COST OF CAPITAL

MARKET

Month
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09

Open
13013.7
12811.9
13987.8
14610.3
14685.2
15344
15402
17357
20130.2
19547.1
20325.3
17820.7
17227.6
15771.7
17560.2
16591.5
13480
14064.3
14413
13006.7
10209.4
9162.94
9720.55
9340.37
8762.88
9745.77
11635.2
14746.5
14506.4
15694.8

High
13387
14383.7
14576.4
14683.4
15868.9
15542.4
17361.5
20238.2
20204.2
20498.1
21206.8
18895.3
17227.6
17480.7
17735.7
16632.7
15130.1
15579.8
15107
13203.9
10945.4
10188.5
10469.7
9724.87
10127.1
11492.1
14930.5
15600.3
15732.8
16002.5

STOCK

Low
12316.1
12425.5
13554.3
13947
14638.9
13779.9
15323.1
17144.6
18182.8
18886.4
15332.4
16457.7
14677.2
15298
16196
13405.5
12514
14002.4
12153.6
7697.39
8316.39
8467.43
8631.6
8619.22
8047.17
9546.29
11621.3
14017
13220
14684.5

Close
Month
13072.1
Jul-07
13872.4
Aug-07
14544.5
Sep-07
14650.5
Oct-07
15551
Nov-07
15318.6
Dec-07
17291.1
Jan-08
19838
Feb-08
19363.2
Mar-08
20287
Apr-08
17648.7
May-08
17578.7
Jun-08
15644.4
Jul-08
17287.3
Aug-08
16415.6
Sep-08
13461.6
Oct-08
14355.8
Nov-08
14564.5
Dec-08
12860.4
Jan-09
9788.06
Feb-09
9092.72
Mar-09
9647.31
Apr-09
9424.24
May-09
8891.61
Jun-09
9708.5
Jul-09
11403.3
Aug-09
14625.3
Sep-09
14493.8
Oct-09
15670.3
Nov-09
15666.6
Dec-09

Open Price
High Price
Low Price
Close Price
Rm
567.5 633.45 473.5 572.9
565.5 574.7 478.2 536.3
538 667.7
522 626.6
636.5
820
592 672.7
690
828
655 821.3
835 1103.9 805.3 1074
1089
1432 620.2 886.8
908
1035
727 856.4
848
848
484 658.7
665.4 798.8 576.3
772
772
873
688 724.5
731.3
742 380.6 387.1
385 529.7 326.5 450.4
442 523.3
274 288.4
285.1
331 151.5 170.2
172.5 175.25 90.2 144.3
149.9 154.8 72.25 76.85
77.75 179.75
69
130
132.5 149.6 85.4 96.55
91
94 72.5 73.4
72.5
88.8 62.5 81.9
82.7 160.2 81.25 146.8
151
315 149.9
284
287.4 329.5 208.3 232.7
232 293.4 178.8
277
278
321 246.6 317.4
320
340 288.6 322.2
322 410.8 310.1 316.5
319 380.25 288.7 325.1
326
373 325.9 360.7

Ri
6.12%

-6.38%

4.84%

16.83%

0.73%

7.36%

6.15%

22.09%

-1.49%

30.77%

12.88%

-17.43%

14.73%

-3.43%

-2.39%

-23.08%

4.77%

17.20%

-13.00%

-6.16%

-0.40%

-46.57%

-11.00%

16.34%

10.50%

-35.97%

-5.04%

-40.97%

-17.99%

-15.25%

6.64%

-46.72%

1.45%

69.10%

-11.70%

-25.70%

-23.89%

-23.98%

-7.10%

11.58%

6.10%

79.24%

-2.31%

93.46%

-5.65%

-18.06%

9.19%

19.04%

17.46%

14.57%

28.26%

1.53%

-0.90%

-1.77%

8.12%

2.72%

-0.02%

10.94%

9.32%

-8.53%

Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12

15691.3
17186.2
15838.6
16947.5
17473.5
16339.3
16438.5
17555
17536.9
16942.8
17679.3
17911.3
18027.1
20094.1
20272.5
19530
20621.6
18425.2
17982.3
19463.1
19224.1
18527.1
18975
18352.2
16963.7
16256
17540.6
16555.9
15534.7
17179.6
17714.6
17430
17370.9
16217.5

