BALANCE SHEET -

Optimistic senario Normal scenario

Particulars 2022 2021 2020 2022 2021 2020

Liabilities

Share Capital 13.05 13.05 13.05 13.05 13.05 13.05

Reserves & Surplus 3199.6826 1871.1594 1100.682 1302.8072 1033.974 833.85
GROWTH (%) 71 70 65 26 24 25
Net Worth 3212.7326 1884.2094 1113.732 1315.8572 1047.024 846.9
Secured Loan 130 150 170 187.75 187.75 187.75
Unsecured Loan 0 0 0 0 0 0
Current Liabilities 427.50432 450.00455 473.689 426 440 436
Provisions 14.09 14.09 14.09 14.09 14.09 14.09
Total Current Liabilities 441.59432 464.09455 487.779 440.09 454.09 450.09
TOTAL LIABILITIES AND
CAPITAL 3784.3269 2498.304 1771.511 1943.6972 1688.864 1484.74
Assets
Gross Block 776.03 776.03 776.03 776.03 776.03 776.03
(-) Acc. Depreciation 0 0 0 0 0 0
Net Block 776.03 776.03 776.03 776.03 776.03 776.03
Capital Work in Progress 0 0 0 0 0 0
Investments 2.7 2.7 2.6 2.48 2.48 2.48
Inventories 190 200 220 208 208 208
Sundry Debtors 150.588 150.588 150.588 127 127 127
Cash and Bank 104.08206 99.125775 94.4055 92 90 89
Loans and Advances 105.413 126.5 151.283 106 106 106
TOTAL ASSETS 3784.32 2498.3 1771.51 1943.69 1688.864 1484.74
Rs (in Crores)
BALANCE SHEET - SUBROS
Pessimistic scenario
2022 2021 2020 Mar'19 Mar'18 Mar'17 Mar'16

12 Months 12 Months 12 Months 12 Months

13.05 13.05 13.05 13.05 12 12 12

755.06785 770.4774 733.788 667.08 392.77 335.81 323.37
-2 5 10 ASSUMPTION 69.839855 16.9619725 3.84698642 5.97430688
768.11785 783.5274 746.838 680.13 404.77 347.81 335.37
260 260 260 187.75 315.45 326.9 197.33
0 0 0 0 0 0 99.93
663.66322 603.3302 548.482 498.62 568.16 445.35 358.44
14.09 14.09 14.09 14.09 9.49 5.54 9.78
677.75322 617.4202 562.572 512.71 577.65 450.88 368.22

867.88 720.21 674.71 632.63

1705.8711 1660.9476 1569.41

776.03 776.03 776.03 776.03 776.32 565.05 1120.18

0 0 0 ASSUMPTION 0 106.65 67.88 557.07
776.03 776.03 776.03 776.03 669.67 497.17 563.12
0 0 0 ASSUMPTION 0 89.84 149.15 54.14
2.1 1.9 1.8 2.29 2.5 2.5 2.5
305.03304 328.9572 299.052 ASSUMPTION 249.21 239.63 205.23 176.62
200.784 193.68 156.252 167.32 161.4 130.21 98.56
77.086586 81.143775 85.4145 89.91 19.84 3.81 6.99
69.86007 77.6223 86.247 95.83 115 137.53 98.93
1705.87 1660.948 1569.41 867.88 720.21 674.71 632.63
 Mar'15

12 Months

12
305.14

317.14
267.99
65.11
313.77
8.65
322.42

650.24

1021.58
485.26
536.32
88.47
2.5
173.42
77.61
6.92
87.42
650.24
 P&L Subro
Standalone Profit & Loss account Optimistic Normal

22 21 20 22

INCOME
Revenue From Operations [Gross] 2840.301229 2558.829936 2315.6832 2772.36
Growth ( ASSUMPTION) 11 10.5 9 8
Less: Excise/Sevice Tax/Other Levies 0 0 0 0
Revenue From Operations [Net] 11 10.5 9 8
Other Operating Revenues 3.5 3.5 3.5 2.5
Total Operating Revenues 14.5 14 12.5 10.5
Other Income 11 10.9 10.7 9.7

Total Revenue 25.5 24.9 23.2 20.2

EXPENSES
Cost Of Materials Consumed 1629.07791 1630.56294 1633.533 1666.20366
Growth(%) (ASSUMPTION) 9.7 9.8 10 12.2
Changes In Inventories Of FG,WIP And Stock-In Trade 0 0 0 0
Employee Benefit Expenses 241.5582 237.429 233.2998 231.2352
17 15 13 12
Finance Costs (ASSUMPTION) 37 39 41 42
Depreciation And Amortisation Expenses 77 78 82 84
Other Expenses 190 198 201 160

