ₹1,880.60 ₹1,081.60 ₹1,253.20 ₹2,468.60 ₹5,604.80

ASSUMPTIONS
SG&A expenses = employee cost + selling and admin Expenses + other expenses
EBIT = Gross profit - SG&A expenses - depreciation

2026 2027 2028 2029

Column1 Column2 Column3 Column4
Judgement Criteria
Ratio's Gross Profit Margin ratio
Operating Profit Margin Ratio
Net Profit Margin Ratio
Return on Assets
Return on Equity
Return on Capital Employed
EBITDA Margin
Inventory Turnover Ratio
Accounts Recevivale Turnover
Asset Turnover Ratio
Fixed Asset Turnover
Working Capital Turnover
Debt to equity ratio
Debt to Asset Ratio
Interest Coverage Ratio
Financial Leverage Ratio
Equity Ratio
Days Sales Outstanding
Price to sales ratio
Enterprise Value to EBITDA

DCF Present Terminal Value

Enterprise Value

Forecasting 2025 2026

Revenue

Gross Profit

EBIT

Dupont 2015 2016

ROE 5 Step Approach

Final Tally Gross Marks

Ratios 200
DCF 20
Dupont 100
Forecast 150
Presentation 30
0 500
Column5 Column6 Column7 Column8
10 points 9 points 8 points 7 points

2027 2028 2029

2017 2018 2019 2020

Weightage
20% 0
25% 0
20% 0
15% 0
20% 0
0
Column9 Column10 Column11 Column12
6 points 5 points

2021 2022 2023 2024