Particulars 31.03.

2016
I Revnue from Operation 650,546

Yoy Growth
II Other income 14,610

III Total Income 665,156

Yoy growth
IV Expenses
Cost of materials consumed 354,839
Purchases of stock-in-trade 32,066
Changes in inventories of finished goods, work-in-progress and stock-in-trade 69
Excise duty 75,165
Employee benefits expense 19,788
Finance costs 815
Depreciation and amortisation expense 28,202
Other expenses 80,377
Vehicles / dies for own use -602

Total expenses (IV) 590719

V Yoy Growth

VI EBITDA 74,437
Tax expense

Current tax 20,414

Deferred tax 380
20,794

VII Net Profit/PAT 53,643

Yoy Growth

Earnings per equity share

Basic 177.58

Diluted 177.58

Particulars 31.03.2016
A. Cash flow from Operating Activities:
Profit before tax 74,437
Adjustments for:

Depreciation and amortisation expense 28,202

Finance costs 815

Interest income -1,510

Dividend income -107

Net loss on sale / discarding of property, plant and equipment 1,353

Net gain on sale of investments in associates 0

Net gain on sale of investments in debt mutual funds -974

Fair valuation gain on investment in debt mutual funds -12,019

Liabilities no longer required written back -694

Unrealised foreign exchange (gain)/ loss -190

Operating Profit before Working Capital changes 89,313

Adjustments for changes in Working Capital :
- (Increase)/decrease in loans (non-current) 2
- (Increase)/decrease in other financial assets (non-current) 376
- (Increase)/decrease in other non-current assets 66
- (Increase)/decrease in inventories -4,462
- (Increase)/decrease in trade receivables -2,053
- (Increase)/decrease in loans (current) -10
- (Increase)/decrease in other financial assets (current) 258
- (Increase)/decrease in other current assets -3,200
- Increase/(decrease) in non-current provisions -55
- Increase/(decrease) in other non-current liabilities 1,827
- Increase/(decrease) in trade payables 17,916
- Increase/(decrease) in other financial liabilities (current) 2,078
- Increase/(decrease) in current provisions -100
- Increase/(decrease) in other current liabilities 1,988
Cash generated from Operating Activities 103,944

- Income taxes paid (net) -19,099

Net Cash from Operating Activities 84,845

B. Cash flow from Investing Activities:

 Payments for purchase of property, plant and equipment and capital work in progress -32,498

Payments for purchase of intangible assets -1,388

Proceeds from sale of property, plant and equipment 163

Proceeds from sale of investment in associate company 219

Proceeds from sale of debt mutual funds 118,359

Payments for purchase of debt mutual funds -177,155

Interest received 356

Dividend received 129

Net Cash from / (used in ) Investing Activities -91,815

C. Cash flow from Financing Activities:
Proceeds from short term borrowings 4,836

Repayment of short term borrowings -774

Repayment of long term borrowings -1,535

Finance cost paid -1,095

Payment of dividend on equity shares -10,573

Related income tax -2,152

Net Cash from / (used in) Financing Activities -11,293

Net Increase/(Decrease) in cash & cash equivalents -261
Cash and cash equivalents at the beginning of the year 384
Cash and cash equivalents at the end of the year 123
Cash and cash equivalents comprises :
Cash and cheques in hand 6
Balance with Banks 117
123
Free Cash Flow 52347
Particulars 31.03.2016
ASSETS
Non-current assets
Property, plant and equipment 121,631

Capital work-in-progress 10,069

Intangible assets 3,469

Financial assets
Investments 188,754

Loans 4

Other financial assets 231

Other non-current assets 16,782

Total non-current assets 340,940

Current assets
Inventories 31,321

Financial assets
Investments 10,568

Trade receivables 13,222

Cash and bank balances 391

Loans 31

Other financial assets 1,478

Current tax assets (Net) 4,854

Other current assets 16,595

Total current assets 78,460

Total assets 419,400
EQUITY AND LIABILITIES
Equity
Equity share capital 1,510

Other equity 297,332

 Total Equity 298,842
Liabilities
Non-current liabilities
Financial liabilities
Borrowings -
Provisions 148