17142.5
17493.2
17290.5
17530.9
17790.3
16669.3
17793
18047.9
17536.9
17919.6
18237.6
18475.3
20268
20854.6
21108.6
20552
20664.8
18691
19575.2
19811.1
19253.9
18873.4
19131.7
18440.1
17211.8
17908.1
17702.3
17003.7
17259
18523.8
18040.7
17664.1
17432.3
17448.5

15356.7
15805.2
15330.6
16577.8
15982.1
15652
16438.5
17276.8
15960.2
16318.4
17395.6
17820
18027.1
19769
18954.8
19074.6
18038.5
17295.6
17792.2
18976.2
17786.1
17314.4
18131.9
15765.5
15801
15745.4
15478.7
15135.9
15358
17061.6
16920.6
17010.2
15809.7
15749

17126.8
15896.3
16926.2
17464.8
16358
16429.6
17527.8
17558.7
16944.6
17700.9
17868.3
17971.1
20069.1
20032.3
19521.3
20509.1
18327.8
17823.4
19445.2
19136
18503.3
18845.9
18197.2
16676.8
16453.8
17705
16123.5
15454.9
17193.6
17752.7
17404.2
17318.8
16218.5
17430

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12

365
327
302
288
268
225
247.5
271
253.5
262.7
250
189
196
131.8
159.1
176.9
162
168
160.9
147.9
101.6
97
99.5
62.9
53.75
79.5
113
85.5
81.9
67.2
87.75
79.1
68

392.25
342.75
328
308.55
269.05
257.7
282
299.6
284.9
290.95
268
217
197.7
162.9
178.6
198.9
168.9
180.65
175.45
147.9
114.7
102
103.35
67
84.1
135.4
117.4
93.3
84.25
87.8
93.05
86.45
72.2

304
289.6
276.6
262.4
201.9
214.5
237
248.8
250.6
244.1
160.1
177.1
129
122.5
150.7
158.5
135.1
148.1
140.7
95
96.45
89.2
60.05
52.3
52.1
77.15
80.55
77.5
59.6
61.5
71
66.75
66.2

329.9
301.2
286.2
269.8
226
250
266.3
252.2
259.1
247.3
189.2
194.3
131.5
158
175.7
161.1
168
159.7
142.5
102.4
98
99.8
60.6
53.3
79.55
114.4
85.45
80.6
67.4
86.95
79.2
68.3
69.5

-7.18%

-8.71%

6.48%

-4.96%

3.18%

-5.73%

-6.34%

-16.23%

0.44%

10.60%

6.68%

6.54%

0.18%

-5.29%

-3.50%

2.74%

4.46%

-4.57%

0.95%

-23.48%

0.58%

2.67%

11.67%

-32.30%

-0.18%

20.15%

-2.55%

11.17%

5.06%

-8.31%

-10.64%

4.28%

-2.75%

-4.91%

9.10%

-10.77%

-1.59%

-28.18%

-3.31%

-4.25%

1.85%

1.84%

-3.44%

-39.28%

-8.36%

-12.05%

-1.34%

49.25%

7.60%

43.75%

-8.93%

-25.27%

-4.15%

-5.68%

11.25%

-16.38%

3.25%

29.01%

-1.96%

-8.91%

-0.49%

-13.76%

-6.35%

1.76%

7.47% -100.00%

Jul-12 17438.7 17631.2 16598.5 17236.2

Aug-12 17244.4 17972.5
17027 17429.6
Sep-12 17465.6 17810.9 17250.8 17766.8

Beta

5 year

3 year
0.361801588

1 year
0.39184461

Rm

6.33% (Calculated for 8 year period)

Rf

8.30%

CAPM

6 month

-0.114140874

Ke = Rf + Beta(Rm-Rf)