Total Expenses 2174.63611 2182.99194 2190.8328 2183.43886

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax

Exceptional Items 0 0 0 0
Profit/Loss Before Tax 334.6444125 223.096275 153.8595 222.5976563
Growth % (ASSUMPTION) 50 45 35 25
Current Tax @30% 100.3933238 66.9288825 46.15785 66.77929688
Profit/Loss After Tax And Before ExtraOrdinary Items 234.2510888 156.1673925 107.70165 155.8183594
Growth %
P&L Subros
------------------- in Rs. Cr. -------------------
Normal Passimistic
Mar 19 Mar-18 Mar-17 Mar-16
21 20 22 21 20 12 mths 12 mths 12 mths 12 mths

2567.1 2273.1936 2530.233373 2375.805984 2241.3264 2,124.48 1,969.56 1,741.20 1,479.63

7.5 7 6.5 6 5.5 7.87 13.12 17.68 11.00
0 0 0 0 0 0 56.67 206.29 176.71
7.5 7 6.5 6 5.5 2,124.48 1,912.89 1,534.92 1,302.92
2.5 2.5 0 0 0 0 0 0 3.97
10 9.5 6.5 6 5.5 2,124.48 1,912.89 1,534.92 1,306.90
9.5 9 8 7.5 7 10.25 7.43 7.28 2.43

19.5 18.5 14.5 13.5 12.5 2,134.73 1,920.32 1,542.19 1,309.33

1666.20366 1666.20366 1678.0839 1660.26354 1646.89827 1,485.03 1,334.50 1,070.90 883.98

12.2 12.2 13 11.8 10.9 10.136496 19.752716 17.454478 8.5556234
0 0 0 0 0 -0.98 0.45 -3.95 -0.63
231.2352 231.2352 225.0414 224.0091 222.9768 206.46 188.12 153.72 130.99
12 12 9 8.5 8 9.7490963 22.37835 17.35247 12.941887
42 42 45 45 45 42.19 41.21 47.91 41.73
84 84 92 87 85 78.85 92 87.91 86.36
160 160 245 240 220 205.87 179.84 146.48 140.46

2183.43886 2183.43886 2285.1253 2256.27264 2219.87507 2,017.42 1,836.12 1,502.97 1,282.88

Mar-19 Mar-18 Mar-17 Mar-16

12 mths 12 mths 12 mths 12 mths

117.31 84.2 39.22 26.44

0 0 0 0 0 -3.34 -1.82 -31.03 0
178.078125 142.4625 173.00646 144.17205 125.367 113.97 82.38 8.19 26.44
25 25 20 15 10 38.346686 905.86081 -69.02421 29.607843
53.4234375 42.73875 51.901938 43.251615 37.6101 0 0 0 5.68
124.6546875 99.72375 121.104522 100.920435 87.7569 76.13 60.62 13.34 24
25.585615 354.42279 -44.41667 18.110236
-------------------
Mar-15
12 mths

1,333.00

140.4
1,192.60
4.55
1,197.15
1.04

1,198.19

808.35

5.75
115.98

38.72
78.68
130.31

1,177.79

Mar-15
12 mths

20.4
0
20.4

4.28
20.32
 DCF VALUATION- SUBROS
Year 2020 2021 2022 2023 2024 2025
Levered FCF (₹,
₹1.1b ₹1.3b ₹1.5b ₹1.7b ₹1.9b ₹2.0b
Millions)
Est Est @ Est @
Growth Rate Est@ 15.52% Est @ Est @
@18.08 13.02 11.38
Estimate Source 10.23% 9.43%
% % %
Present Value (₹,
Millions)
₹910.0 ₹960.5 ₹916.4 ₹861.5 ₹801.7 ₹740.5
Discounted @
18.47%
Present Value of 10-year Cash Flow (PVCF)= ₹7.6b

Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = ₹2.8b × (1 + 7.6%) ÷ (18.5% – 7.6%) = ₹28b

Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = ₹₹28b ÷ ( 1 + 18.5%)10 = ₹5.11b

Total Value of Equity = ₹12.69b

Intrinsic Value Per Share Is Total Value Of Equity /No. Of Shares Outsta
 SUBROS
2026 2027 2028 2029

₹2.2b ₹2.4b ₹2.6b ₹2.8b

Est @ Est @ Est @

Est @ 8.47%
8.86% 8.19% 8%

₹680.5 ₹623.0 ₹569.0 ₹518.7

(18.5% – 7.6%) = ₹28b

18.5%)10 = ₹5.11b

12.69billion/59.99million which is 194.2