Deferred tax liabilities (Net) 1,943

Other non-current liabilities 8,075

Total non-current liabilities 10,166

Current liabilities
Financial liabilities
Borrowings 774

Trade payables
Total outstanding dues of micro enterprises and small enterprises 533

Total outstanding dues of creditors other than micro enterprises and small enterp 73,540

Total Trade payables 74073

Other financial liabilities 11971

Provisions 3989

Current tax liabilities (Net) 7956

Other current liabilities 11629

Total current liabilities 110392

Total liabilities 120,558

Total equity and liabilities 419,400

 0

31.03.2017 E 2018 E 2019 E 2020 CAGR CAGR for two yrs

772,662 917,701 1,089,965 1,294,566 18.8% 18.8%
18.8%
22,798 35,575 55,512 86,624 56.0% Sale of products (including excise duty)
56.0% Vehicle $583,858
795,460 951,291 1,137,648 1,360,513 19.6% Spare $55,719
19.6% Total Sale $639,577

426,296 512143 615278 739181 20%

44,821 62650 87570 122403 40%
-3,801 -5895 -9141 -14176 55%
92,314 113376 139242 171011 23%
23,310 27459 32346 38103 18%
894 981 1076 1180 10%
26,021 24009 22152 20439 -8%
87,228 94663 102732 111488 9%
-1036 -1783 -3068 -5280 72%
696047 820,155 966,393 1,138,706
17.8%

99,413 131,135 171,255 221,808 31.4%

23,317
2719
26,036

73,377 100,371 137,295 187,802 36.8%

36.8%

242.91 332.27 454.51 621.73

242.91 332.27 454.51 621.73

31.03.2017 E 2018 E 2019 E 2020

99,413 132,769 177,318 236,813

33.6%
 26,021 24,009 22,152 20,439
-7.7%
894 981 1,076 1,180
9.7%
-372 -92 -23 -6
-75.4%
-129 -156 -188 -226
20.6%
632 295 138 64
-53.3%
-209 -209 -209 -209
0.0%
-612 -385 -242 -152
-37.2%
-21,203 -37,405 -65,987 -116,408
76.4%
-35 -2 0 0
-95.0%
-320 -539 -908 -1,529
68.4%
104,079 119,268 133,128 139,967

1
-7
-320
-1,301
1,237
6
635
1,049
71
2,975
9,785
686
501
6,622
126,019 152,781 185,228 224,565
21.2%
-23,173 -28,116 -34,113 -41,390
21.3%
102,846 124,665 151,114 183,175
 -24,663 -18,717 -14,204 -10,780
-24.1%
-1,787 -2,301 -2,962 -3,814
28.7%
123 93 70 53
-24.5%
0 0 0 0
-100.0%
73,335 45,438 28,153 17,444
-38.0%
-120,050 -81,353 -55,129 -37,358
-32.2%
661 1,227 2,279 4,231
85.7%
107 89 74 61
-17.1%
-72,275 -55,523 -41,720 -30,163

774 124 20 3
-84.0%
-354 -162 -74 -34
-54.3%
-2,773 -5,009 -9,050 -16,348
80.7%
-921 -775 -652 -548
-15.9%
-7,552 -5,394 -3,853 -2,752
-28.6%
-1,538 -1,099 -786 -561
-28.5%
-12,365 -12,316 -14,394 -20,241
207 0 0 0
177
384

15
369
384
78183 105948 136910 172395
31.03.2017 E 2018 E 2019 E 2020

129,162 137,159 145,652 154,670

6.2%
12,523 15,575 19,371 24,092
24.4%
3,730 4,011 4,312 4,637
7.5%

262,147 364,077 505,641 702,249

38.9%
3 2 2 1
-25.0%
238 245 253 260
3.0%
16,031 15,314 14,628 13,974
-4.5%
423,835 536,383 689,859 899,883

32,622 33,977 35,388 36,858

4.2%

20,137 38,370 73,114 139,316

90.5%
11,992 10,876 9,865 8,947
-9.3%
131 44 15 5
-66.5%
25 20 16 13
-19.4%
950 611 392 252
-35.7%
4,854 4,854 4,854 4,854
0.0%
15,388 14,269 13,231 12,269
-7.3%
86,099 103,021 136,875 202,514
509,933 639,405 826,734 1,102,397