Ke

7.59%

Kd

6.75%

WACC= Ke*(E/V) + kd*(1-t)*(D/V)

WACC
Equity
Debt

Weight

Cost

7.34%

0.81

7.59%

0.19

6.75%

-2.308294834

BALANCE SHEET
Mar '17
12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Book Value (in Rs Cr)
Shares in issue (lakhs)
Book Value per Share(Rs)

PROJECTED (In Rs Crores)

Mar '16
Mar '15
Mar '14
12 mths
12 mths
12 mths

Mar '13
12 mths

Mar '12
12 mths

ACTUAL (In Rs Crores)

Mar '11
Mar '10
Mar '09
12 mths
12 mths 12 mths

Mar '08
12 mths

819.3447519
819.3447519
0
0
8,304.00
0
9,123.34
3,252.11
0
3,252.11
12,375.46

716.499919
716.499919
0
0
7,960.00
0
8,676.50
3,409.33
0
3,409.33
12,085.83

626.5642548
626.5642548
0
0
7,835.00
0
8,461.56
3,516.39
0
3,516.39
11,977.96

547.9173898
547.9173898
0
0
7,494.00
0
8,041.92
3,612.55
0
3,612.55
11,654.46

479.1423445
479.1423445
0
0
7,426.00
0
7,905.14
3,334.80
0
3,334.80
11,239.94

419
419
0
0
9,617.60
0
10,036.60
2,387.50
0
2,387.50
12,424.10

415
415
259.2
0
8,962.88
0
9,637.08
4,195.39
0
4,195.39
13,832.47

358.84
358.84
78
0
6,680.90
0
7,117.74
4,051.72
0
4,051.72
11,169.46

275.49
275.49
0
0
4,192.15
0
4,467.64
4,093.32
50
4,143.32
8,610.96

214.27
214.27
0
0
3,422.95
0
3,637.22
1,946.08
1,166.67
3,112.75
6,749.97

Mar '17
12 mths

Mar '16
12 mths

Mar '15
12 mths

Mar '14
12 mths

Mar '13
12 mths

Mar '12
12 mths

Mar '11
12 mths

Mar '10
12 mths

Mar '09
12 mths

Mar '08
12 mths

312.54

284.12

258.29

234.81

213.47

194.06

188.39

190.53

62.93

55.31

30.42
282.11
547.30
3376.92
9121.65
249.07
155.61
9526.33
933.62
157.61

27.66
256.47
471.26
2790.85
9282.45
264.70
134.36
9681.51
1098.37
164.33

25.14
233.15
624.23
2306.48
9074.32
254.03
161.52
9489.88
1292.20
218.61

22.86
211.96
784.25
1906.18
8635.55
239.26
138.34
9013.15
1520.24
190.97

20.78
192.69
849.88
1575.36
8046.77
208.69
118.50
8373.96
1788.52
214.16

18.89

10.68

9.83

4.89

2.61

175.17
6.86
1,301.95
10,569.15
278.65
225.33
11,073.13
3,817.40
0

177.71
91.07
785.95
10,086.48
342.85
28.12
10,457.45
4,144.78
197.89

180.7
1,389.09
596.48
8,033.66
200.72
297.33
8,531.71
1,211.52
490.05

58.04
1,584.37
302.92
6,441.70
165.4
22.41
6,629.51
885.2
52.76

52.7
1,178.02
212.56
5,102.85
55.82
19.31
5,177.98
461.78
330.09

10617.56
0.00
2220.60
227.09
2447.69
8169.86
0.00
12376.20

10944.21
0.00
2164.58
212.23
2376.81
8567.41
0.00
12085.98

11000.70
0.00
1938.55
247.14
2185.69
8815.01
0.00
11978.87

10724.36
0.00
1717.87
253.84
1971.71
8752.65
0.00
11655.05

10376.63
0.00
1513.81
240.06
1753.87
8622.76
0.00
11240.69

14,890.53

14,800.12

10,233.28

7,567.47

5,969.85

0
3,768.20
182.19
3,950.39
10,940.14
0
12,424.12

0
1,884.46
137.91
2,022.37
12,777.75
0
13,832.48

0
808.41
421.69
