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All Values in INR CR

FY 2016 Base Year FY 2017 FY 2018 FY 2019 FY 2020


Revenue 12676.7 14570.0 16760.6 19860.1 23186.9
% growth 14.9% 15.0% 18.5% 16.8%

EBITDA 3182.1 2264.4 3735.7 4186.0


% margin 21.84% 13.51% 18.81% 18.05%

Depreciation & amortization 1685.6 1785.7 1441.7 2318.7


12% 11% 7% 10%
EBIT (operating income) 1,496.5 478.7 2,293.9 1,867.3
% margin 10.3% 2.9% 11.6%

Tax Expense
EBIT(1-T) 1047.5 335.1 1605.8 1307.1

Capex 160.3 314.0 132.0 255.1


% of sales 1.10% 1.9% 0.7% 1.10%

NWC 2262.9 1676.1 1787.4 2318.7


% of sales 15.5% 10% 9% 10%

Assumptions
Taper 1.6%
WACC 9.10%

FCFF 310.00 130.69 1,128.09 1,052.07


Discounting Period 1 2 3 4
Terminal Value

PV of CFs 284 110 869 743


PV of terminal value

Firm Value 17148


Extrapolation
FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
26701.4 30323.0 33952.5 37475.3 40766.3 43696.5 46140.8
15.2% 13.6% 12.0% 10.4% 8.8% 7.2% 5.6%

4483.5 5423.2 5967.6 6527.2 7185.6 7664.4 8087.5


16.79% 17.88% 17.58% 17.42% 17.63% 17.54% 17.53%

2670.1 3032.3 3395.3 3747.5 4076.6 4369.6 4614.1


10% 10% 10% 10% 10% 10% 10%
1,813.3 2,390.9 2,572.4 2,779.7 3,108.9 3,294.7 3,473.4

1269.3 1673.6 1800.7 1945.8 2176.2 2306.3 2431.4

293.7 333.6 373.5 412.2 448.4 480.7 507.5


1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10%

2670.1 3032.3 3395.3 3747.5 4076.6 4369.6 4614.1


10% 10% 10% 10% 10% 10% 10%

975.61 1,340.09 1,427.19 1,533.57 1,727.82 1,825.65 1,923.85


5 6 7 8 7 9 10

631 795 776 764 939 834 805


FY 2028
47986.4 16.8%
4%

8428.7
17.56%

4798.6
10%
3,630.0

2541.0

527.9
1.10%

4798.6
10%

2,013.18
11
23007.69

772
8827