1,510 1,510 1,510 1,510

0.0%
360,201 436,363 528,630 640,405
21.1%
 361,711 437,873 530,140 641,915

-
219 324 480 710
48.0%
4,640 11,081 26,461 63,191
138.8%
11,050 15,121 20,692 28,315
36.8%
15,909 26526 47633 92216
56.5%

4,836 30,216 188,789 1,179,566 24690

524.8%

832 1,299 2,027 3,165

56.1%
82,841 93,318 105,121 118,416
12.6%
83674
13,027 14,176 15,427 16,788
8.8%
4,490 5,054 5,689 6,403
12.6%
8,036 8,117 8,198 8,281
1.0%
18,251 28,644 44,955 70,554
56.9%
132,313 180,823 370,206 1,403,172
19.9%
148,222 207,349 417,838 1,495,387
22.9%
509,933 645,222 947,978 2,137,302
cts (including excise duty)
$696,253 696253 696253 696253
$65,155 65155 65155 65155
$761,408 $761,408 $761,408 ###
Sr. No. Ratios
Profitbality Ratios
1.0 Gross Profit Margin

2.0 Operating Profit Margin

3.0 Net Profit Margin/PAT Margin

4.0 Return on Assets

5.0 Return on Capital Employed

Return on capital

6.0 Ebitda margin

6.0 Return on Equity

Liquidity Ratios
7.0 Net Working Capital

8.0 Current Ratio

9.0 Quick Ratio

Leverage/Gearing Ratios
10.0 Debt to Equity

11.0 Net Debt / Equity ratio

12.0 Interest Coverage Ratio

13.0 Net debt/Ebitda

14.0 Debt to Asset

Investor Ratios
EPS

P/E ratio

Dividend yield

Dividend cover ratio

P/B ratio
 Enterprise value/Ebit

Efficieny Ratios
15.0 Asset Turnover Ratio

16.0 Inventory Turnover Ratio

17.0 Debtors Turnover Ratio

18.0 Creditors Turnover Ratio

Coverage Ratios

19.0 Debt Service Coverage Ratio

1.0 Cost of Capital WACC

1.Cost of debt
CAPM 2. Cost of Equity
3. WACC
2.0 Dividend Discount Model
A Share Price

B Dividend yeild approach

Dividend yield
3.0 Relative valuation(Earning Based Valuation)
1.0 Ev/Ebit multiple

4.0 Cashflow based valuation

Dcf
Free cash flow
 Dcf Free cash flow
calculate wacc
Discounting factor(%)
this will give discounted cashflow value
PV of free cashflow
Dcf= Discounting factor= 1/(1+Wacc)^n
Tv With Growth
Without Growth
OR
DCF - Equity Value PV of free cashflow
Add:- Surplus Asset at the year
Value of Business /EV
Less: Mkt Cap of PS/OS
Less: Mkt Value Net debt
Less: Minority Interest
Equity Value

Value of Business
2.0 EV Mkt Cap
Total debt
Add: Minority Interest
Add:Preference shares
less: Total cash
EV
3.0
Debt Equity ratio

Cagr (End Value/Start Value)^(1/Periods)-1

c
Derivation

Gross Profit/Turnover*100

Operating Profit/Turnover*100

Net Profit/Turnover*100

PAT/Total Assets

EBIT/Capital Employed*100

EBT/Capital Invested

Ebitda/netsales*100

PAT/ Shareholder’s Equity *100

Current assets - Current liabilities

Current assets/Current liabilities

Current assets - Stock / Current liabilities

Total Debt/ Total Equity

Total Debt(Short Term+ long term)-Cash/ Shareholder’s Equity

EBIT/Interest

Total Debt(Short Term+ long term)-Cash/Ebitda

Total Debt/ Total Assets

PAT/ No. of Shares

Market Price of share/Eps

Net Dividend per share/Share price*100

Eps/Dividend per share

Market capitalization/Net asset per share
Share price/Net asset per share
Ev/ebit
1.calculate Market cap= total value of company equity share*share price
2.calculate net debt(short term - long term-cash) - cash equivalents
3.Ev=Market capitalization+Net debt
Ev/ebit

Net Sales/ Fixed Assets

COGS/ Average Inventory or Stock/Sales (365)

Net Credit Sales/ Average Debtors
No. of days in a year/ Debtors Turnover
Net Credit Purchase/ Average Creditors
No. of days in a year/ Creditors Turnover