1,230.10
9,003.18
0
11,169.45

0
614.45
287.37
901.82
6,665.65
0
8,610.98

0
493.54
171.14
664.68
5,305.17
1.54
6,749.99

9124.08
8193.447519
111.36

8676.65
7164.99919
121.10

8462.48
6265.642548
135.06

8042.50
5479.173898
146.78

7905.88
4791.423445
165.00

100364.03
4,190.04
239.53

93778.45
4,150.04
225.97

70397.82 44676.70 36372.67

3,588.43 2,754.93 2,142.72
196.18
162.17
169.75

CAGR

COMMENTS

1.143537815 Share capital increments on the basis of CAGR

1.143537815 Share capital increments on the basis of CAGR

1.041733279 Projected Debt is the average of the last 5 year debt values
Projected Debt is the average of the last 5 year debt values

1.285365011 assuming it to be reduced by 18 %

0.097341029 43% of Gross Block
Average of last 5 years
1.436886793 take it as the 1.21
Average of last 5 years
Average of last 5 years
Average of last 5 years
loans and advances are about to decrease by 15 yoy on the averahe loanof last 5 year
Average of last 5 years
Average of last 5 years
Average of last 5 years
Average of last 5 years
Average of last 5 years

Average of last 5 years

Profit and Loss Account

Mar '17
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income

PROJECTED (In Rs Crores)

Mar '16
Mar '15
Mar '14
12 mths
12 mths
12 mths

2615.56682 2335.32752 2085.11386

0
0
0
2615.57

ACTUAL (In Rs Crores)

Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths

Mar '13
12 mths

Mar '12
12 mths

1861.7088
0

1662.24
0

917.42
0

1,802.63
0

1,491.99
0

1,719.29
0

1,802.63

1,491.99

1,719.29

2335.33

2085.11

1861.71

1662.24

917.42

122.84943 121.636192

119.09016

115.1168

109.154

149.25

115.57

106.36

95.25

Stock Adjustments

1451.43

1282.60

1509.12

1525.69

1488.32

607.28

2,415.18

1,591.97

1,338.85

Total Income

4189.85

3739.56

3713.32

3502.51

3259.71

1,673.95

4,333.38

3,190.32

3,153.39

0.00

0.00

0.00

0.00

0.00

Power & Fuel Cost

Employee Cost

0
0
0
62.1666029 55.5058954 49.5588352

0
44.24896

0
39.508

0
37.82

0
60.97

0
45.15

0
39.27

Other Manufacturing Expenses

Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

2354.01014 2101.79477 1876.60247 1675.53792

49.1882152 43.9180493 39.212544
35.0112
25.3493969 22.6333901 20.208384
18.0432
-62.471866 -55.778451 -49.802189
-44.46624
2428.24
2168.07
1935.78
1728.38
Mar '17
Mar '16
Mar '15
Mar '14

1496.016
31.26
16.11
-39.702
1543.19
Mar '13

592.95

3,191.75

1,914.77

1,653.72

0
41.03
0
671.8
Mar '12

34.12
8.69
-105.25
3,190.28
Mar '11

31.86
11.68
-69.07
1,934.39
Mar '10

56.87
12.32
-6.19
1,755.99
Mar '09

Expenditure
Raw Materials

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax

Per share data (annualised)

12 mths
1638.76
1761.61

12 mths
1607.37
1716.52

12 mths

12 mths

12 mths

12 mths

852.9
1,002.15

1,027.53
1,143.10

1,149.57
1,255.93

1,302.15
1,397.40

219.517642 230.129506 237.356438 243.846882 225.099135

578.33

81.81

515.55

578.19

1542.09

12 mths
1449.85
1571.49
1341.36

12 mths
1658.45
1777.54

12 mths
1659.02
1774.14

1540.18

1530.29

1491.42

423.82

1,061.29

740.38

819.21

17.1894564 15.6267785 14.2061623

12.914693

11.74063

8.44

7.25

5.1

2.36

0.00

0.00

0.00

0.00

1.54

1524.90

1325.73

1525.98

1517.38

1479.68

415.38

1,054.04

735.28

815.31

12.7603232 10.791936
8.05328
19.3044
16.092
1537.66
1336.53
1534.03
1536.68
1495.77
507.427257 441.053846 506.230403 507.104692 493.605498
1030.23
895.47
1027.80
1029.58
1002.17
Total Value
?
?
?
?
Addition
0.00
0.00
0.00
0.00
0
0.00
0.00
0.00
0.00
0.00
0
0
0
0
0

9.56
424.94
28.41
386.96

0.95
1,054.99
157.62
896.42

-5.64
729.64
132.99
602.3

75.56
890.87
60.46
830.42

671.81

3,190.29

1,934.38

1,755.99

0
0
0

0
0
0

0
0
0

0
0
0

Shares in issue (lakhs)

Earning Per Share (Rs)
Dividend Per Share (Rs)

8193.44752 7164.99919 6265.64255

12.57
12.50
16.40
0.00
0.00
0.00

5479.1739 4791.42345
18.79
20.92
0.00
0.00

4,190.04
9.24
0

4,150.04
21.6
0

3,588.43
16.78
0

2,754.93
30.14
0

Crores)
Mar '08 CAGR
12 mths

COMMENTS
-

2,379.87 expected to increse from FY 14 by 12% over the- averge of last 5 years
0
2.08% of sales
2,379.87
79.34

total sales turnover of last 5 year

8311.2

Last 5 year avg

3,950.34

average of last 4 years excluding the effect of yr 2008

6,409.55

0
0
14.33 percent of sales

0.023767928

4,603.55

percent of sales
33.45 percent of sales
6.83 percent of sales
-18 percent of sales
4,640.16
Mar '08

total employee cost

197.54

1.438629801 taking it as .90total other manufacturing expenses

0.018805949
total selling and other expanses
0.009691741
miscellaneous expenses
-0.023884638
preoperative ex

11956.74
156.3
80.55
-198.51

12 mths
1,690.05
1,769.39
165.38

Operating Profit+Other Income

6.75% of total loan

1,604.01
1.36

5.5% of Net Block

0.51
1,602.14
0.03
1,602.17
191.65
1,410.51
4,640.16
0
106.28
730.56

Last 5 year avg

33% of PBT

0.0434917 0.038484 0.026767

0.0375

0.024588682

2,142.72
65.83
50

Cash Flow
PROJECTED (In Rs Crores)
Mar '17
Mar '16
12 mths
12 mths
PAT
1030.23
895.47
DEPRECIATION
17.19
15.63
INTEREST
219.52
230.13
OPERATING CASH FLOWS W/O WORKING CAPITAL
1266.94
CHANGE
1141.23

ACTUAL (In Rs Crores)