Net operating income / Annual loan payment (P+I)

Kd = Yield * (1-t)
Ke = rf +B(rm-rf)
(Kd*Mvd) + (Ke*Mve)/MVD+Mve

Div/(Ke-g)
Dividend
Growth Rate

Net Dividend per share/Share price*100

Ev(Equity + Netdebt(short term-long term))/Ebit

EBIT
less:- Interest
EBT/PBT
less:- Tax
NOPAT
Nopat with Depreciation
Less- Capital expenditure
Changes in (Increase or decrease) WC
Free cash flow
Most of companies consider 10% wacc as discounting factor

[Cash flow for (no of years) * (1+g)]/wacc-g

Cash flow for (no of years) / wacc

Total no of ordiraney shares*SP

Third party Shareholder

Eps/Dps
 2016.0 2017.0 2018E 2019E 2020E

104.5 105.1 105.6 106.2 106.8

0.0
12.9 11.4 10.2 9.0 8.0
-0.1
13.0 8.2 5.2 3.3 2.1
-0.4
12.8 14.4 16.2 18.2 20.5
0.1
#VALUE! #VALUE!

0.2 0.3

15.7 15.5

18.0 20.3 22.9 25.9 29.3

0.1
-31932.0 -46214.0 -66883.8 -96798.5 -140092.8
0.4
0.7 0.7 0.6 0.5 0.5
-0.1
78460.0 86099.0 94481.8 103680.8 113775.4
0.1
0.0 0.0 0.0 0.0 0.1
0.7
0.0 0.0 0.0 0.1 0.1
1.0

0.0 0.0 0.1 0.2 0.4

1.1
0.0 0.0 0.0 0.0 0.0
0.7

177.6 242.9 332.3 454.5 621.7

0.4
22.1 25.6 29.7 34.5 40.0
0.2
0.0 0.0
0.4
5.1 3.2 2.1 1.3 0.8
-0.4
 1187778.8 1880750.5
1925.0 4713.0
1189703.8 1885463.5
16.0 19.0 22.5 26.7 31.7
0.2
1.7 1.6 1.5 1.4 1.4
0.0

tax rate
risk free rate of return & rm- Market risk

0.0 0.0

4807066.9

74437.0
81.5
74355.5
20794.0
53561.5
56385.4
53096.4
62869.0
1189964.8 1880366.5

0.0 3.2
 Capital empl=Fixed asset+Non current investment+currentasset-current liabilities

35.0 75.0
rent liabilities #VALUE!
 Sr. No. Ratios 2016
Profitbality Ratios
1 Gross Profit Margin 104.5

2 Operating Profit Margin 12.9

3 Net Profit Margin/PAT Margin 13.0

4 Return on Equity 18.0

Liquidity Ratios
5 Net Working Capital -31932.0

6 Current Ratio 0.7

7 Quick Ratio 78460.0

Leverage/Gearing Ratios
8 Debt to Equity 0.008

9 Net Debt / Equity ratio 0.006

10 Net debt/Ebitda 0.02

Debt to Asset
11 0.006

Investor Ratios
12 EPS 177.6

P/E ratio
13 22.1

Dividend yield
14 0.89%

15 Enterprise value/Ebit

1187778.8
1925.0
1189703.8
16.0

Efficieny Ratios
16 Asset Turnover Ratio 1.66
2017 2018E 2019E 2020E

105.1 105.6 106.2 106.8

1%
11.4 10.2 9.0 8.0
-11%
8.2 5.2 3.3 2.1
-37%
20.3 22.9 25.9 29.3

13%

-46214.0 -66883.8 -96798.5 -140092.8

45%

0.7 0.6 0.5 0.5

-8%

86099.0 94481.8 103680.8 113775.4

10%
0.013 0.023 0.040 0.069
73%

0.013 0.026 0.053 0.108

102%
0.05 0.10 0.20 0.42
110%

0.009 0.016 0.028 0.048

72%

242.9 332.3 454.5 621.7

37%

25.6 29.7 34.5 40.0

16%

0.00% 35
-100%

1880750.5
4713.0
1885463.5
19.0 22.5 26.7 31.7

19%
1.58 1.51 1.44 1.37
-5%