Mar '15
12 mths
1027.80
14.21
237.36
1279.36

Mar '14
12 mths
1029.58
12.91
243.85
1286.34

Mar '13
12 mths
1002.17
11.74
225.10
1239.01

Mar '12
12 mths
386.96
8.44
578.33
973.73

Mar '11
12 mths
896.42
7.25
81.81
985.48

Mar '10
12 mths
602.30
5.10
515.55
1122.95

Mar '09
12 mths
830.42
2.36
578.19
1410.97

LESS: CHANGE IN WORKING CAPITAL W/O CASH288.58

288.58

288.58

288.58

288.58

-412.6

855.83

635

28.66

CASH FLOW FROM OPERATING ACTIVITY

978.36

852.65

990.78

997.76

950.43

1386.33

129.65

487.95

1382.31

CASH FLOW FROM INVESTING ACTIVITY

-366.74

-366.74

-366.74

-366.74

-366.74

-503.46

-327.45

-97.07

-125.53

0
0.00
0
0
0
0.00
0.00
219.52

74.83
273.50
0
0
0
0.00
0.00
230.13

74.83
273.50
0
0
0
0.00
0.00
237.36

74.83
273.50
0
0
0
0.00
0.00
243.85

43.53
947.30
0
0
0
0.00
0.00
225.10

210.51
0.00
0
0
0
0.00
0.00
578.33

59.29
343.67
0
0
0
0.00
0.00
81.81

24.99
-11.60
0
0
0
0.00
0.00
515.55

27.95
1,070.57
0
0
0
0.00
0.00
578.19

CASH FLOW FROM FINANCING ACTIVITY

-219.52

-31.46

-38.69

-45.18

678.67

-788.84

202.57

-552.14

464.43

ADD: OPENING CASH & CASH EQUIVALENTS

CLOSING CASH & CASH EQUIVALENTS

3204.50
3596.60

2750.05
3204.50

2164.69
2750.05

1578.85
2164.69

316.49
1578.85

222.46
316.49

217.69
222.46

2108.88
1947.62

387.67
2108.88

LESS: DEBT REPAYMENT

ADD: NEW DEBT
LESS: RED OF PREFERENCE SHARE
ADD: ISSUE OF PREFERENCE SHARE
LESS: PREFERENCE SHARE DIVIDEND
LESS: DIVIDEND PAID
LESS: DIVIDEND DISTRIBUTION TAX
LESS: INTEREST PAID

rores)
Mar '08
12 mths
1410.51
1.36
165.38
1577.25
336.03
1241.22
-780.21
51.44
763.59
0
0
0
106.28
730.56
165.38
-290.07
216.73
387.67

FCFE Calculation

PAT
DEPRECIATION
LESS: CHANGE IN WORKING CAPITAL
LESS: CHANGE IN CAPEX
ADD: ISSUE OF DEBT
LESS: REDEMPTION OF DEBT
ADD: ISSUE OF PREFERENCE SHARES
LESS: REDEMTION OF PREFERENCE SHARES
FCFE

Mar '13
12 mths
1002.17
11.74
-288.58
366.74
947.30
947.30
0
0

Mar '12
12 mths
386.96
8.44
412.6
503.46
0.00
393.44
0
0

ACTUAL (In Rs Crores)

Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
896.42
602.30
830.42
7.25
5.10
2.36
-855.83
-635
-28.66
327.45
97.07
125.53
343.67
-11.60
1,070.57
200
50
40
0
0
0
0
0
0

935.75

-914.10

1575.72

PROJECTED (In Rs Crores)

Mar '17
Mar '16
Mar '15
Mar '14
Mar '13
12 mths
12 mths
12 mths
12 mths
12 mths
1030.23
895.47
1027.80
1029.58
1002.17
17.19
15.63
14.21
12.91
11.74
147.07682 154.18677 159.02881 163.37741 150.81642

Mar '12
12 mths
386.96
8.44
387.4811

ACTUAL (In Rs Crores)

Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
896.42
602.30
830.42
7.25
5.10
2.36
54.8127
345.4185
387.3873

782.88
412.6
503.46
1,698.94

958.48
-855.83
327.45
430.10

Mar '17
12 mths
1030.23
17.19
-288.58
366.74
0.00
0.00
0
0
969.26

PROJECTED (In Rs Crores)

Mar '16
Mar '15
Mar '14
12 mths
12 mths
12 mths
895.47
1027.80
1029.58
15.63
14.21
12.91
-288.58
-288.58
-288.58
366.74
366.74
366.74
273.50
273.50
273.50
273.50
273.50
273.50
0
0
0
0
0
0
832.94

963.85

964.33

1083.73

1766.48

FCFF Calculation

PAT
ADD: DEPRECIATON
ADD: INTEREST(NET OF TAX)
NOPAT
LESS: CHANGE IN WORKING CAPITAL
LESS: CHANGE IN CAPEX
FCFF

1194.50
-288.58
366.74
1,272.66

1065.29
-288.58
366.74
1,143.45

1201.04
-288.58
366.74
1,279.20

1205.87
-288.58
366.74
1,284.03

1164.73
-288.58
366.74
1,242.89

952.82
-635
97.07
414.89

1220.17
-28.66
125.53
1,317.04

)
Mar '08
12 mths
1410.51
1.36
-336.03
780.21
763.59
751.76
0
0
979.52

)
Mar '08
12 mths
1410.51
1.36
110.8046
1522.67
-336.03
780.21
1,966.85

DISCOUNTED CASH FLOW VALUATION

FREE CASH FLOWS TO FIRM (FCFF)

WACC

Mar '17
1,272.66

Mar '16
1,143.45

Mar '15
1,279.20

Mar '14
1,284.03

Mar '13
1,242.89

Mar '12
1,698.94

7.34%

ADJUSTED FCFF

832.155824 802.52792 963.67938

ENTERPRISE VALUE
NET DEBT
FAIR VALUE OF EQUITY
SHARES O/S

6298.23347
2,387.50
3,910.73
41.90

PER SHARE FAIR VALUE

PER SHARE MARKET VALUE
PREMIUM/ (DISCOUNT)

93.3340366
69.5
-25.54%

1038.296 1078.7702 1582.8042

DIVIDEND DISCOUNT MODEL

DIVIDEND PER SHARE(DPS)

0.00

DISCOUNT RATE

7.34%

DIVIDEND GROWTH RATE

0.00%

FAIR VALUE OF STOCK = DPS/ (DISCOUNT RATE - DIVIDEND GROWTH RATE)

FAIR VALUE
MARKET PRICE
PREMIUM/ (DISCOUNT)

0.00
69.5
0.00%

NET ASSET VALUE APPRAOCH

BOOK VALUE (In Rs Cr)

MARKET CAPITALIZATION (In Rs Cr)
SHARES OUTSTANDING
BOOK VALUE PER SHARE
MARKET PRICE PER SHARE
PREMIUM/ (DISCOUNT)

100364.03
2912.08
41.90
239.53
69.50
-70.98%

MULTIPLES VALUATION

EQUITY MULTIPLE
PRICE EARNING (PER)
PRICE-BOOK (P/B)
PRICE-CASH FLOW

Mar '12
7.53
12.16
2.10

Mar '13
2.91
0.37
3.06

11.70

11.70

MARKET CAP
NET PROFIT
BOOK VALUE

2912.08
386.96
239.53

2912.08
1002.17
7905.88

ENTERPRISE VALUE
SALES
PBITD
PBIT
NET DEBT
PREF SHARE CAPITAL

5299.58
917.42
1002.15
993.71
2,387.50
0

6246.88
1662.24
1716.52
1704.78
3,334.80
0

5.78
5.29
5.33

3.76
3.64
3.66

MARKET CAP/ NET PROFIT

MARKET CAP/ BOOK VALUE
MARKET CAP/ OP CASH FLOW
MARKET PRICE PER SHARE

ENTERPRISE MULTIPLE
ENTERPRISE VALUE/ SALES
ENTERPRISE VALUE/ PBITD
ENTERPRISE VALUE/ PBIT

EV/ SALES
EV/ PBITD
EV/ PBIT

EV EBITDA MARGIN FAIR VALUATION

Mar '12
EV/EBITDA
EBITDA
FIRM VALUE
NET DEBT
FAIR EQUITY VALUE
SHARES O/S
PER SHARE FAIR VALUE
PER SHARE MARKET VALUE
PREMIUM/ (DISCOUNT)

5.29
1002.15
5299.5778
2,387.50
2,912.08
41.90
69.5
69.5
0.00%

VALUATION SUMMARY
VALUATION METRIC

PER SHARE FAIR VALUE

WEIGHTAGE

WEIGHTED PER SHARE VALUE

DCF
NAV
EBITDA EV
DDM

93.33
239.53
69.50
0.00

0.4
0.5
0.1
0

37.33
119.77
6.95
0.00

1.00

164.05
120.3
-26.67%

WEIGHTED AVERAGE FAIR VALUE

MARKET PRICE PER SHARE
PREMIUM/ (DISCOUNT)

RECOMMENDATION

BUY